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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 March 31, 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]

---

1

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 May 12,
2010, there were 10,476,762 shares of common stock, par value $0.001,
outstanding.

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- 2 -

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

---



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

|                                                                                            |   | March 31   |   |   | December 31 |  
|------------------------------------------------------------------------------------------- | - | ---------- | - | - | ----------- | -
|                                                                                            |   | 2010       |   |   | 2009        |  
|                                                                                            |   |            |   |   |             |  
|                                                                                            |   |            |   |   |             |  
|                                                                                            |   |            |   |   |             |  
|Current Assets                                                                              |   |            |   |   |             |  
|Cash                                                                                        | $ | 3,329      |   | $ | 6,024       |  
|                                                                                            |   |            |   |   |             |  
|Long term asset                                                                             |   |            |   |   |             |  
|Oil and gas leases (Note 3)                                                                 |   | 602,229    |   |   | 571,195     |  
|TOTAL
      ASSETS                                                                          | $ | 605,558    |   | $ | 577,219     |  
|                                                                                            |   |            |   |   |             |  
|Current Liabilities                                                                         |   |            |   |   |             |  
|Accounts payable                                                                            | $ | 91,682     |   | $ | 86,025      |  
|Accrued liabilities                                                                         |   | 17,520     |   |   | 11,582      |  
|Convertible debt (Note 5)                                                                   |   | 132,700    |   |   | 135,625     |  
|Loans payable (Note 4)                                                                      |   | 689,269    |   |   | 606,519     |  
|TOTAL CURRENT LIABILITIES                                                                   |   | 931,171    |   |   | 839,751     |  
|                                                                                            |   |            |   |   |             |  
|Long term liabilities                                                                       |   |            |   |   |             |  
|Loans payable (Note 4)                                                                      |   | 357,750    |   |   | 357,750     |  
|TOTAL LIABILITIES                                                                           |   | 1,288,921  |   |   | 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 10,476,762 (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                                           |   | (5,299,168 | ) |   | (5,236,087  | )
|Accumulated other comprehensive income                                                      |   | 873        |   |   | 873         |  
|TOTAL CAPITAL DEFICIT                                                                       |   | (683,363   | ) |   | (620,282    | )
|TOTAL LIABILITIES AND CAPITAL DEFICIT                                                       | $ | 605,558    |   | $ | 577,219     |  

F-1

---

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

|                                                                          |   | Cumulative From   |   |   |                    |   |   |            |  
|------------------------------------------------------------------------- | - | ----------------- | - | - | ------------------ | - | - | ---------- | -
|                                                                          |   | Date of Inception |   |   |                    |   |   |            |  
|                                                                          |   | (April 21, 2003)  |   |   | Three Months Ended |  
|                                                                          |   | to March
      31 |   |   | March
      31     |  
|                                                                          |   | 2010              |   |   | 2010               |   |   | 2009       |  
|                                                                          |   |                   |   |   |                    |   |   |            |  
|                                                                          |   |                   |   |   |                    |   |   |            |  
|General and administration expenses                                       |   |                   |   |   |                    |   |   |            |  
|Audit fees                                                                | $ | 324,185 $         |   |   | 11,520             |   | $ | 11,726     |  
|Freight                                                                   |   | 7,600             |   |   | -                  |   |   | -          |  
|Insurance                                                                 |   | 186,297           |   |   | -                  |   |   | -          |  
|Accounting, legal, engineering & consulting 
          investor relations |   | 305,617           |   |   | 11,524             |   |   | 7,451      |  
|Management fees and stock based compensation (Notes 6 and
      7)        |   | 979,339           |   |   | 22,500             |   |   | 22,500     |  
|Office                                                                    |   | 62,024            |   |   | 1,108              |   |   | 551        |  
|Telephone and utilities                                                   |   | 83,059            |   |   | -                  |   |   | -          |  
|Transfer agent fees                                                       |   | 22,900            |   |   | -                  |   |   |            |  
|Travel                                                                    |   | 213,430           |   |   | 5,738              |   |   | 4,168      |  
|Wages and benefits                                                        |   | 86,588            |   |   | -                  |   |   | -          |  
|Gain on disposal of assets                                                |   | (795,231          | ) |   | -                  |   |   | -          |  
|                                                                          |   | (1,475,808        | ) |   | (52,390            | ) |   | (46,396    | )
|Other income (expenses)                                                   |   |                   |   |   |                    |   |   |            |  
|Interest expense                                                          |   | (70,666           | ) |   | (9,732             | ) |   | -          |  
|Loss on settlement of loans payable (Note 7)                              |   | (3,204,100        | ) |   | -                  |   |   | (3,132,500 | )
|Loss on foreign exchange                                                  |   | (11,267           | ) |   | (959               | ) |   | -          |  
|Gain on liabilities write-off                                             |   | 612,373           |   |   | -                  |   |   | -          |  
|                                                                          |   | (2,673,660        | ) |   | (10,691            | ) |   | (3,132,500 | )
|Loss from continuing operations                                           |   | (4,149,468        | ) |   | (63,081            | ) |   | (3,178,896 | )
|                                                                          |   |                   |   |   |                    |   |   |            |  
|Loss from discontinued operations                                         |   | (1,149,700        | ) |   | -                  |   |   | -          |  
|Loss for the period                                                       |   | (5,299,168        | ) |   | (63,081            | ) |   | (3,178,896 | )
|Other Comprehensive Income                                                |   |                   |   |   |                    |   |   |            |  
|Foreign currency translation adjustment                                   |   | 873               |   |   | -                  |   |   | -          |  
|Comprehensive Loss                                                        | $ | (5,298,295        | ) | $ | (63,081            | ) | $ | (3,178,896 | )
|                                                                          |   |                   |   |   |                    |   |   |            |  
|Loss per share - basic and diluted                                        |   |                   |   |   | ($0.01             | ) |   | ($0.50     | )
|Weighted average shares outstanding                                       |   |                   |   |   | 10,476,762         |   |   | 6,305,720  |  

F-2

---

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)  |   |   | Three month period ended |  
|                                                                                                              |   | to March
      31 |   |   | March
      31           |  
|                                                                                                              |   | 2010              |   |   | 2010                     |   |   | 2009       |  
|                                                                                                              |   |                   |   |   |                          |   |   |            |  
|Operating Activities                                                                                          |   |                   |   |   |                          |   |   |            |  
|Net loss for the period                                                                                       | $ | (5,299,168        | ) | $ | (63,081                  | ) | $ | (3,178,896 | )
|Adjustments to reconcile net loss for the
      period 
           to cash flows used in operating activities |   |                   |   |   |                          |   |   |            |  
|Impairment of investment in oil and gas lease                                                                 |   | 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                                                                     |   |                   |   |   |                          |   |   |            |  
|Accounts payable                                                                                              |   | 1,652,041         |   |   | 5,657                    |   |   | (13,367    | )
|Accrued liabilities                                                                                           |   | 17,520            |   |   | 5,938                    |   |   | (6,038     | )
|Cash used in operating activities                                                                             |   | (929,458          | ) |   | (51,486                  | ) |   | (65,801    | )
|                                                                                                              |   |                   |   |   |                          |   |   |            |  
|Investing Activities                                                                                          |   |                   |   |   |                          |   |   |            |  
|Investment in oil and gas lease                                                                               |   | (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 (repayment of) convertible debt                                                                 |   | 32,700            |   |   | (2,925                   | ) |   | -          |  
|Proceeds from bank overdraft                                                                                  |   | -                 |   |   | -                        |   |   | 2,801      |  
|Repayment of loans payable                                                                                    |   | (70,000           | ) |   | -                        |   |   | -          |  
|Shares issued for cash                                                                                        |   | 53,850            |   |   | -                        |   |   | -          |  
|Proceeds from loans payable                                                                                   |   | 2,093,919         |   |   | 82,750                   |   |   | 63,000     |  
|Cash provided by financing activities                                                                         |   | 2,110,469         |   |   | 79,825                   |   |   | 65,801     |  
|                                                                                                              |   |                   |   |   |                          |   |   |            |  
|Increase (Decrease) in Cash during the period                                                                 |   | 2,456             |   |   | (2,695                   | ) |   | -          |  
|Effect of cumulative currency translation                                                                     |   | 873               |   |   | -                        |   |   | -          |  
|Cash, beginning of the period                                                                                 |   | -                 |   |   | 6,024                    |   |   | -          |  
|Cash, end of the period                                                                                       | $ | 3,329             |   | $ | 3,329                    |   | $ | -          |  
|                                                                                                              |   |                   |   |   |                          |   |   |            |  
|                                                                                                              |   |                   |   |   |                          |   |   |            |  
|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           |   |   | -                        |   |   | -          |  

F-3

---

|MAVERICK MINERALS CORPORATION                                                  
|-------------------------------------------------------------------------------
|(An Exploration Stage Company)                                                 
|Statement of Changes in Capital Deficit                                        
|For the Period From date of inception on April 21, 2003
      to March 31, 2010
|(Expressed in 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                                                |  | 10,476,762 |   |   | 10,477    |   |   | 4,604,455  |   |   | -            |   |   | (5,236,087  | ) |   | 873           |  |   | (620,282   | )
|Net
      loss for the period                                                   |  | -          |   |   | -         |   |   | -          |   |   | -            |   |   | (63,081     | ) |   | -             |  |   | (63,081    | )
|Balance, March 31, 2010                                                         |  | 10,476,762 |   | $ | 10,477    |   | $ | 4,604,455  |   | $ | -            |   | $ | (5,299,168  | ) | $ | 873           |  | $ | (683,363   | )

The accompanying notes are an integral part of these financial
  statements

F-4

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 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 and oil
  and gas interests and is seeking new projects in these industries.

These accompanying consolidated
  financial statements have been prepared in accordance with accounting principles
  generally accepted in the United States of America applicable to a going
  concern, which contemplates the realization of assets and the satisfaction of
  liabilities and commitments in the normal course of business. As at March 31,
  2010, the Company has negative working capital of $927,842 (December 31, 2009 -
  $833,727), and has an accumulated deficit of $5,299,168 at March 31, 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 $1,290,000
  and approximately an additional $3,306,100 in estimated expenditures related to
  the oil and gas leases (Note 3) over the twelve months ending March 31, 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%. In addition to
  funding the Companys general, administrative and corporate expenses the Company
  is obligated to address its current obligations totaling $931,171. To the extent
  that cash needs are not achieved from operating cash flow and existing cash on
  hand, the Company plans to raise necessary cash through equity issuances and/or
  debt financing. Amounts raised will be used to continue the development of the
  Company's explorations activities, and for other working capital purposes.

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

F-5

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 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 noncontrolling interests by requiring
      they be treated as equity transactions. The adoption of this standard did
      not have a material impact on our consolidated financial
      statements.                                                                                                                                                            
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |     | 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).                                                                                                                                   

F-6

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2010                            
|(Expressed in U.S. Dollars)               
|(Unaudited)                               

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.

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 March 31, 2010 and December 31, 2009:

F-7

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2010                            
|(Expressed in U.S. Dollars)               
|(Unaudited)                               

Note 3. OIL AND GAS LEASES - continued

| |                               |   | March 31, |  |   | 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:

| |                            |   | March 31, |  |   | December 31, | 
| | -------------------------- | - | --------- |  | - | ------------ | 
| |                            |   | 2010      |  |   | 2009         | 
| | Art Brokerage  Current(1) | $ | 669,269   |  | $ | 586,519      | 
| | Mr. Alonzo B. Leavell(1)   |   | 20,000    |  |   | 20,000       | 
| |                            |   | 689,269   |  |   | 606,519      | 
| | Senergy Partners LLC(2)    |   | 357,750   |  |   | 357,750      | 
| |                            | $ | 1,047,019 |  | $ | 964,268      | 

| | (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 $642,250 as at March 31,
    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.                                                                                                                                                                                                                                         
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| |    | 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

| |                                  |   | March 31, |  |   | December 31, | 
| | -------------------------------- | - | --------- |  | - | ------------ | 
| |                                  |   | 2010      |  |   | 2009         | 
| | Issuance of convertible note (a) | $ | 97,075    |  | $ | 100,000      | 
| | Issuance of convertible note (b) |   | 35,625    |  |   | 35,625       | 
| |                                  | $ | 132,700   |  | $ | 135,625      | 

F-8

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2010                            
|(Expressed in U.S. Dollars)               
|(Unaudited)                               

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 $22,500 were
  charged to expense in these financial statements for the three month period
  ended March 31, 2010 (March 31, 2009 - $22,500).

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.

In 2007 and 2008 there were no share
  capital transactions.

In 2009 the following transactions
  occurred:

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).

F-9

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2010                            
|(Expressed in U.S. Dollars)               
|(Unaudited)                               

Note 7. SHARE CAPITAL - continued

| | (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% (Note 4).
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | (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 (Note 4) 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 (Note 4). The
  transaction was recorded at the quoted at the 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 three-month period ended March
  31, 2010, there were no share capital transactions.

F-10

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 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 three-month periods ended March 31, 2010 and March 31, 2009.

F-11

---

- 3 -

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

Forward Looking Statements

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

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

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

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

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

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

---

- 4 -

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

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 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;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (ii)  | Commencement of continuous and actual drilling operations
      on an oil or gas well to an objective formation (as such term is defined
      in the agreement) 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 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.

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- 5 -

General

The following is a discussion and analysis of our plan of
operation for the three month period ended March 31, 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:

Cash Requirements during the Next Twelve Months

Expense
    
    ($)Cost to drill and complete Initial Well
    
    2,436,100Consulting and Due Diligence
    
    240,000Professional Fees
    
    130,000Joint Venture Programs
    
    500,000Total
    
    3,306,100


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

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

---

- 6 -

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

In consideration of Senergy entering into the Credit Facility,
the Company agreed to enter into a debt settlement and subscription agreement
(the Debt Settlement Agreement) with Senergy dated as of February 13, 2009.
Pursuant to the terms of the Debt Settlement Agreement, the Company agreed to
issue to Senergy 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 Month Summary

**Three Months Ended**March
        31,2010
      
      
      2009Revenue
      $
      -
      
      $
      -General and Administrative Expenses
      
      52,390
      
      
      46,396Net Loss
      $
      52,390
      
      $
      46,396


Revenue

We have had no operating revenues for the three month periods
ended March 31, 2010 and 2009. We anticipate that we will not generate any
revenues until we generate additional financing to support our planned
operations and locate a prospective property through which we can pursue our
plan of operation.

Operating Costs and Expenses

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

Three Months EndedMarch
        31,2010
      2009Management Fees and stock based compensation
      $22,500
      $22,500Professional Fees
      23,044
      19,177Transfer Agent Fees
      -
      -Travel
      5,738
      4,168Office
      1,108
      551Total Expenses
      $52,390
      $46,396


General and Administrative

The 12.92% increase in our total expenses, exclusive of
interest expense, for the three month period ended March 31, 2010 as compared to
the same period in fiscal 2009 was primarily due to an increase in professional
fees. During the period ended March 31, 2010 we had increased interest expense
of $9,732. Interest expense has increased due to interest accrued on the
Companys convertible debt as well as the Companys long term loan payable to
Senergy Partners LLC which both bear interest at a rate of 8% per annum.

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- 7 -

Liquidity and Capital Resources

Working Capital

Three Months Ended March
      31, 2010
      
      Year Ended December 31,
      2009Current Assets
    $
    3,329
    $
    6,024Current Liabilities
    
    931,171
    
    839,751Working Capital Deficiency
    $
    (927,842)
    $
    (833,727)


Cash Flows

Three Months Ended
      March 31, 2010
    
    Three Months Ended
      March 31, 2009Cash used in Operating Activities
    $
    51,486
    $
    65,801Cash used by Investing Activities
    
    31,034
    
    -Cash provided by Financing Activities
    
    (79,825)
    
    65,801Net Increase (Decrease) in Cash
    $
    (2,695)
    $
    -


As the Companys activity has declined over the period from
2009 to 2010, so have its cash expenditures. Funding for operating and investing
activities was provided by both non-interest bearing and interest bearing
advances from lenders.

We had a cash of $3,329 and negative working capital of
$927,842 as of March 31, 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 $680,000 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. In addition to
our operating expenses, we will require $3,306,100 for costs associated with our
plan of operation. Accordingly, we will need to obtain additional financing in
order to complete our full business plan.

Discontinued Operations

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

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

Loans Payable

The Company has the following loans payable:

March
        31, 2010
    
    
      December 31, 2009Art Brokerage 
      Current(1)
    $
      669,269
    
    $
      586,519Mr. Alonzo B. Leavell(1)
    
      20,000
    
    
      20,000689,269
    
    
      606,519Senergy Partners LLC(2)
    
      357,750
    
    
      357,750$
      1,047,019
    
    $
      964,268


| | (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.

---

- 8 -

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
  or foreseeable future. The continuation of our company as a going concern is
  dependent upon the continued financial support from our shareholders, the ability
  of our company to obtain necessary equity financing to achieve our operating
  objectives, and the attainment of profitable operations. As of May 12, 2010,
  we had cash of $3,329 and we estimate that we will require approximately $1,290,000
  and an additional $3,306,100 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 for operations
  after that date.

These circumstances raise substantial doubt about our ability
to continue as a going concern, as described in the explanatory paragraph to our
independent auditors report on the December 31, 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

As of May 12, 2010, we had cash of $3,329 and we estimate that
we will require approximately $1,290,000 for operating expenses and an
additional $3,306,100 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 after that date. We anticipate continuing to rely on equity sales of
our common shares or shareholder loans in order to continue to fund our business
operations. Issuances of additional shares will result in dilution to our
existing stockholders. There 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

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.

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- 9 -

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, and we have just begun to implement our business plan. 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 $927,842 as of March 31,
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.

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 March 31, 2010, we had an accumulated deficit of $5,299,168
and a negative working capital of $927,842. 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.

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- 10 -

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.

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.

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- 11 -

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.

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;

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- 12 -

- 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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- 13 -

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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- 14 -

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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- 16 -

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 March 31, 2010 that have
materially affected or are reasonably likely to materially affect, our internal
control over financial reporting.

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- 17 -

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

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

ITEM 1A. RISK FACTORS.

Not Applicable.

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

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. (REMOVED AND RESERVED).

ITEM 5. OTHER INFORMATION.

None.

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- 18 -

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)                                                    
|        |                                                                                                                                                                                                                                                                         
|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)                          

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- 19 -

|Exhibit |                                                                                                                                                                                                                                                         
|------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  | Description                                                                                                                                                                                                                                             
|        |                                                                                                                                                                                                                                                         
|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)             
|        |                                                                                                                                                                                                                                                         
|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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- 20 -

SIGNATURES

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

MAVERICK MINERALS CORPORATION

|By    | /s/ Robert Kinloch                                                   | 
|----- | -------------------------------------------------------------------- | 
|      |                                                                      | 
|      | Robert Kinloch                                                       | 
|      | President, Chief Executive
      Officer and Chief Financial Officer | 
|      | (Principal Executive Officer,
      Principal Accounting Officer     | 
|      | and Principal Financial Officer)                                     | 
|      |                                                                      | 
|Date: | May 21, 2010                                                         | 

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