0001096906-11-001824.txt : 20110812 0001096906-11-001824.hdr.sgml : 20110812 20110812102245 ACCESSION NUMBER: 0001096906-11-001824 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110812 DATE AS OF CHANGE: 20110812 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TAMM Oil & Gas Corp. CENTRAL INDEX KEY: 0001374845 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 203773508 STATE OF INCORPORATION: NV FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52881 FILM NUMBER: 111029602 BUSINESS ADDRESS: STREET 1: SUITE 1120, 833 - 4 AVENUE S.W. CITY: CALGARY STATE: A0 ZIP: T2P 3T5 BUSINESS PHONE: 403.686.1000 MAIL ADDRESS: STREET 1: SUITE 1120, 833 - 4 AVENUE S.W. CITY: CALGARY STATE: A0 ZIP: T2P 3T5 FORMER COMPANY: FORMER CONFORMED NAME: Tamm Oil & Gas Corp. DATE OF NAME CHANGE: 20071114 FORMER COMPANY: FORMER CONFORMED NAME: HOLA COMMUNICATIONS INC. DATE OF NAME CHANGE: 20060907 10-Q 1 tamo10q20110630.htm TAMM OIL AND GAS CORP. FORM 10-Q JUNE 30, 2011 tamo10q20110630.htm



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 (Mark One)
  
x QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
the quarterly period ended June 30, 2011 

OR

o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
 
For the transition period from _____________to _____________
 
Commission file number 333-137174
 
TAMM OIL AND GAS CORP.
(Exact name of small business issuer as specified in its charter)
 
Nevada
20-3773508
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
Suite 1120, 833 4th  Ave  SW, Calgary, AB, Canada T2P 3T5
(Address of principal executive offices)
 
403-686-1000
(Issuer’s telephone number)
 
________________________________N/A____________________________________
(Former name, former address and former fiscal year, if changed since last report)
 
Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes x   No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No x
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Larger accelerated filer ¨
Accelerated filer ¨
Non-accelerated filer ¨
Smaller reporting company x

Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ¨    No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 92,582,523 shares outstanding as of August 8, 2011.

 
 

 

TAMM OIL AND GAS CORP.

TABLE OF CONTENTS

       
Page
         
   
Cautionary Statement Concerning Forward-Looking Statements
 
1
         
PART I.
 
FINANCIAL INFORMATION
   
         
Item 1.
 
Financial Statements
   
         
   
     Condensed Consolidated Balance Sheets as of June 30, 2011 (unaudited) and March 31, 2011
 
2
         
   
    Condensed Consolidated Statements of Operations for the Three Months Ended June 30, 2011 and 2010, and from October 10, 2005 (date of inception) through June 30, 2011 (unaudited)
 
3
         
         
         
         
   
Condensed Consolidated Statement of Stockholders' Equity from April 1, 2011 through June 30, 2011 (unaudited)
 
4
         
   
    Condensed Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2011 and 2010, and from October 10, 2005 (date of inception) through June 30, 2011 (unaudited)
 
5
         
   
Notes to Condensed Consolidated Financial Statements (unaudited)
 
6
         
Item 2.
 
Management's Discussion and Analysis of Financial Condition and Results of Operations
 
14
         
Item 3.
 
Quantitative and Qualitative Disclosures About Market Risk 
 
17
         
Item 4T.
 
Controls and Procedures
 
18
         
PART II.
 
OTHER INFORMATION
   
         
Item 1.
 
Legal Proceedings
 
18
         
Item 2.
 
Recent Sales of Unregistered Securities and Use of Proceeds
 
18
         
Item 3.
 
Defaults Upon Senior Securities
 
18
         
Item 4.
 
Submission of Matters to a Vote of Security Holders
 
18
         
Item 5.
 
Other Information
 
18
         
Item 6.
 
Exhibits
 
19
         
Signatures
 
20
 
 
 

 

 
Cautionary Statement on Forward-Looking Statements.

The discussion in this Report on Form 10-Q, including the discussion in Item 2 of PART I, contains forward-looking statements that have been made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements are based on current expectations, estimates and projections about the Company’s business, based on management’s current beliefs and assumptions made by management.  Words such as “expects”, “anticipates”, “intends”, believes”, “plans”, “seeks”, “estimates”, and similar expressions or variations of these words are intended to identify such forward-looking statements.  Additionally, statements that refer to the Company’s estimated or anticipated future results, sales or marketing strategies, new product development or performance or other non-historical facts are forward-looking and reflect the Company’s current perspective based on existing information.  These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict.  Therefore, actual results and outcomes may differ materially from what is expressed or forecasted in any such forward-looking statements.  Such risks and uncertainties include those set forth below in Item 1 as well as previous public filings with the Securities and Exchange Commission.  The discussion of the Company’s financial condition and results of operations included in Item 2 of PART I should also be read in conjunction with the financial statements and related notes included in Item 1 of PART I of this quarterly report.  These quarterly financial statements do not include all disclosures provided in the annual financial statements and should be read in conjunction with the “Risk Factors” and annual financial statements and notes thereto included in the Company's Form 10-K for the year ended March 31, 2011 as filed with the Commission on June 30, 2011.  The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
 
 
1

 
 
TAMM OIL AND GAS CORP.
 
(An Exploration Stage Company)
 
CONDENSED CONSOLIDATED BALANCE SHEETS
 
   
   
June 30,
   
March 31,
 
   
2011
   
2011
 
   
(unaudited)
       
ASSETS
           
Current assets:
           
Cash
  $ 4,185     $ 3,150  
Accounts receivable
    9,424       8,737  
Other current assets
    10,809       809  
  Total current assets
    24,418       12,696  
                 
Property, plant and equipment:
               
Oil sands properties, unevaluated
    14,903,662       14,825,270  
Furniture and equipment, net
    158       184  
  Total property, plant and equipment
    14,903,820       14,825,454  
                 
Other assets:
               
Receivable from affiliated entity
    315,494       315,494  
  Total other assets
    315,494       315,494  
                 
  Total assets
  $ 15,243,732     $ 15,153,644  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
Current liabilities:
               
Accounts payable and accrued liabilities
  $ 587,530     $ 546,476  
Deposits
    -       100,000  
Advances from related party
    61,191       70,799  
  Total current liabilities
    648,721       717,275  
                 
Commitments and contingencies
               
                 
Stockholders' equity:
               
Preferred stock; $0.001 par value; 1,000,000 shares authorized, none issued and outstanding
    -       -  
Common stock; $0.001 par value; 750,000,000 shares authorized, 92,582,524 and 80,780,000 shares issued and outstanding as of June 30, 2011 and March 31, 2011, respectively
    92,583       80,780  
Common stock to be issued
    330,074       3,616,857  
Additional paid in capital
    83,288,291       79,863,311  
(Deficit) accumulated during exploration stage
    (70,274,124 )     (70,206,676 )
Accumulated other comprehensive (loss)
    1,158,187       1,082,097  
  Total stockholders' equity
    14,595,011       14,436,369  
                 
  Total liabilities and stockholders' equity
  $ 15,243,732     $ 15,153,644  
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

 
2

 
 
TAMM OIL AND GAS CORP
 
(An Exploration Stage Company)
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
(unaudited)
 
                   
               
For the period
 
               
October 10, 2005
 
               
(date of inception)
 
   
For the three months ended June 30,
   
through
 
   
2011
   
2010
   
June 30, 2011
 
OPERATING EXPENSES:
                 
Selling, general and administrative
  $ 66,735     $ 51,161     $ 2,537,009  
Loss on impairment of oil and gas properties
    -       -       64,193,028  
Depreciation
    26       24       1,013  
  Total operating expenses
    66,762       51,185       66,731,051  
                         
Loss from operations
    (66,762 )     (51,185 )     (66,731,051 )
                         
OTHER INCOME (EXPENSE)
                       
Foreign exchange (expense) gain
    -       -       (115 )
Interest (expense)
    (687 )     (15,131 )     (163,245 )
Loss on settlement of debt
    -       -       (3,340,173 )
Loss on impairment of fixed assets
    -       -       (37,032 )
                         
Loss before provision for income taxes
    (67,448 )     (66,316 )     (70,271,615 )
                         
Provision for income taxes:
                       
Current
    -       -       2,509  
Deferred
    -       -       -  
  Total income taxes
    -       -       2,509  
                         
NET LOSS
  $ (67,448 )   $ (66,316 )   $ (70,274,124 )
                         
Net (loss) per common share (basic and fully diluted)
  $ (0.00 )   $ (0.00 )        
                         
Weighted average number of common shares outstanding, basic and fully diluted
    87,649,657       80,780,000          
                         
Comprehensive (loss) income:
                       
Net (loss)
  $ (67,448 )   $ (66,316 )   $ (70,274,124 )
Foreign currency translation gain
    76,090       (635,668 )     1,158,187  
                         
Comprehensive income (loss):
  $ 8,641     $ (701,984 )   $ (69,115,938 )
   
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

 
3

 
 
TAMM OIL AND GAS CORP.
 
(An Exploration Stage Company)
 
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
 
FROM APRIL 1, 2011 THROUGH JUNE 30, 2011
 
(unaudited)
 
                                           
                           
Other
   
(Deficit) Accumulated
       
   
Common stock
   
Additional
   
Common Stock
   
Comprehensive
   
During Exploration
       
   
Shares
   
Amount
   
Paid in Capital
   
To be issued
   
Income (loss)
   
Stage
   
Total
 
Balance, March 31, 2011
    80,780,000     $ 80,780     $ 79,863,311     $ 3,616,857     $ 1,082,097     $ (70,206,676 )   $ 14,436,369  
Common stock issued in settlement of debt
    10,602,524       10,603       3,276,180       (3,286,783 )     -       -       -  
Sale of common stock
    1,200,000       1,200       148,800       -       -       -       150,000  
Foreign currency translation gain
    -       -       -       -       76,090       -       76,090  
Net loss
    -       -       -       -       -       (67,448 )     (67,448 )
Balance, June 30, 2011
    92,582,524     $ 92,583     $ 83,288,291     $ 330,074     $ 1,158,187     $ (70,274,124 )   $ 14,595,011  

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements
 
4

 
 
TAMM OIL AND GAS CORP.
 
(An Exploration Stage Company)
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
(unaudited)  
               
For the period
 
               
October 10, 2005
 
   
For the three months ended June 30,
   
(Inception to date)
 
   
2011
   
2010
   
through June 30, 2011
 
CASH FLOWS FROM OPERATING ACTIVITIES:
                 
Net loss
  $ (67,448 )   $ (66,316 )   $ (70,274,124 )
Adjustments to reconcile net loss to net cash (used in) operating activities:
                       
Depreciation
    26       24       1,013  
Impairment of property and equipment
    -       -       37,032  
Impairment of investments in stock and royalty agreements
    -       -       64,193,028  
Common stock to be issued in settlement of assumed debt
    -       -       433,164  
Loss on settlement of debt
    -       -       3,340,173  
Decrease (increase) in accounts receivable
    (641 )     (690 )     (6,161 )
Decrease (increase) in prepaid expenses
    (9,996 )     -       (9,741 )
(Decrease) increase in accounts payable
    37,636       37,249       1,091,192  
  Net cash (used in) operating activities
    (40,423 )     (29,733 )     (1,194,424 )
                         
CASH FLOWS FROM INVESTING ACTIVITIES:
                       
Purchase of oil and gas properties
    -       (27,183 )     (1,201,439 )
Decrease in receivables, affiliates
    -       50,000       228,570  
Purchase of investment
    -       -       (576,252 )
Purchases of property and equipment
    -       -       (38,223 )
  Net cash provided by (used in) investing activities
    -       22,817       (1,587,344 )
                         
CASH FLOWS FROM FINANCING ACTIVITIES:
                       
Proceeds from sale of common stock
    50,000       -       1,854,000  
Proceeds from notes payable
    -       -       1,307,295  
Repayments of notes payable
    (9,982 )     -       (535,971 )
  Net cash provided by financing activities
    40,018       -       2,625,324  
                         
Effect of currency rate change on cash
    1,440       (1,070 )     160,629  
                         
Net (decrease) increase in cash and cash equivalents
    1,035       (7,986 )     4,185  
Cash and cash equivalents at beginning of period
    3,150       8,573       -  
Cash and cash equivalents at end of period
  $ 4,185     $ 587     $ 4,185  
                         
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
                 
Cash paid during the period for interest
  $ -     $ -     $ -  
Cash paid during the period for taxes
  $ -     $ -     $ 2,509  
                         
NONCASH INVESTING AND FINANCING ACTIVITIES:
                 
Issuance of common stock for royalty agreements
  $ -     $ -     $ 10,200,000  
Issuance of common stock for undeveloped property
  $ -     $ -     $ 11,390,000  
Issuance of common stock in exchange for common stock of an unaffiliated entity
  $ -     $ -     $ 54,263,160  
Issuance of common stock in exchange for acquisition of Union Energy, LLC.
  $ -     $ -     $ 800,000  
Fair value of warrants issued in settlement of debt
  $ -     $ -     $ 1,486,931  
Common stock issued or to be issued in settlement of debt
  $ -     $ -     $ 3,616,857  

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

 
5

 
TAMM OIL AND GAS CORP.
(An Exploration Stage Company)
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2011
 
NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES

A summary of the significant accounting policies applied in the presentation of the accompanying unaudited condensed consolidated financial statements follows:

General

The interim condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) as promulgated in Item 210 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations.

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  The results from operations for the three month period ended June 30, 2011, are not necessarily indicative of the results that may be expected for the year ending March 31, 2012.  The unaudited consolidated condensed financial statements should be read in conjunction with the financial statements and footnotes thereto for the year ended March 31, 2011, included in the Company’s Form 10-K filed with the SEC on June 30, 2011.

Business and Basis of Presentation

TAMM Oil and Gas Corp., formerly Hola Communications, Inc. (the “Company”) was incorporated under the laws of the State of Nevada on October 10, 2005. The Company was formed to provide wireless broadband access. In October 2007, the Company decided to discontinue its efforts to develop its original business plan in the telecom industry and to re-direct its focus to the oil and gas Industry. In November 2007, the Company created a wholly owned Nevada subsidiary for the purpose of affecting a name change from Hola Communications, Inc. to TAMM Oil and Gas Corporation. To implement its current business plan, significant additional financing will be required and the Company will need to be successful in its efforts to identify, acquire and develop oil and gas reserves that are economically recoverable.

The Company is in the development (exploration) stage as defined by Accounting Standards Codification subtopic 915-10 Development Stage Entities (“ASC 915-10”) with its efforts principally devoted to developing oil and gas reserves. To date, the Company, has not generated sales revenues, has incurred expenses and has sustained losses.  Consequently, its operations are subject to all the risks inherent in the establishment of a new business enterprise.  For the period from inception through June 30, 2011, the Company has accumulated losses of $70,274,124.

The consolidated financial statements include the accounts of the Company, including TAMM Oil and Gas Corp., its wholly-owned subsidiary, Union Energy, LLC (see below). All significant intercompany balances and transactions have been eliminated in consolidation.

Acquisition of Union Energy, LLC
  
On June 12, 2009, the Company acquired Union Energy LLC, a Colorado limited liability corporation, in exchange for 1,000,000 shares of the Company’s common stock valued at $.80 per share, the fair market value of the stock on that date, for a total investment of $800,000.  As part of the acquisition, the Company acquired a 100% working interest in 5,120 acres of oil sands leases in the Province of Alberta.   
 
 
6

 
TAMM OIL AND GAS CORP.
(An Exploration Stage Company)
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2011


The total consideration paid was $800,000 and the significant components of the transaction are as follows:

Assets acquired:
     
Undeveloped oil sands property lease
 
$
800,000
 
Liabilities assumed:
   
( -
)
  Net:
 
$
800,000
 

During the year ended March 31, 2011, the acquired leases expired, therefore the Company recorded an impairment loss of $800,000 during the year ended March 31, 2011.

Revenue Recognition

Revenues from the sale of petroleum and natural gas are recorded when title passes from the Company to its petroleum and/or natural gas purchaser and collectability is reasonably assured. The Company will begin recording revenue once it is determined there are proved reserves and production commences

Estimates

The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures.  Accordingly, actual results could differ from those estimates.

Unconventional Oil Sands Properties

Acquisition, exploration and development of oil sands mining activities are capitalized when costs are recoverable and directly result in an identifiable future benefit, following the full cost method of accounting. Improvements that increase capacity or extend the useful lives of assets are capitalized. Maintenance and turnaround costs are expensed as incurred.

Oil sands properties are assessed, at minimum annually, or as economic events dictate, for potential impairment. Impairment is assessed by comparing the estimated net undiscounted future cash flows to the carrying value of the asset. If required, the impairment recorded is the amount by which the carrying value of the asset exceeds its fair value.

Capitalized costs are depleted and depreciated on the unit-of-production method based on the estimated gross proved reserves once determined by the independent petroleum engineers. Depletion and depreciation is calculated using the capitalized costs, including estimated asset retirement costs, plus the estimated future costs to be incurred in developing proved reserves, net of estimated salvage value.
 
Costs of acquiring and evaluating unproved properties and major development projects are excluded from the depletion and depreciation calculation if and until it is determined whether or not proved reserves can be assigned to such properties. Costs of unproved properties and major development projects are transferred to depletable costs based on the percentage of reserves assigned to each project over the expected total reserves when the project was initiated. These costs are assessed periodically to ascertain whether impairment has occurred.
 
 
7

 
TAMM OIL AND GAS CORP.
(An Exploration Stage Company)
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2011
 
Depletion and Amortization of Oil and Gas Properties

The Company follows the full cost method of accounting for oil and gas properties.  Under this method, all direct costs and certain indirect costs associated with acquisition of properties and successful as well as unsuccessful exploration and development activities are capitalized. Depreciation, depletion, and amortization of capitalized oil and gas properties and estimated future development costs, excluding unproved properties, are based on the unit-of-production method based on proved reserves.  
 
The Company periodically evaluates the carrying value of long-lived assets, including unproved properties, to be held and used in accordance with Accounting Standards Codification subtopic 360-10, Property, Plant and Equipment (“ASC 360-10”). ASC 360-10 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair market values are reduced for the cost of disposal.

Foreign Currency Translation

The Company translates the foreign currency financial statements into US Dollars using the year or reporting period end or average exchange rates in accordance with the requirements of Accounting Standards Codification subtopic 830-10, Foreign Currency Matters (“ASC 830-10”). Assets and liabilities of these subsidiaries were translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average rates in effect for the periods presented. The cumulative translation adjustment is included in the accumulated other comprehensive gain (loss) within shareholders’ equity (deficit). Foreign currency transaction gains and losses arising from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the consolidated results of operations.

Functional Currency

The functional currency of the Companies is the Canadian dollar and the financial statements are reported as US dollar.  When a transaction is executed in a foreign currency, it is re-measured into Canadian dollars based on appropriate rates of exchange in effect at the time of the transaction.  At each balance sheet date, recorded balances that are denominated in a currency other than the functional currency of the Companies are adjusted to reflect the current exchange rate.  The resulting foreign currency transactions gains (losses) are included in general and administrative expenses in the accompanying consolidated statements of operations.

Comprehensive Income (Loss)

The Company adopted Accounting Standards Codification subtopic 220-10, Comprehensive Income (“ASC 220-10”) which establishes standards for the reporting and displaying of comprehensive income and its components. Comprehensive income is defined as the change in equity of a business during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. ASC 220-10 requires other comprehensive income (loss) to include foreign currency translation adjustments and unrealized gains and losses on available for sale securities.
 
 
8

 
TAMM OIL AND GAS CORP.
(An Exploration Stage Company)
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2011
 
 Net Income (Loss) per Share

The Company computes earnings per share under Accounting Standards Codification subtopic 260-10, Earnings Per Share (“ASC 260-10”). Net earnings (losses) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and dilutive common stock equivalents outstanding during the period. Dilutive common stock equivalents consist of shares issuable upon the exercise of the Company's outstanding warrants (calculated using the treasury stock method). During the three months ended June 30, 2011 and 2010, outstanding warrants were not considered because the exercise prices exceeded the weighted average common stock price of the Company for the period because they would be anti-dilutive, thereby decreasing the net loss per common share.

Reclassifications
 
Certain amounts reported in the Company’s financial statements for the prior periods may have been reclassified to conform to the current period presentation.

Reliance on Key Personnel and Consultants

The Company has no full-time employees and no part-time employees.  There are approximately 3 consultants performing various specialized services.  The Company is heavily dependent on the continued active participation of these current executive officers, employees and key consultants. The loss of any of the senior management or key consultants could significantly and negatively impact the business until adequate replacements can be identified and put in place.
 
Recent Accounting Pronouncements

There were various  updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

 NOTE 2 – GOING CONCERN MATTERS

The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying unaudited condensed consolidated financial statements for the three months and inception to date periods ended June 30, 2011, the Company has incurred losses of $67,448 and $70,274,124, respectively.  In addition, as of June 30, 2011, the Company had a working capital deficit of $624,303, and no revenue generating operations. These factors, among others, indicate that the Company may be unable to continue as a going concern.
 
The Company's existence is dependent upon management's ability to generate business opportunities, evaluate existing properties and surrounding lands, and initiate commercial production to develop profitable operations which will resolve its liquidity problems. The accompanying consolidated financial statements do not include any adjustments that may result should the Company be unable to continue as a going concern.

The Company is attempting to obtain financing for its operations. There can be no assurance that the Company will be successful in its effort to secure additional equity financing. If operations and cash flows continue to improve through these efforts, management believes that the Company can continue to successfully maintain operations. However, no assurance can be given that management's actions will result in profitable operations or the resolution of its liquidity problems.
 
 
9

 
TAMM OIL AND GAS CORP.
(An Exploration Stage Company)
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2011
 
NOTE 3 – RECEIVABLE FROM AN AFFILIATED ENTITY

In connection with the October 2007 Letter of Intent to acquire all of the issued and outstanding shares of 1132559 Alberta Ltd. (“Alberta”), the Company purchased advances due to shareholders of Alberta, directly from the shareholders for $548,500 (during the year ended March 31, 2011, there were repayments of $88,905). The amount is recorded as receivable from an affiliated entity, as Alberta and TAMM have officers and/or directors in common. These advances were purchased for their face amounts, and they have no terms of repayment. As of June 30, 2011 and March 31 2011 the balance outstanding was $315,494.

NOTE 4 – OIL SANDS PROPERTIES
 
Union Energy, LLC

On June 12, 2009, the Company acquired Union Energy, LLC, a Colorado limited liability corporation, the sole asset of which was a 100% working interest in 5,120 acres of Oil Sands leases in the Province of Alberta in exchange for 1,000,000 shares of the Company’s common stock valued at $.80 per share, the fair market value on the date of acquisition, for a total investment of $800,000.

During the year ended March 31, 2011, the Company recorded an impairment loss of $800,000.

Peace River

The Company holdings include 14 sections of petroleum and natural gas (“P&NG”) leases in the Peace River region of northern Alberta that have a carrying value of $372,721.  In addition the Company leases 21 sections of oil sands leases in the Peace River region held at $718,903 adjacent to the above-mentioned sections.
 
Sawn Lake

The Company has a royalty agreement applicable to 32 sections of oil sands leases. The subject royalties are 2% of gross revenue prior to any expenses from oil sand production.  The value of these rights is recorded at $945,068, net of impairment adjustment of $2,929,868, as discussed below.
 
During the year ended March 31, 2010, the Company management performed an evaluation of its royalty agreement for purposes of determining the implied fair value of the assets at March 31, 2010. The test indicated that the recorded remaining book value of its royalty agreement exceeded its fair value for the year ended March 31, 2010.  As a result, upon completion of the assessment, management recorded a non-cash impairment charge of $2,929,868, net of tax, or $0.04 per share during the year ended March 31, 2010 to reduce the carrying value of the royalty agreement to $945,068. Considerable management judgment is necessary to estimate the fair value.  Accordingly, actual results could vary significantly from management’s estimates.

Alberta Crown
 
On September 24, 2009, the Company acquired a 100% working interest in 1,280 acres of oil sands leases with a 2% gross overriding royalty retained by the seller in exchange for 2,428,000 shares of the Company’s common stock. The value of these rights is recorded at $1,626,760.  In addition, the Company acquired 100% working interest in 6,400 acres of petroleum and natural gas leases with a 2% gross overriding royalty retained by the seller in exchange for 14,572,000 shares of the Company’s common stock. These rights are recorded at $9,763,240.
 
 
10

 
TAMM OIL AND GAS CORP.
(An Exploration Stage Company)
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2011
 
Farm Out Agreement

On March 15, 2011 the Company reached an agreement for a conventional industry farm in on the Manning properties with Cougar Oil and Gas Canada, Inc. (“Cougar”); a Company under common control.
 
Under the terms of the agreement – Cougar has two work commitments to earn working interest in the Manning properties.  The first work commitment of $2.5 million Cdn for the first year to perform certain activities consisting of drilling, seismic, coring and geologic reviews – including 3d party engineering reports -  to support an application to convert the P&NG leases to oil sands leases. After the first earning program, Cougar will earn 30% of the overall working interest and be designated operator on the Manning Project. The second work commitment of $6.5 million Cdn for the subsequent 24 months consisting of drilling, seismic, coring, and geologic reviews and updates to the various reports. Post the second earning program, Cougar will earn an additional 20% working interest.

NOTE 5 – CAPITAL STOCK
 
Preferred Stock

The Company has authorized the issuance of 1,000,000 shares of preferred stock, with a par value of $.001 per share. The Company’s Board of Directors has broad discretion to create one or more series of preferred stock and to determine the rights, preferences, and privileges of any such series.

Common stock

The Company initially authorized the issuance of 50,000,000 shares of common stock, par value $.001. On November 13, 2007, the Company declared a 15:1 forward split, and concurrently increased its authorized shares to 750,000,000 shares of common stock, par value $.001 per share. All share amounts have been restated as if the split had occurred October 10, 2005.

As of June 30, 2011 and March 31, 2011, there were 92,582,524 and 80,780,000 shares of common stock issued and outstanding.

During the three months ended June 30, 2011, the Company issued an aggregate of 10,602,524 shares of its common stock in settlement of outstanding notes and other obligations previously recorded as to be issued at March 31, 2011.

NOTE 6 – OPTIONS AND WARRANTS

Warrants
 
The following table summarizes the changes in warrants outstanding and related prices for the shares of the Company’s common stock issued to shareholders at June 30, 2011:

Exercise
Price
 
Number
Outstanding
Warrants Outstanding
Weighted Average
Remaining Contractual
Life (years)
 
Weighted
Average
Exercise price
 
Number
Exercisable
 
Warrants Exercisable
Weighted
Average
Exercise Price
 
$
0.25
 
1,200,000
2.91
 
$
0.25
 
1,200,000
 
$
0.25
 
$
0.30
 
5,833,643
2.73
 
$
0.30
 
5,833,643
 
$
0.30
 
$
   
7,033,643
2.76
       
7,033,643
 
$
0.29
 

 
11

 
TAMM OIL AND GAS CORP.
(An Exploration Stage Company)
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2011

Transactions involving the Company’s warrant issuance are summarized as follows:
 
  
 
Stock Warrants
 
         
Weighted
 
         
Exercise
 
   
Shares
   
Price
 
Outstanding at March 31, 2010
        $  
Granted
    5,833,643       0.30  
Canceled
           
Expired
           
Exercised
           
Outstanding at March 31, 2011
    5,833,643       0.30  
Granted
    1,200,000       0.25  
Canceled
           
Expired
           
Exercised
           
                 
Outstanding at June 30, 2011
    7,033,643       0.29  

In connection with the sale of common stock, the Company issued warrants to purchase 1,200,000 of the Company's common stock at $0.25 per share expiring three years from the date of issuance.

Options

As of June 30, 2011 and March 31, 2011, the Company had no outstanding options.

NOTE 7 - CONTINGENCIES

Operating leases

The Company is provided operating facilities from an affiliated entity at no cost.

Consulting agreements

The Company has consulting agreements with outside contractors, certain of whom are also Company stockholders. The Agreements are generally month to month.

Litigation

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. We are currently not aware of any such legal proceedings that we believe will have, individually or in the aggregate, a material adverse affect on our business, financial condition or operating results.

NOTE 8 – RELATED PARTY TRANSACTIONS
 
The Company leases office space under an operating lease for its corporate use at $3,000 per month on a month to month basis from an entity with common senior management.
 
 
12

 
TAMM OIL AND GAS CORP.
(An Exploration Stage Company)
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2011
 
Farm Out Agreement

On March 15, 2011 the Company reached an agreement for a conventional industry farm in on the Manning properties with Cougar Oil and Gas Canada, Inc. (“Cougar”); a Company under common control.
 
Under the terms of the agreement – Cougar has two work commitments to earn working interest in the Manning properties.  The first work commitment of $2.5 million Cdn for the first year to perform certain activities consisting of drilling, seismic, coring and geologic reviews – including 3d party engineering reports -  to support an application to convert the P&NG leases to oil sands leases. After the first earning program, Cougar will earn 30% of the overall working interest and be designated operator on the Manning Project. The second work commitment of $6.5 million Cdn for the subsequent 24 months consisting of drilling, seismic, coring, and geologic reviews and updates to the various reports. Post the second earning program, Cougar will earn an additional 20% working interest.

During the three months ended June 30, 2011, the Company paid back $9,982 in advances from related parties.  Total advances at June 30, 2011 amount to $61,191. 

During the year ended March 31, 2011, the Company agreed to issue 1,770,511 shares of its common stock to reimburse a related party for legal expenses and other costs incurred on the Company's behalf totally $265,577.  The Common stock was issued during the three months ended June 30, 2011.
 
NOTE 9 SUBSEQUENT EVENTS
 
Management evaluated all activities of the Company through the issuance date of the Company’s consolidated financial statements and concluded that no subsequent events have occurred that would require adjustments or disclosures into the consolidated financial statements.
 
 
13

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
TAMM Oil and Gas Corp. is referred to hereinafter as “we”, “our”, or “us”.

Overview
We are a petroleum exploration company in the development stage that seeks to identify, acquire and develop working interests in Canada based oil sands prospects. Oil sands properties are characterized by deposits of bitumen, a form of viscous (relatively high resistance to flow) crude oil. We have generated no revenues since our inception and from our inception, we have not been profitable. We have financed our operations to date through equity placements to accredited investors and borrowings from related parties.
  
Uncertainties and Trends
 
Our revenues are dependent in the future, upon the following factors:

 
·
price volatility in worldwide oil prices, which is affected by: (a) interest rates; (b)currency exchange rates (c) inflation or deflation; (d) speculation and (e) production levels;
 
·
global and regional supply and demand for oil;
 
·
political and economic conditions;
 
·
changes in the regulatory environment, which may lead to increased costs of doing business;
 
·
our ability to raise adequate working capital;
 
·
success of our development and exploration;
 
·
level of our competition;
 
·
our ability to attract and maintain key management and employees; and
 
·
our ability to efficiently explore, develop and produce sufficient quantities of marketable natural gas or oil in a highly competitive and speculative environment while maintaining quality and controlling costs.

The following discussion and analysis should be read in conjunction with our Financial Statements and notes thereto.
 
(a)    Liquidity and capital resources – June 30, 2011 and March 31, 2011
 
(a) (1) Continuing working capital deficit  
 
Our working capital deficit has limited our ability to expand our operations and pursue our business plan. The following table sets forth our continuing working capital at June 30, 2011 and March 31, 2011.
 
   
June 30,
2011
   
March 31,
2011
 
Current Assets
 
$
24,418
   
$
12,696
 
Current Liabilities
   
648,721
     
717,275
 
                 
Working Capital (Deficit)
 
$
(624,303
)
 
$
(704,579


Our current assets increased by $11,722 from $12,696 as of March 31, 2011 to $24,418 at June 30, 2011.  The increase was primarily from a retainer payment for professional services.
 
Our working capital deficit decreased by $80,276 to a $624,303 as of June 30, 2011, from $704,579 at March 31, 2011. Accounts payable and accrued expenses increased from $546,476 as of March 31, 2011 to $587,530 as of June 30, 2011 from operations.

 
14

 

Related party advances deceased to $61,191 as of June 30, 2011 from $70,799 as of March 31, 2011 due to Company reimbursements for prior advances.

We continue to focus on conserving cash, setting priorities for our most important obligations and seeking other means to pay or defer any obligations as necessary.
  
(a) (2)     Property and equipment 2011 and 2010

During  three months ended June 30, 2011, there were no material changes to our property and equipment.
 
   
June 30,
2011
   
March 31,
2011
 
Office equipment
 
$
158
   
$
184
 
Fixed assets net
 
$
158
   
$
184
 
 
(a) (3) Capital commitments
 
We do not have any long term debt, capital lease obligations, operating or purchase obligations at June 30, 2011.

(a) (4) Derivative liability – Not applicable.

 (a) (5) Equity
 
Stockholders’ equity increased to $14,595,012 as of June 30, 2011, from $14,436,369 as of March 31, 2011. The primary reason for the increase was proceeds of $150,000 from the sale of our common stock, $76,090 foreign currency translation gain, net with our incurred net loss of $67,448.
 
(a) (6) Off-balance sheet arrangements.
 
NONE
  
(a) (7) Results of operations. The following sets forth certain information regarding our results of operations for the three months ended June 30, 2011 and 2010:

   
Three months ended June 30,
 
2011
   
2010
 
General and administrative
 
$
66,735
 
$
51,161
 
Operating (loss)
   
(66,762
   
(51,185
Other income (loss)
   
(687
)
   
(15,131
 )
Net (loss)
   
(67,448
)
   
(66,316
)
Net (loss) per share - basic and diluted
   
(0.00)
     
(0.00
)
Weighted average shares - basic and diluted
   
87,649,657
     
80,780,000
 
 
Our operations have resulted in significant losses and negative cash flow as we have invested in our property lease interests.

 
15

 

Exploration & development.  Exploration and mine development costs was $0 during the three months ended June 30,  2011 and 2010.
 
General and administrative expenses. Our general and administrative expenses increased by $15,574, or 30.4%, to $66,735 during three months ended June 30, 2011 from $51,161 during same period last year. We attribute the increase in our general and administrative expenses to professional and legal fees.  
 
Depreciation.  Depreciation was $26 for the three months ended June 30, 2011, $24 for the same period last year.

Net loss. Our net loss for the three months ended June 30, 2011 was $67,448 compared to $66,316 for the three months ended June 30, 2010, resulting in a basic per-share loss of $0.00  for both periods based on weighted average shares outstanding.
 
Since inception we have not generated any revenues, therefore our general, administrative and other costs have exceeded the resources we have generated through operations. As described above in “Liquidity and Capital Resources,” we have been dependent on debt/equity financing, to meet our working capital obligations and to finance our continuing operating losses. Our current lack of production further complicates our ability to raise cash from these sources. There can be no assurance that we will be able to continue to finance our operating losses in such a manner. We have, however, been able to raise additional funds in the past and we believe that we will be able to do so in the future.
 
(a) (8) Cash flow
 
We have been able to meet our working capital obligations and cover our net loss through the collection of our receivable from related party, net of repayments of related party notes and sale of common stock. Net cash flows provided by our financing activities totaled $40,018 for the three months ended June 30, 2011 and compared to $Nil provided for the same period in 2010. Cash increased to $4,185 as of June 30, 2011 from $3,150 at March 31, 2011.
 
Net cash flows for the three months ended June 30:
 
2011
   
2010
 
Net (loss)
 
$
(67,448
)
 
$
(66,316
)
Net cash flows (used in) operating activities
   
(40,423
)
   
(29,733
)
Net cash flows provided by investing activities
   
-
     
22,817
 
Net cash flows provided by financing activities
   
40,018
     
-
 
Effect of currency change on cash
   
1,440
     
(1,070
Net increase (decrease) increase  in cash
   
1,035
     
(7,986
Cash beginning of year
   
3,150
     
8,573
 
Cash end of period
   
4,185
     
587
 
 
We have used our equity to raise cash necessary to acquire property leases, expenses, and for payment of services. Our ability to continue to use our equity for those purposes is dependent on the price and trading volume of our common stock, both of which are volatile, and our ability to comply with federal and applicable state securities laws.
 
Although we have been successful in obtaining funds to date, there can be no assurance that we will be able to continue to be successful in doing so. Our ability to finance our operations will, in the end, be dependent on our ability to generate cash flow from operations, of which there can be no assurance.

 
16

 
 
 By adjusting our operations and development to the level of capitalization, we believe we have sufficient capital resources to meet projected cash flow deficits.  However, if during that period or thereafter, we are not successful in generating sufficient liquidity from operations or in raising sufficient capital resources, on terms acceptable to us, this could have a material adverse effect on our business, results of operations liquidity and financial condition.

Our registered independent certified public accountants have stated in their report dated June 29, 2011, that we have incurred operating losses in the last two years, and that we are dependent upon management’s ability to develop profitable operations and raise additional capital.  These factors among others may raise substantial doubt about our ability to continue as a going concern.

Off-Balance Sheet Arrangements
 
We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
 
Critical Accounting Policies
 
The preparation of condensed consolidated financial statements in conformity with generally accepted accounting principles requires our management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Going Concern
 
During the period October 10, 2005 (inception) to June 30, 2011, we generated no revenue and we had an accumulated deficit of $70,274,124.  We will need significant financing to implement our business plan. Our condensed consolidated financial statements have been prepared assuming that we will continue as a going concern.
 
The accompanying condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from our possible inability to continue as a going concern.

Item 3. - Quantitative and Qualitative Disclosures about Market Risk.
 
The Company is a smaller reporting company as defined by Rule 12b-2 under the Exchange Act and is not required to provide the information required under this item.
 

 
17

 
 
Item 4T.  CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that material information required to be disclosed in our periodic reports filed under the Securities Exchange Act of 1934, as amended, or 1934 Act, is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and to ensure that such information is accumulated and communicated to our management, including our chief executive officer/chief financial officer (principal financial officer) as appropriate, to allow timely decisions regarding required disclosure. During the quarter ended June 30, 2011 we carried out an evaluation, under the supervision and with the participation of our management, including the principal executive officer and the principal financial officer (principal financial officer), of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rule 13(a)-15(e) under the 1934 Act. Based on this evaluation, because of the Company’s limited resources and limited number of employees, management concluded that our disclosure controls and procedures were ineffective as of June 30, 2011.
 
Limitations on Effectiveness of Controls and Procedures
 
Our management, including our Chief Executive Officer and Chief Financial Officer (principal financial officer), does not expect that our disclosure controls and procedures or our internal controls will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include, but are not limited to, the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
 
Internal Controls over Financial Reporting

During the quarter ended June 30, 2011, there have been no changes in our internal control over financial reporting that have materially affected or are reasonably likely to materially affect our internal controls over financial reporting.

 PART II - OTHER INFORMATION

Item 1 - Legal Proceedings
 
From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business.  However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business.  We are currently not aware of any such legal proceedings that we believe will have, individually or in the aggregate, a material adverse affect on our business, financial condition or operating results.

 
18

 

Item 2 - Recent Sales of Unregistered Securities and Use of Proceeds
 
None.

Item 3 - Defaults on Senior Securities
 
None.
 
Item 4 - Submission of Matters to a Vote of Security Holders
 
None.
 
Item 5 - Other Information
 
None.  
 
Item 6 Exhibits
 
The following exhibits, required by Item 601 of Regulation S-K, are being filed as part of this quarterly report, or are incorporated by reference where indicated:
 
Exhibit No.
 
Description
     
31.1*
 
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Donald W. Hryhor (Principal Executive Officer and Principal Financial Officer) dated August 10, 2011.
     
32.1*
 
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Donald W. Hryhor (Principal Executive Officer and Principal Financial Officer) dated August 10, 2011.
     
101.INS   XBRL Instance
101.SCH   XBRL Schema
101.CAL   XBRL Calculation
101.DEF   XBRL Definition
101.LAB   XBRL Label
101.PRE   XBRL Presentation
 
*
filed herewith

 
19

 

 

SIGNATURES
 
In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, in the capacities and the dates indicated, thereunto duly authorized.
 
 
TAMM OIL AND GAS CORP.
   
Date:  August 11, 2011
By: 
/s/ William S. Tighe
 
Name:  William S. Tighe
Title:    Principal Executive Officer/Principal Financial Officer
 
20

EX-31.1 2 ex311.htm CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 FOR DONALD W. HRYHOR (PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER) DATED AUGUST 10, 2011. ex311.htm
 
Exhibit 31.1 Section 302 Certification


 
CERTIFICATION
 
I, William S. Tighe, certify that:
 
 
1.
I have reviewed this Quarterly  Report on Form 10-Q for the three months ended June 30, 2011 of Tamm Oil and Gas Corp. ;
 
  
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
 
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
 
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
 
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
 
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 Date: August 11, 2011
 
 
By:
/s/ William S. Tighe
 
William S. Tighe
Principal Executive Officer/Principal Financial Officer
 

EX-32.2 3 ex321.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 FOR DONALD W. HRYHOR (PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER) DATED AUGUST 10, 2011. ex321.htm
Exhibit 32.1 Section 906 Certification


 
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,AS ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
 
 
In connection with the Quarterly Report of Tamm Oil and Gas Corp. (the “Company”) on Form 10-Q for the three months ended June 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, William S. Tighe, Principal Executive Officer/Principal Financial Officer, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
 
 
        (1)              The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 
        (2)              The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
 
Date: August 11, 2011
 
 
By:
/s/ William S. Tighe
 
Principal Executive Officer/Principal Financial Officer
 
 
  This certification accompanies this Report pursuant to §906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the registrant for the purposes of §18 of the Securities Exchange Act of 1934, as amended. This certification shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended. This certification shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of this Report), irrespective of any general incorporation language contained in such filing.
 
A signed original of this written statement required by §906 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.
 
TAMM OIL AND GAS
 
   
By:
/s/ William S. Tighe
 
William S. Tighe
Chief Executive Officer/Chairman of the Board
Date: August 11, 2011
 
 
Pursuant the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of Tamm Oil and Gas Corp. and in the capacities and on the dates indicated.
 
By:
/s/ William S. Tighe
 
William S. Tighe, Chief Executive Officer/Chairman of the Board
 
 

EX-101.INS 4 tamo-20110630.xml XBRL INSTANCE 10-Q 2011-06-30 false TAMM OIL & GAS CORP. 0001374845 --03-31 92582523 Smaller Reporting Company Yes No No 2012 Q1 4185 3150 9424 8737 10809 809 24418 12696 14903662 14825270 158 184 14903820 14825454 315494 315494 315494 315494 15243732 15153644 587530 546476 100000 61191 70799 648721 717275 92583 80780 330074 3616857 83288291 79863311 -70274124 -70206676 -1158187 -1082097 14595011 14436369 15243732 15153644 0.001 0.001 1000000 1000000 0.001 0.001 750000000 750000000 92582524 80780000 92582524 80780000 66735 51161 2537009 64193028 26 24 1013 66762 51185 66731051 -66762 -51185 -66731051 -115 687 15131 163245 -3340173 37032 -67448 -66316 -70271615 2509 2509 -67448 -66316 -70274124 87649657 80780000 87649657 80780000 76090 -635668 1158187 8641 -701984 -69115938 80780 79863311 3616857 1082097 -70206676 80780000 80780000 10603 3276180 -3286783 10602524 10602524 1200 148800 150000 1200000 1200000 76090 -67448 -67448 92583 83288291 330074 1158187 -70274124 92582524 92582524 -66316 -70274124 -433164 641 690 6161 9996 9741 37636 37249 1091192 -40423 -29733 -1194424 27183 1201439 -50000 -228570 576252 38223 22817 -1587344 50000 1854000 1307295 9982 535971 40018 2625324 1440 -1070 160629 1035 -7986 4185 3150 8573 4185 4185 2509 10200000 11390000 54263160 800000 3616857 <!--egx--><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">NOTE 1&nbsp;&#150; SIGNIFICANT ACCOUNTING POLICIES</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">A summary of the significant accounting policies applied in the presentation of the accompanying unaudited condensed consolidated financial statements follows:</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">General</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">The interim condensed consolidated financial statements included herein have been&nbsp;prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (&#147;SEC&#148;) as promulgated in Item 210 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&#147;US GAAP&#148;) have been condensed or omitted pursuant to such SEC rules and regulations.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.&nbsp;&nbsp;The results from operations for the three month period ended June 30, 2011, are not necessarily indicative of the results that may be expected for the year ending March 31, 2012.&nbsp;&nbsp;The unaudited consolidated condensed&nbsp;financial statements should be read in conjunction with the financial statements and footnotes thereto for the year ended March 31, 2011, included in the Company&#146;s Form 10-K filed with the SEC on June 30, 2011.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Business and Basis of Presentation</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">TAMM Oil and Gas Corp., formerly Hola Communications, Inc. (the &#147;Company&#148;) was incorporated under the laws of the State of Nevada on October 10, 2005. The Company was formed to provide wireless broadband access. In October 2007, the Company decided to discontinue its efforts to develop its original business plan in the telecom industry and to re-direct its focus to the oil and gas Industry. In November 2007, the Company created a wholly owned Nevada subsidiary for the purpose of affecting a name change from Hola Communications, Inc. to TAMM Oil and Gas Corporation. To implement its current business plan, significant additional financing will be required and the Company will need to be successful in its efforts to identify, acquire and develop oil and gas reserves that are economically recoverable.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">The Company is in the development (exploration) stage as defined by Accounting Standards Codification subtopic 915-10 <font style="DISPLAY:inline; FONT-STYLE:italic">Development Stage Entities</font> (&#147;ASC 915-10&#148;) with its efforts principally devoted to developing oil and gas reserves. To date, the Company,&nbsp;has not generated sales revenues, has incurred expenses and has sustained losses.&nbsp;&nbsp;Consequently, its operations are subject to all the risks inherent in the establishment of a new business enterprise.&nbsp;&nbsp;For the period from inception through June 30, 2011, the Company has accumulated losses of $70,274,124.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">The consolidated financial statements include the accounts of the Company, including TAMM Oil and Gas Corp., its wholly-owned subsidiary, Union Energy, LLC (see below). All significant intercompany balances and transactions have been eliminated in consolidation.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Acquisition of Union Energy, LLC</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">&nbsp;&nbsp;</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">On June 12, 2009, the Company acquired Union Energy LLC, a Colorado limited liability corporation, in exchange for 1,000,000 shares of&nbsp;the Company&#146;s common stock valued at $.80 per share, the fair market value of the stock on that date, for a total investment of $800,000.&nbsp;&nbsp;As part of the acquisition, the Company acquired a 100% working interest in 5,120 acres of oil sands leases in the Province of Alberta.&nbsp;&nbsp;&nbsp;</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"> </div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">The total consideration paid was $800,000 and the significant components of the transaction are as follows:</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"> <table width="60%" style="FONT-SIZE:10pt; FONT-FAMILY:times new roman" cellpadding="0" cellspacing="0"> <tr> <td width="48%" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Assets acquired:</font></div></td> <td width="2%" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="9%" colspan="2" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td></tr> <tr bgcolor="#cceeff"> <td width="48%" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Undeveloped oil sands property lease</font></div></td> <td width="2%" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="1%" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">$</font></div></td> <td width="8%" align="right" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="right"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">800,000</font></div></td> <td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td></tr> <tr bgcolor="white"> <td width="48%" style="PADDING-BOTTOM:4px" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Liabilities assumed:</font></div></td> <td width="2%" style="PADDING-BOTTOM:4px" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="1%" style="BORDER-BOTTOM:black 4px double" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="8%" style="BORDER-BOTTOM:black 4px double" align="right" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="right"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">(&nbsp;-</font></div></td> <td width="1%" style="PADDING-BOTTOM:4px" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">)</font></div></td></tr> <tr bgcolor="#cceeff"> <td width="48%" style="PADDING-BOTTOM:4px" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;&nbsp;Net:</font></div></td> <td width="2%" style="PADDING-BOTTOM:4px" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="1%" style="BORDER-BOTTOM:black 4px double" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">$</font></div></td> <td width="8%" style="BORDER-BOTTOM:black 4px double" align="right" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="right"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">800,000</font></div></td> <td width="1%" style="PADDING-BOTTOM:4px" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td></tr></table></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">During the year ended March 31, 2011, the acquired leases expired, therefore the Company recorded an impairment loss of $800,000 during the year ended March 31, 2011.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Revenue Recognition</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">Revenues from the sale of petroleum and natural gas are recorded when title passes from the Company to its petroleum and/or natural gas purchaser and collectability is reasonably assured. The Company will begin recording revenue once it is determined there are proved reserves and production commences</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Estimates</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures.&nbsp;&nbsp;Accordingly, actual results could differ from those estimates.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Unconventional Oil Sands Properties</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">Acquisition, exploration and development of oil sands mining activities are capitalized when costs are recoverable and directly result in an identifiable future benefit, following the full cost method of accounting. Improvements that increase capacity or extend the useful lives of assets are capitalized. Maintenance and turnaround costs are expensed as incurred.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">Oil sands properties are assessed, at minimum annually, or as economic events dictate, for potential impairment. Impairment is assessed by comparing the estimated net undiscounted future cash flows to the carrying value of the asset. If required, the impairment recorded is the amount by which the carrying value of the asset exceeds its fair value.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">Capitalized costs are depleted and depreciated on the unit-of-production method based on the estimated gross proved reserves once determined by the independent petroleum engineers. Depletion and depreciation is calculated using the capitalized costs, including estimated asset retirement costs, plus the estimated future costs to be incurred in developing proved reserves, net of estimated salvage value.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"></font>&nbsp;</div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">Costs of acquiring and evaluating unproved properties and major development projects are excluded from the depletion and depreciation calculation if and until it is determined whether or not proved reserves can be assigned to such properties. Costs of unproved properties and major development projects are transferred to depletable costs based on the percentage of reserves assigned to each project over the expected total reserves when the project was initiated. These costs are assessed periodically to ascertain whether impairment has occurred.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt; TEXT-ALIGN:left"> </div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Depletion and Amortization of Oil and Gas Properties</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">The Company follows the full cost method of accounting for oil and gas properties.&nbsp;&nbsp;Under this method, all direct costs and certain indirect costs associated with acquisition of properties and successful as well as unsuccessful exploration and development activities are capitalized. Depreciation, depletion, and amortization of capitalized oil and gas properties and estimated future development costs, excluding unproved properties, are based on the unit-of-production method based on proved reserves.&nbsp;&nbsp;</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"></font>&nbsp;</div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">The Company periodically evaluates the carrying value of long-lived assets, including unproved properties, to be held and used in accordance with Accounting Standards Codification subtopic 360-10, <font style="DISPLAY:inline; FONT-STYLE:italic">Property, Plant and Equipment</font> (&#147;ASC 360-10&#148;). ASC 360-10 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets&#146; carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair market values are reduced for the cost of disposal.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Foreign Currency Translation</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">The Company translates the foreign currency financial statements into US Dollars using the year or reporting period end or average exchange rates in accordance with the requirements of Accounting Standards Codification subtopic 830-10, <font style="DISPLAY:inline; FONT-STYLE:italic">Foreign Currency Matters</font> (&#147;ASC 830-10&#148;)<font style="DISPLAY:inline; FONT-STYLE:italic">.</font> Assets and liabilities of these subsidiaries were translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average rates in effect for the periods presented. The cumulative translation adjustment is included in the accumulated other comprehensive gain (loss) within shareholders&#146; equity (deficit). Foreign currency transaction gains and losses arising from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the consolidated results of operations.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Functional Currency</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">The functional currency of the Companies is the Canadian dollar and the financial statements are reported as&nbsp;US dollar.&nbsp;&nbsp;When a transaction is executed in a foreign currency, it is re-measured into&nbsp;Canadian dollars based on appropriate rates of exchange in effect at the time of the transaction.&nbsp;&nbsp;At each balance sheet date, recorded balances that are denominated in a currency other than the functional currency of the Companies are adjusted to reflect the current exchange rate.&nbsp;&nbsp;The resulting foreign currency transactions gains (losses) are included in general and administrative expenses in the accompanying consolidated statements of operations.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Comprehensive Income (Loss)</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">The Company adopted Accounting Standards Codification subtopic 220-10, <font style="DISPLAY:inline; FONT-STYLE:italic">Comprehensive Income</font> (&#147;ASC 220-10&#148;) which establishes standards for the reporting and displaying of comprehensive income and its components. Comprehensive income is defined as the change in equity of a business during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. ASC 220-10 requires other comprehensive income (loss) to include foreign currency translation adjustments and unrealized gains and losses on available for sale securities.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"> </div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">&nbsp;<font style="DISPLAY:inline; TEXT-DECORATION:underline">Net Income (Loss) per Share</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">The Company computes earnings per share under Accounting Standards Codification subtopic 260-10, <font style="DISPLAY:inline; FONT-STYLE:italic">Earnings Per Share</font> (&#147;ASC 260-10&#148;). Net earnings (losses) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and dilutive common stock equivalents outstanding during the period. Dilutive common stock equivalents consist of shares issuable upon the exercise of the Company's outstanding warrants (calculated using the treasury stock method). During the three months ended June 30, 2011 and 2010, outstanding warrants were not considered because the exercise prices exceeded the weighted average common stock price of the Company for the period because they would be anti-dilutive, thereby decreasing the net loss per common share.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Reclassifications</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"></font>&nbsp;</div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">Certain amounts reported in the Company&#146;s financial statements for the prior periods may have been reclassified to conform to the current period presentation.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Reliance on Key Personnel and Consultants</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">The Company has no full-time employees and no part-time employees.&nbsp;&nbsp;There are approximately 3 consultants performing various specialized services.&nbsp;&nbsp;The Company is heavily dependent on the continued active participation of these current executive officers, employees and key consultants. The loss of any of the senior management or key consultants could significantly and negatively impact the business until adequate replacements can be identified and put in place.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"></font>&nbsp;</div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Recent Accounting Pronouncements</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">There were various&nbsp;&nbsp;updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company&#146;s consolidated financial position, results of operations or cash flows.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center">&nbsp;</div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt; TEXT-ALIGN:left"><br></br></div> <!--egx--><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; FONT-WEIGHT:bold">NOTE 2 &#150; GOING CONCERN MATTERS</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying unaudited condensed consolidated financial statements for the three months and inception to date periods ended June 30, 2011, the Company has incurred losses of $67,448 and $70,274,124, respectively.&nbsp;&nbsp;In addition, as of June 30, 2011, the Company had a working capital deficit of $624,303, and no revenue generating operations. These factors, among others, indicate that the Company may be unable to continue as a going concern.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"></font>&nbsp;</div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">The Company's existence is dependent upon management's ability to generate business opportunities, evaluate existing properties and surrounding lands, and&nbsp;initiate commercial production to develop profitable operations which will resolve its liquidity problems. The accompanying consolidated financial statements do not include any adjustments that may result should the Company be unable to continue as a going concern.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">The Company is attempting to obtain financing for its operations. There can be no assurance that the Company will be successful in its effort to secure additional equity financing. If operations and cash flows continue to improve through these efforts, management believes that the Company can continue to successfully maintain operations. However, no assurance can be given that management's actions will result in profitable operations or the resolution of its liquidity problems.</font></div> <!--egx--><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">NOTE 3 &#150; RECEIVABLE FROM AN AFFILIATED ENTITY</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">In connection with the October 2007 Letter of Intent to acquire all of the issued and outstanding shares of 1132559 Alberta Ltd. (&#147;Alberta&#148;), the Company purchased advances due to shareholders of Alberta, directly from the shareholders for $548,500 (during the year ended March 31, 2011, there were repayments of $88,905). The amount is recorded as receivable from an affiliated entity, as Alberta and TAMM have officers and/or directors in common. These advances were purchased for their face amounts, and they have no terms of repayment. As of June 30, 2011 and March 31 2011 the balance outstanding was $315,494.</font></div> <!--egx--><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">NOTE 4 &#150; OIL SANDS PROPERTIES</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"></font>&nbsp;</div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Union Energy, LLC</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">On June 12, 2009, the Company acquired Union Energy, LLC, a Colorado limited liability corporation, the sole asset of which was a 100% working interest in 5,120 acres of Oil Sands leases in the Province of Alberta in exchange for 1,000,000 shares of the Company&#146;s common stock valued at $.80 per share, the&nbsp;fair market value on the date of acquisition, for a total investment of $800,000.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">During the year ended March 31, 2011, the Company recorded an impairment loss of $800,000.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Peace River</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">The Company holdings include 14 sections of petroleum and natural gas (&#147;P&amp;NG&#148;) leases in the Peace River region of northern Alberta that have a carrying value of $372,721.&nbsp;&nbsp;In addition the Company leases 21 sections of oil sands leases in the Peace River region&nbsp;held at $718,903 adjacent to the above-mentioned sections.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"></font>&nbsp;</div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Sawn Lake</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">The Company has a royalty agreement applicable to 32 sections of oil sands leases. The subject royalties are 2% of gross revenue prior to any expenses from oil sand production.&nbsp;&nbsp;The value of these rights is recorded at $945,068, net of impairment adjustment of $2,929,868, as discussed below.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"></font>&nbsp;</div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">During the year ended March 31, 2010, the Company management performed an evaluation of its royalty agreement for purposes of determining the implied fair value of the assets at March 31, 2010. The test indicated that the recorded remaining book value of its royalty agreement exceeded its fair value for the year ended March 31, 2010.&nbsp;&nbsp;As a result, upon completion of the assessment, management recorded a non-cash impairment charge of $2,929,868, net of tax, or $0.04 per share during the year ended March 31, 2010 to reduce the carrying value of the royalty agreement to $945,068. Considerable management judgment is necessary to estimate the fair value.&nbsp;&nbsp;Accordingly, actual results could vary significantly from management&#146;s estimates.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Alberta Crown</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"></font>&nbsp;</div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">On September 24, 2009, the Company acquired a 100% working interest in 1,280 acres of oil sands leases with a 2% gross overriding royalty retained by the seller in exchange for 2,428,000 shares of the Company&#146;s common stock. The value of these rights is recorded at $1,626,760.&nbsp;&nbsp;In addition, the Company acquired 100% working interest in 6,400 acres of petroleum and natural gas leases with a 2% gross overriding royalty retained by the seller in exchange for 14,572,000 shares of the Company&#146;s common stock. These rights&nbsp;are recorded at $9,763,240.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt; TEXT-ALIGN:left"> </div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Farm Out Agreement</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">On March 15, 2011 the Company reached an agreement for a conventional industry farm in on the Manning properties with Cougar Oil and Gas Canada, Inc. (&#147;Cougar&#148;); a Company under common control.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"></font>&nbsp;</div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">Under the terms of the agreement &#150; Cougar has two work commitments to earn working interest in the Manning properties.&nbsp;&nbsp;The first work commitment of $2.5 million Cdn for the first year to perform certain activities consisting of drilling, seismic, coring and geologic reviews &#150; including 3d party engineering reports -&nbsp;&nbsp;to support an application to convert the P&amp;NG leases to oil sands leases. After the first earning program, Cougar will earn 30% of the overall working interest and be designated operator on the Manning Project. The second work commitment of&nbsp;$6.5 million Cdn for the subsequent 24 months consisting of drilling, seismic, coring, and geologic reviews and updates to the various reports. Post the second earning program, Cougar will earn an additional 20% working interest.</font></div> <!--egx--><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">NOTE 5 &#150; CAPITAL STOCK</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"></font>&nbsp;</div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Preferred Stock</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">The Company has authorized the issuance of 1,000,000 shares of preferred stock, with a par value of $.001 per share. The Company&#146;s Board of Directors has broad discretion to create one or more series of preferred stock and to determine the rights, preferences, and privileges of any such series.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Common stock</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">The Company initially authorized the issuance of 50,000,000 shares of common stock, par value $.001. On November 13, 2007, the Company declared a 15:1 forward split, and concurrently increased its authorized shares to 750,000,000 shares of common stock, par value $.001 per share. All share amounts have been restated as if the split had occurred October 10, 2005.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">As of June 30, 2011 and March 31, 2011, there were 92,582,524 and 80,780,000 shares of common stock issued and outstanding.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">During the three months ended June 30, 2011, the Company issued an aggregate of 10,602,524 shares of its common stock in settlement of outstanding notes and other obligations previously recorded as to be issued at March 31, 2011.</font></div> <!--egx--><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">NOTE 6 &#150; OPTIONS AND WARRANTS</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Warrants</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"></font>&nbsp;</div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">The following table summarizes the changes in warrants outstanding and related prices for the shares of the Company&#146;s common stock issued to shareholders at June 30, 2011:</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"> <table width="80%" style="FONT-SIZE:10pt; FONT-FAMILY:times new roman" cellpadding="0" cellspacing="0"> <tr> <td width="9%" colspan="2" style="BORDER-BOTTOM:black 4px double" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Exercise</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Price</font></div></td> <td width="1%" style="PADDING-BOTTOM:4px" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="10%" style="BORDER-BOTTOM:black 4px double" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Number</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Outstanding</font></div></td> <td width="17%" style="BORDER-BOTTOM:black 4px double" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Warrants&nbsp;Outstanding</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Weighted&nbsp;Average</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Remaining&nbsp;Contractual</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Life&nbsp;(years)</font></div></td> <td width="2%" style="PADDING-BOTTOM:4px" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="9%" colspan="2" style="BORDER-BOTTOM:black 4px double" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Weighted</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Average</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Exercise&nbsp;price</font></div></td> <td width="1%" style="PADDING-BOTTOM:4px" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="19%" style="BORDER-BOTTOM:black 4px double" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Number</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Exercisable</font></div></td> <td width="2%" style="PADDING-BOTTOM:4px" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="9%" colspan="2" style="BORDER-BOTTOM:black 4px double" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Warrants&nbsp;Exercisable</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Weighted</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Average</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Exercise&nbsp;Price</font></div></td> <td width="1%" style="PADDING-BOTTOM:4px" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td></tr> <tr bgcolor="#cceeff"> <td width="1%" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">$</font></div></td> <td width="8%" align="right" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="right"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">0.25</font></div></td> <td width="1%" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="10%" align="right" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="right"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">1,200,000</font></div></td> <td width="17%" align="right" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="right"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">2.91</font></div></td> <td width="2%" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="1%" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">$</font></div></td> <td width="8%" align="right" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="right"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">0.25</font></div></td> <td width="1%" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="19%" align="right" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="right"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">1,200,000</font></div></td> <td width="2%" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="1%" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">$</font></div></td> <td width="8%" align="right" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="right"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">0.25</font></div></td> <td width="1%" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td></tr> <tr bgcolor="white"> <td width="1%" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">$</font></div></td> <td width="8%" align="right" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="right"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">0.30</font></div></td> <td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="10%" align="right" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="right"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">5,833,643</font></div></td> <td width="17%" align="right" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="right"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">2.73</font></div></td> <td width="2%" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="1%" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">$</font></div></td> <td width="8%" align="right" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="right"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">0.30</font></div></td> <td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="19%" align="right" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="right"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">5,833,643</font></div></td> <td width="2%" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="1%" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">$</font></div></td> <td width="8%" align="right" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="right"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">0.30</font></div></td> <td width="1%" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td></tr> <tr bgcolor="#cceeff"> <td width="1%" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">$</font></div></td> <td width="8%" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="1%" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="10%" align="right" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="right"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">7,033,643</font></div></td> <td width="17%" align="right" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="right"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">2.76</font></div></td> <td width="2%" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="1%" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="8%" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="1%" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="19%" align="right" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="right"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">7,033,643</font></div></td> <td width="2%" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="1%" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">$</font></div></td> <td width="8%" align="right" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="right"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">0.29</font></div></td> <td width="1%" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td></tr></table></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt; TEXT-ALIGN:left"> </div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">Transactions involving the Company&#146;s warrant issuance are summarized as follows:</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"></font>&nbsp;</div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"> <table width="60%" style="FONT-SIZE:10pt; FONT-FAMILY:times new roman" cellpadding="0" cellspacing="0"> <tr> <td width="36%" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;&nbsp;</font></div></td> <td width="2%" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="21%" colspan="6" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Stock&nbsp;Warrants</font></div></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td></tr> <tr> <td width="36%" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="2%" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="9%" colspan="2" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="2%" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="9%" colspan="2" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Weighted</font></div></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td></tr> <tr> <td width="36%" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="2%" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="9%" colspan="2" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="2%" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="9%" colspan="2" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Exercise</font></div></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td></tr> <tr> <td width="36%" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="2%" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="9%" colspan="2" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Shares</font></div></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="2%" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="9%" colspan="2" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Price</font></div></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td></tr> <tr> <td width="36%" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Outstanding at March 31, 2010</font></div></td> <td width="2%" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&#151;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="2%" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">$</font></td> <td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&#151;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td width="36%" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Granted</font></div></td> <td width="2%" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">5,833,643</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="2%" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">0.30</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td></tr> <tr bgcolor="white"> <td width="36%" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Canceled</font></div></td> <td width="2%" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&#151;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="2%" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&#151;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td width="36%" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Expired</font></div></td> <td width="2%" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&#151;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="2%" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&#151;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td></tr> <tr bgcolor="white"> <td width="36%" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Exercised</font></div></td> <td width="2%" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&#151;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="2%" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&#151;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td width="36%" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Outstanding at March 31, 2011</font></div></td> <td width="2%" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">5,833,643</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="2%" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">0.30</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td></tr> <tr bgcolor="white"> <td width="36%" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Granted</font></div></td> <td width="2%" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">1,200,000</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="2%" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">0.25</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td width="36%" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Canceled</font></div></td> <td width="2%" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&#151;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="2%" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&#151;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td></tr> <tr bgcolor="white"> <td width="36%" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Expired</font></div></td> <td width="2%" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&#151;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="2%" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&#151;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td width="36%" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Exercised</font></div></td> <td width="2%" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&#151;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="2%" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&#151;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td></tr> <tr bgcolor="white"> <td width="36%" style="BORDER-BOTTOM:black 4px double" align="left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp; </font></td> <td width="2%" style="BORDER-BOTTOM:black 4px double" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="8%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="2%" style="BORDER-BOTTOM:black 4px double" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="8%" style="BORDER-BOTTOM:black 4px double; TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="PADDING-BOTTOM:4px; TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td width="36%" align="left" valign="bottom"> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">Outstanding at June 30, 2011</font></div></td> <td width="2%" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">7,033,643</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="2%" align="right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td> <td width="8%" style="TEXT-ALIGN:right" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">0.29</font></td> <td width="1%" style="TEXT-ALIGN:left" valign="bottom"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:times new roman">&nbsp;</font></td></tr></table></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">In connection with the sale of common stock, the Company issued warrants to purchase 1,200,000 of the Company's common stock at $0.25 per share expiring three years from the date of issuance.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Options</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">As of June 30, 2011 and March 31, 2011, the Company had no outstanding options.</font></div> <!--egx--><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">NOTE 7 - CONTINGENCIES</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Operating leases</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">The Company is provided operating facilities from an affiliated entity at no cost.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Consulting agreements</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">The Company has consulting agreements with outside contractors, certain of whom are also Company stockholders. The Agreements are generally month to month.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Litigation</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. We are currently not aware of any such legal proceedings that we believe will have, individually or in the aggregate, a material adverse affect on our business, financial condition or operating results.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <!--egx--><div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-WEIGHT:bold; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">NOTE 8&nbsp;&#150; RELATED PARTY TRANSACTIONS</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="left"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"></font>&nbsp;</div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">The Company leases office space under an operating lease for its corporate use at $3,000 per month on a month to month basis from an entity with common senior management.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"> </div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"><font style="DISPLAY:inline; TEXT-DECORATION:underline">Farm Out Agreement</font></font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">On March 15, 2011 the Company reached an agreement for a conventional industry farm in on the Manning properties with Cougar Oil and Gas Canada, Inc. (&#147;Cougar&#148;); a Company under common control.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman"></font>&nbsp;</div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">Under the terms of the agreement &#150; Cougar has two work commitments to earn working interest in the Manning properties.&nbsp;&nbsp;The first work commitment of $2.5 million Cdn for the first year to perform certain activities consisting of drilling, seismic, coring and geologic reviews &#150; including 3d party engineering reports -&nbsp;&nbsp;to support an application to convert the P&amp;NG leases to oil sands leases. After the first earning program, Cougar will earn 30% of the overall working interest and be designated operator on the Manning Project. The second work commitment of&nbsp;$6.5 million Cdn for the subsequent 24 months consisting of drilling, seismic, coring, and geologic reviews and updates to the various reports. Post the second earning program, Cougar will earn an additional 20% working interest.</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">During the three months ended June 30, 2011, the Company paid back $9,982 in advances from related parties.&nbsp;&nbsp;Total advances at June 30, 2011 amount to $61,191.&nbsp;</font></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="center"><br></br></div> <div style="DISPLAY:block; MARGIN-LEFT:0pt; TEXT-INDENT:0pt; LINE-HEIGHT:1.25; MARGIN-RIGHT:0pt" align="justify"><font style="DISPLAY:inline; FONT-SIZE:10pt; FONT-FAMILY:Times New Roman">During the year ended March 31, 2011, the Company agreed to issue 1,770,511 shares of its common stock to reimburse a related party for legal expenses and other costs incurred on the Company's behalf totally $265,577.&nbsp;&nbsp;The Common stock was issued during the three months ended June 30, 2011.</font></div> <!--egx--><div style="DISPLAY:block; 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Jun. 30, 2011
Mar. 31, 2011
Preferred stock par value $ 0.001 $ 0.001
Preferred stock shares authorized 1,000,000 1,000,000
Common stock par value $ 0.001 $ 0.001
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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 57 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2010
OPERATING EXPENSES:      
Selling, general and administrative $ 66,735 $ 51,161 $ 2,537,009
Loss on impairment of oil and gas properties     64,193,028
Depreciation 26 24 1,013
Total operating expenses 66,762 51,185 66,731,051
Loss from operations (66,762) (51,185) (66,731,051)
OTHER INCOME (EXPENSE)      
Foreign exchange (expense) gain     (115)
Interest (expense) (687) (15,131) (163,245)
Loss on settlement of debt     (3,340,173)
Loss on impairment of fixed assets     (37,032)
Loss before provision for income taxes (67,448) (66,316) (70,271,615)
Provision for income taxes:      
Current     2,509
Total income taxes     2,509
NET LOSS $ (67,448) $ (66,316) $ (70,274,124)
Net (loss) per common share (basic and fully diluted)      
Weighted average number of common shares outstanding, basic 87,649,657 80,780,000  
Weighted average number of common shares outstanding, fully diluted 87,649,657 80,780,000  
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Aug. 08, 2011
Document and Entity Information    
Entity Registrant Name TAMM OIL & GAS CORP.  
Document Type 10-Q  
Document Period End Date Jun. 30, 2011
Amendment Flag false  
Entity Central Index Key 0001374845  
Current Fiscal Year End Date --03-31  
Entity Common Stock, Shares Outstanding   92,582,523
Entity Filer Category Smaller Reporting Company  
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Well-known Seasoned Issuer No  
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q1  
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XML 14 R12.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Capital Stock
3 Months Ended
Jun. 30, 2011
Equity  
Stockholders' Equity Note Disclosure [Text Block]
NOTE 5 – CAPITAL STOCK
 
Preferred Stock


The Company has authorized the issuance of 1,000,000 shares of preferred stock, with a par value of $.001 per share. The Company’s Board of Directors has broad discretion to create one or more series of preferred stock and to determine the rights, preferences, and privileges of any such series.


Common stock


The Company initially authorized the issuance of 50,000,000 shares of common stock, par value $.001. On November 13, 2007, the Company declared a 15:1 forward split, and concurrently increased its authorized shares to 750,000,000 shares of common stock, par value $.001 per share. All share amounts have been restated as if the split had occurred October 10, 2005.


As of June 30, 2011 and March 31, 2011, there were 92,582,524 and 80,780,000 shares of common stock issued and outstanding.


During the three months ended June 30, 2011, the Company issued an aggregate of 10,602,524 shares of its common stock in settlement of outstanding notes and other obligations previously recorded as to be issued at March 31, 2011.
XML 15 R8.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Significant Accounting Policies
3 Months Ended
Jun. 30, 2011
Accounting Policies  
Significant Accounting Policies [Text Block]
NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES


A summary of the significant accounting policies applied in the presentation of the accompanying unaudited condensed consolidated financial statements follows:


General


The interim condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) as promulgated in Item 210 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations.


In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  The results from operations for the three month period ended June 30, 2011, are not necessarily indicative of the results that may be expected for the year ending March 31, 2012.  The unaudited consolidated condensed financial statements should be read in conjunction with the financial statements and footnotes thereto for the year ended March 31, 2011, included in the Company’s Form 10-K filed with the SEC on June 30, 2011.


Business and Basis of Presentation


TAMM Oil and Gas Corp., formerly Hola Communications, Inc. (the “Company”) was incorporated under the laws of the State of Nevada on October 10, 2005. The Company was formed to provide wireless broadband access. In October 2007, the Company decided to discontinue its efforts to develop its original business plan in the telecom industry and to re-direct its focus to the oil and gas Industry. In November 2007, the Company created a wholly owned Nevada subsidiary for the purpose of affecting a name change from Hola Communications, Inc. to TAMM Oil and Gas Corporation. To implement its current business plan, significant additional financing will be required and the Company will need to be successful in its efforts to identify, acquire and develop oil and gas reserves that are economically recoverable.


The Company is in the development (exploration) stage as defined by Accounting Standards Codification subtopic 915-10 Development Stage Entities (“ASC 915-10”) with its efforts principally devoted to developing oil and gas reserves. To date, the Company, has not generated sales revenues, has incurred expenses and has sustained losses.  Consequently, its operations are subject to all the risks inherent in the establishment of a new business enterprise.  For the period from inception through June 30, 2011, the Company has accumulated losses of $70,274,124.


The consolidated financial statements include the accounts of the Company, including TAMM Oil and Gas Corp., its wholly-owned subsidiary, Union Energy, LLC (see below). All significant intercompany balances and transactions have been eliminated in consolidation.


Acquisition of Union Energy, LLC
  
On June 12, 2009, the Company acquired Union Energy LLC, a Colorado limited liability corporation, in exchange for 1,000,000 shares of the Company’s common stock valued at $.80 per share, the fair market value of the stock on that date, for a total investment of $800,000.  As part of the acquisition, the Company acquired a 100% working interest in 5,120 acres of oil sands leases in the Province of Alberta.   
The total consideration paid was $800,000 and the significant components of the transaction are as follows:


Assets acquired:
     
Undeveloped oil sands property lease
 
$
800,000
 
Liabilities assumed:
   
( -
)
  Net:
 
$
800,000
 


During the year ended March 31, 2011, the acquired leases expired, therefore the Company recorded an impairment loss of $800,000 during the year ended March 31, 2011.


Revenue Recognition


Revenues from the sale of petroleum and natural gas are recorded when title passes from the Company to its petroleum and/or natural gas purchaser and collectability is reasonably assured. The Company will begin recording revenue once it is determined there are proved reserves and production commences


Estimates


The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures.  Accordingly, actual results could differ from those estimates.


Unconventional Oil Sands Properties


Acquisition, exploration and development of oil sands mining activities are capitalized when costs are recoverable and directly result in an identifiable future benefit, following the full cost method of accounting. Improvements that increase capacity or extend the useful lives of assets are capitalized. Maintenance and turnaround costs are expensed as incurred.


Oil sands properties are assessed, at minimum annually, or as economic events dictate, for potential impairment. Impairment is assessed by comparing the estimated net undiscounted future cash flows to the carrying value of the asset. If required, the impairment recorded is the amount by which the carrying value of the asset exceeds its fair value.


Capitalized costs are depleted and depreciated on the unit-of-production method based on the estimated gross proved reserves once determined by the independent petroleum engineers. Depletion and depreciation is calculated using the capitalized costs, including estimated asset retirement costs, plus the estimated future costs to be incurred in developing proved reserves, net of estimated salvage value.
 
Costs of acquiring and evaluating unproved properties and major development projects are excluded from the depletion and depreciation calculation if and until it is determined whether or not proved reserves can be assigned to such properties. Costs of unproved properties and major development projects are transferred to depletable costs based on the percentage of reserves assigned to each project over the expected total reserves when the project was initiated. These costs are assessed periodically to ascertain whether impairment has occurred.
Depletion and Amortization of Oil and Gas Properties


The Company follows the full cost method of accounting for oil and gas properties.  Under this method, all direct costs and certain indirect costs associated with acquisition of properties and successful as well as unsuccessful exploration and development activities are capitalized. Depreciation, depletion, and amortization of capitalized oil and gas properties and estimated future development costs, excluding unproved properties, are based on the unit-of-production method based on proved reserves.  
 
The Company periodically evaluates the carrying value of long-lived assets, including unproved properties, to be held and used in accordance with Accounting Standards Codification subtopic 360-10, Property, Plant and Equipment (“ASC 360-10”). ASC 360-10 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair market values are reduced for the cost of disposal.


Foreign Currency Translation


The Company translates the foreign currency financial statements into US Dollars using the year or reporting period end or average exchange rates in accordance with the requirements of Accounting Standards Codification subtopic 830-10, Foreign Currency Matters (“ASC 830-10”). Assets and liabilities of these subsidiaries were translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average rates in effect for the periods presented. The cumulative translation adjustment is included in the accumulated other comprehensive gain (loss) within shareholders’ equity (deficit). Foreign currency transaction gains and losses arising from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the consolidated results of operations.


Functional Currency


The functional currency of the Companies is the Canadian dollar and the financial statements are reported as US dollar.  When a transaction is executed in a foreign currency, it is re-measured into Canadian dollars based on appropriate rates of exchange in effect at the time of the transaction.  At each balance sheet date, recorded balances that are denominated in a currency other than the functional currency of the Companies are adjusted to reflect the current exchange rate.  The resulting foreign currency transactions gains (losses) are included in general and administrative expenses in the accompanying consolidated statements of operations.


Comprehensive Income (Loss)


The Company adopted Accounting Standards Codification subtopic 220-10, Comprehensive Income (“ASC 220-10”) which establishes standards for the reporting and displaying of comprehensive income and its components. Comprehensive income is defined as the change in equity of a business during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. ASC 220-10 requires other comprehensive income (loss) to include foreign currency translation adjustments and unrealized gains and losses on available for sale securities.
 Net Income (Loss) per Share


The Company computes earnings per share under Accounting Standards Codification subtopic 260-10, Earnings Per Share (“ASC 260-10”). Net earnings (losses) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and dilutive common stock equivalents outstanding during the period. Dilutive common stock equivalents consist of shares issuable upon the exercise of the Company's outstanding warrants (calculated using the treasury stock method). During the three months ended June 30, 2011 and 2010, outstanding warrants were not considered because the exercise prices exceeded the weighted average common stock price of the Company for the period because they would be anti-dilutive, thereby decreasing the net loss per common share.


Reclassifications
 
Certain amounts reported in the Company’s financial statements for the prior periods may have been reclassified to conform to the current period presentation.


Reliance on Key Personnel and Consultants


The Company has no full-time employees and no part-time employees.  There are approximately 3 consultants performing various specialized services.  The Company is heavily dependent on the continued active participation of these current executive officers, employees and key consultants. The loss of any of the senior management or key consultants could significantly and negatively impact the business until adequate replacements can be identified and put in place.
 
Recent Accounting Pronouncements


There were various  updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company’s consolidated financial position, results of operations or cash flows.
 


XML 16 R14.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Contingencies
3 Months Ended
Jun. 30, 2011
Commitment and Contingencies  
Commitments and Contingencies Disclosure [Text Block]
NOTE 7 - CONTINGENCIES


Operating leases


The Company is provided operating facilities from an affiliated entity at no cost.


Consulting agreements


The Company has consulting agreements with outside contractors, certain of whom are also Company stockholders. The Agreements are generally month to month.


Litigation


From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. We are currently not aware of any such legal proceedings that we believe will have, individually or in the aggregate, a material adverse affect on our business, financial condition or operating results.


XML 17 R15.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Related Party Transactions
3 Months Ended
Jun. 30, 2011
Related Party Disclosures  
Related Party Transactions Disclosure [Text Block]
NOTE 8 – RELATED PARTY TRANSACTIONS
 
The Company leases office space under an operating lease for its corporate use at $3,000 per month on a month to month basis from an entity with common senior management.
Farm Out Agreement


On March 15, 2011 the Company reached an agreement for a conventional industry farm in on the Manning properties with Cougar Oil and Gas Canada, Inc. (“Cougar”); a Company under common control.
 
Under the terms of the agreement – Cougar has two work commitments to earn working interest in the Manning properties.  The first work commitment of $2.5 million Cdn for the first year to perform certain activities consisting of drilling, seismic, coring and geologic reviews – including 3d party engineering reports -  to support an application to convert the P&NG leases to oil sands leases. After the first earning program, Cougar will earn 30% of the overall working interest and be designated operator on the Manning Project. The second work commitment of $6.5 million Cdn for the subsequent 24 months consisting of drilling, seismic, coring, and geologic reviews and updates to the various reports. Post the second earning program, Cougar will earn an additional 20% working interest.


During the three months ended June 30, 2011, the Company paid back $9,982 in advances from related parties.  Total advances at June 30, 2011 amount to $61,191. 


During the year ended March 31, 2011, the Company agreed to issue 1,770,511 shares of its common stock to reimburse a related party for legal expenses and other costs incurred on the Company's behalf totally $265,577.  The Common stock was issued during the three months ended June 30, 2011.
XML 18 R13.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Options and Warrants
3 Months Ended
Jun. 30, 2011
Investments, All Other Investments  
Financial Instruments Disclosure [Text Block]
NOTE 6 – OPTIONS AND WARRANTS


Warrants
 
The following table summarizes the changes in warrants outstanding and related prices for the shares of the Company’s common stock issued to shareholders at June 30, 2011:


Exercise
Price
 
Number
Outstanding
Warrants Outstanding
Weighted Average
Remaining Contractual
Life (years)
 
Weighted
Average
Exercise price
 
Number
Exercisable
 
Warrants Exercisable
Weighted
Average
Exercise Price
 
$
0.25
 
1,200,000
2.91
 
$
0.25
 
1,200,000
 
$
0.25
 
$
0.30
 
5,833,643
2.73
 
$
0.30
 
5,833,643
 
$
0.30
 
$
   
7,033,643
2.76
       
7,033,643
 
$
0.29
 
Transactions involving the Company’s warrant issuance are summarized as follows:
 
  
 
Stock Warrants
 
         
Weighted
 
         
Exercise
 
   
Shares
   
Price
 
Outstanding at March 31, 2010
        $  
Granted
    5,833,643       0.30  
Canceled
           
Expired
           
Exercised
           
Outstanding at March 31, 2011
    5,833,643       0.30  
Granted
    1,200,000       0.25  
Canceled
           
Expired
           
Exercised
           
                 
Outstanding at June 30, 2011
    7,033,643       0.29  


In connection with the sale of common stock, the Company issued warrants to purchase 1,200,000 of the Company's common stock at $0.25 per share expiring three years from the date of issuance.


Options


As of June 30, 2011 and March 31, 2011, the Company had no outstanding options.
XML 19 R6.htm IDEA: XBRL DOCUMENT  v2.3.0.11
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) (USD $)
Total
Common Stock
Additional Paid in Capital
Common Stock To be Issued
Other Comprehensive Income (loss)
Deficit Accumulated During the Development Stage
Balance at Mar. 31, 2011 $ 14,436,369 $ 80,780 $ 79,863,311 $ 3,616,857 $ 1,082,097 $ (70,206,676)
Balance - shares at Mar. 31, 2011 80,780,000 80,780,000        
Common stock issued in settlement of debt   10,603 3,276,180 (3,286,783)    
Common stock issued in settlement of debt - shares 10,602,524 10,602,524        
Sale of common stock 150,000 1,200 148,800      
Sale of common stock - shares 1,200,000 1,200,000        
Foreign currency translation gain 76,090       76,090  
Net loss (67,448)         (67,448)
Balance at Jun. 30, 2011 $ 14,595,011 $ 92,583 $ 83,288,291 $ 330,074 $ 1,158,187 $ (70,274,124)
Balance - shares at Jun. 30, 2011 92,582,524 92,582,524        
XML 20 R9.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Going Concern Matters
3 Months Ended
Jun. 30, 2011
Organization, Consolidation and Presentation of Financial Statements  
Going Concern Note
NOTE 2 – GOING CONCERN MATTERS


The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying unaudited condensed consolidated financial statements for the three months and inception to date periods ended June 30, 2011, the Company has incurred losses of $67,448 and $70,274,124, respectively.  In addition, as of June 30, 2011, the Company had a working capital deficit of $624,303, and no revenue generating operations. These factors, among others, indicate that the Company may be unable to continue as a going concern.
 
The Company's existence is dependent upon management's ability to generate business opportunities, evaluate existing properties and surrounding lands, and initiate commercial production to develop profitable operations which will resolve its liquidity problems. The accompanying consolidated financial statements do not include any adjustments that may result should the Company be unable to continue as a going concern.


The Company is attempting to obtain financing for its operations. There can be no assurance that the Company will be successful in its effort to secure additional equity financing. If operations and cash flows continue to improve through these efforts, management believes that the Company can continue to successfully maintain operations. However, no assurance can be given that management's actions will result in profitable operations or the resolution of its liquidity problems.
XML 21 R10.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Receivable From an Affiliated Entity
3 Months Ended
Jun. 30, 2011
Deferred Costs, Capitalized, Prepaid, and Other Assets  
Other Assets Disclosure [Text Block]
NOTE 3 – RECEIVABLE FROM AN AFFILIATED ENTITY


In connection with the October 2007 Letter of Intent to acquire all of the issued and outstanding shares of 1132559 Alberta Ltd. (“Alberta”), the Company purchased advances due to shareholders of Alberta, directly from the shareholders for $548,500 (during the year ended March 31, 2011, there were repayments of $88,905). The amount is recorded as receivable from an affiliated entity, as Alberta and TAMM have officers and/or directors in common. These advances were purchased for their face amounts, and they have no terms of repayment. As of June 30, 2011 and March 31 2011 the balance outstanding was $315,494.
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Oil Sands Properties
3 Months Ended
Jun. 30, 2011
Extractive Industries  
Oil and Gas Exploration and Production Industries Disclosures [Text Block]
NOTE 4 – OIL SANDS PROPERTIES
 
Union Energy, LLC


On June 12, 2009, the Company acquired Union Energy, LLC, a Colorado limited liability corporation, the sole asset of which was a 100% working interest in 5,120 acres of Oil Sands leases in the Province of Alberta in exchange for 1,000,000 shares of the Company’s common stock valued at $.80 per share, the fair market value on the date of acquisition, for a total investment of $800,000.


During the year ended March 31, 2011, the Company recorded an impairment loss of $800,000.


Peace River


The Company holdings include 14 sections of petroleum and natural gas (“P&NG”) leases in the Peace River region of northern Alberta that have a carrying value of $372,721.  In addition the Company leases 21 sections of oil sands leases in the Peace River region held at $718,903 adjacent to the above-mentioned sections.
 
Sawn Lake


The Company has a royalty agreement applicable to 32 sections of oil sands leases. The subject royalties are 2% of gross revenue prior to any expenses from oil sand production.  The value of these rights is recorded at $945,068, net of impairment adjustment of $2,929,868, as discussed below.
 
During the year ended March 31, 2010, the Company management performed an evaluation of its royalty agreement for purposes of determining the implied fair value of the assets at March 31, 2010. The test indicated that the recorded remaining book value of its royalty agreement exceeded its fair value for the year ended March 31, 2010.  As a result, upon completion of the assessment, management recorded a non-cash impairment charge of $2,929,868, net of tax, or $0.04 per share during the year ended March 31, 2010 to reduce the carrying value of the royalty agreement to $945,068. Considerable management judgment is necessary to estimate the fair value.  Accordingly, actual results could vary significantly from management’s estimates.


Alberta Crown
 
On September 24, 2009, the Company acquired a 100% working interest in 1,280 acres of oil sands leases with a 2% gross overriding royalty retained by the seller in exchange for 2,428,000 shares of the Company’s common stock. The value of these rights is recorded at $1,626,760.  In addition, the Company acquired 100% working interest in 6,400 acres of petroleum and natural gas leases with a 2% gross overriding royalty retained by the seller in exchange for 14,572,000 shares of the Company’s common stock. These rights are recorded at $9,763,240.
Farm Out Agreement


On March 15, 2011 the Company reached an agreement for a conventional industry farm in on the Manning properties with Cougar Oil and Gas Canada, Inc. (“Cougar”); a Company under common control.
 
Under the terms of the agreement – Cougar has two work commitments to earn working interest in the Manning properties.  The first work commitment of $2.5 million Cdn for the first year to perform certain activities consisting of drilling, seismic, coring and geologic reviews – including 3d party engineering reports -  to support an application to convert the P&NG leases to oil sands leases. After the first earning program, Cougar will earn 30% of the overall working interest and be designated operator on the Manning Project. The second work commitment of $6.5 million Cdn for the subsequent 24 months consisting of drilling, seismic, coring, and geologic reviews and updates to the various reports. Post the second earning program, Cougar will earn an additional 20% working interest.
XML 25 R5.htm IDEA: XBRL DOCUMENT  v2.3.0.11
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
3 Months Ended 57 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2010
Comprehensive (loss) income:      
Net (loss) $ (67,448) $ (66,316) $ (70,274,124)
Foreign currency translation gain 76,090 (635,668) 1,158,187
Comprehensive income (loss): $ 8,641 $ (701,984) $ (69,115,938)
XML 26 R7.htm IDEA: XBRL DOCUMENT  v2.3.0.11
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
3 Months Ended 57 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (67,448) $ (66,316) $ (70,274,124)
Depreciation 26 24 1,013
Impairment of property and equipment     37,032
Impairment of investments in stock and royalty agreements     64,193,028
Common stock to be issued in settlement of assumed debt     433,164
Loss on settlement of debt     3,340,173
Decrease (increase) in accounts receivable (641) (690) (6,161)
Decrease (increase) in prepaid expenses (9,996)   (9,741)
(Decrease) increase in accounts payable 37,636 37,249 1,091,192
Net cash (used in) operating activities (40,423) (29,733) (1,194,424)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of oil and gas properties   (27,183) (1,201,439)
Decrease in receivables, affiliates   50,000 228,570
Purchase of investment     (576,252)
Purchases of property and equipment     (38,223)
Net cash provided by (used in) investing activities   22,817 (1,587,344)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from sale of common stock 50,000   1,854,000
Proceeds from notes payable     1,307,295
Repayments of notes payable (9,982)   (535,971)
Net cash provided by financing activities 40,018   2,625,324
Effect of currency rate change on cash 1,440 (1,070) 160,629
Net (decrease) increase in cash and cash equivalents 1,035 (7,986) 4,185
Cash and cash equivalents at beginning of period 3,150 8,573  
Cash and cash equivalents at end of period 4,185 4,185 4,185
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Cash paid during the period for interest      
Cash paid during the period for taxes     2,509
NONCASH INVESTING AND FINANCING ACTIVITIES:      
Issuance of common stock for royalty agreements     10,200,000
Issuance of common stock for undeveloped property     11,390,000
Issuance of common stock in exchange for common stock of an unaffiliated entity     54,263,160
Issuance of common stock in exchange for acquisition of Union Energy, LLC.     800,000
Common stock issued or to be issued in settlement of debt     $ 3,616,857
XML 27 R16.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Subsequent Events
3 Months Ended
Jun. 30, 2011
Subsequent Events  
Subsequent Events [Text Block]
NOTE 9 SUBSEQUENT EVENTS
 
Management evaluated all activities of the Company through the issuance date of the Company’s consolidated financial statements and concluded that no subsequent events have occurred that would require adjustments or disclosures into the consolidated financial statements.
XML 28 R2.htm IDEA: XBRL DOCUMENT  v2.3.0.11
CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2011
Mar. 31, 2011
Current assets:    
Cash $ 4,185 $ 3,150
Accounts receivable 9,424 8,737
Other current assets 10,809 809
Total current assets 24,418 12,696
Property, plant and equipment:    
Oil sands properties, unevaluated 14,903,662 14,825,270
Furniture and equipment, net 158 184
Total property, plant and equipment 14,903,820 14,825,454
Other assets:    
Receivable from affiliated entity 315,494 315,494
Total other assets 315,494 315,494
Total assets 15,243,732 15,153,644
Current liabilities:    
Accounts payable and accrued liabilities 587,530 546,476
Deposits   100,000
Advances from related party 61,191 70,799
Total current liabilities 648,721 717,275
Commitments and contingencies    
Stockholders' equity:    
Common stock; $0.001 par value; 750,000,000 shares authorized, 92,582,524 and 80,780,000 shares issued and outstanding as of June 30, 2011 and March 31, 2011, respectively 92,583 80,780
Common stock to be issued 330,074 3,616,857
Additional paid in capital 83,288,291 79,863,311
(Deficit) accumulated during exploration stage (70,274,124) (70,206,676)
Accumulated other comprehensive (loss) 1,158,187 1,082,097
Total stockholders' equity 14,595,011 14,436,369
Total liabilities and stockholders' equity $ 15,243,732 $ 15,153,644
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