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<DIV style="width:468pt"><P style="line-height:14pt; margin-top:5pt; margin-bottom:5pt; font-family:Arial; font-size:12pt" align=center><FONT FACE="Arial"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, DC 20549</B></FONT></P>
<P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt" align=center><B>FORM 8-K<BR>
CURRENT REPORT</B></P>
<P style="line-height:14pt; margin-top:5pt; margin-bottom:5pt; font-family:Arial; font-size:12pt" align=center><B>Pursuant to Section 13 Or 15 (d) of the Securities Exchange Act of 1934</B></P>
<P style="line-height:14pt; margin-top:5pt; margin-bottom:5pt; font-family:Arial; font-size:12pt" align=center><B>Date of Report (date of earliest event reported): July 1, 2008</B></P>
<P style="line-height:18pt; margin-top:6.65pt; margin-bottom:6.65pt; font-family:Arial; font-size:16pt" align=center><B>JMG Exploration, Inc.</B></P>
<P style="margin-top:4.15pt; margin-bottom:4.15pt; font-family:Arial" align=center>(Exact name of Registrant as specified in its charter)</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=146.55></TD><TD width=93.1></TD><TD width=73.7></TD><TD width=126></TD><TD width=3.1></TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" valign=top width=195.4><P style="line-height:14pt; margin-top:0pt; margin-bottom:6pt; font-family:Arial; font-size:12pt" align=center><B>Nevada</B></P>
<P style="margin-top:0pt; margin-bottom:5pt; font-family:Arial" align=center>(State or other jurisdiction of incorporation or organization)</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" valign=top width=222.4 colspan=2><P style="line-height:14pt; margin-top:0pt; margin-bottom:6pt; font-family:Arial; font-size:12pt" align=center><B>001-32438 </B></P>
<P style="margin-top:0pt; margin-bottom:5pt; font-family:Arial" align=center>(Commission File Number)</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" valign=top width=172.133 colspan=2><P style="line-height:14pt; margin-top:0pt; margin-bottom:6pt; font-family:Arial; font-size:12pt" align=center><B>20-1373949</B></P>
<P style="margin-top:0pt; margin-bottom:5pt; font-family:Arial" align=center>(IRS employer identification no.)</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" valign=top width=319.533 colspan=2><P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt" align=center><B>180 South Lake Ave.</B></P>
<P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt" align=center><B>Seventh Floor</B></P>
<P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt" align=center><B>Pasadena, CA </B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" valign=bottom width=270.4 colspan=3><P style="line-height:14pt; margin-top:5pt; margin-bottom:5pt; font-family:Arial; font-size:12pt" align=center><B>91101</B></P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" valign=top width=319.533 colspan=2><P style="margin-top:4.15pt; margin-bottom:4.15pt; font-family:Arial" align=center>(Address of principal executive offices)</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" valign=top width=270.4 colspan=3><P style="margin-top:4.15pt; margin-bottom:4.15pt; font-family:Arial" align=center>(Zip Code)</P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" valign=top width=319.533 colspan=2><P style="line-height:14pt; margin-top:5pt; margin-bottom:5pt; font-family:Arial; font-size:12pt" align=center><B>Registrant&#146;s telephone number, including area code:</B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" valign=bottom width=270.4 colspan=3><P style="line-height:14pt; margin-top:5pt; margin-bottom:5pt; font-family:Arial; font-size:12pt" align=center><B>(626) 792-3842</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial" align=center>&nbsp;(Registrant&#146;s former name or former address, if changed since last Report)</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-family:Shruti; font-size:12pt"><FONT FACE="Shruti">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:</FONT></P>
<P style="line-height:14pt; margin:0pt; padding-left:14.4pt; text-indent:-14.4pt; font-family:Wingdings; font-size:12pt"><FONT FACE="Wingdings">o</FONT><FONT FACE="Shruti"> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>
<P style="line-height:14pt; margin:0pt; padding-left:14.4pt; text-indent:-14.4pt; font-family:Wingdings; font-size:12pt">o<FONT FACE="Shruti"> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>
<P style="line-height:14pt; margin:0pt; padding-left:14.4pt; text-indent:-14.4pt; font-family:Wingdings; font-size:12pt">o<FONT FACE="Shruti"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>
<P style="line-height:14pt; margin:0pt; padding-left:14.4pt; text-indent:-14.4pt; font-family:Wingdings; font-size:12pt">o<FONT FACE="Shruti"> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt; page-break-before:always" align=justify><FONT FACE="Arial"><B>Item 9.01&nbsp;&nbsp;&nbsp; Financial Statements and Exhibits.</B></FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-family:Arial; font-size:12pt" align=justify>On June 17, 2008, JMG Exploration, Inc. issued a press release reporting that it had modified the extension agreement with Newco Group Ltd. to defer repayment of a $3 million loan which is currently in default until July 10, 2008 in consideration for an extension fee of $50,000, of which $25,000 was payable upon execution of the extension agreement and was received July 1, 2008. &nbsp;The balance of the extension fee and the interest accrued to date will be due and payable on July 10, 2008. A copy of that press release is attached to this report as Exhibit 99.1.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin-top:5pt; margin-bottom:5pt; font-family:Arial; font-size:12pt">&nbsp;(c) <B>Exhibits</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=70.8></TD><TD width=371.7></TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" valign=top width=94.4><P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt" align=center><B>Exhibit <U>No.</U></B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" valign=bottom width=495.6><P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt"><B><U>Description</U></B></P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" valign=bottom width=94.4><P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt" align=center>99.1</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" valign=bottom width=495.6><P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt">Press Release dated July 1, 2008</P>
</TD></TR>
</TABLE>
<P style="line-height:14pt; margin-top:5pt; margin-bottom:5pt; font-family:Arial; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin:5pt" align=center><BR>
<BR></P>
<P style="line-height:14pt; margin-top:5pt; margin-bottom:5pt; font-family:Arial; font-size:12pt; page-break-before:always" align=center><B>SIGNATURES</B></P>
<P style="line-height:14pt; margin-top:5pt; margin-bottom:5pt; text-indent:36pt; font-family:Arial; font-size:12pt">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.</P>
<P style="margin-top:5pt; margin-bottom:5pt; font-family:Arial; font-size:12pt">&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=157.95></TD><TD width=238.65></TD><TD width=99.15></TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" width=210.6><P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt">Date: July 1, 2008</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" width=318.2><P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt"><B>JMG Exploration, Inc.</B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" width=132.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" width=210.6><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" valign=top width=318.2><P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt">/s/ Joseph W. Skeehan</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" width=132.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" width=210.6><P style="margin:0pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" valign=top width=318.2><P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt">Joseph W. Skeehan</P>
<P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt">Chief Executive Officer</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" width=132.2><P style="font-size:2pt">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
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unsaved:///newpage2.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 Or 15 (d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): July 1, 2008
JMG Exploration, Inc.
(Exact name of Registrant as specified in its charter)
Nevada
(State or other jurisdiction of incorporation or organization)
001-32438
(Commission File Number)
20-1373949
(IRS employer identification no.)
180 South Lake Ave.
Seventh Floor
Pasadena, CA
91101
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
(626) 792-3842
(Registrant's former name or former address, if changed since last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 9.01    Financial Statements and Exhibits.
On June 17, 2008, JMG Exploration, Inc. issued a press release reporting that it had modified the extension agreement with Newco Group Ltd. to defer repayment of a $3 million loan which is currently in default until July 10, 2008 in consideration for an extension fee of $50,000, of which $25,000 was payable upon execution of the extension agreement and was received July 1, 2008.  The balance of the extension fee and the interest accrued to date will be due and payable on July 10, 2008. A copy of that press release is attached to this report as Exhibit 99.1.
(c)
Exhibits
Exhibit
No.
Description
99.1
Press Release dated July 1, 2008
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.
Date: July 1, 2008
JMG Exploration, Inc.
/s/ Joseph W. Skeehan
Joseph W. Skeehan
Chief Executive Officer