ASSETS
|
|||||||
March
31, |
December
31, |
||||||
|
|
|
2005 |
|
|
2004 |
|
(Unaudited) |
|||||||
Current
Assets |
|||||||
Cash |
$ |
16,128 |
$ |
22,191 |
|||
Accounts
Receivable (Net of Allowance of $0) |
$ |
6,068 |
$ |
4,809 |
|||
Total
Current Assets |
22,196
|
27,000
|
|||||
Oil
and Gas Properties Using Full Cost Accounting |
|||||||
Properties
not subject to amortization |
48,942
|
48,942
|
|||||
Accumulated
Amortization |
(13,267 |
) |
(10,767 |
) | |||
Net
Oil and Gas Properties |
35,675
|
38,175
|
|||||
Other
Assets |
|||||||
Investments |
181,585
|
181,585
|
|||||
Total
Other Assets |
181,585
|
181,585
|
|||||
Total
Assets |
$ |
239,456 |
$ |
246,760 |
|||
LIABILITIES
AND STOCKHOLDERS' EQUITY |
|||||||
Current
Liabilities |
|||||||
Accounts
Payable |
$ |
35,937 |
$ |
19,053 |
|||
Notes
Payable - Related Party |
23,659
|
23,659
|
|||||
Total
Current Liabilities |
59,596
|
42,712
|
|||||
Total
Liablilities |
59,596
|
42,712
|
|||||
Stockholders'
Equity |
|||||||
Common
Stock; Par Value $.001 Per Share; Authorized |
|||||||
100,000,000
Shares; 48,535,984 and 42,560,984 Shares |
|||||||
Issued
and Outstanding, respectively |
48,536
|
48,536
|
|||||
Capital
in Excess of Par Value |
3,559,673
|
3,559,673
|
|||||
Deficit
Accumulated During the Development Stage |
(3,377,881 |
) |
(3,351,326 |
) | |||
Subscription
Receivable |
(48,750 |
) |
(48,750 |
) | |||
Other
Comprehensive Income |
(1,718 |
) |
(4,085 |
) | |||
Total
Stockholders' Equity |
179,860
|
204,048
|
|||||
Total
Liabilities and Stockholders' Equity |
$ |
239,456 |
$ |
246,760 |
|
From |
|||||||||
|
|
|
Inception on |
|||||||
April 21, 1999 |
||||||||||
For
the Three Months Ended |
through |
|||||||||
March
31, |
March
31, |
March
31, |
||||||||
2005 |
2004 |
2005 |
||||||||
REVENUE |
$ |
1,640 |
$ |
- |
$ |
11,061 |
||||
Total
Revenue |
$ |
1,640 |
$ |
- |
$ |
11,061 |
||||
EXPENSES |
||||||||||
Cost
of Production |
2,565
|
-
|
11,915
|
|||||||
Depletion |
2,500
|
-
|
13,267
|
|||||||
General
& Administrative |
23,130
|
209,302
|
3,334,985
|
|||||||
Total
Expenses |
28,195
|
209,302
|
3,360,167
|
|||||||
NET
OPERATING LOSS |
(26,555 |
) |
(209,302 |
) |
(3,349,106 |
) | ||||
OTHER
INCOME (EXPENSES) |
||||||||||
Royalty
Income |
-
|
212
|
||||||||
Abandonment
of Oil & Gas Property |
-
|
-
|
(25,481 |
) | ||||||
Interest
Expense |
-
|
(374 |
) |
(3,294 |
) | |||||
Total
Other Income (Expenses) |
-
|
(162 |
) |
(28,775 |
) | |||||
NET
LOSS |
$ |
(26,555 |
) |
$ |
(209,464 |
) |
$ |
(3,377,881 |
) | |
BASIC
LOSS PER COMMON SHARE |
$ |
(0.00 |
) |
$ |
(0.00 |
) |
||||
WEIGHTED
AVERAGE NUMBER OF |
||||||||||
SHARES
OUTSTANDING |
48,535,984
|
43,227,055
|
||||||||
COMPREHENSIVE
INCOME |
||||||||||
Net
Loss |
$ |
(26,555 |
) |
$ |
(209,464 |
) |
$ |
(3,377,881 |
) | |
Other
Comprehensive Income: |
||||||||||
Foreign
Currency Translation |
2,367
|
(546 |
) |
(1,718 |
) | |||||
Comprehensive
Income (Loss) |
$ |
(24,188 |
) |
$ |
(210,010 |
) |
$ |
(3,379,599 |
) | |
From |
||||||||||
Inception
on |
||||||||||
For
the three months ended |
April
21, 1999 |
|||||||||
|
March
31, |
through |
||||||||
March
31, |
||||||||||
2005 |
|
|
2004 |
|
|
2005 |
||||
CASH
FLOWS FROM OPERATING ACTIVITIES: |
||||||||||
Net
Income (Loss) |
$ |
(26,555 |
) |
$ |
(293,785 |
) |
$ |
(3,377,881 |
) | |
Adjustments
to Reconcile Net Loss to Net Cash |
||||||||||
Provided
by Operations: |
||||||||||
Depletion |
2,500
|
13,267
|
||||||||
Loss
on Abandonment of Property |
-
|
71,072
|
||||||||
Common
Stock Issued for Services Rendered |
-
|
186,500
|
2,767,860
|
|||||||
(Loss)
From Sale of Investments |
-
|
25,481
|
||||||||
Common
Stock Issued for Retirement of Accounts Payable |
-
|
-
|
326,599
|
|||||||
Non-cash
effect from foreign currency translation |
(761 |
) |
(4,085 |
) | ||||||
Change
in Assets and Liabilities: |
||||||||||
Increase
(Decrease) in Accounts Receivable |
1,259
|
(3,550 |
) | |||||||
Increase
(Decrease) in Accounts Payable |
16,733
|
12,955
|
40,392
|
|||||||
Increase
(Decrease) in Interest Payable |
-
|
374
|
19,053
|
|||||||
Net
Cash Provided(Used) by Operating Activities |
(6,063 |
) |
(23,645 |
) |
(192,864 |
) | ||||
CASH
FLOWS FROM INVESTING ACTIVITIES: |
||||||||||
Proceeds
from Sale of investments |
56,706
|
|||||||||
Expenditures
for Oil & Gas Property Development |
(8,214 |
) |
(312,714 |
) | ||||||
Net
Cash Provided (Used) by Investing Activities |
-
|
(8,214 |
) |
(256,008 |
) | |||||
CASH
FLOWS FROM FINANCING ACTIVITIES: |
||||||||||
Proceeds
from Issuance of Common Stock |
-
|
-
|
465,000
|
|||||||
Cash
received from Notes Payable-Related Party |
25,000
|
|||||||||
Net
Cash Provided(Used) by Financing Activities |
-
|
25,000
|
465,000
|
|||||||
NET
INCREASE (DECREASE) IN CASH AND EQUIVALENTS |
(6,063 |
) |
(6,859 |
) |
16,128
|
|||||
CASH
AND EQUIVALENTS AT BEGINNING OF PERIOD |
22,191
|
9,394
|
-
|
|||||||
CASH
AND CASH EQUIVALENTS AT END OF PERIOD |
$ |
16,128 |
$ |
2,535 |
$ |
16,128 |
||||
Cash
Paid For: |
||||||||||
Interest |
$ |
- |
$ |
- |
$ |
- |
||||
Income
Taxes |
$ |
- |
$ |
- |
$ |
- |
||||
Common
Stock Issued for Services Rendered |
$ |
186,500 |
$ |
2,767,860 |
||||||
Common
Stock Issued to Retire Accounts Payable |
$ |
- |
$ |
- |
$ |
326,599 |
||||
/s/Christopher Paton-Gay |
/s/Donald Jackson Wells |
/s/Joseph Kane | ||
Christopher
Paton-Gay
president
director |
Donald
Jackson Wells
director |
Joseph
Kane
director |
I,
Christopher
Paton-Gay,
president/director, certify that: |
a)
designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this quarterly report is being
prepared; |
b)
evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date");
and |
c)
presented in this quarterly report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of
the Evaluation Date; |
a)
all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls;
and |
b)
any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls; and |