---

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

FORM 10-Q

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

For the quarterly period ended June 30, 2008

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

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

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

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

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[ ]

---

2

APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuers
classes of common equity as of the latest practicable date: As of August 13,
2008, there were 27,407,208 shares of common stock, par value $0.001,
outstanding.

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- 3 -

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

---

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

|                                                                   |   | June 30    |   |   | December 31 |  
|------------------------------------------------------------------ | - | ---------- | - | - | ----------- | -
|                                                                   |   | 2008       |   |   | 2007        |  
|                                                                   |   |            |   |   |             |  
|                                                                   |   |            |   |   |             |  
|Current Assets                                                     |   |            |   |   |             |  
|Cash                                                               | $ | 760        |   | $ | 96          |  
|TOTAL ASSETS                                                       | $ | 760        |   | $ | 96          |  
|                                                                   |   |            |   |   |             |  
|                                                                   |   |            |   |   |             |  
|                                                                   |   |            |   |   |             |  
|Current Liabilities                                                |   |            |   |   |             |  
|Accounts payable (Note 4)                                          | $ | 177,497    |   | $ | 130,741     |  
|Accrued liabilities                                                |   | 5,000      |   |   | 50,000      |  
|Loans payable (Note 3)                                             |   | 1,295,594  |   |   | 1,168,040   |  
|TOTAL LIABILITIES                                                  |   | 1,478,091  |   |   | 1,348,781   |  
|                                                                   |   |            |   |   |             |  
|Capital Deficit                                                    |   |            |   |   |             |  
|Capital Stock                                                      |   |            |   |   |             |  
|Authorized:                                                        |   |            |   |   |             |  
|100,000,000 common shares at $0.001 par value                      |   |            |   |   |             |  
|Issued and fully paid 27,407,208 (2007 - 27,407,208) common shares |   |            |   |   |             |  
|Par value                                                          |   | 27,407     |   |   | 27,407      |  
|Share subscription
      receivable                                |   | -          |   |   | (600        | )
|Additional paid-in capital                                         |   | 536,204    |   |   | 536,204     |  
|Deficit, accumulated
      during the exploration stage            |   | (2,041,815 | ) |   | (1,912,569  | )
|Accumulated other comprehensive income                             |   | 873        |   |   | 873         |  
|TOTAL CAPITAL DEFICIT                                              |   | (1,477,331 | ) |   | (1,348,685  | )
|TOTAL
      LIABILITIES AND CAPITAL DEFICIT                        | $ | 760        |   | $ | 96          |  

The accompanying notes are an integral part of these financial
statements

F - 1

---

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

|                                                            |   | Cumulative From   |   |   |                           |   |   |                        |   |   |            |   |   |            |  
|----------------------------------------------------------- | - | ----------------- | - | - | ------------------------- | - | - | ---------------------- | - | - | ---------- | - | - | ---------- | -
|                                                            |   | Date of Inception |   |   |                           |   |   |                        |   |   |            |   |   |            |  
|                                                            |   | (April 21, 2003)  |   |   | Three Months Period Ended |   |   | Six Month Period Ended |  
|                                                            |   | to June 30        |   |   | June 30                   |   |   | June 30                |  
|                                                            |   | 2008              |   |   | 2008                      |   |   | 2007                   |   |   | 2008       |   |   | 2007       |  
|                                                            |   |                   |   |   |                           |   |   |                        |   |   |            |   |   |            |  
|General and administration expenses                         |   |                   |   |   |                           |   |   |                        |   |   |            |   |   |            |  
|Audit fees                                                  |   | 255,879           |   |   | 48,858                    |   |   | -                      |   |   | 48,858     |   |   | -          |  
|Freight                                                     |   | 7,601             |   |   | -                         |   |   | -                      |   |   | -          |   |   | -          |  
|Insurance                                                   |   | 186,297           |   |   | -                         |   |   | -                      |   |   | -          |   |   | -          |  
|Accounting,
      legal, engineering & consulting,          |   |                   |   |   |                           |   |   |                        |   |   |            |   |   |            |  
|investor relations                                          |   | 217,944           |   |   | 12,266                    |   |   | 5,064                  |   |   | 25,618     |   |   | 13,917     |  
|Management fees
      and stock based compensation (Note 4) |   | 778,518           |   |   | 22,500                    |   |   | 22,500                 |   |   | 45,000     |   |   | 45,000     |  
|Office                                                      |   | 56,559            |   |   | 311                       |   |   | 317                    |   |   | 625        |   |   | 749        |  
|Telephone and
      utilities                               |   | 83,059            |   |   | -                         |   |   | -                      |   |   | -          |   |   | -          |  
|Transfer agent fees                                         |   | 12,121            |   |   | 4,629                     |   |   | -                      |   |   | 4,672      |   |   | -          |  
|Travel                                                      |   | 182,795           |   |   | 181                       |   |   | 4,680                  |   |   | 4,473      |   |   | 7,449      |  
|Wages and benefits                                          |   | 86,588            |   |   | -                         |   |   | -                      |   |   | -          |   |   | -          |  
|Gain on disposal
      of assets                            |   | (795,231          | ) |   | -                         |   |   | -                      |   |   | -          |   |   | -          |  
|Loss from continuing operations before other income         |   | (1,072,130        | ) |   | (88,745                   | ) |   | (32,561                | ) |   | (129,246   | ) |   | (67,115    | )
|Other income (expenses)                                     |   |                   |   |   |                           |   |   |                        |   |   |            |   |   |            |  
|Interest expense                                            |   | (49,357           | ) |   | -                         |   |   | -                      |   |   | -          |   |   | -          |  
|Loss on
      settlement of loan payable (Note 5)           |   | (71,600           | ) |   | -                         |   |   | -                      |   |   | -          |   |   | -          |  
|Gain on liabilities write-off                               |   | 300,973           |   |   | -                         |   |   | -                      |   |   | -          |   |   | -          |  
|Loss from continuing operations                             |   | (892,114          | ) |   | (88,745                   | ) |   | (32,561                | ) |   | (129,246   | ) |   | (67,115    | )
|                                                            |   |                   |   |   |                           |   |   |                        |   |   |            |   |   |            |  
|Loss from discontinued operations                           |   | (1,149,701        | ) |   | -                         |   |   | -                      |   |   | -          |   |   | -          |  
|Loss for the period                                         |   | (2,041,815        | ) |   | (88,745                   | ) |   | (32,561                | ) |   | (129,246   | ) |   | (67,115    | )
|Other Comprehensive Income                                  |   |                   |   |   |                           |   |   |                        |   |   |            |   |   |            |  
|Foreign currency translation
      adjustments              |   | 873               |   |   | -                         |   |   | -                      |   |   | -          |   |   | -          |  
|Comprehensive Loss                                          | $ | (2,040,942        | ) | $ | (88,745                   | ) | $ | (32,561                | ) | $ | (129,246   | ) | $ | (67,115    | )
|Loss per share - basic and diluted                          |   |                   |   | $ | -                         |   | $ | -                      |   | $ | -          |   | $ | -          |  
|Weighted average shares outstanding                         |   |                   |   |   | 27,407,208                |   |   | 27,407,208             |   |   | 27,407,208 |   |   | 27,407,208 |  

The accompanying notes are an integral part of these financial
statements

F - 2

---

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

|                                                             |   | Cumulative From   |   |   |                        |   |   |         |  
|------------------------------------------------------------ | - | ----------------- | - | - | ---------------------- | - | - | ------- | -
|                                                             |   | Date of Inception |   |   |                        |   |   |         |  
|                                                             |   | (April 21, 2003)  |   |   | Six month period ended |  
|                                                             |   | to June 30        |   |   | June 30                |  
|                                                             |   | 2008              |   |   | 2008                   |   |   | 2007    |  
|                                                             |   |                   |   |   |                        |   |   |         |  
|Operating Activities                                         |   |                   |   |   |                        |   |   |         |  
|Net loss for the period                                      | $ | (2,041,815        | ) | $ | (129,246               | ) | $ | (67,115 | )
|Adjustments to
      reconcile net loss for the period       |   |                   |   |   |                        |   |   |         |  
|to cash
      flows used in operating activities             |   |                   |   |   |                        |   |   |         |  
|Impairment of investment in oil and gas leases               |   | 419,959           |   |   | -                      |   |   | -       |  
|Gain on
      disposal of assets                             |   | (933,995          | ) |   | -                      |   |   | -       |  
|Gain on liabilities write-off                                |   | (300,973          | ) |   | -                      |   |   | -       |  
|Stock based
      compensation                               |   | 196,559           |   |   | -                      |   |   | -       |  
|Depreciation                                                 |   | 277,578           |   |   | -                      |   |   | -       |  
|Shares
      issued for services                             |   | 105,000           |   |   | -                      |   |   | -       |  
|Loss on settlement of loan payable                           |   | 71,600            |   |   | -                      |   |   | -       |  
|Changes in non-cash working capital
      items              |   |                   |   |   |                        |   |   |         |  
|Prepaid expenses                                             |   | -                 |   |   | -                      |   |   | 3,186   |  
|Accounts
      payable                                       |   | 1,637,856         |   |   | 46,756                 |   |   | 16,959  |  
|Accrued liabilities                                          |   | 5,000             |   |   | (45,000                | ) |   | (13,495 | )
|Cash used in operating activities                            |   | (563,231          | ) |   | (127,490               | ) |   | (60,465 | )
|                                                             |   |                   |   |   |                        |   |   |         |  
|Investing Activities                                         |   |                   |   |   |                        |   |   |         |  
|Investment in oil and
      gas leases                       |   | (474,959          | ) |   | -                      |   |   | -       |  
|Purchase of property and equipment                           |   | (311,367          | ) |   | -                      |   |   | -       |  
|Cash used in investing activities                            |   | (786,326          | ) |   | -                      |   |   | -       |  
|                                                             |   |                   |   |   |                        |   |   |         |  
|Financing Activities                                         |   |                   |   |   |                        |   |   |         |  
|Shares issued for cash                                       |   | 53,850            |   |   | 600                    |   |   | -       |  
|Proceeds from loans
      payable                            |   | 1,295,594         |   |   | 127,554                |   |   | 60,500  |  
|Cash provided by financing activities                        |   | 1,349,444         |   |   | 128,154                |   |   | 60,500  |  
|                                                             |   |                   |   |   |                        |   |   |         |  
|Increase (Decrease) in Cash during the period                |   | (113              | ) |   | 664                    |   |   | 35      |  
|Effect of cumulative currency
      translation              |   | 873               |   |   | -                      |   |   | -       |  
|Cash, beginning of the period                                |   | -                 |   |   | 96                     |   |   | 29      |  
|Cash, end of the period                                      | $ | 760               |   | $ | 760                    |   | $ | 64      |  
|                                                             |   |                   |   |   |                        |   |   |         |  
|Supplemental Cash Flow information                           |   |                   |   |   |                        |   |   |         |  
|Interest paid                                                | $ | 56,000            |   | $ | -                      |   | $ | -       |  
|Non-cash investing and
      financing activities:           |   |                   |   |   |                        |   |   |         |  
|Impairment
      in oil and gas leases                       |   | 419,959           |   |   | -                      |   |   | -       |  
|Investment in oil and gas leases in exchange                 |   |                   |   |   |                        |   |   |         |  
|for notes
      payable to Veneto                            |   | 1,400,000         |   |   | -                      |   |   | -       |  
|Transfer of leases in settlement of notes payable            |   | 1,400,000         |   |   | -                      |   |   | -       |  
|Assignment
      of accounts payable from transfer of leases |   | 193,764           |   |   | -                      |   |   | -       |  
|Settlement of loan payable (Note 5)                          |   | 53,700            |   |   | -                      |   |   | -       |  
|Forgiveness
      of related party balances payable (Note 4) |   | 1,027,791         |   |   | -                      |   |   | -       |  

The accompanying notes are an integral part of these financial
statements

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 June 30, 2008
|(Expressed in U.S. Dollars)                                                   
|Unaudited                                                                     

|                                                             |  | Number of   |   |   | Par Value       |   |   | Additional |   |   | Share        |   |   | Accumulated |   |   | Other         |  |   | Total      |  
|------------------------------------------------------------ |  | ----------- | - | - | --------------- | - | - | ---------- | - | - | ------------ | - | - | ----------- | - | - | ------------- |  | - | ---------- | -
|                                                             |  | Common      |   |   | @$0.001         |   |   | Paid-in    |   |   | Subscription |   |   | Deficit     |   |   | Comprehensive |  |   | Capital    |  
|                                                             |  | Shares      |   |   | Per
      Share |   |   | Capital    |   |   | Receivable   |   |   |             |   |   | Loss          |  |   | Deficit    |  
|Balance, April 21, 2003                                      |  | 100         |   | $ | -               |   | $ | -          |   | $ | -            |   | $ | -           |   | $ | -             |  | $ | -          |  
|Adjustment for the issuance of                               |  |             |   |   |                 |   |   |            |   |   |              |   |   |             |   |   |               |  |   |            |  
|common stock on
      recapitalization                       |  | 37,580,400  |   |   | 37,580          |   |   | (37,580    | ) |   | -            |   |   | -           |   |   | -             |  |   | -          |  
|                                                             |  | 37,580,500  |   |   | 37,580          |   |   | (37,580    | ) |   | -            |   |   | -           |   |   | -             |  |   | -          |  
|Adjustment to capital deficit of the                         |  |             |   |   |                 |   |   |            |   |   |              |   |   |             |   |   |               |  |   |            |  
|Company at the recapitalization date                         |  | 4,176,026   |   |   | 4,176           |   |   | (949,065   | ) |   | -            |   |   | -           |   |   | -             |  |   | (944,889   | )
|                                                             |  | 41,756,526  |   |   | 41,756          |   |   | (986,645   | ) |   | -            |   |   | -           |   |   | -             |  |   | (944,889   | )
|Shares issued for management services (Note 5)               |  | 1,500,000   |   |   | 1,500           |   |   | 103,500    |   |   | -            |   |   | -           |   |   | -             |  |   | 105,000    |  
|Currency translation adjustment                              |  | -           |   |   | -               |   |   | -          |   |   | -            |   |   | -           |   |   | 873           |  |   | 873        |  
|Net loss
      for the period                                |  | -           |   |   | -               |   |   | -          |   |   | -            |   |   | (626,985    | ) |   | -             |  |   | (626,985   | )
|Balance, December 31, 2003                                   |  | 43,256,526  |   |   | 43,256          |   |   | (883,145   | ) |   | -            |   |   | (626,985    | ) |   | 873           |  |   | (1,466,001 | )
|Shares issued for cash (Note 5)                              |  | 10,000,000  |   |   | 10,000          |   |   | 15,000     |   |   | -            |   |   | -           |   |   | -             |  |   | 25,000     |  
|Shares subscribed but unissued                               |  | -           |   |   | 27,500          |   |   | -          |   |   | -            |   |   | -           |   |   | -             |  |   | 27,500     |  
|Forgiveness of related party balances payable (Note
      4) |  | -           |   |   | -               |   |   | 1,027,791  |   |   | -            |   |   | -           |   |   | -             |  |   | 1,027,791  |  
|Net income for the year                                      |  | -           |   |   | -               |   |   | -          |   |   | -            |   |   | 71,698      |   |   | -             |  |   | 71,698     |  
|Balance, December 31, 2004                                   |  | 53,256,526  |   |   | 80,756          |   |   | 159,646    |   |   | -            |   |   | (555,287    | ) |   | 873           |  |   | (314,012   | )
|Shares subscribed but unissued                               |  | -           |   |   | (27,500         | ) |   | -          |   |   | -            |   |   | -           |   |   | -             |  |   | (27,500    | )
|Shares issued for cash (Note 5)                              |  | 27,500,000  |   |   | 27,500          |   |   | -          |   |   | -            |   |   | -           |   |   | -             |  |   | 27,500     |  
|Cancellation of shares (Note 5)                              |  | (54,379,318 | ) |   | (54,379         | ) |   | 54,379     |   |   | -            |   |   | -           |   |   | -             |  |   | -          |  
|Compensation expense on share cancellation (Note 5)          |  | -           |   |   | -               |   |   | 44,720     |   |   | -            |   |   | -           |   |   | -             |  |   | 44,720     |  
|Shares issued for loan payable
      settlement (Note 5)     |  | 895,000     |   |   | 895             |   |   | 124,405    |   |   | -            |   |   | -           |   |   | -             |  |   | 125,300    |  
|Shares issued for cash (Note 5)                              |  | 75,000      |   |   | 75              |   |   | 675        |   |   | -            |   |   | -           |   |   | -             |  |   | 750        |  
|Stock based compensation                                     |  | -           |   |   | -               |   |   | 140,438    |   |   | -            |   |   | -           |   |   | -             |  |   | 140,438    |  
|Net loss
      for the year                                  |  | -           |   |   | -               |   |   | -          |   |   | -            |   |   | (1,036,098  | ) |   | -             |  |   | (1,036,098 | )
|Balance, December 31, 2005                                   |  | 27,347,208  |   |   | 27,347          |   |   | 524,263    |   |   | -            |   |   | (1,591,385  | ) |   | 873           |  |   | (1,038,902 | )
|Shares issued for cash (Note 5)                              |  | 60,000      |   |   | 60              |   |   | 540        |   |   | (600         | ) |   | -           |   |   | -             |  |   | -          |  
|Stock based compensation                                     |  | -           |   |   | -               |   |   | 11,401     |   |   | -            |   |   | -           |   |   | -             |  |   | 11,401     |  
|Net loss
      for the year                                  |  | -           |   |   | -               |   |   | -          |   |   | -            |   |   | (128,774)   |   |   | -             |  |   | (128,774   | )
|Balance, December 31, 2006                                   |  | 27,407,208  |   | $ | 27,407          |   |   | 536,204    |   |   | (600         | ) |   | (1,720,159  | ) |   | 873           |  |   | (1,156,275 | )
|Net loss
      for the year                                  |  | -           |   |   | -               |   |   | -          |   |   | -            |   |   | (192,410)   |   |   | -             |  |   | (192,410   | )
|Balance, December 31, 2007                                   |  | 27,407,208  |   |   | 27,407          |   |   | 536,204    |   |   | (600         | ) |   | (1,912,569  | ) |   | 873           |  |   | (1,348,685 | )
|Share subscriptions paid (Note 5)                            |  | -           |   |   | -               |   |   | -          |   |   | 600          |   |   | -           |   |   | -             |  |   | 600        |  
|Net loss for the period                                      |  | -           |   |   | -               |   |   | -          |   |   | -            |   |   | (129,246)   |   |   | -             |  |   | (129,246   | )
|Balance,
      June 30, 2008                                 |  | 27,407,208  |   |   | 27,407          |   | $ | 536,204    |   | $ | -            |   | $ | (2,041,815  | ) | $ | 873           |  | $ | (1,477,331 | )

The accompanying notes are an integral part of these financial
  statements

F - 4

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|June 30, 2008                             
|(Expressed in
      U.S. Dollars)         

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

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

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

These accompanying consolidated
financial statements have been prepared in accordance with accounting principles
generally accepted in the United States of America applicable to a going
concern, which contemplates the realization of assets and the satisfaction of
liabilities and commitments in the normal course of business. As at June 30,
2008, the Company has negative working capital of $1,477,331 (December 31, 2007
- $1,348,685), and has an accumulated deficit of $2,041,815 at June 30, 2008.
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 $1,065,000
over the twelve months ended June 30, 2009 to continue operations. 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 exploration 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.

|**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

F - 5

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|June 30, 2008                             
|(Expressed in
      U.S. Dollars)         

financial statements be read in
conjunction with the audited financial statements of the Company for the year
ended December 31, 2007. The Company follows the same accounting policies in the
preparation of interim reports.

Results of the operations for the
interim periods are not indicative of future results.

| | (a) | New Accounting Pronouncements
| | --- | -----------------------------

In September 2006, the FASB issued SFAS
No. 157, Fair Value Measurements (SFAS No. 157). SFAS No. 157 defines fair
value, establishes a framework for measuring fair value in accordance with
generally accepted accounting principles, and expands disclosures about fair
value measurements. The provisions of SFAS 157 are effective for fiscal years
beginning after November 15, 2007. There was no impact on the Companys June 30,
2008 quarterly financial statements resulting from adoption of this new
standard.

In February 2007, FASB issued FASB
Statement No. 159, "The Fair Value Option for Financial Assets and Financial
Liabilities". FASB 159 is effective for fiscal years beginning after November
15, 2007. FASB 159 allows entities to choose, at specified election dates, to
measure eligible financial assets and liabilities at fair value that are not
otherwise required to be measured at fair value. If a company elects the fair
value option for an eligible item, changes in that item's fair value in
subsequent reporting periods must be recognized in current earnings. FASB 159
also establishes presentation and disclosure requirements designed to draw
comparison between entities that elect different measurement attributes for
similar assets and liabilities. There was no impact on the Companys June 30,
2008 quarterly financial statements resulting from adoption of this standard.

In December 2007, the FASB issued
Statement of Financial Accounting Standards No. 141 (revised 2007), Business
Combinations(SFAS No. 141R). This standard replaces SFAS141 and
establishes principles and requirements for an acquirer, recognizes and measures
in its financial statement the identifiable assets acquired and liabilities
assumed, any non-controlling interest in the acquiree, and the goodwill
acquired. This standard also establishes disclosure requirements which will
enable users to evaluate the nature and financial effects of the business
combination. This standard is effective for financial statements issued for
fiscal years beginning after December 15, 2008. The Company is currently
evaluating the impact of this statement.

In December 2007, the FASB issued
Statement of Financial Accounting Standards No. 160, Non controlling
Interests In Consolidated Financial Statements  an amendment to ARB No.51
(SFAS No. 160). This standard Amends ARB 51 to establish accounting and
reporting standards for a non-controlling interest in a subsidiary and for
deconsolidation of a subsidiary. This standard applies prospectively to business
combinations for which the acquisition date is on or after the beginning of the
first annual reporting period beginning on or after December 15, 2008. This
standard may not be applied before that date. The Company is currently
evaluating the impact of this statement.

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

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

| |                               |   | June
      30 |  |   | December 31 | 
| | ----------------------------- | - | ------------- |  | - | ----------- | 
| |                               |   | 2008          |  |   | 2007        | 
| | Art Brokerage                 | $ | 964,194       |  | $ | 836,640     | 
| | Pride of Aspen Associates LLC |   | 311,400       |  |   | 311,400     | 
| | Mr. Alonzo B. Leavell         |   | 20,000        |  |   | 20,000      | 
| |                               | $ | 1,295,594     |  | $ | 1,168,040   | 

F- 6

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|June 30, 2008                             
|(Expressed in
      U.S. Dollars)         

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

During the year ended December 31,
2004, an agreement was reached between the Company, UCO and its creditors
releasing the Company and UCO from any further obligations in relation to
amounts owing. As a result, $1,027,791 of payables and liabilities that were
owing to related parties was forgiven and recorded against additional paid-in
capital. The remaining balance owing to unrelated creditors was recorded as a
gain.

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 was to
expire, unless amended, on May 31, 2007. A new management agreement has not been
signed and it has been assumed that the previous management agreement is still
in effect until a new agreement has been entered into.

Management fees of $45,000 are charged
to expense in these financial statements for the six-month period ended June 30,
2008. (2007 - $45,000) There are management fees payable of $71,053 at June 30,
2008 (December 31, 2007 -$70,813) that have been included in accounts
payable.

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

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

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

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

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

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

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

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

In April 2006, the Company issued
60,000 common shares at a price of $0.01 for $600 in relation to the exercise of
stock options. The cash for these shares was received during the six months
ended June 30, 2008.

In 2007 and through June 30, 2008,
there were no share capital transactions.

F- 7

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|June 30, 2008                             
|(Expressed in
      U.S. Dollars)         

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

Stock options

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

There were no stock options outstanding
as at June 30, 2008, December 31, 2007 or December 31, 2006 nor were any options
granted during the respective periods.

F- 8

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- 4 -

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.

---

- 5 -

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 an exploration stage company. We plan to continue to
evaluate joint venture opportunities and oil and gas development and production
prospects in West Texas, North West Texas and Saskatchewan. Our development work
in Texas had been focused exclusively on optimizing existing non-producing wells
on our previously owned 6,000 acre oil and gas lease in Nolan and Fisher
counties outside of Sweetwater, Texas.

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

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

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

Increased expansion of the oil and gas sector in Saskatchewan,
Canada may lead to joint venture opportunities in this region. The management of
our company has been based in Saskatchewan in the recent past and has existing
relationships with individuals and companies financing and producing oil in this
jurisdiction. We contemplate evaluating joint venture opportunities in
Saskatchewan in the next 12 months. As an exploration stage company, we are not
able to fund our cash requirements through our current operations. Historically,
we have been able to raise a limited amount of capital through private
placements of our equity stock, but we are uncertain about our continued ability
to raise funds privately. Further, we believe that our company may have
difficulties raising capital until we locate a prospective property through
which we can pursue our plan of operation. If we are unable to secure adequate
capital to continue our acquisition efforts, our shareholders may lose some or
all of their investment and our business may fail.

General

The following is a discussion and analysis of our plan of
operation for the three and six month periods ended June 30, 2008, 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.

---

- 6 -

RESULTS OF OPERATIONS

|Three and Six Month Summary |   |                    |  |   |                  |  |   |         |  |   |        | 
|--------------------------- | - | ------------------ |  | - | ---------------- |  | - | ------- |  | - | ------ | 
|                            |   | Three Months Ended |  |   | Six Months Ended | 
|                            |   | June 30,           |  |   | June 30,         | 
|                            |   | 2008               |  |   | 2007             |  |   | 2008    |  |   | 2007   | 
|Revenue                     | $ | -                  |  | $ | -                |  | $ | -       |  | $ | -      | 
|Expenses                    |   | 88,745             |  |   | 32,561           |  |   | 129,246 |  |   | 67,115 | 
|Interest expense            |   | -                  |  |   | -                |  |   | -       |  |   | -      | 
|Net Loss                    | $ | 88,745             |  | $ | 32,561           |  | $ | 129,246 |  | $ | 67,115 | 

Revenue

We had no operating revenues for the three month periods ended
June 30, 2008 and 2007 and for the six month periods ended June 30, 2008 and
2007. We anticipate that we will not generate any revenues until we generate
additional financing to support our planned operations and locate a prospective
property through which we can pursue our plan of operation.

Operating Costs and Expenses

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

|                          |   | Three Months Ended |  |   | Six Months Ended | 
|------------------------- | - | ------------------ |  | - | ---------------- | 
|                          |   | June 30            |  |   | June 30          | 
|                          |   | 2008               |  |   | 2007             | 
|Management Fees and stock |   |                    |  |   |                  | 
|based compensation        | $ | 22,500             |  | $ | 22,500           | 
|Professional Fees         |   | 61,124             |  |   | 5,064            | 
|Transfer Agent Fees       |   | 4,629              |  |   | -                | 
|Travel                    |   | 181                |  |   | 4,680            | 
|Office                    |   | 311                |  |   | 317              | 
|Total Expenses            | $ | 88,745             |  | $ | 32,561           | 

General and Administrative

The $56,184 and $62,131 increase in our general and
administrative expenses for the three and six month periods ended June 30, 2008
as compared to the same period in fiscal 2007 was primarily due to an increase
in professional fees associated with preparing and reviewing our periodic
reports required under the Securities Exchange Act of 1934.

Liquidity and Capital Resources

|Working Capital            |   |               |   |   |                   |  
|-------------------------- | - | ------------- | - | - | ----------------- | -
|                           |   | Six Months    |   |   |                   |  
|                           |   | Ended         |   |   | Year Ended        |  
|                           |   | June 30, 2008 |   |   | December 31, 2007 |  
|Current Assets             | $ | 760           |   | $ | 96                |  
|Current Liabilities        |   | 1,478,091     |   |   | 1,348,781         |  
|Working Capital Deficiency | $ | (1,477,331    | ) | $ | (1,348,685        | )

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- 7 -

|Cash Flows                            |   |               |   |   |               |  
|------------------------------------- | - | ------------- | - | - | ------------- | -
|                                      |   | Six Months    |   |   | Six Months    |  
|                                      |   | Ended         |   |   | Ended         |  
|                                      |   | June 30, 2008 |   |   | June 30, 2007 |  
|Cash used in Operating Activities     | $ | (127,490      | ) | $ | (60,465       | )
|Cash used by Investing Activities     |   | -             |   |   | -             |  
|Cash provided by Financing Activities |   | 128,154       |   |   | 60,500        |  
|Net Increase (Decrease) in Cash       | $ | 664           |   | $ | 35            |  

The Companys activity has increased over the period from 2007
to 2008 leading to a corresponding increase in cash expenditures. Funding for
operating and investing activities was provided by non-interest bearing advances
from a lender.

We had cash on hand of $760 and negative working capital of
$1,477,331 as of June 30, 2008 compared to cash on hand of $96 and negative
working capital of $1,348,685 for the year ended December 31, 2007. We
anticipate that we will incur approximately $1,065,000 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.

Discontinued Operations

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

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

Loans Payable

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

|                              |   | June 30   |  |   | December 31 | 
|----------------------------- | - | --------- |  | - | ----------- | 
|                              |   | 2008      |  |   | 2007        | 
|Art Brokerage                 | $ | 964,194   |  | $ | 836,640     | 
|Pride of Aspen Associates LLC |   | 311,400   |  |   | 311,400     | 
|Mr. Alonzo B. Leavell         |   | 20,00     |  |   | 20,000      | 
|TOTAL                         | $ | 1,295,594 |  | $ | 1,168,040   | 

Going Concern

The audited financial statements accompanying our annual report
on Form 10-KSB for the year ended December 31, 2007 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 June
30, 2008, we had cash of $760 and we estimate that we will require approximately
$1,065,000 to fund our business operations over the next

---

- 8 -

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, 2007 and 2006 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 June 30, 2008, we had cash of $760 and we estimate that
we will require approximately $1,065,000 to fund our business operations over
the next twelve months. Accordingly, we do not have sufficient funds for planned
operations and we will be required to raise additional funds for operations
after that date. We anticipate continuing to rely on equity sales of our common
shares or shareholder loans in order to continue to fund our business
operations. Issuances of additional shares will result in dilution to our
existing stockholders.

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

Off-Balance Sheet Arrangements

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

Risks And Uncertainties

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

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

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

We had cash on hand of $760 and negative working capital of
$1,477,331 as of June 30, 2008. We do not have sufficient funds to continue to
evaluate joint venture opportunities and oil and gas development and production
prospects in West Texas, North West Texas and Saskatchewan, nor do we have the
funds to independently finance our daily operating costs. We do not expect to
generate any revenues for the foreseeable future. Accordingly, we will require
additional funds, either from equity or debt financing, to maintain our daily
operations and to continue to evaluate joint venture opportunities and oil and
gas development and production prospects in West Texas and

---

- 9 -

North West Texas and Saskatchewan. Obtaining additional
financing is subject to a number of factors, including market prices for
minerals and oil and gas, investor acceptance of any property we may acquire in
the future, and investor sentiment. Financing, therefore, may not be available
on acceptable terms, if at all. The most likely source of future funds presently
available to us is through the sale of equity capital. Any sale of share
capital, however, will result in dilution to existing shareholders. If we are
unable to raise additional funds when required, we may be forced to delay our
plan of operation and our entire business may fail.

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

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

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

We incurred net losses of $129,246 and $67,115 for each of the
six month periods ended June 30, 2008 and 2007, respectively. At June 30, 2008,
we had an accumulated deficit of $2,041,815 and negative working capital of
$1,477,331.

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, 2007. Although our consolidated financial statements
raise substantial doubt about our ability to continue as a going concern, they
do not reflect any adjustments that might result if we are unable to continue
our business.

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

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

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

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

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

The potential profitability of oil and gas properties is
dependent upon many factors beyond our control. For instance, world prices and
markets for oil and gas are unpredictable, highly volatile, potentially subject
to governmental fixing, pegging, controls, or any combination of these and other
factors, and respond to changes in domestic, international, political, social,
and economic environments. Additionally, due to worldwide economic uncertainty,

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the availability and cost of funds for production and other
expenses have become increasingly difficult, if not impossible, to project.
These changes and events may materially affect our financial performance.

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

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

The marketability of natural resources, which may be acquired
or discovered by us, will be affected by numerous factors beyond our control.
These factors include market fluctuations in oil and gas pricing and demand, the
proximity and capacity of natural resource markets and processing equipment,
governmental regulations, land tenure, land use, regulation concerning the
importing and exporting of oil and gas and environmental protection regulations.
The exact effect of these factors cannot be accurately predicted, but the
combination of these factors may result in us not receiving an adequate return
on invested capital to be profitable or viable.

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

Oil and gas operations are subject to federal, state, and local
laws relating to the protection of the environment, including laws regulating
removal of natural resources from the ground and the discharge of materials into
the environment. Oil and gas operations are also subject to federal, state, and
local laws and regulations, which seek to maintain health and safety standards
by regulating the design and use of drilling methods and equipment. Various
permits from government bodies are required for drilling operations to be
conducted; no assurance can be given that such permits will be received.
Environmental standards imposed by federal, provincial, or local authorities may
be changed and any such changes may have material adverse effects on our
activities. Moreover, compliance with such laws may cause substantial delays or
require capital outlays in excess of those anticipated, thus causing an adverse
effect on us. Additionally, we may be subject to liability for pollution or
other environmental damages, which 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.

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

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

We believe that our operations comply, in all material
respects, with all applicable environmental regulations.

Our operating partners maintain insurance coverage customary to
the industry; however, we are not fully insured against all possible
environmental risks.

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

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

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

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

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

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

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

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

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

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

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

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

There is currently a limited market for our common stock and we
can provide no assurance to investors that a market will develop. If a market
for our common stock does not develop, our shareholders may not be able to
re-sell the shares of our common stock that they have purchased and they may
lose all of their investment. Public announcements regarding our company,
changes in government regulations, conditions in our market segment or changes
in earnings estimates by analysts may cause the price of our common shares to
fluctuate substantially. In

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addition, stock prices for junior mining and oil and gas
companies fluctuate widely for reasons that may be unrelated to their operating
results. These fluctuations may adversely affect the trading price of our common
shares.

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

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

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

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

Item 3. Quantitative and Qualitative Disclosures About
Market Risk.

Not Applicable.

Item 4T. Controls and Procedures.

In connection with the restatement of our financial results for
the year ended December 31, 2005, under the direction of our management, we have
re-evaluated certain disclosure controls and procedures and internal controls
over financial reporting. In connection with the restatement we identified a
material weakness in our internal controls and procedures relating to the
accounting treatment of our past acquisitions, stock-based compensation
calculations, settlement of debts and the determination of impairment. Moreover,
due to the resignation of our previous independent auditor which required the
re-audit of our accounts, we were significantly in arrears in respect to timely
filing of our quarterly and annual reports.

As required by Rule 13(a)-15 under the Exchange Act, in
connection with this quarterly report on Form 10-Q, under the direction of our
Chief Executive Officer and Chief Financial Officer, we have evaluated our
disclosure controls and procedures as of June 30, 2008, our disclosure controls
and procedures were ineffective as discussed in greater

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detail above. As of the date of this filing, we are still in
the process of remediating such material weaknesses in our internal controls and
procedures. Additionally, we are currently inactive as we seek new business
opportunities.

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

There were no changes in our internal control over financial
reporting during the three month period ended June 30, 2008 that have materially
affected or are reasonably likely to materially affect, our internal control
over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1A. RISK FACTORS.

Not Applicable.

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

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

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

None.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS

|Exhibit | Description                                                                                                                                                                                                                                              
|------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  |                                                                                                                                                                                                                                                          
|3.1     | Articles of Incorporation
        (incorporated by reference from our Form 10SB Registration Statement,
        filed on August 8, 1999)                                                                                                                 
|3.2     | Bylaws (incorporated by reference
        from our Form 10SB Registration Statement, filed on August 8, 1999)                                                                                                                                            
|3.3     | Amended Bylaws
        (incorporated by reference from our Annual Report on Form 10-KSB, filed
        on April 24, 2008)                                                                                                                                
|4.1     | Specimen Stock Certificate (incorporated
        by reference from our Form 10-SB Registration Statement, filed on August
        8, 1999)                                                                                                               
|10.1    | Non-Qualified
        Stock Option Plan (incorporated by reference from our Form S-8 Registration
        Statement, filed on September 12, 2002)                                                                                                        
|10.2    | Mutual Release Agreement between
        Eskota Energy Corporation and Veneto Exploration, LLC and Assignment of
        Oil and Gas Leases dated July 6, 2006                                                                                           
|10.3    | Purchase Agreement
        between Maverick Minerals Corporation, UCO Energy Corporation and the
        shareholders of UCO Energy, dated April 21, 2003 (incorporated by reference
        from our Annual Report on Form 10-KSB filed on May 19, 2004)
|10.4    | Loan Agreement and Civil Action
        Covenant between Art Brokerage Inc., Eskota Energy Corporation and Maverick
        Minerals Corporation                                                                                                         
|10.5    | Loan Agreement
        between Alonzo B. Leavell and Maverick Minerals Corporation dated July
        20, 2005                                                                                                                                           
|10.6    | Loan Agreement between Alonzo
        B. Leavell and Maverick Minerals Corporation dated April 27, 2005                                                                                                                                                  
|10.7    | Management Agreement
        dated as at March 5, 2003 between Maverick Minerals Corp. and Robert Kinloch                                                                                                                                                
|10.8    | Management Agreement dated as
        at June 1, 2005 between Maverick Minerals Corp. and Robert Kinloch                                                                                                                                                 
|14.1    | Code of Ethics
        (incorporated by reference from our Annual Report on Form 10-KSB, filed
        on April 24, 2008)                                                                                                                                
|31.1*   | Certification
        of Chief Executive Officer and Chief Financial Officer pursuant to Section
        302 of the Sarbanes-Oxley Act of 2002                                                                                                           

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|32.1* | Certification of Chief Executive
        Officer and Chief Financial Officer pursuant Section 906 Certifications
        under Sarbanes-Oxley Act of 2002
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------

* Filed herewith.

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SIGNATURES

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

MAVERICK MINERALS CORPORATION

|By    | /s/ Robert Kinloch                                                   | 
|----- | -------------------------------------------------------------------- | 
|      | Robert Kinloch                                                       | 
|      | President, Chief Executive
      Officer and Chief Financial Officer | 
|      | (Principal Executive Officer,
      Principal Accounting Officer     | 
|      | and Principal Financial Officer)                                     | 
|      |                                                                      | 
|Date: | August 14, 2008                                                      | 

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