U.S. SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   FORM 10-QSB

           [x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
                  For the quarterly period ended: JUNE 30, 2003

          [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

              For the transition period from ________ to _________
                         Commission file number 0-26721

                        AUSTRALIAN OIL & GAS CORPORATION
                      (Exact name of small business issuer
                          as specified in its charter)

         DELAWARE                                      84-1379164
         --------                                      ----------
         (State or other jurisdiction                  (IRS Employer
         of incorporation or organization)             Identification No.)

                 2480 North Tolemac Way, Prescott, Arizona 86305
                                  (928)778-1450
                 ----------------------------------------------
                     (Issuer's address and telephone number)

                        Synergy Technologies Corporation
                 1689 Hawthorne Drive, Conroe, Texas 77301-3284
                 ----------------------------------------------
                     (Former name, former address and former
                   fiscal year, if changed since last report)

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

                  Yes X       No
                     ---        ---

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the last practicable date:

27,300,550 shares of common stock, $0.001 par value, as of August 14, 2003.

Transitional Small Business Disclosure Format
(check one):  Yes      No  X
                 ---      ---





                           FORWARD-LOOKING STATEMENTS

         Except for historical information, this report contains forward-looking
statements within the meaning of Section 21E of the Securities Exchange Act of
1934. Such forward-looking statements involve risks and uncertainties,
including, among other things, statements regarding our business strategy,
future revenues and anticipated costs and expenses. Such forward-looking
statements include, among others, those statements including the words
"expects," "anticipates," "intends," "believes" and similar language. Our actual
results may differ significantly from those projected in the forward-looking
statements. Factors that might cause or contribute to such differences include,
but are not limited to, those discussed in the section "Management's Discussion
and Analysis of Financial Condition and Results of Operations." You are
cautioned not to place undue reliance on the forward-looking statements, which
speak only as of the date of this report. We undertake no obligation to publicly
release any revisions to the forward-looking statements or reflect events or
circumstances taking place after the date of this document.


                         PART I -- FINANCIAL INFORMATION


ITEM 1. FINANCIAL STATEMENTS.




















































                                       2



                        AUSTRALIAN OIL & GAS CORPORATION
                                AND SUBSIDIARIES
                          (A DEVELOPMENT STAGE COMPANY)










                              FINANCIAL STATEMENTS
                                   (UNAUDITED)
                             PREPARED BY MANAGEMENT








                                  JUNE 30, 2003












                                       3



                       AUSTRALIAN OIL AND GAS CORPORATION
                   (FORMERLY SYNERGY TECHNOLOGIES CORPORATION)
                                AND SUBSIDIARIES
                          (A DEVELOPMENT STAGE COMPANY)
                                  JUNE 30, 2003









                                    CONTENTS

                                                                        Page
                                                                        ----

Balance Sheet                                                             1

Statements of Operations                                                  2

Statements of Cash Flows                                                  4


















                       AUSTRALIAN OIL AND GAS CORPORATION
                   (FORMERLY SYNERGY TECHNOLOGIES CORPORATION)
                                AND SUBSIDIARIES
                          (A DEVELOPMENT STAGE COMPANY)
                           CONSOLIDATED BALANCE SHEETS



                                                                AS AT                  AS AT
                                                            JUNE 30, 2003        DECEMBER 31, 2002
                                                             (UNAUDITED)             (AUDITED)
                                                            -------------        -----------------
                                                                           
                                     ASSETS

CURRENT ASSETS
    Cash                                                      $ 299,692           $     17,898
    Prepaid expenses                                             75,000                 48,439
                                                              ---------           ------------
         TOTAL CURRENT ASSETS                                   374,692                 66,337
INVESTMENTS
    SynGen Technologies                                               -                303,312
    CPJ Technologies                                                  -                454,968
                                                              ---------           ------------

         TOTAL INVESTMENTS                                            -                758,280

Office equipment and computers                                        -                 44,325
                                                              ---------           ------------
TOTAL ASSETS                                                  $ 374,692           $    868,942
                                                              =========           ============


                      LIABILITIES AND STOCKHOLDERS' DEFICIT


CURRENT LIABILITIES
    Accounts payable and Accrued expenses                     $ 209,692           $     81,791
    Payable to unsecured claims                                       -                 90,000
    Notes payable                                                     -                257,960
    Accrued interest on notes                                         -                  2,361
                                                              ---------           ------------
         TOTAL CURRENT LIABILITIES                              299,692                342,112

LIABILITIES SUBJECT TO COMPROMISE
    Accounts payable                                                  -              2,032,608
    Convertible debentures                                            -              1,259,100
    Loans payable                                                     -                130,000
    Accrued interest to November 12, 2002                             -                 21,220
                                                              ---------           ------------
         TOTAL LIABILITIES SUBJECT TO COMPROMISE                      -              3,442,928

TOTAL LIABILITIES                                                     -              3,785,040

STOCKHOLDERS' DEFICIT
    Common stock, $0.001 par value, 75,000,000
    shares authorized, 27,300,550 and 48,005,521
    shares, respectively, issued and outstanding                 27,501                 96,992
    Additional paid in capital                                   47,499             57,700,516
    Deficit accumulated during development stage                      -            (60,713,606)
                                                              ---------           ------------
         TOTAL STOCKHOLDERS' DEFICIT                             75,000             (2,916,098)
                                                              ---------           ------------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT                   $ 374,692           $    868,942
                                                              =========           ============



   The accompanying notes are an integral part of these financial statements.




                       AUSTRALIAN OIL AND GAS CORPORATION
                   (FORMERLY SYNERGY TECHNOLOGIES CORPORATION)
                                AND SUBSIDIARIES
                          (A DEVELOPMENT STAGE COMPANY)
                      CONSOLIDATED STATEMENTS OF OPERATIONS



                                                                                                CUMULATIVE PERIOD
                                                               FOR THE SIX MONTHS            FROM FEBRUARY 10, 1997
                                                                  ENDED JUNE 30,               (DATE OF INCEPTION)
                                                             2003                2002            TO JUNE 30, 2003
                                                          (UNAUDITED)         (UNAUDITED)          (UNAUDITED)
                                                          -----------         -----------          -----------
                                                                                        
OTHER INCOME
    Interest income                                      $          -        $         63         $     35,880
    CPJ testing income                                         25,000                   -               25,000
    Consulting income                                               -                   -                8,927
    Gain on sale of assets                                      1,343                   -                1,343
                                                         ------------        ------------         ------------
                                                               26,343                  63               71,150

EXPENSES
    General and administrative                                238,386           1,708,410            8,435,498
    Stock option compensation                                       -              13,879              997,830
    Compensation related to warrants                                -                   -              343,744
    Technology development                                    105,627             293,189            3,845,361
    Other technology costs                                          -             415,200            1,025,000
    Dry well expenses                                               -                   -              722,210
                                                         ------------        ------------         ------------
TOTAL EXPENSES                                                344,013           2,430,678           15,369,643
                                                         ------------        ------------         ------------

LOSS FROM OPERATIONS                                         (317,670)         (2,430,615)         (15,298,493)
                                                         ------------        ------------         ------------

OTHER EXPENSES
    Amortization of debt discount and offering costs                -                   -           (2,250,000)
    Conversion inducement                                           -            (888,548)            (888,548)
    Accrued interest on notes payable                           9,240            (131,689)            (546,527)
    Share of expenses incurred by joint venture                     -             (33,980)            (342,161)
    Write-down of technology                                        -                   -          (42,414,508)
    Gain on disposition                                             -                   -              802,208
                                                         ------------        ------------         ------------
                                                               (9,240)         (1,054,217)         (45,639,536)
                                                         ------------        ------------         ------------

NET LOSS BEFORE REORGANIZATION ITEMS                         (326,910)         (3,484,832)         (60,959,638)
                                                         ------------        ------------         ------------

REORGANIZATION ITEMS
    Professional fees                                         191,120                   -             (293,607)

                                                        -------------        ------------         ------------
NET LOSS                                                $    (518,030)       $ (3,484,832)        $(61,231,636)
                                                        =============        ============         ============

BASIC AND DILUTED LOSS PER COMMON SHARE                     $(0.01)              $0.09
                                                            ======               =====

WEIGHTED AVERAGE NUMBER OF COMMON SHARES
    USED IN CALCULATION                                    48,005,521          38,288,807
                                                        =============        ============





   The accompanying notes are an integral part of these financial statements.





                       AUSTRALIAN OIL AND GAS CORPORATION
                   (FORMERLY SYNERGY TECHNOLOGIES CORPORATION)
                                AND SUBSIDIARIES
                          (A DEVELOPMENT STAGE COMPANY)
                      CONSOLIDATED STATEMENTS OF OPERATIONS



                                                                                           CUMULATIVE PERIOD
                                                         FOR THE THREE MONTHS           FROM FEBRUARY 10, 1997
                                                            ENDED JUNE 30,               (DATE OF INCEPTION)
                                                       2003                2002            TO JUNE 30, 2003
                                                    (UNAUDITED)         (UNAUDITED)           (UNAUDITED)
                                                    -----------         -----------           -----------
                                                                                   
OTHER INCOME
    Interest income                                $          -        $          7          $     35,880
    CPJ testing income                                        -                   -                25,000
    Consulting income                                         -                   -                 8,927
    Gain on sale of assets                                1,343                   -                 1,343
                                                   ------------        ------------          ------------
                                                          1,343                   7                71,150

EXPENSES
    General and administrative                            2,970             886,216             8,435,498
    Stock option compensation                                 -                   -               997,830
    Compensation related to warrants                          -                   -               343,744
    Technology development                                    -             209,299             3,845,361
    Other technology costs                                    -             415,200             1,025,000
    Dry well expenses                                         -                   -               722,210
                                                   ------------        ------------          ------------
TOTAL EXPENSES                                            2,970           1,510,715           15,3691,643
                                                   ------------        ------------          ------------

LOSS FROM OPERATIONS                                    ( 1,627)         (1,510,708)          (15,298,493)

OTHER EXPENSES
    Amortization of debt discount and offering costs          -                   -            (2,250,000)
    Conversion inducement                                     -            (888,548)             (888,548)
    Accrued interest on notes payable                         -             (76,209)             (546,527)
    Share of expenses incurred by joint venture               -             (22,016)             (342,161)
    Write-down of technology                                  -                   -           (42,414,508)
    Gain on disposition                                       -                   -               802,208
                                                   ------------        ------------          ------------
                                                              -            (986,773)          (45,639,536)
                                                   ------------        ------------          ------------

NET LOSS BEFORE REORGANIZATION ITEMS AND TAXES           (1,627)         (2,497,481)          (60,938,029)
                                                   ------------        ------------          ------------


REORGANIZATION ITEMS
    Professional fees                                   (64,564)                  -              (293,607)

                                                   ------------        ------------          ------------
NET LOSS                                           $    (66,191)       $ (2,497,481)         $(61,231,636)
                                                   ============        ============          ============

BASIC AND DILUTED LOSS PER COMMON SHARE               $(0.00)            $(0.06)
                                                      ======             ======

WEIGHTED AVERAGE NUMBER OF COMMON SHARES
    USED IN CALCULATION                              48,005,521          40,442,432
                                                   ============        ============




   The accompanying notes are an integral part of these financial statements.





                       AUSTRALIAN OIL AND GAS CORPORATION
                   (FORMERLY SYNERGY TECHNOLOGIES CORPORATION)
                                AND SUBSIDIARIES
                          (A DEVELOPMENT STAGE COMPANY)
                      CONSOLIDATED STATEMENTS OF CASH FLOW


                                                                                           CUMULATIVE PERIOD
                                                       FOR THE SIX MONTH PERIODS        FROM FEBRUARY 10, 1997
                                                             ENDED JUNE 30,               (DATE OF INCEPTION)
                                                       2003                2002             TO JUNE 30, 2003
                                                    (UNAUDITED)         (UNAUDITED)           (UNAUDITED)
                                                    -----------         -----------           -----------
                                                                                    

CASH FLOWS FROM OPERATING ACTIVITIES
    Net loss                                        $ (518,030)         $(3,484,832)         $(61,231,636)
Adjustments to reconcile net loss to net
cash from operations
    Dry well expense                                         -                    -               722,210
    Depreciation, amortization and write-downs           5,717               35,228            46,649,126
    Conversion inducement                                    -              888,548                     -
    Accrued interest on notes payable                    9,240               99,593               294,271
    Issuance of shares for services                          -            1,176,725             2,538,251
    Issuance of warrants for services                        -                    -               343,744
    Settlement of debt and acquisition of CPJ                -              357,529               357,529
    Re-issue of founders shares                              -               38,500               145,000
    Investment in joint ventures                             -               24,190                50,209
    Exchange rate loss                                       -               17,672                75,805
    Loss on disposition of assets                            -                    -              (684,239)
Changes in assets and liabilities
    Accounts receivable                                      -               14,017                     -
    Prepaid expenses and deposits                      (26,561)             (38,629)              (80,614)
    Accounts payable                                    41,368             (227,287)            2,449,207
    Accounts payable - related parties                       -                    -               153,088
    Accrued expenses                                                        379,499                     -
                                                    -----------         -----------          ------------
                                                      (488,266)            (719,247)           (8,218,049)

Operating cash flows from reorganization items:
    Professional fees - accounts payable                131,306                   -               131,306
    Professional fees - accrued expenses                 21,890                   -                21,890
                                                    -----------         -----------          ------------
NET CASH FLOWS FROM OPERATING ACTIVITIES               (335,070)           (719,247)           (8,064,853)

CASH FLOWS FROM INVESTING ACTIVITIES
    Acquisition of property and equipment                     -             (20,770)             (140,175)
    Disposition of assets (Supplemental Information)    298,642                   -               298,642
    Other                                                     -                   -              (788,188)
                                                    -----------         -----------          ------------
NET CASH FLOWS FROM INVESTING ACTIVITIES                298,642             (20,770)             (629,721)

CASH FLOWS FROM FINANCING ACTIVITIES
    Proceeds from notes payable - related parties             -                   -               531,933
    Proceeds from (payment to) notes payable            243,222             (55,223)            1,319,478
    Net proceeds from convertible debt                        -                   -             2,137,500
    Sales of common stock                                     -             779,550             4,603,660
    Advance received in anticipation of common
        stock sale                                       75,000                   -                75,000
    Other                                                     -                   -               402,500
                                                    -----------         -----------          ------------
NET CASH FLOWS FROM FINANCING ACTIVITIES                318,222             724,327             9,070,071
EFFECT OF EXCHANGE RATE CHANGES ON CASH                       -             (17,672)              (75,805)
NET CHANGE IN CASH                                      281,794             (33,362)              299,692
CASH AT BEGINNING OF PERIOD                              17,898              38,746                     -
                                                    -----------         -----------          ------------

CASH AT END OF PERIOD                               $   299,692         $     5,384          $    299,692
                                                    ===========         ===========          ============


   The accompanying notes are an integral part of these financial statements.


                       SUPPLEMENTAL CASH FLOWS INFORMATION

On March 12, 2003, substantially all the Company's assets were sold to a third
party for $300,000 in cash plus the forgiveness of $527,783 in debt and accrued
interest incurred subsequent to the Petition Date, and the Company ceased
operations. The $527,783 consists of loan advances during the fourth quarter of
2002 of $257,960, loan advances during the first quarter of 2003 of $243,222, a
third party payment to a vendor of $15,000 and interest on the loan advances of
$11,601.


Basis of presentation.

At July 30, 2003 the United States bankruptcy Court confirmed our plan of
reorganization. We were reorganized under the laws of the State of Delaware. As
of the effective date of the plan the authorized capital stock of the
reorganized Synergy will consist of 75,000,000 shares of new common stock, .001
par value. Also the name of the corporation was changed to Australian Oil & Gas
Corporation. All stock options, warrants, leases and executory contracts were
cancelled. Unsecured claims will receive 3,000,000 shares of common stock plus
payment of $90,000. Present equity holders will receive one share of new common
for each 10 old shares held for a total of 4,800,550 new shares. G. Albers will
purchase 19,500,000 new shares for $75,000. Accordingly, the accompanying
financials have been adjusted to reflect this transaction as of June 30, 2003.





ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

         On November 13, 2002, Synergy Technologies Corporation ("Synergy")
filed for protection under Chapter 11 of the United States Bankruptcy Code (the
"Chapter 11 Filing") and sold substantially all of its assets in March 2003
under the auspices and with the approval of the Bankruptcy Court hearing its
petition (see NOTE 2 to the Financial Statements for a more complete description
of the bankruptcy). The Bankruptcy Court entered an Order confirming Synergy's
Plan of Reorganization (the "Plan") on July 30, 2003, which became effective on
August 11, 2003, that describes the manner in which (i) outstanding creditor
claims and shareholder interests will be resolved and (ii) the company will
operate after it emerges from bankruptcy. In accordance with the Plan, upon its
Effective Date, Synergy reincorporated as Australian Oil & Gas Corporation, a
Delaware corporation ("AOG", or the "Company") which is a successor to Synergy
for many purposes, including its reporting requirements under federal securities
laws. Among other things, the Plan provides that the entity which funded the
Plan is obligated to contribute $150,000 to the company's operations over the
next two years.

         A discussion of the terms and salient features of the Plan appears
under Part II, Item 5, below.

ITEM 3. CONTROLS AND PROCEDURES

         (a)  Evaluation of disclosure controls and procedures

         Within the 90 days prior to the date of this report, the Company
carried out an evaluation, under the supervision and with the participation of
the Company's management, including the Company's Chief Executive Officer, of
the effectiveness of the design and operation of the Company's disclosure
controls and procedures pursuant to Exchange Act Rule 13a-14. Based upon that
evaluation, the Chief Executive Officer concluded that the Company's disclosure
controls and procedures are effective in timely alerting management to material
information relating to the Company (including its consolidated subsidiaries)
required to be included in the Company's periodic SEC filings.

         The Company's management does not expect that its disclosure controls
and procedures or its internal controls will prevent all error and all fraud. A
control system, no matter how well conceived and operated, provides reasonable,
not absolute, assurance that the objectives of the control system are met.
Because there are inherent limitations in all control systems, no evaluation of
controls can provide absolute assurance that all control issues and instances of
fraud, if any, within the Company have been or will be detected. These inherent
limitations include the realities that judgments in decision-making can be
faulty and that breakdowns occur because of simple error or mistake. Controls
can be circumvented by the individual acts of some persons or by collusion of
two or more people. The design of any system of controls is based in part upon
certain assumptions about the likelihood of future events. There can be no
assurance that any design will succeed in achieving its stated goals under all
potential future conditions; over time, controls may become inadequate because
of changes in conditions or deterioration in the degree of compliance with the
policies or procedures. Because of the inherent limitations in a cost-effective
control system, misstatements due to error or fraud may occur and not be
detected.

         (b)  Changes in internal controls.

         There have been no significant changes in the Company's internal
controls or, to its knowledge, in other factors that could significantly affect
internal controls subsequent to the date the Company carried out its evaluation.




                                       5



                          PART II -- OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

N/A

ITEM 2. CHANGES IN SECURITIES

(a) N/A

(b) N/A

(c) Recent Sales of Unregistered Securities; Use of Proceeds from Registered
Securities

         N/A

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

N/A

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

N/A

ITEM 5. OTHER INFORMATION

         As previously reported, on November 13, 2002, Synergy Technologies
Corporation ("Synergy") filed a petition for relief under Chapter 11 ("Chapter
11 Filing") of the United States Bankruptcy Code in the United States Bankruptcy
Court for the Southern District of New York (the "Bankruptcy Court"). During
March 2003, Synergy sold substantially all of its assets to World Energy Systems
Corporation. On July 30, 2003, the Bankruptcy Court confirmed Synergy's Plan of
Reorganization, a copy of which is appended hereto as Exhibit 2.1 (the "Plan"),
as accepted by the corporation's creditors and equity interest holders in
accordance with the provisions of the Bankruptcy Code. The Plan became effective
on August 11, 2003 (the "Effective Date").

         The Plan was funded by (i) net cash consideration of $300,000 from the
sale of substantially all of Synergy's assets to World Energy Systems
Corporation and (ii) the payment by the Plan funder of $75,000 in consideration
for 19,500,000 shares of AOG Common Stock and its agreement to contribute up to
$150,000 to AOG during the two-year period after the Effective Date of the Plan.

         The Plan provides for, among other things,

     o   the reincorporation of Synergy in the State of Delaware under the name
         Australian Oil & Gas Corporation ("AOG");

     o   the cancellation of all executory contracts and unexpired leases made
         by Synergy prior to the Chapter 11 Filing;

     o   the payment of an aggregate of approximately $270,000 in full
         satisfaction of amounts due to (i) holders administrative claims,
         including actual and necessary costs and expenses of preserving
         Synergy's business after the Chapter 11 Filing, compensation for legal
         and other services and reimbursement of expenses allowed under the
         Bankruptcy Code, and certain other specified fees and charges allowed
         under the Bankruptcy Code; (ii) holders of priority tax claims,
         including




                                       6



         unsecured claims of governmental units entitled to priority in payment
         pursuant to the Bankruptcy Code, and (iii) the United States Trustee;

     o   the payment of an aggregate of approximately $90,000 shared pro rata
         among all holders of general unsecured claims of creditors of Synergy
         as approved by the Bankruptcy Court and the issuance of an aggregate of
         3,000,000 shares of the common stock of AOG ("AOG Common Stock") to
         such unsecured claim holders on the basis of .86299 of one share for
         each dollar of the amount of allowed unsecured claims;

     o   the cancellation of all outstanding securities of Synergy and the
         issuance of one (1) share of AOG Common Stock for every ten (10) shares
         of the common stock of Synergy ("Synergy Common Stock") held by
         stockholders of Synergy prior to the Chapter 11 Filing, which shall
         result in the issuance of 4,800,550 shares of AOG Common Stock;

     o   the appointment of the following persons to serve as the directors of
         the reorganized corporation:

                  Name                      Position
                  ----                      --------
         Ernest Geoffrey Albers             Chairman of the Board of Directors

         William Ray Hill                   Director

         David Bruce Hill                   Director

     o   the issuance of 19,500,000 shares of AOG Common Stock to Albers
         Management and Consulting, a Division of Great Missenden Holdings Pty
         Ltd. or its designees in consideration of supplying $75,000 for funding
         the Plan (herein referred to as the "Plan Funder") and its agreement to
         contribute up to $150,000 to AOG during the two-year period after the
         effective date of the Plan; and

     o   the contribution by the Plan Funder of up to $150,000 in working
         capital for the reorganized corporation's future operations.

         Further, pursuant to the Plan, upon the Effective Date, all matters
provided for in the Plan that would otherwise require the approval of the
stockholders or directors of Synergy or Synergy as reorganized after the
Effective Date, including, without limitation, (i) the authorization to issue or
cause to be issued the common stock of AOG, (ii) the effectiveness of the
Certificate of Incorporation and By-Laws of AOG, (iii) all restructuring
transactions effectuated pursuant to the Plan, (iv) the election or appointment,
as the case may be, of directors and officers of AOG, and (v) the qualification
of AOG as a foreign corporation wherever the conduct of business by such
corporation requires such qualification, shall be deemed to have occurred and
shall be in effect from and after the Effective Date pursuant to the general
corporation law of Delaware and Colorado, without any requirement of further
action by the stockholders or directors of either such corporation.

         AOG expects to issue the shares and deliver certificates evidencing the
shares of AOG common stock issuable under the Plan to stockholders within 21
days of the date of this report. As to those persons who held shares of Synergy
in "street name", that is through a broker, trustee or other nominee, and did
not possess a physical certificate, American Stock Transfer and Trust Company,
the stock disbursing agent under the Plan, will cause the appropriate number of
shares of AOG common stock to be delivered to each such person's account
electronically.







                                       7



         Under the Plan, all persons receiving shares of AOG common stock other
than directors, officers and "affiliates" [as such term is defined in the
Securities Act of 1933, as amended (the "Securities Act)] of AOG and persons
holding in excess of ten percent (10%) of the outstanding shares of AOG common
stock after giving effect to the issuance of AOG common stock as provided
herein, shall be entitled to sell, transfer, convey or assign their shares of
AOG common stock without restriction and shall receive certificates without any
restrictive legend. All directors, officers and "affiliates" of AOG and persons
holding in excess of ten percent (10%) of the outstanding shares of AOG common
stock after giving effect to the issuance of AOG common stock as provided herein
shall receive "restricted securities" as such term is defined under the
Securities Act.

         In order to effectuate the reorganization provisions of the Plan, on
August 11, 2003, Synergy Technologies Corporation merged with and into
Australian Oil & Gas Corporation, a Delaware corporation ("AOG"). AOG was
incorporated on August 6, 2003, and, in accordance with the Plan, is authorized
to issue 75,000,000 shares of common stock, par value $0.001 per share. After
giving effect to the issuance of shares of AOG common stock as provided in the
Plan, there are 27,300,550 shares of AOG common stock outstanding.

         Set forth below are the names of each officers of AOG and the position
held:

                  Name                      Position
                  ----                      --------
         Ernest Geoffrey Albers             President and Secretary

         William Ray Hill                   Vice President

         Management of AOG is currently reviewing certain business opportunities
in the energy industry. The Plan Funder, Albers Management and Consulting, a
Division of Great Missenden Holdings Pty Ltd., has agreed to contribute up to
$150,000 in working capital for AOG's future operations.

         On the Effective Date, the over-the-counter bulletin board ("OTCBB")
discontinued quoting Synergy's common stock under the symbol "OILS.OB." A market
maker has filed the forms necessary in support of an application to permit the
OTCBB to resume quotations in the stock of AOG. If the application to permit the
OTCBB to resume quotations for the reorganized corporation, is accepted, the
OTCBB will resume quotations in AOG common stock under the trading symbol
"AOGC.OB." Management cannot be certain that the AOG common stock will be quoted
on the OTCBB.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a) List of Exhibits

         2.1.     Plan of Reorganization dated May 20, 2003

         2.2      Plan and Agreement of Merger and Reorganization dated August
                  8, 2003, between Synergy Technologies Corporation and
                  Australian Oil & Gas Corporation

         99.1     Certification of President under Section 906 of Sarbanes-Oxley
                  Act of 2002

(b) The following Current Reports on Form 8-K during the second quarter of 2003.

                  N/A



                                       8



                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                             AUSTRALIAN OIL & GAS CORPORATION

Date: August 14, 2003                        By: /s/  E. Geoffrey Albers
                                                ------------------------
                                                      E. Geoffrey Albers
                                                      President




























                                       9