UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-KSB

          [X]  ANNUAL  REPORT  UNDER  SECTION  13 OR  15(d)  OF  THE  SECURITIES
                              EXCHANGE ACT OF 1934

                   For the fiscal year ended October 31, 2004


          [ ]  TRANSITION  REPORT  UNDER  SECTION 13 OR 15(d) OF THE  SECURITIES
                              EXCHANGE ACT OF 1934

         For the transition period from ______________ to ______________

                         Commission File No.: 000-32763

                              Unitech Energy Corp.
 -------------------------------------------------------------------------------
                 (Name of small business issuer in its charter)

                                Nevada 86-1024733
 -------------------------------------------------------------------------------
                (State or other jurisdiction of (I.R.S. Employer
               incorporation or organization) Identification No.)

                        Suite 210, 815 10th Avenue, S.W.
                            Calgary, Alberta T2R 0B4
           -----------------------------------------------------------
          (Address, including zip code, of principal executive offices)

                   Issuer's telephone number: ( 403) 461-8425

       Securities registered under Section 12(b) of the Exchange Act: None

      Securities registered under Section 12(g) of the Exchange Act: Common


                     Common Stock, Par Value $.001 Per Share
                    ----------------------------------------
                                (Title of class)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act 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. [ X ]Yes [ ]No

Check if there is no disclosure of delinquent  filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure  will be contained,  to
the  best  of  registrant's   knowledge,  in  definitive  proxy  or  information
statements  incorporated  by  reference  in Part III of this Form  10-KSB or any
amendment to this Form 10-KSB. [ X ]

State issuer's revenues for its most recent fiscal year. $ 51,064

                                       1
<PAGE>

As of October 31, 2004, we had 23,242,860  shares of our $0.001 par value common
stock  issued  and  outstanding.  As there is no public  trading  market for our
securities,  we are unable to determine the aggregate market value of the common
stock, our only class of voting stock, held by non-affiliates.

                       DOCUMENTS INCORPORATED BY REFERENCE

                                      None

This Form 10-KSB contains  forward-looking  statements within the meaning of the
"safe harbor"  provisions  under Section 21E of the  Securities  Exchange Act of
1934  and  the  Private  Securities  Litigation  Reform  Act  of  1995.  We  use
forward-looking  statements in our  description  of our plans and objectives for
future  operations  and  assumptions  underlying  these  plans  and  objectives.
Forward-looking  terminology  includes the words "may,"  "expects,"  "believes,"
"anticipates," "intends," "projects," or similar terms, variations of such terms
or the negative of such terms.  These  forward-looking  statements  are based on
management's  current expectations and are subject to factors and uncertainties,
which could cause actual results to differ  materially  from those  described in
such  forward-looking  statements.  We  expressly  disclaim  any  obligation  or
undertaking to release publicly any updates or revisions to any  forward-looking
statements  contained  in  this  Form  10-KSB  to  reflect  any  change  in  our
expectations or any changes in events,  conditions or circumstances on which any
forward-looking  statement is based. Factors,  which could cause such results to
differ materially from those described in the forward-looking statements include
those set forth  under "Risk  Factors"  and  elsewhere  in, or  incorporated  by
reference into this Form 10-KSB.

Transitional Small Business Disclosure Form (Check one): Yes [ ] No [X]

To simplify the  language in this Form 10-KSB,  Unitech  Energy  Corporation  is
referred to herein as "we" or "us."



                                       2
<PAGE>




                                TABLE OF CONTENTS
                                                                        Page
Part I

ITEM 1.  DESCRIPTION OF BUSINESS .......................................... 4
                The Company ............................................... 4
                Business of the Company ................................... 4
                Employees ................................................. 4
ITEM 2  DESCRIPTION OF PROPERTIES ......................................... 4
ITEM 3  LEGAL PROCEEDINGS ................................................. 4
ITEM 4  SUBMISSION OF MATTERS TO A VOTE
              OF THE SECURITY  HOLDERS .................................... 5
ITEM 5  MARKET FOR  REGISTRANT'S  COMMON
               EQUITY & RELATED STOCKHOLDER MATTERS ....................... 5
                Market .................................................... 5
                Holders ................................................... 5
                Dividends ................................................. 5
ITEM 6  MANAGEMENT'S  DISCUSSION & ANALYSIS OF
               FINANCIAL  CONDITION &  RESULTS OF OPERATION ............... 5
                Plan of Operation ......................................... 5
                Forward-Looking Statements ................................ 6
ITEM 7  FINANCIAL STATEMENTS .............................................. 7
ITEM 8  CHANGES IN &  DISAGREEMENTS  WITH  ACCOUNTANTS
              ON ACCOUNTING &  FINANCIAL DISCLOSURE .......................23
ITEM 8A CONTROLS & PROCEDURES..............................................23

Part II

ITEM 9  DIRECTORS,  EXECUTIVE  OFFICERS,  PROMOTERS &
               CONTROL PERSONS, COMPLIANCE WITH SECTION
               16(a) OF THE EXCHANGE ACT ..................................23
                The Directors and Officers of the Company .................23
                Compliance with Section 16(a) of the Exchange Act .........24
ITEM 10 EXECUTIVE COMPENSATION ............................................24
ITEM 11 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
               OWNERS & MANAGEMENT ........................................25
                Security Ownership of Beneficial Owners ...................25
                Security Ownership of Management ..........................25
ITEM 12 CERTAIN RELATIONSHIPS & RELATED TRANSACTIONS ......................25
ITEM 13 EXHIBITS AND REPORTS ON FORM 8-K ..................................26
                Exhibits ..................................................26
                Reports on Form 8-K .......................................26

SIGNATURES ................................................................27


                                       3
<PAGE>


PART I

ITEM 1. DESCRIPTION OF BUSINESS.

                                   The Company

Unitech Energy Corp. is a Nevada corporation  originally formed on July 16, 1998
as "Power  Professionals,  Inc..  Our principal  place of business is located at
Suite 210, 815 10th Avenue, S.W., Calgary, Alberta T2R 0B4.

                             Business of the Company

Unitech Energy Corp., a Nevada corporation, is a development stage company which
has acquired 100% of the common stock of Unitech Energy Corporation,  an Alberta
corporation("UCAN").  UCAN  has  developed  a  proprietary  oil and gas well log
database and search engine, "LeadScan",  with the intention of using LeadScan to
locate and produce oil and/or gas from the Western Canadian  Sedimentary  Basin.
Leadscan  uses  computers to look at thousands of well logs in a fraction of the
time it would take a  geologist  to do the same job  manually.  This  ability is
designed  to  accelerate  the  location  of oil  and/or  gas and may  provide  a
competitive  advantage to UCAN. UCAN intends to trade this potential competitive
advantage for preferential  interests in oil and/or gas prospects found by using
LeadScan.

UCAN owns the LeadScan  system,  including the search  software and digital well
log database. UCAN owns 80.95% of the common stock of LogSearch,  Inc., a Nevada
corporation  and LogSearch,  Inc. owns the rights to market the LeadScan  search
engine in the United States.  LogSearch, Inc. does not have marketing rights for
our  proprietary  well log  database as our well log data is for Canada only and
has no application in the United States.  UCAN owns the entire  LeadScan  system
and plans to use it to directly  participate in oil and/or gas  exploration  and
production  in  Canada.  UCAN  plans  to  sell  software  through  partially  or
wholly-owned subsidiaries or arms-length third parties.

UCAN plans to generate revenues from two sources:

     1.   Revenues from software license sales; and
     2.   revenues from production of oil and/or gas.


                                    Employees

We currently employ,  through our UCAN subsidiary and its LogSearch  subsidiary,
two full time and two  part-time  personnel.  One full time person is a computer
programmer  and the other full time person is a geological  technician.  The two
part-time people are the President and the Secretary. The President provides all
management  and strategic  services to our company as well as UCAN and LogSearch
and the Secretary provides administrative services on an "as-needed" basis.

ITEM 2. DESCRIPTION OF PROPERTIES

We sub-lease a 1500 sq. ft.  office  space at Suite 400,  715-5th.  Avenue.  SW,
Calgary,   Alberta,  T2P  2X6,  at  a  rate  of  Cdn  $1,500  per  month,  on  a
month-to-month basis. Our sub-lease agreement expires in September, 2005.

ITEM 3. LEGAL PROCEEDINGS

We are not a party to, nor are any of our properties the subject of, any pending
legal  proceedings  and no such  proceedings are known to us to be threatened or
contemplated by or against us.

                                       4
<PAGE>

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF THE SECURITY HOLDERS

None

PART II

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY & RELATED STOCKHOLDER MATTERS

                                     Market

To the knowledge of current  management,  there is no public  trading market for
our common stock.

                                     Holders

At October 31, 2004, there were approximately 88 holders of record of our common
stock.

                                    Dividends

We have not declared any cash dividends  within the past two years of our common
stock,  nor do we anticipate or contemplate  paying dividends in the foreseeable
future.

ITEM 6. MANAGEMENT'S  DISCUSSION & ANALYSIS OF FINANCIAL  CONDITION & RESULTS OF
        OPERATION

Assuming no  revenues,  Unitech and its UCAN  subsidiary  have  sufficient  cash
resources  to operate at the present  level of  expenditure  for the next twelve
(12)  months.  Depending  upon a variety of factors that may affect our business
plan and expected  operations,  including the situation  where we participate in
the drilling of oil and/or gas wells, we may seek to raise additional capital in
the future either  through debt,  equity or a  combination  of both.  Management
cannot  accurately  predict the amount of capital that would be required because
it is not known how many wells would be  participated  in, the level and/or type
of such participation,  or the cost of the well(s).  However, we may participate
in the drilling of one or more oil and/or gas wells by  providing  access to our
LeadScan  system in return for a royalty on any resultant  production (and where
we provide no cash),  or by bringing in third party  partners  that  provide the
participation  funding and provide us with a carried  interest,  meaning that we
are provided a percentage  of their  production  produced by said  participation
without  our  providing  any cash,  in which  either  case we would have no cash
requirement.  This means that we could  participate in oil and/or gas production
revenues with no cash  requirement  beyond our  day-to-day  operating  costs and
therefore would not necessarily have to raise additional  capital for operations
within the next 12 months. In these types of scenarios,  royalties are typically
in the 2% to 4% range and are  negotiated on a  case-by-case  basis.  Because we
have no  definitive  drilling  plans in place at this  time,  management  cannot
confidently predict our future capital  requirements.  We may also acquire other
assets  through the  issuance  of stock.  No  assurances  can be given that such
efforts  will be  successful.  We have no specific  plans at present for raising
additional capital or acquiring other assets.

Over the next 12 months, We:

     a)   plan no significant product research and development;
     b)   have no expected purchase or sale of any significant equipment; and
     c)   have no expected significant changes in the number of employees.


                                       5
<PAGE>

ITEM 6. MANAGEMENT'S  DISCUSSION & ANALYSIS OF FINANCIAL  CONDITION & RESULTS OF
        OPERATION - continued

Over the next 12 months we plan to focus on the  establishment  of  partnerships
that may lead to drilling participation opportunities,  which opportunities may,
or may not,  require  additional  funding.  These activities  generally  involve
meetings  with  potential  partners,  which  potential  partners are located via
internet searches and through telephone book reviews, in an attempt to establish
partnership  agreement.  Our technical  department  will perform usual  database
updates and maintenance and will assist any partners with their desired LeadScan
searches.  These activities will all be funded by cash reserves,  which reserves
management believes are sufficient to allow our business to survive for the next
12 months without any revenues.

                              Results of Operation

   Results of Operation for Year Ended October 31, 2004 and October 31, 2003

We earned  revenues of $51,064 for the year ended  October 31, 2004  compared to
revenues of $71,022for the year ended October 31, 2003.

We had total assets of $356,799 at October 31, 2004, compared to total assets of
$147,705  at October  31,  2003.  This  increase  is  attributable  to an equity
financing.

We had total  current  liabilities  of $5,337 at October 31,  2004,  compared to
total  current  liabilities  of $14,656 at October 31,  2003.  This  decrease is
attributable to the payment of trade debt.

At October 31, 2004, we had $272,520 in cash and cash equivalents, compared to $
91,352 in cash and cash  equivalents  at the year ended  October 31, 2003.  This
increase is attributable to an equity financing.

Interest income increased for fiscal 2004 to $3,646 from $403 for fiscal 2003 as
a result  of  interest  received  from  deposits  of the  proceeds  of an equity
financing.

General and administrative  expenses were $524,349 for fiscal, 2004, compared to
$202,425 for fiscal 2003.  The  increase is primarily  attributable  to fees and
expenses related to a reverse merger.

We had a net loss of  $(469,784)  for fiscal  2004 as  compared to net income of
$57,054 for fiscal 2003. The decrease in net income is primarily due to fees and
expenses attributable to a reverse merger.

                          Forward-Looking Statements

This  statement  includes  projections  of future  results and  "forward-looking
statements" as that term is defined in Section 27A of the Securities Act of 1933
as amended (the "Securities  Act"),  and Section 21E of the Securities  Exchange
Act of 1934 as amended (the "Exchange Act"). All statements that are included in
this  Financial  Statement,  other  than  statements  of  historical  fact,  are
forward-looking  statements.  Although Management believes that the expectations
reflected in these  forward-looking  statements are  reasonable,  it can give no
assurance  that such  expectations  will prove to have been  correct.  Important
factors  that  could  cause  actual  results  to  differ   materially  from  the
expectations are disclosed in this Statement,  including, without limitation, in
conjunction with those forward-looking statements contained in this Statement.


                                       6
<PAGE>

ITEM 7. FINANCIAL STATEMENTS

                                       UNITECH ENERGY CORPORATION & SUBSIDIARIES
                                                   Index to Financial Statements
                                                       October 31, 2004 and 2003
--------------------------------------------------------------------------------




Report of Independent Certified Public Accountants ...................... F-2

Consolidated Balance Sheet -
     October 31, 2004 ................................................... F-3

Consolidated Statements of Operations:
     For the years ended October 31, 2004 and 2003 ...................... F-4

Consolidated Statements of Stockholders' Equity:
     For the years ended October 31, 2004 and 2003 .....................  F-5

Consolidated Statements of Cash Flows:
     For the years ended October 31, 2004 and 2003 ...................... F-6

Notes to Financial Statements:
     October 31, 2004 ................................................... F-7


                                      F-1

                                       7
<PAGE>




          Bateman & Co., Inc., P.C.
        Certified Public Accountants

                                                           5 Briardale Court
                                                       Houston, Texas 77027-2904
                                                            (713) 552-9800
                                                         FAX  (713) 552-9700
                                                        www.batemanhouston.com

                                     Member
               INTERNATIONAL ASSOCIATION OF PRACTISING ACCOUNTANTS
                  Offices in Principal Cities Around The World

               REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS



To The Board of Directors and Stockholders
Of Unitech Energy Corporation

We have audited the  accompanying  consolidated  balance sheet of Unitech Energy
Corporation (a Nevada  corporation) and subsidiaries as of October 31, 2004, and
the related  consolidated  statements of operations,  stockholders'  equity, and
cash flows for each of the two years in the period ended October 31, 2004. These
financial  statements are the  responsibility of the Company's  management.  Our
responsibility  is to express an opinion on these financial  statements based on
our audit.

We conducted our audits in accordance  with the standards of the Public  Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects,  the financial position of Unitech Energy Corporation and
subsidiaries  as of October 31, 2004,  and the results of its operations and its
cash flows for each of the two years in the period ended  October 31,  2004,  in
conformity with accounting principles generally accepted in the United States of
America.


                       /s/  BATEMAN & CO., INC., P.C.
                       ------------------------------
                            BATEMAN & CO., INC., P.C.

Houston, Texas
March 14, 2005

                                      F-2

                                       8
<PAGE>


                                       UNITECH ENERGY CORPORATION & SUBSIDIARIES
                                                      Consolidated Balance Sheet
--------------------------------------------------------------------------------
                                                              October 31, 2004
ASSETS
  Current assets:
    Cash and equivalents                                        $      272,520
    Corporate income tax refundable                                      5,035
    Other receivables                                                    6,383
    Prepaid expenses                                                     2,503
                                                           -------------------
      Total current assets                                             286,441
                                                           -------------------

  Property and equipment, net of accumulated
    depreciation of $98,462                                             52,358
                                                           -------------------

  Other assets:
    Deferred registration costs                                         18,000
                                                           -------------------
      Total assets                                              $      356,799
                                                           ===================


LIABILITIES
  Current liabilities:
    Accounts payable and accrued expenses                        $       5,337
                                                           -------------------
      Total current liabilities                                          5,337
                                                           -------------------

MINORITY INTEREST                                                       56,695
                                                           -------------------

STOCKHOLDERS' EQUITY
  Common stock, par value $.001, 25,000,000 shares
     authorized, 23,242,860 shares issued and outstanding               23,243
  Capital in excess of par value                                       938,055
  Retained earnings (deficit)                                         (690,310)
  Accumulated other comprehensive income                                23,779
                                                           -------------------
      Total stockholders' equity                                       294,767
                                                           -------------------
      Total liabilities and stockholders' equity                 $     356,799
                                                           ===================

                                       F-3
         The accompanying notes are an integral part of these statements


                                       9
<PAGE>


                                       UNITECH ENERGY CORPORATION & SUBSIDIARIES
                                           Consolidated Statements of Operations
--------------------------------------------------------------------------------

                                                     Years Ended October 31,
                                                          2004             2003
                                              ---------------- ----------------

Revenues:
  Revenue from use and exploitation of database  $      51,064    $      71,022
                                              ---------------- ----------------
    Total revenues                                      51,064           71,022
                                              ---------------- ----------------

Costs and expenses:
  Stock option compensation expense                    246,016                -
  Salaries and benefits                                 22,517           98,589
  Consulting fees                                      135,230           41,675
  Rent                                                  20,135           13,733
  Depreciation and amortization                         25,349           15,521
  Professional fees                                     45,370           10,297
  Other general and administrative expenses             29,732           22,610
                                              ---------------- ----------------
    Total general and administrative expenses          524,349          202,425
                                              ---------------- ----------------
    Operating income (loss)                           (473,285)        (131,403)
                                              ---------------- ----------------

Other income (expense):
  Proceeds from settlement of lawsuit,
    net of related expenses                                  -          188,054
  Interest income                                        3,646              403
  Gain (loss) on foreign currency exchange              (2,450)               -
                                              ---------------- ----------------
    Total other income                                   1,196          188,457
                                              ---------------- ----------------
    Income (loss) before taxes on income              (472,089)          57,054

Provision (credit) for taxes on income                       -                -
                                              ---------------- ----------------
    Income (loss) before minority interest            (472,089)          57,054

Minority interest in loss of subsidiary                  2,305                -
                                              ---------------- ----------------
  Net income (loss)                              $    (469,784)   $      57,054
                                              ================ ================

Basic earnings (loss) per common share           $       (0.02)   $        0.00
                                              ================ ================

Weighted average number of shares outstanding       21,602,910       17,250,000
                                              ================ ================

                                       F-4

         The accompanying notes are an integral part of these statements

                                       10
<PAGE>

                                       UNITECH ENERGY CORPORATION & SUBSIDIARIES
                                  Consolidated Statement of Stockholders' Equity
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>

                                                                                                       Accumulated
                                                                             Capital In  Retained         Other
                                                            Common Stock     Excess Of   Earnings    Comprehensive
                                                        Shares      Amount   Par Value   (Deficit)        Income          Total
                                                     ----------- ---------- ----------- ----------- --------------- -----------
<S>                                                      <C>        <C>                    <C>              <C>        <C>
Balance, October 31, 2002                              5,592,563  $ 318,714           -  $ (277,580)      $ (13,677) $   27,457

Shares issued for services                               125,000     35,691                                              35,691
 Net income (loss)                                                                           57,054
 Net other comprehensive income (loss) - Foreign
   currency translation                                                                                      12,847
     Total comprehensive income                                                                                          69,901
                                                     ----------- ---------- ----------- ----------- --------------- -----------
 Balances, October 31, 2003, as previously reported    5,717,563    354,405           -    (220,526)           (830)    133,049

 Effect of reverse acquisition on February 10, 2004,
   retroactively stated                               (4,717,563)  (353,405)    353,405                                       -
                                                     ----------- ---------- ----------- ----------- --------------- -----------
Balances, October 31, 2003, as restated                1,000,000      1,000     353,405    (220,526)           (830)    133,049

Return of shares by certain shareholders                (425,000)      (425)        425                                       -
Forgiveness of debt by shareholder                                               19,933                                  19,933
30 for 1 forward split                                16,675,000     16,675     (16,675)                                      -
Issuance of shares to acquire Unitech Energy
  Corp. (Canada)                                       5,142,860      5,143     (25,076)                                (19,933)
Sale of shares for cash in private placement             850,000        850     424,150                                 425,000
Share issuance expenses                                                         (64,123)                                (64,123)
Stock option compensation expense                                               246,016                                 246,016
 Net income (loss)                                                                         (469,784)
 Net other comprehensive
   income (loss) - Foreign
   currency translation                                                                                      24,609
     Total comprehensive income (loss)                                                                                 (445,175)
                                                     ----------- ---------- ----------- ----------- --------------- -----------
Balances, October 31, 2004                            23,242,860  $  23,243  $  938,055  $ (690,310)   $     23,779   $ 294,767
                                                     =========== ========== =========== =========== =============== ===========
</TABLE>

                                       F-5

         The accompanying notes are an integral part of these statements

                                       11
<PAGE>


                                       UNITECH ENERGY CORPORATION & SUBSIDIARIES
                                           Consolidated Statements of Cash Flows
--------------------------------------------------------------------------------

                                                       Years Ended October 31,
                                                             2004          2003
                                                    ------------- -------------
 Cash flows from operating activities:
   Net income (loss)                                  $  (469,784)   $   57,054

   Adjustments to reconcile net income to cash
   provided (used) by operating activities:
     Depreciation                                          25,349        15,521
     Stock option compensation expense                    246,016             -
     Expenses paid by issuance of stock                         -        35,691
   Changes in current assets and liabilities:
     Accounts receivable, trade                                 -         1,275
     Corporate income tax refundable                            -          (746)
     Other receivables                                     (5,478)        4,298
     Prepaid expenses                                      (2,503)            -
     Accounts payable and accrued expenses                 (3,827)         (734)
     Unearned revenue                                      (5,492)       (1,222)
                                                    ------------- -------------
       Net cash flows from operating activities          (215,719)      111,137
                                                    ------------- -------------

 Cash flows from investing activities:
   Acquisition of equipment                               (25,186)      (20,758)
                                                    ------------- -------------
       Net cash flows from investing activities           (25,186)      (20,758)
                                                    ------------- -------------

 Cash flows from financing activities:
   Increase (decrease) in advances from shareholder             -        (5,429)
   Increase in minority interest                           56,695             -
   Increase in deferred registration costs                (18,000)            -
   Sale of shares for cash                                425,000             -
   Expenses applicable to sale of shares                  (64,123)            -
                                                    ------------- -------------
       Net cash flows from financing activities           399,572        (5,429)
                                                    ------------- -------------


 Effect of foreign exchange translation rate changes       22,501         5,830
                                                    ------------- -------------
       Net cash flows                                     181,168        90,780

 Cash and equivalents, beginning of period                 91,352           572
                                                    ------------- -------------
 Cash and equivalents, end of period                   $  272,520    $   91,352
                                                    ============= =============

 Supplemental cash flow disclosures:
   Cash paid for interest                                 $     -       $     -
   Cash paid for income taxes                                   -             -
 Noncash investing and financing activities:
   Stock option compensation expense                      246,016             -
   Stock issued for services                                    -        35,691

                                       F-6

         The accompanying notes are an integral part of these statements

                                       12
<PAGE>


                                       UNITECH ENERGY CORPORATION & SUBSIDIARIES
                                                   Notes to Financial Statements
                                                       October 31, 2004 and 2003
--------------------------------------------------------------------------------


Note 1 - Organization and summary of significant accounting policies:
Following is a summary of our organization and significant accounting policies:

     Organization and nature of business - Unitech Energy Corporation  ["Unitech
     (Nevada)"] is a Nevada  corporation  incorporated on July 16, 1998 as Power
     Professionals,  Inc. On December 30,  2003,  we changed our name to Unitech
     Energy  Corporation.  Effective  February 10, 2004,  we acquired all of the
     outstanding stock of Unitech Energy Corp. ["Unitech (Canada)"],  a Canadian
     corporation  incorporated  in  Alberta,  Canada on  October  22,  1999.  As
     explained below,  this acquisition was accounted for as a "reverse merger,"
     where Unitech (Canada) is treated as the accounting acquirer.

     We are based in Calgary,  Alberta, Canada. We use an October 31 fiscal year
     for financial reporting purposes.

     We are engaged in the exploitation of oil and gas in Canada. We own a large
     digital well log database, as well as a proprietary database management and
     analysis system. The combined system is known as LeadScan. We have begun to
     establish  exploitation  agreements in Canada by trading access to LeadScan
     for preferential  participation  rights and/or fees. In the future, we will
     use LeadScan for our own account in Canada;  outside of Canada,  we plan to
     commercialize  the database  management  and analysis  system  (without the
     database) through a separate subsidiary, LogSearch, Inc (see following). To
     date, substantially all of our operations have been in Canada.

     We also own 80% of the  outstanding  stock  of  LogSearch,  Inc.,  a Nevada
     corporation,  to  whom we have  granted  a  license  to  commercialize  the
     database  management  and analysis  system  (without  the  database) in the
     United States of America.  LogSearch is a  development  stage company whose
     activities  to date have been limited to  formation,  the raising of equity
     capital,  and the  development  of a business  plan.  As  explained  below,
     LogSearch has filed a registration  statement with the U.S.  Securities and
     Exchange  Commission.  The  remaining  20% of  LogSearch is owned by Puroil
     Technology,  Inc.,  a venture  capital  company  that is 91.7% owned by our
     President.

     Basis of  presentation  - The  accounting  and  reporting  policies  of the
     Company conform to U.S. generally accepted accounting principles.

     Principles of consolidation - The consolidated financial statements include
     Unitech Energy Corp.  (Canada),  Unitech Energy Corporation  (Nevada),  and
     LogSearch,   Inc.  All  significant  intercompany  transactions  have  been
     eliminated.

     Minority interest - The minority  ownership of 20% of the outstanding stock
     of LogSearch has been  calculated by  eliminating  our  investment,  and by
     attributing 20% of LogSearch's net income (loss) to the minority interest.

     Foreign currency  translation - The functional currency of Unitech (Nevada)
     and  LogSearch is the U.S.  dollar.  Unitech  (Canada)  keeps its financial
     records and transacts most of its  transactions  in Canadian  dollars,  its
     functional  currency.  Its financial  statements  have been translated into
     U.S.  dollars  using  year  end  foreign  exchange  rates  for  assets  and

                                      F-7

                                       13
<PAGE>

Note 1 - Organization and summary of significant accounting policies - continued

     liabilities,  average foreign  exchange rates for income and expenses,  and
     rates for common  stock  issuances  that were in effect on the dates of the
     transactions.  Translation  differences  from year to year  resulting  from
     varying  exchange  rates  are  reflected  in  other  comprehensive  income.
     Remeasurement  differences  from  settlements of transactions in currencies
     other than the  functional  currency  are  reflected  in the  statement  of
     income.

     Use of estimates - The  preparation  of financial  statements in conformity
     with generally accepted  accounting  principles 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  amount  of  revenues  and
     expenses  during the  reporting  period.  Actual  results could differ from
     those estimates.

     Cash and cash equivalents - For purposes of the statement of cash flows, we
     consider all cash in banks, money market funds, and certificates of deposit
     with a maturity of less than three months to be cash equivalents.

     Accounts  receivable - Accounts  receivable are evaluated by management for
     collectibility  at least annually,  and an allowance for doubtful  accounts
     based on prior  history and current  evaluation  of the  collectibility  of
     outstanding accounts is provided, if necessary.

     Fair value of financial  instruments and derivative financial instruments -
     The  carrying  amounts  of  cash,  receivables,   and  current  liabilities
     approximate fair value because of the short maturity of these items.  These
     fair value estimates are subjective in nature and involve uncertainties and
     matters of significant judgment, and, therefore,  cannot be determined with
     precision.   Changes  in  assumptions  could  significantly   affect  these
     estimates. We not hold or issue financial instruments for trading purposes,
     nor do we utilize  derivative  instruments in the management of our foreign
     exchange, commodity price or interest rate market risks.

     Accounting  for  long-lived  assets - Impairment  of  long-lived  assets is
     recognized  when the  fair  value of a  long-lived  asset is less  than its
     carrying value. At the end of the current year, no impairment of long-lived
     assets had occurred, in management's opinion.

     Depreciation  - Property and equipment are stated at cost less  accumulated
     depreciation  computed  principally  accelerated methods over the estimated
     useful lives of the assets.  Estimated  lives of  depreciable  assets range
     from two to five years.

     Revenue Recognition - Revenue from the use and exploitation of our database
     and system is recognized  ratably over the term of use under the license or
     agreement.  Customers  typically  are  granted a license for the use of our
     LeadScan  database and system for short  periods of time,  usually  ranging
     from one month to one year, and sometimes are billed for the full amount in
     advance.  Revenue is  recognized  on a straight line basis over the term of
     use.  Unearned  amounts,  if any, are reflected as unearned  revenue in the
     balance sheet.  Support services in connection with the database and system
     are expensed as incurred.

     Advertising  costs - We expense the  production  costs of  advertising  the
     first  time  the   advertising   takes  place.   We  have  not  engaged  in

                                      F-8

                                       14
<PAGE>

Note 1 - Organization and summary of significant accounting policies - continued

     direct-response  advertising  through  the  current  period.  There  was no
     prepaid  advertising  reported as assets at October  31,  2004 or 2003.  No
     advertising expense was incurred for the two years ended October 31, 2004.

     Research and  development  costs - Research  costs are expensed in the year
     incurred.  Development  costs are expensed  unless we believe a development
     project meets generally  accepted  criteria for deferral and  amortization.
     Non-refundable  reimbursements  of  eligible  costs  pursuant  to  Canadian
     government  assistance programs are recorded as a reduction of research and
     development  costs  when the  related  costs  are  incurred.  All  costs of
     developing and maintaining the LeadScan system were expensed as incurred.

     Stock options - We account for stock option  grants to employees  using the
     intrinsic  value  method.  Under the intrinsic  value method,  we recognize
     compensation  costs equal to the difference between the quoted market price
     of the stock at the measurement  date and the amount the employee must pay.
     If we had used  the  alternative  fair  value  method  of  accounting,  our
     pro-forma net income (loss) and earnings (loss) per common share would have
     been as follows:


     Net income (loss) for the year ended October 31, 2004           ($469,784)
     Add, Compensation expense using the intrinsic value method        246,016
                                                                  ------------
                                                                      (223,768)
     Less, Compensation expense using the fair value method           (255,292)
       Pro-form net income (loss)                                    ($479,060)
                                                                  ============
     Basic and diluted earnings per share:
       As reported                                                      ($0.02)
                                                                  ============
       Pro-forma                                                        ($0.02)
                                                                  ============

     Weighted average number of shares outstanding                  21,602,910
                                                                  ============

     The options have not been  considered  in the  computation  of earnings per
     share,  because we incurred a loss during the period,  and their  inclusion
     would have been antidilutive.


     The fair value of the options on the issue date was estimated using a Black
     Scholes option pricing model, using the following assumptions:


     Dividend yield                                                      0.00%
     Volatility                                                         0.001%
     Risk-free interest rate                                             2.33%
     Expected lives of contracts                                    3.00 years
     Assumed market value per share at date of grant,
       based on private placement                                        $0.50


     The weighted average fair value of the options granted on February 10, 2004
     was $0.332 per option at the date of grant.

                                      F-9

                                       15
<PAGE>

Note 1 - Organization and summary of significant accounting policies - continued

     Issuance  of stock  for  services  - On rare  occasions  we issue  stock in
     exchange  for  services  or  in   satisfaction   of  an  obligation.   Such
     transactions  are accounted for on the basis of the fair value of the goods
     or services  received or the fair value of the equity  instruments  issued,
     whichever  is more  reliably  measured.  During the year ended  October 31,
     2003, a portion of the legal fees incurred in  connection  with the lawsuit
     settlement  discussed  below was paid by the issuance of 125,000  shares of
     common stock,  and was valued based on the fair value of the legal services
     rendered.

     Federal income taxes - We use the asset/liability  method of accounting for
     income taxes. Deferred income taxes and tax benefits are recognized for the
     future tax consequences  attributable to differences  between the financial
     statement  carrying  amounts of existing  assets and  liabilities and their
     respective tax bases, and for tax loss and credit  carryforwards.  Deferred
     tax assets and liabilities are measured using enacted tax rates expected to
     apply to taxable income in the years in which those  temporary  differences
     are expected to be recovered  or settled.  Deferred  taxes are provided for
     the estimated future tax effects attributable to temporary  differences and
     carryforwards when realization is more likely than not.

     Investment  tax  credits - The  benefits  of  investment  tax  credits  for
     scientific research and development expenditures are recognized in the year
     the qualifying  expenditure is made, provided there is reasonable assurance
     of recoverability.  The investment tax credit receivable balance is subject
     to review and audit by the Canada Customs and Revenue  Agency.  Although we
     have used our best  judgment and  understanding  of the related  income tax
     legislation in determining  the amount of the balance,  it is possible that
     the amounts could  increase or decrease by a material  amount if audited by
     the Canada Customs and Revenue Agency.

     Net  income  per share of common  stock - We have  adopted  FASB  Statement
     Number 128,  Earnings per Share,  which requires  presentation of basic and
     diluted  EPS on the face of the  income  statement  for all  entities  with
     complex capital  structures and requires a reconciliation  of the numerator
     and  denominator  of  the  basic  EPS  computation  to  the  numerator  and
     denominator of the diluted EPS computation.  In the accompanying  financial
     statements,  basic  earnings  per  share of  common  stock is  computed  by
     dividing  net  income by the  weighted  average  number of shares of common
     stock  outstanding  during the period.  Because we experienced an operating
     loss during the period,  the calculation of diluted  earnings per share did
     not include stock options  outstanding,  as the calculation would have been
     antidilutive.

Note 2 - Reverse acquisition:
On January 31, 2004, and effective on February 10, 2004, we entered into a stock
exchange  agreement  with  Unitech  Energy  Corporation,  a Nevada  corporation,
formerly  known  as Power  Professionals,  Inc.  Under  the  agreement,  Unitech
(Nevada)  acquired  all of our  outstanding  common  stock for cash of  $385,000
(Canadian  $510,343) and 16,270,000 of Unitech Nevada's restricted common stock.
Of the 16,270,000  shares,  5,142,860  shares were newly issued,  and 11,127,143
shares were held by Unitech  (Nevada)  shareholders  and transferred  prorata to
Unitech (Canada) shareholders.  After the transaction,  our shareholders owned a
majority of Unitech Nevada's shares.  Therefore, we are considered the acquiring
company for  accounting  purposes,  and the  transaction  was accounted for as a
"reverse  merger." In the future,  financial  statements  will be presented on a
consolidated basis, and our historical results of operations and cash flows will

                                      F-10

                                       16
<PAGE>

Note 2 - Reverse acquisition - continued

be presented.  Results of operations of Unitech (Nevada) are included only after
the date of the reverse acquisition.  Our asset carrying values will carry over,
similar to a pooling of interests, and no goodwill will be reflected.

The cash portion of the  transaction  (US $385,000) was paid out of the proceeds
of a US $425,000 private placement of stock by Unitech (Nevada)  concurrent with
the acquisition described in the preceding paragraph.

Note 3 - Significant concentrations:
At October 31, 2004 and 2003, substantially all of our receivables were due from
the Canadian government for taxes refundable.  From time to time, the amounts on
deposit in banks exceed maximum insured balances.  Substantially all our regular
trade customers are in the oil and gas business in Canada.


Note 4 - Property and equipment:
 Property and equipment consists of:

                                                      October 31,  October 31,
                                                             2004         2003
                                                     ------------ ------------
     Computer hardware and software                      $149,496     $115,380
     Office equipment                                         700          401
     Leasehold improvements                                   624          578
                                                     ------------ ------------
                                                          150,820      116,359
     Less, Accumulated depreciation                       (98,462)     (65,575)
                                                     ------------ ------------
       Net property and equipment                         $52,358      $50,784
                                                     ============ ============

Depreciation expense was $25,349 (2004) and $15,521 (2003).

Note 5 - Corporate income tax:
No net provision (credit) for U.S. or Canadian corporate income tax has been
made in the accompanying statements of income (loss) due to net operating loss
carryforwards or because no recoverable taxes for prior periods were paid. No
deferred tax asset has been recognized, as it is not deemed likely to be
realized.

                                      F-11

                                       17
<PAGE>

Note 4 - Property and equipment - continued

The provision (credit) for corporate income tax consists of the following:

                                                      October 31,  October 31,
                                                             2004         2003
                                                      ------------ ------------
   Canadian income tax provision (credit) attributable to:
     Current operations                                  ($75,400)     $21,700
     Nondeductible expenses                                     -          300
     Timing differences, depreciation                         200          400
     Change in deferred tax asset valuation allowance      84,000      (24,600)
     Effect of foreign exchange rate differences on
        deferred tax asset valuation allowance             (8,800)       2,200
                                                     ------------ ------------
        Net refundable amount                          $        -   $        -
                                                     ============ ============

   U.S. income tax provision (credit) attributable to:
     Current operations                                  ($93,000)  $        -
     Nondeductible expenses                                83,700            -
     Change in deferred tax asset valuation allowance       9,300            -
                                                     ------------ ------------
        Net refundable amount                          $        -   $        -
                                                     ============ ============

The cumulative tax effect of significant  items  comprising the net deferred tax
amount, at the expected rates of 34% (U.S.) and 38% (Canadian), are as follows:

                                                      October 31,  October 31,
                                                             2004         2003
                                                     ------------ ------------
     Deferred tax asset attributable to:
        Canadian net operating loss carryover            $167,400      $84,400
        U.S. net operating loss carryover                   9,300            -
        Canadian investment tax credit carryover            6,300        5,200
                                                     ------------ ------------
                                                          183,000       89,600
     Deferred tax liability attributable to:
        Difference in book and tax depreciation            (2,300)      (2,200)
                                                     ------------ ------------
          Net deferred tax asset                          180,700       87,400
        Less, Valuation allowance                        (180,700)     (87,400)
                                                     ------------ ------------
          Net deferred tax asset                       $        -   $        -
                                                     ============ ============


At  October  31,  2004,  we had an unused  U.S.  net  operating  loss  carryover
approximating  $27,400,  which may be used to offset future  taxable  income and
which expires  beginning in 2024.  We also had an unused  Canadian net operating
loss  carryover  approximating  $439,800,  which  may be used to  offset  future
taxable income and which expires beginning in 2008. At October 31, 2004, we also
had an unused Canadian  investment tax credit  carryover  approximating  $6,300,
which expires in 2010.

                                      F-12

                                       18
<PAGE>

Note 6 - Leases:
We occupy  office space under a  year-to-year  sublease  expiring  September 25,
2005,  requiring  monthly  rentals of  approximately  $1,300.  Rent  expense was
$20,135 (2004) and $13,733 (2003).

Note 7 - Commitments:
Unitech  (Nevada) has entered into an agreement with an attorney to assist it in
filing a  registration  statement  on Form  SB-2  with the U.S.  Securities  and
Exchange  Commission.  The attorney has agreed to perform the services necessary
to file Form  SB-2 for a flat fee of  $20,000,  which has been paid and  charged
against capital in excess of par value.

Our subsidiary, LogSearch, has engaged a consulting firm owned by an attorney to
assist  it in  filing  a  registration  statement  on Form  SB-2  with  the U.S.
Securities  and Exchange  Commission  to allow it to offer stock for sale to the
public.  We believe  that doing this will enable  LogSearch to raise the capital
necessary to implement  its business  plan.  The  consulting  firm has agreed to
perform the services  necessary to file Form SB-2 for a flat fee of $10,250,  of
which  $3,000 has already  been paid and is  included  in Deferred  registration
costs in the  accompanying  balance sheet. The balance of the agreed upon fee is
payable in varying  installments  as  specified  events  occur during the filing
process.  In  addition,  LogSearch  has agreed to pay an  additional  $3,000 and
25,000 shares of its common stock if the consulting firm places the Company with
a market maker for filing of Form 211, when the Form 211 is approved.  LogSearch
previously  paid  another   attorney   $15,000  for  services   related  to  the
registration  statement.  Those costs are also included in Deferred registration
costs.  These costs will be deferred until the stock  offering is completed,  at
which time they will be charged against the proceeds of the stock offering.

Note 8 - Related party transactions:
We paid  consulting  fees to our President of  approximately  $61,500 (2004) and
$11,800 (2003).

From time to time,  our President  makes  unsecured  loans to us on a short term
basis for working  capital,  without  interest.  There were no balances owing at
October 31, 2004.

Note 9 - Stock options:
On February 10, 2004, our Board of Directors  approved the 2004 Equity Incentive
Plan.  It  authorizes  the  Board  or  a  committee  to  grant  options,   stock
appreciation  rights,  restricted  stock,  and  deferred  stock  awards  to  our
officers, other key employees,  and consultants.  A total of 2,000,000 shares of
common stock are available and reserved for issuance under the Plan. On February
10, 2004, we granted  nonqualified  options to purchase  768,800 shares at $0.18
per share. They become effective upon the Company's initial trading date. All of
the options are fully vested. A summary of options outstanding follows:


                                          Option            Intrinsic       Fair
                                           Price    Shares    Value        Value
                                                ---------- ---------- ----------

 Options outstanding at beginning of year      -         -
 Options issued February 10, 2004:
  To employees                             $0.18   100,000    $32,000    $33,194
  To consultants                           $0.18   668,800    214,016    222,098
 Options outstanding, July 31, 2004                768,800   $246,016   $255,292
                                                ---------- ---------- ----------

                                      F-13

                                       19
<PAGE>

Note 9 - Stock options - continued

The options expire as follows:

 Expiration Date:                                                         Shares
  Two years following effective date                                     668,800
  Upon termination of the Plan                                           100,000


We account  for stock  option  grants to  employees  using the  intrinsic  value
method. Under the intrinsic value method, we recognize  compensation costs equal
to  the  difference  between  the  quoted  market  price  of  the  stock  at the
measurement date and the amount the employee must pay.  Compensation  expense of
$246,016 was recognized when the options were issued.

Note 10 - Lawsuit settlement:
In April,  2003, we settled  litigation that we had filed against a company from
whom  we  license  software  used  in  our  business.  Under  the  terms  of the
settlement, we received approximately $358,000 U.S. ($515,000 Cdn). In addition,
we received the right to use their software without cost for a forty-three month
period  beginning  May 1,  2003.  The  right to use the  software  is  valued at
approximately $29,900 ($43,000 Cdn).

In connection with the settlement,  we paid contingent attorney's fees and other
costs  of  approximately  $170,000.  We  also  agreed  to pay  our  attorney  an
additional  contingency  fee  approximating  $1,445  per  quarter  ($2,076  Cdn)
throughout the forty-three month period the software is to be used, payable only
if the software usage agreement is honored.

Note 11 - Amended quarterly filings:
In March 2005,  we filed  amended  quarterly  filings on Form  10-QSB/A  for the
quarters ended April 30, 2004 and July 31, 2004.  The amended  filings were made
(1) to reflect  corrections  in accounting  for stock options and (2) to reflect
previously  unrecorded fees and expenses paid through attorneys' trust accounts,
incurred in connection  with the Unitech  (Nevada)  purchase of stock in Unitech
(Canada),  as  described  in Note 2. We  learned  of the  fees  paid  out of the
attorneys' trust accounts after our original filing. A summary of the changes is
as follows:

                                                        As Reported  As Amended
Quarter ended April 30, 2004:
  Balance sheet:
    Funds held in trust                                     $16,683     $24,161
    Capital in excess of par value                          736,164     938,055
    Accumulated other comprehensive income                  (65,585)    (12,675)
  Statement of operations:
    Stock option compensation expense                             -     246,016
    Gain (loss) on foreign currency exchange                      -      (1,307)
    Net (loss)                                              (96,339)   (343,662)
    Basic earnings (loss) per common share                    (0.00)      (0.02)

Quarter ended July 31, 2004:
  Balance sheet:
    Capital in excess of par value                         $743,889    $938,055
    Retained earnings (deficit)                            (387,388)   (634,711)
    Accumulated other comprehensive income                  (55,053)     (1,896)
    Stock option compensation expense                             -     246,016
    Gain (loss) on foreign currency exchange                      -      (1,307)
    Net (loss)                                             (166,862)   (414,185)
    Basic earnings (loss) per common share                    (0.01)      (0.02)

                                      F-14

                                       20
<PAGE>

Note 12 - Segment information:
Management has identified the following identifiable segments of our operations,
based on the nature of operations and geographic location:


   Identity         Nature of operations                           Location
   ---------------- ---------------------------------------------- -------------
   Unitech (Canada) LeadScan  database  management  and analysis   Canada
                    system, including database
   Unitech (Nevada) Corporate management, legal parent             United States
   LogSearch        LeadScan  database  management  and analysis   United States
                    system, exluding database




The segments' accounting policies are the same as those described in the summary
of significant  accounting policies.  We evaluate performance based on profit or
loss from operations  before interest and income taxes, not including  recurring
gains and losses. The segments are managed by the same management group.

Segment information is as follows:

<TABLE>
<CAPTION>

                                          Unitech (Canada)     Unitech
                                                   Canada     (Nevada)      LogSearch
     Year ended October 31, 2004:                          United States  United States        Total
     ----------------------------------- ---------------- -------------- -------------- ------------
<S>                                               <C>           <C>            <C>           <C>
     Revenues from external customers             $51,064       $      -       $      -      $51,064
     Intersegment revenues                              -              -              -            -
     Interest revenue                               3,490              -            156        3,646
     Interest expense                                   -              -              -            -
     Depreciation and amortization                 25,349              -              -       25,349
     Segment profit (loss)                       (198,489)      (262,074)       (11,526)    (472,089)
     Other significant noncash items:
       Stock option compensation                        -        246,016              -      246,016
     Segment assets                               306,964        488,496         69,836      865,296
       Less, Intercompany eliminations                                                      (508,497)
       Consolidated totals                                                                   356,799
     Capital expenditures                          25,186              -              -       25,186

     Revenue from major customers:
       Customer A                                  23,496
       Customer B                                   8,348
       Customer C                                   8,348
</TABLE>


Transactions  between reportable  segments are accounted for using retail value,
if available, or fair value.

For the year ended  October  31,  2003,  we had only 1 segment,  that of Unitech
(Canada).

                                      F-15

                                       21
<PAGE>

Note 13 - Recent accounting pronouncements:
In December 2004, FASB Statement Number 123,  Share-Based  Payment, was revised.
This Statement requires a public entity to measure the cost of employee services
received in exchange for an award of equity  instruments based on the grant-date
fair value of the award (with limited exceptions).  That cost will be recognized
over the period  during  which an employee  is  required  to provide  service in
exchange  for the  award--the  requisite  service  period  (usually  the vesting
period).  Previously,  the intrinsic value method could be used for such awards.
The  effect  of the  pronouncement  on our  financial  statements  has not  been
determined.  If we issue  additional  stock  options in the  future,  we will be
required to follow this pronouncement.

The following recent accounting pronouncements:

o    FASB Statements
     o    Number 145, Rescission of FASB Statements No. 4, 44, and 64, Amendment
          of FASB Statement No. 13, and Technical Corrections
     o    Number  146,  Accounting  for Costs  Associated  with Exit or Disposal
          Activities,
     o    Number  147,  Acquisitions  of  Certain  Financial  Institutions  - an
          amendment of FASB  Statements  No. 72 and 144 and FASB  Interpretation
          No. 9,
     o    Number 148,  Accounting for Stock-Based  Compensation - Transition and
          Disclosure - an amendment of FASB Statement No. 123,
     o    Number 149,  Amendment of Statement 133 on Derivative  Investments and
          Hedging Activities,
     o    Number  150,  Financial   Instruments  with  Characteristics  of  Both
          Liabilities and Equity,
     o    Number 151, Inventory Costs - an amendment of ARB 43, Chapter 4
     o    Number 152, Accounting for Real Estate Time-Sharing  Transactions - an
          amendment of FASB Statements No. 66 and 67
     o    Number 153,  Exchanges  of  Nonmonetary  Assets - an  amendment of APB
          Opinion No. 29
     o    and FASB Interpretations
     o    Number 45,  Guarantor's  Accounting  and Disclosure  Requirements  for
          Guarantees,  Including Indirect Guarantees of Indebtedness of Others -
          and  Interpretation  of  FASB  Statements  No.  5,  57,  and  107  and
          rescission of FASB Interpretation No. 34
     o    Number  46,   Consolidation  of  Variable   Interest   Entities  -  an
          Interpretation of ARB No. 51

are  not  currently  expected  to  have  a  material  effect  on  our  financial
Statements.

                                      F-16

                                       22
<PAGE>

ITEM 8. CHANGES IN &  DISAGREEMENTS  WITH  ACCOUNTANTS ON ACCOUNTING & FINANCIAL
        DISCLOSURE

We are not  aware,  and have not been  advised by our  auditors,  Bateman & Co.,
Inc.,  P.C.  of any  disagreement  on any  matter of  accounting  principles  or
practices, financial statement disclosures, or auditing scope or procedure.

ITEM 8A. CONTROLS AND PROCEDURES

                Evaluation of Disclosure Controls and Procedures

Disclosure  controls  and  procedures  are  designed to ensure that  information
required to be  disclosed in the reports  filed or submitted  under the Exchange
Act of 1934 is recorded,  processed,  summarized  and reported,  within the time
periods  specified  in the  rules  and  forms  of the  Securities  and  Exchange
Commission.  Disclosure  controls and procedures  include,  without  limitation,
controls  and  procedures  designed  to ensure that  information  required to be
disclosed  in the reports  filed under the  Securities  Exchange  Act of 1934 is
accumulated  and  communicated  to  management,  including  our Chief  Executive
Officer,   as  appropriate,   to  allow  timely  decisions   regarding  required
disclosure.

Within the 90 days prior to the filing  date of this  report,  we carried out an
evaluation of the  effectiveness  of the design and operation of our  disclosure
controls and procedures  pursuant to Exchange Act Rule 13a-14.  This  evaluation
was done  under the  supervision  and with the  participation  of our  Principal
Executive Officer. Based upon that evaluation,  he concluded that our disclosure
controls and  procedures  are effective in gathering,  analyzing and  disclosing
information needed to satisfy our disclosure obligations under the Exchange Act.

                          Changes in Internal Controls

There were no significant  changes in our internal  controls or in other factors
that could significantly  affect those controls since the most recent evaluation
of such controls.

PART III

ITEM 9. DIRECTORS,  EXECUTIVE OFFICERS,  PROMOTERS & CONTROL PERSONS, COMPLIANCE
        WITH SECTION 16(a) OF THE EXCHANGE ACT

The Directors and Officers of the Company are as follows:

Name             Age Positions              Term Commenced     Term Expires
--------------- ---- ---------------------  ------------------ -----------------
James Durward    51  President, Treasurer,  February 10, 2004  February 9, 2006
                       Director
Christopher A.   33  Director,Secretary     February 10, 2004  February 9, 2006
 Kolacy


James Durward, Director, President, Treasurer, Age 51: Mr. Durward has served as
president,  treasurer  and director of Unitech  since  February  10,  2004.  Mr.
Durward  is also  the  president  of  both  UCAN  and  LogSearch,  Inc.,  UCAN's
80.95%-owned  subsidiary.  From October,  1999 to the present Mr. Durward is the
CEO of Unitech Energy Corp.  ("UCAN"),  a private  energy-related image analysis
concern. From September, 1996 to September,  1999, Mr. Durward was President and
CEO of International  Datashare Corporation ("IDC"), a company previously listed
on the Toronto Stock  Exchange (now merged into  Divestco)  specializing  in the


                                       23
<PAGE>

ITEM 9. DIRECTORS,  EXECUTIVE OFFICERS,  PROMOTERS & CONTROL PERSONS, COMPLIANCE
        WITH SECTION 16(a) OF THE EXCHANGE ACT - continued

creation of oil and gas  databases  and data  analysis  software.  In 1992,  Mr.
Durward  was a founder  and head of  Business  Development  at Virtual  Universe
Corporation,  a company specializing in graphical multi-user,  real-time network
applications. In 1996, Mr. Durward consulted in the structuring of Net:X America
Inc.,  an Oregon  corporation  developing  a stock  trading  platform,  and that
company's subsequent listing on NASD OTC Bulletin Board. Mr. Durward is also the
President and a Director of Emission Differentials Ltd., a company developing an
emissions trading business and a Director of Panoshan Marketing Corp., a company
involved in marketing technical  products.  Mr. Durward is also the President of
Puroil  Technology Inc. a venture capital company  involved in the formation and
financing of startup companies. Mr. Durward is a high school graduate.

Christopher A. Kolacy,  Director,  Secretary, Age 33: Mr. Kolacy has served as a
director and secretary of Untitech since February 10, 2004. Mr. Kolacy is also a
Director  and  Secretary  of UCAN  since  February  10,  2004.  Mr.  Kolacy is a
full-time  employee and  administrator of Canam Capital Corp., a firm invovolved
in the financing of startup  companies and venture  capital.  From 1996 to 1999,
Mr.  Kolacy was a  personal  trainer at Desert  Mountain  Resort in  Scottsdale,
Arizona. From 2000 to 2002, Mr. Kolacy served as Office Manager and Assistant to
the President of Mountain Desert  Properties,  Inc. in Scottsdale  Arizona.  His
responsibilities included sales, marketing web site design and client relations.
Since 2002,  Mr. Kolacy has served as  Administrative  Vice  President for CanAm
Capital Corp. in Los Angeles,  California  where he oversees all  administrative
functions  of the company.  In 1995,  Mr.  Kolacy  earned a B.S degree in Sports
Medicine from University of Arizona.  He has not served,  and currently does not
serve as an officer or director for any other public company.

MEETINGS OF THE BOARD OF DIRECTORS AND COMMITTEES OF THE BOARD OF DIRECTORS

Our  operations  are managed  under the  supervision  of our Board of Directors,
which has the ultimate  responsibility  for the establishment and implementation
of our general operating philosophy, objectives, goals and policies.

During  fiscal 2004,  pursuant to the laws of the State of Nevada,  our Board of
Directors  did not  formally  meet  as a  Board.  In  fiscal  2004,  none of our
directors  received any fee for attending Board meetings and received no expense
reimbursement.

ITEM 9B: COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT

Section  16(a) of the  Securities  Exchange Act of 1934  requires our  officers,
directors  and person who own more than 10% of our Common  Stock to file reports
of  ownership  and  changes  in  ownership  with  the  Securities  and  Exchange
Commission.  All of the  aforesaid  persons are  required by SEC  regulation  to
furnish us with copies of all Section  16(a) forms they file.  No changes in the
holdings of any officer,  director or other person took place and therefore,  no
other reports were required to be filed.

ITEM 10. EXECUTIVE COMPENSATION

During the last fiscal  year,  our officers  and  directors  did not receive any
salary, wage or other  compensation.  During the current fiscal year, we have no
present plans or means to pay compensation to our officers and directors.

                                       24
<PAGE>

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS & MANAGEMENT

The following table sets forth, as of March 1, 2005,  certain  information  with
respect to the beneficial ownership of our common stock by (i) each director and
officer of Unitech, (ii) each person known to Unitech to be the beneficial owner
of five percent (5%) or more of the  outstanding  shares of common  stock,  with
such person's  address,  and (iii) all of the directors and officers as a group.
Unless  otherwise  indicated,  the  person or entity  listed in the table is the
beneficial  owner of the shares and has sole  voting and  investment  power with
respect to the shares indicated.

------------------------------- -----------------------  --------------
Name of Beneficial Owner or     Shares of Common Stock      Percent
Name of Officer or Director       Beneficially Owned
------------------------------- -----------------------  --------------
James Durward                           9,495,792              40.85%
Director/President/Treasurer
3632-13 St. SW
Calgary, Alberta,
T2T 3R1
------------------------------- -----------------------  --------------
Christopher A. Kolacy                      50,000               0.20%
Director/Secretary
421 Shirley Pl. #2
Beverly Hills, CA 90212
------------------------------- -----------------------  --------------
Jay Jordan Barnhardt                    4,300,000              18.5%
2271 Century Hill
Los Angeles, California
90067

------------------------------- -----------------------  --------------
Total Directors/Officers/              13,845,792              59.37%
Five Percent Owners
------------------------------- -----------------------  --------------


ITEM 12. CERTAIN RELATIONSHIPS & RELATED TRANSACTIONS

None

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<PAGE>

ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K

                                    Exhibits

     (a)  Exhibits

 23.1     Consent of Independent Auditor

 31.1     Certificate  of  Principal  Executive  Officer  as  Required  by  Rule
          13a-14(a)/15d-14

 31.2     Certificate  of  Principal  Accounting  Officer  as  Required  by Rule
          13a-14(a)/15d-14

 32.1     Certificate  of  Principal  Executive  Officer  as  Required  by  Rule
          13a-14(b) and Rule 15d- 14(b) (17 CFR  240.15d-14(b)) and Section 1350
          of Chapter 63 of Title 18 of the United States Code

 32.1     Certificate  of  Principal  Accounting  Officer  as  Required  by Rule
          13a-14(b) and Rule 15d-14(b) (17 CFR  240.15d-14(b))  and Section 1350
          of Chapter 63 of Title 18 of the United States Code

     (b)  Reports on Form 8-K

Form 8-K filed on February  13,  2004,  and amended on April 7, 2004,  April 14,
2004 and July 7, 2004.

Form 8-K filed on September 23, 2004.

ITEM 14.  PRINCIPAL ACCOUNTANT FEES AND SERVICES

Our Board of Directors  reviews and  approves  audit and  permissible  non-audit
services performed by its independent  accountants,  as well as the fees charged
for such services.  In our review of non-audit  service fees and its appointment
of Bateman & Co., Inc.,  P.C..,  as our  independent  accountants,  our board of
directors  considered  whether the provision of such services is compatible with
maintaining  independence.  All of the  services  provided  and fees  charged by
Bateman & Co., Inc.,  P.C., in fiscal year ended October 31, 2004, were approved
by our board of directors.

Audit Fees

The aggregate fees billed by Bateman & Co., Inc., P.C. for professional services
for the audit of our annual financial statements and the review of the financial
statements included in our quarterly reports on Form 10-QSB for 2004 were $7,993
net of expenses.

Audit-Related Fees

The aggregate  fees billed by Bateman & Co., Inc.,  P.C.  during the last fiscal
year for assurance  and related  services  that were  reasonably  related to the
performance of the audit or review of our financial  statements and not reported
under "Audit Fees" above was $7,616.

Tax Fees

No fees were billed by Bateman & Co., Inc., P.C. during the last fiscal year for
professional  services rendered for tax compliance for fiscal year ended October
31, 2004.

                                       26
<PAGE>

                                   SIGNATURES

Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  Registrant  has duly  caused  this Report to be signed on its
behalf by the undersigned thereunder duly authorized.

Unitech Energy Corporation

Dated: March 30, 2005

By: /s/ James Durward
    ---------------------
        James Durward
        Principal Executive Officer

By: /s/ James Durward
    ---------------------
        James Durward
        Principal Accounting Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report
has been signed by the following  persons on behalf of the Registrant and in the
capacities and on the dates indicated.

Dated: March 30, 2005

By: /s/ James Durward
    ---------------------
        James Durward
        Director

By: /s/ Christopher A. Kolacy
    ---------------------
        Christopher A. Kolacy
        Director



                                       27
<PAGE>