---

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

FORM 10-Q

[ x ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2009

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
EXCHANGE ACT

For the transition period from _________to ________

Commission File No. 000-25515

MAVERICK MINERALS
CORPORATION(Exact name of registrant as specified in its
charter)

|Nevada                                                               | 88-0410480                          
|-------------------------------------------------------------------- | ------------------------------------
|(State or other jurisdiction of incorporation or
      organization) | (I.R.S. Employer Identification No.)

2501 Lansdowne Avenue, Saskatoon, Saskatchewan S7J
1H3(Address of principal executive offices) (zip code)

306.343.5799(Registrants telephone number,
including area code)

Not Applicable(Former name, former address and
former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.Yes[ x ] No[ ]

Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T (§232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files).
Yes[  ] No[ ]

Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See definitions of large accelerated filer, accelerated
filer, and smaller reporting company in Rule 12b-2 of the Exchange Act.
(Check one):

|Large accelerated filer [ ]                   | Accelerated filer [ ]          
|--------------------------------------------- | -------------------------------
|Non-accelerated filer [ ]                     | Smaller reporting company [ x ]
|(Do not check if a smaller reporting company) |                                

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

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS

---

1

Check whether the registrant filed all documents and reports
required to be filed by Section 12, 13 or 15(d) of the Exchange Act after
distribution of securities under a plan confirmed by a court. Yes[ ] No[ ]

APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuers
classes of common equity as of the latest practicable date: As of May 7,
2009, there were 96,907,208 shares of common stock, par value $0.001,
outstanding.

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- 2 -

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

---

|MAVERICK MINERALS CORPORATION 
|------------------------------
|(An Exploration Stage Company)
|Consolidated Balance Sheets   
|(Expressed in U.S. Dollars)   
|Unaudited                     

|                                                                         |   | March 31   |   |   | December 31 |  
|------------------------------------------------------------------------ | - | ---------- | - | - | ----------- | -
|                                                                         |   | 2009       |   |   | 2008        |  
|                                                                         |   |            |   |   |             |  
|                                                                         |   |            |   |   |             |  
|                                                                         |   |            |   |   |             |  
|TOTAL ASSETS                                                             | $ | -          |   | $ | -           |  
|                                                                         |   |            |   |   |             |  
|                                                                         |   |            |   |   |             |  
|Current Liabilities                                                      |   |            |   |   |             |  
|Bank overdraft                                                           | $ | 3,470      |   | $ | 669         |  
|Accounts payable (Note 4)                                                |   | 138,046    |   |   | 151,413     |  
|Accrued liabilities                                                      |   | 1,000      |   |   | 7,038       |  
|Loans payable (Note 3)                                                   |   | 694,514    |   |   | 631,514     |  
|TOTAL CURRENT LIABILITIES                                                |   | 837,030    |   |   | 790,634     |  
|                                                                         |   |            |   |   |             |  
|Long Term Liabilities                                                    |   |            |   |   |             |  
|Loans payable (Note 3)                                                   |   | -          |   |   | 447,500     |  
|                                                                         |   | 837,030    |   |   | 1,238,134   |  
|                                                                         |   |            |   |   |             |  
|Capital Deficit                                                          |   |            |   |   |             |  
|Capital Stock                                                            |   |            |   |   |             |  
|Authorized:                                                              |   |            |   |   |             |  
|100,000,000 common shares
      at $0.001 par value                      |   |            |   |   |             |  
|Issued and fully paid 96,907,208
      (2007 - 27,407,208) common shares |   |            |   |   |             |  
|Par value (Note 5)                                                       |   | 96,907     |   |   | 27,407      |  
|Additional paid-in capital (Note 5)                                      |   | 4,046,704  |   |   | 536,204     |  
|Deficit, accumulated during the exploration stage                        |   | (4,981,514 | ) |   | (1,802,618  | )
|Accumulated other comprehensive income                                   |   | 873        |   |   | 873         |  
|TOTAL CAPITAL DEFICIT                                                    |   | (837,030   | ) |   | (1,238,134  | )
|TOTAL LIABILITIES AND CAPITAL DEFICIT                                    | $ | -          |   | $ | -           |  

The accompanying notes are an integral part of these financial
  statements

F-1

---

|MAVERICK MINERALS CORPORATION                                     
|------------------------------------------------------------------
|(An Exploration Stage Company)                                    
|Consolidated Statements of Operations and Comprehensive
      Loss
|(Expressed in U.S. Dollars)                                       
|Unaudited                                                         

|                                                            |   | Cumulative From   |   |   |                    |   |   |            |  
|----------------------------------------------------------- | - | ----------------- | - | - | ------------------ | - | - | ---------- | -
|                                                            |   | Date of Inception |   |   |                    |   |   |            |  
|                                                            |   | (April 21, 2003)  |   |   | Three months Ended |  
|                                                            |   | to March 31,      |   |   | March 31           |  
|                                                            |   | 2009              |   |   | 2009               |   |   | 2008       |  
|                                                            |   |                   |   |   |                    |   |   |            |  
|General and administration expenses                         |   |                   |   |   |                    |   |   |            |  
|Audit fees                                                  | $ | 274,873           |   | $ | 11,726             |   | $ | -          |  
|Freight                                                     |   | 7,600             |   |   | -                  |   |   | -          |  
|Insurance                                                   |   | 186,297           |   |   | -                  |   |   | -          |  
|Accounting, legal, engineering &
      consulting,          |   |                   |   |   |                    |   |   |            |  
|investor relations                                          |   | 239,486           |   |   | 7,451              |   |   | 13,352     |  
|Management fees and stock based compensation
      (Note 4) |   | 846,018           |   |   | 22,500             |   |   | 22,500     |  
|Office                                                      |   | 58,133            |   |   | 551                |   |   | 250        |  
|Telephone and utilities                                     |   | 83,059            |   |   | -                  |   |   | -          |  
|Transfer agent fees                                         |   | 13,115            |   |   | -                  |   |   | 43         |  
|Travel                                                      |   | 193,913           |   |   | 4,168              |   |   | 4,292      |  
|Wages and benefits                                          |   | 86,588            |   |   | -                  |   |   | -          |  
|Gain on disposal of assets                                  |   | (795,231          | ) |   | -                  |   |   | -          |  
|Loss from continuing operations before other income         |   | (1,193,851        | ) |   | (46,396            | ) |   | (40,437    | )
|Other income (expenses)                                     |   |                   |   |   |                    |   |   |            |  
|Interest expense                                            |   | (49,357           | ) |   | -                  |   |   | -          |  
|Loss on settlement of loan payable (Note
      5)           |   | (3,204,100        | ) |   | (3,132,500         | ) |   | -          |  
|Gain on foreign exchange                                    |   | 3,122             |   |   | -                  |   |   | -          |  
|Gain on liabilities write-off                               |   | 612,373           |   |   | -                  |   |   | -          |  
|                                                            |   | (2,637,962        | ) |   | (3,132,500         | ) |   | -          |  
|                                                            |   |                   |   |   |                    |   |   |            |  
|Loss from continuing operations                             |   | (3,831,813        | ) |   | (3,178,896         | ) |   | (40,437    | )
|                                                            |   |                   |   |   |                    |   |   |            |  
|Loss from discontinued operations                           |   | (1,149,701        | ) |   | -                  |   |   | -          |  
|Loss for the period                                         |   | (4,981,514        | ) |   | (3,178,896         | ) |   | (40,437    | )
|Other Comprehensive Income                                  |   |                   |   |   |                    |   |   |            |  
|Foreign currency translation adjustments                    |   | 873               |   |   | -                  |   |   | -          |  
|Comprehensive Loss                                          | $ | (4,980,641        | ) | $ | (3,178,896         | ) | $ | (40,437    | )
|Loss per share - basic and diluted                          |   |                   |   | $ | (0.05              | ) | $ | (0.00      | )
|Weighted average shares outstanding                         |   |                   |   |   | 63,057,208         |   |   | 27,407,208 |  

The accompanying notes are an integral part of these financial
  statements

F-2

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|MAVERICK MINERALS CORPORATION                                                  
|-------------------------------------------------------------------------------
|(An Exploration Stage Company)                                                 
|Statement of Changes in Capital Deficit                                        
|For the Period From date of inception on April 21, 2003
      to March 31, 2009
|(Expressed in U.S. Dollars)                                                    
|Unaudited                                                                      

|                                                         |             |   |   |           |   |   |            |   |   |              |   |   | Deficit         |   |   |               |  |   |            |  
|-------------------------------------------------------- | ----------- | - | - | --------- | - | - | ---------- | - | - | ------------ | - | - | --------------- | - | - | ------------- |  | - | ---------- | -
|                                                         | Number of   |   |   | Par Value |   |   | Additional |   |   | Share        |   |   | Accumulated in  |   |   | Other         |  |   | Total      |  
|                                                         | Common      |   |   | @$0.001   |   |   | Paid-in    |   |   | Subscription |   |   | the Exploration |   |   | Comprehensive |  |   | Capital    |  
|                                                         | Shares      |   |   | Per Share |   |   | Capital    |   |   | Receivable   |   |   | Stage           |   |   | Loss          |  |   | Deficit    |  
|Balance, April 21, 2003                                  | 100         |   | $ | -         |   | $ | -          |   | $ | -            |   | $ | -               |   | $ | -             |  | $ | -          |  
|Adjustment for the issuance of                           |             |   |   |           |   |   |            |   |   |              |   |   |                 |   |   |               |  |   |            |  
|common stock on recapitalization                         | 37,580,400  |   |   | 37,580    |   |   | (37,580    | ) |   | -            |   |   | -               |   |   | -             |  |   | -          |  
|                                                         | 37,580,500  |   |   | 37,580    |   |   | (37,580    | ) |   | -            |   |   | -               |   |   | -             |  |   | -          |  
|Adjustment to capital deficit of the                     |             |   |   |           |   |   |            |   |   |              |   |   |                 |   |   |               |  |   |            |  
|Company at the recapitalization date                     | 4,176,026   |   |   | 4,176     |   |   | (949,065   | ) |   | -            |   |   | -               |   |   | -             |  |   | (944,889   | )
|                                                         | 41,756,526  |   |   | 41,756    |   |   | (986,645   | ) |   | -            |   |   | -               |   |   | -             |  |   | (944,889   | )
|Shares issued for management services (Note 5)           | 1,500,000   |   |   | 1,500     |   |   | 103,500    |   |   | -            |   |   | -               |   |   | -             |  |   | 105,000    |  
|Currency translation adjustment                          | -           |   |   | -         |   |   | -          |   |   | -            |   |   | -               |   |   | 873           |  |   | 873        |  
|Net loss for the period                                  | -           |   |   | -         |   |   | -          |   |   | -            |   |   | (626,985        | ) |   | -             |  |   | (626,985   | )
|Balance, December 31, 2003                               | 43,256,526  |   |   | 43,256    |   |   | (883,145   | ) |   | -            |   |   | (626,985        | ) |   | 873           |  |   | (1,466,001 | )
|Shares issued for cash (Note 5)                          | 10,000,000  |   |   | 10,000    |   |   | 15,000     |   |   | -            |   |   | -               |   |   | -             |  |   | 25,000     |  
|Shares subscribed but unissued                           | -           |   |   | 27,500    |   |   | -          |   |   | -            |   |   | -               |   |   | -             |  |   | 27,500     |  
|Forgiveness of related party balances payable            | -           |   |   | -         |   |   | 1,027,791  |   |   | -            |   |   | -               |   |   | -             |  |   | 1,027,791  |  
|Net income for the year                                  | -           |   |   | -         |   |   | -          |   |   | -            |   |   | 71,698          |   |   | -             |  |   | 71,698     |  
|Balance, December 31, 2004                               | 53,256,526  |   |   | 80,756    |   |   | 159,646    |   |   | -            |   |   | (555,287        | ) |   | 873           |  |   | (314,012   | )
|Shares subscribed but unissued                           | -           |   |   | (27,500   | ) |   | -          |   |   | -            |   |   | -               |   |   | -             |  |   | (27,500    | )
|Shares issued for cash (Note 5)                          | 27,500,000  |   |   | 27,500    |   |   | -          |   |   | -            |   |   | -               |   |   | -             |  |   | 27,500     |  
|Cancellation of shares (Note 5)                          | (54,379,318 | ) |   | (54,379   | ) |   | 54,379     |   |   | -            |   |   | -               |   |   | -             |  |   | -          |  
|Compensation expense on share cancellation (Note 5)      | -           |   |   | -         |   |   | 44,720     |   |   | -            |   |   | -               |   |   | -             |  |   | 44,720     |  
|Shares issued for loan payable settlement (Note
      5) | 895,000     |   |   | 895       |   |   | 124,405    |   |   | -            |   |   | -               |   |   | -             |  |   | 125,300    |  
|Shares issued for cash (Note 5)                          | 75,000      |   |   | 75        |   |   | 675        |   |   | -            |   |   | -               |   |   | -             |  |   | 750        |  
|Stock based compensation                                 | -           |   |   | -         |   |   | 140,438    |   |   | -            |   |   | -               |   |   | -             |  |   | 140,438    |  
|Net loss for the year                                    | -           |   |   | -         |   |   | -          |   |   | -            |   |   | (1,036,098      | ) |   | -             |  |   | (1,036,098 | )
|Balance, December 31, 2005                               | 27,347,208  |   |   | 27,347    |   |   | 524,263    |   |   | -            |   |   | (1,591,385      | ) |   | 873           |  |   | (1,038,902 | )
|Shares issued for cash (Note 5)                          | 60,000      |   |   | 60        |   |   | 540        |   |   | (600         | ) |   | -               |   |   | -             |  |   | -          |  
|Stock based compensation                                 | -           |   |   | -         |   |   | 11,401     |   |   | -            |   |   | -               |   |   | -             |  |   | 11,401     |  
|Net loss for the year                                    | -           |   |   | -         |   |   | -          |   |   | -            |   |   | (128,774        | ) |   | -             |  |   | (128,774   | )
|Balance, December 31, 2006                               | 27,407,208  |   |   | 27,407    |   |   | 536,204    |   |   | (600         | ) |   | (1,720,159      | ) |   | 873           |  |   | (1,156,275 | )
|Net loss for the year                                    | -           |   |   | -         |   |   | -          |   |   | -            |   |   | (192,410        | ) |   | -             |  |   | (192,410   | )
|Balance, December 31, 2007                               | 27,407,208  |   |   | 27,407    |   |   | 536,204    |   |   | (600         | ) |   | (1,912,569      | ) |   | 873           |  |   | (1,348,685 | )
|Share subscriptions paid (Note 5)                        | -           |   |   | -         |   |   | -          |   |   | 600          |   |   | -               |   |   | -             |  |   | 600        |  
|Net income for the year                                  | -           |   |   | -         |   |   | -          |   |   | -            |   |   | 109,951         |   |   | -             |  |   | 109,951    |  
|Balance, December 31, 2008                               | 27,407,208  |   |   | 27,407    |   |   | 536,204    |   |   | -            |   |   | (1,802,618      | ) |   | 873           |  |   | (1,238,134 | )
|Cancellation of shares (Note 5)                          | (20,000,000 | ) |   | (20,000   | ) |   | 20,000     |   |   | -            |   |   | -               |   |   | -             |  |   | -          |  
|Share issued for loan payable settlement (Note 5)        | 89,500,000  |   |   | 89,500    |   |   | 3,490,500  |   |   | -            |   |   | -               |   |   | -             |  |   | 3,580,000  |  
|Net loss for the period                                  | -           |   |   | -         |   |   | -          |   |   | -            |   |   | (3,178,896      | ) |   | -             |  |   | (3,178,896 | )
|Balance, March
      31, 2009                            | 96,907,208  |   |   | 96,907    |   | $ | 4,046,704  |   | $ | -            |   | $ | (4,981,514      | ) | $ | 873           |  | $ | (837,030   | )

The accompanying notes are an integral part of these financial
  statements

F-3

---

|MAVERICK MINERALS CORPORATION        
|-------------------------------------
|(An Exploration Stage Company)       
|Consolidated Statements of Cash Flows
|(Expressed in U.S. Dollars)          
|Unaudited                            

|                                                             |   | Cumulative From   |   |   |                          |   |   |         |  
|------------------------------------------------------------ | - | ----------------- | - | - | ------------------------ | - | - | ------- | -
|                                                             |   | Date of Inception |   |   |                          |   |   |         |  
|                                                             |   | (April 21, 2003)  |   |   | Three Month Period Ended |  
|                                                             |   | to March 31,      |   |   | March 31                 |  
|                                                             |   | 2009              |   |   | 2009                     |   |   | 2008    |  
|                                                             |   |                   |   |   |                          |   |   |         |  
|Operating Activities                                         |   |                   |   |   |                          |   |   |         |  
|Net loss for the period                                      | $ | (4,981,514        | ) | $ | (3,178,896               | ) | $ | (40,437 | )
|Adjustments to reconcile net loss for
      the period       |   |                   |   |   |                          |   |   |         |  
|to cash flows used in operating activities                   |   |                   |   |   |                          |   |   |         |  
|Impairment of investment in oil
      and gas leases         |   | 419,959           |   |   | -                        |   |   | -       |  
|Gain on disposal of assets                                   |   | (933,995          | ) |   | -                        |   |   | -       |  
|Gain on liabilities write-off                                |   | (612,373          | ) |   | -                        |   |   | -       |  
|Stock based compensation                                     |   | 196,559           |   |   | -                        |   |   | -       |  
|Depreciation                                                 |   | 277,578           |   |   | -                        |   |   | -       |  
|Shares issued for services                                   |   | 105,000           |   |   | -                        |   |   | -       |  
|Loss on settlement of loan payable                           |   | 3,204,100         |   |   | 3,132,500                |   |   | -       |  
|Changes in non-cash working capital items                    |   |                   |   |   |                          |   |   |         |  
|Accounts payable                                             |   | 1,598,405         |   |   | (13,367                  | ) |   | (3,658  | )
|Accrued liabilities                                          |   | 1,000             |   |   | (6,038                   | ) |   | (23,977 | )
|Cash used in operating activities                            |   | (725,281          | ) |   | (65,801                  | ) |   | (68,072 | )
|                                                             |   |                   |   |   |                          |   |   |         |  
|Investing Activities                                         |   |                   |   |   |                          |   |   |         |  
|Investment in oil and gas leases                             |   | (474,959          | ) |   | -                        |   |   | -       |  
|Purchase of property and equipment                           |   | (311,367          | ) |   | -                        |   |   | -       |  
|Cash used in investing activities                            |   | (786,326          | ) |   | -                        |   |   | -       |  
|                                                             |   |                   |   |   |                          |   |   |         |  
|Financing Activities                                         |   |                   |   |   |                          |   |   |         |  
|Shares issued for cash                                       |   | 53,850            |   |   | -                        |   |   | -       |  
|Proceeds from bank overdraft                                 |   | 3,470             |   |   | 2,801                    |   |   | -       |  
|Proceeds from loans payable                                  |   | 1,453,414         |   |   | 63,000                   |   |   | 70,550  |  
|Cash provided by financing activities                        |   | 1,510,734         |   |   | 65,801                   |   |   | 70,550  |  
|                                                             |   |                   |   |   |                          |   |   |         |  
|Increase (decrease) in Cash during the period                |   | (874              | ) |   | -                        |   |   | 2,478   |  
|Effect of cumulative currency translation                    |   | 873               |   |   | -                        |   |   | -       |  
|Cash, beginning of the period                                |   | -                 |   |   | -                        |   |   | 96      |  
|Cash, end of the period                                      | $ | -                 |   | $ | -                        |   | $ | 2,574   |  
|                                                             |   |                   |   |   |                          |   |   |         |  
|                                                             |   |                   |   |   |                          |   |   |         |  
|Supplemental Cash Flow information                           |   |                   |   |   |                          |   |   |         |  
|Interest paid                                                | $ | 35,000            |   | $ | -                        |   | $ | -       |  
|Non-cash investing and financing activities:                 |   |                   |   |   |                          |   |   |         |  
|Impairment in oil and gas leases                             |   | 419,959           |   |   | -                        |   |   | -       |  
|Investment in oil and gas leases in exchange                 |   |                   |   |   |                          |   |   |         |  
|for notes payable to Veneto                                  |   | 1,400,000         |   |   | -                        |   |   | -       |  
|Transfer of leases in settlement of notes payable            |   | 1,400,000         |   |   | -                        |   |   | -       |  
|Assignment of accounts payable
      from transfer of leases |   | 193,764           |   |   | -                        |   |   | -       |  
|Settlement of loan payable (Note 5)                          |   | 501,200           |   |   | 447,500                  |   |   | -       |  
|Forgiveness of related party balances
      payable          |   | 1,027,791         |   |   | -                        |   |   | -       |  
|Forgiveness of loan payable                                  |   | 311,400           |   |   | -                        |   |   | -       |  

The accompanying notes are an integral part of these financial
  statements

F-4

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2009                            
|(Expressed in U.S. Dollars)               
|Unaudited                                 

|**Note 1.** | NATURE OF OPERATIONS AND ABILITY TO CONTINUE
      AS A GOING CONCERN
|----------- | ---------------------------------------------------------------------

Maverick Minerals Corporation (the
  Company) was incorporated on August 27, 1998 under the Company Act of
  the State of Nevada, U.S.A. to pursue opportunities in the business of franchising
  fast food distributor systems. On May 23, 2001, the Company changed its direction
  to the energy and mineral resource fields, as an exploration stage company,
  and still is an exploration stage company.

On April 21, 2003 the Company closed
  a transaction, as set out in the Purchase Agreement (the Agreement) with
  UCO Energy Corporation (UCO) to purchase the outstanding equity
  of UCO. To facilitate the transaction, the Company consolidated its share capital
  at a ratio of one for five. Subsequent to the share consolidation, the Company
  issued 37,580,400 common shares in exchange for all the issued and outstanding
  common shares of UCO. As a result of the transaction, the former shareholders
  of UCO held approximately 90% of the issued and outstanding common shares of
  the Company. The acquisition of UCO was recorded as a reverse acquisition for
  accounting purposes as a recapitalization of UCO. A net distribution of $944,889
  was recoded in connection with the common stock of the Company for the acquisition
  of UCO in respect of the Companys net liabilities at the acquisition date.
  The Company had minimal assets and had liabilities owing to suppliers as well
  as amounts owing under agreements with third parties as well as related parties
  and as there were no other business interests, the Company was acting as a public
  shell company. The financial statements are now presented as a continuation
  of UCO. UCO was in the business of pursuing opportunities in the coal mining
  industry. The Company has since disposed of its mining and oil and gas interests
  and is seeking new projects in these industries.

These accompanying consolidated financial
  statements have been prepared in accordance with accounting principles generally
  accepted in the United States of America applicable to a going concern, which
  contemplates the realization of assets and the satisfaction of liabilities and
  commitments in the normal course of business. As at March 31, 2009, the Company
  has negative working capital of $837,030 (December 31, 2008 - $790,634), and
  has an accumulated deficit of $4,981,514 at March 31, 2009. The continuation
  of the Company is dependent upon obtaining a successful new exploration project,
  the continuing support of creditors and stockholders as well as achieving and
  maintaining a profitable level of operations. These conditions raise substantial
  doubt about the Companys ability to continue as a going concern. Management
  anticipates that it requires approximately $1,290,000 over the twelve months
  ending March 31, 2010 to continue operations. The majority of this anticipated
  requirement will be funded by the $1,000,000 revolving loan the Company obtained
  during the three month period ended March 31, 2009. In addition to funding the
  Companys general, administrative and corporate expenses the Company is
  obligated to address its current obligations totaling $837,030 To the extent
  that cash needs are not achieved from operating cash flow and existing cash
  on hand, the Company plans to raise necessary cash through equity issuances
  and/or debt financing. Amounts raised will be used to continue the development
  of the Company's explorations activities, and for other working capital purposes.

Management cannot provide any assurances
  that the Company will be successful in any of its plans. Although there are
  no assurances that management's plans will be realized, management believes
  that the Company will be able to continue operations in the future. The financial
  statements do not include any adjustments relating to the recoverability and
  classification of recorded assets or the amounts of and classification of liabilities
  that might be necessary in the event the Company cannot continue in existence.

F-5

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2009                            
|(Expressed in U.S. Dollars)               
|Unaudited                                 

|Note 2. | Interim Financial Statements
|------- | ----------------------------

|    | The interim financial statements included
        herein have been prepared by the Company, without audit, pursuant to the
        rules and regulations of the Securities and Exchange Commission. Certain
        information and footnote disclosures normally included in the financial
        statements prepared in accordance with generally accepted accounting principles
        have been condensed or omitted pursuant to such rules and regulations,
        although the Company believes that the disclosures are adequate to make
        the information presented not misleading.                                                                                                                                                                                                      
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    | These statements reflect all adjustments,
        consisting of normal recurring adjustments, which in the opinion of management
        are necessary for fair presentation of the information contained therein.
        It is suggested that these interim financial statements be read in conjunction
        with the audited financial statements of the Company for the year ended
        December 31, 2008. The Company follows the same accounting policies in
        the preparation of interim reports.                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    | Results of the operations for the interim
        periods are not indicative of future results.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|(a) | New Accounting Pronouncements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    | In December 2007, the FASB issued SFAS No.
        141(R), Business Combinations. The standard requires the acquiring
        entity in a business combination to recognize all (and only) the assets
        acquired and liabilities assumed in the transaction; establishes the acquisition
        date fair value as the measurement objective for all assets acquired and
        liabilities assumed; and requires the acquirer to disclose to investors
        and other users all of the information they need to evaluate and understand
        the nature and financial effect of the business combination. The adoption
        of this standard did not have a material impact on our consolidated financial
        statements.                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    | In December 2007, the FASB issued SFAS No.
        160, Noncontrolling Interests in Consolidated Financial Statements.
        The standard requires all entities to report noncontrolling (minority)
        interests as equity in consolidated financial statements. SFAS No. 160
        eliminates the diversity that currently exists in accounting for transactions
        between an entity and noncontrolling interests by requiring they be treated
        as equity transactions. The adoption of this standard did not have a material
        impact on our consolidated financial statements.                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    | In March 2008, the FASB issued Statement of
        Financial Accounting Standards (SFAS) No. 161, Disclosures
        about Derivative Instruments and Hedging Activities, an amendment
        of FASB Statement No. 133, which requires additional disclosures about
        the objectives of the derivative instruments and hedging activities, the
        method of accounting for such instruments under SFAS No. 133 and its related
        interpretations, and a tabular disclosure of the effects of such instruments
        and related hedged items on our financial position, financial performance,
        and cash flows. The adoption of this standard did not have a material
        impact on our consolidated financial statements.                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    | In May 2008, FASB issued SFAS 162 The Hierarchy
        of Generally Accepted Accounting Principles (SFAS 162).
        SFAS 162 identifies the sources of accounting principles and the framework
        for selecting the principles used in the preparation of financial statements
        that are presented in conformity with generally accepted accounting principles.
        SFAS 162 becomes effective 60 days following the SECs approval of
        the Public Company Accounting Oversight Board amendments AU Section 411
        The Meaning of Present Fairly in Conformity with Generally Accepted
        Accounting Principles. The Company does not expect that the adoption
        of SFAS 162 will have a material impact on its consolidated financial
        statements.

F-6

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2009                            
|(Expressed in U.S. Dollars)               
|Unaudited                                 

|Note 2. | Interim Financial Statements- continued
|------- | ---------------------------------------

|(a) | New Accounting Pronouncements - continued                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | In April 2009, the FASB issued FASB Staff Position No.
        FAS 107-1 and APB 28-1, Interim Disclosures about Fair Value of Financial
        Instruments(FAS 107-1 and APB 28-1), which requires public companies
        to disclose the fair value of financial instruments with the scope of
        FAS 107,                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | Disclosures about Fair Value of Financial Instrumentsin interim financial statements. This position will be effective for
        interim periods ending after June 15, 2009. Since FSP FAS 107-1 and APB
        28- 1 requires only additional disclosures of fair values of financial
        instruments in interim financial statements, the Company does not expect
        that the adoption of FAS 107-1 and APB 28-1 will have a material impact
        on its consolidated financial statements.

|**Note 3.** | LOANS PAYABLE
|----------- | -------------

The Company has the following loans payable.
  These amounts are unsecured, bear no interest, with no specific terms of repayment.

| |                                |   | March 31, |  |   | December 31, | 
| | ------------------------------ | - | --------- |  | - | ------------ | 
| |                                |   | 2009      |  |   | 2008         | 
| | Art Brokerage  Current        | $ | 674,514   |  | $ | 611,514      | 
| | Mr. Alonzo B. Leavell (Note 4) |   | 20,000    |  |   | 20,000       | 
| |                                |   | 694,514   |  |   | 631,514      | 
| | Art Brokerage  Long Term      |   | -         |  |   | 447,500      | 
| |                                | $ | 694,514   |  | $ | 1,079,014    | 

A portion of the Art Brokerage loan was
  classified as long-term debt as at December 31, 2008 in accordance with FAS
  6, Classification of Short-Term Obligations Expected to be Refinanced,
  since the Company had entered into the Debt Settlement Agreement (Note 5) on
  February 13, 2009, with Senergy Partners LLC (Senergy), before the
  December 31, 2008 financial statements were issued. This amount was settled
  in the three month period ended March 31, 2009.

|**Note 4.** | RELATED PARTY TRANSACTIONS
|----------- | --------------------------

On June 5, 2005, the Company entered
  into a management agreement with its chief executive officer (CEO).
  The agreement was for a term of two years with an annual fee of $90,000 and
  expired on May 31, 2007. A new management agreement has not been signed and
  it has been assumed that the previous management agreement is still in effect
  until a new agreement has been entered into.

Management fees of $22,500 are charged
  to expense in these financial statements for the three month period ended March
  31, 2009 (2008 - $22,500) There are management fees payable of $78,400 at March
  31, 2009 (2008 - $75,941) that have been included in accounts payable.

|Note 5. | SHARE CAPITAL
|------- | -------------

As explained in Note 1, on April 21,
  2003 the Company issued 37,580,400 common shares in exchange for all the issued
  and outstanding common shares of UCO.

In July 2003, the Company issued 1,500,000
  common shares to the Companys CEO in exchange for management services.
  The transaction was recorded at the quoted market price of $0.07 per common
  share and resulted in compensation expense of $105,000. No consideration was
  received by the Company in the exchange of shares for management services.

F-7

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2009                            
|(Expressed in U.S. Dollars)               
|Unaudited                                 

|Note 5. | SHARE CAPITAL -continued
|------- | ------------------------

In June 2004, the Company issued 10,000,000
  common shares at a price of $0.025 for proceeds of $25,000.

In January 2005, the Company issued 27,500,000
  common shares at a price of $0.001 for proceeds of $27,500.

In June 2005, the Company cancelled 54,379,318
  common shares, under an agreement with certain stockholders, which included
  the former stockholders of UCO, and two other stockholders including the CEO
  of the Company. The former stockholders of UCO surrendered the majority of the
  shares which was approximately 95% of the total common shares that they held
  at the time. As a result of the share cancellation, one single common stockholder
  emerged as the majority stockholder with approximately 76% of the total issued
  and outstanding common shares. In addition, the CEOs percentage common
  share holding increased and resulted in compensation expense of $44,720.

In July 2005, the Company issued 895,000
  common shares at a price of $0.06 to settle an amount owing with respect to
  a loan payable. The transaction was recorded at the quoted market price of $0.14
  and resulted in a loss on settlement of loan payable of $71,600.

In September 2005, the Company issued
  75,000 common shares at a price of $0.01 for cash proceeds of $750 in relation
  to the exercise of stock options.

In April 2006, the Company issued 60,000
  common shares at a price of $0.01 for $600 in relation to the exercise of stock
  options.

In 2008 there were no share capital transactions.

In the period ended March 31, 2009 the
  following transactions occurred:

| | (i)   | On February 2, 2009 a major shareholder returned to
        treasury 20,000,000 common shares of the Company for nil consideration.
        The return to treasury preceded an agreement with the Companys main
        creditor and an affiliate of that creditor for the conversion of outstanding
        debt to equity, ongoing operating funding and a project acquisition facility                                                                                                                                                                                                                                                                                                           
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (ii)  | The Company entered into a loan agreement with Senergy
        on February 13, 2009, pursuant to which the Company established an unsecured
        revolving loan facility of up to $1,000,000 (the Credit Facility).
        The outstanding principal amount of the Credit Facility together with
        all the accrued and unpaid interest and all other amounts outstanding
        there under are due and payable in full on December 31, 2012, the maturity
        date. Outstanding principal under the Credit Facility bears interest at
        an annual rate of 8%. No amounts were withdrawn under the credit facility
        during the three month period ended March 31, 2009.
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (iii) | In connection with the Company entering into the Credit
        Facility and Debt Settlement Agreement with Senergy, the Company entered
        into an Assignment and Assumption Agreement with Senergy and Art Brokerage,
        Inc. (ABI) dated February 13, 2009, pursuant to which ABI
        assigned to Senergy all of its right, title and interest to a debt (the
        Assigned Debt) of $447,500 owed by the Company to ABI (Note
        3).                                                                                                                                                                                                                                   
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (iv)  | On February 13, 2009, the Company entered into a debt
        settlement and subscription agreement (the Debt Settlement Agreement)
        with Senergy in consideration of Senergy entering into the Credit Facility.
        Pursuant to the terms of the Debt Settlement Agreement, the Company agreed
        to issue to Senergy 89,500,000 shares of the Company common stock in settlement
        of a $447,500 debt owed to Senergy.                                                                                                                                                                                                                                                     

F-8

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2009                            
|(Expressed in U.S. Dollars)               
|Unaudited                                 

|Note 5. | SHARE CAPITAL -continued
|------- | ------------------------

As a result of these transactions, Senergy
  acquired 89,500,000 shares or 92.3% of the Companys issued and outstanding
  common stock. The Company issued 89,500,000 common shares at a price of $0.005
  to settle an amount owing with respect to a loan payable. The transaction was
  recorded at the quoted market price of $0.04 and resulted in a loss on settlement
  of loan payable of $3,132,500.

As a result of change of control, the
  Companys Federal and state tax net operating loss carryforwards will be
  limited as defined by Section 382 of the Internal Revenue Code.

|Note 6. | STOCK OPTION PLAN
|------- | -----------------

Stock options

The stock option plan of the Company
  provides for the granting of up to 3,000,000 stock options to key employees,
  directors and consultants, of common shares of the Company. Under the stock
  option plan, the granting of incentive and non-qualified stock options, exercise
  prices and terms are determined by the Board of Directors.

There were no stock options granted or
  outstanding during 2008 or for the three month period ended March 31, 2009.

F-9

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- 3 -

ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.

Forward Looking Statements

This quarterly report contains forward-looking statements.
Forward-looking statements are projections of events, revenues, income, future
economic performance or managements plans and objectives for our future
operations. In some cases, you can identify forward-looking statements by
terminology such as may, should, expects, plans, anticipates,
believes, estimates, predicts, potential or continue or the negative
of these terms or other comparable terminology. These statements are only
predictions and involve known and unknown risks, uncertainties and other
factors, including the risks in the section entitled Risk Factors and the
risks set out below, any of which may cause our or our industrys actual
results, levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking statements. These
risks include, by way of example and not in limitation:

- risks and uncertainties relating to the interpretation of drill results,
  the geology, grade and continuity of mineral deposits;
- results of initial feasibility, pre-feasibility and feasibility studies,
  and the possibility that future exploration, development or mining results
  will not be consistent with our expectations;
- mining and development risks, including risks related to accidents,
  equipment breakdowns, labour disputes or other unanticipated difficulties with
  or interruptions in production;
- the potential for delays in exploration or development activities or the
  completion of feasibility studies;
- risks related to the inherent uncertainty of production and cost estimates
  and the potential for unexpected costs and expenses;
- risks related to commodity price fluctuations;
- the uncertainty of profitability based upon our history of losses;
- risks related to failure to obtain adequate financing on a timely basis
  and on acceptable terms for our planned exploration and development projects;
- risks related to environmental regulation and liability;
- risks that the amounts reserved or allocated for environmental compliance,
  reclamation, post- closure control measures, monitoring and on-going
  maintenance may not be sufficient to cover such costs;
- risks related to tax assessments;
- political and regulatory risks associated with mining development and
  exploration; and
- other risks and uncertainties related to our prospects, properties and
  business strategy.

This list is not an exhaustive list of the factors that may
affect any of our forward-looking statements. These and other factors should be
considered carefully and readers should not place undue reliance on our
forward-looking statements.

Forward looking statements are made based on managements
beliefs, estimates and opinions on the date the statements are made and we
undertake no obligation to update forward-looking statements if these beliefs,
estimates and opinions or other circumstances should change. Although we believe
that the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity, performance
or achievements. Except as required by applicable law, including the securities
laws of the United States, we do not intend to update any of the forward-looking
statements to conform these statements to actual results.

Our financial statements are stated in United States dollars
(US$) and are prepared in accordance with United States Generally Accepted
Accounting Principles.

In this quarterly report, unless otherwise specified, all
dollar amounts are expressed in United States dollars and all references to
common stock refer to the common shares in our capital stock.

---

- 4 -

As used in this quarterly report, the terms we, us, our,
the Company and Maverick mean Maverick Minerals Corporation and our
subsidiary, Eskota Energy Corporation, unless otherwise indicated.

Recent Corporate Developments

Since the commencement of our fiscal quarter ended March 31,
2009, we experienced the following significant corporate developments:

| | 1. | On February 13, 2009, we entered into a loan agreement
      with Senergy Partners LLC (Senergy) pursuant to which we received a
      revolving loan of up to US$1,000,000 (the Credit Facility). The
      outstanding principal amount of the Credit Facility together with all
      accrued and unpaid interest and all other amounts outstanding thereunder
      are due and payable in full on December 31, 2012 (the maturity date).
      Outstanding principal under the Credit Facility bears interest at an
      annual rate of 8%. In consideration of Senergy entering into the Credit
      Facility, we entered into a debt settlement and subscription agreement
      (the Debt Settlement Agreement) with Senergy. Pursuant to the terms of
      the Debt Settlement Agreement, we agreed to issue to Senergy 89,500,000
      shares of our common stock at a deemed price of US$0.005 per share in
      settlement of a US$447,500 debt owed to Senergy.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | 2. | Also on February 13, 2009, in connection with our entry
      into the Credit Facility and Debt Settlement Agreement with Senergy, we
      entered into an Assignment and Assumption Agreement with Senergy and Art
      Brokerage, Inc. (ABI) pursuant to which ABI assigned to Senergy all its
      right, title and interest to a debt (the Assigned Debt) of US$447,500
      owed by the Company to ABI. In February, 2009, prior to the entry into the
      Credit Facility and the Debt Settlement Agreement, and in connection with
      the negotiation of these agreements, a majority shareholder of Maverick
      agreed to return to treasury 20,000,000 shares of Mavericks issued and
      outstanding common stock held by him. As a result of these transactions
      Senergy acquired 89,500,000 shares or 92.3% of Mavericks issued and
      outstanding common stock.                                                                               

Our Current Business

We are an exploration stage company. We plan to continue to
evaluate joint venture opportunities and oil and gas development and production
prospects in West Texas, North West Texas and Saskatchewan. Our development work
in Texas had been focused exclusively on optimizing existing non-producing wells
on our previously owned 6,000 acre oil and gas lease in Nolan and Fisher
counties outside of Sweetwater, Texas. While we no longer own this lease we have
through our efforts found a significant store of original core and drilling
information unavailable for review since the 1970s at the time of the original
drilling. These records, including logs and zone maps, are now in our
possession.

We are in discussion with an experienced local geologist with
the intention of re-modeling and analyzing the lease with the benefit of this
new data. We believe a reasonable joint venture opportunity exists on this lease
with the provision of advanced analysis using our proprietary data. While
previous workings by our company were exclusively on pre-existing wells, new
modeling may identify one or several drill sites identified as proven,
non-developed by an independent geologist working for our company in 2005. That
work resulted in an SX-10 reserve report we previously disclosed. New modeling
may also enhance recovery prospects up pipe in previously discovered but
non-produced zones which could benefit from modern completion techniques.

We expect to continue our evaluation of joint venture
production and development opportunities in North West Texas. Our company has
engaged an independent geologist in Wichita Falls, Texas and has evaluated two
prospects to date. One in Throckmorton County and one in Wilbarger County. Our
company has acquired a good working knowledge of land value and recovery
techniques over the past three years working in Texas and has developed working
relationships we believe will be valuable in identifying appropriate ventures
for our company going forward.

Increased expansion of the oil and gas sector in Saskatchewan,
Canada may lead to joint venture opportunities in this region. The management of
our company has been based in Saskatchewan in the recent past and has existing
relationships with individuals and companies financing and producing oil in this
jurisdiction. We contemplate

---

- 5 -

evaluating joint venture opportunities in Saskatchewan in the
next 12 months. As an exploration stage company, we are not able to fund our
cash requirements through our current operations. Historically, we have been
able to raise a limited amount of capital through private placements of our
equity stock, but we are uncertain about our continued ability to raise funds
privately. Further, we believe that our company may have difficulties raising
capital until we locate a prospective property through which we can pursue our
plan of operation. If we are unable to secure adequate capital to continue our
acquisition efforts, our shareholders may lose some or all of their investment
and our business may fail.

General

The following is a discussion and analysis of our plan of
operation for the three month period ended March 31, 2009, and the factors that
could affect our future financial condition. This discussion and analysis should
be read in conjunction with our consolidated unaudited financial statements and
the notes thereto included elsewhere in this quarterly report. Our consolidated
financial statements are prepared in accordance with United States generally
accepted accounting principles. All references to dollar amounts in this section
are in United States dollars unless expressly stated otherwise.

Plan of Operation

For the next twelve months we plan to continue to evaluate
joint venture opportunities and oil and gas development and production prospects
in West Texas and North West Texas and Saskatchewan. Our development work in
Texas had been focused exclusively on optimizing existing non-producing wells on
our previously owned 6,000 acre oil and gas lease in Nolan and Fisher counties
outside of Sweetwater, Texas (the Nolan Lease).

While we no longer own the Nolan lease, we have through our
efforts found a significant store of original core and drilling information
unavailable for review since the 1970s at the time of the original drilling.
These records including logs and zone maps and are now in the Companys
possession.

We are in discussion with an experienced local geologist with
the intention of re-modeling and analyzing the Nolan Lease with the benefit of
this new data. We believe a reasonable joint venture opportunity exists on this
lease with the provision of advanced analysis using our proprietary data. While
previous workings by the Company were exclusively on pre-existing wells, new
modeling may identify one or several drill sites identified as proven,
non-developed by an independent geologist working for the Company in 2005. That
work resulted in an SX-10 reserve report. Previously drilled wells on the
property have averaged 200,000 accumulated barrels of oil production over the
life of the wells. New modeling may also enhance recovery prospects up pipe in
previously discovered but non-produced zones which could benefit from modern
completion techniques.

The Company is evaluating new ventures in South Texas with the
goal of acquiring lease rights to deep zone natural gas. The south coast of
Texas has historically produced large volumes of natural gas from depths below
10,000 feet. A prospective productive deep zone in the area is known as the
Meek Sand found in the Wilcox section. We have been working with a certified
petroleum geologist with extensive experience in the area analyzing prospective
prospects for this type of exploration. In addition, we have consulted with
independent consulting geologists to review data we have received on target
leases. At the time of this report no decisions have been made on selecting a
specific project and no agreements have been entered into however the Company
remains actively involved in this endeavor.

Increased expansion of the oil and gas sector in Saskatchewan,
Canada may lead to joint venture opportunities in this region. The management of
the Company has been based in Saskatchewan in the recent past and has existing
relationships with individuals and companies financing and producing oil in this
jurisdiction. We expect to evaluate a number of joint venture opportunities in
Saskatchewan in the next twelve months.

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- 6 -

Our estimated expenses over the next twelve months are as
follows:

Cash Requirements during the Next Twelve Months

($)General, Administrative and Corporate
      Expenses
    
    150,000Consulting and Due Diligence, Texas and Saskatchewan
    
    60,000Professional Fees
    
    80,000Joint Venture Programs
    
    1,000,000Total
    $
    1,290,000


To date we have funded our operations primarily with loans from
shareholders. In addition to funding our general, administrative and corporate
expenses we are obligated to address certain current liabilities. We will need
to raise additional funds to meet these current liabilities. To raise these
funds we may be required to increase shareholder loans, incur new borrowings or
issue new equity which may be dilutive to existing shareholders. We currently
have no agreement in place to raise funds for current liabilities and no
guarantee can be given that we will be able to raise funds for this purpose on
terms acceptable to our company. Failure to raise funds for general,
administrative and corporate expenses and current liabilities could result in a
severe curtailment of our operations.

Any advance in the oil and gas development strategy set-out
herein will require additional funds. These funds may be raised through equity
financing, debt financing or other sources which may result in further dilution
of the shareholders percentage ownership in the Company. See Future Financing,
below.

On November 21, 2008, Pride of Aspen LLC executed a Deed of
Release pursuant to which Pride of Aspen LLC has released the Company from any
obligation to repay the sum of $311,400 (including all interest and other
charges) owed to Pride of Aspen LLC.

On February 13, 2009, we entered into a loan agreement with
Senergy Partners LLC (Senergy), a private Nevada limited liability
corporation, pursuant to which the Company received a revolving loan of up to
US$1,000,000 (the Credit Facility). The outstanding principal amount of the
Credit Facility together with all accrued and unpaid interest and all other
amounts outstanding thereunder are due and payable in full on December 31, 2012,
the maturity date. Outstanding principal under the Credit Facility bears
interest at an annual rate of 8%. As a condition of the Credit Facility, the
Company agreed to use funds received under the Credit Facility solely for the
purpose of funding ongoing general and administrative expenses, consulting and
due diligence expenses, or professional fees and joint venture programs.

In consideration of Senergy entering into the Credit Facility,
the Company agreed to enter into a debt settlement and subscription agreement
(the Debt Settlement Agreement) with Senergy dated as of February 13, 2009.
Pursuant to the terms of the Debt Settlement Agreement, the Company agreed to
issue to Senergy 89,500,000 shares of its common stock at a deemed price of
US$0.005 per share in settlement of a US$447,500 debt owed to Senergy.

In connection with our entry into the Credit Facility and Debt
Settlement Agreement with Senergy, the Company entered into an Assignment and
Assumption Agreement (the Assignment Agreement) with Senergy and Art
Brokerage, Inc. (ABI) pursuant to which ABI assigned to Senergy all its right,
title and interest to a debt (the Assigned Debt) of US$447,500 owed by the
Company to ABI. Maverick executed the Assignment Agreement solely to consent to
and acknowledge the assignment of the Assigned Debt as contemplated by the
agreement.

RESULTS OF OPERATIONS

Three Month Summary

Three Months EndedMarch 31,2009
    
    
    2008Revenue
    $
    -
    
    $
    -General and Administrative Expenses
    
    46,396
    
    
    40,437Interest expense
    
    -
    
    
    -Net Loss
    $
    46,396
    
    $
    40,437


---

- 7 -

Revenue

We have had no operating revenues for the three month periods
ended March 31, 2009 and 2008. We anticipate that we will not generate any
revenues until we generate additional financing to support our planned
operations and locate a prospective property through which we can pursue our
plan of operation.

Operating Costs and Expenses

The major components of our expenses for the quarter are
outlined in the table below:

**Three Months
      Ended**March 31,2009
    
    
    **2008**Management Fees and stock basedcompensation
    $
    22,500
    
    $
    22,500Professional Fees
    
    19,177
    
    
    13,352Transfer Agent Fees
    
    -
    
    
    43Travel
    
    4,168
    
    
    4,292Office
    
    551
    
    
    250Total Expenses
    $
    46,396
    
    $
    40,437


General and Administrative

The 14.7% increase in our general and administrative expenses
for the three month period ended March 31, 2009 as compared to the same period
in fiscal 2008 was primarily due to an increase in professional fees associated
with preparing and reviewing our periodic reports required under the Securities
Exchange Act of 1934.

Liquidity and Capital Resources

Working Capital

Three Months
      Ended March 31, 2009
    
    Year Ended
      December 31, 2008Current Assets
    $
    -
    $
    -Current Liabilities
    
    837,030
    
    790,634Working Capital
      Deficiency
    $
    (837,030 )
    $
    (790,634 )


Cash Flows

Three Months
      Ended March 31, 2009
    
    Three Months
      Ended March 31, 2008Cash used in
      Operating Activities
    $
    65,801
    $
    68,072Cash used by Investing Activities
    
    -
    
    -Cash provided by Financing Activities
    
    65,801
    
    70,550Net Increase in Cash
    $
    -
    $
    2,478


As the Companys activity has declined over the period from
2008 to 2009, so have its cash expenditures. Funding for operating and investing
activities was provided by non-interest bearing advances from a lender.

We had a bank overdraft of $3,470 and negative working capital
of $837,030 as of March 31, 2009 compared to a bank overdraft of $669 and
negative working capital of $790,634 as of December 31, 2008. We anticipate that
we will incur approximately $1,290,000 for operating expenses, including
professional, legal and accounting expenses associated with our reporting
requirements under the Exchange Act during the next twelve months. Accordingly,
we will need to obtain additional financing in order to complete our full
business plan.

---

- 8 -

Discontinued Operations

In March 2006, management determined to not proceed further
with the Eskota Leases and entered into negotiations with Veneto to relieve the
Company of their obligation under the note payable to Veneto. As a result,
revenues, cost of goods sold, and gains and losses associated with the property
have been reflected as income (loss) from discontinued operations on the
accompanying financial statements.

In July, 2006, Veneto and Eskota entered into a Mutual Release
agreement releasing Eskota of its note payable in the amount of $1,400,000, and
in return Eskota assigned and transferred back to Veneto all its right, title
and interest in the unitized lease, as well as the rights to the Knox Lease. In
addition, Veneto assumed responsibility of all payables owing in relation to the
properties, and any future obligations related to the properties. As a result,
Eskota recorded a net gain of $138,764 on the assumption of payables by Veneto,
and has been reflected as income from discontinued operations on the
accompanying financial statements.

Loans Payable

The Company has the following loans payable. These amounts are
unsecured, bear no interest, with no specific terms of repayment.

March 31,
    
    
    December 31,2009
    
    
    2008Art Brokerage
    $
    674,514
    
    $
    1,059,014
    (1)Mr. Alonzo B. Leavell
    
    20,000
    
    
    20,000TOTAL
    $
    694,514
    
    $
    1,079,014


|(1) | The Company entered into an Assignment and Assumption
      Agreement (the Assignment Agreement) with Senergy and Art Brokerage,
      Inc. (ABI) pursuant to which ABI assigned to Senergy all its right,
      title and interest to a debt (the Assigned Debt) of US$447,500 owed by
      the Company to ABI.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Going Concern

The audited financial statements accompanying our annual report
on Form 10-K for the year ended December 31, 2008 have been prepared on a going
concern basis, which implies that our company will continue to realize its
assets and discharge its liabilities and commitments in the normal course of
business. Our company has not generated revenues since inception and has never
paid any dividends and is unlikely to pay dividends or generate earnings in the
immediate or foreseeable future. The continuation of our company as a going
concern is dependent upon the continued financial support from our shareholders,
the ability of our company to obtain necessary equity financing to achieve our
operating objectives, and the attainment of profitable operations. As of May 7,
2009, we had a bank overdraft of $22 and we estimate that we will require
approximately $1,290,000 to fund our business operations over the next twelve
months. Accordingly, we do not have sufficient funds for planned operations and
we will be required to raise additional funds for operations after that date.

These circumstances raise substantial doubt about our ability
to continue as a going concern, as described in the explanatory paragraph to our
independent auditors report on the December 31, 2008 and 2007 consolidated
financial statements. The consolidated financial statements do not include any
adjustments that might result from the outcome of that uncertainty.

The continuation of our business is dependent upon us raising
additional financial support. The issuance of additional equity securities by us
could result in a significant dilution in the equity interests of our current
stockholders. Obtaining commercial loans, assuming those loans would be
available, will increase our liabilities and future cash commitments.

Future Financings

As of May 7, 2009, we had a bank overdraft of $22 and we
estimate that we will require approximately $1,290,000 to fund our business
operations over the next twelve months. Accordingly, we do not have sufficient
funds for

---

- 9 -

planned operations and we will be required to raise additional
funds for operations after that date. We anticipate continuing to rely on equity
sales of our common shares or shareholder loans in order to continue to fund our
business operations. Issuances of additional shares will result in dilution to
our existing stockholders.

There are no assurances that we will be able to obtain further
funds required for our continued operations. We are pursuing various financing
alternatives to meet our immediate and long-term financial requirements. There
can be no assurance that additional financing will be available to us when
needed or, if available, that it can be obtained on commercially reasonable
terms. If we are not able to obtain the additional financing on a timely basis,
we will be forced to scale down or perhaps even cease the operation of our
business.

Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have
or are reasonably likely to have a current or future effect on our financial
condition, changes in financial condition, revenues or expenses, results of
operations, liquidity, capital expenditures or capital resources that are
material to stockholders.

Risks And Uncertainties

Much of the information included in this quarterly report
includes or is based upon estimates, projections or other forward looking
statements. Such forward looking statements include any projections and
estimates made by us and our management in connection with our business
operations. While these forward-looking statements, and any assumptions upon
which they are based, are made in good faith and reflect our current judgment
regarding the direction of our business, actual results will almost always vary,
sometimes materially, from any estimates, predictions, projections, assumptions
or other future performance suggested herein.

Such estimates, projections or other forward looking
statements involve various risks and uncertainties as outlined below. We
caution the reader that important factors in some cases have affected and, in
the future, could materially affect actual results and cause actual results to
differ materially from the results expressed in any such estimates, projections
or other forward looking statements.

We have had negative cash flows from operations and if we
are not able to obtain further financing, our business operations may
fail.

We had a bank overdraft of $3,470 and negative working capital
of $837,030 as of March 31, 2009. We do not have sufficient funds to continue to
evaluate joint venture opportunities and oil and gas development and production
prospects in West Texas, North West Texas and Saskatchewan, nor do we have the
funds to independently finance our daily operating costs. We do not expect to
generate any revenues for the foreseeable future. Accordingly, we will require
additional funds, either from equity or debt financing, to maintain our daily
operations and to continue to evaluate joint venture opportunities and oil and
gas development and production prospects in West Texas and North West Texas and
Saskatchewan. Obtaining additional financing is subject to a number of factors,
including market prices for minerals and oil and gas, investor acceptance of any
property we may acquire in the future, and investor sentiment. Financing,
therefore, may not be available on acceptable terms, if at all. The most likely
source of future funds presently available to us is through the sale of equity
capital. Any sale of share capital, however, will result in dilution to existing
shareholders. If we are unable to raise additional funds when required, we may
be forced to delay our plan of operation and our entire business may fail.

We currently do not generate revenues, and as a result, we
face a high risk of business failure.

We do not hold an interest in any business or revenue
generating property. From the date of our incorporation, we have primarily
focused on the location and acquisition of mineral and oil and gas properties.
We have not generated any revenues to date. In order to generate revenues, we
will incur substantial expenses in the evaluation of joint venture opportunities
and oil and gas development and production prospects in West Texas and North
West Texas and Saskatchewan. We therefore expect to incur significant losses
into the foreseeable future. We recognize that if we are unable to generate
significant revenues from our activities, our entire business may fail. There is
no history upon which to base any assumption as to the likelihood that we will
be successful in our plan of operation, and we can provide no assurance to
investors that we will generate any operating revenues or achieve profitable
operations.

---

- 10 -

Our independent auditors have expressed substantial doubt
about our ability to continue as a going concern, which may hinder our ability
to obtain future financing.

We incurred net losses of $3,178,896 and $40,437 for the three
month periods ended March 31, 2009 and 2008, respectively. At March 31, 2009, we
had an accumulated deficit of $4,981,514 and negative working capital of
$837,030.

These circumstances raise substantial doubt about our ability
to continue as a going concern, as described in the explanatory paragraph to our
independent auditors report on our consolidated financial statements for the
year ended December 31, 2008. Although our consolidated financial statements
raise substantial doubt about our ability to continue as a going concern, they
do not reflect any adjustments that might result if we are unable to continue
our business

Due to the speculative nature of the exploration of mineral
and oil and gas properties, there is substantial risk that our business will
fail.

The business of mineral and oil and gas exploration and
development is highly speculative involving substantial risk. There is generally
no way to recover any funds expended on a particular property unless reserves
are established and unless we can exploit such reserves in an economic manner.
We can provide investors with no assurance that any property interest that we
may acquire will provide commercially exploitable reserves. Any expenditures by
our company in connection with the evaluation of joint venture opportunities and
oil and gas development and production prospects in West Texas and North West
Texas and Saskatchewan may not provide or contain commercial quantities of
reserves.

Even if we discover commercial reserves, we may not be able
to successfully obtain commercial production.

Even if we are successful in acquiring an interest in a
property that has proven commercial reserves of minerals or oil and gas, we will
require significant additional funds in order to place the property into
commercial production. We can provide no assurance to investors that we will be
able to obtain the financing necessary to extract such reserves.

The potential profitability of oil and gas ventures depends
upon factors beyond the control of our company.

The potential profitability of oil and gas properties is
dependent upon many factors beyond our control. For instance, world prices and
markets for oil and gas are unpredictable, highly volatile, potentially subject
to governmental fixing, pegging, controls, or any combination of these and other
factors, and respond to changes in domestic, international, political, social,
and economic environments. Additionally, due to worldwide economic uncertainty,
the availability and cost of funds for production and other expenses have become
increasingly difficult, if not impossible, to project. These changes and events
may materially affect our financial performance.

Adverse weather conditions can also hinder drilling operations.
A productive well may become uneconomic in the event water or other deleterious
substances are encountered which impair or prevent the production of oil and/or
gas from the well. In addition, production from any well may be unmarketable if
it is impregnated with water or other deleterious substances. The marketability
of oil and gas, which may be acquired or discovered, will be affected by
numerous factors beyond our control. These factors include the proximity and
capacity of oil and gas pipelines and processing equipment, market fluctuations
of prices, taxes, royalties, land tenure, allowable production and environmental
protection. These factors cannot be accurately predicted and the combination of
these factors may result in our company not receiving an adequate return on
invested capital.

The marketability of natural resources will be affected by
numerous factors beyond our control, which may result in us not receiving an
adequate return on invested capital to be profitable or viable.

The marketability of natural resources, which may be acquired
or discovered by us, will be affected by numerous factors beyond our control.
These factors include market fluctuations in oil and gas pricing and demand, the
proximity and capacity of natural resource markets and processing equipment,
governmental regulations, land tenure, land use, regulation concerning the
importing and exporting of oil and gas and environmental protection

---

- 11 -

regulations. The exact effect of these factors cannot be
accurately predicted, but the combination of these factors may result in us not
receiving an adequate return on invested capital to be profitable or viable.

Oil and gas operations are subject to comprehensive
regulation, which may cause substantial delays or require capital outlays in
excess of those anticipated causing an adverse effect on our company.

Oil and gas operations are subject to federal, state, and local
laws relating to the protection of the environment, including laws regulating
removal of natural resources from the ground and the discharge of materials into
the environment. Oil and gas operations are also subject to federal, state, and
local laws and regulations, which seek to maintain health and safety standards
by regulating the design and use of drilling methods and equipment. Various
permits from government bodies are required for drilling operations to be
conducted; no assurance can be given that such permits will be received.
Environmental standards imposed by federal, provincial, or local authorities may
be changed and any such changes may have material adverse effects on our
activities. Moreover, compliance with such laws may cause substantial delays or
require capital outlays in excess of those anticipated, thus causing an adverse
effect on us. Additionally, we may be subject to liability for pollution or
other environmental damages, which we may elect not to insure against due to
prohibitive premium costs and other reasons. To date we have not been required
to spend any material amount on compliance with environmental regulations.
However, we may be required to do so in future and this may affect our ability
to expand or maintain our operations.

Exploration and production activities are subject to certain
environmental regulations, which may prevent or delay the commencement or
continuance of our operations.

In general, our exploration and production activities are
subject to certain federal, state and local laws and regulations relating to
environmental quality and pollution control. Such laws and regulations increase
the costs of these activities and may prevent or delay the commencement or
continuance of a given operation. Compliance with these laws and regulations has
not had a material effect on our operations or financial condition to date.
Specifically, we are subject to legislation regarding emissions into the
environment, water discharges and storage and disposition of hazardous wastes.
In addition, legislation has been enacted which requires well and facility sites
to be abandoned and reclaimed to the satisfaction of state authorities. However,
such laws and regulations are frequently changed and we are unable to predict
the ultimate cost of compliance. Generally, environmental requirements do not
appear to affect us any differently or to any greater or lesser extent than
other companies in the industry.

Exploratory drilling involves many risks and we may become
liable for pollution or other liabilities, which may have an adverse effect on
our financial position.

Drilling operations generally involve a high degree of risk.
Hazards such as unusual or unexpected geological formations, power outages,
labor disruptions, blow-outs, sour gas leakage, fire, inability to obtain
suitable or adequate machinery, equipment or labour, and other risks are
involved. We may become subject to liability for pollution or hazards against
which we cannot adequately insure or which we may elect not to insure. Incurring
any such liability may have a material adverse effect on our financial position
and operations.

Any change to government regulation/administrative practices
may have a negative impact on our ability to operate and our
profitability.

The laws, regulations, policies or current administrative
practices of any government body, organization or regulatory agency in the
United States, Canada, or any other jurisdiction, may be changed, applied or
interpreted in a manner which will fundamentally alter the ability of our
company to carry on our business.

The actions, policies or regulations, or changes thereto, of
any government body or regulatory agency, or other special interest groups, may
have a detrimental effect on us. Any or all of these situations may have a
negative impact on our ability to operate and/or our profitability.

---

- 12 -

If we are unable to hire and retain key personnel, we may
not be able to implement our plan of operation and our business may fail.

Our success will be largely dependent on our ability to hire
and retain highly qualified personnel. This is particularly true in the highly
technical businesses of mineral and oil and gas exploration. These individuals
may be in high demand and we may not be able to attract the staff we need. In
addition, we may not be able to afford the high salaries and fees demanded by
qualified personnel, or we may fail to retain such employees after they are
hired. At present, we have not hired any key personnel. Our failure to hire key
personnel when needed will have a significant negative effect on our business.

Because our executive officers do not have formal training
specific to mineral and oil and gas exploration, there is a higher risk our
business will fail.

While Robert Kinloch, our director and executive officer, has
experience managing a mineral exploration company, he does not have formal
training as a geologist. Accordingly, our management may not fully appreciate
many of the specific requirements related to working within the mining and oil
and gas industry. Our management decisions may not take into account standard
engineering or managerial approaches commonly used by such companies.
Consequently, our operations, earnings, and ultimate financial success could be
negatively affected due to our managements lack of experience in the
industry.

Our executive officers have other business interests, and as
a result, they may not be willing or able to devote a sufficient amount of time
to our business operations, thereby limiting the success of our company.

Robert Kinloch presently spends approximately 60% of his
business time on business management services for our company. At present, Mr.
Kinloch spends a reasonable amount of time in pursuit of our companys
interests. Due to the time commitments from Mr. Kinlochs other business
interests, however, Mr. Kinloch may not be able to provide sufficient time to
the management of our business in the future and our business may be
periodically interrupted or delayed as a result of Mr. Kinlochs other business
interests.

Our common stock is illiquid and shareholders may be unable
to sell their shares.

There is currently a limited market for our common stock and we
can provide no assurance to investors that a market will develop. If a market
for our common stock does not develop, our shareholders may not be able to
re-sell the shares of our common stock that they have purchased and they may
lose all of their investment. Public announcements regarding our company,
changes in government regulations, conditions in our market segment or changes
in earnings estimates by analysts may cause the price of our common shares to
fluctuate substantially. In addition, stock prices for junior mining and oil and
gas companies fluctuate widely for reasons that may be unrelated to their
operating results. These fluctuations may adversely affect the trading price of
our common shares.

Penny stock rules will limit the ability of our stockholders
to sell their stock.

The Securities and Exchange Commission has adopted regulations
which generally define penny stock to be any equity security that has a market
price (as defined) less than $5.00 per share or an exercise price of less than
$5.00 per share, subject to certain exceptions. Our securities are covered by
the penny stock rules, which impose additional sales practice requirements on
broker-dealers who sell to persons other than established customers and
accredited investors. The term accredited investor refers generally to
institutions with assets in excess of $5,000,000 or individuals with a net worth
in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly
with their spouse. The penny stock rules require a broker-dealer, prior to a
transaction in a penny stock not otherwise exempt from the rules, to deliver a
standardized risk disclosure document in a form prepared by the Securities and
Exchange Commission which provides information about penny stocks and the nature
and level of risks in the penny stock market. The broker-dealer also must
provide the customer with current bid and offer quotations for the penny stock,
the compensation of the broker-dealer and its salesperson in the transaction and
monthly account statements showing the market value of each penny stock held in
the customers account. The bid and offer quotations, and the broker-dealer and
salesperson compensation information, must be given to the customer orally or in
writing prior to effecting the transaction and must be given to the customer in
writing before or with the customers confirmation. In addition, the penny stock
rules require that prior to a transaction in a penny

---

- 13 -

stock not otherwise exempt from these rules, the broker-dealer
must make a special written determination that the penny stock is a suitable
investment for the purchaser and receive the purchasers written agreement to
the transaction. These disclosure requirements may have the effect of reducing
the level of trading activity in the secondary market for the stock that is
subject to these penny stock rules. Consequently, these penny stock rules may
affect the ability of broker-dealers to trade our securities. We believe that
the penny stock rules discourage investor interest in and limit the
marketability of our common stock.

The Financial Industry Regulatory Authority, or FINRA, has
adopted sales practice requirements which may also limit a shareholders ability
to buy and sell our stock.

In addition to the penny stock rules described above, FINRA
has adopted rules that require that in recommending an investment to a customer,
a broker-dealer must have reasonable grounds for believing that the investment
is suitable for that customer. Prior to recommending speculative low priced
securities to their non-institutional customers, broker-dealers must make
reasonable efforts to obtain information about the customers financial status,
tax status, investment objectives and other information. Under interpretations
of these rules, FINRA believes that there is a high probability that speculative
low priced securities will not be suitable for at least some customers. FINRA
requirements make it more difficult for broker-dealers to recommend that their
customers buy our common stock, which may limit your ability to buy and sell our
stock and have an adverse effect on the market for its shares.

Item 3. Quantitative and Qualitative Disclosures About
Market Risk.

Not Applicable.

Item 4T. Controls and Procedures.

As required by Rule 13a-15 of the Securities Exchange Act of
1934, our principal executive officer and principal financial officer evaluated
our company's disclosure controls and procedures (as defined in Rules 13a-15(e)
of the Securities Exchange Act of 1934) as of the end of the period covered by
this report. Based on this evaluation, our principal executive officer and
principal financial officer concluded that as of the end of the period covered
by this report, these disclosure controls and procedures were not effective to
ensure that the information required to be disclosed by our company in reports
it files or submits under the Securities Exchange Act of 1934 is recorded,
processed, summarized and reported within the time periods specified in the
rules and forms of the Securities Exchange Commission and to ensure that such
information is accumulated and communicated to our company's management,
including our principal executive officer and principal financial officer, to
allow timely decisions regarding required disclosure. The conclusion that our
disclosure controls and procedures were not effective was due to the presence of
the following material weaknesses in internal control over financial reporting
which are indicative of many small companies with small staff: (i) lack of a
sufficient number of independent directors for our board and audit committee. We
currently have no independent director on our board, which is comprised of one
director. As a publicly-traded company, we strive to have a majority of our
board of directors be independent; (ii) inadequate segregation of duties and
effective risk assessment; and (iii) insufficient written policies and
procedures for accounting and financial reporting with respect to the
requirements and application of both United States generally accepted accounting
principles and Securities and Exchange Commission guidelines. Management
anticipates that such disclosure controls and procedures will not be effective
until the material weaknesses are remediated.

We plan to take steps to enhance and improve the design of our
internal controls over financial reporting. During the period covered by this
quarterly report on Form 10-Q, we have not been able to remediate the material
weaknesses identified above. To remediate such weaknesses, we plan to implement
the following changes during our fiscal year ending December 31, 2009, subject
to obtaining additional financing: (i) appoint additional qualified personnel to
address inadequate segregation of duties and ineffective risk management; and
(ii) adopt sufficient written policies and procedures for accounting and
financial reporting. The remediation efforts set out above are largely dependent
upon our securing additional financing to cover the costs of implementing the
changes required. If we are unsuccessful in securing such funds, remediation
efforts may be adversely effected in a material manner.

It should be noted that while our management believes our
disclosure controls and procedures provide a reasonable level of assurance, they
do not expect that our disclosure controls and procedures or internal controls
will prevent all error and all fraud. A control system, no matter how well
conceived or operated, can provide only reasonable, not absolute, assurance that
the objectives of the control system are met. Further, the design of a control
system must

---

- 14 -

reflect the fact that there are resource constraints, and the
benefits of controls must be considered relative to their costs. Because of the
inherent limitations in all control systems, no evaluation of controls can
provide absolute assurance that all control issues and instances of fraud, if
any, within our company have been detected. These inherent limitations include
the realities that judgments in decision making can be faulty, and that
breakdowns can occur because of simple error or mistake. Additionally, controls
can be circumvented by the individual acts of some persons, by collusion of two
or more people, or by management override of the controls. The design of any
system of internal control is based in part upon certain assumptions about the
likelihood of future events, and there can be no assurance that any design will
succeed in achieving its stated goals under all potential future conditions.
Over time, controls may become inadequate because of changes in conditions, or
the degree of compliance with the policies or procedures may deteriorate.
Because of the inherent limitations in a cost-effective control system,
misstatements due to error or fraud may occur and not be detected.

There were no changes in our internal control over financial
reporting during the three month period ended March 31, 2009 that have
materially affected or are reasonably likely to materially affect, our internal
control over financial reporting.

.

---

- 15 -

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We know of no material, active, or pending legal proceeding
against our company, nor are we involved as a plaintiff in any material
proceeding or pending litigation where such claim or action involves damages for
more than 10% of our current assets. There are no proceedings in which any of
our companys directors, officers, or affiliates, or any registered or
beneficial shareholders, is an adverse party or has a material interest adverse
to our companys interest.

ITEM 1A. RISK FACTORS.

Not Applicable.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
PROCEEDS.

On February 13, 2009, we issued 89,500,000 shares of our common
stock at a deemed price of US$0.005 per share in settlement of a US$447,500 debt
owed to Senergy. The shares were issued to Senergy pursuant to Rule 506 of
Regulation D on the basis that Senergy represented that they are an accredited
investor as such term is defined in Rule 501 of Regulation D. Senergy delivered
appropriate investment representations satisfactory to the Company with respect
to this transaction and consented to the imposition of restrictive legends upon
the certificates evidencing such shares.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

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

None.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS

|Exhibit | Description                                                                                                                                               
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  |                                                                                                                                                           
|        |                                                                                                                                                           
|3.1     | Articles of Incorporation (incorporated by reference from
      our Form 10SB Registration Statement, filed on August 8, 1999)                            
|        |                                                                                                                                                           
|3.2     | Bylaws (incorporated by reference from our Form 10SB
      Registration Statement, filed on August 8, 1999)                                               
|        |                                                                                                                                                           
|3.3     | Amended Bylaws (incorporated by reference from our Annual
      Report on Form 10-KSB, filed on April 24, 2008)                                           
|        |                                                                                                                                                           
|4.1     | Specimen Stock Certificate (incorporated by reference
      from our Form 10-SB Registration Statement, filed on August 8, 1999)                          
|        |                                                                                                                                                           
|10.1    | Non-Qualified Stock Option Plan (incorporated by
      reference from our Form S-8 Registration Statement, filed on September 12,
      2002)             
|        |                                                                                                                                                           
|10.2    | Mutual Release Agreement between Eskota Energy
      Corporation and Veneto Exploration, LLC and Assignment of Oil and Gas
      Leases dated July 6, 2006

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- 16 -

|Exhibit | Description                                                                                                                                                                                                                                               
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  |                                                                                                                                                                                                                                                           
|        |                                                                                                                                                                                                                                                           
|10.3    | Purchase Agreement
        between Maverick Minerals Corporation, UCO Energy Corporation and the
        shareholders of UCO Energy, dated April 21, 2003 (incorporated by reference
        from our Annual Report on Form 10-KSB filed on May 19, 2004) 
|        |                                                                                                                                                                                                                                                           
|10.4    | Loan Agreement
        and Civil Action Covenant between Art Brokerage Inc., Eskota Energy Corporation
        and Maverick Minerals Corporation                                                                                                          
|        |                                                                                                                                                                                                                                                           
|10.5    | Loan Agreement
        between Alonzo B. Leavell and Maverick Minerals Corporation dated July
        20, 2005                                                                                                                                            
|        |                                                                                                                                                                                                                                                           
|10.6    | Loan Agreement
        between Alonzo B. Leavell and Maverick Minerals Corporation dated April
        27, 2005                                                                                                                                           
|        |                                                                                                                                                                                                                                                           
|10.7    | Management Agreement
        dated as at March 5, 2003 between Maverick Minerals Corp. and Robert Kinloch                                                                                                                                                 
|        |                                                                                                                                                                                                                                                           
|10.8    | Management Agreement
        dated as at June 1, 2005 between Maverick Minerals Corp. and Robert Kinloch                                                                                                                                                  
|        |                                                                                                                                                                                                                                                           
|10.9    | Deed of Release
        dated November 31, 2008 with Pride of Aspen LLC (incorporated by reference
        from our Current Report on Form 8-K filed on December 3, 2008)                                                                                 
|        |                                                                                                                                                                                                                                                           
|10.10   | Assignment and
        Assumption Agreement dated February 10, 2009 among Art Brokerage, Inc.,
        Senergy Partners LLC and Maverick Minerals Corp. (incorporated by reference
        from our Current Report on Form 8-K filed on February 20, 2009)
|        |                                                                                                                                                                                                                                                           
|10.11   | Loan Agreement
        dated as of February 13, 2009 between Maverick Minerals Corp. and Senergy
        Partners LLC (incorporated by reference from our Annual Report on Form
        10-K filed on April 13, 2009)                                     
|        |                                                                                                                                                                                                                                                           
|10.12   | Debt Settlement
        and Subscription Agreement dated as of February 13, 2009 between Maverick
        Minerals Corp. and Senergy Partners LLC (incorporated by reference from
        our Current Report on Form 8-K filed on February 20, 2009)      
|        |                                                                                                                                                                                                                                                           
|14.1    | Code of Ethics
        (incorporated by reference from our Annual Report on Form 10-KSB, filed
        on April 24, 2008)                                                                                                                                 
|        |                                                                                                                                                                                                                                                           
|31.1*   | Certification
        of Chief Executive Officer and Chief Financial Officer pursuant to Section
        302 of the Sarbanes-Oxley Act of 2002                                                                                                            
|        |                                                                                                                                                                                                                                                           
|32.1*   | Certification
        of Chief Executive Officer and Chief Financial Officer pursuant Section
        906 Certifications under Sarbanes-Oxley Act of 2002                                                                                                 

* Filed herewith.

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- 17 -

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.

MAVERICK MINERALS CORPORATION

|By    | /s/
      Robert Kinloch                                             | 
|----- | -------------------------------------------------------------------- | 
|      |                                                                      | 
|      | Robert Kinloch                                                      
|      | President, Chief Executive Officer
      and Chief Financial Officer
|      | (Principal Executive Officer,
      Principal Accounting Officer    
|      | and Principal Financial Officer)                                    
|      |                                                                      | 
|Date: | May 15, 2009                                                         | 

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