Nevada
|
91-1980526
|
(Jurisdiction
of Incorporation)
|
(I.R.S. Employer Identification No.)
|
604-700
West Pender Street, Vancouver, BC
|
V6C
1G8
|
(Address
of principal executive offices)
|
(Zip Code)
|
TURNER
VALLEY OIL & GAS, INC.
|
||||||||
(A
Development Stage Company)
|
||||||||
Consolidated
Balance Sheets
|
||||||||
ASSETS
|
||||||||
September
30,
|
December
31,
|
|||||||
2007
|
2006
|
|||||||
(Unaudited)
|
||||||||
CURRENT
ASSETS
|
||||||||
Cash
|
$ | 14,502 | $ | - | ||||
Accounts
receivable
|
7,518 | 8,910 | ||||||
Total
Current Assets
|
22,020 | 8,910 | ||||||
OIL
AND GAS PROPERTIES USING FULL COST ACCOUNTING
|
||||||||
Properties
subject to amortization
|
20,675 | 28,177 | ||||||
Unproved
properties
|
525,544 | 925,544 | ||||||
Net
Oil and Gas Properties
|
546,219 | 953,721 | ||||||
OTHER
ASSETS
|
||||||||
Investments
- Marketable Securities available for sale
|
149,799 | 604,349 | ||||||
Total
Other Assets
|
149,799 | 604,349 | ||||||
TOTAL
ASSETS
|
$ | 718,038 | $ | 1,566,980 | ||||
LIABILITIES
AND
STOCKHOLDERS' EQUITY
|
||||||||
CURRENT
LIABILITIES
|
||||||||
Bank
Overdraft
|
$ | - | 3,397 | |||||
Accounts
payable
|
12,387 | $ | 400,410 | |||||
Notes
payable, related party
|
23,658 | 23,658 | ||||||
Total
Current Liabilities
|
36,045 | 427,465 | ||||||
Total
Liabilities
|
36,045 | 427,465 | ||||||
Other
Commitments or Contingencies
|
- | - | ||||||
STOCKHOLDERS'
EQUITY
|
||||||||
Common
stock, 100,000,000 shares authorized of $0.001 par value, 60,035,984
and
58,535,984 shares issued and outstanding, respectively
|
60,037 | 58,537 | ||||||
Capital
in excess of par value
|
4,710,673 | 4,697,173 | ||||||
Accumulated
other comprehensive income
|
87,973 | 495,283 | ||||||
Deficit
accumulated during the development stage
|
(4,176,690 | ) | (4,111,478 | ) | ||||
Total
Stockholders' Equity
|
681,993 | 1,139,515 | ||||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 718,038 | $ | 1,566,980 |
TURNER
VALLEY OIL & GAS, INC.
|
||||||||||||||||||||
(A
Development Stage Company)
|
||||||||||||||||||||
Consolidated
Statements of Operations and Comprehensive Income/(Loss)
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
For
the Three Months Ended September 30,
|
For
the 9 months Ended September 30,
|
From
Inception on April 21, 1999 Through September 30,
|
||||||||||||||||||
2007
|
2006
|
2007
|
2006
|
2007
|
||||||||||||||||
REVENUE
|
||||||||||||||||||||
Royalties
received
|
$ | 1,121 | $ | 784 | $ | 1,522 | $ | 9,612 | $ | 22,396 | ||||||||||
EXPENSES
|
||||||||||||||||||||
Cost
of production
|
- | - | - | - | 51,753 | |||||||||||||||
Depletion
|
2,500 | 2,500 | 7,500 | 7,500 | 28,267 | |||||||||||||||
General
and administrative
|
57,212 | 230,335 | 157,031 | 565,739 | 4,852,211 | |||||||||||||||
Total
Expenses
|
59,712 | 232,835 | 164,531 | 573,239 | 4,932,231 | |||||||||||||||
NET
OPERATING LOSS
|
(58,591 | ) | (232,051 | ) | (163,009 | ) | (563,627 | ) | (4,909,835 | ) | ||||||||||
OTHER
INCOME (EXPENSE)
|
||||||||||||||||||||
Gain
on sale of investments
|
39,669 | 336,702 | 97,799 | 396,863 | 732,683 | |||||||||||||||
Rent
Received
|
3,754 | 3,754 | ||||||||||||||||||
Interest
expense
|
- | - | - | - | (3,292 | ) | ||||||||||||||
Total
Other Income (Expense)
|
43,423 | 336,702 | 97,799 | 396,863 | 733,145 | |||||||||||||||
NET
PROFIT/(LOSS) BEFORE INCOME TAX
|
$ | (15,168 | ) | $ | 104,651 | $ | (65,210 | ) | $ | (166,764 | ) | $ | (4,176,690 | ) | ||||||
Income
tax
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
NET
PROFIT/(LOSS)
|
$ | (15,168 | ) | $ | 104,651 | $ | (65,210 | ) | $ | (166,764 | ) | $ | (4,176,690 | ) | ||||||
BASIC
LOSS PER COMMON SHARE
|
$ | (0.00 | ) | $ | 0.00 | $ | (0.00 | ) | $ | (0.00 | ) | |||||||||
WEIGHTED
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
|
58,535,984 | 55,078,292 | 58,535,984 | 55,078,292 | ||||||||||||||||
COMPREHENSIVE
INCOME (LOSS)
|
||||||||||||||||||||
NET
LOSS
|
$ | (15,168 | ) | $ | 104,651 | $ | (65,210 | ) | $ | (166,764 | ) | $ | (4,176,690 | ) | ||||||
OTHER
COMPREHENSIVE INCOME (LOSS)
|
||||||||||||||||||||
Unrealized
Gain on Marketable Securities
|
21,347 | (407,310 | ) | - | 92,058 | |||||||||||||||
Foreign
Currency Translation
|
- | - | 725 | 725 | (4,085 | ) | ||||||||||||||
COMPREHENSIVE
INCOME (LOSS)
|
$ | 6,179 | $ | 104,651 | $ | (471,795 | ) | $ | (166,039 | ) | $ | (4,088,717 | ) |
Turner
Valley Oil & Gas Corporation
|
||||||||||||||||||||||||
(A
Development Stage Company)
|
||||||||||||||||||||||||
Statement
of Stockholders' Equity and Comprehensive Income
|
||||||||||||||||||||||||
For
the Nine Months Ended
September 30, 2007
Unaudited
|
||||||||||||||||||||||||
Shares
|
Amount
|
Additional
Paid-in-Capital
|
Comprehensive
Income/(Loss)
|
Retained
Earnings
|
Subscription
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 at $.20 per
share
|
932,500 | 933 | 185,567 | |||||||||||||||||||||
Shares
issued pursuant to S-8 registration at $.08 per share
|
1,597,500 | 1,598 | 126,202 | |||||||||||||||||||||
Shares
issued pursuant to S-8 registration at $.08 per share
|
1,000,000 | 1,000 | 79,000 | |||||||||||||||||||||
Shares
issued pursuant to S-8 registration at $.11 per share
|
85,000 | 85 | 9,265 | |||||||||||||||||||||
Shares
issued pursuant to S-8 registration at $.20 per share
|
1,385,000 | 1,385 | 275,615 | |||||||||||||||||||||
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 | ) | (3,351,325 | ) | (48,750 | ) | |||||||||||||||
Shares
issued pursuant to S-8 registration at $.13 per
share
|
2,850,000 | 2,850 | 367,650 | |||||||||||||||||||||
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 | ) | (3,824,242 | ) | 0 | ||||||||||||||||
Shares
issued pursuant to S-8 registration at $.13 per share
|
2,000,000 | 2,000 | 258,000 | |||||||||||||||||||||
Shares
issued pursuant to S-8 registration at $.08 per share
|
1,600,000 | 1,600 | 126400 | |||||||||||||||||||||
Shares
issued pursuant to S-8 registration at $.08 per share
|
1,450,000 | 1,450 | 114,550 | |||||||||||||||||||||
Shares
issued under Rule 144 at $0.13 per share
|
100,000 | 100 | 12,900 | |||||||||||||||||||||
Net
Income for the year ended
|
||||||||||||||||||||||||
December
31, 2006
|
500,093 | (287,238 | ) | |||||||||||||||||||||
Balance
as at December 31, 2006
|
58,535,984 | 58,537 | 4,697,173 | 495,283 | (4,111,480 | ) | 0 | |||||||||||||||||
Revaluation
of investment in Win
|
(407,310 | ) | ||||||||||||||||||||||
Issuance
of S-8 stock for services at $0.01
|
1500000 | 1500 | 13500 | |||||||||||||||||||||
Net
Income/(loss) for the quarter ended
|
||||||||||||||||||||||||
September
30, 2007
|
-65,210 | |||||||||||||||||||||||
Balance
as at September 30, 2007
|
60,035,984 | 60,037 | 4,710,673 | 87,973 | (4,176,690 | ) | 0 |
TURNER
VALLEY OIL & GAS, INC.
|
||||||||||||
(A
Development Stage Company)
|
||||||||||||
Consolidated
Statements of Cash Flows
|
||||||||||||
(Unaudited)
|
||||||||||||
For
the 9 months Ended September 30,
|
From
Inception on April 21, 1999Through September 30,
|
|||||||||||
2007
|
2006
|
2007
|
||||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net
Income/(Loss)
|
$ | (65,210 | ) | $ | (166,764 | ) | $ | (4,176,690 | ) | |||
Adjustments
to reconcile net loss to net cash used in operating
activities:
|
||||||||||||
Depletion
|
7,500 | 7,500 | 28,267 | |||||||||
Loss
on abandonment of property
|
- | - | 25,481 | |||||||||
Gain
on sale of Investment
|
(97,799 | ) | (336,701 | ) | (801,314 | ) | ||||||
Common
stock issued for services rendered
|
15,000 | 388,000 | 4,256,960 | |||||||||
Non-cash
Effect from Foreign Currency Translation
|
- | 725 | (4,080 | ) | ||||||||
Non-cash
effect of revaluing Marketable Securities
|
||||||||||||
Changes
in operating assets and liabilities:
|
||||||||||||
Increase
(Decrease) in bank Overdraft
|
- | - | ||||||||||
Increase
(Decrease) in accounts receivable
|
1,394 | 1,294 | 722 | |||||||||
Increase
(Decrease) in accounts payable - related Party
|
- | 23,659 | ||||||||||
Increase
in accounts payable and accrued expenses
|
11,977 | 108,489 | 313,166 | |||||||||
Net
Cash Used in Operating Activities
|
(127,138 | ) | 2,543 | (333,829 | ) | |||||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Proceeds
from sale of investments
|
141,640 | 382,151 | 972,839 | |||||||||
Investing
in new Oil & Gas working interests
|
- | (461,490 | ) | (425,544 | ) | |||||||
Expenditures
for oil and gas property development
|
- | (712,714 | ) | |||||||||
Net
Cash Used in Investing Activities
|
141,640 | (79,339 | ) | (165,419 | ) | |||||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Proceeds
from issuance of common stock
|
- | 465,000 | ||||||||||
Receipt
of subscription receivable
|
- | - | 48,750 | |||||||||
Net
Cash Provided by Financing Activities
|
- | - | 513,750 | |||||||||
NET
INCREASE (DECREASE) IN CASH
|
14,502 | (76,796 | ) | 14,502 | ||||||||
CASH
AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
- | 78,848 | - | |||||||||
CASH
AND CASH EQUIVALENTS AT END OF PERIOD
|
$ | 14,502 | $ | 2,052 | $ | 14,502 | ||||||
SUPPLEMENTAL
CASH FLOW INFORMATION
|
||||||||||||
CASH
PAID FOR:
|
||||||||||||
Interest
|
$ | - | $ | - | $ | - | ||||||
Income
taxes
|
$ | - | $ | - | $ | - | ||||||
NON-CASH
FINANCING ACTIVITIES
|
||||||||||||
Common
stock issued for services rendered
|
$ | 15,000 | $ | 260,000 | $ | 3,724,460 | ||||||
Common
stock issued for retirement of payables
|
$ | - | $ | - | $ | 532,500 | ||||||
Transfer
of working Interest for payment of Debt
|
$ | 400,000 | $ | 400,000 |
|
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 line of the Shunda formation
in Section 10,Township 38, Range 9W5M
|
|
3)
|
A
0.966% interest in the rights below the base of the Shunda formation
in
sections 15 & 16,Township 38,Range 9W5M, down to the base of the
deepest formation penetrated.
|
/s/Kulwant
Sandher
|
/s/Donald
Jackson Wells
|
/s/Joseph
Kane
|
||
Kulwant
Sandher
President
/ CFO
|
Donald
Jackson Wells
director
|
Joseph
Kane
director
|