United States
                       Securities and Exchange Commission

                                   Form 12b-25

                                                            SEC File No. 0-26721
                                                           CUSIP No. 052577 10 3


                           NOTIFICATION OF LATE FILING

(Check One): [ ]  Form 10-K and Form 10-KSB; [ ] Form 20-F;
             [ ]  Form 11-K;  [X] Form 10-Q and Form 10-QSB; [ ]   Form N-SAR


                        For Period Ended: March 31, 2006

                        _ Transition report on Form 10-K
                        _ Transition Report on Form 20-F
                        _ Transition Report on Form 11-K
                        _ Transition Report on Form 10-Q
                        _ Transition Report on Form N-SAR
          For the Transition Period Ended: ___________________________

If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates.

PART I: - REGISTRANT INFORMATION

                        AUSTRALIAN OIL & GAS CORPORATION
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Full Name of Registrant

                                       N/A
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Former Name if Applicable

                 2480 North Tolemac Way, Prescott, Arizona 86305
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Address of Principal Executive Office (Street and Number)
City, State and Zip Code


PART II - RULES 12B-25(b) AND (c)

If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate)


   [ ]    (a)  The reasons described in reasonable detail in Part III of this
               form could not be eliminated without unreasonable effort or
               expense;

   [X]    (b)  The subject annual report, semi-annual report, transition report
               on Form 10-K, Form 20-F, Form 11-K or Form N-SAR, or portion
               thereof, will be filed on or before the fifteenth calendar day
               following the prescribed due date; or the subject quarterly
               report or transition report on Form 10-Q, or portion thereof,
               will be filed on or before the 5th calendar day after the
               prescribed due date; and

   [ ]    (c)  The accountant's statement or other exhibit required by Rule
               12b-25(c) has been attached if applicable.


PART III - NARRATIVE

State below in reasonable detail the reasons why Forms 10-K, 20-F, 10-Q, N-SAR,
or the transition report or portion thereof, could not be filed within the
prescribed time period.

The Company and its accountants need additional time to finalize and analyze
its financial statements.


PART IV - OTHER INFORMATION

(1)  Name and telephone number of person to contact in regard to this
     notification.

     Ray Hill           (928)           778-1450
     ------------------------------------------------
        (Name)       (Area Code)    (Telephone Number)

(2)  Have all other periodic reports required under Section 13 or 15(d) of the
     Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
     of 1940 during the preceding 12 months or for such shorter period that the
     registrant was required to file such reports(s) been filed? If answer is
     no, identity report(s)

     [X] Yes [ ]No

(3)  Is it anticipated that any significant change in results of operations from
     the corresponding period for the last fiscal year will be reflected by the
     earnings statements to be included in the subject report or portion
     thereof?

     [ ] Yes [X] No

If so, attach an explanation of the anticipated change, both narratively and
quantitatively, and, if appropriate, state the reasons why a reasonable estimate
of the results cannot be made.




                        AUSTRALIAN OIL & GAS CORPORATION
                        --------------------------------
                   Name of Registrant as Specified in Charter

has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.


Date:  May 15, 2006                 By:  /s/ E. Geoffrey Albers
                                         -----------------------------------
                                         E. Geoffrey Albers
                                         President