Manually Executed
As filed with the United States Securities and Exchange
Commission

                SECURITIES AND EXCHANGE COMMISSION
                       WASHINGTON, DC 20549

                            FORM 10-Q

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

For the first quarter ended December 31, 1998  Commission File
Number 0-9071


                        E.T. CAPITAL, INC.
      (Exact name of registrant as specified in its charter)
                  (Formerly Caribou Energy, Inc.)

         Colorado                                     74-2026624
  (State of incorporation)                (I.R.S. Employer
Identification No.)

650 W.Georgia St., Suite 315, P.O.11523, Vancouver, B.C. Canada
V6B 4N7
 (Address of principal executive offices)
(Postal Code)

Registrant's telephone number including area code:
(604)925-0534
Securities registered pursuant to Section 12(b) of the Act:
None

Securities registered pursuant to Section 12(g) of the Act:

   Title of each class            Name of each exchange on which
registered
Common Stock, $0.10 par value       NASDAQ OTC (Electronic
bulletin board)

Indicate by check mark whether the registrant (1) has filed all
reports
required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of
1934 during the preceding 12 months (or for such shorter period
that
the registrant was required to file such reports), and (2) has
been subject to
all such filing requirements for the past 90 days.

                       Yes X       No


As of December 31, 1998 there were  58,787,216 shares of Common
Stock, $0.10
par value, outstanding.

Documents incorporated by reference:     None












Item 1.


INDEX
                                             Page of
                                             Report


PART I       FINANCIAL INFORMATION


Item 1.   Financial Statements:

     Unaudited Consolidated Balance Sheets:
     As at December 31st, 1998 and 1997...................1.

     Unaudited Consolidated Statement of Operations:
     For the three months ended December 31st, 1998 and
1997...............................................2.

     Unaudited Consolidated Statement of Cash Flow:
     For the three months ended December 31st, 1998 and
1997...............................................3.

     Unaudited Statement of Stockholders' Equity:
     As at December 31st, 1998...........................4.

Item 2.   Management's Discussion and Analysis of
     Financial Condition and Results of Operations.......5.


PART II     OTHER INFORMATION


     Other Information....................................6.

     Signatures      .....................................7.























                         E.T. CAPITAL, INC.

                    (A DEVELOPMENT STAGE COMPANY)

                            BALANCE SHEET
                             (Unaudited)

                               ASSETS



                            December 31,December 31,
                            1998     1997

CURRENT ASSETS:

  Accounts Receivable         50,327    $           0

FIXED ASSETS:

  Equipment        534,886    534,886

  Less accumulated
    depreciation       (534,885)   (534,885)

  Net Fixed Assets (Note 1)           0           1


OTHER ASSET

  Rights' Title, net of
    amortization  1          1

  Product Development
    Expenditures        182,881          243,881

  Total Other Assets        182,882          243,842

TOTAL ASSETS     $  233,210    $     243,843





















                         E.T. CAPITAL, INC.
                    (A DEVELOPMENT STAGE COMPANY)

                            BALANCE SHEET
                             (Unaudited)

                LIABILITIES AND STOCKHOLDERS' EQUITY



                              Dec. 31, 1998Dec. 31, 1997

CURRENT LIABILITIES:

  Accounts Payable     $120,207      107,577

LONG-TERM LIABILITIES:

  Debenture Payable,      546,722      183,462
    Bearer

STOCKHOLDERS' EQUITY:

  Common stock, $.10 par value
    10,000,000,000 shares
    authorized, 58,787,216
    shares issued and
    outstanding    4,516,079    4,516,079
  Paid-In-Capital in excess
    of par value   20,069,869   20,069,869

  (Deficit) Accumulated during
    the Development Stage  (25,019,667)(  24,663,144)

TOTAL STOCKHOLDERS' EQUITY   (   433,719) (     47,196)


TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY$     233,210$     243,843





















                         E.T. CAPITAL, INC.

                    (A DEVELOPMENT STAGE COMPANY)

                       STATEMENT OF OPERATIONS
                             (Unaudited)





                         For the 3 mos.For the 3 mos.
                              Ended     Ended
                         Dec. 31, 1998Dec. 31, 1997

REVENUES$           0     $            0


GENERAL AND
  ADMINISTRATIVE EXPENSES:

Auto Expenses,
  gas and repairs  3,000   3,000

Consulting Fees           72,890

Depreciation Expense0       0

Rent Expense 12,600  12,600

Telephone Expense  9,000   9,000

Travel and Promotions       45,000        45,000

TOTAL GENERAL AND
  ADMINISTRATIVE EXPENSES       69,600       142,490

OTHER EXPENSES

Interest Expense       12,849         2,737

NET LOSS$      82,089$      145,227


















                        E.T. CAPITAL, INC.

                   (A DEVELOPMENT STAGE COMPANY)

                      STATEMENT OF CASH FLOW
                            (Unaudited)




                         For the 3 mos.For the 3 mos.
                              EndedEnded
                         Dec. 31, 1998Dec. 31, 1997


Net Cash Flows From Operating
 Activities:

  Net (Loss)$(    82,089)$(    145,227)


  Sub-total      (    82,089) (    145,227)



  INCREASE (DECREASE) IN
  DEBENTURE PAYABLE            82,089      145,227


  INCREASE (DECREASE) IN CASH     00

  CASH BEGINNING OF PERIOD      50,327            0

  CASH, END OF THE PERIOD$     50,327$           0


























                        E.T. CAPITAL, INC.
                   (A DEVELOPMENT STAGE COMPANY)

                 STATEMENT OF STOCKHOLDERS' EQUITY
                            (Unaudited)

As At Dec.31, 1996

                    Common
               Class          Stock          Additional
DevelopmentStockholders
               $0.01     Par ValuePaid-In        StageEquity
               Shares         AmountCapital(Deficit)(Deficit)
Balances,
September 30,
199658,787,216$4,516,079$18,429,869$(23,341,645)$    (395,697)

Issue
1,500,000,000
shares @ $0.234
on October 1,
1996     1,500,000,00015,000,000335,000,000           0
3,500,000,000

Cancellation of
1,500,000,000
shares @ $0.234
on February 15,
19971,500,000,00015,000,000335,000,000           0
3,500,000,000

Sale of 8,000,000
shares @$0.15
Sept. 21, 1997    0 0  1,640,000    0     1,640,000

Net (Loss) for the
year ended
Sept. 30, 1997         0 0   0  (1,146,273)    (1,146,273)




Balance,
Sept. 30, 1997   58,787,216$4,516,079$20,069,869$(24,487,918)$
98,030




Net (Loss) for
the 3 months
ended Dec. 31,
1997    0 0  0$   (145,226)$     (145,226)




Balances,
Dec. 30, 1997   58,787,216     $4,516,079$20,069,869$
(24,633,144)$
(47,226)


Net (Loss) for
the 3 months
ended Dec. 31,
1998    0 0  0$   ( 82,089)$     ( 82,089)




Balances,
Dec. 31, 1998   58,787,216     $4,516,079$20,069,869$
(25,019,667)$     (
433,719)








Note 1.

     Whereas the Company's independent Auditor has depreciated
equipment on an
accelerated basis, the equipment has been upgraded on a
continuing basis and
is operating well and will continue to do so for several more
years.


















Management's Discussion and Analysis
of
Financial Condition and Results of Operations








































Results of Operations
December 31, 1998 v. December 31, 1997

Overall

     E.T. Capital, Inc. is continuing to expand its entry into
"not-for-profit" fund raising using "1-900" "pay-per-call"
telephone numbers
as outlined in the Company's business plan.  With campaign
finance reform a
central issue in both the Congress and the Senate, the Company is
ready to
conclude agreements for the use of the Company's two political
"1-900" fund
raising numbers: 1-900-DEMOCRAT and 1-900-REPUBLICAN.  These
numbers could
raise hundreds of millions of dollars for both the Democratic and
Republican
parties.  Projections indicate the Company could earn over $2.00
per share
from each number.

     To develop cash flow from the "1-900" concept, the Company
will continue
to rely on Xanthos Management Corporation to finance the
Company's ongoing
overhead under the terms of the bearer debenture it holds until
fund raising
contracts have been signed. (See notes to September 30, 1998
Audit as filed
and as part of the September 30, 1998 10K.)

     The Company has been active in its efforts to acquire and
finance the
Paraguayan hydrocarbon concessions, however the downward trend in
the price of
oil has slowed interest in this project.  In late 1997 and
continuing
throughout 1998, the Asian economic crisis as well as a world
wide warming
trend adversely affected the world price of hydrocarbons.
Activity in this
field has historically been cyclical and the Company considers
that this
crisis has already been taken into account by finance
professionals and should
not adversely affect ongoing negotiations.

     Cash assets at the close of the first quarter were $50,327
as compared to
$0 at December 31, 1997 and 1996; fixed assets were written down
to $1 at
December 31, 1998 as compared to $1 at December 31, 1997 and
$2,270 at
December 31, 1996.  The Rights and associated product development
expenditures
(subject to the amortization schedule set forth in the Financial
Statements)
dropped to $1 at December 31, 1998 compared to $243,841 at
December 31, 1997
and $304,802 at December 31, 1996.  Total assets dropped to
$233,210 at
December 31, 1998 from  $243,841 at December 31, 1997 and
(because the
financing that had been negotiated through Barclay's Bank in
London was
canceled) from $350,307,072 at December 31, 1996. During the
fiscal year, the
Company and its counsel continue to take the position that
individuals,
corporations and/or financial institutions that either profited
from or
participated in the above transaction through Barclay's should
compensate the
Company for the unauthorized use of its securities and for breach
of the
original contractual agreements.  The Company's lawyers are
investigating the
Company's remedies as a result of these transactions and are
confident that
the Company will be successful.

Extraordinary Items

     In August, the Company made an Agreement with, Bruce
Straughn of
Wilmette, Illinois, and John McConkey of Trabuco Canyon,
California, whereby
they would raise $5 million in working capital for the Company in
order for
the Company to proceed with extensive marketing studies for the
two political
1 900 fund raising telephone numbers, 1 900 "Democrat" and 1 900
"Republican".
The Company arranged for the delivery of 2.4 million shares of
E.T. Capital,
Inc., borrowed from Xanthos Management, to Straughn and McConkey
on August 23,
1998. The terms of the agreement with Straughn and McConkey
required them to
pay $200,000 immediately and to raise $5 million by the end of
1998.  Straughn
and McConkey immediately violated the Agreement by not making the
required
$200,000 payment.  When payment of the $200,000 was not made, the
Company
demanded the return of the 2.4 million shares.  Notwithstanding
this demand,
Straughn and McConkey further damaged the Company by disposing of
the said 2.4
million shares, by selling them into the market, with the result
that the
price of the stock was forced down to a level of $0.003 per share
from $1.50
per share.  The shareholders lost over $25 million in market
capitalization
as a result of the actions of these two individuals.  Damages to
the Company
and various causes of action are being assessed by counsel for
the company.
Further, the Company has incurred a potential liability to
Xanthos Management
for the return of the Shares delivered to Straughn and McConkey.
Any loss
payable by the Company to Xanthos as a result of this transaction
will be
added to claims against Straughn and McConkey.  An adverse claim
has been
filed by the Company with the Company's transfer agent against
the said 2.4
million shares of E.T. Capital, Inc. delivered to Bruce Straughn
and John
McConkey. There  were no other extraordinary items reported in
this fiscal
year other than that as stated above.

Liquidity and Capital Resources

     At December 31, 1998, the Company had cash assets of $50,327
and total
assets of $233,210 compared with cash assets of $0 and total
assets of
$243,943 at December 31, 1997 and $350,307,072 at December 31,
1996.  Except
as previously disclosed, the Company is not aware of any known
trends,
demands, commitments, events or uncertainties that will result in
or that are
reasonably likely to result in the Company's liquidity increasing
or
decreasing in any material way.

Capital Resources and Expenditure

     There were no significant capital expenditures made by the
Company during
the quarter ended December 31, 1998.  Management of the Company
knows of no
material trends, favorable or unfavorable, with respect to the
Company's
capital resources.

Inflation

     The results of the Company's operations have not been
significantly
affected by inflation during the quarter ended December 31, 1998.

Other Information

     Not applicable.






















Part II. Other Information

     Items 1, 2, 3, 4, 5, and 6 are not applicable and have been
omitted.

























































SIGNATURES


     Pursuant to the requirements of Section 13 or 15(d) of the
Securities
Exchange Act of 1934, the Registrant has duly caused this report
to be signed
on its behalf by the undersigned, duly authorized.


Dated: January 3, 1999

E.T. CAPITAL, INC. (the "Company")



By: /s/  Sidney B. Fowlds
Chairman of Board of Directors


     Pursuant to the requirements of the Securities Exchange Act
of 1934, this
report has been signed below by the following persons on behalf
of the Company
and in the capacities and on the dates indicated.



Dated: January 3, 1999/s/  Sidney B. Fowlds
                         Director



Dated: January 3, 1999     /s/  John Johnston
                         Director



Dated: January 3, 1999/s/  Robert Miller
                         Director