Page - 1 | ||
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Page - 2 | ||
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Page - 3 | ||
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March 31, |
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December 31, |
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2004 |
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2003 |
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ASSETS |
|
|
(Unaudited) |
|
|
|
|
Current Assets |
|
|
|||||
|
|||||||
Cash |
$ |
24,233 |
$ |
9,394 |
|||
|
|
||||||
Total Current Assets |
24,233 |
9,394 |
|||||
|
|
||||||
Oil and Gas Properties Using Full Cost Accounting |
|
|
|||||
|
|||||||
Properties not subject to amortization |
237,814 |
300,672 |
|||||
Accumulated Amortization |
- |
- |
|||||
|
|
||||||
Net Oil and Gas Properties |
237,814 |
300,672 |
|||||
|
|
||||||
Total Assets |
$ |
262,047 |
$ |
310,066 |
|||
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|||||
|
|||||||
Current Liabilities |
|
|
|||||
|
|||||||
Accounts Payable |
$ |
11,816 |
$ |
299 |
|||
Notes Payable - Related Party |
25,000 |
- |
|||||
|
|
||||||
Total Current Liabilities |
36,816 |
299 |
|||||
|
|
||||||
Total Liablilities |
36,816 |
299 |
|||||
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|
||||||
Stockholders' Equity |
|
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|||||
|
|||||||
Common Stock; Par Value $.001 Per Share; Authorized |
|
|
|||||
100,000,000 Shares; 42,560,984 Issued and Outstanding |
42,561 |
42,561 |
|||||
Capital in Excess of Par Value |
2,836,249 |
2,836,249 |
|||||
Deficit Accumulated During the Development Stage |
(2,651,646 |
) |
(2,567,325 |
) | |||
Other Comprehensive Income |
(1,933 |
) |
(1,718 |
) | |||
|
|
||||||
Total Stockholders' Equity |
225,231 |
309,767 |
|||||
|
|
||||||
Total Liabilities and Stockholders' Equity |
$ |
262,047 |
$ |
310,066 |
|||
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Page - 4 | ||
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From | |||||||
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Inception on | |||||||
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For the three |
For the three |
April 21, 1999 | |||||||
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months ended |
months ended |
through | |||||||
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March 31, |
March 31, |
March 31, | |||||||
|
2004 |
2003 |
2004 | |||||||
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|
|||||||
REVENUE |
$ |
- |
$ |
- |
$ |
1,000 |
||||
|
|
|
||||||||
Total Revenue |
$ |
- |
$ |
- |
$ |
1,000 |
||||
|
|
|
||||||||
EXPENSES |
|
|
|
|||||||
|
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|
|||||||
General & Administrative |
18,255 |
315,653 |
2,583,286 |
|||||||
|
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||||||||
Total Expenses |
18,255 |
315,653 |
2,583,286 |
|||||||
|
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||||||||
NET OPERATING LOSS |
(18,255 |
) |
(315,653 |
) |
(2,582,286 |
) | ||||
|
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|
||||||||
OTHER INCOME (EXPENSES) |
|
|
|
|||||||
|
|
|
|
|||||||
Royalty Income |
5,006 |
- |
5,006 |
|||||||
Abandonment of Oil & Gas Property |
(71,072 |
) |
- |
(71,072 |
) | |||||
Interest Expense |
- |
- |
(3,294 |
) | ||||||
|
|
|
||||||||
Total Other Income (Expenses) |
(66,066 |
) |
- |
(69,360 |
) | |||||
|
|
|
||||||||
NET LOSS |
$ |
(84,321 |
) |
$ |
(315,653 |
) |
$ |
(2,651,646 |
) | |
|
|
|
||||||||
BASIC LOSS PER COMMON SHARE |
$ |
(0.00 |
) |
$ |
(0.01 |
) |
$ |
(0.37 |
) | |
|
|
|
||||||||
WEIGHTED AVERAGE NUMBER OF |
|
|
|
|||||||
SHARES OUTSTANDING |
42,560,984 |
36,385,633 |
7,167,380 |
|||||||
|
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|
||||||||
COMPREHENSIVE INCOME |
|
|
|
|||||||
|
||||||||||
Net Loss |
$ |
(84,321 |
) |
$ |
(315,653 |
) |
$ |
(2,651,646 |
) | |
|
|
|
|
|||||||
Other Comprehensive Income: |
|
|
|
|||||||
Foreign Currency Translation |
(1,933 |
) |
- |
(1,933 |
) | |||||
|
|
|
||||||||
Comprehensive Income (Loss) |
$ |
(86,254 |
) |
$ |
(315,653 |
) |
$ |
(2,653,579 |
) | |
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Page - 5 | ||
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From |
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Inception on |
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For the three months ended |
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April 21, 1999 |
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through |
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March 31, |
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March 31, |
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|
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|
2004 |
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|
2003 |
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|
2004 |
|
|
|
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|
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CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|||||||
|
||||||||||
Net Income (Loss) |
$ |
(84,321 |
) |
$ |
(315,653 |
) |
$ |
(2,651,646 |
) | |
Adjustments to Reconcile Net Loss to Net Cash |
|
|
|
|||||||
Provided by Operations: |
|
|
|
|||||||
Loss on Abandonment of Property |
71,072 |
- |
71,072 |
|||||||
Common Stock Issued for Services Rendered |
- |
298,500 |
2,087,211 |
|||||||
Common Stock Issued for Retirement of Accounts Payable |
- |
1,500 |
326,599 |
|||||||
Non-cash effect from foreign currency translation |
(215 |
) |
- |
(1,933 |
) | |||||
Change in Assets and Liabilities: |
|
|
|
|||||||
Increase (Decrease) in Accounts Payable |
11,517 |
15,653 |
11,816 |
|||||||
|
|
|
||||||||
Net Cash Provided(Used) by Operating Activities |
(1,947 |
) |
- |
(156,881 |
) | |||||
|
|
|
||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|||||||
|
||||||||||
Expenditures for Oil & Gas Property Development |
(8,214 |
) |
- |
(308,886 |
) | |||||
|
|
|
||||||||
Net Cash Provided (Used) by Investing Activities |
(8,214 |
) |
- |
(308,886 |
) | |||||
|
|
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|||||||
|
||||||||||
Proceeds from Issuance of Common Stock |
- |
- |
465,000 |
|||||||
Cash received from Notes Payable-Related Party |
25,000 |
- |
25,000 |
|||||||
|
|
|
||||||||
Net Cash Provided(Used) by Financing Activities |
25,000 |
- |
490,000 |
|||||||
|
|
|
||||||||
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS |
14,839 |
- |
24,233 |
|||||||
|
|
|
||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD |
9,394 |
- |
- |
|||||||
|
|
|
||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$ |
24,233 |
$ |
- |
$ |
24,233 |
||||
|
|
|
||||||||
Cash Paid For: |
|
|
|
|||||||
Interest |
$ |
- |
$ |
- |
$ |
3,294 |
||||
Income Taxes |
$ |
- |
$ |
- |
$ |
- |
||||
|
|
|
|
|||||||
Common Stock Issued for Services Rendered |
$ |
- |
$ |
- |
$ |
2,087,211 |
||||
Common Stock Issued to Retire Accounts Payable |
$ |
- |
$ |
- |
$ |
326,599 |
Page - 6 | ||
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Page - 7 | ||
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Page - 8 | ||
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Page - 9 | ||
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Page - 10 | ||
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/s/Christopher Paton-Gay | /s/Donald Jackson Wells | /s/Joseph Kane | ||
Christopher Paton-Gay
president director |
|
Donald Jackson Wells
director |
|
Joseph Kane
director |
Page - 11 | ||
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Page - 12 | ||
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Page - 13 | ||
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Page - 14 | ||
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Page - 15 | ||
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