SECURITIES AND EXCHANGE COMMISSION

			   	WASHINGTON, D.C.   20549

					FORM 8-K

				     CURRENT REPORT

			Pursuant to Section 13 and 15(d) of the
			    Securities Exchange Act of 1934



Date of Report (date of earliest event reported):    May 01, 2003

			  ROCKY MOUNTAIN MINERALS, INC.
- ----------------------------------------------------------------------
		(Exact Name of Registrant as Specified in its Charter)

	Wyoming		          0-9060		83-0221102
- ------------------------   ------------------  ------------------------
(State or other jurisdiction  (Commission	     (I.R.S. Employer
    of incorporation)		 File No.)	      Identification No.)



	2480 North Tolemac Way
	Prescott, AZ  					86305
- ------------------------------------------    -------------------------
 (Address of Principal Executive Offices)	      (Zip Code)


Registrant's telephone number, including area code:	(928) 778-1450


				Not Applicable
	------------------------------------------------------------
		(Former Name, Former Address or Former Fiscal Year,
			If Changed From Last Report)




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ITEM 5.	OTHER EVENTS

Australian Government Approval For Farmin in Western Australia

	Rocky Mountain Minerals, Inc. ("RMMI") has received approval from
the Western Australian Offshore Petroleum Authority for the farmin to a 25%
interest in two petroleum exploration permits, WA-322-P and WA-329-P,
comprising an area of 356,000 acres, located in the North West Shelf area
offshore Western Australia.

	RMMI has agreed to earn the 25% interest in the Exmouth Joint Venture
in association with Octanex NL (37.5%) and Strata Resources NL (37.5%) by
funding an initial amount of US $950,000 in relation to the exploration
program.  The exploration program will consist of acquiring existing open-
file seismic data including 2D and 3D seismic data sets, and the shooting
of 2,250 kms of new 2D seismic surveying.  All subsequent costs relating
to the Joint Venture shall be shared by the Participants in accordance with
their interests and governed by the Joint Venture Operation Agreement.

Issue of Securities

	To meet the cost of the farmin obligations, RMMI will issue
19,091,000 fully paid and non-assessable $0.015 Cumulative Convertible
Preferred shares of RMMI, par value ($.05) per share, ranking pari pasu
with such existing securities, and 5,000,000 fully paid and non-assessable
shares of Common stock of RMMI, par value one tenth of a cent ($.001) per
share.  All shares of RMMI will be issued to a foreign subscriber, Fidelity
Investments Limited ("FIL").  FIL has covenanted that, notwithstanding
registration, that it will not transfer any shares being purchased for
a period of two years from the date of allotment save and except pursuant
to the terms and conditions and rights and privileges of conversion or
redemption inherent in the subscription shares.

	FIL has acknowledged that all of the subscriber shares will be
restricted securities within the meaning of Rule 144 of the General Rules
and Regulations under the Securities Act of 1933 (the "Act") and applicable
state statutes, and has consented to the placement of an appropriate
restrictive legend or legends on any certificates evidencing such subscriber
shares and any certificates issued in replacement or exchange thereof and
further acknowledges that RMMI will cause its stock transfer records to
note such restrictions.

Cautionary Statement Regarding Forward-Looking Statements

	This Current Report includes forward-looking statements and pro-
jections, made in reliance on the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.  The company has made every
reasonable effort to ensure that the information and assumptions on which
these statements and projections are based are current, reasonable,

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and complete.  However, a variety of factors could cause actual results to
differ materially from the projections, anticipated results or other
expectations expressed in this release, including, without limitation,
successful implementation of the farmin obligations; the successful
close of funding transactions; our ability to successfully enter oil
exploration in Australia; changes in commodity prices for oil and natural
gas; general economic and weather conditions where operations of the company
are located; the uncertainties associated with governmental regulation;
political and currency risks associated with international operations of
the company, competition, and other factors described in the company's
Securities and Exchange Commission filings.  While the company makes
these statements and projections in good faith, neither the company nor
its management can guarantee that anticipated future results will be
achieved.  Reference must be made to those filings for additional
important factors that may affect actual results.  The company assumes
no obligation to publicly update or revise any forward-looking statements
made herein or any other forward-looking statements made by the company,
whether as a result of new information, future events, or otherwise.




			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 hereunto duly authorized.

				ROCKY MOUNTAIN MINERALS, INC.

Dated:	May 01, 2003		BY:	/s/	W. Ray Hill
				---------------------------------
				W. Ray Hill, President














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