UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended June 30, 2013

[   ] TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 000-51712

PARK PLACE ENERGY CORP.
(Exact name of small business issuer as specified in its charter)

403-539-8710
Registrant’s telephone number, including area code

N/A
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the 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 such filing requirements for the past 90 days.
Yes [X]     No [   ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes [X]     No [   ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes [   ]     No [X]

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date 20,943,447 shares of common stock as of August 14, 2013.

PARK PLACE ENERGY CORP.

Quarterly Report On Form 10-Q
For The Quarterly Period Ended
June 30, 2013

INDEX

PARK PLACE ENERGY CORP.
(An exploration stage company)
Consolidated financial statements
June 30, 2013
(Expressed in Canadian dollars)
(unaudited)

PARK PLACE ENERGY CORP.
(An exploration stage company)
Consolidated balance sheets
(Expressed in Canadian dollars)

(The accompanying notes are an integral part of these consolidated financial statements)

F-1

PARK PLACE ENERGY CORP.
(An exploration stage company)
Consolidated statements of operations
(Expressed in Canadian dollars)
(unaudited)

(The accompanying notes are an integral part of these consolidated financial statements)

F-2

PARK PLACE ENERGY CORP.
(An exploration stage company)
Consolidated statements of cash flows
(Expressed in Canadian dollars)
(unaudited)

(The accompanying notes are an integral part of these consolidated financial statements)

F-3

PARK PLACE ENERGY CORP.
(An exploration stage company)
Notes to the consolidated financial statements
June 30, 2013
(Expressed in Canadian dollars)
(unaudited)

F-4

PARK PLACE ENERGY CORP.
(An exploration stage company)
Notes to the consolidated financial statements
June 30, 2013
(Expressed in Canadian dollars)
(unaudited)

F-5

PARK PLACE ENERGY CORP.
(An exploration stage company)
Notes to the consolidated financial statements
June 30, 2013
(Expressed in Canadian dollars)
(unaudited)

Additional information regarding stock options as of June 30, 2013, is as follows:

F-6

PARK PLACE ENERGY CORP.
(An exploration stage company)
Notes to the consolidated financial statements
June 30, 2013
(Expressed in Canadian dollars)
(unaudited)

F-7

PARK PLACE ENERGY CORP.
(An exploration stage company)
Notes to the consolidated financial statements
June 30, 2013
(Expressed in Canadian dollars)
(unaudited)

F-8

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

This quarterly report on Form 10-Q contains forward-looking statements that involve risks and uncertainties. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology including "could", "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential" and the negative of these terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially.

While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report.

Overview of our Business

Name and Organization

Park Place Energy Corp. is incorporated under the laws of the State of Nevada, USA. Throughout this Quarterly Report on Form 10-Q, the terms "Park Place" "we" "us," "the Company", "our" and "our company" refer to Park Place Energy Corp. and its subsidiaries.

We are an exploration stage company seeking to exploit resource plays for oil and natural gas in Europe, particularly in Bulgaria. Today, the operations of our company and its subsidiaries concentrate on gas exploration and development in the Dobrich region in north eastern Bulgaria. Our goal is to become a producer of gas in Bulgaria and other countries with high gas prices and demand but limited supply.

Our sole material oil and gas property is a 100% interest in the Vranino 1-11 Block located in north east Bulgaria which was awarded to the Company on October 12, 2010 by the Bulgarian Council of Ministers. The license is for the exploration and prospecting of oil and natural gas in the Dobroudja Basin and is for an initial five year period exclusive of possible extensions. Due to a legal dispute which was recently resolved in our favor, the Company’s work program relating to the Vranino Block was postponed and this permit will not take effect until later in 2013. The Company is presently negotiating the formal license permit agreement with the Bulgarian government.

Work program details

In conjunction with the award of the Vranino block, Park Place is required to undertake a minimum work program on the block including testing and re-testing of wells, comprehensive 2-D and 3-D seismic, drill and complete five additional wells within the license area. Our minimum work commitment as required by the permit broken down by year is as follows:

Park Place estimates that the remaining expenditures for the first year work program will be approximately $450,000. Park Place acquired data on the block in July 2013 in accordance with the work program. We anticipate spending approximately $650,000 over the next 12 months in office and general expenses.

Park Place intends to raise additional capital within the next twelve months to fund its operations.

Our Website

Our website can be found at www.parkplaceenergy.com. Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed with or furnished to the U.S. Securities and Exchange Commission ("SEC"), pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 ("Exchange Act"), can be accessed free of charge by linking directly from our website under the "Investor Relations - SEC Filings" caption to the SEC's Edgar Database.

Working Capital

Based on our current plan of operations as set forth above, we estimate that we will require approximately $1,150,000 to pursue our plan of operations over the next 12 months. As at June 30, 2013, we had cash of $279,734 and a working capital of $96,802.

We anticipate that additional funding will be in the form of equity financing from the sale of our common stock will be required to complete our plan of operations. If we do not continue to obtain additional financing going forward, we will reevaluate our plans.

Results of Operations

The following summary of our results of operations should be read in conjunction with our financial statements for the quarter ended June 30, 2013 which are included herein.

Revenue

We had oil and gas revenue of $nil for the six months ended June 30, 2013, compared to $3,391 for the six months ended June 30 , 2012.

Since inception, we have earned oil and gas revenues of $1,653,688 relating to our successful exploration efforts and incurred depletion costs of $1,256,066 and production costs of $1,167,045. We have written off expenditures of $4,304,265 relating to exploration efforts that did not yield productive results.

Expenses

Our total operating expenses for the six months ending June 30, 2013 total $123,368 compared to $150,554 for the same period in 2012.

Our primary expense categories are described below:

Office and General Expenses

Our office and general expenses decreased to $12,417 for the six months ended June 30, 2013 from $33,155 for the six months ending June 30, 2012.

Professional Fees

Our professional fees decreased to $35,100 for the six months ended June 30, 2013 from $53,275 for the six months ending June 30, 2012.

Management and Consulting

Our management and consulting fees decreased to $49,285 for the six months ending June 30, 2013 from $50,111 for the six months ending June 30, 2012.

Investor Relations Expenses

Our investor relations expense for the six months ending June 30, 2013 increased to $794 compared to $1,720 for the six months ending June 30, 2012.

Loss

Our net loss before other items for the six months ending June 30, 2013 was $123,368 compared to $151,528 for the six months ending June 30, 2012.

Liquidity and Capital Resources

Overview

From May 4, 2006 (date of inception) to June 30, 2013, we raised net proceeds of $9,386,563 in cash from the issuance of common stock and share subscriptions received and $858,050 from loans payable less $15,028 for the repurchase of common stock for a total of $10,229,585 of cash provided by financing activities for the period.

We used net cash of $55,654 in operating activities for the six months ended June 30, 2013 compared to $156,616 for the same period in 2012. We used net cash of $5,285,136 in operating activities for the period from May 4, 2006 (date of inception) to June 30, 2013.

The following table summarizes our liquidity position as at June 30, 2013:

We anticipate that we will require approximately $1,150,000 to pursue our plan of operations over the next 12 months. As at June 30, 2013, we had cash of $279,734 and working capital of $96,802. We anticipate raising additional funds over the next twelve months to pay for our exploration commitments in Bulgaria.

Cash Flow from Investing Activities

Net cash used in investing activities for the six months ended June 30, 2013 was $69,453 compared to $124,022 used in investing activities in the six months ending June 30, 2012.

Cash Provided By Financing Activities

For the six months ended June 30, 2013, cash provided by financing activities was $379,130 compared to $nil for the six months ended June 30, 2012.

Taxes

The Company is currently analyzing its US tax position for the years 2007 through 2012 and expects to make appropriate tax filings in the near future. At the present time, the Company has not determined the amount of taxes, if any, and/or any penalties that may be due.

Off-Balance Sheet Arrangements

There are no off balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources, which individually or in the aggregate is material to our investors.

Item 3.                Quantitative and Qualitative Disclosures About Market Risk

Not applicable because we are a smaller reporting company.

Item 4.                Controls and Procedures

Disclosure of Controls and Procedures

We carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of June 30, 2013 (the “Evaluation Date”). This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of the Evaluation Date as a result of the material weaknesses disclosed in our Annual Report on Form 10-K for the year ended December 31, 2012 (“2012 Annual Report”).

Notwithstanding the assessment that our internal control over financial reporting was not effective and that there were material weaknesses as identified in our 2012 Annual Report, we believe that our consolidated financial statements contained in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 fairly present our financial condition, results of operations and cash flows in all material respects.

No Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during our last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1.                Legal Proceedings

As previously disclosed, on October 12, 2010, the Bulgarian Council of Ministers had granted to our company a permit for the exploration of the Vranino 1-11 oil and natural gas prospect located in the Dobroudja Basin, North Eastern Bulgaria. The award was subsequently appealed. On or about June 17, 2013, the Fifth Division Supreme Administrative Court in Bulgaria ultimately upheld the award of the license to our Company. The Company has no further legal proceedings.

Item 1A.             Risk Factors

Not applicable because we are a smaller reporting company.

Item 2.                Unregistered Sales of Equity Securities and Use of Proceeds

On May 1, 2013, the Company issued 200,000 common shares to Larsen Energy Consulting Inc. with a fair value of $12,124 (US$12,000) for consulting fees.

On May 22, 2013, the Company issued 75,866 common shares to Safiro Petroleum Ltd with a fair value of $9,343 to settle accounts payable of $5,974 (US$5,690), which resulted in a loss on settlement of debt of $3,467.

Item 3.                Defaults Upon Senior Securities

None.

Item 4.                (Removed and Reserved)

Not applicable.

Item 5.                Other Information

None

Item 6.                Exhibits

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, thereunto duly authorized.

PARK PLACE ENERGY CORP.