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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 June 30, 2010

[   ] 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 [ 
 ]    No [X]

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2

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

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 August 13,
2010, there were 10,876,646 shares of common stock, par value $0.001,
outstanding.

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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

3

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MAVERICK MINERALS CORPORATION(An Exploration
      Stage Company)Consolidated Balance
    SheetsUnaudited(Expressed in U.S. Dollars)

|                                                                       |   | June 30    |   |   | December 31 |  
|---------------------------------------------------------------------- | - | ---------- | - | - | ----------- | -
|                                                                       |   | 2010       |   |   | 2009        |  
|                                                                       |   |            |   |   |             |  
|                                                                       |   |            |   |   |             |  
|Current Assets                                                         |   |            |   |   |             |  
|Cash                                                                   | $ | -          |   | $ | 6,024       |  
|Advances to related party (Note 6)                                     |   | 17,654     |   |   | -           |  
|TOTAL CURRENT ASSETS                                                   |   | 17,654     |   |   | 6,024       |  
|                                                                       |   |            |   |   |             |  
|Long term asset                                                        |   |            |   |   |             |  
|Oil and gas leases (Note 3)                                            |   | 602,229    |   |   | 571,195     |  
|TOTAL ASSETS                                                           | $ | 619,883    |   | $ | 577,219     |  
|                                                                       |   |            |   |   |             |  
|                                                                       |   |            |   |   |             |  
|Current Liabilities                                                    |   |            |   |   |             |  
|Bank overdraft                                                         | $ | 3,345      |   | $ | -           |  
|Accounts payable                                                       |   | 132,728    |   |   | 86,025      |  
|Accrued liabilities                                                    |   | 1,000      |   |   | 11,582      |  
|Convertible debt (Note 5)                                              |   | 135,625    |   |   | 135,625     |  
|Loans payable (Note 4)                                                 |   | 751,069    |   |   | 606,519     |  
|TOTAL CURRENT LIABILITIES                                              |   | 1,023,767  |   |   | 839,751     |  
|                                                                       |   |            |   |   |             |  
|Long term liabilities                                                  |   |            |   |   |             |  
|Loans payable (Note 4)                                                 |   | 357,750    |   |   | 357,750     |  
|TOTAL LIABILITIES                                                      |   | 1,381,517  |   |   | 1,197,501   |  
|                                                                       |   |            |   |   |             |  
|Capital Deficit                                                        |   |            |   |   |             |  
|Capital Stock (Note 7)                                                 |   |            |   |   |             |  
|Common Shares Authorized:                                              |   |            |   |   |             |  
|750,000,000
      common shares at $0.001 par value                    |   |            |   |   |             |  
|Issued and fully paid 10,476,721 (2009 -10,476,721) common
      share |   |            |   |   |             |  
|Par value                                                              |   | 10,477     |   |   | 10,477      |  
|Additional paid-in capital                                             |   | 4,604,455  |   |   | 4,604,455   |  
|Deficit, accumulated during the exploration
      stage                |   | (5,377,439 | ) |   | (5,236,087  | )
|Accumulated other comprehensive income                                 |   | 873        |   |   | 873         |  
|TOTAL CAPITAL DEFICIT                                                  |   | (761,634   | ) |   | (620,282    | )
|TOTAL
      LIABILITIES AND CAPITAL DEFICIT                            | $ | 619,883    |   | $ | 577,219     |  

The accompanying notes are an intergral part of these financial
  statements
F-1

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

|                                                            |   | Cumulative       |   |   |                    |   |   |                  |   |   |            |     |  |            |  
|----------------------------------------------------------- | - | ---------------- | - | - | ------------------ | - | - | ---------------- | - | - | ---------- | --- |  | ---------- | -
|                                                            |   | Date of          |   |   |                    |   |   |                  |   |   |            |     |  |            |  
|                                                            |   | (April 21, 2003) |   |   | Three Months Ended |   |   | Six Months Ended |  
|                                                            |   | to
      June 30 |   |   | June 30            |   |   | June 30          |  
|                                                            |   | 2010             |   |   | 2010               |   |   | 2009             |   |   | 2010       |     |  | 2009       |  
|                                                            |   |                  |   |   |                    |   |   |                  |   |   |            |     |  |            |  
|                                                            |   |                  |   |   |                    |   |   |                  |   |   |            |     |  |            |  
|General and administration expenses                         |   |                  |   |   |                    |   |   |                  |   |   |            |     |  |            |  
|Audit fees                                                  | $ | 350,101 $        |   |   | 25,916             |   | $ | 24,890           |   |   | 37,436     |     |  | 36,616     |  
|Freight                                                     |   | 7,600            |   |   | -                  |   |   | -                |   |   | -          |     |  | -          |  
|Insurance                                                   |   | 186,297          |   |   | -                  |   |   | -                |   |   | -          |     |  | -          |  
|Accounting, legal, engineering & consulting                 |   |                  |   |   |                    |   |   |                  |   |   |            |     |  |            |  
|investor relations                                          |   | 316,273          |   |   | 10,656             |   |   | 21,288           |   |   | 22,180     |     |  | 28,738     |  
|Management fees and stock based compensation (Notes 6 and 8 |   | 1,001,839        |   |   | 22,500             |   |   | 22,500           |   |   | 45,000     |     |  | 45,000     |  
|Office                                                      |   | 65,323           |   |   | 3,299              |   |   | 674              |   |   | 4,407      |     |  | 1,225      |  
|Telephone and utilities                                     |   | 83,059           |   |   | -                  |   |   | -                |   |   | -          |     |  | -          |  
|Transfer agent fees                                         |   | 23,795           |   |   | -                  |   |   | 2,478            |   |   | 895        |     |  | 2,478      |  
|Travel                                                      |   | 220,899          |   |   | 7,469              |   |   | 3,244            |   |   | 13,207     |     |  | 7,413      |  
|Wages and benefits                                          |   | 86,588           |   |   | -                  |   |   | -                |   |   | -          |     |  | -          |  
|Gain on disposal of assets                                  |   | (795,231         | ) |   | -                  |   |   | -                |   |   | -          |     |  | -          |  
|                                                            |   | (1,546,543       | ) |   | (69,840            | ) |   | (75,074          | ) |   | (123,125   | )   |  | (121,470   | )
|Other income (expenses)                                     |   |                  |   |   |                    |   |   |                  |   |   |            |     |  |            |  
|Interest expense                                            |   | (80,507          | ) |   | (9,841             | ) |   | -                |   |   | (19,573    | )   |  | -          |  
|Loss on settlement of loans payable (Note 7)                |   | (3,204,100       | ) |   | -                  |   |   | -                |   |   | -          |     |  | (3,132,500 | )
|Gain (loss) on foreign exchange                             |   | (8,962           | ) |   | 2,305              |   |   | (3,347           | ) |   | 1,346      |     |  | (3,347     | )
|Gain on liabilities write-off                               |   | 612,373          |   |   | -                  |   |   | -                |   |   | -          |     |  | -          |  
|                                                            |   | (2,681,196       | ) |   | (7,536             | ) |   | (3,347           | ) |   | (18,227    | )   |  | (3,135,847 | )
|Loss from continuing operations                             |   | (4,227,739       | ) |   | (77,376            | ) |   | (78,421          | ) |   | (141,352   | )   |  | (3,257,317 | )
|                                                            |   |                  |   |   |                    |   |   |                  |   |   |            |     |  |            |  
|Loss from discontinued operations                           |   | (1,149,700       | ) |   | -                  |   |   | -                |   |   | -          |     |  | -          |  
|Loss for the period                                         |   | (5,377,439       | ) |   | (77,376            | ) |   | (78,421          | ) |   | (141,352   | )   |  | (3,257,317 | )
|Other Comprehensive Income                                  |   |                  |   |   |                    |   |   |                  |   |   |            |     |  |            |  
|Foreign currency translation adjustments                    |   | 873              |   |   | -                  |   |   | -                |   |   | -          |     |  | -          |  
|Comprehensive Loss                                          | $ | (5,376,566       | ) | $ | (77,376            | ) | $ | (78,421          | ) | $ | (141,352   | ) $ |  | (3,257,317 | )
|                                                            |   |                  |   |   |                    |   |   |                  |   |   |            |     |  |            |  
|Loss per share - basic and diluted                          |   |                  |   |   | ($0.01             | ) |   | ($0.03           | ) |   | ($0.01     | )   |  | ($1.19     | )
|Weighted average shares outstanding                         |   |                  |   |   | 10,476,721         |   |   | 2,740,721        |   |   | 10,476,721 |     |  | 2,740,721  |  

The accompanying notes are an intergral part of these financial
  statements
F-2

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MAVERICK MINERALS CORPORATION(An Exploration
      Stage Company)Consolidated Statements of Cash
    FlowsUnaudited(Expressed in U.S. Dollars)

|                                                                                                  |   | Cumulative From   |   |   |                        |   |   |            |  
|------------------------------------------------------------------------------------------------- | - | ----------------- | - | - | ---------------------- | - | - | ---------- | -
|                                                                                                  |   | Date of Inception |   |   |                        |   |   |            |  
|                                                                                                  |   | (April 21, 2003)  |   |   | Six month period ended |  
|                                                                                                  |   | to
      June 30  |   |   | June 30                |  
|                                                                                                  |   | 2010              |   |   | 2010                   |   |   | 2009       |  
|                                                                                                  |   |                   |   |   |                        |   |   |            |  
|Operating Activities                                                                              |   |                   |   |   |                        |   |   |            |  
|Net loss for the period                                                                           | $ | (5,377,439        | ) | $ | (141,352               | ) | $ | (3,257,317 | )
|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                                                                          |   | 239,880           |   |   | -                      |   |   | -          |  
|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                                                         |   |                   |   |   |                        |   |   |            |  
|Advances to related party                                                                         |   | (17,654           | ) |   | (17,654                | ) |   | -          |  
|Accounts payable                                                                                  |   | 1,693,087         |   |   | 46,703                 |   |   | 24,630     |  
|Accrued liabilities                                                                               |   | 1,000             |   |   | (10,582                | ) |   | 462        |  
|Cash used in operating activities                                                                 |   | (1,000,857        | ) |   | (122,885               | ) |   | (99,725    | )
|                                                                                                  |   |                   |   |   |                        |   |   |            |  
|Investing Activities                                                                              |   |                   |   |   |                        |   |   |            |  
|Investment in oil and gas leases                                                                  |   | (867,188          | ) |   | (31,034                | ) |   | -          |  
|Purchase of property and equipment                                                                |   | (311,367          | ) |   | -                      |   |   | -          |  
|Proceeds on disposal of property and
      equipment                                              |   |                   |   |   | -                      |   |   | -          |  
|Cash used in investing activities                                                                 |   | (1,178,555        | ) |   | (31,034                | ) |   | -          |  
|                                                                                                  |   |                   |   |   |                        |   |   |            |  
|Financing Activities                                                                              |   |                   |   |   |                        |   |   |            |  
|Proceeds from convertible debt                                                                    |   | 35,625            |   |   | -                      |   |   | -          |  
|Proceeds from bank overdraft                                                                      |   | 3,345             |   |   | 3,345                  |   |   | -          |  
|Repayment of loans payable                                                                        |   | (70,000           | ) |   | -                      |   |   | -          |  
|Shares issued for cash                                                                            |   | 53,850            |   |   | -                      |   |   | -          |  
|Proceeds from loans payable                                                                       |   | 2,155,719         |   |   | 144,550                |   |   | 99,725     |  
|Cash provided by financing activities                                                             |   | 2,178,539         |   |   | 147,895                |   |   | 99,725     |  
|                                                                                                  |   |                   |   |   |                        |   |   |            |  
|Decrease in cash during the period                                                                |   | (873              | ) |   | (6,024                 | ) |   | -          |  
|Effect of cumulative currency
      translation                                                   |   | 873               |   |   | -                      |   |   | -          |  
|Cash, beginning of the period                                                                     |   | -                 |   |   | 6,024                  |   |   | -          |  
|Cash, end of the period                                                                           | $ | -                 |   | $ | -                      |   | $ | -          |  
|                                                                                                  |   |                   |   |   |                        |   |   |            |  
|                                                                                                  |   |                   |   |   |                        |   |   |            |  
|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                    |   | 1,455,000         |   |   |                        |   |   |            |  
|Transfer of leases in settlement of notes
      payable                                           |   | 1,455,000         |   |   | -                      |   |   | -          |  
|Assignment of accounts payable from transfer of leases                                            |   | 193,764           |   |   | -                      |   |   | -          |  
|Settlement of loan payable                                                                        |   | 719,200           |   |   | -                      |   |   | 447,500    |  
|Forgiveness of related party balances payable                                                     |   | 1,027,791         |   |   | -                      |   |   | -          |  
|Forgiveness of loan payable                                                                       |   | 311,400           |   |   | -                      |   |   | -          |  

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

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MAVERICKMINERALSCORPORATION(AnExplorationStageCompany)StatementofChangesinCapitalDeficitFor the Period From date ofinceptionon April 21, 2003 to June 30,
      2010(Expressedin U.S.Dollars)(Unaudited)

|                                                         |  | Number of  |   |   | Par Value       |   |   | Additional |   |   | Share        |   |   |             |   |   | Other         |  |   | Total      |  
|-------------------------------------------------------- |  | ---------- | - | - | --------------- | - | - | ---------- | - | - | ------------ | - | - | ----------- | - | - | ------------- |  | - | ---------- | -
|                                                         |  | Common     |   |   | @$0.001         |   |   | Paid-in    |   |   | Subscription |   |   | Accumulated |   |   | Comprehensive |  |   | Capital    |  
|                                                         |  | Shares     |   |   | Per
      Share |   |   | Capital    |   |   | Receivable   |   |   | Deficit     |   |   | Loss          |  |   | Deficit    |  
|Balance, April 21, 2003                                  |  | 10         |   | $ | -               |   | $ | -          |   | $ | -            |   | $ | -           |   | $ | -             |  | $ | -          |  
|Adjustment for the issuance of                           |  |            |   |   |                 |   |   |            |   |   |              |   |   |             |   |   |               |  |   |            |  
|common stock on recapitalization                         |  | 3,758,040  |   |   | 3,758           |   |   | (3,758     | ) |   | -            |   |   | -           |   |   | -             |  |   | -          |  
|                                                         |  | 3,758,050  |   |   | 3,758           |   |   | (3,758     | ) |   | -            |   |   | -           |   |   | -             |  |   | -          |  
|Adjustment to capital deficit of the                     |  |            |   |   |                 |   |   |            |   |   |              |   |   |             |   |   |               |  |   |            |  
|Company at
      the recapitalization date               |  | 417,603    |   |   | 418             |   |   | (945,307   | ) |   | -            |   |   | -           |   |   | -             |  |   | (944,889   | )
|                                                         |  | 4,175,653  |   |   | 4,176           |   |   | (949,065   | ) |   | -            |   |   | -           |   |   | -             |  |   | (944,889   | )
|Shares issued for management services (Note 7)           |  | 150,000    |   |   | 150             |   |   | 104,850    |   |   | -            |   |   | -           |   |   | -             |  |   | 105,000    |  
|Currency translation adjustment                          |  | -          |   |   | -               |   |   | -          |   |   | -            |   |   | -           |   |   | 873           |  |   | 873        |  
|Net loss for the
      period                            |  | -          |   |   | -               |   |   | -          |   |   | -            |   |   | (626,985    | ) |   | -             |  |   | (626,985   | )
|Balance, December 31, 2003                               |  | 4,325,653  |   |   | 4,326           |   |   | (844,215   | ) |   | -            |   |   | (626,985    | ) |   | 873           |  |   | (1,466,001 | )
|Shares issued for cash (Note 7)                          |  | 1,000,000  |   |   | 1,000           |   |   | 24,000     |   |   | -            |   |   | -           |   |   | -             |  |   | 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                               |  | 5,325,653  |   |   | 32,826          |   |   | 207,576    |   |   | -            |   |   | (555,287    | ) |   | 873           |  |   | (314,012   | )
|Shares subscribed but unissued                           |  | -          |   |   | (27,500         | ) |   | -          |   |   | -            |   |   | -           |   |   | -             |  |   | (27,500    | )
|Shares issued for cash (Note 7)                          |  | 2,750,000  |   |   | 2,750           |   |   | 24,750     |   |   | -            |   |   | -           |   |   | -             |  |   | 27,500     |  
|Cancellation of shares (Note 7)                          |  | (5,437,932 | ) |   | (5,438          | ) |   | 5,438      |   |   | -            |   |   | -           |   |   | -             |  |   | -          |  
|Compensation expense on share cancellation (Note 7)      |  | -          |   |   | -               |   |   | 44,720     |   |   | -            |   |   | -           |   |   | -             |  |   | 44,720     |  
|Shares issued for loan payable settlement
      (Note 7) |  | 89,500     |   |   | 90              |   |   | 125,211    |   |   | -            |   |   | -           |   |   | -             |  |   | 125,300    |  
|Shares issued for cash (Note 7)                          |  | 7,500      |   |   | 8               |   |   | 743        |   |   | -            |   |   | -           |   |   | -             |  |   | 750        |  
|Stock based compensation                                 |  | -          |   |   | -               |   |   | 140,438    |   |   | -            |   |   | -           |   |   | -             |  |   | 140,438    |  
|Net loss for the
      year                              |  | -          |   |   | -               |   |   | -          |   |   | -            |   |   | (1,036,098  | ) |   | -             |  |   | (1,036,098 | )
|Balance, December 31, 2005                               |  | 2,734,721  |   |   | 2,735           |   |   | 548,875    |   |   | -            |   |   | (1,591,385  | ) |   | 873           |  |   | (1,038,902 | )
|Shares issued for cash (Note 7)                          |  | 6,000      |   |   | 6               |   |   | 594        |   |   | (600         | ) |   | -           |   |   | -             |  |   | -          |  
|Stock based compensation                                 |  | -          |   |   | -               |   |   | 11,401     |   |   | -            |   |   | -           |   |   | -             |  |   | 11,401     |  
|Net loss for the
      year                              |  | -          |   |   | -               |   |   | -          |   |   | -            |   |   | (128,774    | ) |   | -             |  |   | (128,774   | )
|Balance, December 31, 2006                               |  | 2,740,721  |   |   | 2,741           |   |   | 560,870    |   |   | (600         | ) |   | (1,720,159  | ) |   | 873           |  |   | (1,156,275 | )
|Net loss for the
      year                              |  | -          |   |   | -               |   |   | -          |   |   | -            |   |   | (192,410    | ) |   | -             |  |   | (192,410   | )
|Balance, December 31, 2007                               |  | 2,740,721  |   |   | 2,741           |   |   | 560,870    |   |   | (600         | ) |   | (1,912,569  | ) |   | 873           |  |   | (1,348,685 | )
|Share subscriptions paid (Note 7)                        |  | -          |   |   | -               |   |   | -          |   |   | 600          |   |   | -           |   |   | -             |  |   | 600        |  
|Net income for the year                                  |  | -          |   |   | -               |   |   | -          |   |   | -            |   |   | 109,951     |   |   | -             |  |   | 109,951    |  
|Balance, December 31, 2008                               |  | 2,740,721  |   |   | 2,741           |   |   | 560,870    |   |   | -            |   |   | (1,802,618  | ) |   | 873           |  |   | (1,238,134 | )
|Cancellation of shares (Note 7)                          |  | (2,000,000 | ) |   | (2,000          | ) |   | 2,000      |   |   | -            |   |   | -           |   |   | -             |  |   | -          |  
|Shares issued for loan payable settlement (Note 7)       |  | 8,950,000  |   |   | 8,950           |   |   | 3,571,050  |   |   | -            |   |   | -           |   |   | -             |  |   | 3,580,000  |  
|Shares issued for loan payable settlement
      (Note 7) |  | 436,000    |   |   | 436             |   |   | 217,564    |   |   | -            |   |   | -           |   |   | -             |  |   | 218,000    |  
|Shares issued for consulting services (Note 7)           |  | 350,000    |   |   | 350             |   |   | 209,650    |   |   | -            |   |   | -           |   |   | -             |  |   | 210,000    |  
|Stock based compensation (Note 8)                        |  | -          |   |   | -               |   |   | 43,321     |   |   | -            |   |   | -           |   |   | -             |  |   | 43,321     |  
|Net loss for the
      year                              |  | -          |   |   | -               |   |   | -          |   |   | -            |   |   | (3,433,469  | ) |   | -             |  |   | (3,433,469 | )
|Balance, December 31, 2009                               |  | 10,476,721 |   |   | 10,477          |   |   | 4,604,455  |   |   | -            |   |   | (5,236,087  | ) |   | 873           |  |   | (620,282   | )
|Net loss for the
      period                            |  | -          |   |   | -               |   |   | -          |   |   | -            |   |   | (141,352    | ) |   | -             |  |   | (141,352   | )
|Balance, June 30, 2010                                   |  | 10,476,721 |   | $ | 10,477          |   | $ | 4,604,455  |   | $ | -            |   | $ | (5,377,439  | ) | $ | 873           |  | $ | (761,634   | )

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
|June 30, 2010                             
|(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
  3,758,040 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 interests
  and is currently an exploration stage company engaged in the acquisition,
  exploration, and development of prospective oil and gas properties. The
  Companys current business focus is to implement the terms of the Farmout
  Agreement (Note 3).

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 June 30,
  2010, the Company has negative working capital of $1,006,113 (December 31, 2009
  - $833,727), and has an accumulated deficit of $5,377,439 at June 30, 2010. 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 $680,000
  and approximately an additional $3,306,100 in estimated expenditures related to
  the oil and gas leases (Note 3) over the twelve months ending June 30, 2011 to
  continue operations. The majority of this anticipated requirement will be funded
  by the $1,000,000 revolving loan the Company obtained during the year ended
  December 31, 2009 which bears interest at an annual rate of 8% and funded by
  future equity issuances and for debt financing. In addition to funding the
  Companys general, administrative and corporate expenses the Company is
  obligated to address its current obligations totaling $1,006,113. 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
|June 30, 2010                             
|(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, 2009. 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    | ASC 810. The FASB issued ASC 810, Consolidation.
      The standard requires all entities to report noncontrolling (minority)
      interests as equity in consolidated financial statements. ASC 810
      eliminates the diversity that currently exists in accounting for
      transactions between an entity and non-controlling 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    | ASC 815. The FASB issued ASC 815, Derivatives and
      Hedging, which requires additional disclosures about the objectives of
      the derivative instruments and hedging activities, the method of
      accounting for such instruments under ASC 815 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. ASC 815 is effective for fiscal years and
      interim periods beginning after November 15, 2008. The adoption of this
      standard did not have a material impact on our consolidated financial
      statements                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    | ASC 820-10 emphasizes that fair value is a market-based
      measurement, not an entity-specific measurement. Therefore, a fair value
      measurement should be determined based on the assumptions that market
      participants would use in pricing the asset or liability.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    | As a basis for considering market participant assumptions
      in fair value measurements, ASC 820-10 establishes a fair value hierarchy
      that distinguishes between market participant assumptions based on market
      data obtained from sources independent of the reporting entity (observable
      inputs that are classified within Levels 1 and 2 of the hierarchy) and the
      reporting entitys own assumptions about market participant assumptions
      (unobservable inputs classified within Level 3 of the
      hierarchy).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    | ASC 855. The FASB issued Statement of ASC 855
      (prior authoritative literature:FAS No. 165, Subsequent
        Events) which establishes general standards of accounting for and
      disclosure of events that occur after the balance sheet date but before
      the financial statements are issued or are available to be issued. ASC 855
      provides guidance on the period after the balance sheet date during which
      management of a reporting entity should evaluate events or transactions
      that may occur for potential recognition or disclosure in the financial
      statements, the circumstances under which an entity should recognize
      events or transactions occurring after the balance sheet date in its
      financial statements and the disclosures that an entity should make about
      events or transactions that occurred after the balance sheet date. The
      Company adopted ASC 855 during the first quarter of fiscal 2010, and its
      application had no impact on our companys condensed consolidated
      financial statements.

F-6

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|June 30, 2010                             
|(Expressed in U.S. Dollars)               
|(Unaudited)                               

|Note 2. | INTERIM FINANCIAL STATEMENTS - continued
|------- | ----------------------------------------

ASU 2010-06. The FASB issued
  Accounting Standards Update No. 2010-06, Improving Disclosures about Fair
    Value Measurements (Topic 820)Fair Value Measurements and Disclosures(ASU 2010-06), to add additional disclosures about the different classes of
  assets and liabilities measured at fair value, the valuation techniques and
  inputs used, the activity in Level 3 fair value measurements, and the transfers
  between Levels 1, 2, and 3. Certain provisions of this update will be effective
  for us in fiscal 2011 and we are currently evaluating the impact of the pending
  adoption of this standards update on our consolidated financial statements.

ASU 2010-09. The FASB issued ASU
  2010-09, Subsequent Events. ASU 2010-09 was issued to amend ASC 855 to
  remove the requirement for SEC filers to disclose the date through which an
  entity has evaluated subsequent events. This change is intended to alleviate
  potential conflicts with current SEC guidance. The provisions of ASU 2010-09 are
  effective upon issuance. The adoption of ASC 855 and ASU 2010-09 did not have a
  material impact on the Company's financial statements.

|Note 3. | **OIL AND GAS
      LEASES**
|------- | ----------------------------

On December 14, 2009, the Company
  entered into a farm-out agreement (the Farmout Agreement) with Southeastern
  Pipe Line Company (SEPL) pursuant to which the Company acquired the right to
  earn an interest in certain oil and gas mineral leases located in Fort Bend and
  Wharton Counties, Texas (collectively, the Leases) and to the lands covered
  thereby subject to certain conditions, including the following:

| | i)   | Payment of a non-refundable fee of $350,000 to SEPL
      (paid);                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | ii)  | Commencement of continuous and actual drilling operations
      on an oil or gas well to a good and workmanlike manner with due diligence
      and to a depth sufficient for testing on the undeveloped Leases on or
      prior to December 14, 2010;                                                                                                                                                                                                                                                                    
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | iii) | Completion of drilling on every drillable tract of the
      undeveloped Leases prior to commencing drilling operations on the
      developed Leases;                                                                                                                                                                                                                                                                                                                                                                     
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | iv)  | Completion of the drilling of at least four wells on the
      undeveloped acreage, to a good and workmanlike manner with due diligence
      and to a depth sufficient for testing, and commence commercial production
      on such wells within 120 days after completion of drilling with the option
      to pay $250,000 per well to opt out of the requirement to drill up to two
      of the four wells;                                                                                                          
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | v)   | Upon earning the interest in the Leases, The Company
      agrees to enter into a Joint Operating Agreement to govern operations by
      the parties on the Leases, and SEPL agrees to assign its 100% interest in
      the Leases to The Company subject to reserving an overriding royalty
      interest equal to the difference between all the existing lease burdens of
      record in effect as of October 1, 2009 and 30%, thereby delivering to The
      Company a 70% net revenue interest in the Leases; and
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | vi)  | The Company granting an option to SEPL pursuant to which
      SEPL may after all drilling and completion cost have been recovered by The
      Company, back-in a 25% of eight-eighths working interest (subject to
      proportionate reduction if The Companys acreage covers less than the
      entirety of the mineral interest under the proration spacing unit
      drilled), on a well-by-well basis.                                                                                                          

Pursuant to the terms of the Farmout
  Agreement, if the Company fails to commence the drilling operations on the first
  test well by December 14, 2010, the agreement terminates immediately and the
  Company forfeits the deposit. Provided the Company establishes commercial
  production and meets the requirements for the first well tested, the Company
  will have an option to develop additional wells within 180 days after the
  completion of the first well tested or subsequent wells tested. Also, pursuant
  to the terms of the agreement the Company agreed to indemnify SEPL and its
  affiliates from all claims arising from the drilling or operations of the first
  test well or any subsequent wells tested.

F-7

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|June 30, 2010                             
|(Expressed in U.S. Dollars)               
|(Unaudited)                               

|Note 3. | **OIL AND GAS LEASES - continued**
|------- | ----------------------------------

In connection with these leases the
  Company issued 3,500,000 shares (Note 7) as payment for geological consulting
  services.

Closing of the transactions
  contemplated in the Farmout Agreement occurred on December 14, 2009. Net
  carrying costs as at June 30, 2010 and December 31, 2009:

| |                               |   | June 30, |  |   | December 31, | 
| | ----------------------------- | - | -------- |  | - | ------------ | 
| |                               |   | 2010     |  |   | 2009         | 
| | Deposit on oil and gas leases | $ | 350,000  |  | $ | 350,000      | 
| | Consulting costs              |   | 210,000  |  |   | 210,000      | 
| | Legal costs                   |   | 11,195   |  |   | 11,195       | 
| | Geologist services            |   | 31,034   |  |   | -            | 
| | Interest in Oil & Gas leases  | $ | 602,229  |  | $ | 571,195      | 

|Note 4. | **LOANS PAYABLE**
|------- | -----------------

The Company has the following loans payable:

| |                            |   | June 30,  |  |   | December 31, | 
| | -------------------------- | - | --------- |  | - | ------------ | 
| |                            |   | 2010      |  |   | 2009         | 
| | Art Brokerage  Current(1) | $ | 731,069   |  | $ | 586,519      | 
| | Mr. Alonzo B. Leavell(1)   |   | 20,000    |  |   | 20,000       | 
| |                            |   | 751,069   |  |   | 606,519      | 
| | Senergy Partners LLC(2)    |   | 357,750   |  |   | 357,750      | 
| |                            | $ | 1,108,819 |  | $ | 964,269      | 



| | (1) These amounts are unsecured, bear no
      interest, with no specific terms of repayment.                                                                                                                                     
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                   
| | (2) This credit facility is unsecured, bears
      interest at 8% per annum, maturing on December 31, 2012 (see Note 7(b)).
      The remaining amount available under this credit facility is $650,000 as
      at June 30, 2010.

|Note 5. | **CONVERTIBLE DEBT**
|------- | --------------------

|a) | On November 26, 2009, the Company issued a convertible
      note in the amount of $100,000 to a related party to settle an outstanding
      payable of $100,000. This convertible note is due on demand, and bears
      interest at 8% per annum. The debt is convertible into common shares at a
      conversion rate of $0.30 per share.                                                                      
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                     
|b) | On December 11, 2009, the Company issued a convertible
      note in the amount of $35,625. This convertible note is due on June 11,
      2010 and bears interest at 8% per annum. The debt is convertible into
      common shares at $0.75 per share. The Company has the right to prepay any
      portion of the principal amount of this debenture without prior written
      consent on the holder (Note 9).

Both convertible notes are accounted
  for in accordance with ASC 470-20 which requires the Company to classify as
  equity any amounts representing a beneficial conversion feature. As both
  conversion prices exceed the fair value of the underlying common shares on the
  issue date, no beneficial conversion feature is recognized under ASC 470-20 and
  the entire proceeds are classified as debt until such time as they are converted
  to equity. Accordingly, the convertible notes are presented on the consolidated
  balance sheets as a liability. No convertible notes discount is recognized.

F-8

---



|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|June 30, 2010                             
|(Expressed in U.S. Dollars)               
|(Unaudited)                               



|Note 5. | **CONVERTIBLE DEBT -
      continued**
|------- | --------------------------------------

| |                                  |   | June 30, |  |   | December 31, | 
| | -------------------------------- | - | -------- |  | - | ------------ | 
| |                                  |   | 2010     |  |   | 2009         | 
| | Issuance of convertible note (a) | $ | 100,000  |  | $ | 100,000      | 
| | Issuance of convertible note (b) |   | 35,625   |  |   | 35,625       | 
| |                                  | $ | 135,625  |  | $ | 135,625      | 



|Note 6. | **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 $45,000 were charged
  to expense in these financial statements for the six month period ended June 30,
  2010 (June 30, 2009 - $45,000).

During the three and six month period
  ended June 30, 2010 the Company advanced $17,654 to a related party to pay for
  future expenses incurred by the individual on behalf of the Company. The
  advances are non-interest bearing and have no specific terms of repayment.



|Note 7. | **SHARE CAPITAL**
|------- | -----------------

As explained in Note 1, on April 21,
  2003 the Company issued 3,758,040 common shares in exchange for all the issued
  and outstanding common shares of UCO.

In July 2003, the Company issued
  150,000 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.

In June 2004, the Company issued
  1,000,000 common shares at a price of $0.25 for proceeds of $25,000.

In January 2005, the Company issued
  2,750,000 common shares at a price of $0.01 for proceeds of $27,500.

In June 2005, the Company cancelled
  5,437,932 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 89,500
  common shares at a price of $0.60 to settle an amount owing with respect to a
  loan payable. The transaction was recorded at the quoted market price of $1.40
  and resulted in a loss on settlement of loan payable of $71,600.

In September 2005, the Company issued
  7,500 common shares at a price of $0.10 for cash proceeds of $750 in relation to
  the exercise of stock options.

In April 2006, the Company issued 6,000
  common shares at a price of $0.10 for $600 in relation to the exercise of stock
  options.

F-9

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|June 30, 2010                             
|(Expressed in U.S. Dollars)               
|(Unaudited)                               



|Note 7. | **SHARE CAPITAL - continued**
|------- | -----------------------------

In 2007 and 2008 there were no share
  capital transactions.

On February 2, 2009 a major shareholder
  returned to treasury 2,000,000 common shares of the Company for nil
  consideration in contemplation of further share issuances (as described
  below).

| | (a) | The Company entered into a loan agreement with Senergy on
      February 13, 2009, pursuant to which the Company established an unsecured
      revolving loan 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%.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | (b) | 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                                                                                                                        
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | (c) | 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 8,950,000 shares of the Company common
      stock in settlement of a $447,500 debt owed to
      Senergy.                                                                                                                   

As a result of these transactions,
  Senergy acquired 8,950,000 shares or 92.3% of the Companys issued and
  outstanding common stock. The Company issued 8,950,000 common shares to settle
  an amount owing with respect to a loan payable totaling $447,500. The
  transaction was recorded at the quoted market price of $0.40 and resulted in a
  loss on settlement of loan payable of $3,132,500.

On August 11, 2009 the Company's
  articles of incorporation were amended and restated to increase the number of
  authorized shares of its common stock from 100,000,000 to 750,000,000. In
  addition the Company's articles of incorporation were amended and restated to
  authorize 100,000,000 shares of preferred stock with a par value of $0.001,
  which may be divided into and issued in series, with such designations, rights,
  qualifications, preferences, limitations and terms as fixed and determined by
  the Company's board of directors.

On September 24, 2009, the Company
  issued a further 436,000 shares to settle $218,000 owed to ABI. The transaction
  was recorded at the quoted market price of $0.30 and was treated as a capital
  transaction which resulted in a charge to equity of $218,000.

On December 11, 2009, the Company
  issued 175,000 shares each to two consultants, (350,000 shares total) for
  geological consulting services. The transactions were recorded at the quoted
  market price of $0.60 per share for total consideration of $210,000 which was
  capitalized to Oil and Gas Leases on the balance sheet (Note 3).

Effective December 31, 2009, the
  Company effected a ten (10) for one (1) reverse stock split of the Companys
  issued and outstanding shares of common stock. Shares and per share amounts have
  been retroactively restated to reflect the reverse stock split.

For the six-month period ended June 30,
  2010 there were no share capital transactions.

F-10

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|June 30, 2010                             
|(Expressed in U.S. Dollars)               
|(Unaudited)                               

Note 8.
    **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.

On June 1, 2009, the Companys board of
  directors adopted the 2009 Stock Option Plan. The purpose of the 2009 stock
  option plan is to retain the services of valued key employees and consultants of
  the Company. Under the plan, the plan administrator is authorized to grant stock
  options to acquire up to a total of up to 75,000,000 shares of common stock.

During the year ended December 31,
  2009, there were 115,000 options granted to directors and 30,000 options granted
  to consultants. All options granted were fully vested at the date of issuance
  which resulted in a stock-based compensation expense of $43,321 being charged to
  operations during the year ended December 31, 2009.

These options are exercisable at a
  price of $0.40 per option and expire on December 31, 2012. No options were
  exercised, cancelled or expired in 2009. The fair value of these options granted
  was approximately $0.30 per share on the grant date in 2009.

There were no stock options granted for
  the six-month periods ended June 30, 2010 and June 30, 2009.

The following is a summary of the
  status of the Companys stock options as of June 30, 2010 and the stock option
  activity during the six months ended June 30, 2010:

| |                                                          |  | Number of | 
| | -------------------------------------------------------- |  | --------- | 
| |                                                          |  | Options   | 
| | Outstanding at December 31, 2008                         |  | -         | 
| | Granted                                                  |  | 145,000   | 
| | Outstanding at December 31, 2009 and June
      30, 2010 |  | 145,000   | 



|Note 9. | **SUBSEQUENT EVENTS**
|------- | ---------------------

On July 26, 2010, the Company entered
  into a Debt Settlement and Subscription Agreement with David Steiner Primary
  Trust (the Trust), pursuant to which the Company agreed to issue 49,884 shares
  of its common stock to the Trust in settlement of all amounts owing to the Trust
  under the Convertible Debenture dated December 11, 2009 in the principal amount
  of $35,625 and outstanding interest to July 19, 2010 of $1,778

On July 27, 2010, the Company entered
  into a Data Purchase Agreement with two individuals (the Vendors) whereby the
  Company would purchase data relating to its Leases (see Note 3). As
  consideration for the purchase of this data the Company would issue 350,000
  shares of its common stock (175,000 to each individual).

F-11

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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

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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 second quarter ended June 30,
2010, we experienced the following significant corporate developments:

|1. | Effective July 26, 2010, we entered into a Debt
      Settlement and Subscription Agreement with David Steiner Primary Trust
      (the Trust), pursuant to which we agreed to issue 49,884 shares of our
      common stock to Steiner in settlement of all amounts owing to the Trust
      under the Convertible Debenture dated December 11, 2009 in the principal
      amount of $35,625 and outstanding interest to July 19, 2010 of $1,778. The
      shares were issued to the Trust on July 26, 2010 pursuant to Regulation D
      of the Securities Act of 1933 on the basis that the Trust represented that
      it was an accredited investor as such term is defined in Rule 501 of
      Regulation D and/or Section 4(2) of the Securities Act of 1933.                                                                                                                                                                                                                
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|2. | On July 27, 2010, the Company entered into a data
      purchase agreement (the Agreement) with two individuals (collectively
      the Vendors), pursuant to which the Company agreed to purchase from the
      Vendors geologic data relating to certain oil and gas mineral leases
      located in Texas, including among other things: electric logs, seismic
      work, seismic reprocessing, data from the Texas Railroad Commission. In
      consideration for the acquisition of the geologic data from the Vendors
      the Company agreed to issue an aggregate of 350,000 shares of the common
      stock of the Company to the Vendors. The shares were issued to the Vendors
      on July 27, 2010 pursuant to Regulation D of the Securities Act of 1933 on
      the basis that each of them represented that they were an accredited
      investor as such term is defined in Rule 501 of Regulation D and/or
      Section 4(2) of the Securities Act of 1933.

Our Current Business

We are currently an exploration stage company engaged in the
acquisition, exploration, and development of prospective oil and gas properties.
Our current business focus is to implement the terms of the Farmout Agreement
pursuant to which we intend to earn an interest in certain oil and gas mineral
leases located in Fort Bend and Wharton Counties, Texas owned by Southeastern
Pipe Line Company (SEPL). Subject to receipt of additional financing our
initial operations during the next quarter are to locate suitable locations to
drill, drilling, and determining if an initial test well is viable. If the well
is viable and we can develop the well, we intend to drill an initial test well
and to earn an interest in the mineral leases subject to the Farmout Agreement.
If the well is not viable, we intend to plug the well. Our anticipated 2010
drilling program is expected to target the Wilcox Trend, a vast depositional
sand zone with a history of natural gas and condensate production. The Wilcox
Trend is articulated into the upper, middle, and lower Wilcox. We intend to
target the middle Wilcox to a depth of between 12,500 and 13,500 feet.

Concurrent with our entry into the Farmout Agreement, we
acquired from a consulting geologist, detailed proprietary geology on the
property subject to the Farmout Agreement. The dataset includes seismic and
geological interpretations of the underlying geology from historic data. In
addition, we obtained access to log data from a well drilled to 12,200 feet in
2003 on the Farmout acreage.

Farm-out Agreement with Southeastern Pipe Line
Company

On December 14, 2009, we entered into a farm-out agreement with
Southeastern Pipe Line Company pursuant to which we acquired the right to earn
an interest in certain oil and gas mineral leases located in Fort Bend and
Wharton Counties, Texas (collectively, the Leases) and to the lands covered
thereby subject to certain conditions, including the following:

| | (i)  | Payment of a non-refundable fee of $350,000 to SEPL (the
      Fee);                                                                                                                                                                                                            
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |      |                                                                                                                                                                                                                                                                                   
| | (ii) | Commencement of continuous and actual drilling operations
      on an oil or gas well (the Initial Test Well) to an objective formation
      (as such term is defined in the agreement) on the undeveloped
  Leases on or prior to December 14, 2010 (the Completion
  Date);

5

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| | (iii) | Completion of drilling on every drillable tract of the
      undeveloped Leases prior to commencing drilling operations on the
      developed Leases;                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (iv)  | Completion of the drilling of at least four wells on the
      undeveloped acreage to the objective formation and commence commercial
      production on such wells within 120 days after completion of drilling with
      the option to pay $250,000 per well to opt out of the requirement to drill
      up to two of the four wells;                                                                                                                                                                                                                                                           
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (v)   | Upon earning the interest in the Leases, Maverick agrees
      to enter into a Joint Operating Agreement in the form of AAPL 610 Model
      Form 1989 with 2005 COPAS accounting procedure to govern operations by the
      parties on the Leases, and SEPL agrees to assign its 100% interest in the
      Leases to Maverick subject to reserving an overriding royalty interest
      equal to the difference between all the existing lease burdens of record
      in effect as of October 1, 2009 and 30%, thereby delivering to Maverick a
      70% net revenue interest in the Leases; and
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (vi)  | Maverick granting an option to SEPL pursuant to which
      SEPL may after all drilling and completion cost have been recovered by
      Maverick, back-in a 25% of eight-eighths working interest (subject to
      proportionate reduction if Mavericks acreage covers less than the
      entirety of the mineral interest under the proration spacing unit
      drilled), on a well-by-well basis.                                                                                                                                                                                             

Pursuant to the terms of the Farmout Agreement if we fail to
commence the drilling operations on the Initial Test Well by the Completion Date
the agreement terminates immediately and the Company forfeits the Fee. Provided
we establish commercial production and meet the earning requirements for the
Initial Test Well, we have an option to develop additional wells (Subsequent
Wells) within one hundred and eighty days after the completion of the Initial
Test Well, substitute Initial Test Well or a Subsequent Well. Also, pursuant to
the terms of the agreement we agreed to indemnify SEPL and its affiliates from
all claims arising from the drilling or operations of the Initial Test Well or
any Subsequent Well.

General

The following is a discussion and analysis of our plan of
operation for the three and six month period ended June 30, 2010, 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

We are currently an exploration stage company engaged in the
acquisition, exploration, and development of prospective oil and gas properties.
Our current business focus is to implement the terms of the Farmout Agreement
pursuant to which we intend to earn an interest in certain oil and gas mineral
leases located in Fort Bend and Wharton Counties, Texas owned by SEPL. Subject
to receipt of additional financing our initial operations during the next
quarter are to locate suitable locations to drill, drilling, and determining if
an initial test well is viable. If the well is viable and we can develop the
well, we intend to drill an initial test well and to earn an interest in the
mineral leases subject to the Farmout Agreement. If the well is not viable, we
intend to plug the well. Our anticipated 2010 drilling program is subject to
obtaining additional financing and is expected to target the Wilcox Trend, a
vast depositional sand zone with a history of natural gas and condensate
production. The Wilcox Trend is articulated into the upper, middle, and lower
Wilcox. We intend to target the middle Wilcox to a depth of between 12,500 and
13,500 feet. Additionally we expect to continue to evaluate a number of joint
venture opportunities in the oil and gas sector in the next twelve months.

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

6

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Cash Requirements during the Next Twelve Months

Expense
    
    ($)Cost to drill and complete Initial Well
    
    2,750,000Consulting and Due Diligence
    
    240,000Professional Fees
    
    130,000Joint Venture Programs
    
    500,000Total
    
    3,620,000


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. Other than our
agreement with Senergy Partners LLC, 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.

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. As at
June 30, 2010, the Company has drawn $350,000 on the credit facility with
Senergy.

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 8,950,000 post-split shares of its common stock at a deemed
price of US$0.05 per share in settlement of a US$447,500 debt owed to
Senergy.

RESULTS OF OPERATIONS

Three and Six Month Summary

|               |   | Three Months Ended |  |   | Six Months Ended | 
|-------------- | - | ------------------ |  | - | ---------------- | 
|               |   | June
      30,     |  |   | June
      30,   | 
|               |   | 2010               |  |   | 2009             | 
|Revenue        | $ | -                  |  | $ | -                | 
|Expenses       |   | 69,840             |  |   | 75,074           | 
|Other expenses |   | 7,536              |  |   | -                | 
|Net Loss       | $ | 77,376             |  | $ | 75,074           | 

Revenue

We had no operating revenues for the three and six month periods ended June 30, 2010 and 2009.  We anticipate that we will not generate any revenues until we generate additional financing to support our planned operations in connection with the Farmout Agreement with SEPL.

7

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Operating Costs and Expenses

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

|                                             |   | Three Months Ended |  |   | Six Months Ended | 
|-------------------------------------------- | - | ------------------ |  | - | ---------------- | 
|                                             |   | June
      30      |  |   | June
      30    | 
|                                             |   | 2010               |  |   | 2009             | 
|Management Fees and stock based compensation | $ | 22,500             |  | $ | 22,500           | 
|Professional Fees                            |   | 36,572             |  |   | 46,178           | 
|Transfer Agent Fees                          |   | -                  |  |   | 2,478            | 
|Travel                                       |   | 7,469              |  |   | 3,244            | 
|Office                                       |   | 3,299              |  |   | 674              | 
|Total
      Expenses                         | $ | 69,840             |  | $ | 75,074           | 

General and Administrative Expenses

The $5,234 decrease in our general and administrative expenses
for the three month period ended June 30, 2010 as compared to the same period in
fiscal 2009 was primarily due to a decrease in professional fees associated with
preparing and reviewing our periodic reports required under the Securities
Exchange Act of 1934.

The $1,655 increase in our general and administrative expenses
for the six month period ended June 30, 2010 as compared to the same period in
fiscal 2009 was primarily due to an increase in travel expenditures associated
with the negotiation of the Farmout Agreement with SEPL.

Liquidity and Capital Resources

Working Capital

|                           |   | June 30, 2010 |   |   | December 31, 2009 |  
|-------------------------- | - | ------------- | - | - | ----------------- | -
|Current Assets             | $ | 17,654        |   | $ | 6,024             |  
|Current Liabilities        |   | 1,023,767     |   |   | 839,751           |  
|Working Capital Deficiency | $ | (1,006,113    | ) | $ | (833,727          | )

Cash Flows

|                                            |   | Six Months Ended |   |   | Six Months Ended |  
|------------------------------------------- | - | ---------------- | - | - | ---------------- | -
|                                            |   | June 30, 2010    |   |   | June 30, 2009    |  
|Cash used in Operating
      Activities     | $ | (122,885         | ) | $ | (99,725          | )
|Cash used by Investing Activities           |   | (31,034          | ) |   | -                |  
|Cash provided by Financing
      Activities |   | 147,895          |   |   | 99,725           |  
|Net Decrease in Cash                        | $ | (6,024           | ) | $ | -                |  

Funding for operating and investing activities was provided by
both non-interest bearing and interest bearing advances from lenders. On July
19, 2010, we entered into a Debt Settlement and Subscription Agreement with
David Steiner Primary Trust (Steiner), whereby we agreed to issue 49,884
shares of our common stock to Steiner in settlement of the Convertible Debenture
dated December 11, 2009 in the principal amount of $35,625 and outstanding
interest to July 19, 2010 of $1,778.

We had a cash balance of $Nil and negative working capital of
$1,006,113 as of June 30, 2010 compared to cash of $6,024 and negative working
capital of $833,727 as of December 31, 2009. We anticipate that we will incur
approximately $3,620,000 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

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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 was reflected as income from discontinued operations in previous years
financial statements.

Loans Payable

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

|                                 |   | June 30, 2010 |  |   | December 31, 2009 | 
|-------------------------------- | - | ------------- |  | - | ----------------- | 
|Art Brokerage 
      Current(1) | $ | 731,069       |  | $ | 586,519           | 
|Mr. Alonzo B. Leavell(1)         |   | 20,000        |  |   | 20,000            | 
|Senergy Partners
      LLC(2)    |   | 357,750       |  |   | 357,750           | 
|                                 | $ | 1,108,819     |  | $ | 964,268           | 

|Notes |                                                                                               
|----- | ----------------------------------------------------------------------------------------------
|(1)   | These amounts are unsecured, bear no interest, with no
      specific terms of repayment.     
|(2)   | This amount is unsecured, bears interest at 8% per annum,
      maturing on December 31, 2012.

Going Concern

The audited financial statements accompanying our annual report
on Form 10-K for the year ended December 31, 2009 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 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 June
30, 2010, we had cash of $Nil and we estimate that we will require approximately
$3,620,000 for costs associated with our plan of operation over the next twelve
months. Accordingly, we do not have sufficient funds for planned operations and
we will be required to raise additional funds.

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, 2009 and 2008 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

We had a cash balance of $Nil and negative working capital of
$1,006,113 as of June 30, 2010 compared to cash of $6,024 and negative working
capital of $833,727 as of December 31, 2009. and we estimate that we will
require approximately $3,620,000 for costs associated with our plan of operation
over the next twelve months. Accordingly, although we have access to additional
funds through our line of credit with Senergy, we do not have sufficient funds

for planned operations and we will be required to raise additional funds for operations. 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 is no assurance that we will achieve any additional sales of our equity securities or arrange for debt or other financing to fund our planned activities.

9

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Off-Balance Sheet Arrangements

We have no 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 are an exploration stage company implementing a new business plan.

We are an exploration stage company with only a limited operating history upon which to base an evaluation of our current business and future prospects. If we do discover oil or gas resources in commercially exploitable quantities on any of our
properties, we will be required to expend substantial sums of money to establish the extent of the resource, develop processes to extract it and develop extraction and processing facilities and infrastructure. If we discover a major reserve, there
can be no assurance that such a reserve will be large enough to justify commercial operations, nor can there be any assurance that we will be able to raise the funds required for development on a timely basis. If we cannot raise the necessary
capital or complete the necessary facilities and infrastructure, our business may fail. There is no assurance that we will be able to drill an initial test well on the property subject to the Farmout Agreement within the timeline set out in the
agreement or at all. Failure to do so will result in the loss of all our interest in the Farmout Agreement with SEPL.

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 negative working capital of $1,006,113 as of June 30, 2010. 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 develop any wells under the Farmout Agreement. Obtaining additional financing is subject to a number of factors, including market prices for oil and gas, investor acceptance of our interest pursuant to the Farmout Agreement, 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.

The only interest in property we have is pursuant to the Farmout Agreement. 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 and development of the Initial Well. 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

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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.

At June 30, 2010, we had an accumulated deficit of $5,377,439 and a negative working capital of $1,006,113. 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, 2009. 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.

If we are required for any reason to repay our outstanding secured convertible debentures or any other indebtedness, we would be required to deplete our working capital, if available, or raise additional funds.

If we are required to repay the secured convertible debentures or any other indebtedness for any reason, we would be required to use our limited working capital and raise additional funds. If we are unable to repay the secured convertible debentures
or any other indebtedness when required, we may be required to sell substantial assets of our company. In addition, the lenders could commence legal action against our company and foreclose on all of our assets to recover the amounts due. Any such
sale or legal action would require our company to curtail or possibly cease our operations.

Market conditions or operation impediments may hinder our access to oil and gas markets or delay our potential production.

Our ability to develop the farmout acreage depends in part upon the availability, proximity and capacity of pipelines, natural gas gathering systems and processing facilities. This dependence is heightened where this infrastructure is less
developed. Therefore, even if drilling results are positive in certain areas of our oil and gas properties, a new gathering system may need to be built to handle the potential volume of oil and gas produced. We might be required to shut in wells, at
least temporarily, for lack of a market or because of the inadequacy or unavailability of transportation facilities. If that were to occur, we would be unable to realize revenue from those wells until arrangements were made to deliver production to
market.

Even if we are able to establish any oil or gas reserves on the farmout acreage, our ability to produce and market oil and gas is affected and also may be harmed by:

- inadequate pipeline transmission facilities or carrying capacity;
- government regulation of natural gas and oil production;
- government transportation, tax and energy policies;
- changes in supply and demand; and
- general economic conditions.

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.

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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.

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 it 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.

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.

Shortages of rigs, equipment, supplies and personnel could delay or otherwise adversely affect our cost of operations or our ability to operate according to our business plans.

If drilling activity increases worldwide, a shortage of drilling and completion rigs, field equipment and qualified personnel could develop. These costs have recently increased sharply and could continue to do so. The demand for and wage rates of
qualified drilling rig crews generally rise in response to the increasing number of active rigs in service and could increase sharply in the event of a shortage. Shortages of drilling and completion rigs, field equipment or qualified personnel could
delay, restrict or curtail our exploration and development operations, which could in turn harm our operating results.

The geographic concentration of all of our properties in Texas subjects us to an increased risk of loss of revenue or curtailment of production from factors affecting those areas.

The geographic concentration of all of our leasehold interests in Texas means that our properties could be affected by the same event should the regions experience:

- severe weather;
- delays or decreases in production, the availability of equipment, facilities or services;
- delays or decreases in the availability of capacity to transport, gather or process production; or
- changes in the regulatory environment.

12

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The oil and gas exploration and production industry is historically a cyclical industry and market fluctuations in the prices of oil and gas could adversely affect our business.

Prices for oil and gas tend to fluctuate significantly in response to factors beyond our control. These factors include:

- weather conditions in the United States and wherever our property interests are located;
- economic conditions, including demand for petroleum-based products, in the United States and the rest of the world;
- actions by OPEC, the Organization of Petroleum Exporting Countries;
- political instability in the Middle East and other major oil and gas producing regions;
- governmental regulations, both domestic and foreign;
- domestic and foreign tax policy;
- the pace adopted by foreign governments for the exploration, development, and production of their national reserves;
- the price of foreign imports of oil and gas;
- the cost of exploring for, producing and delivering oil and gas;
- the discovery rate of new oil and gas reserves;
- the rate of decline of existing and new oil and gas reserves;
- available pipeline and other oil and gas transportation capacity;
- the ability of oil and gas companies to raise capital;
- the overall supply and demand for oil and gas; and
- the availability of alternate fuel sources.

Changes in commodity prices may significantly affect our capital resources, liquidity and expected operating results. Price changes will directly affect revenues and can indirectly impact expected production by changing the amount of funds available
to reinvest in exploration and development activities. Reductions in oil and gas prices not only reduce revenues and profits, but could also reduce the quantities of reserves that are commercially recoverable. Significant declines in prices could
result in non-cash charges to earnings due to impairment.

Changes in commodity prices may also significantly affect our ability to estimate the value of producing properties for acquisition and divestiture and often cause disruption in the market for oil and gas producing properties, as buyers and sellers
have difficulty agreeing on the value of the properties. Price volatility also makes it difficult to budget for and project the return on acquisitions and the development and exploitation of projects. We expect that commodity prices will continue to
fluctuate significantly in the future.

Our interests are held in the form of leases that we may be unable to retain.

The interest in our property are held under leases and working interests in leases. If we or the holder of a lease fails to meet the specific requirements of the lease regarding delay or non-payment of rental payments or we or the holder of the
lease fail to meet the minimum level of evaluation some or all of our leases may terminate or expire. There can be no assurance that any of the obligations required to maintain each lease will be met. The termination or expiration of our leases or
the working interests relating to leases may reduce our opportunity to exploit a given prospect for oil production and thus have a material adverse effect on our business, results of operation and financial condition.

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.

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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 oil and gas exploration, there is a higher risk our business will fail.

While Robert Kinloch, our director and one of our executive officer, has experience managing a mineral exploration company, he does not have formal training as a geologist. Donald Kinloch does not have formal training specific to mineral and gas
exploration. 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 and Donald Kinloch presently spends approximately 20% of his business time on business management services for our company. At present, both Robert and Donald Kinloch spend a
reasonable amount of time in pursuit of our companys interests. Due to the time commitments from Robert and Donald Kinlochs other business interests, however, they 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 their other business interests.

Risks Relating to Our Common Stock

If we issue additional shares in the future, it will result in the dilution of our existing shareholders.

Our articles of incorporation authorize the issuance of up to 750,000,000 shares of common stock with a par value of $0.001 per share. Our board of directors may choose to issue some or all of such shares to acquire one or more businesses or to
provide additional financing in the future. The issuance of any such shares will reduce the book value and market price of the outstanding shares of our common stock. If we issue any such additional shares, such issuance will reduce the
proportionate ownership and voting power of all current shareholders. Further, such issuance may result in a change of control of our corporation.

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 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.

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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 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.

Because of the early stage of development and the nature of our business, our securities are considered highly speculative.

Our securities must be considered highly speculative, generally because of the nature of our business and the early stage of our development. We are engaged in the business of identifying, acquiring, exploring and developing commercial reserves of
oil and gas. Our properties are in the exploration stage only and are without known reserves of oil and gas. Accordingly, we have not generated any revenues nor have we realized a profit from our operations to date and there is little likelihood
that we will generate any revenues or realize any profits in the short term. Any profitability in the future from our business will be dependent upon locating and developing economic reserves of oil and gas, which itself is subject to numerous risk
factors as set forth herein. Since we have not generated any revenues, we will have to raise additional monies through the sale of our equity securities or debt in order to continue our business operations.

We do not intend to pay dividends on any investment in the shares of stock of our company.

We have never paid any cash dividends and currently do not intend to pay any dividends for the foreseeable future. To the extent that we require additional funding currently not provided for in our financing plan, our funding sources may prohibit
the payment of a dividend. Because we do not intend to declare dividends, any gain on an investment in our company will need to come through an increase in the stocks price. This may never happen and investors may lose all of their investment
in our company.

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Risks Related to Our Company

Our by-laws contain provisions indemnifying our officers and directors.

Our by-laws provide the indemnification of our directors and officers to the fullest extent legally permissible under the Nevada corporate law against all expenses, liability and loss reasonably incurred or suffered by him in connection with any
action, suit or proceeding. Furthermore, our by-laws provide that our board of directors may cause our company to purchase and maintain insurance for our directors and officers, and we have implemented director and officer insurance coverage.

Our by-laws do not contain anti-takeover provisions and thus our management and directors may change if there is a take-over of our company.

We do not currently have a shareholder rights plan or any anti-takeover provisions in our by-laws. Without any anti-takeover provisions, there is no deterrent for a take-over of our company. If there is a take-over of our company, our management and
directors may change.

Because most of our directors and officers are residents of other countries other than the United States, investors may find it difficult to enforce, within the United States, any judgments obtained against our directors and officers.

Most of our directors and officers are nationals and/or residents of countries other than the United States, and all or a substantial portion of such persons assets are located outside the United States. As a result, it may be difficult for
investors to enforce within the United States any judgments obtained against our officers or directors, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state thereof.

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, 2010, 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.

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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 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 June 30, 2010 that have materially affected or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1A. RISK FACTORS.

Not Applicable.

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

Since the commencement of our second quarter ended  June 30, 2010, we completed the following sales of unregistered securities:

1.            Effective  July 26, 2010, we entered into a Debt Settlement and Subscription Agreement  with David Steiner Primary Trust (the “Trust”), pursuant to which we agreed to  issue 49,884 shares of our common stock to Steiner in settlement of all amounts  owing to the Trust under the Convertible Debenture dated December 11, 2009 in  the principal amount of $35,625 and outstanding interest to July 19, 2010 of  $1,778. The shares were issued to the Trust on July 26, 2010 pursuant to  Regulation D of the Securities Act of 1933 on the basis that the Trust  represented that it was an “accredited investor” as such term is defined in  Rule 501 of Regulation D and/or Section 4(2) of the Securities Act of 1933.

2.            On  July 27, 2010, the Company entered into a data purchase agreement (the  “Agreement”) with two individuals (collectively the “Vendors”), pursuant to  which the Company agreed to purchase from the Vendors geologic data relating to  certain oil and gas mineral leases located in Texas, including among other things:  electric logs, seismic work, seismic reprocessing, data from the Texas Railroad  Commission. In consideration for the acquisition of the geologic data from the  Vendors the Company agreed to issue an aggregate of 350,000 shares of the  common stock of the Company to the Vendors.   The shares were issued to the Vendors on July 27, 2010 pursuant to  Regulation D of the Securities Act of 1933 on the basis that each of them  represented that they were an “accredited investor” as such term is defined in  Rule 501 of Regulation D and/or Section 4(2) of the Securities Act of 1933.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. (REMOVED AND RESERVED).

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS

|Exhibit |                                                                                                                                                                                                                                                                         
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  | Description                                                                                                                                                                                                                                                             
|        |                                                                                                                                                                                                                                                                         
|3.1     | Amended and Restated Articles (incorporated by reference
      from our Form 10-Q Quarterly report, filed on August 14, 2009)                                                                                                                                           
|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 (incorporated by reference from our Quarterly
      Report on Form 10-QSB for the period ended June 30, 2006)
|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 (incorporated by reference from our Quarterly Report on Form
      10- QSB for the period ended June 30, 2006)             
|10.5    | Loan Agreement between Alonzo B. Leavell and Maverick
      Minerals Corporation dated July 20, 2005 (incorporated by reference from
      our Quarterly Report on Form 10-QSB for the period ended June 30, 2006)                                                      
|10.6    | Loan Agreement between Alonzo B. Leavell and Maverick
      Minerals Corporation dated April 27, 2005 (incorporated by reference from
      our Quarterly Report on Form 10-QSB for the period ended June 30, 2006)                                                     
|10.7    | Management Agreement dated as at March 5, 2003 between
      Maverick Minerals Corp. and Robert Kinloch (incorporated by reference from
      our Quarterly Report on Form 10-QSB for the period ended June 30, 2006)                                                   
|10.8    | Management Agreement dated as at June 1, 2005 between
      Maverick Minerals Corp. and Robert Kinloch (incorporated by reference from
      our Quarterly Report on Form 10-QSB for the period ended June 30, 2006)                                                    

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|Exhibit |                                                                                                                                                                                                                                                           
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  | Description                                                                                                                                                                                                                                               
|        |                                                                                                                                                                                                                                                           
|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)      
|10.13   | 2009 Stock Option
        Plan (incorporated by reference from our Form 10-Q Quarterly report, filed
        on August 14, 2009)                                                                                                                          
|10.14   | Debt Settlement and Subscription
        Agreement dated as of September 24, 2009 between Maverick Minerals Corp.
        and The Art Brokerage Inc. (incorporated by reference from our Form 10-Q
        Quarterly report, filed on November 16, 2009)  
|10.15   | Farmout Agreement
        dated as of December 7, 2009 between Southeastern Pipe Line Company and
        Maverick Minerals Corporation (incorporated by reference from our Form
        8-K Current report, filed on December 18, 2009)                  
|10.16   | Subscription Agreement between
        Maverick Minerals Corporation and Robert Kinloch dated November 26, 2009
        (incorporated by reference from our Form 8-K Current report, filed on
        December 10, 2009)                                  
|10.17   | Convertible Debenture
        dated November 26, 2009 (incorporated by reference from our Form 8-K Current
        report, filed on December 10, 2009)                                                                                                    
|10.18   | Subscription Agreement and Convertible
        Debenture dated December 17, 2009 between Maverick Minerals Corporation
        and David Steiner (incorporated by reference from our Annual Report on
        Form 10-K, filed on April 15, 2010)         
|10.19*  | Debt
        Settlement and Subscription Agreement dated July 19, 2010 between Maverick
        Minerals Corporation and David Steiner Primary Trust                                                                                                      
|10.20*  | Data
        Purchase Agreement dated July 27, 2010                                                                                                                                                                                                       
|14.1    | Code of Ethics
        (incorporated by reference from our Annual Report on Form 10-KSB, filed
        on April 24, 2008)                                                                                                                                 
|21.1    | List of Subsidiaries (incorporated
        by reference from our Annual Report on Form 10-K, filed on April 15, 2010)                                                                                                                                     
|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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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: | August 12, 2010                                                                                   | 

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