---

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 September 30,
2010

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

For the transition period from _________to ________

Commission File No. 000-25515

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

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

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

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

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

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

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

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

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

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

---

2

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

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

APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuers
classes of common equity as of the latest practicable date: As of
November 12, 2010, there were 11,602,617 shares of common stock, par value
$0.001, outstanding.

---

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

---

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

|                                                                                                                                                                                                    |   | September 30 |   |   | December 31 |  
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | - | ------------ | - | - | ----------- | -
|                                                                                                                                                                                                    |   | 2010         |   |   | 2009        |  
|                                                                                                                                                                                                    |   |              |   |   |             |  
|                                                                                                                                                                                                    |   |              |   |   |             |  
|                                                                                                                                                                                                    |   |              |   |   |             |  
|Current Assets                                                                                                                                                                                      |   |              |   |   |             |  
|Cash                                                                                                                                                                                                | $ | 2,299,061    |   | $ | 6,024       |  
|Advances to related party (Note 6)                                                                                                                                                                  |   | 43,700       |   |   | -           |  
|TOTAL CURRENT ASSETS                                                                                                                                                                                |   | 2,342,761    |   |   | 6,024       |  
|                                                                                                                                                                                                    |   |              |   |   |             |  
|Long term asset                                                                                                                                                                                     |   |              |   |   |             |  
|Oil and gas leases (Note 3)                                                                                                                                                                         |   | 1,051,743    |   |   | 571,195     |  
|TOTAL
      ASSETS                                                                                                                                                                                  | $ | 3,394,504    |   | $ | 577,219     |  
|                                                                                                                                                                                                    |   |              |   |   |             |  
|                                                                                                                                                                                                    |   |              |   |   |             |  
|Current Liabilities                                                                                                                                                                                 |   |              |   |   |             |  
|Accounts payable                                                                                                                                                                                    | $ | 131,496      |   | $ | 86,025      |  
|Accrued liabilities                                                                                                                                                                                 |   | 43,631       |   |   | 11,582      |  
|Convertible debt (Note 5)                                                                                                                                                                           |   | 100,000      |   |   | 135,625     |  
|Loans payable (Note 4)                                                                                                                                                                              |   | 359,743      |   |   | 606,519     |  
|TOTAL CURRENT LIABILITIES                                                                                                                                                                           |   | 634,870      |   |   | 839,751     |  
|                                                                                                                                                                                                    |   |              |   |   |             |  
|Long term liabilities                                                                                                                                                                               |   |              |   |   |             |  
|Loans payable (Note 4)                                                                                                                                                                              |   | 2,507,750    |   |   | 357,750     |  
|TOTAL LIABILITIES                                                                                                                                                                                   |   | 3,142,620    |   |   | 1,197,501   |  
|                                                                                                                                                                                                    |   |              |   |   |             |  
|Shareholders' equity (Capital Deficit)                                                                                                                                                              |   |              |   |   |             |  
|Capital Stock (Note 7)                                                                                                                                                                              |   |              |   |   |             |  
|Common Shares Authorized: 
          750,000,000 common shares at
      $0.001 par value
      Issued and fully paid 11,602,617 (2009 -10,476,721) common
      shares  
                 Par value |   | 11,603       |   |   | 10,477      |  
|Additional paid-in capital                                                                                                                                                                          |   | 7,631,816    |   |   | 4,604,455   |  
|Deficit, accumulated during the exploration
      stage                                                                                                                                             |   | (7,392,408   | ) |   | (5,236,087  | )
|Accumulated other comprehensive income                                                                                                                                                              |   | 873          |   |   | 873         |  
|TOTAL SHAREHOLDERS' EQUITY (CAPITAL
      DEFICIT)                                                                                                                                                  |   | 251,884      |   |   | (620,282    | )
|TOTAL LIABILITIES
      AND SHAREHOLDERS' EQUITY (CAPITAL DEFICIT)                                                                                                                                  | $ | 3,394,504    |   | $ | 577,219     |  

The accompanying notes are an integral part of these financial
  statements

F-1

---

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

|                                                                      |   | Cumulative
      From   |   |   |                    |   |   |                   |   |   |            |   |   |            |  
|--------------------------------------------------------------------- | - | ----------------------- | - | - | ------------------ | - | - | ----------------- | - | - | ---------- | - | - | ---------- | -
|                                                                      |   | Date of
      Inception |   |   |                    |   |   |                   |   |   |            |   |   |            |  
|                                                                      |   | (April 21, 2003)        |   |   | Three Months Ended |   |   | Nine Months Ended |  
|                                                                      |   | to
      September 30   |   |   | September 30       |   |   | September 30      |  
|                                                                      |   | 2010                    |   |   | 2010               |   |   | 2009              |   |   | 2010       |   |   | 2009       |  
|                                                                      |   |                         |   |   |                    |   |   |                   |   |   |            |   |   |            |  
|                                                                      |   |                         |   |   |                    |   |   |                   |   |   |            |   |   |            |  
|General and administration expenses                                   |   |                         |   |   |                    |   |   |                   |   |   |            |   |   |            |  
|Audit fees                                                            | $ | 357,374                 |   | $ | 7,273              |   | $ | 8,127             |   |   | 44,709     |   |   | 44,744     |  
|Freight                                                               |   | 7,600                   |   |   | -                  |   |   | -                 |   |   | -          |   |   | -          |  
|Insurance                                                             |   | 186,297                 |   |   | -                  |   |   | -                 |   |   | -          |   |   | -          |  
|Accounting, legal, engineering &
      consulting, investor relations |   | 420,489                 |   |   | 104,216            |   |   | 12,923            |   |   | 126,396    |   |   | 41,661     |  
|Management fees and stock based
      compensation (Notes 6 and 8)    |   | 2,616,589               |   |   | 1,614,750          |   |   | 22,500            |   |   | 1,659,750  |   |   | 67,500     |  
|Office                                                                |   | 67,725                  |   |   | 2,402              |   |   | 1,195             |   |   | 6,809      |   |   | 2,419      |  
|Telephone and utilities                                               |   | 83,059                  |   |   | -                  |   |   | -                 |   |   | -          |   |   | -          |  
|Transfer agent fees                                                   |   | 24,761                  |   |   | 966                |   |   | 4,716             |   |   | 1,861      |   |   | 7,587      |  
|Travel                                                                |   | 230,880                 |   |   | 9,981              |   |   | 6,605             |   |   | 23,188     |   |   | 14,018     |  
|Wages and benefits                                                    |   | 86,588                  |   |   | -                  |   |   | -                 |   |   | -          |   |   | -          |  
|Gain on disposal of assets                                            |   | (795,231                | ) |   | 0                  |   |   | -                 |   |   | -          |   |   | -          |  
|                                                                      |   | (3,286,131              | ) |   | (1,739,588         | ) |   | (56,066           | ) |   | (1,862,713 | ) |   | (177,928   | )
|Other income (expenses)                                               |   |                         |   |   |                    |   |   |                   |   |   |            |   |   |            |  
|Interest expense                                                      |   | (89,885                 | ) |   | (9,378             | ) |   | -                 |   |   | (28,951    | ) |   | -          |  
|Loss on settlement of loans payable (Note
      7)                    |   | (3,473,155              | ) |   | (269,055           | ) |   | -                 |   |   | (269,055   | ) |   | (3,132,500 | )
|Gain (loss) on foreign exchange                                       |   | (5,910                  | ) |   | 3,052              |   |   | (6,605            | ) |   | 4,398      |   |   | (10,183    | )
|Gain on liabilities write-off                                         |   | 612,373                 |   |   | -                  |   |   | -                 |   |   | -          |   |   | -          |  
|                                                                      |   | (2,956,577              | ) |   | (275,381           | ) |   | (6,605            | ) |   | (293,608   | ) |   | (3,142,683 | )
|Loss from continuing operations                                       |   | (6,242,708              | ) |   | (2,014,969         | ) |   | (62,671           | ) |   | (2,156,321 | ) |   | (3,320,611 | )
|                                                                      |   |                         |   |   |                    |   |   |                   |   |   |            |   |   |            |  
|Loss from discontinued operations                                     |   | (1,149,700              | ) |   | -                  |   |   | -                 |   |   | -          |   |   | -          |  
|Loss for the period                                                   |   | (7,392,408              | ) |   | (2,014,969         | ) |   | (62,671           | ) |   | (2,156,321 | ) |   | (3,320,611 | )
|Other Comprehensive Income                                            |   |                         |   |   |                    |   |   |                   |   |   |            |   |   |            |  
|Foreign currency translation adjustments                              |   | 873                     |   |   | -                  |   |   | -                 |   |   |            |   |   | -          |  
|Comprehensive Loss                                                    | $ | (7,391,535              | ) | $ | (2,014,969         | ) | $ | (62,671           | ) | $ | (2,156,321 | ) | $ | (3,320,611 | )
|                                                                      |   |                         |   |   |                    |   |   |                   |   |   |            |   |   |            |  
|Loss per share - basic and diluted                                    |   |                         |   |   | ($0.18             | ) |   | ($0.00            | ) |   | ($0.20     | ) |   | ($0.04     | )
|Weighted average shares outstanding                                   |   |                         |   |   | 10,945,111         |   |   | 96,907,208        |   |   | 10,634,567 |   |   | 84,889,882 |  

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
|Unaudited                            
|(Expressed in U.S. Dollars)          

|                                                                                                  |   | Cumulative From       |   |   |                         |   |   |            |  
|------------------------------------------------------------------------------------------------- | - | --------------------- | - | - | ----------------------- | - | - | ---------- | -
|                                                                                                  |   | Date of Inception     |   |   |                         |   |   |            |  
|                                                                                                  |   | (April 21, 2003)      |   |   | Nine month period ended |  
|                                                                                                  |   | to
      September 30 |   |   | September 30            |  
|                                                                                                  |   | 2010                  |   |   | 2010                    |   |   | 2009       |  
|                                                                                                  |   |                       |   |   |                         |   |   |            |  
|Operating Activities                                                                              |   |                       |   |   |                         |   |   |            |  
|Net loss for the period                                                                           | $ | (7,392,408            | ) | $ | (2,156,321              | ) | $ | (3,320,611 | )
|Adjustments to reconcile net loss for the
      period to cash flows used in operating activities |   |                       |   |   |                         |   |   |            |  
|Impairment of investment in oil and gas
      leases                                              |   | 419,959               |   |   | -                       |   |   | -          |  
|Gain on disposal of assets                                                                        |   | (933,995              | ) |   | -                       |   |   | -          |  
|Gain on liabilities write-off                                                                     |   | (612,373              | ) |   | -                       |   |   | -          |  
|Stock based compensation                                                                          |   | 1,832,130             |   |   | 1,592,250               |   |   | -          |  
|Depreciation                                                                                      |   | 277,578               |   |   | -                       |   |   | -          |  
|Shares issued for services                                                                        |   | 105,000               |   |   | -                       |   |   | -          |  
|Loss on settlement of loan payable                                                                |   | 3,473,155             |   |   | 269,055                 |   |   | 3,132,500  |  
|Changes in non-cash working capital items                                                         |   |                       |   |   |                         |   |   |            |  
|Advances to related party                                                                         |   | (43,700               | ) |   | (43,700                 | ) |   | -          |  
|Accounts payable                                                                                  |   | 1,691,855             |   |   | 45,471                  |   |   | 21,413     |  
|Accrued liabilities                                                                               |   | 45,419                |   |   | 33,837                  |   |   | (1,038     | )
|Cash used in operating activities                                                                 |   | (1,137,380            | ) |   | (259,408                | ) |   | (167,736   | )
|                                                                                                  |   |                       |   |   |                         |   |   |            |  
|Investing Activities                                                                              |   |                       |   |   |                         |   |   |            |  
|Investment in oil and gas leases                                                                  |   | (949,202              | ) |   | (113,048                | ) |   | -          |  
|Purchase of property and equipment                                                                |   | (311,367              | ) |   | -                       |   |   | -          |  
|Cash used in investing activities                                                                 |   | (1,260,569            | ) |   | (113,048                | ) |   | -          |  
|                                                                                                  |   |                       |   |   |                         |   |   |            |  
|Financing Activities                                                                              |   |                       |   |   |                         |   |   |            |  
|Proceeds from convertible debt                                                                    |   | 35,625                |   |   | -                       |   |   | -          |  
|Repayment of loans payable                                                                        |   | (70,000               | ) |   | -                       |   |   | -          |  
|Shares issued for cash                                                                            |   | 53,850                |   |   | -                       |   |   | -          |  
|Proceeds from loans payable                                                                       |   | 4,676,662             |   |   | 2,665,493               |   |   | 167,755    |  
|Cash provided by financing activities                                                             |   | 4,696,137             |   |   | 2,665,493               |   |   | 167,755    |  
|                                                                                                  |   |                       |   |   |                         |   |   |            |  
|Decrease in cash during the period                                                                |   | 2,298,188             |   |   | 2,293,037               |   |   | 19         |  
|EffectEffect ofof cumulativecumulative
      currency translationtranslation                      |   | 873                   |   |   | -                       |   |   | -          |  
|Cash, beginning of the period                                                                     |   | -                     |   |   | 6,024                   |   |   | -          |  
|Cash, end of the period                                                                           | $ | 2,299,061             |   | $ | 2,299,061               |   | $ | 19         |  
|                                                                                                  |   | -                     |   |   |                         |   |   |            |  
|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                                                                        |   | 1,481,469             |   |   | 762,269                 |   |   | -          |  
|Forgiveness of related party balances payable                                                     |   | 1,027,791             |   |   | -                       |   |   | -          |  
|Forgiveness of loan payable                                                                       |   | 311,400               |   |   | -                       |   |   | -          |  
|Shares issued for property services                                                               |   | 210,000               |   |   | -                       |   |   | -          |  
|Exchange of accounts payable for
      convertible debt                                           |   | 100,000               |   |   | -                       |   |   | -          |  
|Shares issued for data purchase                                                                   |   | 367,500               |   |   | 367,500                 |   |   | -          |  
|Settlement of convertible debt                                                                    |   | 35,625                |   |   | 35,625                  |   |   | -          |  
|Settlement of accrued interest on convertible debt                                                |   | 1,778                 |   |   | 1,778                   |   |   | -          |  

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 September 30, 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                               |  | 10,476,721 |   |   | 10,477          |   |   | 4,604,455  |   |   | -            |   |   | (5,236,087  | ) |   | 873           |  |   | (620,282   | )
|Shares issued for convertible debt settlement (Note 7)   |  | 49,925     |   |   | 50              |   |   | 52,328     |   |   | -            |   |   | -           |   |   | -             |  |   | 52,378     |  
|Shares issued for loan payable settlement
      (Note 7) |  | 725,971    |   |   | 726             |   |   | 1,015,633  |   |   | -            |   |   | -           |   |   | -             |  |   | 1,016,359  |  
|Shares issued for data purchase (Note 7)                 |  | 350,000    |   |   | 350             |   |   | 367,150    |   |   | -            |   |   | -           |   |   | -             |  |   | 367,500    |  
|Stock based compensation (Note 8)                        |  | -          |   |   | -               |   |   | 1,592,250  |   |   | -            |   |   | -           |   |   | -             |  |   | 1,592,250  |  
|Net loss for the
      period                            |  | -          |   |   | -               |   |   | -          |   |   | -            |   |   | (2,156,321  | ) |   | -             |  |   | (2,156,321 | )
|Balance, September 30, 2010                              |  | 11,602,617 |   | $ | 11,603          |   | $ | 7,631,816  |   | $ | -            |   | $ | (7,392,408  | ) | $ | 873           |  | $ | 251,884    |  

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
|September 30, 2010                        
|(Expressed in U.S. Dollars)               
|(Unaudited)                               

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

| | Maverick Minerals Corporation (the Company) was
      incorporated on August 27, 1998 under the Company Act of the State of
      Nevada, U.S.A. to pursue opportunities in the business of franchising fast
      food distributor systems. On May 23, 2001, the Company changed its
      direction to the energy and mineral resource fields, as an exploration
      stage company, and still is an exploration stage company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | On April 21, 2003 the Company closed a transaction, as
      set out in the Purchase Agreement (the Agreement) with UCO Energy
      Corporation (UCO) to purchase the outstanding equity of UCO. To
      facilitate the transaction, the Company consolidated its share capital at
      a ratio of one for five. Subsequent to the share consolidation, the
      Company issued 3,758,040 common shares in exchange for all the issued and
      outstanding common shares of UCO. As a result of the transaction, the
      former shareholders of UCO held approximately 90% of the issued and
      outstanding common shares of the Company. The acquisition of UCO was
      recorded as a reverse acquisition for accounting purposes as a
      recapitalization of UCO. A net distribution of $944,889 was recoded in
      connection with the common stock of the Company for the acquisition of UCO
      in respect of the Companys net liabilities at the acquisition date. The
      Company had minimal assets and had liabilities owing to suppliers as well
      as amounts owing under agreements with third parties as well as related
      parties and as there were no other business interests, the Company was
      acting as a public shell company. The financial statements are now
      presented as a continuation of UCO. UCO was in the business of pursuing
      opportunities in the coal mining industry. The Company has since disposed
      of its mining interests and is currently an exploration stage company
      engaged in the acquisition, exploration, and development of prospective
      oil and gas properties. The Companys current business focus is to
      implement the terms of the Farmout Agreement (Note 3).                                                                                                                                                                                                                                                                                                                                                         
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | These accompanying consolidated financial statements have
      been prepared in accordance with accounting principles generally accepted
      in the United States of America applicable to a going concern, which
      contemplates the realization of assets and the satisfaction of liabilities
      and commitments in the normal course of business. As at September 30,
      2010, the Company has working capital of $1,707,891 (December 31, 2009 -
      $833,727), and has an accumulated deficit of $7,392,408 at September 30,
      2010. The continuation of the Company is dependent upon obtaining a
      successful new exploration project, the continuing support of creditors
      and stockholders as well as achieving and maintaining a profitable level
      of operations. These conditions raise substantial doubt about the
      Companys ability to continue as a going concern. Management anticipates
      that it requires approximately $680,000 and approximately an additional
      $3,620,000 in estimated expenditures related to the oil and gas leases
      (Note 3) over the twelve months ending September 30, 2011 to continue
      operations. The majority of this anticipated requirement will be funded by
      working capital, by the $500,000 revolving loan the Company obtained
      during the year ended December 31, 2009 which bears interest at an annual
      rate of 8%, by future equity issuances, such as the proposed offering in
      the Companys recent S1-Registration Statement and by debt financing. In
      addition to funding the Companys general, administrative and corporate
      expenses the Company is obligated to address its current obligations
      totaling $634,870. 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
|September 30, 2010                        
|(Expressed in U.S. Dollars)               
|(Unaudited)                               

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

| | The interim financial statements included herein have
      been prepared by the Company, without audit, pursuant to the rules and
      regulations of the Securities and Exchange Commission. Certain information
      and footnote disclosures normally included in the financial statements
      prepared in accordance with generally accepted accounting principles have
      been condensed or omitted pursuant to such rules and regulations, although
      the Company believes that the disclosures are adequate to make the
      information presented not misleading.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | These statements reflect all adjustments, consisting of
      normal recurring adjustments, which in the opinion of management are
      necessary for fair presentation of the information contained therein. It
      is suggested that these interim financial statements be read in
      conjunction with the audited financial statements of the Company for the
      year ended December 31, 2009. The Company follows the same accounting
      policies in the preparation of interim reports.                                                                              
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | Results of the operations for the interim periods are not
      indicative of future results.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

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

| | ASC 810. The FASB issued ASC 810, Consolidation.
      The standard requires all entities to report noncontrolling (minority)
      interests as equity in consolidated financial statements. ASC 810
      eliminates the diversity that currently exists in accounting for
      transactions between an entity and non-controlling interests by requiring
      they be treated as equity transactions. The adoption of this standard did
      not have a material impact on our consolidated financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | ASC 815. The FASB issued ASC 815, Derivatives and
      Hedging, which requires additional disclosures about the objectives of
      the derivative instruments and hedging activities, the method of
      accounting for such instruments under ASC 815 and its related
      interpretations, and a tabular disclosure of the effects of such
      instruments and related hedged items on our financial position, financial
      performance, and cash flows. ASC 815 is effective for fiscal years and
      interim periods beginning after November 15, 2008. The adoption of this
      standard did not have a material impact on our consolidated financial
      statements                                                                                                                                                                                                                                                                                                                                                                                                              
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | ASC 820-10.The FASB issued ASC 820-10, Fair
      Value Measurements, which emphasizes that fair value is a market-based
      measurement, not an entity-specific measurement. Therefore, a fair value
      measurement should be determined based on the assumptions that market
      participants would use in pricing the asset or liability. As a basis for
      considering market participant assumptions in fair value measurements, ASC
      820-10 establishes a fair value hierarchy that distinguishes between
      market participant assumptions based on market data obtained from sources
      independent of the reporting entity (observable inputs that are classified
      within Levels 1 and 2 of the hierarchy) and the reporting entitys own
      assumptions about market participant assumptions (unobservable inputs
      classified within Level 3 of the hierarchy).                                                                                                                                                                                           
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | ASC 855. The FASB issued Statement of ASC 855
      (prior authoritative literature:FAS No. 165, Subsequent
        Events) which establishes general standards of accounting for and
      disclosure of events that occur after the balance sheet date but before
      the financial statements are issued or are available to be issued. ASC 855
      provides guidance on the period after the balance sheet date during which
      management of a reporting entity should evaluate events or transactions
      that may occur for potential recognition or disclosure in the financial
      statements, the circumstances under which an entity should recognize
      events or transactions occurring after the balance sheet date in its
      financial statements and the disclosures that an entity should make about
      events or transactions that occurred after the balance sheet date. The
      Company adopted ASC 855 during the first quarter of fiscal 2010, and its
      application had no impact on our companys condensed consolidated
      financial statements.

F-6

---

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

|Note 2. | INTERIM FINANCIAL STATEMENTS  continued 
|------- | -----------------------------------------
|        |                                          
|(a)     | New Accounting Pronouncements - continued

| | ASU 2010-06. The FASB issued Accounting Standards
      Update No. 2010-06, Improving Disclosures about Fair Value
        Measurements (Topic 820)Fair Value Measurements and Disclosures(ASU 2010-06), to add additional disclosures about the different
      classes of assets and liabilities measured at fair value, the valuation
      techniques and inputs used, the activity in Level 3 fair value
      measurements, and the transfers between Levels 1, 2, and 3. Certain
      provisions of this update will be effective for us in fiscal 2011 and we
      are currently evaluating the impact of the pending adoption of this
      standards update on our consolidated financial statements.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | ASU 2010-09. The FASB issued ASU 2010-09, Subsequent Events. ASU 2010-09 was issued to amend ASC 855 to
      remove the requirement for SEC filers to disclose the date through which
      an entity has evaluated subsequent events. This change is intended to
      alleviate potential conflicts with current SEC guidance. The provisions of
      ASU 2010-09 are effective upon issuance. The adoption of ASC 855 and ASU
      2010-09 did not have a material impact on the Company's financial
      statements.                                                                                                                                                                                      
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | ASC 825-10-65-1, Interim Disclosures about Fair Value of
      Financial Instruments (FASB ASC 825-10-65- 1), enhances consistency in
      financial reporting by increasing the frequency of fair value disclosures.
      This FSP is effective for interim and annual periods ending after June 15,
      2009, but entities may adopt it early for interim and annual periods
      ending after March 15, 2009. The adoption of this standard did not have a
      material impact on the Company's financial statements.                                                                                                                                                                                 

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

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

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

F-7

---

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

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

| | 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
      and another 350,000 shares as payment for geological data (Note 7).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | Closing of the transactions contemplated in the Farmout
      Agreement occurred on December 14, 2009. Net carrying costs as at
      September 30, 2010 and December 31, 2009:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

| |                               |   | September 30, |  |   | December 31, | 
| | ----------------------------- | - | ------------- |  | - | ------------ | 
| |                               |   | 2010          |  |   | 2009         | 
| | Deposit on oil and gas leases | $ | 350,000       |  | $ | 350,000      | 
| | Consulting costs              |   | 292,014       |  |   | 210,000      | 
| | Legal costs                   |   | 11,195        |  |   | 11,195       | 
| | Geologist services            |   | 31,034        |  |   | -            | 
| | Geological data               |   | 367,500       |  |   | -            | 
| | Interest in Oil & Gas leases  | $ | 1,051,743     |  | $ | 571,195      | 

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

|The Company has the following loans payable:
|--------------------------------------------

| |                               |   | September 30, |  |   | December 31, | 
| | ----------------------------- | - | ------------- |  | - | ------------ | 
| |                               |   | 2010          |  |   | 2009         | 
| | Art Brokerage  Current(a)    | $ | 89,743        |  | $ | 586,519      | 
| | Art Brokerage  Term Loan(c)  |   | 250,000       |  |   | -            | 
| | Mr. Alonzo B. Leavell(a)      |   | 20,000        |  |   | 20,000       | 
| |                               |   | 359,743       |  |   | 606,519      | 
| | Art Brokerage  Term Loan (c) |   | 2,150,000     |  |   | -            | 
| | Senergy Partners LLC(b)       |   | 357,750       |  |   | 357,750      | 
| |                               |   | 2,507,750     |  |   | 357,750      | 
| |                               | $ | 2,867,493     |  | $ | 964,269      | 

|(a) | These amounts are unsecured, bear no interest, with no
      specific terms of repayment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(b) | This credit facility is unsecured, bears interest at 8%
      per annum, maturing on December 31, 2012 (see Note 7(a)). The remaining
      amount available under this credit facility is $142,250 as at September
      30, 2010.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(c) | On September 20, 2010, the Company entered into a loan
      agreement (the Loan Agreement) with Art Brokerage, Inc. (Art
      Brokerage), pursuant to which Art Brokerage provided the Company with a
      non- revolving term loan in the principal amount of $2,400,000 having an
      interest rate of 5% per annum. The loan matures on April 1, 2015. As a,
      calculated and compounded monthly, payable on the 1st day of each calendar
      month commencing May 1, 2011. In addition to the monthly interest
      payments, the Company will make monthly principal payments in the amount
      of $50,000, commencing on May 1, 2011 and continuing on the 1st day of
      each month until the Companys indebtedness is repaid in full. The loan
      matures on April 1, 2015.

F-8

---

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

|Note 4. | LOANS PAYABLE - continued
|------- | -------------------------
|        |                          
|(c)     | continued                

| | As a condition of the Loan Agreement, during the term of
      the loan, the Company agreed, among other things, to maintain its property
      assets and undertakings in good repair, to obtain and maintain all
      licenses and permits necessary to own and operate its assets and agreed
      not to, without the prior consent of Art Brokerage, change its name,
      change its corporate structure, change its fiscal year end, incur further
      indebtedness, grant any liens against its properties or assets unless
      permitted, make any advances or loans to any person, assign or transfer
      its intellectual property, or permit its unfinanced capital expenditures
      to exceed $300,000 per annum.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | In addition and as further collateral of the Companys
      indebtedness under the Loan Agreement, the Company and Art Brokerage
      entered into a pledge and security agreement dated September 20, 2010,
      pursuant to which the Company agreed to pledge to Art Brokerage a first
      priority security interest in all of the shares of capital stock of Eskota
      Energy Corporation, the wholly owned subsidiary of the Company, and all
      proceeds with respect to such stock. The Company intends to use the funds
      from the $2,400,000 loan to commence development of the Companys initial
      test well on its Farm-Out property located in southwest Texas.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | In connection with the negotiation of the Loan Agreement
      with Art Brokerage, the Company was required to enter into an amendment to
      its existing loan with Senergy Partners LLC, an affiliate of Art
      Brokerage. Under the terms of an amendment agreement dated September 15,
      2010, entered into by the Company with Senergy Partners LLC (Senergy),
      the parties agreed that if and at such time Art Brokerage enters into a
      loan agreement with the Company with respect to a loan of $2,400,000, the
      existing loan agreement between the parties dated February 13, 2009
      providing for up to $1,000,000 in principal to the Company (the Senergy
      Loan) would be amended to provide that upon entry into the Loan Agreement
      the outstanding balance of principal and accrued interest under the
      Senergy Loan could not exceed a maximum limit of $500,000. As a further
      condition of the Loan Agreement, the Company agreed to enter into a
      general security agreement dated September 20, 2010 creating a security
      over the Companys present and after-acquired personal property and over
      the Companys real property and other assets.
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | Principal repayments over the remaining term are:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

2011
      $
      400,0002012
      
      600,0002013
      
      600,0002014
      
      600,0002015
      
      200,000Total
      $
      2,400,000


|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 of the holder. This note was settled during the three and nine-
      month period ended September 30, 2010 by way of issuance of common shares
      (Note 7).

F-9

---

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

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

| | 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.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

|Note 6. | RELATED PARTY TRANSACTIONS
|------- | --------------------------

| | Effective September 23, 2010, the Company entered into
      two consulting agreements, one with the President, CEO and CFO (the
      President) and one with the Secretary. As consideration for the
      performance of consulting services under the agreement, the Company agreed
      to pay the President and Secretary $10,000 and $5,000 per month and a
      onetime bonus of $250,000 and $100,000, respectively, upon the spudding of
      the Companys first commercial well drilled on the Companys Farmout
      Acreage, as such term is defined under the Companys farmout agreement
      with Southeastern Pipeline Company dated December 7, 2009. Under the
      agreement the President and Secretary was also granted stock options to
      acquire 700,000 and 400,000 shares of common stock, respectively, at an
      exercise price of $1.05 per share until August 20, 2015 in accordance with
      the terms of the Companys 2009 Stock Option Plan. The agreement is for a
      term of three years. Notwithstanding the three year term, the agreement
      may be terminated at any time by the Company without notice in the event
      the President breaches the terms of this agreement.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | Management fees of $67,500 were charged to expense in
      these financial statements for the nine month period ended September 30,
      2010 (September 30, 2009 - $67,500).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | During the three and nine month period ended September
      30, 2010 the Company advanced $43,700 to a related party to pay for future
      expenses incurred by the individual on behalf of the Company. The advances
      are non- interest bearing and have no specific terms of repayment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

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

| | As explained in Note 1, on April 21, 2003 the Company
      issued 3,758,040 common shares in exchange for all the issued and
      outstanding common shares of UCO.                                                                                                                                                                                                                                        
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                              
| | In July 2003, the Company issued 150,000 common shares to
      the Companys CEO in exchange for management services. The transaction was
      recorded at the quoted market price of $0.07 per common share and resulted
      in compensation expense of $105,000. No consideration was received by the
      Company in the exchange of shares for management services.                                 
| |                                                                                                                                                                                                                                                                                                                                                                                                              
| | In June 2004, the Company issued 1,000,000 common shares at
      a price of $0.25 for proceeds of $25,000.                                                                                                                                                                                                                                                                                                  
| |                                                                                                                                                                                                                                                                                                                                                                                                              
| | In January 2005, the Company issued 2,750,000 common shares
      at a price of $0.01 for proceeds of $27,500.                                                                                                                                                                                                                                                                                               
| |                                                                                                                                                                                                                                                                                                                                                                                                              
| | In June 2005, the Company cancelled 5,437,932 common
      shares, under an agreement with certain stockholders, which included the
      former stockholders of UCO, and two other stockholders including the CEO
      of the Company. The former stockholders of UCO surrendered the majority of
      the shares which was approximately 95% of the total common shares that
      they held at the time.

F-10

---

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

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

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

| | (a) | The Company entered into a loan agreement with Senergy on
      February 13, 2009, pursuant to which the Company established an unsecured
      revolving loan of up to $1,000,000, later amended to $500,000 (Note 4(c)),
      (the Credit Facility). The outstanding principal amount of the Credit
      Facility together with all the accrued and unpaid interest and all other
      amounts outstanding there under are due and payable in full on December
      31, 2012, the maturity date. Outstanding principal under the Credit
      Facility bears interest at an annual rate of 8%.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | (b) | In connection with the Company entering into the Credit
      Facility and Debt Settlement Agreement with Senergy, the Company entered
      into an Assignment and Assumption Agreement with Senergy and Art
      Brokerage, Inc. (ABI) dated February 13, 2009, pursuant to which ABI
      assigned to Senergy all of its right, title and interest to a debt (the
      Assigned Debt) of $447,500 owed by the Company to ABI                                                                                                                                                                
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | (c) | On February 13, 2009, the Company entered into a debt
      settlement and subscription agreement (the Debt Settlement Agreement)
      with Senergy in consideration of Senergy entering into the Credit
      Facility. Pursuant to the terms of the Debt Settlement Agreement, the
      company agreed to issue to Senergy 8,950,000 shares of the Company common
      stock in settlement of a $447,500 debt owed to
      Senergy.                                                                                                                                                           

| | As a result of these transactions, Senergy acquired
      8,950,000 shares or 92.3% of the Companys issued and outstanding common
      stock. The Company issued 8,950,000 common shares to settle an amount
      owing with respect to a loan payable totaling $447,500. The transaction
      was recorded at the quoted market price of $0.40 and resulted in a loss on
      settlement of loan payable of $3,132,500.                                                                                                                                                               
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | On August 11, 2009 the Company's articles of
      incorporation were amended and restated to increase the number of
      authorized shares of its common stock from 100,000,000 to 750,000,000. In
      addition the Company's articles of incorporation were amended and restated
      to authorize 100,000,000 shares of preferred stock with a par value of
      $0.001, which may be divided into and issued in series, with such
      designations, rights, qualifications, preferences, limitations and terms
      as fixed and determined by the Company's board of directors.
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | On September 24, 2009 the Company issued a further
      436,000 shares to settle $218,000 owed to ABI. The transaction was
      recorded at the quoted market price of $0.30 and was treated as a capital
      transaction which resulted in a charge to equity of $218,000.                                                                                                                                                                                                                                                                                                             

F-11

---

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

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

| | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | On July 19, 2010 the Company issued 49,925 common shares
      to Steiner in settlement of the Convertible Debenture dated December 11,
      2009 in the principal amount of $35,625 and outstanding interest to July
      19, 2010 of $1,778. The transaction was recorded at the quoted market
      price of $1.40 and resulted in a loss on settlement of convertible
      debenture of $14,965.                                                                                                                                                                                                                                                                                                                                                                                                                      
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | On September 7, 2010 the Company issued a further 725,971
      shares to settle $762,269 owed to ABI. The transaction was recorded at the
      quoted market price of $1.40 and resulted in a loss on settlement of loan
      payable of $254,090.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | On September 7, 2010 the Company entered into a data
      purchase agreement with two individuals (collectively the Vendors),
      pursuant to which the Company agreed to purchase from the Vendors geologic
      data relating to certain oil and gas mineral leases located in Texas,
      including among other things: electric logs, seismic work, seismic
      reprocessing, data from the Texas Railroad Commission. In consideration
      for the acquisition of the geologic data from the Vendors the Company
      issued 350,000 shares of the common stock of the Company to the Vendors.
      The transactions were recorded at the quoted market price of $1.05 per
      share for total consideration of $367,500 which was capitalized to Oil and
      Gas Leases on the balance sheet (Note 3).

|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 nine-month period ended September 30, 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 September 30, 2009.
      These options are exercisable at a price of $0.40 per option and expire on
      December 31, 2012. The fair value of these options granted was
      approximately $0.30 per share on the grant date in 2009.  
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | During the three and nine-month period ended September
      30, 2010, there were 1,100,000 options granted to directors of the
      Company. All options granted were fully vested at the date of issuance
      which resulted in a stock-based compensation expense of $1,592,250 being
      charged to operations during the three and nine- month period ended
      September 30, 2010. These options are exercisable at a price of $1.05 per
      option and expire on August 20, 2015. The fair value of these options
      granted was approximately $1.45 per share on the grant date.

F-12

---

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

|Note 8. | STOCK OPTION PLAN - continued
|------- | -----------------------------

| | Weighted average assumptions used in calculating
      compensation expense in respect of options granted using the Black-Scholes
      option pricing model were as follows:
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |                                           |  | 2009       |  |  | 2010       | 
| | ----------------------------------------- |  | ---------- |  |  | ---------- | 
| | Risk-free interest rate                   |  | 2.42%      |  |  | 1.34%      | 
| | Dividend yield                            |  | Nil        |  |  | Nil        | 
| | Expected volatility                       |  | 317%       |  |  | 278%       | 
| | Weighted average expected life of options |  | 3.36 years |  |  | 4.91 years | 

| | No stock options were exercised, cancelled or expired
      during the three and nine-month periods ended September 30, 2009 and 2010.                                                     
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                            
| | The following is a summary of the status of the Companys
      stock options as of September 30, 2010 and the stock option activity
      during the nine months ended September 30, 2010:

| |                                   | Number of
| | --------------------------------- | ---------
| |                                   | Options  
| | Outstanding at December 31, 2009  | 145,000  
| | Granted                           | 1,100,000
| | Outstanding at September 30, 2010 | 1,245,000

F-13

---

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.

Recent Corporate Developments

Since the commencement of our third quarter ended September 30,
2010, we experienced the following significant corporate developments:

|1. | Effective July 26, 2010, we entered into a Debt
      Settlement and Subscription Agreement with David Steiner Primary Trust
      (the Trust), pursuant to which we agreed to issue 49,925 shares of our
      common stock to Steiner in settlement of all amounts owing to the Trust
      under the Convertible Debenture dated December 11, 2009 in the principal
      amount of $35,625 and outstanding interest to July 19, 2010 of $1,778. The
      shares were issued to the Trust on July 26, 2010 pursuant to Regulation D
      of the Securities Act of 1933 on the basis that the Trust represented that
      it was an accredited investor as such term is defined in Rule 501 of
      Regulation D and/or Section 4(2) of the Securities Act of 1933.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|2. | On July 27, 2010, the Company entered into a data
      purchase agreement (the Agreement) with two individuals (collectively
      the Vendors), pursuant to which the Company agreed to purchase from the
      Vendors geologic data relating to certain oil and gas mineral leases
      located in Texas, including among other things: electric logs, seismic
      work, seismic reprocessing, data from the Texas Railroad Commission. In
      consideration for the acquisition of the geologic data from the Vendors
      the Company agreed to issue an aggregate of 350,000 shares of the common
      stock of the Company to the Vendors. The shares were issued to the Vendors
      on July 27, 2010 pursuant to Regulation D of the Securities Act of 1933 on
      the basis that each of them represented that they were an accredited
      investor as such term is defined in Rule 501 of Regulation D and/or
      Section 4(2) of the Securities Act of 1933.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|3. | Effective September 7, 2010, we entered into a Debt
      Settlement and Subscription Agreement with Art Brokerage, Inc. (Art
      Brokerage), pursuant to which we issued 725,971 shares of common stock of
      the Company at a deemed price of $1.05 per share in settlement of $762,269
      of outstanding debt owed by the Company to Art Brokerage. The shares were
      issued to Art Brokerage pursuant to Regulation D of the Securities Act of
      1933 on the basis that it has represented that it is an accredited
      investor as such term is defined in Rule 506 of Regulation D and/or
      Section 4(2) of the Securities Act of 1933.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|4. | On September 20, 2010, we entered into a loan agreement
      (the Loan Agreement) with Art Brokerage, pursuant to which Art Brokerage
      provided the Company with a non-revolving term loan in the principal
      amount of $2,400,000 having an interest rate of 5% per annum, calculated
      and compounded monthly, payable on the 1st day of each calendar month,
      commencing May 1, 2011. In addition to the monthly interest payments, the
      Company will make monthly principal payments in the amount of $50,000,
      commencing on May 1, 2011 and continuing on the 1st day of each month
      until the Companys indebtedness is repaid in full. The loan matures on
      April 1, 2015. As a condition of the Loan Agreement, during the term of
      the loan, the Company agreed, among other things, to maintain its property
      assets and undertakings in good repair, to obtain and maintain all
      licenses and permits necessary to own and operate its assets and agreed
      not to, without the prior consent of Art Brokerage, change its name,
      change its corporate structure, change its fiscal year end, incur further
      indebtedness, grant any liens against its properties or assets unless
      permitted, make any advances or loans to any person, assign or transfer
      its intellectual property, or permit its unfinanced capital expenditures
      to exceed $300,000 per annum. As a further condition of the Loan
      Agreement, the Company agreed to enter into a general security agreement
      dated September 20, 2010 creating a security over the Companys present
      and after-acquired personal property and over the Companys real property
      and other assets. In addition and as further security of the Companys
      indebtedness under the Loan Agreement, the Company and Art Brokerage
      entered into a pledge and security agreement dated September 20, 2010,
      pursuant to which the Company agreed to pledge to Art Brokerage a first
      priority security interest in all of the shares of capital stock of Eskota
      Energy Corporation, the wholly owned subsidiary of the Company, and all
      proceeds with respect to such stock. The Company intends to use the funds
      from the $2,400,000 loan to commence development of the Companys initial
      test well on its Farm-Out property located in southwest
  Texas.

---

6

|5. | In connection with the negotiation of the Loan Agreement
      with Art Brokerage, the Company was required to enter into an amendment to
      its existing loan with Senergy Partners LLC, an affiliate of Art
      Brokerage. Under the terms of an amendment agreement dated September 15,
      2010, entered into by the Company with Senergy Partners LLC (Senergy),
      the parties agreed that if and at such time Art Brokerage enters into a
      loan agreement with the Company with respect to a loan of $2,400,000, the
      existing loan agreement between the parties dated February 13, 2009
      providing for up to $1,000,000 in principal to the Company (the Senergy
      Loan) would be amended to provide that upon entry into the Loan Agreement
      the outstanding balance of principal and accrued interest under the
      Senergy Loan could not exceed a maximum limit of $500,000.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|6. | Effective September 23, 2010, we entered into a
      consulting agreement with Robert Kinloch, pursuant to which the Company
      engaged Mr. Kinloch to, among other things: perform the duties of
      President, Chief Executive Officer and Chief Financial Officer of the
      Company, prepare and execute any and all records and filings required to
      maintain the Companys public listing, attend to governance issues as they
      relate to the Nevada registration, provide the Board with any information
      required to administer the affairs of the Company, advise and recommend,
      if requested, on any circumstance that may arise relating to asset or
      acquisition integration, tax matters, market factors and corporate
      finance. As consideration for the performance his consulting services
      under the agreement, the Company agreed to pay Mr. Kinloch $10,000 per
      month and a one time bonus of $250,000 upon the spudding of the Companys
      first commercial well drilled on the Companys Farmout Acreage, as such
      term is defined under the Companys farmout agreement (the Farmout
      Agreement) with Southeastern Pipeline Company dated December 7, 2009.
      Under the agreement Mr. Kinloch was also granted stock options to acquire
      700,000 shares of common stock at an exercise price of $1.05 per share
      until August 20, 2015 in accordance with the terms of the Companys 2009
      Stock Option Plan. The agreement is for a term of three years.
      Notwithstanding the three year term, the agreement may be terminated at
      any time by the Company without notice in the event Mr. Kinloch breaches
      the terms of this agreement.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|7. | Effective September 23, 2010, we entered into a
      consulting agreement with Donald Kinloch, pursuant to which the Company
      engaged Mr. Kinloch to, among other things: perform the duties of
      Secretary of the Company, prepare and execute any and all records and
      filings required to maintain the Companys corporate records, interface
      with shareholders and any person or group having a legitimate interest in
      the affairs of the Company, provide the board of the Company with any
      information required to administer the affairs of the Company, and advise
      and recommend, if requested, on any circumstance that may arise relating
      to asset management and field operations. As consideration for the
      performance his consulting services under the agreement, the Company
      agreed to pay Mr. Kinloch $5,000 per month and a one time bonus of
      $100,000 upon the spudding of the Companys first commercial well drilled
      on the Companys Farmout Acreage, as such term is defined under the
      Companys Farmout Agreement. Under the agreement Mr. Kinloch was also
      granted stock options to acquire 400,000 shares of common stock at an
      exercise price of $1.05 per share until August 20, 2015 in accordance with
      the terms of the Companys 2009 Stock Option Plan. The agreement is for a
      term of three years. Notwithstanding the three year term, the agreement
      may be terminated at any time by the Company without notice in the event
      Mr. Kinloch breaches the terms of this agreement.                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|8. | In October, 2010 we engaged a Texas based contractor to
      commence drill site construction in preparation for the drilling of the
      Companys Initial Test Well in Fort Bend County, Texas which is expected to
      occur in November, 2010. The construction of location services includes
      widening of an existing 2,000 foot access road and foundational
      re-enforcement with crushed limestone. In addition, contractors are
      expected to construct the requisite drilling pad of approximately 1.5
      acres in anticipation of rig mobilization. Maverick anticipates that rig
      mobilization will occur sometime during the third week of November with a
      projected drilling schedule of 35 days. The Company intends to reach and
      log the primary target in the "Middle Wilcox" at a depth of between 12,500
      and 13,500 feet.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

Our Current Business

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

---

7

In October, 2010 we engaged a Texas based contractor to
commence drill site construction in preparation for the drilling of the
Companys Initial Test Well Fort Bend County, Texas which is expected to occur
in November, 2010. The construction of location services includes widening of an
existing 2,000 foot access road and foundational reenforcement with crushed
limestone. In addition, contractors are expected to construct the requisite
drilling pad of approximately 1.5 acres in anticipation of rig mobilization.
Maverick anticipates that rig mobilization will occur sometime during the third
week of November with a projected drilling schedule of 35 days. The initial test
well is designed to target the Wilcox Trend, a vast depositional sand zone with
a history of prolific natural gas and condensate production.

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 farmout 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 and to the lands covered thereby (collectively, the Leases).
The Farmout Agreement is subject to certain conditions, including the
following:

| | (i)   | Payment of a non-refundable fee of $350,000 to SEPL (the
      Fee), which fee has been paid;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (ii)  | Commencement of continuous and actual drilling operations
      on an oil or gas well (the Initial Test Well) to an objective formation
      (as such term is defined in the agreement) on the undeveloped Leases on or
      prior to December 14, 2010 (the Completion Date);                                                                                                                                                                                                                                                                                                                 
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (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 7, 2009 and 30%, thereby delivering to Maverick a
      70% net royalty interest in the Leases; and
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | (vi)  | Maverick granting an option to SEPL pursuant to which
      SEPL, may, after all drilling and completion costs have been recovered by
      Maverick, back-in 25% of an 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.                                                                                                                                                                                                       

---

8

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
paid. Provided we establish commercial production and meet the earning
requirements for the Initial Test Well, we have an option to develop additional
wells (Subsequent Wells) within one hundred and eighty days after the
completion of the Initial Test Well, substitute Initial Test Well or a
Subsequent Well. Also, pursuant to the terms of the agreement we agreed to
indemnify SEPL and its affiliates from all claims arising from the drilling or
operations of the Initial Test Well or any Subsequent Well.

General

The following is a discussion and analysis of our plan of
operation for the three and nine month period ended September 30, 2010, and the
factors that could affect our future financial condition. This discussion and
analysis should be read in conjunction with our consolidated unaudited financial
statements and the notes thereto included elsewhere in this quarterly report.
Our consolidated financial statements are prepared in accordance with United
States generally accepted accounting principles. All references to dollar
amounts in this section are in United States dollars unless expressly stated
otherwise.

Plan of Operation

We are currently an exploration stage company engaged in the
acquisition, exploration, and development of prospective oil and gas properties.
Our current business focus is to implement the terms of the Farmout Agreement
pursuant to which we intend to earn an interest in certain oil and gas mineral
leases located in Fort Bend and Wharton Counties, Texas owned by SEPL. Subject
to receipt of additional financing our initial operations during the next
quarter are to locate suitable locations to drill, drilling, and determining if
an initial test well is viable. If the well is viable and we can develop the
well, we intend to drill an initial test well and to earn an interest in the
mineral leases subject to the Farmout Agreement. If the well is not viable, we
intend to plug the well. Our anticipated 2010 drilling program is 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.

2010 Drilling Program

In connection with our 2010 drilling program under the Farmout
Agreement we intend to complete the following:

- Obtain a title opinion on the acreage forming the subject to the Farmout
  Agreement and Cure any title deficiencies. Upon receipt of the title opinion
  in form acceptable to the Company, the Company will give the necessary notice
  to drill to the Farmor and the Operator to proceed to Permit the well.
- Engage a bonded Operator to drill a new test well. The Operator will be
  responsible for all the costs of drilling and if necessary plugging and
  abandoning the well. The Operator is also responsible for maintaining records
  of all costs associated with the well, determining which costs are intangible
  and which are intangible. Ultimately, in the case of a successful, revenue
  generating well, the Operator is responsible for receiving the funds from the
  sale of Hydrocarbons and distributing funds to individual interest and royalty
  holders.
- Once permitted the Company intends to engage a company to prepare the drill
  site. This company will build a road access to the site, in our case this is
  easy since the site is only a few hundred feet off of a main road. The site is
  expected to be based with crushed limestone and will include several pits in
  which to store used materials and excess fluids.
- Once the site or Pad is complete the drilling contractor will mobilized
  the drill rig on to the site. This requires 3-5 days and a crew of
  approximately 50 men throughout the process.

---

9

- At the appointed time the drilling rig will spud the well and commence
  drilling. The Company is expecting to drill to 13,500 feet. This is expected
  to take approximately 31-33 days of continuous drilling.
- The company has contracted for a Turnkey well which means funds for the
  driller have been escrowed with the Operator and when the well has reach
  13,500 feet and a full suite of logs has been recovered and is on the deck
  all funds will be transferred to the driller. Should the driller fail to reach
  the required depth and successfully log the hole, no funds will be transferred
  to the driller. The company has paid a premium to the driller to ensure
  performance.
- Once the log has been received it is expected to be interpreted by the
  Companys geologist and engineer. They will determine from the logs whether or
  not to complete the well.

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
    
    2,750,000Consulting and Due
      Diligence
    
    240,000Professional Fees
    
    130,000Joint Venture
      Programs
    
    500,000Total
    
    3,620,000


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

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

On February 13, 2009, we entered into a loan agreement with
Senergy Partners LLC (Senergy), a private Nevada limited liability
corporation, pursuant to which the Company received a revolving loan of up to
$1,000,000 (the Credit Facility). The outstanding principal amount of the
Credit Facility together with all accrued and unpaid interest and all other
amounts outstanding thereunder are due and payable in full on December 31, 2012,
the maturity date. Outstanding principal under the Credit Facility bears
interest at an annual rate of 8%. As a condition of the Credit Facility, the
Company agreed to use funds received under the Credit Facility solely for the
purpose of funding ongoing general and administrative expenses, consulting and
due diligence expenses, or professional fees and joint venture programs. As at
September 30, 2010, the Company has drawn $367,500 on the credit facility with
Senergy.

In September, 2010, in connection with the negotiation of our
loan agreement with Art Brokerage, the Company was required to enter into an
amendment to its existing loan with Senergy Partners LLC. Under the terms of an
amendment agreement dated September 15, 2010, the parties agreed that if and at
such time Art Brokerage enters into a loan agreement with the Company with
respect to a loan of $2,400,000, the existing loan agreement between the parties
dated February 13, 2009 providing for up to $1,000,000 in principal to the
Company would be amended to provide a maximum limit of $500,000.

On September 20, 2010, we entered into a loan agreement (the
Loan Agreement) with Art Brokerage, Inc., pursuant to which Art Brokerage
provided the Company with a non-revolving term loan in the principal amount of
$2,400,000 having an interest rate of 5% per annum. The loan matures on April 1,
2015. As a condition of the Loan Agreement, the Company agreed to enter into a general security
agreement dated September 20, 2010 creating a security over the Companys
present and after-acquired personal property and over the Companys real
property and other assets. In addition and as further security of the Companys
indebtedness under the Loan Agreement, the Company and Art Brokerage entered
into a pledge and security agreement dated September 20, 2010, pursuant to which
the Company agreed to pledge to Art Brokerage a first priority security interest
in all of the shares of capital stock of Eskota Energy Corporation, the wholly
owned subsidiary of the Company, and all proceeds with respect to such stock.
The Company intends to use the funds from the $2,400,000 loan to commence
development of the Companys initial test well on its Farm-Out property located
in southwest Texas. Both Senergy and Art Brokerage are beneficially owned by
Donna Rose, an affiliate of the Company.

---

10

RESULTS OF OPERATIONS

Three and Nine Month Summary

|               |   | Three Months Ended |  |   | Nine Months Ended | 
|-------------- | - | ------------------ |  | - | ----------------- | 
|               |   | September 30,      |  |   | September 30,     | 
|               |   | 2010               |  |   | 2009              | 
|Revenue        | $ | -                  |  | $ | -                 | 
|Expenses       |   | 1,739,588          |  |   | 56,066            | 
|Other expenses |   | 275,381            |  |   | 6,605             | 
|Net Loss       | $ | 2,014,969          |  | $ | 62,671            | 

Revenue

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

Operating Costs and Expenses

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

|                                                     |   | Three Months Ended |  |   | Nine Months Ended | 
|---------------------------------------------------- | - | ------------------ |  | - | ----------------- | 
|                                                     |   | September 30       |  |   | September 30      | 
|                                                     |   | 2010               |  |   | 2009              | 
|                                                     |   |                    |  |   |                   | 
|Management Fees and stock 
       based compensation | $ | 1,614,750          |  | $ | 22,500            | 
|Professional Fees                                    |   | 111,489            |  |   | 21,050            | 
|Transfer Agent Fees                                  |   | 966                |  |   | 4,716             | 
|Travel                                               |   | 9,981              |  |   | 6,605             | 
|Office                                               |   | 2,402              |  |   | 1,195             | 
|Total Expenses                                       | $ | 1,739,588          |  | $ | 56,066            | 

General and Administrative Expenses

The $1,683,522 increase in our general and administrative
expenses for the three month period ended September 30, 2010 as compared to the
same period in fiscal 2009 was primarily due to a $1,592,250 stock based
compensation charge as a result of options granted during the period along with
a $90,439 increase in professional fees associated with preparing and reviewing
our periodic reports required under the Securities Exchange Act of 1934.

The $1,684,785 increase in our general and administrative
expenses for the nine month period ended September 30, 2010 as compared to the
same period in fiscal 2009 was primarily due to a $1,592,250 stock based
compensation charge as a result of options granted during the period, an $84,700
increase in professional fees associated with preparing and reviewing our
periodic reports required under the Securities Exchange Act of 1934 and an
$9,170 increase in travel expenditures associated with the negotiation of the
Farmout Agreement with SEPL.

---

11

Liquidity and Capital Resources

Working Capital

|                           |   | September 30, 2010 |  |   | December 31, 2009 |  
|-------------------------- | - | ------------------ |  | - | ----------------- | -
|Current Assets             | $ | 2,342,761          |  | $ | 6,024             |  
|Current Liabilities        |   | 634,870            |  |   | 839,751           |  
|Working Capital Deficiency | $ | 1,707,891          |  | $ | (833,727          | )

|Cash Flows                            |   |                    |   |   |                    |  
|------------------------------------- | - | ------------------ | - | - | ------------------ | -
|                                      |   | Nine Months Ended  |   |   | Nine Months Ended  |  
|                                      |   | September 30, 2010 |   |   | September 30, 2009 |  
|Cash used in Operating Activities     | $ | (259,408           | ) | $ | (167,736           | )
|Cash used by Investing Activities     |   | (113,048           | ) |   | -                  |  
|Cash provided by Financing Activities |   | 2,665,493          |   |   | 169,755            |  
|Net Decrease in Cash                  | $ | (2,293,037         | ) | $ | 19                 |  

Funding for operating and investing activities was provided by
both non-interest bearing and interest bearing advances from lenders. On
September 7, 2010, we entered into a Debt Settlement and Subscription Agreement
with Art Brokerage, pursuant to which we issued 725,971 shares of common stock
of the Company at a deemed price of $1.05 per share in settlement of $762,269 of
outstanding debt owed by the Company to Art Brokerage. On September 20, 2010, we
entered into the Loan Agreement with Art Brokerage, pursuant to which Art
Brokerage provided the Company with a non-revolving term loan in the principal
amount of $2,400,000 having an interest rate of 5% per annum, calculated and
compounded monthly, payable on the 1st day of each calendar month, commencing
May 1, 2011. In addition to the monthly interest payments, the Company will make
monthly principal payments in the amount of $50,000, commencing on May 1, 2011
and continuing on the 1st day of each month until the Companys indebtedness is
repaid in full. The loan matures on April 1, 2015.

We had a cash balance of $2,299,061 and working capital of
$1,707,891 as of September 30, 2010 compared to cash of $6,024 and negative
working capital of $833,727 as of December 31, 2009. We anticipate that we will
incur approximately $3,620,000 for operating expenses, including professional,
legal and accounting expenses associated with our reporting requirements under
the Exchange Act during the next twelve months. Accordingly, we will need to
obtain additional financing in order to complete our full business plan.

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.

---

12

|                              |   | September 30, |  |   | December 31, | 
|----------------------------- | - | ------------- |  | - | ------------ | 
|                              |   | 2010          |  |   | 2009         | 
|Art Brokerage  Current(a)    | $ | 89,743        |  | $ | 586,519      | 
|                              |   |               |  |   |              | 
|Art Brokerage  Term Loan(c)  |   | 250,000       |  |   | -            | 
|Mr. Alonzo B. Leavell(a)      |   | 20,000        |  |   | 20,000       | 
|                              |   | 359,743       |  |   | 606,519      | 
|Art Brokerage  Term Loan (c) |   | 2,150,000     |  |   | -            | 
|Senergy Partners LLC(b)       |   | 357,750       |  |   | 357,750      | 
|                              |   | 2,507,750     |  |   | 357,750      | 
|                              | $ | 2,867,493     |  | $ | 964,269      | 

|(a) | These amounts are unsecured, bear no interest, with no
      specific terms of repayment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|(b) | This credit facility is unsecured, bears interest at 8%
      per annum, maturing on December 31, 2012. The remaining amount available
      under this credit facility is $142,250 as at September 30, 2010.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|(c) | On September 20, 2010, the Company entered into a loan
      agreement (the Loan Agreement) with Art Brokerage, Inc. (Art
      Brokerage), pursuant to which Art Brokerage provided the Company with a
      non-revolving term loan in the principal amount of $2,400,000 having an
      interest rate of 5% per annum. The loan matures on April 1, 2015. As a,
      calculated and compounded monthly, payable on the 1st day of each calendar
      month, commencing May 1, 2011. In addition to the monthly interest
      payments, the Company will make monthly principal payments in the amount
      of $50,000, commencing on May 1, 2011 and continuing on the 1st day of
      each month until the Companys indebtedness is repaid in full. The loan
      matures on April 1, 2015. As a condition of the Loan Agreement, during the
      term of the loan, the Company agreed, among other things, to maintain its
      property assets and undertakings in good repair, to obtain and maintain
      all licenses and permits necessary to own and operate its assets and
      agreed not to, without the prior consent of Art Brokerage, change its
      name, change its corporate structure, change its fiscal year end, incur
      further indebtedness, grant any liens against its properties or assets
      unless permitted, make any advances or loans to any person, assign or
      transfer its intellectual property, or permit its unfinanced capital
      expenditures to exceed $300,000 per annum.                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | In addition and as further security of the Companys
      indebtedness under the Loan Agreement, the Company and Art Brokerage
      entered into a pledge and security agreement dated September 20, 2010,
      pursuant to which the Company agreed to pledge to Art Brokerage a first
      priority security interest in all of the shares of capital stock of Eskota
      Energy Corporation, the wholly owned subsidiary of the Company, and all
      proceeds with respect to such stock. The Company intends to use the funds
      from the $2,400,000 loan to commence development of the Companys initial
      test well on its Farm-Out property located in southwest Texas. In
      connection with the negotiation of the Loan Agreement with Art Brokerage,
      the Company was required to enter into an amendment to its existing loan
      with Senergy Partners LLC, an affiliate of Art Brokerage. Under the terms
      of an amendment agreement dated September 15, 2010, entered into by the
      Company with Senergy Partners LLC (Senergy), the parties agreed that if
      and at such time Art Brokerage enters into a loan agreement with the
      Company with respect to a loan of $2,400,000, the existing loan agreement
      between the parties dated February 13, 2009 providing for up to $1,000,000
      in principal to the Company (the Senergy Loan) would be amended to
      provide that upon entry into the Loan Agreement the outstanding balance of
      principal and accrued interest under the Senergy Loan could not exceed a
      maximum limit of $500,000. As a further condition of the Loan Agreement,
      the Company agreed to enter into a general security agreement dated
      September 20, 2010 creating a security over the Companys present and
      after-acquired personal property and over the Companys real property and
      other assets.

Going Concern

The audited financial statements accompanying our annual report
on Form 10-K for the year ended December 31, 2009 have been prepared on a going
concern basis, which implies that our company will continue to realize its
assets and discharge its liabilities and commitments in the normal course of
business. Our company has not generated revenues since inception and has never
paid any dividends and is unlikely to pay dividends or generate earnings in the
immediate future. The continuation of our company as a going concern is
dependent upon the continued financial support from our shareholders, the
ability of our company to obtain necessary equity financing to achieve our
operating objectives, and the attainment of profitable operations. As of
September 30, 2010, we had cash of $2,299,061 and we estimate that we will
require approximately $3,620,000 for costs associated with our plan of operation
over the next twelve months. Accordingly, we do not have sufficient funds for
planned operations and we will be required to raise additional funds.

These circumstances raise substantial doubt about our ability
to continue as a going concern, as described in the explanatory paragraph to our
independent auditors report on the December 31, 2009 and 2008 consolidated financial statements. The consolidated financial statements do
not include any adjustments that might result from the outcome of that
uncertainty.

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13

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

Future Financings

We had a cash balance of $2,299,061 and working capital of
$1,707,891 as of September 30, 2010 compared to cash of $6,024 and negative
working capital of $833,727 as of December 31, 2009. and we estimate that we
will require approximately $3,620,000 for costs associated with our plan of
operation over the next twelve months. Accordingly, although we have access to
additional funds through our line of credit with Senergy, we do not have
sufficient funds for planned operations and we will be required to raise
additional funds for operations. We anticipate continuing to rely on equity
sales of our common shares or shareholder loans in order to continue to fund our
business operations. Issuances of additional shares will result in dilution to
our existing stockholders. There is no assurance that we will achieve any
additional sales of our equity securities or arrange for debt or other financing
to fund our planned activities.

Off-Balance Sheet Arrangements

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

Risks And Uncertainties

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

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

We are an exploration stage company implementing a new
business plan.

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

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14

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

We had a negative working capital of $1,707,891 as of
September 30, 2010. We do not expect to generate any revenues for the
foreseeable future. Accordingly, we will require additional funds, either from
equity or debt financing, to maintain our daily operations and to develop any
wells under the Farmout Agreement. Obtaining additional financing is subject to
a number of factors, including market prices for oil and gas, investor
acceptance of our interest pursuant to the Farmout Agreement, and investor
sentiment. Financing, therefore, may not be available on acceptable terms, if at
all. The most likely source of future funds presently available to us is through
the sale of equity capital. Any sale of share capital, however, will result in
dilution to existing shareholders. If we are unable to raise additional funds
when required, we may be forced to delay our plan of operation and our entire
business may fail.

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

The only interest in property we have is pursuant to the
Farmout Agreement. From the date of our incorporation, we have primarily focused
on the location and acquisition of mineral and oil and gas properties. We have
not generated any revenues to date. In order to generate revenues, we will incur
substantial expenses in the evaluation and development of the Initial Well. We
therefore expect to incur significant losses into the foreseeable future. We
recognize that if we are unable to generate significant revenues from our
activities, our entire business may fail. There is no history upon which to base
any assumption as to the likelihood that we will be successful in our plan of
operation, and we can provide no assurance to investors that we will generate
any operating revenues or achieve profitable operations.

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 September 30, 2010, we had an accumulated deficit of
$7,392,408. These circumstances raise substantial doubt about our ability to
continue as a going concern, as described in the explanatory paragraph to our
independent auditors report on our consolidated financial statements for the
year ended December 31, 2009. Although our consolidated financial statements
raise substantial doubt about our ability to continue as a going concern, they
do not reflect any adjustments that might result if we are unable to continue
our business.

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

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

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

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

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

- inadequate pipeline transmission facilities or carrying capacity;
- government regulation of natural gas and oil production;

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15

- 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.

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.

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16

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;
- 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.

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17

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 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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18

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.

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19

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.

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.

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20

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.

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

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21

PART II - OTHER INFORMATION

ITEM 1A.    RISK FACTORS.

Not Applicable.

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

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

|1. | Effective July 26, 2010, we entered into a Debt
      Settlement and Subscription Agreement with David Steiner Primary Trust
      (the Trust), pursuant to which we agreed to issue 49,884 shares of our
      common stock to Steiner in settlement of all amounts owing to the Trust
      under the Convertible Debenture dated December 11, 2009 in the principal
      amount of $35,625 and outstanding interest to July 19, 2010 of $1,778. The
      shares were issued to the Trust on July 26, 2010 pursuant to Regulation D
      of the Securities Act of 1933 on the basis that the Trust represented that
      it was an accredited investor as such term is defined in Rule 501 of
      Regulation D and/or Section 4(2) of the Securities Act of 1933.                                                                                                                                                                                                                
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|2. | On July 27, 2010, the Company entered into a data
      purchase agreement (the Agreement) with two individuals (collectively
      the Vendors), pursuant to which the Company agreed to purchase from the
      Vendors geologic data relating to certain oil and gas mineral leases
      located in Texas, including among other things: electric logs, seismic
      work, seismic reprocessing, data from the Texas Railroad Commission. In
      consideration for the acquisition of the geologic data from the Vendors
      the Company agreed to issue an aggregate of 350,000 shares of the common
      stock of the Company to the Vendors. The shares were issued to the Vendors
      on July 27, 2010 pursuant to Regulation D of the Securities Act of 1933 on
      the basis that each of them represented that they were an accredited
      investor as such term is defined in Rule 501 of Regulation D and/or
      Section 4(2) of the Securities Act of 1933.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|3. | Effective September 7, 2010, we entered into a Debt
      Settlement and Subscription Agreement with Art Brokerage, Inc. (Art
      Brokerage), pursuant to which we issued 725,971 shares of common stock of
      the Company at a deemed price of $1.05 per share in settlement of $762,269
      of outstanding debt owed by the Company to Art Brokerage. The shares were
      issued to Art Brokerage pursuant to Regulation D of the Securities Act of
      1933 on the basis that it has represented that it is an accredited
      investor as such term is defined in Rule 506 of Regulation D and/or
      Section 4(2) of the Securities Act of 1933.                                                                                                                                                                                                                                                                                                                      

ITEM 3.       DEFAULTS UPON
SENIOR SECURITIES.

None.

ITEM 4.      (REMOVED AND
RESERVED).

ITEM 5.      OTHER INFORMATION.

None.

ITEM 6. EXHIBITS

|Exhibit |                                                                                                                                    
|------- | -----------------------------------------------------------------------------------------------------------------------------------
|Number  | Description                                                                                                                        
|        |                                                                                                                                    
|3.1     | Amended and Restated Articles
      (incorporated by reference from our Form 10-Q Quarterly report, filed on
      August 14, 2009)
|3.2     | Bylaws (incorporated by reference from our Form
      10SB Registration Statement, filed on August 8, 1999)                        

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22

|Exhibit |                                                                                                                                                                                                                                                                         
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  | Description                                                                                                                                                                                                                                                             
|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)                          
|10.13   | 2009 Stock Option Plan (incorporated by reference from
      our Form 10-Q Quarterly report, filed on August 14, 2009)                                                                                                                                                  
|10.14   | Debt Settlement and Subscription Agreement dated as of
      September 24, 2009 between Maverick Minerals Corp. and The Art Brokerage
      Inc. (incorporated by reference from our Form 10-Q Quarterly report, filed
      on November 16, 2009)                      
|10.15   | Farmout Agreement dated as of December 7, 2009 between
      Southeastern Pipe Line Company and Maverick Minerals Corporation
      (incorporated by reference from our Form 8-K Current report, filed on
      December 18, 2009)                                      
|10.16   | Subscription Agreement between Maverick Minerals
      Corporation and Robert Kinloch dated November 26, 2009 (incorporated by
      reference from our Form 8-K Current report, filed on December 10, 2009)                                                            
|10.17   | Convertible Debenture dated November 26, 2009
      (incorporated by reference from our Form 8-K Current report, filed on
      December 10, 2009)                                                                                                                      
|10.18   | Subscription Agreement and Convertible Debenture dated
      December 17, 2009 between Maverick Minerals Corporation and David Steiner
      (incorporated by reference from our Annual Report on Form 10-K, filed on
      April 15, 2010)                             
|10.19   | Debt Settlement and Subscription Agreement dated July 19,
      2010 between Maverick Minerals Corporation and David Steiner Primary Trust
      (incorporated by reference from our Quarterly Report on
Form 10-Q filed on August 13, 2010)                            

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23

|Exhibit |                                                                                                                                                                                                                                               
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  | Description                                                                                                                                                                                                                                   
|10.20   | Data Purchase Agreement dated
      July 27, 2010 (incorporated by reference from our Quarterly Report on Form
      10-Q filed on August 13, 2010)                                                                                           
|10.21   | Debt Settlement and Subscription Agreement
      dated September 7, 2010 between Maverick Minerals Corporation and The Art
      Brokerage, Inc. (incorporated by reference from Current Report on Form 8-K
      filed on September 16, 2010)
|10.22   | Loan Agreement dated September
      20, 2010 between Maverick Minerals Corporation and Art Brokerage, Inc.
      (incorporated by reference from Current Report on Form 8-K filed on
      September 24, 2010)                               
|10.23   | Pledge and Security Agreement between Maverick
      Minerals Corporation and Art Brokerage, Inc. (incorporated by reference
      from Current Report on Form 8-K filed on September 24, 2010)                                               
|10.24   | General Security Agreement
      between Maverick Minerals Corporation and Art Brokerage, Inc.
      (incorporated by reference from Current Report on Form 8-K filed on
      September 24, 2010)                                            
|10.25   | Amendment Agreement dated September 15, 2010
      between Maverick Minerals Corporation and Senergy Partners LLC
      (incorporated by reference from Current Report on Form 8-K filed on
      September 24, 2010)                         
|10.26   | Consulting Agreement dated
      September 23, 2010 between Maverick Minerals Corporation and Robert
      Kinloch (incorporated by reference from Current Report on Form 8-K filed
      on September 24, 2010)                              
|10.27   | Consulting Agreement dated September 23, 2010
      between Maverick Minerals Corporation and Donald Kinloch (incorporated by
  reference from Current Report on Form 8-K filed on September 24, 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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24

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: | November 12, 2010                                                   

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