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<p style="margin: 0pt"></p>
<div><div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"><tr><td style="text-align: left; vertical-align: top; width: 4%"><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: bold 10pt times new roman">1  </font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: bold 10pt times new roman">Basis of Presentation and Nature of Business</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">Sillenger Exploration Corp. (“Sillenger” or the “Company”) was incorporated in Nevada on February 14, 2007.  Sillenger is an exploration stage company and has not yet realized any revenues from its planned operations. During the period ended February 29, 2008, the Company had acquired a 100% interest in three mining claims in the Bulkley mining district of British Columbia, Canada for cash consideration of $379. On May 15, 2009, the Company abandoned the mineral titles and re-staked them in order to reduce exploration costs. The Company’s rights to these claims expired in June 2011.</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">On May 26, 2010, Sillenger introduced its proprietary Claims Licensing Program (“CLP”) which is designed to help governments to provide a fast-track process for issuing the necessary documentation to resource companies. The system helps reduce risk to exploration companies and helps market a country as an attractive investment destination.</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"> </font></div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">On June 1, 2010, Sillenger, through its business partnership with FCMI Global Inc. (“FCMI”), whereby FCMI assigned trademarks, intellectual properties, contracts and agreements to Sillenger in exchange for 5% (percent) of Sillenger’s annual net income per Sillenger’s audited financial statements, entered into a contract with the government of the Republic of Equatorial Guinea to conduct an airborne geophysical survey of certain specific areas of Equatorial Guinea.  The survey was to provide the Ministry of Mines, Industry and Energy of Equatorial Guinea a geological database of the region highlighting the locations where there may be the presence of mineral, hydrocarbon or groundwater deposits, and a preliminary identification of subsurface structures which may present exploration potential, and to identify the likeliest exploration targets within those deposits. In exchange, Sillenger was granted the mineral and hydrocarbon rights to 15% of the claim blocks in the entire area surveyed, as chosen by Sillenger, as well as a preferential right to any other claims that Sillenger desires. The business partnership with FCMI entailed fully reimbursing FCMI for expenses it incurred in negotiating trademarks, intellectual properties, contracts and agreements that were assigned to Sillenger.</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"> </font></div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">On June 11, 2010, Sillenger retained Fugro Airborne Surveys, a subsidiary of Fugro Group, to conduct the airborne geophysical survey of the Rio Muni region of Equatorial Guinea. The survey would have helped to reveal the locations of potential deposits, and provide a detailed reading of the subsurface structures.</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"> </font></div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">In October 2010, the Company entered into negotiations to finance the cost of this survey. As part of these negotiations, Sillenger fully assigned its commitment with Fugro Airborne Surveys to a third party.  On April 28, 2011, Sillenger executed an agreement with Ivory Resources Inc. (“Ivory”), Brilliant Resources Inc. [formerly Brilliant Mining Corp.] (“Brilliant”) and others, whereby Sillenger agreed to accept and receive 7,407,407 units of Brilliant (“unit”) [with a 4 month escrow] (Note 5) in exchange for Ivory acquiring from Sillenger the agreement with the government of the Republic of Equatorial Guinea, which included certain preferential rights to request mining and/or oil concessions. Each unit consists of one common share of Brilliant and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share of Brilliant upon the payment of $0.45 per warrant at any time until 24 months following the date of issuance. As part of the agreement, amounts payable to FCMI were forgiven.  On July 12, 2011, the Company closed its transaction with Ivory, Brilliant and others.</font></div>
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</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">On September 16, 2011, Sillenger entered into an agreement with First African Exploration Corp. (“First African”), whereby First African will serve as the Company’s exclusive representative for obtaining, negotiating and performing contracts with countries in Africa and the Middle East, in connection with mining, hydrocarbons, water, and other natural resource projects. Sillenger’s obligations under this agreement include: use FAX on an exclusive basis, pay set-up and execution fees to FAX for the services provides and for country contracts successfully procured, include FAX in any local, regional or international ventures as a 10% shareholder.</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">On November 25, 2011, Sillenger entered into an agreement with the Republic of Benin (“Benin Agreement”).  Pursuant to the terms of the Benin Agreement, Sillenger will conduct an airborne geophysical survey of the landmass of Benin and the offshore territory in the Gulf of Guinea.  The purpose of the survey is to compile a geophysical information database of Benin’s mining, hydrocarbon and water deposits, and analyze such data to identify the likeliest exploration targets within those deposits for potential mining and exploration opportunities. The government is particularly interested in the potential size of some of their base metal deposits, which can often be determined when utilizing some of these technologies. The term of the Benin Agreement is two (2) years from the date of the Benin Agreement, which can be extended by agreement of the parties.</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"> </font></div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">Under the Benin Agreement, Sillenger will be granted certain exclusive preferential rights with respect to fifteen percent (15%) of the surface area of airborne survey, but also has first right of refusal on all unclaimed resource concessions for the duration of the contract period. The Benin Agreement requires the Republic of  Benin to provide the required permits, licenses,  etc. to conduct the survey and to pursue any mining and or exploration opportunities.</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">The Company is currently in the process of exploring potential sources of financing for the Benin Agreement.</font></div></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: bold 10pt times new roman">Going Concern</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">Sillenger has negative working capital of $1,124,991 and an accumulated deficit during the exploration stage of $4,083,700 as of February 29, 2012.  Sillenger's financial statements are prepared using generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business.  However, Sillenger has not realized any revenues from operations. Without raising additional capital or realization of its investments, there would be substantial doubt about Sillenger’s ability to continue as a going concern.  Sillenger's management plans on raising cash from public or private debt or equity financing, on an as needed basis, and in the longer term, from revenues from the acquisition and exploration and development of mineral interests, if found.  Sillenger's ability to continue as a going concern is dependent on these additional cash financings, and, ultimately, upon achieving profitable operations through the development of mineral interests.</font></div></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: bold 10pt times new roman">3  </font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: bold 10pt times new roman">Summary of Critical Accounting Policies</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt Times New Roman"> </font></div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Investment</font></font></div>
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</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">The Company has classified its investment as available for sale and recorded it at fair market value and any associated gain or loss, net of tax, is recorded as “other comprehensive income (loss)”.</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Estimates</font></font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions relate to, but are not limited to, estimation of accrued liabilities and the valuation of investment. Actual results could differ from those estimates.</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"> </font></div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Foreign Currency Translation and Transactions</font></font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">The Company’s reporting and functional currency is the U.S. dollar. Foreign currency denominated monetary balance sheet items are translated into U.S. dollars at the prevailing exchange rates in effect at the end of the reporting period, the historical rate for non-monetary balance sheet items and stockholders’ equity (deficit), and the average rate for the year for revenues, expenses, gains and losses. Foreign currency gains or losses on translation are included in the statements of comprehensive income (loss).</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"> </div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"> </div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt Times New Roman"> </font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"> </font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt Times New Roman"> </font></div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Fair Value of Financial Instruments</font></font></div>
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</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">The Company follows  Accounting Standards Codification (“ASC”) Topic 820 for all financial assets and liabilities measured at fair value on a recurring basis.  ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date.  The statement establishes market or observable inputs as the preferred sources of values, followed by assumptions based on hypothetical transactions in the absence of market inputs.  The statement requires fair value measurements be classified and disclosed in one of the following categories:</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"> </font></div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">Level 1 – Quoted prices in active markets for identical assets and liabilities.</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"> </font></div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">Level 2 – Quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose inputs are observable or whose significant value drivers are observable.</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"> </font></div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">Level 3 – Significant inputs to the valuation model are unobservable.</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"> </font></div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.</font></div>
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</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Income Taxes</font></font></div>
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</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">Income taxes are accounted for under the asset and liability method prescribed by ASC Topic 740 – Income Taxes. Deferred income taxes are recognized for the tax consequences in future years for differences between the tax bases of assets and liabilities and their financial reporting amounts at each year-end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax incurred for the period and the change during the period of deferred tax assets and liabilities.</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"> </font></div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">In accordance with accounting literature related to uncertainty in income taxes, tax benefits from uncertain tax positions that are recognized in the financial statements are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement.</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"> </font></div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">The Company recognizes interest and penalties, if any, related to uncertain tax positions in selling, general and administrative expenses.  No interest and penalties related to uncertain tax positions were accrued at February 29, 2012 and February 28, 2011.</font></div>
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</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Earnings (Loss) Per Share</font></font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">Basic earnings (loss) per share is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding for the periods. Diluted earnings (loss) per share reflects, in addition to the weighted average number of common shares, the potential dilution of stock resulting from the exercise of warrants. The warrants were excluded in the calculation of diluted earnings (loss) per share because their effect is anti-dilutive.</font></div></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: bold 10pt times new roman">Recently Issued Accounting Standards And Recently Adopted Accounting Pronouncements</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">In September 2011, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance intended to simplify goodwill impairment testing. Entities will be allowed to perform a qualitative assessment on goodwill impairment to determine whether it is more likely than not (defined as having a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. This guidance is effective for goodwill impairment tests performed in interim and annual periods for fiscal years beginning after December 15, 2011. The adoption of this guidance did not have material impact on  the Company’s results of operations or financial position.</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">In June 2011, the FASB issued new guidance on the presentation of comprehensive income. Specifically, the new guidance allows an entity to present components of net income and other comprehensive income in one continuous statement, referred to as the statement of comprehensive income, or in two separate, but consecutive statements. The new guidance eliminates the current option to report other comprehensive income and its components in the statement of changes in equity. While the new guidance changes the presentation of comprehensive income, there are no changes to the components that are recognized in net income or other comprehensive income under current accounting guidance. The Company has early-adopted this guidance.</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">In May 2011, the FASB issued amendments to fair value measurement and disclosure requirements. This guidance amends U.S. GAAP to conform with measurement and disclosure requirements in International Financial Reporting Standards (“IFRS”). The amendments change the wording used to describe the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. This includes clarification about the application of existing fair value measurement and disclosure requirements and those that change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. In addition, to improve consistency in application across jurisdictions, some changes in wording are necessary to ensure that U.S. GAAP and IFRS fair value measurement and disclosure requirements are described in the same way (for<font style="display: inline; font-family: Times New Roman"> example, using the word ―shall rather than ―should</font> to describe the requirements in U.S. GAAP). This amended guidance was to be applied prospectively and was effective for the Company beginning with its third quarter of fiscal year 2012. The adoption of this guidance did not have material impact on the Company’s results of operations or financial position.</font></div></div>
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<div><div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman"><tr><td style="text-align: left; vertical-align: top; width: 4%"><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman"><font style="display: inline; font-weight: bold">5  </font></font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: bold 10pt times new roman">Investment</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">Investment represents 7,407,407 Units (“Units”) of Brilliant, a publicly traded entity on the Toronto Venture Stock Exchange. Each Unit, with a fair market value of approximately of $0.25CDN at the time of initial recognition, consists of one common share of Brilliant and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share of Brilliant upon the payment of $0.45CDN per warrant at any time until 24 months following the date of issuance.</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">The shares have been valued using observable market prices and the warrants have been valued using the Black-Scholes option-pricing model.</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">The Units were received as part compensation to Sillenger for giving up its rights pertaining to Sillenger’s agreement with the government of the Republic of Equatorial Guinea. In addition, as part of this agreement, amounts payable by Sillenger to FCMI of $2,489,054 were forgiven.</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">On July 12, 2011, upon closing of the above transaction, the Company recognized $4,369,208 as “Other income” consisting of $2,489,054 representing amounts payable by Sillenger to FCMI, now forgiven, and $1,880,154 representing the fair value on July 12, 2011, of the Units of Brilliant.</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">On February 29, 2012, the fair value of the Units of Brilliant was $2,088,723. The fair value of the Units consists of the fair market value of the shares of $1,721,763 and the fair value of warrants valued using the Black-Scholes option-pricing model of $366,960. The increase in the value of the Units from the initial measurement date of July 12, 2011 of $208,569 was recorded as a component of other comprehensive income as “Unrealized gain on investment”.</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">The key inputs used in the February 29, 2012 and July 12, 2011 fair value calculations of the warrants are as follows:</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt times new roman">Current exercise price</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">Time to expiration (in years)</font></div>
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<td style="vertical-align: bottom; width: 14%; text-align: right"><font style="display: inline; font: 10pt times new roman">1.25</font></td>
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<td style="vertical-align: bottom; width: 14%; text-align: right"><font style="display: inline; font: 10pt times new roman">1.08</font></td>
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<td style="vertical-align: bottom; width: 14%; text-align: right"><font style="display: inline; font: 10pt times new roman">93</font></td>
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<td style="vertical-align: bottom; width: 14%; text-align: right"><font style="display: inline; font: 10pt times new roman">77</font></td>
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<div style="text-indent: 0pt; display: block; margin-left: 54pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt Times New Roman">                                                                                                   </font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">On April 28, 2011, Sillenger entered into an agreement with a former director to compensate him for his role in procuring the agreements with the government of the Republic of Equatorial Guinea.  Under the terms of the agreement, Sillenger has agreed to pay $150,000 and issue 2,000,000 Sillenger common shares (note 7).  The $150,000 payment was contingent upon raising $400,000 of equity financing. The $150,000 was recognized as an expense for the year ended February 29, 2012. $66,000 of this amount remains unpaid as of February 29, 2012 and is included in accounts payable.</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">As of February 29, 2012, the Company had advanced $48,480 to First African in accordance with the terms of the agreement signed with First African (“First African Agreement”) on September 16, 2011. The advance is for short-term working capital financing and is interest free. A former non-executive director of Sillenger is a part shareholder of First African.</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">Under the terms of the First African Agreement, First African has two primary obligations: one, assist Sillenger to procure and set-up country contracts in Africa and the Middle East and two, assist with the execution phase of the contracts procured. First African is entitled to a fee for the successful completion of each of the two phases. Subsequent to the year end, on June 5, 2012, the Company and First African agreed to a fee of $950,000 for successful implementation of the set-up phase of the contract with the Republic of Benin dated November 25, 2011. The fee of $950,000 is due immediately and has been recorded as contract fees expense for the year ended February 29, 2012 and set-up as accounts payable as of February 29, 2012.  Should this fee not be paid by November 30, 2012, the unpaid amount will be subject to an annual interest rate of 9%.</font></div></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: bold 10pt times new roman">Stockholders’ Equity (Deficit)</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">At inception, Sillenger issued 3,000,000 shares of stock to its founding shareholder for $3,000 cash. During the period ended February 29, 2008, Sillenger issued 2,823,600 shares of stock for $48,150 cash. During the year ended February 28, 2010, the Company issued 50,000 shares of stock for $10,000 cash. Also, during the year ended February 28, 2010, the Company declared a 6 to 1 stock dividend valued at $0.10 per share at the grant date resulting in the issuance of 34,938,000 shares and a non-cash transaction recorded to additional paid-in capital of $3,458,862 and accumulated deficit during exploration stage of $3,493,800. There were no transactions affecting stockholders’ deficit in the year ended February 28, 2011 other than the net loss, being the comprehensive loss. During the year ended February 29, 2012, the Company issued shares pursuant to the following transactions:</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">On July 27, 2011, the Company issued and sold an aggregate of 4,400,000 common stock units at a purchase price of $0.05 per unit receiving proceeds of $230,544. Each unit is comprised of (i) one share of the Company's common stock and (ii) a two-year ½ warrant to purchase 0.50 shares of the Company's common stock. The exercise price applicable to the warrants is $0.10 per share.</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">On August 5, 2011, the Company issued 4,000,000 shares of its common stock for a one year consulting services agreement at $0.04 per share. The agreement is with an independent energy consultant specializing in the prospect evaluation, reserve assessment, risk evaluation, subsurface geological and geophysical interpretation, and database management. On August 8, 2011, the Company issued 2,000,000 shares of its common stock at $0.04 per share to a director as part consideration for his efforts in closing the contract with the government of the Republic of Equatorial Guinea.</font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">On September 12, 2011, the Company issued and sold an aggregate of 3,500,000 common stock units at a purchase price of $0.05 per unit receiving proceeds of $176,508. Each unit is comprised of (i) one share of the Company's common stock and (ii) a two-year ½ warrant to purchase 0.50 shares of the Company's common stock. The exercise price applicable to the warrants is $0.10 per share.</font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">On September 14, 2011, the Company issued 200,000 shares of its common stock at $0.04 per share to a consulting firm as one time consideration for advice regarding financing matters.</font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">On September 23, 2011, the Company issued 1,500,000 shares of its common stock at $0.04 for a sixteen month administrative services agreement commencing September 1, 2012. The agreement is with an independent consultant for bookkeeping, contracts proofing and administration services.</font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">On November 7, 2011, the Company executed debt settlement agreement with one of its creditors. The Company issued 3,620,000 shares at $0.04 to settle a payable balance amounting to $144,800.</font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">On December 6, 2011, the Company issued and sold an aggregate of 1,300,000 common stock units at a purchase price of $0.05 per unit receiving proceeds of $68,561. Each unit is comprised of (i) one share of the Company's common stock and (ii) a two-year ½ warrant to purchase 0.50 shares of the Company's common stock. The exercise price applicable to the warrants is $0.10 per Share.</font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">On February 2, 2012, the Company executed debt settlement agreement with one of its creditors. The Company issued 2,500,000 shares at $0.04 to settle a payable balance amounting to $100,000. As of February 29, 2012, the $100,000 amount settled has been included as “shares to be issued” on the balance sheet; the shares were issued subsequent to the year end on March 3, 2012.</font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">On January 30, 2012, the Board of Directors approved the increase in the Company’s authorized shares from 75,000,000 to 300,000,000.</font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">In February 2012, the Company received a total of $255,500 in relation to the private placement that closed on April 5, 2012 (Note 11). This amount was shown as “stock subscriptions received” on the balance sheet as of February 29, 2012.</font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Warrants</font></font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">As of February 29, 2012, the Company has the following warrants to purchase common stock outstanding:</font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-align: center">
<table cellpadding="0" cellspacing="0" style="width: 80%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman">
<tr>
<td style="text-align: left; vertical-align: bottom; width: 24%; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">Date of issue</font></div>
</td>
<td style="vertical-align: bottom; width: 24%; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Number of Warrants issued</font></div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td colspan="2" style="vertical-align: bottom; width: 25%; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Warrant Exercise </font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Price Per Share</font></div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 24%; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Warrant </font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Expiration Date</font></div>
</td>
</tr><tr>
<td style="text-align: left; vertical-align: bottom; width: 24%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman"> July 27, 2011</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 24%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman">2,200,000</font></div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: right; vertical-align: bottom; width: 1%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman">$</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 24%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman">0.10</font></div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: right; vertical-align: bottom; width: 24%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman">July 26, 2013</font></div>
</td>
</tr><tr>
<td style="text-align: left; vertical-align: bottom; width: 24%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman"> September 12, 2011</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 24%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman">1,750,000</font></div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: right; vertical-align: bottom; width: 1%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman">$</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 24%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman">0.10</font></div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: right; vertical-align: bottom; width: 24%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman"> September 11, 2013</font></div>
</td>
</tr><tr>
<td style="text-align: left; vertical-align: bottom; width: 24%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman"> December 6, 2011</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 24%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman">650,000</font></div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: right; vertical-align: bottom; width: 1%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman">$</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 24%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman">0.10</font></div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: right; vertical-align: bottom; width: 24%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman"> December 7, 2013</font></div>
</td>
</tr><tr>
<td style="text-align: left; vertical-align: bottom; width: 24%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 24%; border-bottom: black 2px solid"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 24%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 24%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
</tr><tr>
<td style="text-align: left; vertical-align: bottom; width: 24%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: right; vertical-align: bottom; width: 24%; border-bottom: black 4px double">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman">4,600,000</font></div>
</td>
<td style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: right; vertical-align: bottom; width: 24%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: left; vertical-align: bottom; width: 24%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">  </font></td>
</tr></table>
</div>
<div style="text-indent: 0pt; display: block"></div></div>
<p style="margin: 0pt"> </p>
<p style="margin: 0pt"></p>
<div><div style="text-indent: 0pt; display: block"></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman">
<tr>
<td style="text-align: left; vertical-align: top; width: 4%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: bold 10pt times new roman">8  </font></div>
</td>
<td style="vertical-align: top; width: 96%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: bold 10pt times new roman">Financial Instruments</font></div>
</td>
</tr></table>
</div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Fair Value of Financial Instruments</font></font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">The carrying amounts on the accompanying balance sheets for cash, advances, accounts payable and accrued liabilities are carried at cost, which approximates fair value.</font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"><font style="display: inline; text-decoration: underline">Fair Value  Hierarchy</font></font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">As of February 29, 2012, the fair value of the investment available for sale is valued under Level 1, except for the warrants component which is valued under Level 2. The investment is the only asset measured at fair value.</font></div></div>
<p style="margin: 0pt"> </p>
<p style="margin: 0pt"> </p>
<div><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman">
<tr>
<td style="vertical-align: top; width: 4%; text-align: left">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: bold 10pt times new roman">9      </font></div>
</td>
<td style="vertical-align: top; width: 96%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: bold 10pt times new roman">Income Taxes</font></div>
</td>
</tr></table>
</div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt Times New Roman"> </font></div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">Income taxes differ from the amount that would be computed by applying the Federal statutory income tax rate of 35% as of February 29, 2012 and  February 28, 2011.  The reasons for the differences are as follows:</font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-align: center">
<table cellpadding="0" cellspacing="0" style="width: 80%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman">
<tr>
<td style="text-align: left; vertical-align: bottom; width: 76%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">2012</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">2011</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman"> </font></td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: left; vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td colspan="2" style="text-align: left; vertical-align: bottom; width: 10%"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="text-align: left; vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td colspan="2" style="text-align: left; vertical-align: bottom; width: 10%"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
</tr><tr style="background-color: lightcyan">
<td style="text-align: left; vertical-align: bottom; width: 76%; padding-bottom: 4px">
<div style="text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">Income (loss) before income taxes</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">2,208,632</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">(2,736,483</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">)</font></td>
</tr><tr style="background-color: white">
<td style="vertical-align: bottom; width: 76%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: right; vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="text-align: right; vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
</tr><tr style="background-color: lightcyan">
<td style="text-align: left; vertical-align: bottom; width: 76%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman"><font id="TAB1" style="margin-left: 13.35pt"></font>Income tax expense (recovery) at Federal statutory income tax rate</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">773,021</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="text-align: right; vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">(957,769</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 76%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman"><font style="margin-left: 13.35pt"></font>Tax effect of non-deductible expenses</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">19,250</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="text-align: right; vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">15,750</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
</tr><tr style="background-color: lightcyan">
<td style="text-align: left; vertical-align: bottom; width: 76%"><font style="display: inline; font: 10pt times new roman">       Recognition of tax attributes </font></td>
<td style="text-align: right; vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman"> 72,999</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="text-align: right; vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman"> -</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
</tr><tr style="background-color: lightcyan">
<td style="text-align: left; vertical-align: bottom; width: 76%; padding-bottom: 2px">
<div style="text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">Change in valuation allowance</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(865,270</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">942,019</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman"> </font></td>
</tr><tr style="background-color: white">
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">-</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">-</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman"> </font></td>
</tr></table>
</div>
<div style="text-align: center"> </div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">Deferred tax asset and liability consist of the following:</font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-align: center">
<table cellpadding="0" cellspacing="0" style="width: 80%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman">
<tr>
<td style="text-align: left; vertical-align: bottom; width: 76%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">2012</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td colspan="2" style="vertical-align: bottom; width: 10%; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">2011</font></div>
</td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman"> </font></td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: left; vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td colspan="2" style="text-align: left; vertical-align: bottom; width: 10%"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="text-align: left; vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td colspan="2" style="text-align: left; vertical-align: bottom; width: 10%"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
</tr><tr style="background-color: lightcyan">
<td style="text-align: left; vertical-align: bottom; width: 76%">
<div style="text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">Loss carryforwards</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">152,810</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">945,081</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: bottom; width: 76%">
<div style="text-indent: 0pt; display: block; margin-left: 18pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">Investment</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">(72,999 </font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman">)</font></td>
<td style="text-align: right; vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="display: inline; font: 10pt times new roman">-</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
</tr><tr style="background-color: lightcyan">
<td style="text-align: left; vertical-align: bottom; width: 76%; padding-bottom: 2px">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman"><font style="margin-left: 8.85pt"></font>    Valuation allowance</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(79,811</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">) </font></td>
<td style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 2px solid; text-align: left"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 2px solid; text-align: right"><font style="display: inline; font: 10pt times new roman">(945,081</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">) </font></td>
</tr><tr style="background-color: white">
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">-</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman"> </font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left"><font style="display: inline; font: 10pt times new roman">$</font></td>
<td style="vertical-align: bottom; width: 9%; border-bottom: black 4px double; text-align: right"><font style="display: inline; font: 10pt times new roman">-</font></td>
<td nowrap="nowrap" style="vertical-align: bottom; width: 1%; text-align: left; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman"> </font></td>
</tr></table>
</div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">As of February 29, 2012, the Company had net operating loss carryforwards of $436,599 available to offset future taxable income. These loss carryforwards expire in 2031.</font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">The tax years 2007 through 2011 remain open to examination by the major taxing jurisdictions in which the Company operates. The Company expects no material changes to unrecognized tax positions within the next twelve months. As the Company is based in Canada, there are no material state net operating loss carryforwards.</font></div>
<div style="text-indent: 0pt; display: block"></div></div>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<div><div style="text-indent: 0pt; display: block"><br />
</div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman">
<tr>
<td style="text-align: left; vertical-align: top; width: 4%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: bold 10pt times new roman">10  </font></div>
</td>
<td style="vertical-align: top; width: 96%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: bold 10pt times new roman">Commitments and Contingencies</font></div>
</td>
</tr></table>
</div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt Times New Roman"> </font></div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">Sillenger neither owns nor leases any real or personal property. Lease or rental costs are immaterial to the financial statements and accordingly are not reflected herein.  The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future. The Company does not have any commitments and contingencies other than those disclosed under Note 1.</font></div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: -1.1pt; text-align: left"><font style="display: inline; font: 10pt Times New Roman">Sillenger is a joint defendant to a statement of claim filed against the Company and other defendants on February 2, 2012 for damages in the amount of $190,000. Sillenger filed a statement of defense dated April 9, 2012 explicitly denying any liability. Further, Sillenger has stated in the statement of defense that it was provided a comprehensive release in respect of the transaction referred to by the defendant and has asked that the claims against Sillenger be dismissed.</font></div></div>
<p style="margin: 0pt"> </p>
<p style="margin: 0pt"></p>
<div><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"> </font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman">
<tr>
<td style="text-align: left; vertical-align: top; width: 4%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: bold 10pt times new roman">11  </font></div>
</td>
<td style="vertical-align: top; width: 96%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: bold 10pt times new roman">Subsequent Event</font></div>
</td>
</tr></table>
</div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman"> </font></div>
<div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt; text-align: justify"><font style="display: inline; font: 10pt Times New Roman">In April 2012, the Company issued and sold an aggregate of 25,550,000 shares at a purchase price of $0.01 receiving proceeds of $255,500.</font></div></div>
<p style="margin: 0pt"> </p>
89331000
2048440
963732
-2737382
-899
3000
5823
5823
40811
40811
61331
45327
45327
3514139
3514139
4422032
100000
255500
208569
-7
-10061
-42451
-3555849
-6292332
-4083700
2993
41089
8699
3000000
5823000
5823000
40811000
40811000
61331000
2208632
-2736483
-7
-10054
-19598
-2736483
2208632
-7
-10054
-19598
3000000
282300
50000
20520000
928413
3000
2823
50
20520
45327
9950
907893
-32390
3000
48150
-32390
10000
34938000
34938
3458862
-3493800
100000
255500