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)
|
ASSETS
|
||||||||
March 31,
|
December 31,
|
|||||||
2008
|
2007
|
|||||||
CURRENT
ASSETS
|
||||||||
Cash
|
$ | 9,112 | $ | 75,688 | ||||
Accounts
receivable
|
12,244 | 8,088 | ||||||
Total
Current Assets
|
21,356 | 83,776 | ||||||
|
||||||||
OIL
AND GAS PROPERTIES USING FULL COST ACCOUNTING
|
|
|||||||
Properties
subject to amortization
|
15,675 | 18,175 | ||||||
Unproved
properties
|
- | - | ||||||
Net
Oil and Gas Properties
|
15,675 | 18,175 | ||||||
OTHER
ASSETS
|
||||||||
Investments
- Marketable Securities available for sale
|
- | - | ||||||
Total
Other Assets
|
- | - | ||||||
TOTAL
ASSETS
|
$ | 37,031 | $ | 101,951 | ||||
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
||||||||
CURRENT
LIABILITIES
|
||||||||
Accounts
payable
|
$ | 20,997 | $ | 4,211 | ||||
Notes
payable, related party
|
23,658 | 23,658 | ||||||
Total
Current Liabilities
|
44,655 | 27,869 | ||||||
Total
Liabilities
|
44,655 | 27,869 | ||||||
Other
Commitments or Contingencies
|
- | - | ||||||
STOCKHOLDERS'
EQUITY
|
||||||||
Common
stock, 100,000,000 shares authorized of $0.001 par value, 61,335,984
shares issued and outstanding, respectively
|
61,337 | 61,337 | ||||||
Capital
in excess of par value
|
4,741,873 | 4,741,873 | ||||||
Accumulated
other comprehensive income
|
(3,357 | ) | (3,356 | ) | ||||
Deficit
accumulated during the development stage
|
(4,807,477 | ) | (4,725,772 | ) | ||||
Total
Stockholders' Equity
|
(7,624 | ) | 74,082 | |||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 37,031 | $ | 101,951 |
From
|
||||||||||||
Inception
on
|
||||||||||||
For
the
|
April 21,
1999
|
|||||||||||
3
months Ended
|
Through
|
|||||||||||
March 31,
|
March 31,
|
|||||||||||
2008
|
2007
|
2008
|
||||||||||
REVENUE
|
||||||||||||
Royalties
received
|
$ | 1,456 | $ | 401 | $ | 26,495 | ||||||
EXPENSES
|
||||||||||||
Cost
of production
|
- | - | 51,753 | |||||||||
Depletion
|
2,500 | 2,500 | 33,267 | |||||||||
Abandonment
of natural gas and oil property
|
- | - | 525,544 | |||||||||
General
and administrative
|
83,056 | 34,581 | 5,026,367 | |||||||||
Total
Expenses
|
85,556 | 37,081 | 5,636,931 | |||||||||
NET
OPERATING LOSS
|
(84,100 | ) | (36,680 | ) | (5,610,436 | ) | ||||||
OTHER
INCOME (EXPENSE)
|
||||||||||||
Gain
on sale of investments
|
- | 41,839 | 798,510 | |||||||||
Rent
Received
|
2,393 | - | 7,741 | |||||||||
Interest
expense
|
- | - | (3,292 | ) | ||||||||
Total
Other Income (Expense)
|
2,393 | 41,839 | 802,959 | |||||||||
NET
PROFIT/(LOSS) BEFORE INCOME TAX
|
$ | (81,707 | ) | $ | 5,159 | $ | (4,807,477 | ) | ||||
Income
tax
|
$ | - | $ | - | $ | - | ||||||
NET
PROFIT/(LOSS)
|
$ | (81,707 | ) | $ | 5,159 | $ | (4,807,477 | ) | ||||
BASIC
LOSS PER COMMON SHARE
|
$ | (0.00 | ) | $ | 0.00 | |||||||
WEIGHTED
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
|
61,335,984 | 58,535,984 | ||||||||||
COMPREHENSIVE
INCOME (LOSS)
|
||||||||||||
NET
LOSS
|
$ | (81,707 | ) | $ | 5,159 | $ | (4,807,477 | ) | ||||
OTHER
COMPREHENSIVE INCOME (LOSS)
|
||||||||||||
Unrealized
Gain on Marketable Securities
|
- | 158,684 | (725 | ) | ||||||||
Foreign
Currency Translation
|
- | 725 | (3,357 | ) | ||||||||
COMPREHENSIVE
INCOME (LOSS)
|
$ | (81,707 | ) | $ | 164,568 | $ | (4,811,559 | ) |
Turner
Valley Oil & Gas Corporation
|
||||||||||||||||||||||||
(A
Development Stage Company)
|
||||||||||||||||||||||||
Statement
of Stockholders' Equity and Comprehensive Income
|
||||||||||||||||||||||||
For
the period from inception to March 31, 2008
|
||||||||||||||||||||||||
Additional
|
Comprehensive
|
Retained
|
Subscription
|
|||||||||||||||||||||
Shares
|
Amount
|
Paid-in-Capital
|
Income/(Loss)
|
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 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 | |||||||||||||||||||||
9/30/2004
|
||||||||||||||||||||||||
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 | |||||||||||||||||||||
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 | ) | (3,824,242 | ) | 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 | (287,236 | ) | |||||||||||||||||||||
|
||||||||||||||||||||||||
Balance
as at December 31, 2006
|
58,535,984 | 58,537 | 4,697,173 | 495,283 | (4,111,478 | ) | 0 | |||||||||||||||||
Realization
of unrealized gains on investments
|
(500,093 | ) | ||||||||||||||||||||||
Foreign
currency transalation
|
1,453 | |||||||||||||||||||||||
Issuance
of S-8 stock for services at $0.01
|
1,500,000 | 1,500 | 13,500 | |||||||||||||||||||||
Issuance
of S-8 stock for services at $0.025
|
1,300,000 | 1,300 | 31,200 | |||||||||||||||||||||
Net
Income/(loss) for the year ended December 31, 2007
|
(614,292 | ) | ||||||||||||||||||||||
Balance
as at December 31, 2007
|
61,335,984 | 61,337 | 4,741,873 | (3,357 | ) | (4,725,770 | ) | |||||||||||||||||
Net
Income/(loss) for the quarter ended March 31, 2008
|
-81,707 | |||||||||||||||||||||||
Balance
as at March 31, 2008
|
61,335,984 | 61,337 | 4,741,873 | (3,357 | ) | (4,807,477 | ) | 0 |
From
|
||||||||||||
Inception
on
|
||||||||||||
April 21,
1999
|
||||||||||||
For
the 3 months Ended
|
Through
|
|||||||||||
March 31,
|
March 31,
|
|||||||||||
2008
|
2007
|
2008
|
||||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net
loss
|
$ | (81,707 | ) | $ | 5,159 | $ | (4,807,477 | ) | ||||
Adjustments
to reconcile net loss to net cash used in operating
activities:
|
|
|||||||||||
Depletion
|
2,500 | 2,500 | 33,267 | |||||||||
Loss
on abandonment of property
|
- | - | 551,025 | |||||||||
Gain
on sale of Investment
|
- | (41,839 | ) | (834,085 | ) | |||||||
Common
stock issued for services rendered
|
- | 87 | 4,289,460 | |||||||||
Non-cash
Effect from Foreign Currency Translation
|
- | - | 1,274 | |||||||||
Changes
in operating assets and liabilities:
|
(4,085 | ) | ||||||||||
Increase
(Decrease) in bank Overdraft
|
- | (3,397 | ) | - | ||||||||
Increase
(Decrease) in accounts receivable
|
(4,155 | ) | 4,704 | (4,874 | ) | |||||||
Increase
(Decrease) in accounts payable - related Party
|
- | 23,659 | ||||||||||
Increase
in accounts payable and accrued expenses
|
16,786 | - | 312,374 | |||||||||
Net
Cash Used in Operating Activities
|
(66,576 | ) | (32,786 | ) | (439,462 | ) | ||||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Proceeds
from sale of investments
|
- | 53,313 | 1,073,082 | |||||||||
Investing
in new Oil & Gas working interests
|
- | - | (825,544 | ) | ||||||||
Expenditures
for oil and gas property development
|
- | (312,714 | ) | |||||||||
Net
Cash Used in Investing Activities
|
- | 53,313 | (65,176 | ) | ||||||||
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
|
(66,576 | ) | 20,527 | 9,112 | ||||||||
CASH
AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
75,688 | - | - | |||||||||
CASH
AND CASH EQUIVALENTS AT END OF PERIOD
|
$ | 9,112 | $ | 20,527 | $ | 9,112 |
SUPPLEMENTAL
CASH FLOW INFORMATION
|
||||||||||||
CASH
PAID FOR:
|
||||||||||||
Interest
|
$ | - | $ | - | $ | - | ||||||
Income
taxes
|
$ | - | $ | - | $ | - | ||||||
NON-CASH
FINANCING ACTIVITIES
|
||||||||||||
Common
stock issued for services rendered
|
$ | - | $ | - | $ | 3,756,960 | ||||||
Common
stock issued for retirement of payables
|
$ | - | $ | - | $ | 532,500 |
NOTE
1 -
|
BASIS
OF PRESENTATION
|
NOTE
2 -
|
LOSS
PER SHARE
|
For
the
|
||||||||
Three
Months Ended
|
||||||||
March 31,
|
||||||||
2008
|
2007
|
|||||||
Net
Profit/(loss) available to common shareholders
|
$ | (81,707 | ) | 5,159 | ||||
Weighted
average shares
|
61,335,984 | 58,535,984 | ||||||
Basic
income per share (based on weighted
averageshares)
|
$ | 0.00 | $ | 0.00 |
NOTE
3 -
|
OIL
AND GAS PROPERTIES
|
NOTE
4 -
|
INVESTMENT
IN WIN ENERGY
|
NOTE
5 –
|
GOING
CONCERN
|
|
(A)
|
PLAN OF
OPERATION.
|
|
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
|
Donald
Jackson Wells
|
Joseph
Kane
|
||
President
/ CFO
|
director
|
director
|