Summary of GLEN ROSE PETROLEUM CORP

Item. 2.02 Results of Operations and Financial Condition

On August 15, 2008, Glen Rose Petroleum Corporation issued a press release that summarized operational results and financial condition from its Form 10-Q for the period ending June 30, 2008, filed August 15, 2008. A copy of this press release is attached as Exhibit 99.1 to this Form 8-K.

Item. 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review

On August 15, 2008, Glen Rose Petroleum Corporation restated its financial statements for the three-month period ending June 30, 2007, as noted in Note 11 to its financial statements included in its Form 10-Q for the period ending June 30, 2008. The restatement was made primarily to reclass the gain on forgiveness of debt from a related party to equity.

The impact of such statement to the financial statements at June 30, 2007 is:

                                             As of June 30, 2007
                                       As Originally
                                         Presented         As Restated
Consolidated Condensed Balance Sheet
Total current assets                   $      217,868     $     217,868
Total assets                                6,084,742         6,084,742
Total current liabilities                   4,228,800         4,228,800
Total liabilities                           5,066,282         5,066,282
Accumulated deficit                       (42,880,280 )     (43,194,152 )
Total stockholder's equity             $    1,018,460     $   1,018,460

                                                      For Three Months Ended
                                                           June 30, 2007
                                                  As Originally
                                                    Presented         As Restated
Consolidated Condensed Statement of Operations
Total revenue                                    $         3,860     $       3,860
Total operating costs and expenses                       443,644           443,644
Loss from operations                                    (439,784 )        (439,784 )
Net income (loss)                                        118,866          (195,006 )
Net income (loss) per share:
Basic and Diluted                                $          0.02     $       (0.03 )