--12-31
pkpl
Park Place Energy Corp.
2013-03-31
0001310982
No
Smaller Reporting Company
No
10-Q
false
20667581
Yes
2013
Q1
0001310982
2013-05-15
0001310982
2013-01-01
2013-03-31
0001310982
2013-03-31
0001310982
2012-12-31
0001310982
2012-01-01
2012-03-31
0001310982
2006-05-04
2013-03-31
0001310982
2011-12-31
0001310982
2006-05-03
0001310982
2012-03-31
shares
iso4217:CAD
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pure
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<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr>
<td valign="top" width="5%">1.</td>
<td>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">Nature of Business and Continuance of Operations</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">The accompanying consolidated financial statements of Park Place Energy Corp. (the “Company”) should be read in conjunction with the consolidated financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012. In the opinion of management, the accompanying financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Company’s financial position and the results of its operations and its cash flows for the periods shown.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. The results of operations and cash flows for the periods shown are not necessarily indicative of the results to be expected for the full year.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">
These consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has a history of negative cash flows from operating activities and the continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. As at March 31, 2013, the Company has a working capital deficit of $88,414
and an accumulated deficit of $12,741,323
since inception. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
</p>
</td>
</tr>
</table>
88414
12741323
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr>
<td valign="top" width="5%">2.</td>
<td>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">Recent Accounting Pronouncements</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.</p>
</td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr>
<td valign="top" width="5%">3.</td>
<td>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">Property and Equipment</p>
</td>
</tr>
</table>
<br/>
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">March 31,</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">December 31,</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">2013</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">2012</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Accumulated</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Net carrying</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Net carrying</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Cost</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">depreciation</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">value</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">value</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%"> $</td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">$ </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">$ </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">$ </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Computer equipment</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
5,514
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
4,850
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
664
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
717
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid">Office furniture and equipment</td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%">
7,493
</td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%">
3,499
</td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%">
3,994
</td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%">
4,234
</td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
</tr>
<tr>
<td width="5%"> </td>
<td bgcolor="#e6efff"> </td>
<td bgcolor="#e6efff" width="1%"> </td>
<td bgcolor="#e6efff" width="10%"> </td>
<td bgcolor="#e6efff" width="2%"> </td>
<td bgcolor="#e6efff" width="1%"> </td>
<td bgcolor="#e6efff" width="10%"> </td>
<td bgcolor="#e6efff" width="2%"> </td>
<td bgcolor="#e6efff" width="1%"> </td>
<td bgcolor="#e6efff" width="10%"> </td>
<td bgcolor="#e6efff" width="2%"> </td>
<td bgcolor="#e6efff" width="1%"> </td>
<td bgcolor="#e6efff" width="10%"> </td>
<td bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
13,007
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
8,349
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
4,658
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
4,951
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">March 31,</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">December 31,</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">2013</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">2012</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Accumulated</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Net carrying</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Net carrying</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Cost</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">depreciation</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">value</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">value</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%"> $</td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">$ </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">$ </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">$ </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Computer equipment</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
5,514
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
4,850
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
664
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
717
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid">Office furniture and equipment</td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%">
7,493
</td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%">
3,499
</td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%">
3,994
</td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 1px solid" width="10%">
4,234
</td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
</tr>
<tr>
<td width="5%"> </td>
<td bgcolor="#e6efff"> </td>
<td bgcolor="#e6efff" width="1%"> </td>
<td bgcolor="#e6efff" width="10%"> </td>
<td bgcolor="#e6efff" width="2%"> </td>
<td bgcolor="#e6efff" width="1%"> </td>
<td bgcolor="#e6efff" width="10%"> </td>
<td bgcolor="#e6efff" width="2%"> </td>
<td bgcolor="#e6efff" width="1%"> </td>
<td bgcolor="#e6efff" width="10%"> </td>
<td bgcolor="#e6efff" width="2%"> </td>
<td bgcolor="#e6efff" width="1%"> </td>
<td bgcolor="#e6efff" width="10%"> </td>
<td bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
13,007
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
8,349
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
4,658
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
4,951
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
</tr>
</table>
5514
4850
664
717
7493
3499
3994
4234
13007
8349
4658
4951
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr>
<td valign="top" width="5%">4.</td>
<td>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">Oil and Gas Properties</p>
</td>
</tr>
</table>
<br/>
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="12%">March 31,</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="12%">December 31,</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="12%">2013</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="12%">2012</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="12%">$ </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="12%">$ </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
<td width="1%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Unproven properties</td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">   Bulgaria</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="12%">
351,535
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="12%">
346,291
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
</tr>
</table>
<p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;">
The Company presently holds a
98,000
square kilometer exploration claim in the Dobroudja Basin located in northeast Bulgaria (the “Vranino Block”). The Company intends to conduct exploration activities over a
5
year period including seismic processing and the drilling of, at minimum, six test wells for a minimum cost of approximately US$5,000,000. On October 25, 2010, an appeal against the Bulgarian Council of Ministers decision to award the Vranino Block to the Company was filed with the Supreme Administrative Court of Bulgaria and on March 26, 2012 the Court upheld the Company’s claim to the Vranino property and rejected the appeal. On September 14, 2012, the Company was served with an appeal against the July 17, 2012 Fifth Division Supreme Court of Bulgaria’s decision to uphold the award of the Vranino license.
</p>
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="12%">March 31,</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="12%">December 31,</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="12%">2013</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="12%">2012</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="12%">$ </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="12%">$ </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
<td width="1%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="12%"> </td>
<td width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Unproven properties</td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="left" width="12%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">   Bulgaria</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="12%">
351,535
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="12%">
346,291
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
</tr>
</table>
351535
346291
98000
5
5000000
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr>
<td valign="top" width="5%">5.</td>
<td colspan="2">
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">Notes Payable</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">(a)</td>
<td>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">
On February 19, 2013, the Company issued a promissory note for $8,000
to a non-related party which is non-interest bearing, unsecured, and due on demand.
</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">(b)</td>
<td>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">
On February 20, 2013, the Company issued a promissory note for $20,000
to a non-related party which is non-interest bearing, unsecured, and due on demand.
</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">(c)</td>
<td>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">
As at March 31, 2013, the Company had received loan proceeds of $7,500. Refer to Note 12.
</p>
</td>
</tr>
</table>
8000
20000
7500
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr>
<td valign="top" width="5%">6.</td>
<td colspan="2">
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">Common Stock</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td colspan="2">
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">
On January 14, 2013, the Company increased its authorized capital to
250,000,000
shares of common stock with no change in par value.
</p>
</td>
</tr>
</table>
250000000
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr>
<td valign="top" width="5%">7.</td>
<td colspan="2">
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">Stock Options</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td colspan="2">
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">
The Company adopted an official incentive stock option plan as at October 11, 2007 whereby the total number of authorized options to be granted is up to a total of
200,000
shares of common stock. Under the plan the exercise price of each option shall not be less than the market price of the Company’s stock as calculated immediately preceding the day of the grant. The vesting schedule for each option shall be specified by the Company at the time of grant. The maximum term of options granted is ten years.
</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td colspan="2">
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">
On June 24, 2009 the Company amended the stock option plan to increase common shares approved to
216,667.
</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td colspan="2">
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">
On January 25, 2010 the Company amended and restated its 2007 Stock Option Plan to increase the maximum number of common shares that may be reserved for issuance under the Plan from
216,667
common shares to
533,333
common shares.
</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td colspan="2">
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">The following table summarizes the continuity of the Company’s stock options:</p>
</td>
</tr>
</table>
<br/>
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Weighted</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Weighted</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">average</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">average</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Aggregate</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">exercise</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">remaining</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">intrinsic</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Number</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">price</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">contractual life</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">value</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">of options</td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">US$</td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">(years)</td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">$ </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">Outstanding and exercisable, December 31, 2012 and March 31, 2013</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
300,000
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
0.10
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
3.6
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
</tr>
</table>
<p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;">Additional information regarding stock options as of March 31, 2013, is as follows:</p>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="60%">
<tr valign="top">
<td align="center">Number of</td>
<td align="center" width="33%">Exercise price</td>
<td align="center" width="33%"> </td>
</tr>
<tr valign="top">
<td align="center" style="BORDER-BOTTOM: #000000 1px solid"> options</td>
<td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="33%">US$</td>
<td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="33%">Expiry date</td>
</tr>
<tr>
<td align="center"> </td>
<td align="center" width="33%"> </td>
<td align="center" width="33%"> </td>
</tr>
<tr valign="top">
<td align="center" bgcolor="#e6efff">
300,000
</td>
<td align="center" bgcolor="#e6efff" width="33%">
0.10
</td>
<td align="center" bgcolor="#e6efff" width="33%">November 21, 2016</td>
</tr>
</table>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Weighted</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Weighted</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">average</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">average</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Aggregate</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">exercise</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">remaining</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">intrinsic</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Number</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">price</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">contractual life</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">value</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">of options</td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">US$</td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">(years)</td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">$ </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">Outstanding and exercisable, December 31, 2012 and March 31, 2013</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
300,000
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
0.10
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
3.6
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
</tr>
</table>
300000
0.10
3.6
0
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="60%">
<tr valign="top">
<td align="center">Number of</td>
<td align="center" width="33%">Exercise price</td>
<td align="center" width="33%"> </td>
</tr>
<tr valign="top">
<td align="center" style="BORDER-BOTTOM: #000000 1px solid"> options</td>
<td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="33%">US$</td>
<td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="33%">Expiry date</td>
</tr>
<tr>
<td align="center"> </td>
<td align="center" width="33%"> </td>
<td align="center" width="33%"> </td>
</tr>
<tr valign="top">
<td align="center" bgcolor="#e6efff">
300,000
</td>
<td align="center" bgcolor="#e6efff" width="33%">
0.10
</td>
<td align="center" bgcolor="#e6efff" width="33%">November 21, 2016</td>
</tr>
</table>
300000
0.10
200000
216667
216667
533333
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr>
<td valign="top" width="5%">8.</td>
<td colspan="2">
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">Related Party Transactions</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">(a)</td>
<td>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">
During the three months ended March 31, 2013, the Company incurred management fees of $12,092
(US$12,000) (2012 – $12,024
(US$12,000)) to a company controlled by the former President of the Company.
</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">(b)</td>
<td>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">
During the three months ended March 31, 2013, the Company incurred wages of $5,039
(US$5,000) (2012 - $nil) to the Chief Executive Officer of the Company.
</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">(c)</td>
<td>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">
As at March 31, 2013, the amount of $nil
(December 31, 2012 - $700) was due from a company controlled by the former President of the Company which is non-interest bearing, unsecured, and due on demand.
</p>
</td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">(d)</td>
<td>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">
As at March 31, 2013, the Company owed $5,787
(US$5,690) (December 31, 2012 - $5,693
(US$5,690)) to a company controlled by a director of the Company which is included in accounts payable and accrued liabilities. This amount owing is non-interest bearing, unsecured, and due on demand.
</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">(e)</td>
<td>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">
As at March 31, 2013, the Company owed $4,512
(US$4,478) (December 31, 2012 - $nil) to the Chief Executive Officer of the Company which is included in accounts payable and accrued liabilities. This amount owing is non-interest bearing, unsecured, and due on demand.
</p>
</td>
</tr>
</table>
12092
12000
12024
12000
5039
5000
0
0
700
5787
5690
5693
5690
4512
4478
0
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr>
<td valign="top" width="5%">9.</td>
<td colspan="2">
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">Commitments and Contingencies</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">(a)</td>
<td>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">The Company’s Vranino 1-11 oil and gas exploration claim in Bulgaria was the subject of an appeal before the Supreme Administrative Court of Bulgaria whereas a competitive bidder sought to overturn the award. On October 25, 2010, an appeal against the Bulgarian Council of Ministers decision to award the Vranino Block to the Company was filed with the Supreme Administrative Court of Bulgaria and on March 26, 2012 the Court upheld the Company’s claim to the Vranino property and rejected the appeal. On September 14, 2012, the Company was served with an appeal against the July 17, 2012 Fifth Division Supreme Court of Bulgaria’s decision to uphold the award of the Vranino license to the Company.</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td valign="top" width="5%">(b)</td>
<td>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">
The Company is obligated to perform a five year work program on the Vranino 1-11 block of North East Bulgaria which total cost is estimated at US$5,000,000, subject to the finalization of the permit award in favor of the Company.
</p>
</td>
</tr>
</table>
5000000
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr>
<td valign="top" width="5%">10.</td>
<td colspan="2">
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">Supplementary Cash Flow Information</p>
</td>
</tr>
</table>
<br/>
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Accumulated from</td>
<td align="center" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Three Months</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Three Months</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">May 4, 2006 (date</td>
<td align="center" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Ended</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Ended</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">of inception) to</td>
<td align="center" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">March 31</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">March 31</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">March 31.</td>
<td align="center" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">2013</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">2012</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">2013</td>
<td align="center" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">$ </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">$ </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">$ </td>
<td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Non-cash investing and financing activities:</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="left" bgcolor="#e6efff" width="10%"> </td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="left" bgcolor="#e6efff" width="10%"> </td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="left" bgcolor="#e6efff" width="10%"> </td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">   Common stock issued to settle debt</td>
<td align="left" width="1%"> </td>
<td align="right" width="10%">
–
</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="10%">
–
</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="10%">
636,638
</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">   Common stock issued for conversion of note payable and interest</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
315,091
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid">   Marketable securities received for assignment of oil and gas interest</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
75,000
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
</tr>
<tr>
<td width="5%"> </td>
<td bgcolor="#e6efff"> </td>
<td bgcolor="#e6efff" width="1%"> </td>
<td bgcolor="#e6efff" width="10%"> </td>
<td bgcolor="#e6efff" width="2%"> </td>
<td bgcolor="#e6efff" width="1%"> </td>
<td bgcolor="#e6efff" width="10%"> </td>
<td bgcolor="#e6efff" width="2%"> </td>
<td bgcolor="#e6efff" width="1%"> </td>
<td bgcolor="#e6efff" width="10%"> </td>
<td bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Supplemental disclosures:</td>
<td align="left" width="1%"> </td>
<td align="left" width="10%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="left" width="10%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="left" width="10%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">   Interest paid</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid">   Income taxes paid</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Accumulated from</td>
<td align="center" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Three Months</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Three Months</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">May 4, 2006 (date</td>
<td align="center" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Ended</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Ended</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">of inception) to</td>
<td align="center" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">March 31</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">March 31</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">March 31.</td>
<td align="center" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">2013</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">2012</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">2013</td>
<td align="center" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">$ </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">$ </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">$ </td>
<td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">Non-cash investing and financing activities:</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="left" bgcolor="#e6efff" width="10%"> </td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="left" bgcolor="#e6efff" width="10%"> </td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="left" bgcolor="#e6efff" width="10%"> </td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">   Common stock issued to settle debt</td>
<td align="left" width="1%"> </td>
<td align="right" width="10%">
–
</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="10%">
–
</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="10%">
636,638
</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">   Common stock issued for conversion of note payable and interest</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
315,091
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid">   Marketable securities received for assignment of oil and gas interest</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
75,000
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
</tr>
<tr>
<td width="5%"> </td>
<td bgcolor="#e6efff"> </td>
<td bgcolor="#e6efff" width="1%"> </td>
<td bgcolor="#e6efff" width="10%"> </td>
<td bgcolor="#e6efff" width="2%"> </td>
<td bgcolor="#e6efff" width="1%"> </td>
<td bgcolor="#e6efff" width="10%"> </td>
<td bgcolor="#e6efff" width="2%"> </td>
<td bgcolor="#e6efff" width="1%"> </td>
<td bgcolor="#e6efff" width="10%"> </td>
<td bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Supplemental disclosures:</td>
<td align="left" width="1%"> </td>
<td align="left" width="10%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="left" width="10%"> </td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="left" width="10%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">   Interest paid</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid">   Income taxes paid</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
</tr>
</table>
0
0
636638
0
0
315091
0
0
75000
0
0
0
0
0
0
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr>
<td valign="top" width="5%">11.</td>
<td>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">Segmented Information</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">The Company’s operations are in the resource industry in Canada and Bulgaria. Geographical information is as follows:</p>
</td>
</tr>
</table>
<br/>
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr valign="top">
<td width="5%"> </td>
<td align="left">March 31, 2013</td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Canada</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Bulgaria</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Total</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">$ </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">$ </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">$ </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">   Revenue</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">   Restricted cash</td>
<td align="left" width="1%"> </td>
<td align="right" width="10%">
2,339
</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="10%">
–
</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="10%">
2,339
</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">   Property and equipment</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
4,658
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
4,658
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid">   Oil and gas properties</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
351,535
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
351,535
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">March 31, 2012</td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Canada</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Bulgaria</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Total</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">$ </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">$ </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">$ </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">Revenue</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
3,391
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
3,391
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Property and equipment</td>
<td align="left" width="1%"> </td>
<td align="right" width="10%">
6,315
</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="10%">
–
</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="10%">
6,315
</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">Oil and gas properties</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
279,389
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
279,389
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr valign="top">
<td width="5%"> </td>
<td align="left">March 31, 2013</td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Canada</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Bulgaria</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Total</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">$ </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">$ </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">$ </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">   Revenue</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">   Restricted cash</td>
<td align="left" width="1%"> </td>
<td align="right" width="10%">
2,339
</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="10%">
–
</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="10%">
2,339
</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff">   Property and equipment</td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
4,658
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
<td align="left" bgcolor="#e6efff" width="1%"> </td>
<td align="right" bgcolor="#e6efff" width="10%">
4,658
</td>
<td align="left" bgcolor="#e6efff" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid">   Oil and gas properties</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
351,535
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
351,535
</td>
<td align="left" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
</tr>
</table>
0
0
0
2339
0
2339
4658
0
4658
0
351535
351535
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr valign="top">
<td width="5%"> </td>
<td align="left"> </td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%"> </td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">March 31, 2012</td>
<td align="left" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Canada</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Bulgaria</td>
<td align="center" nowrap="nowrap" width="2%"> </td>
<td align="center" nowrap="nowrap" width="1%"> </td>
<td align="center" nowrap="nowrap" width="10%">Total</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid"> </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">$ </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">$ </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td>
<td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="10%">$ </td>
<td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">Revenue</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
3,391
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
3,391
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left">Property and equipment</td>
<td align="left" width="1%"> </td>
<td align="right" width="10%">
6,315
</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="10%">
–
</td>
<td align="left" width="2%"> </td>
<td align="left" width="1%"> </td>
<td align="right" width="10%">
6,315
</td>
<td align="left" width="2%"> </td>
</tr>
<tr valign="top">
<td width="5%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid">Oil and gas properties</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
–
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
279,389
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="1%"> </td>
<td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="10%">
279,389
</td>
<td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 2px solid" width="2%"> </td>
</tr>
</table>
3391
0
3391
6315
0
6315
0
279389
279389
<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%">
<tr>
<td valign="top" width="5%">12.</td>
<td>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">Subsequent Event</p>
</td>
</tr>
<tr>
<td width="5%"> </td>
<td> </td>
</tr>
<tr>
<td width="5%"> </td>
<td>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">
On April 29, 2013, the Company issued a note payable for $12,500
to a non-related party, of which $7,500
was received as at March 31, 2013. The note is non-interest bearing, unsecured, and due on demand. Refer to Note 5.
</p>
</td>
</tr>
</table>
12500
7500