|
$
Value
|
Shares
|
Form
10K 12/31/04
|
48,535,970
|
|
5/10/05:
Registered Services,
@$0.20,
to officers, directors, and professional services
|
570,000
|
2,850,000
|
10/24/05:
Registered Services @$0.13 to officers, directors, and professional
services
|
260,000
|
2,000,000
|
Corrected/Adjusted
Total
|
53,385,970
|
We
have a new headquarters office as listed above. Please see Management
Discussion, Item 6.
|
period
|
high
bid
|
low
bid
|
volume
|
1st
2002
|
None
|
None
|
None
|
2nd
2002
|
None
|
None
|
None
|
3rd
2002
|
2.30
|
1.75
|
8,000
|
4th
2002
|
5.05
|
2.20
|
22,000
|
1st
2003
|
8.00
|
1.30
|
36,960
|
2nd
2003
|
1.05
|
0.25
|
31,320
|
3rd
2003
|
0.51
|
0.05
|
15,567,840
|
4th
2003
|
0.62
|
0.38
|
57,099,320
|
1st
2004
|
0.58
|
0.24
|
41,233,640
|
2nd
2004
|
0.33
|
0.10
|
12,618,360
|
Reverse
Split: Ten shares to One Share
|
|||
3rd
2004
|
0.18
|
0.12
|
4,784,580
|
4th
2004
|
0.34
|
0.12
|
22,427,460
|
1st
2005
|
0.38
|
0.21
|
59,337,300
|
2nd
2005
|
0.29
|
0.12
|
15,100,140
|
3rd
2005
|
0.19
|
0.12
|
11,437,060
|
4th
2005
|
0.14
|
0.06
|
10,552,140
|
1.
In the spacing unit for the Earning Well, a 1.500% interest in
the
petroleum and natural gas below the base of the Mannville excluding
natural gas in the Leduc formation, and a 3.00% interest in the
natural
gas in the Leduc formation before payout subject to payment of
an
Overriding Royalty which is convertible upon payout at the Royalty
Owners
option to 50% of our interest.
|
2.
A 1.200% interest in the rights below the base of the Shunda formation
in
Section 10, Township 38, Range
9W5M.
|
3.
A 0.966% omterest in the rights below the base of the Shauda formation
in
sections 15 and 16, Township 38, Range 9W5M, down to the base of
the
deepest formation penetrated.
|
Long
Term Compensation
|
||||||||
Annual
Compensation
|
Awards
|
Payouts
|
||||||
a
Name
and
Principal
Position
|
b
Year
|
c
Salary
($)
|
d
Bonus
($)
|
e
Other
Annual
Compen-sation
($)
|
f
Restric-ted
Stock
Awards
($)
|
g
Securi-ties
Under-
lying
Options
SARs
(#)
|
h
LTIP
Payouts
($)
|
i
All
Other
Compen-sation
($)
|
Christopher
Paton-Gay,
Chairman,
CEO
|
2005
|
0
|
0
|
0
|
84,500
|
0
|
0
|
0
|
2004
|
0
|
0
|
277,000
|
0
|
0
|
0
|
||
2003
|
12,500
|
0
|
0
|
20,0000
|
0
|
0
|
0
|
|
Donald
Jackson Wells,
Director
|
2005
|
0
|
0
|
0
|
9,750
|
0
|
0
|
0
|
2004
|
0
|
0
|
0
|
25,000
|
0
|
0
|
0
|
|
2003
|
0
|
0
|
0
|
5,000
|
0
|
0
|
0
|
|
Joseph
A. Kane
Director
|
2005
|
0
|
0
|
0
|
9,750
|
0
|
0
|
0
|
2004
|
0
|
0
|
0
|
25,000
|
0
|
0
|
0
|
|
2003
|
0
|
0
|
0
|
5,000
|
0
|
0
|
0
|
Name
and Address of Beneficial Owner
|
Share
Ownership
|
%
|
Christopher
Paton-Gay
6160
Genoa Bay RoadChairman/CEO
Duncan
B.C. CanadaDirector
|
3,404,191
|
6.38
|
Donald
Jackson Wells
3131
S.W. Freeway #46
Houston
TX 77098Director
|
800
|
0.00
|
Joseph
Kane
3131
S.W. Freeway #46
Houston
TX 77098/Director
|
800
|
0.00
|
All
Officers and Directors as a Group
|
3,405,791
|
6.38
|
Total
Issued and Outstanding
|
53,385,970
|
100.00
|
All
Affiliates
|
(3,405,791)
|
(6.38)
|
Indicated
Total Non-Affiliate Ownership
|
49,980,179
|
93.62
|
/s/Christopher
Paton-Gay
|
Christopher
Paton-Gay
president/director/Sole
Officer
|
I,
Christorpher
Paton-Gay,
certify that:
|
/s/Christopher
Paton-Gay
|
Christopher
Paton-Gay
president/director/Sole
Officer
|
/s/Christopher
Paton-Gay
|
Christopher
Paton-Gay
president/director/Sole
Officer
|
/s/Christopher
Paton-Gay
|
Christopher
Paton-Gay
president/director/Sole
Officer
|
TURNER
VALLEY OIL & GAS, INC.
|
|||||||
ASSETS
|
|||||||
|
December
31,
|
|
|
December
31,
|
|
||
|
|
|
2005
|
|
|
2004
|
|
CURRENT
ASSETS
|
|||||||
Cash
|
$
|
78,848
|
$
|
22,191
|
|||
Accounts
receivable
|
2,546
|
4,809
|
|||||
Total
Current Assets
|
81,394
|
27,000
|
|||||
OIL
AND GAS PROPERTIES USING
|
|||||||
FULL
COST ACCOUNTING
|
|||||||
Properties
subject to amortization
|
212,996
|
48,942
|
|||||
Accumulated
amortization
|
(10,767
|
)
|
(10,767
|
)
|
|||
Net
Oil and Gas Properties
|
202,229
|
38,175
|
|||||
OTHER
ASSETS
|
|||||||
Investments
|
155,651
|
181,585
|
|||||
Total
Other Assets
|
155,651
|
181,585
|
|||||
TOTAL
ASSETS
|
$
|
439,274
|
$
|
246,760
|
|||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||||
CURRENT
LIABILITIES
|
|||||||
Accounts
payable
|
$
|
5,958
|
$
|
19,053
|
|||
Notes
payable, related party
|
23,658
|
23,659
|
|||||
Total
Current Liabilities
|
29,616
|
42,712
|
|||||
Total
Liabilities
|
29,616
|
42,712
|
|||||
STOCKHOLDERS'
EQUITY
|
|||||||
Common
stock, 100,000,000 shares authorized of $0.001
|
|||||||
par
value, 53,385,984 and 48,535,984 shares issued
|
|||||||
and
outstanding, respectively
|
53,387
|
48,536
|
|||||
Capital
in excess of par value
|
4,185,323
|
3,559,673
|
|||||
Subscription
receivable
|
-
|
(48,750
|
)
|
||||
Accumulated
other comprehensive income
|
(4,810
|
)
|
(4,085
|
)
|
|||
Deficit
accumulated during the development stage
|
(3,824,242
|
)
|
(3,351,326
|
)
|
|||
Total
Stockholders' Equity
|
409,658
|
204,048
|
|||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
439,274
|
$
|
246,760
|
|||
TURNER
VALLEY OIL & GAS, INC.
|
||||||||
|
From
|
|||||||||
|
Inception
on
|
|||||||||
|
For
the
|
April
21, 1999
|
||||||||
|
Twelve
Months Ended
|
Through
|
||||||||
|
December
31,
|
December
31,
|
||||||||
2005
|
2004
|
2005
|
||||||||
REVENUE
|
||||||||||
Royalties
received
|
$
|
1,640
|
$
|
8,421
|
$
|
11,061
|
||||
Total
Revenue
|
1,640
|
8,421
|
11,061
|
|||||||
EXPENSES
|
||||||||||
Cost
of production
|
42,403
|
9,350
|
50,614
|
|||||||
Depletion
|
-
|
10,767
|
20,767
|
|||||||
General
and administrative
|
669,980
|
746,824
|
4,054,795
|
|||||||
Total
Expenses
|
712,383
|
766,941
|
4,126,176
|
|||||||
NET
OPERATING LOSS
|
(710,743
|
)
|
(758,520
|
)
|
(4,115,115
|
)
|
||||
OTHER
INCOME (EXPENSE)
|
||||||||||
Other
income
|
237,825
|
243,043
|
||||||||
Abandonment
of oil and gas property
|
-
|
(25,481
|
)
|
(71,072
|
)
|
|||||
Interest
expense
|
-
|
-
|
(3,668
|
)
|
||||||
Total
Other Income (Expense)
|
237,825
|
(25,481
|
)
|
168,303
|
||||||
NET
PROFIT/(LOSS)
|
$
|
(472,917
|
)
|
$
|
(784,001
|
)
|
$
|
(3,946,812
|
)
|
|
BASIC
LOSS PER COMMON SHARE
|
$
|
(0.01
|
)
|
$
|
(0.02
|
)
|
||||
WEIGHTED
AVERAGE NUMBER OF
|
||||||||||
COMMON
SHARES OUTSTANDING
|
50,743,518
|
44,823,103
|
||||||||
COMPREHENSIVE
INCOME (LOSS)
|
||||||||||
NET
LOSS
|
$
|
(472,917
|
)
|
$
|
(784,001
|
)
|
$
|
(3,946,812
|
)
|
|
OTHER
COMPREHENSIVE INCOME (LOSS)
|
||||||||||
Foreign
Currency Translation
|
(725
|
)
|
(2,367
|
)
|
(3,561
|
)
|
||||
COMPREHENSIVE
INCOME (LOSS)
|
$
|
(473,642
|
)
|
$
|
(786,368
|
)
|
$
|
(3,950,373
|
)
|
Turner
Valley Oil & Gas Corporation
|
||||||||||||
December
31, 2005
|
|
Additional
|
|
|
Comprehensive
|
|
|
Retained
|
|
|
Subscription
|
|
||||||||
|
|
|
Shares
|
|
|
Amount
|
|
|
Paid-in-Capital
|
|
|
Income
|
|
|
Earnings
|
|
|
Receivable
|
|
Balance
at inception April 21, 1999
|
0
|
0
|
0
|
||||||||||||||||
Shares
issued for services during 1999
|
41,080
|
41
|
5,094
|
||||||||||||||||
Shares
issued for cash during 1999
|
16,000
|
16
|
99,984
|
||||||||||||||||
Net
Loss for the period ended
|
|||||||||||||||||||
December
31, 1999
|
(96,935
|
)
|
|||||||||||||||||
Balance
at December 31, 1999
|
57,080
|
57
|
105,078
|
0
|
(96,935
|
)
|
0
|
||||||||||||
Net
Loss for the period ended
|
|||||||||||||||||||
December
31, 2000
|
(27,242
|
)
|
|||||||||||||||||
Balance
at December 31, 2000
|
57,080
|
57
|
105,078
|
0
|
(124,177
|
)
|
0
|
||||||||||||
Net
Loss for the period ended
|
|||||||||||||||||||
December
31, 2001
|
(65,380
|
)
|
|||||||||||||||||
Balance
at December 31, 2001
|
57,080
|
57
|
105,078
|
0
|
(189,557
|
)
|
0
|
||||||||||||
Shares
issued for debt reduction during 2002
|
8,000
|
8
|
99,992
|
||||||||||||||||
Shares
issued for services during 2002
|
2,190,150
|
2,190
|
1,092,885
|
||||||||||||||||
Net
Loss for the period ended
|
|||||||||||||||||||
December
31, 2002
|
(1,240,008
|
)
|
|||||||||||||||||
Balance
at December 31, 2002
|
2,255,230
|
2,255
|
1,297,955
|
0
|
(1,429,565
|
)
|
0
|
||||||||||||
Shares
issued for services at $.02 per share
|
1,500,000
|
1,500
|
298,500
|
||||||||||||||||
Rounding
of shares from reverse split
|
2,000
|
2
|
(2
|
)
|
|||||||||||||||
Shares
issued for accounts payable at $.05
|
|||||||||||||||||||
Per
share
|
8,000,000
|
8,000
|
392,000
|
||||||||||||||||
Shares
issued for services at $.015 per share
|
31,729,200
|
31,729
|
444,209
|
||||||||||||||||
Shares
issued for services at $.015 per share
|
9,487,504
|
9,488
|
132,825
|
||||||||||||||||
Shares
issued pursuant to S-8 registration
|
|||||||||||||||||||
at
$.05 per share
|
2,000,000
|
2,000
|
98,000
|
||||||||||||||||
Shares
issued pursuant to S-8 registration
|
|||||||||||||||||||
at
$.05 per share
|
650,000
|
650
|
31,850
|
||||||||||||||||
Cancellation
of Common Stock
|
(16,691,520
|
)
|
(16,692
|
)
|
(220,459
|
)
|
|||||||||||||
Shares
issued for cash at $.05 per share
|
3,000,000
|
3,000
|
147,000
|
||||||||||||||||
Shares
issued for cash at $.30 per share
|
100,000
|
100
|
29,900
|
||||||||||||||||
Shares
issued for cash at $.35 per share
|
528,570
|
529
|
184,471
|
||||||||||||||||
Foreign
Currency Translation
|
(1,718
|
)
|
|||||||||||||||||
Net
Loss for the period ended
|
|||||||||||||||||||
December
31, 2003
|
0
|
0
|
0
|
(1,137,760
|
)
|
||||||||||||||
Balance
at December 31, 2003
|
42,560,984
|
42,561
|
2,836,249
|
(1,718
|
)
|
(2,567,325
|
)
|
0
|
|||||||||||
Shares
issued pursuant to S-8 registration
|
932,500
|
933
|
185,567
|
||||||||||||||||
at
$.20 per share
|
|||||||||||||||||||
Shares
issued pursuant to S-8 registration
|
1,597,500
|
1,598
|
126,202
|
||||||||||||||||
at
$.08 per share
|
|||||||||||||||||||
Shares
issued pursuant to S-8 registration
|
1,000,000
|
1,000
|
79,000
|
||||||||||||||||
at
$.08 per share
|
|||||||||||||||||||
Shares
issued pursuant to S-8 registration
|
85,000
|
85
|
9,265
|
||||||||||||||||
at
$.11 per share
|
|||||||||||||||||||
9/30/2004
|
|||||||||||||||||||
Shares
issued pursuant to S-8 registration
|
1,385,000
|
1,385
|
275,615
|
||||||||||||||||
at
$.20 per share
|
|||||||||||||||||||
Shares
issued for Cash at $.05 per share
|
975,000
|
975
|
47,775
|
||||||||||||||||
Subscription
Recievable
|
(48,750
|
)
|
|||||||||||||||||
Foreign
Currency Translation
|
(2,367
|
)
|
|||||||||||||||||
Net
Loss for the period ended
|
|||||||||||||||||||
December
31, 2004
|
0
|
0
|
0
|
0
|
(784,001
|
)
|
|||||||||||||
Balance
at December 31, 2004
|
48,535,984
|
48,537
|
3,559,673
|
(4,085
|
)
|
(3,351,326
|
)
|
(48,750
|
)
|
||||||||||
Shares
issued pursuant to S-8 registration
|
|||||||||||||||||||
at
$.13 per share
|
2,850,000
|
2,850
|
367,650
|
||||||||||||||||
Shares
issued pursuant to S-8 registration
|
|||||||||||||||||||
at
$.13 per share
|
2,000,000
|
2,000
|
258,000
|
||||||||||||||||
Foreign
Currency Translation
|
(725
|
)
|
|||||||||||||||||
Subscription
Recievable
|
48,750
|
||||||||||||||||||
Net
Loss for the period ended
|
|||||||||||||||||||
December
31, 2005
|
(472,917
|
)
|
|||||||||||||||||
Balance
at December 31, 2005
|
53,385,984
|
53,387
|
4,185,323
|
(4,810
|
)
|
(3,824,243
|
)
|
0
|
TURNER
VALLEY OIL & GAS, INC.
|
|||||||||
From
|
||||||||||
|
Inception
on
|
|||||||||
|
April
21, 1999
|
|||||||||
|
For
the Twleve Months Ended
|
Through
|
||||||||
|
December
31,
|
December
31,
|
||||||||
2005
|
2004
|
2005
|
||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||
Net
loss
|
$
|
(472,917
|
)
|
$
|
(784,001
|
)
|
$
|
(3,824,242
|
)
|
|
Adjustments
to reconcile net loss to net cash
|
||||||||||
used
in operating activities:
|
||||||||||
Depletion
|
-
|
10,767
|
10,767
|
|||||||
Loss
on abandonment of property
|
-
|
25,481
|
25,481
|
|||||||
Gain
on sale of Investment
|
(237,825
|
)
|
(237,825
|
)
|
||||||
Common
stock issued for services rendered
|
630,501
|
680,649
|
3,306,461
|
|||||||
Non-cash
Effect from Foreign Currency Transalation
|
-
|
(2,367
|
)
|
(4,805
|
)
|
|||||
Changes
in operating assets and liabilities:
|
||||||||||
Increase
(Decrease) in accounts receivable
|
2,263
|
(4,809
|
)
|
(164,058
|
)
|
|||||
Increase
(Decrease) in accounts payable - related Party
|
23,659
|
23,659
|
||||||||
Increase
in accounts payable and accrued expenses
|
(13,094
|
)
|
18,754
|
587,158
|
||||||
Net
Cash Used in Operating Activities
|
(91,072
|
)
|
(31,867
|
)
|
(277,404
|
)
|
||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||
Proceeds
from sale of investments
|
263,758
|
56,706
|
320,464
|
|||||||
Investing
in new Oil & Gas working interests
|
(164,054
|
)
|
(164,054
|
)
|
||||||
Expenditures
for oil and gas property development
|
(12,042
|
)
|
(312,714
|
)
|
||||||
Net
Cash Used in Investing Activities
|
99,704
|
44,664
|
(156,304
|
)
|
||||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||
Proceeds
from issuance of common stock
|
-
|
-
|
465,000
|
|||||||
Receipt
of subscription receivable
|
48,750
|
-
|
48,750
|
|||||||
#
|
||||||||||
Net
Cash Provided by Financing Activities
|
48,750
|
-
|
513,750
|
|||||||
EFFECT
OF CURRENCY EXCHANGE RATE CHANGES
|
||||||||||
ON
CASH AND CASH EQUIVALENTS
|
(725
|
)
|
(1,194
|
)
|
||||||
NET
INCREASE (DECREASE) IN CASH
|
56,657
|
12,797
|
78,848
|
|||||||
CASH
AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
22,191
|
9,394
|
-
|
|||||||
CASH
AND CASH EQUIVALENTS AT END OF PERIOD
|
$
|
78,848
|
$
|
22,191
|
$
|
78,848
|
TURNER
VALLEY OIL & GAS, INC.
|
|||||||||
Consolidated
Statements of Cash Flows
(Continued)
|
From
|
||||||||||
|
Inception
on
|
|||||||||
|
April
21, 1999
|
|||||||||
|
For
the Twelve Months Ended
|
Through
|
||||||||
|
December
31,
|
December
31,
|
||||||||
2005
|
2004
|
2005
|
||||||||
SUPPLEMENTAL
CASH FLOW INFORMATION
|
||||||||||
CASH
PAID FOR:
|
||||||||||
Interest
|
$
|
-
|
$
|
-
|
$
|
-
|
||||
Income
taxes
|
$
|
-
|
$
|
-
|
$
|
-
|
||||
NON-CASH
FINANCING ACTIVITIES
|
||||||||||
Common
stock issued for services rendered
|
$
|
630,501
|
$
|
680,649
|
$
|
3,306,461
|
||||
Common
stock issued for retirement of payables
|
$
|
-
|
$
|
-
|
$
|
326,599
|
NOTE
1 -
|
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
|
NOTE
1 -
|
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
|
NOTE
1 -
|
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
|
NOTE
1 -
|
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
|
NOTE
1 -
|
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
|
(4) |
Reserve
Quantity Information
|