---

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

FORM 10-QSB/A(Amendment No.
2)

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

For the quarterly period ending March 31, 2006

OR

[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number000-25515

MAVERICK MINERALS CORPORATION(formerly known as, Pacific Cart Services Ltd.)(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 AvenueSaskatoon, Saskatchewan,
Canada S7J 1H3(Address of principal executive offices)

(306) 343-5799Registrant's telephone number
including area code

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

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

1

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Explanatory Note

Maverick Minerals Corporation (the Company) is amending this
Quarterly Report on Form 10-QSB for the following reasons:

Subsequent to the issuance of the December 31, 2005 financial
statements, management identified various errors in connection with the
Company's 2005 and prior financial statements and determined that restatements
were necessary in respect of the following:

| | (a) | Revision of reverse acquisition accounting                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |     | On April 21, 2003, we closed a transaction with UCO to
      purchase the outstanding equity of UCO in exchange for 90% of our issued
      and outstanding common shares. The acquisition was initially accounted for
      using the purchase method. Subsequent to the issuance of the December 31,
      2005 financial statements, management revisited the acquisition and deemed
      the transaction to be a reverse acquisition for accounting purposes. As a
      result, we reversed the goodwill on the acquisition, and eliminated the
      accumulated deficit, deferred compensation and accumulated other
      comprehensive loss balances up to the reverse acquisition date. As a
      result the financial statements are now presented as a continuation of
      UCO.
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | (b) | Recognition of additional management
  compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |     | Subsequent to the issuance of December 31, 2005
      consolidated financial statements, we have corrected an error in the
      omission of management compensation resulting from shares that were issued
      in July 2003 to our CEO for management services. Initially, the
      transaction was recorded at $0.0136 per common share. As a result of the
      correction, the transaction was recorded at the quoted market price of
      $0.07 per common share and resulted in additional compensation expense of
      $84,500.                                                                                                                                                                                                                                                   
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | (c) | Recognition of management compensation on share
      cancellation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |     | Subsequent to the issuance of the December 31, 2005
      consolidated financial statements, we have corrected an error in the
      omission of management compensation resulting from the cancellation of
      common shares in 2005. As a result of the share cancellation, the
      ownership percentage of the common shares owned by our companys CEO
      increased resulting in a compensation expense to him of $44,720 in
      relation to the share cancellation.                                                                                                                                                                                                                                                                                                              
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | (d) | Loss on settlement of loan payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |     | Subsequent to the issuance of the December 31, 2005
      consolidated financial statements, we have corrected an error in the
      settlement of a loan payable balance through the issuance of common shares
      in 2005. The transaction was initially recorded at $0.06 per common share.
      The transaction is now recorded at the quoted market price of $0.14 per
      common share, resulting in a loss on settlement of $71,600.                                                                                                                                                                                                                                                                                                                                               
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | (e) | Recognition of additional stock-based
  compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |     | Subsequent to the issuance of the December 31, 2005
      consolidated financial statements, we have corrected an error in the
      calculation and omission of stock-based compensation resulting from stock
      options granted to our companys CEO and other non-employees. We have now
      recognized additional stock-based compensation expense of $134,261, for a
      total stock-based compensation expense of $140,438 during the year ended
      December 31, 2005.                                                                                                                                                                                                                                                                                                         
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | (f) | Forgiveness of related party balances payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |     | Subsequent to the issuance of the December 31, 2005
      consolidated financial statements, we have corrected an error relating to
      the recording of the forgiveness of related party balances
  payable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

2

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| |     | The transaction was initially recorded as a gain on
      write-off of liabilities. As a portion of this gain was related to related
      party balances, we have corrected this error by recording $1,027,791 of
      this gain as additional paid-in capital.                                                                                                                                                                                                                                                                                                                            
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | (g) | Impairment of oil and gas leases                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |     | Subsequent to the issuance of the December 31, 2005
      consolidated financial statements, we have corrected the assessment
      relating to the impairment write-down of its oil and gas leases. We have
      now recognized an impairment write-down of its oil and gas leases of
      $419,959, and the impairment reflects the fair value of oil and gas leases
      which approximates the amount of the note payable to Veneto, which is the
      underlying liability of the oil and gas leases.                                                                               
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | (h) | Re-classification of non-cash items on cash
flow                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |     | Subsequent to the issuance of the December 31, 2005
      consolidated financial statements, we have corrected an error relating to
      the disclosure of operating activities, financing activities, and
      investing activities in relation to the Veneto Agreement and settlement of
      loan payable. The loan from Art Brokerage, and the subsequent investment
      of $375,000 into the unitized lease were classified as non-cash items and
      should have been disclosed as an inflow of cash in financing activities,
      and outflow of cash in investing activities.

Other than the foregoing items, no part of the Quarterly Report
on Form 10-QSB initially filed on May 22, 2006 and amended on Form 10-QSB/A
filed on May 22, 2006 is being amended, and the filing of this Amended Quarterly
Report on Form 10-QSB/A should not be understood to mean that any other
statements contained therein are untrue or incomplete as of any date subsequent
to May 22, 2006.

3

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PART I

ITEM
1.              
FINANCIAL INFORMATION







4

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MAVERICK MINERALS CORPORATION 
  (An Exploration Stage Company) 
  Consolidated Balance Sheets 
  (Unaudited - Expressed in U.S. Dollars) 
  (Restated - Note 8)

|                                                                         |   | March 31   |   |   | December 31 |  
|------------------------------------------------------------------------ | - | ---------- | - | - | ----------- | -
|                                                                         |   | 2006       |   |   | 2005        |  
|                                                                         |   |            |   |   |             |  
|                                                                         |   |            |   |   |             |  
|Current Assets                                                           |   |            |   |   |             |  
|Cash                                                                     | $ | 102        |   | $ | 196         |  
|Prepaid expenses                                                         |   | 10,500     |   |   | -           |  
|TOTAL CURRENT ASSETS                                                     |   | 10,602     |   |   | 196         |  
|Investment in oil and gas leases (Note 3)                                |   | 1,455,000  |   |   | 1,400,000   |  
|TOTAL ASSETS                                                             | $ | 1,465,602  |   | $ | 1,400,196   |  
|                                                                         |   |            |   |   |             |  
|                                                                         |   |            |   |   |             |  
|Current Liabilities                                                      |   |            |   |   |             |  
|Accounts payable (Note 5)                                                | $ | 213,663    |   | $ | 218,598     |  
|Accrued liabilities                                                      |   | 7,650      |   |   | 10,000      |  
|Loans payable (Note 4)                                                   |   | 935,420    |   |   | 810,500     |  
|Current portion of long term debt (Note
      3)                         |   | 700,000    |   |   | 700,000     |  
|TOTAL CURRENT LIABILITIES                                                |   | 1,856,733  |   |   | 1,739,098   |  
|Long Term Debt (Note 3)                                                  |   | 700,000    |   |   | 700,000     |  
|TOTAL LIABILITIES                                                        |   | 2,556,733  |   |   | 2,439,098   |  
|                                                                         |   |            |   |   |             |  
|Capital Deficit                                                          |   |            |   |   |             |  
|Capital Stock                                                            |   |            |   |   |             |  
|Authorized:                                                              |   |            |   |   |             |  
|100,000,000
      common shares at $0.001 par value                      |   |            |   |   |             |  
|Issued and fully paid 27,347,208 (2005 - 27,347,208)
      common shares |   |            |   |   |             |  
|Par
      value                                                          |   | 27,347     |   |   | 27,347      |  
|Additional paid-in capital                                               |   | 524,263    |   |   | 524,263     |  
|Deficit, accumulated during the exploration
      stage                  |   | (1,643,614 | ) |   | (1,591,385  | )
|Accumulated other comprehensive income                                   |   | 873        |   |   | 873         |  
|TOTAL CAPITAL DEFICIT                                                    |   | (1,091,131 | ) |   | (1,038,902  | )
|TOTAL LIABILITIES
      AND CAPITAL DEFICIT                              | $ | 1,465,602  |   | $ | 1,400,196   |  

The accompanying notes are an integral part of these financial
  statements

F-1

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MAVERICK MINERALS CORPORATION 
  (An Exploration Stage Company)Consolidated Statements of Operations and Comprehensive Income (Loss)
  
  (Unaudited - Expressed in U.S. Dollars) 
  (Restated - Note 8)

|                                                      |   | Cumulative From   |   |   |                          |   |   |                   |  
|----------------------------------------------------- | - | ----------------- | - | - | ------------------------ | - | - | ----------------- | -
|                                                      |   | Date of Inception |   |   |                          |   |   |                   |  
|                                                      |   | (April 21, 2003)  |   |   | Three Month Period Ended |  
|                                                      |   | to March 31,      |   |   | March 31                 |  
|                                                      |   | 2006              |   |   | 2006                     |   |   | 2005              |  
|                                                      |   |                   |   |   |                          |   |   | (Restated-Note 8) |  
|General and administration expenses                   |   |                   |   |   |                          |   |   |                   |  
|Audit fees                                            | $ | 42,785            |   | $ | -                        |   | $ | -                 |  
|Depreciation                                          |   |                   |   |   | -                        |   |   | -                 |  
|Freight                                               |   | 7,601             |   |   | -                        |   |   | -                 |  
|Insurance                                             |   | 186,297           |   |   | -                        |   |   | -                 |  
|Accounting, legal, engineering & consulting,          |   |                   |   |   |                          |   |   |                   |  
|investor relations                                    |   | 156,906           |   |   | 9,125                    |   |   | 1,236             |  
|Management fees and stock based compensation (Note 5) |   | 564,617           |   |   | 22,500                   |   |   | 18,750            |  
|Office                                                |   | 53,911            |   |   | 858                      |   |   | 494               |  
|Telephone and utilities                               |   | 83,059            |   |   | -                        |   |   | -                 |  
|Transfer agent fees                                   |   | 6,844             |   |   | 284                      |   |   | 36                |  
|Travel                                                |   | 152,288           |   |   | 8,962                    |   |   | 3,357             |  
|Wages and benefits                                    |   | 86,588            |   |   | -                        |   |   | -                 |  
|Gain on disposal of assets                            |   | (795,231          | ) |   | -                        |   |   | -                 |  
|                                                      |   | 545,665           |   |   | 41,729                   |   |   | 23,873            |  
|Loss from operations                                  |   | (545,665          | ) |   | (41,729                  | ) |   | (23,873           | )
|Other income (expenses)                               |   |                   |   |   |                          |   |   |                   |  
|Interest expense                                      |   | (38,857           | ) |   | (10,500                  | ) |   | -                 |  
|Loss on settlement of loan payable (Note
      6)     |   | (71,600           | ) |   | -                        |   |   | -                 |  
|Gain on liabilities write-off                         |   | 300,973           |   |   | -                        |   |   | -                 |  
|Loss from continuing operations                       |   | (355,149          | ) |   | (52,229                  | ) |   | (23,873           | )
|                                                      |   |                   |   |   |                          |   |   |                   |  
|Loss from discontinued operations                     |   | (1,288,465        | ) |   | -                        |   |   | -                 |  
|                                                      |   |                   |   |   |                          |   |   |                   |  
|Loss for the period                                   |   | (1,643,614        | ) |   | (52,229                  | ) |   | (23,873           | )
|Other Comprehensive Income                            |   |                   |   |   |                          |   |   |                   |  
|Foreign currency translation adjustments              |   | 873               |   |   | -                        |   |   | -                 |  
|Comprehensive Loss                                    | $ | (1,642,741        | ) | $ | (52,229                  | ) | $ | (23,873           | )
|Loss per share - basic and diluted                    |   |                   |   | $ | (0.00                    | ) | $ | (0.00             | )
|Weighted average shares outstanding                   |   |                   |   |   | 27,347,208               |   |   | 74,950,970        |  

The accompanying notes are an integral part of these financial
  statements

F-2

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MAVERICK MINERALS CORPORATION 
  (An Exploration Stage Company) 
  Consolidated Statements of Cash Flows 
  (Unaudited - Expressed in U.S. Dollars) 
  (Restated - Note 8)

|                                                             |   | Cumulative From   |   |   |                          |   |   |                   |  
|------------------------------------------------------------ | - | ----------------- | - | - | ------------------------ | - | - | ----------------- | -
|                                                             |   | Date of Inception |   |   |                          |   |   |                   |  
|                                                             |   | (April 21, 2003)  |   |   | Three Month Period Ended |  
|                                                             |   | to March 31,      |   |   | March
      31           |  
|                                                             |   | 2006              |   |   | 2006                     |   |   | 2005              |  
|                                                             |   |                   |   |   |                          |   |   | (Restated-Note 8) |  
|Operating Activities                                         |   |                   |   |   |                          |   |   |                   |  
|Net loss for the period                                      | $ | (1,643,614        | ) | $ | (52,229                  | ) | $ | (23,873           | )
|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                                   |   | (795,231          | ) |   | -                        |   |   | -                 |  
|Gain on liabilities write-off                                |   | (300,973          | ) |   | -                        |   |   | -                 |  
|Stock based compensation                                     |   | 185,158           |   |   | -                        |   |   | -                 |  
|Depreciation                                                 |   | 277,578           |   |   | -                        |   |   | -                 |  
|Shares issued for services                                   |   | 105,000           |   |   | -                        |   |   | -                 |  
|Loss on settlement of loan payable                           |   | 71,600            |   |   | -                        |   |   | -                 |  
|Changes in non-cash working capital items                    |   |                   |   |   |                          |   |   |                   |  
|Prepaid expenses                                             |   | (10,500           | ) |   | (10,500                  | ) |   | -                 |  
|Accounts payable                                             |   | 1,480,258         |   |   | (4,935                   | ) |   | (1,091            | )
|Accrued liabilities                                          |   | 7,650             |   |   | (2,350                   | ) |   | -                 |  
|Cash used in operating activities                            |   | (203,115          | ) |   | (70,014                  | ) |   | (24,964           | )
|                                                             |   |                   |   |   |                          |   |   |                   |  
|Investing Activities                                         |   |                   |   |   |                          |   |   |                   |  
|Investment in oil and gas leases                             |   | (474,959          | ) |   | (55,000                  | ) |   | -                 |  
|Purchase of property and equipment                           |   | (311,367          | ) |   | -                        |   |   | -                 |  
|Cash used in investing activities                            |   | (786,326          | ) |   | (55,000                  | ) |   | -                 |  
|                                                             |   |                   |   |   |                          |   |   |                   |  
|Financing Activities                                         |   |                   |   |   |                          |   |   |                   |  
|Shares issued for cash                                       |   | 53,250            |   |   | -                        |   |   | -                 |  
|Proceeds from loans payable                                  |   | 935,420           |   |   | 124,920                  |   |   | -                 |  
|Cash provided by financing activities                        |   | 988,670           |   |   | 124,920                  |   |   | -                 |  
|                                                             |   |                   |   |   |                          |   |   |                   |  
|Decrease in cash during the period                           |   | (771              | ) |   | (94                      | ) |   | (24,964           | )
|Effect of cumulative currency translation                    |   | 873               |   |   | -                        |   |   | -                 |  
|Cash, beginning of the period                                |   | -                 |   |   | 196                      |   |   | 25,025            |  
|Cash, end of the period                                      | $ | 102               |   | $ | 102                      |   | $ | 61                |  
|                                                             |   |                   |   |   |                          |   |   |                   |  
|                                                             |   |                   |   |   |                          |   |   |                   |  
|Supplemental Cash Flow information                           |   |                   |   |   |                          |   |   |                   |  
|Interest paid                                                | $ | 24,500            |   | $ | 10,500                   |   | $ | -                 |  
|Non-cash investing and financing activities:                 |   |                   |   |   |                          |   |   |                   |  
|Impairment in oil and gas leases                             |   | 419,959           |   |   | -                        |   |   | -                 |  
|Investment in oil and gas leases in exchange                 |   |                   |   |   |                          |   |   |                   |  
|for
      notes payable to Veneto                            |   | 1,400,000         |   |   | -                        |   |   | -                 |  
|Settlement of loan payable (Note 6)                          |   | 53,700            |   |   | -                        |   |   | -                 |  
|Forgiveness of related party balances
      payable (Note 5) |   | 1,027,791         |   |   | -                        |   |   | -                 |  

The accompanying notes are an integral part of these financial
  statements

F-3

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MAVERICK MINERALS CORPORATION 
  (An Exploration Stage Company) 
  Statement of Changes in Capital DeficitFor the Period From date of inception on April 21, 2003 to March 31,
  2006 
  (Unaudited - Expressed in U.S. Dollars) 
  (Restated - Note 8)

|                                                           | Number
        of |   |   | Par Value         |   |   | Additional |   |   | Accumulated |   |   | Other         |  |   | Total      |  
|---------------------------------------------------------- | ----------------- | - | - | ----------------- | - | - | ---------- | - | - | ----------- | - | - | ------------- |  | - | ---------- | -
|                                                           | Common            |   |   | @$0.001           |   |   | Paid-in    |   |   | Deficit     |   |   | Comprehensive |  |   | Capital    |  
|                                                           | Shares            |   |   | Per
        Share |   |   | Capital    |   |   |             |   |   | Loss          |  |   | Deficit    |  
|Balance, April 21, 2003                                    | 100               |   | $ | -                 |   | $ | -          |   | $ | -           |   | $ | -             |  | $ | -          |  
|Adjustment for the issuance of                             |                   |   |   |                   |   |   |            |   |   |             |   |   |               |  |   |            |  
|common stock on recapitalization                           | 37,580,400        |   |   | 37,580            |   |   | (37,580    | ) |   | -           |   |   | -             |  |   | -          |  
|                                                           | 37,580,500        |   |   | 37,580            |   |   | (37,580    | ) |   | -           |   |   | -             |  |   | -          |  
|Adjustment to capital deficit of the                       |                   |   |   |                   |   |   |            |   |   |             |   |   |               |  |   |            |  
|Company at the recapitalization date                       | 4,176,026         |   |   | 4,176             |   |   | (949,065   | ) |   | -           |   |   | -             |  |   | (944,889   | )
|                                                           | 41,756,526        |   |   | 41,756            |   |   | (986,645   | ) |   | -           |   |   | -             |  |   | (944,889   | )
|Shares issued for management services (Note 6)             | 1,500,000         |   |   | 1,500             |   |   | 103,500    |   |   | -           |   |   | -             |  |   | 105,000    |  
|Currency translation adjustment                            | -                 |   |   | -                 |   |   | -          |   |   | -           |   |   | 873           |  |   | 873        |  
|Net loss for the
        period                            | -                 |   |   | -                 |   |   | -          |   |   | (626,985    | ) |   | -             |  |   | (626,985   | )
|Balance, December 31, 2003                                 | 43,256,526        |   |   | 43,256            |   |   | (883,145   | ) |   | (626,985    | ) |   | 873           |  |   | (1,466,001 | )
|Shares issued for cash (Note 6)                            | 10,000,000        |   |   | 10,000            |   |   | 15,000     |   |   | -           |   |   | -             |  |   | 25,000     |  
|Shares subscribed but unissued                             | -                 |   |   | 27,500            |   |   | -          |   |   | -           |   |   | -             |  |   | 27,500     |  
|Forgiveness of related party balances payable (note 5)     | -                 |   |   | -                 |   |   | 1,027,791  |   |   | -           |   |   | -             |  |   | 1,027,791  |  
|Net income for the year                                    | -                 |   |   | -                 |   |   | -          |   |   | 71,698      |   |   | -             |  |   | 71,698     |  
|Balance, December 31, 2004                                 | 53,256,526        |   |   | 80,756            |   |   | 159,646    |   |   | (555,287    | ) |   | 873           |  |   | (314,012   | )
|Shares subscribed but unissued                             | -                 |   |   | (27,500           | ) |   | -          |   |   | -           |   |   | -             |  |   | (27,500    | )
|Shares issued for cash (Note 6)                            | 27,500,000        |   |   | 27,500            |   |   | -          |   |   | -           |   |   | -             |  |   | 27,500     |  
|Cancellation of shares (Note 6)                            | (54,379,318       | ) |   | (54,379           | ) |   | 54,379     |   |   | -           |   |   | -             |  |   | -          |  
|Compensation expense on share cancellation (Note 6)        | -                 |   |   | -                 |   |   | 44,720     |   |   | -           |   |   | -             |  |   | 44,720     |  
|Shares issued for loan payable settlement
        (Note 6) | 895,000           |   |   | 895               |   |   | 124,405    |   |   | -           |   |   | -             |  |   | 125,300    |  
|Shares issued for cash (Note 6)                            | 75,000            |   |   | 75                |   |   | 675        |   |   | -           |   |   | -             |  |   | 750        |  
|Stock based compensation (Note 7)                          | -                 |   |   | -                 |   |   | 140,438    |   |   | -           |   |   | -             |  |   | 140,438    |  
|Net loss for the
        year                              | -                 |   |   | -                 |   |   | -          |   |   | (1,036,098  | ) |   | -             |  |   | (1,036,098 | )
|Balance, December 31, 2005                                 | 27,347,208        |   |   | 27,347            |   |   | 524,263    |   |   | (1,591,385  | ) |   | 873           |  |   | (1,038,902 | )
|Net loss for the
        period                            | -                 |   |   | -                 |   |   | -          |   |   | (52,229     | ) |   | -             |  |   | (52,229    | )
|Balance, March 31, 2006                                    | 27,347,208        |   | $ | 27,347            |   | $ | 524,263    |   | $ | (1,643,614  | ) | $ | 873           |  | $ | (1,091,131 | )

The accompanying notes are an integral part of these financial
  statements

F-4

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2006                            
|(Unaudited  Expressed in U.S. Dollars)   
|(Restated 
      Note 8)                 

|Note 1. | NATURE OF OPERATIONS AND ABILITY TO CONTINUE
      AS A GOING CONCERN                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|        | Maverick Minerals Corporation
        (the Company) was incorporated on August 27, 1998 under the
        Company Act of the State of Nevada, U.S.A. to pursue opportunities in
        the business of franchising fast food distributor systems. On May 23,
        2001, the Company changed its direction to the energy and mineral resource
        fields, as an exploration stage company, and still is an exploration stage
        company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|        | On April 21, 2003 the Company
        closed a transaction, as set out in the Purchase Agreement (the Agreement)
        with UCO Energy Corporation (UCO) to purchase the outstanding
        equity of UCO. To facilitate the transaction, the Company consolidated
        its share capital at a ratio of one for five. Subsequent to the share
        consolidation, the Company issued 37,580,400 common shares in exchange
        for all the issued and outstanding common shares of UCO. As a result of
        the transaction, the former shareholders of UCO held approximately 90%
        of the issued and outstanding common shares of the Company. The acquisition
        of UCO was recorded as a reverse acquisition for accounting purposes as
        a recapitalization of UCO. A net distribution of $944,889 was recoded
        in connection with the common stock of the Company for the acquisition
        of UCO in respect of the Companys net liabilities at the acquisition
        date. The Company had minimal assets and had liabilities owing to suppliers
        as well as amounts owing under agreements with third parties as well as
        related parties and as there were no other business interests, the Company
        was acting as a public shell company. The financial statements are now
        presented as a continuation of UCO. UCO was in the business of pursuing
        opportunities in the coal mining industry. The Company has since disposed
        of its mining and oil and gas interests and is seeking new projects in
        these industries.
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|        | These accompanying consolidated
        financial statements have been prepared in accordance with accounting
        principles generally accepted in the United States of America applicable
        to a going concern, which contemplates the realization of assets and the
        satisfaction of liabilities and commitments in the normal course of business.
        As at March 31, 2006, the Company has negative working capital of $1,846,131
        (December 31, 2005 - $1,738,902), and had an accumulated deficit of $1,643,614
        at March 31, 2006. The continuation of the Company is dependent upon obtaining
        a successful new exploration project, the continuing support of creditors
        and stockholders as well as achieving and maintaining a profitable level
        of operations. These conditions raise substantial doubt about the Companys
        ability to continue as a going concern. Management anticipates that it
        requires approximately $1,065,000 up to December 31, 2008 to continue
        operations. To the extent that cash needs are not achieved from operating
        cash flow and existing cash on hand, the Company plans to raise necessary
        cash through equity issuances and/or debt financing. Amounts raised will
        be used to continue the development of the Company's 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|Note 2. | SUMMARY OF SIGNIFICANT ACCOUNTING
        POLICIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|        | 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

F-5

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2006                            
|(Unaudited  Expressed in U.S. Dollars)   
|(Restated 
      Note 8)                 

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 years ended December
  31, 2006 and 2005. 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 the annual results.

New Accounting Pronouncements

In June 2005, the FASB issued Statement
  of Financial Accounting Standard No. 154, Accounting Changes and Error
  Corrections, a replacement of APB Opinion No. 20, Accounting Changes, and FASB
  Statement No. 3, Reporting Accounting Changes in Interim Financial Statements
  (SFAS 154). The Statement applies to all voluntary changes in accounting
  principle, and changes the requirements for accounting for and reporting of
  a change in accounting principle. SFAS 154 requires retrospective application
  to prior periods financial statements of a voluntary change in accounting
  principle unless it is impracticable. SFAS 154 requires that a change in method
  of depreciation, amortization, or depletion for long-lived, non-financial assets
  be accounted for as a change in accounting estimate that is affected by a change
  in accounting principle. Opinion 20 previously required that such a change be
  reported as a change in accounting principle. SFAS 154 is effective for accounting
  changes and corrections of errors made in fiscal years beginning after December
  15, 2005. The Company has determined the adoption of this pronouncement did
  have a material impact on the Companys financial statements and the changes
  have been reflected in these financial statements (Note 8).

In February 2006, the Financial Accounting
  Standards Board (FASB) issued SFAS No. 155, Accounting for
  Certain Hybrid Financial Instruments  an Amendment of FASB Statements
  No. 133 and 140. Among other things, SFAS No. 155 permits the election
  of fair value measurement for certain hybrid financial instruments that would
  otherwise require bifurcation under Statement 133, Accounting for Derivative
  Instruments and Hedging Activities. These hybrid financial instruments
  would include both assets and liabilities. SFAS No. 155 is effective for fiscal
  years beginning after September 15, 2006. The Company is currently evaluating
  the impact of the provisions of SFAS No. 155.

In September 2006, the FASB issued SFAS
  No. 157, Fair Value Measurements (SFAS No. 157). SFAS
  No. 157 defines fair value, establishes a framework for measuring fair value
  in accordance with generally accepted accounting principles, and expands disclosures
  about fair value measurements. The provisions of SFAS 157 are effective for
  fiscal years beginning after November 15, 2007. The Company is currently evaluating
  the impact of the provisions of SFAS No. 157.

In June 2006, FASB issued interpretation
  No. 48, Accounting for Uncertainty in Income Taxes-an interpretation of
  FASB Statement No. 109 (FAS No. 109) (FIN 48). This interpretation
  prescribes a recognition threshold and measurement attribute for tax positions
  taken or expected to be taken in a tax return. This interpretation also provides
  guidance on de-recognition, classification, interest and penalties, accounting
  in interim periods, disclosure and transition. The evaluation of a tax position
  in accordance with this interpretation is a two-step process. In the first step,
  recognition, the Company determines whether it is more-likely-than-not that
  a tax position will be sustained upon examination, including resolution of any
  related appeals or litigation processes, based on the technical merits of the
  position. The second step addresses measurement of a tax position that meets
  the more-likely-than-not criteria. The tax position is measured at the largest
  amount of benefit that is greater than 50 percent likely of being realized upon
  ultimate settlement. Differences between tax positions taken in a tax return
  and amounts recognized in the financial statements will generally result in
  a) an increase in a liability for income taxes payable or a reduction of an
  income tax refund receivable, b) a reduction in a deferred tax asset or an increase
  in

F-6

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2006                            
|(Unaudited  Expressed in U.S. Dollars)   
|(Restated 
      Note 8)                 

|        | a deferred tax liability or
        c) both a) and b). Tax positions that previously failed to meet the more-
        likely-than-not recognition threshold should be recognized in the first
        subsequent financial reporting period in which that threshold is met.
        Previously recognized tax positions that no longer meet the more-likely-than-not
        recognition threshold should be de-recognized in the first subsequent
        financial reporting period in which that threshold is no longer met. Use
        of a valuation allowance as described in FAS No. 109 is not an appropriate
        substitute for the de-recognition of a tax position. The requirement to
        assess the need for a valuation allowance for deferred tax assets based
        on sufficiency of future taxable income is unchanged by this interpretation.
        This Interpretation is effective for fiscal years beginning after December
        15, 2006. The Company is currently evaluating the impact FIN 48 will have
        on the Companys consolidated balance sheet and statement of operations.
|------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|        | On September 13, 2006, the Securities
        and Exchange Commission (SEC) issued Staff Accounting Bulletin
        (SAB) No. 108 which provides interpretive guidance on how
        the effects of the carryover or reversal of prior year misstatements should
        be considered in quantifying a current year misstatement. SAB 108 is effective
        for fiscal years ending after November 15, 2006. The Company has determined
        that SAB 108 did not have a material impact on its financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|Note 3. | INVESTMENTS IN OIL AND GAS
        LEASES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|        | The Company had working interests
        in petroleum and natural gas properties and cost and results of operations
        are as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

| | S. Neill Unitized Lease                                   |   |           |  
| | --------------------------------------------------------- | - | --------- | -
| | Costs of unitized lease acquired on August
      31, 2005 | $ | 1,775,000 |  
| | Development costs during the year ended December 31, 2005 |   | 44,959    |  
| | Impairment write down as at December 31, 2005             |   | (419,959  | )
| | Balance, December
      31, 2005 and March 31, 2006       |   | 1,400,000 |  
| |                                                           |   |           |  
| | Knox Lease                                                |   |           |  
| | Cost of lease acquired on February 20, 2006               | $ | 55,000    |  
| | Balance at March 31,
      2006                           | $ | 55,000    |  

An agreement was entered between the
  Companys subsidiary, Eskota Energy Corporation (Eskota), and
  Veneto Exploration LLC (Veneto) on August 18, 2005 with a closing
  date of August 31, 2005 whereby Veneto agreed to assign, transfer, convey and
  set over unto Eskota, all of Venetos right, title and interest in and
  to those oil and gas lease known informally between the parties as the Eskota
  Leases, in exchange for a $1,400,000 note payable. An additional $375,000
  cash was paid by the Company for the acquisition of the Eskota Leases.

Eskota was to receive all revenue rightfully
  owed under the above noted leases. Eskota agreed to contribute not less than
  $400,000 towards capital improvements on the said lease and equipment during
  the first twelve months after closing. The parties agreed to negotiate a reasonable
  covenant to ensure these expenditures are made.

A note payable was signed on August
  31, 2005 between Eskota and Veneto whereby Eskota promises to pay Veneto $700,000
  before August 31, 2006, and $700,000 by May 31, 2007. Interest of 3% annually
  is payable monthly on the last day of each month on all balances after closing.
  Collateral is all oil and gas leases including wells and all personal property,
  fixtures, machinery and equipment situated on or in the oil and gas leases.

F-7

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2006                            
|(Unaudited  Expressed in U.S. Dollars)   
|(Restated 
      Note 8)                 

|            | In light of these hard deadlines
        and the fact that the purchase price was predicated partially on down
        hole success from the initial re-works, management determined that it
        was not prudent to proceed with further investment on the property and
        that settlement discussions should begin with the vendor for a mutual
        release and return of the property and retirement of the promissory note
        of $1,400,000 issued by the Company. The effect of the initial failure
        to increase production from the first two attempts to restore the existing
        wells was reflected in an asset impairment charge taken by the Company
        of $419,959 in its December 31, 2005 fiscal year end financial statements.
        The asset impairment charge was based on the value of the note payable
        owing to Veneto as of December 31, 2005 which was the underlying liability
        of the asset. The agreement between Eskota and Veneto allows for the return
        of the Eskota Leases back to Veneto in the event that Eskota could not
        meet their obligation on the note payable.
|----------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|            | In December 2005, Veneto gave
        notice to Eskota and Eskotas customers, to direct any cash payments
        relating to the Eskota Leases to Veneto directly as a result of non-payment
        of various payables by Eskota in relation to the Eskota Leases. As a result
        of this action, all revenues generated from the Eskota Leases were recognized
        by Veneto, and any expenses and obligations arising from the Eskota Leases
        after the notice was given, were assumed by Veneto. As a result, Eskota
        did not recognize revenue or operating expenses from the Eskota Leases
        during the three- month period ended March 31, 2006.                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|            | On February 20, 2006 and acting
        in concert, Veneto and the Company purchased a natural gas lease in Stephens
        County, Texas. The lease is known as the Knox lease. Veneto and the Company
        acquired the lease in equal undivided portions. The total purchase price
        for the lease, $55,000, was advanced 100% by the Company with the provision
        that the lease would subsequently be placed for resale with the understanding
        that each side would share in any profit after the return of the purchase
        price of $55,000 to the Company upon the completion of any sale.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|            | Discontinued Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|            | In March 2006, management determined
        to not proceed further with the Eskota Leases and entered 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 July 6, 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, which will be reflected as income from discontinued operations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|**Note 4.** | LOANS PAYABLE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|            | The Company has the following
        loans payable. These amounts are unsecured, bear no interest, with no
        specific terms of repayment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

| |                               |   | March 31 |  |   | December 31 | 
| | ----------------------------- | - | -------- |  | - | ----------- | 
| |                               |   | 2006     |  |   | 2005        | 
| | Art brokerage                 | $ | 604,020  |  | $ | 479,100     | 
| | Pride of Aspen Associates LLC |   | 311,400  |  |   | 311,400     | 
| | Mr Allonzo B. Leavell         |   | 20,000   |  |   | 20,000      | 
| |                               | $ | 935,420  |  | $ | 810,500     | 

F-8

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2006                            
|(Unaudited  Expressed in U.S. Dollars)   
|(Restated 
      Note 8)                 

|        | Additional amounts have been
        advanced by Art Brokerage subsequent to the financial statement date under
        similar terms.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|Note 5. | RELATED PARTY TRANSACTIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|        | During the year ended December
        31, 2004, an agreement was reached between the Company, UCO and its creditors
        releasing the Company and UCO from any further obligations in relation
        to amounts owing. As a result, $1,027,791 of payables and liabilities
        that were owing to related parties was forgiven and recorded against additional
        paid-in capital. The remaining balance owing to unrelated creditors was
        recorded as a gain.                                                                                                                                                                                                                                                                        
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|        | On June 5, 2005, the Company
        entered into a management agreement with its chief executive officer (CEO).
        The agreement was for a term of two years with an annual fee of $90,000
        and will expire, unless amended, on May 31, 2007. A new management agreement
        has not been signed and it has been assumed that the previous management
        agreement is still in effect until a new agreement has been entered into.                                                                                                                                                                                                                                                                                                   
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|        | Management fees of $22,500 are
        charged to expense in these financial statements for the three month period
        ended March 31, 2006 (2005 - $18,750) There are management fees payable
        of $7,500 at March 31, 2006 (December 31, 2005 - $4,176) that have been
        included in accounts payable.                                                                                                                                                                                                                                                                                                                                                                                                                                     
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|Note 6. | SHARE CAPITAL                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|        | As explained in Note 1, on April
        21, 2003 the Company issued 37,580,400 common shares in exchange for all
        the issued and outstanding common shares of UCO.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|        | In July 2003, the Company issued
        1,500,000 common shares to the Companys CEO in exchange for management
        services. The transaction was recorded at the quoted market price of $0.07
        per common share and resulted in compensation expense of $105,000. No
        consideration was received by the Company in the exchange of shares for
        management services.                                                                                                                                                                                                                                                                                                                                                               
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|        | In June 2004, the Company issued
        10,000,000 common shares at a price of $0.025 for proceeds of $25,000.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|        | In January 2005, the Company
        issued 27,500,000 common shares at a price of $0.001 for proceeds of $27,500.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|        | In June 2005, the Company cancelled
        54,379,318 common shares, under an agreement with certain stockholders,
        which included the former stockholders of UCO, and two other stockholders
        including the CEO of the Company. The former stockholders of UCO surrendered
        the majority of the shares which was approximately 95% of the total common
        shares that they held at the time. As a result of the share cancellation,
        one single common stockholder emerged as the majority stockholder with
        approximately 76% of the total issued and outstanding common shares. In
        addition, the CEOs percentage common share holding increased and
        resulted in compensation expense of $44,720.
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|        | In July 2005, the Company issued
        895,000 common shares at a price of $0.06 to settle an amount owing with
        respect to a loan payable. The transaction was recorded at the quoted
        market price of $0.14 and resulted in a loss on settlement of loan payable
        of $71,600.                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|        | In September 2005, the Company
        issued 75,000 common shares at a price of $0.01 for cash proceeds of $750
        in relation to the exercise of stock options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

F-9

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2006                            
|(Unaudited  Expressed in U.S. Dollars)   
|(Restated 
      Note 8)                 

|        | In April 2006, the Company issued
        60,000 common shares at a price of $0.01 for $600 in relation to the exercise
        of stock options.                                                                                                                                                                                                                                
|------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                  
|Note 7. | 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.
|        |                                                                                                                                                                                                                                                                                                                                                                                  
|        | Stock option grants in 2005 and
        2006 were to non-employees. Stock option transactions and the number of
        stock options outstanding are summarized as follows:                                                                                                                                                                                                     

| |                                                    |  |            |   |   | Weighted | 
| | -------------------------------------------------- |  | ---------- | - | - | -------- | 
| |                                                    |  |            |   |   | Average  | 
| |                                                    |  | Number     |   |   | Exercise | 
| |                                                    |  | of Options |   |   | Price    | 
| |                                                    |  |            |   |   |          | 
| | Balance, January 1, 2005                           |  | -          |   | $ | -        | 
| | Granted                                            |  | 1,275,000  |   |   | 0.08     | 
| | Exercised                                          |  | (75,000    | ) |   | 0.01     | 
| | Balance December
      31, 2005 and March 31, 2006 |  | 1,200,000  |   | $ | 0.08     | 
| |                                                    |  |            |   |   |          | 
| | Options exercisable,
      as at March 31, 2006    |  | 1,200,000  |   | $ | 0.08     | 
| | Options exercisable, as at December 31, 2005       |  | 1,200,000  |   | $ | 0.08     | 

In June 2005, options to purchase 1,000,000
  common shares were granted to the Companys CEO and vested immediately
  upon grant. One half of the options were granted at an exercise price of $0.01
  expiring September 30, 2006. The remaining half was granted at an exercise price
  of $0.03 expiring December 31, 2006. All options under this grant expired unexercised
  during the year ended December 31, 2006.

In August 2005, options to purchase
  200,000 common shares were granted to two non-employees, and vested immediately
  upon grant. One half of the options were granted at an exercise price of $0.25
  expiring August 31, 2006. The remaining half was granted at an exercise price
  of $0.50 expiring August 31, 2006. All options under this grant expired unexercised
  during the year ended December 31, 2006.

In September 2005, options to purchase
  75,000 common shares were granted to consultants, and vested immediately upon
  grant. These options were granted with the understanding that they were to be
  exercised immediately. The options were subsequently exercised at an exercise
  price of $0.01 for proceeds of $750.

The weighted average grant date fair
  value of stock options granted during the year ended December 31, 2005, was
  $0.11 per share.

No stock options were granted during
  the three month period ended March 31, 2006.

F-10

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2006                            
|(Unaudited  Expressed in U.S. Dollars)   
|(Restated 
      Note 8)                 

|            | Stock-based compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|----------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|            | Stock options                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|            | Compensation expense for options
        granted during the period is recognized in accordance with SFAS No. 123(R)
        which requires all options granted to be measured at fair value. Such
        compensation is amortized over the contract services period or, if none
        exists, from the date of grant until the options vest for non-employees.
        For the years ended December 31, 2006 and 2005, all options were granted
        to non-employees and vested on the grant date. For 2005, the Company followed
        SFAS 123 Accounting for Stock-Based Compensation to account
        for all stock options granted.                                                                                                                                                                                                                              
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|            | Stock based compensation expense
        of $ Nil was recognized during the three-month periods ended March 31,
        2006 and 2005.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|**Note 8.** | RESTATEMENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|            | (a) Revision of reverse acquisition
        accounting                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|            | On April 21, 2003 the Company
        closed a transaction with UCO to purchase the outstanding equity of UCO
        in exchange for 90% of the issued and outstanding common shares of the
        Company (see Note 1). The acquisition was initially accounted for using
        the purchase method. Subsequent to the issuance of the March 31, 2006
        financial statements, management revisited the acquisition and deemed
        the transaction to be a reverse acquisition for accounting purposes. As
        a result, the Company reversed the goodwill on the acquisition, and eliminated
        the accumulated deficit, deferred compensation and accumulated other comprehensive
        loss balances in the Company up to the reverse acquisition date. As a
        result the financial statements are now presented as a continuation of
        UCO.
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|            | (b) Recognition of additional
        management compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|            | Subsequent to the issuance of
        March 31, 2006 consolidated financial statements, the Company has corrected
        an error in the omission of management compensation resulting from shares
        that were issued in July 2003 to the Companys CEO for management
        services. Initially, the transaction was recorded at $0.0136 per common
        share. As a result of the correction, the transaction was recorded at
        the quoted market price of $0.07 per common share and resulted in additional
        compensation expense of $84,500.                                                                                                                                                                                                                                                                                                           
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|            | (c) Recognition of management
        compensation on share cancellation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|            | Subsequent to the issuance of
        the March 31, 2006 consolidated financial statements, the Company has
        corrected an error in the omission of management compensation resulting
        from the cancellation of common shares in 2005. As a result of the share
        cancellation, the ownership percentage of the common shares owned by the
        Companys CEO increased resulting in a compensation expense to him
        of $44,720 in relation to the share cancellation.                                                                                                                                                                                                                                                                                                                                                                                  
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|            | (d) Loss on settlement of loan
        payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|            | Subsequent to the issuance of
        the March 31, 2006 consolidated financial statements, the Company has
        corrected an error in the settlement of a loan payable balance through
        the issuance of common shares in 2005. The transaction was initially recorded
        at $0.06 per common share. The transaction is now recorded at the quoted
        market price of $0.14 per common share, resulting in a loss on settlement
        of $71,600.                                                                                                                                                                                                                                                                                                                                                                                                             

F-11

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2006                            
|(Unaudited  Expressed in U.S. Dollars)   
|(Restated 
      Note 8)                 

(e) Recognition of additional stock-based
  compensation

Subsequent to the issuance of the March
  31, 2006 consolidated financial statements, the Company has corrected an error
  in the calculation and omission of stock-based compensation resulting from stock
  options granted to the Companys CEO and other non-employees. The Company
  has now recognized additional stock-based compensation expense of $134,261,
  for a total stock-based compensation expense of $140,438 during the year ended
  December 31, 2005.

(f) Forgiveness of related party balances
  payable

Subsequent to the issuance of the March
  31, 2006 consolidated financial statements, the Company has corrected an error
  relating to the recording of the forgiveness of related party balances payable.
  The transaction was initially recorded as a gain on write-off of liabilities.
  As a portion of this gain was related to related party balances, the Company
  has corrected this error by recording $1,027,791 of this gain as additional
  paid-in capital.

(g) Impairment of oil and gas leases

Subsequent to the issuance of the March
  31, 2006 consolidated financial statements, the Company corrected the assessment
  relating to the impairment write-down of its oil and gas leases. The Company
  has now recognized an impairment write-down of its oil and gas leases of $419,959,
  and the impairment reflects the fair value of oil and gas leases which approximates
  the amount of the note payable to Veneto, which is the underlying liability
  of the oil and gas leases.

(h) Additional accounting expense

Subsequent to the issuance of the March
  31, 2006 consolidated financial statements, the Company corrected the amount
  of accounting expense for the three-month period then ended. The Company has
  now recognized an additional expense of $3,500.

The following represents the Companys
  investment in oil and gas leases as previously reported and after giving effect
  to the restatement adjustments for the three month period ended March 31, 2006
  and the year ended December 31, 2005:

| |                                      |   |                      |  |   | December 31, | 
| | ------------------------------------ | - | -------------------- |  | - | ------------ | 
| |                                      |   | March
      31, 2006 |  |   | 2005         | 
| |                                      |   |                      |  |   |              | 
| | Investment in Oil and Gas Leases     |   |                      |  |   |              | 
| | As previously recorded               | $ | 1,130,000            |  | $ | 1,075,000    | 
| | Impairment of oil and gas leases (g) |   | 325,000              |  |   | 325,000      | 
| | As restated                          | $ | 1,455,000            |  | $ | 1,400,000    | 

The following represents components
  of the Companys Capital Deficit as previously reported and after giving
  effect to the restatement adjustments for the year ended December 31, 2005:

| |                                                             |   | January 1, |  
| | ----------------------------------------------------------- | - | ---------- | -
| |                                                             |   | 2005       |  
| |                                                             |   |            |  
| | Accumulated Deficit                                         |   |            |  
| | As previously recorded                                      | $ | (3,171,614 | )
| | Revision of reverse acquisition
      accounting (a)        |   | 3,728,618  |  
| | Recognition of additional management compensation
      (b) |   | (84,500    | )
| | Forgiveness of related party balances
      payable (f)     |   | (1,027,791 | )
| | As restated                                                 | $ | (555,287   | )

F-12

---

|MAVERICK MINERALS CORPORATION             
|------------------------------------------
|(An Exploration Stage Company)            
|Notes to Consolidated Financial Statements
|March 31, 2006                            
|(Unaudited  Expressed in U.S. Dollars)   
|(Restated 
      Note 8)                 

| |                                                                 |   | March 31,  |   |   | December   |  
| | --------------------------------------------------------------- | - | ---------- | - | - | ---------- | -
| |                                                                 |   | 2006       |   |   | 31, 2005   |  
| |                                                                 |   |            |   |   |            |  
| | Additional Paid-in Capital                                      |   |            |   |   |            |  
| | As previously recorded                                          | $ | 3,047,479  |   | $ | 3,047,479  |  
| | Revision of reverse acquisition
      accounting (a)            |   | (3,890,710 | ) |   | (3,890,710 | )
| | Recognition of additional management compensation
      (b)     |   | 84,500     |   |   | 84,500     |  
| | Recognition of management compensation
      on share           |   |            |   |   |            |  
| | cancellation (c)                                                |   | 44,720     |   |   | 44,720     |  
| | Loss on settlement of loan payable
      (d)                    |   | 76,222     |   |   | 76,222     |  
| | Recognition of additional stock-based compensation
      (e)    |   | 134,261    |   |   | 134,261    |  
| | Forgiveness of related party balances payable
      (f)         |   | 1,027,791  |   |   | 1,027,791  |  
| | As restated                                                     | $ | 524,263    |   | $ | 524,263    |  
| |                                                                 |   |            |   |   |            |  
| | Deferred Compensation                                           |   |            |   |   |            |  
| | As previously recorded                                          | $ | (54,168    | ) | $ | (72,968    | )
| | Revision
      of reverse acquisition accounting (a)            |   | 54,168     |   |   | 72,968     |  
| | As
      restated                                               | $ | -          |   | $ | -          |  
| |                                                                 |   |            |   |   |            |  
| | Other Comprehensive Income (Loss)                               |   |            |   |   |            |  
| | As previously recorded                                          | $ | (8,429     | ) | $ | (8,429     | )
| | Revision of reverse acquisition accounting
      (a)            |   | 9,302      |   |   | 9,302      |  
| | As restated                                                     | $ | 873        |   | $ | 873        |  
| |                                                                 |   |            |   |   |            |  
| |                                                                 |   |            |   |   |            |  
| | Accumulated Deficit                                             |   |            |   |   |            |  
| | As previously recorded                                          | $ | (4,420,860 | ) | $ | (4,357,331 | )
| | Revision of reverse acquisition
      accounting (a),           |   |            |   |   |            |  
| | recognition of additional management compensation               |   |            |   |   |            |  
| | (b), recognition of management
      compensation on share      |   |            |   |   |            |  
| | cancellation (c), loss on settlement of
      loan payable (d), |   |            |   |   |            |  
| | recognition of additional
      stock-based compensation (e),   |   |            |   |   |            |  
| | forgiveness of related party balances payable
      (f), and    |   |            |   |   |            |  
| | (g) impairment of oil and gas leases                            |   | 2,777,246  |   |   | 2,765,946  |  
| | As restated                                                     | $ | (1,643,614 | ) | $ | (1,591,385 | )

The following represents the Companys
  net loss as previously reported and after giving effect to the restatement adjustments
  for the three-month periods ended March 31, 2006 and 2005:

| |                                                      |   | March 31, |   |   | March 31, |  
| | ---------------------------------------------------- | - | --------- | - | - | --------- | -
| | Net Loss for the
      three month period ended      |   | 2006      |   |   | 2005      |  
| |                                                      |   |           |   |   |           |  
| | As previously recorded                               | $ | (67,529   | ) | $ | (42,673   | )
| | Revision of reverse acquisition accounting
      (a) |   | 18,800    |   |   | 18,800    |  
| | (h) Additional accounting expense                    |   | (3,500    | ) |   | -         |  
| | As restated                                          | $ | (52,229   | ) | $ | (23,873   | )

F-13

---

ITEM
2.              
MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS.

Management's Discussion and Analysis or Plan of Operation
Period Ending March 31, 2006

This quarterly report contains forward-looking statements.
These statements relate to future events or our future financial performance. 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", that 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. 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 consolidated unaudited financial statements are stated in
United States Dollars (US$) and are prepared in accordance with United States
Generally Accepted Accounting Principles. The following discussion should be
read in conjunction with our consolidated financial statements and the related
notes that appear elsewhere in this quarterly report. The following discussion
contains forward-looking statements that reflect our plans, estimates and
beliefs. Our actual results could differ materially from those discussed in the
forward looking statements. Factors that could cause or contribute to such
differences include, but are not limited to, those discussed below and elsewhere
in this quarterly report, particularly in the section entitled "Risk Factors" of
this quarterly report.

Corporate History

Maverick Minerals Corporation was incorporated in the State of
Nevada on August 27, 1998 under the name Pacific Cart Services Ltd. On May 23,
2001, the Company changed its direction to the energy and mineral resource
field, as an exploration stage company. The company adopted a Director's
Resolution on February 15th 2002, and changed its name to Maverick Minerals
Corporation.

Commencing on June 21, 1999 our common shares have been
continuously quoted for trading on the NASD sponsored OTCBB and are presently
trading under the symbol "MVRM".

On May 22, 2003 Maverick Minerals Corporation consolidated its
share capital at a ratio of one (1) new common share for every five (5) old
common shares.

During the second quarter of 2005, certain shareholders agreed
to cancel 54,379,318 common shares of the corporation, voluntarily and without
compensation, pursuant to the cessation of the company's coal reclamation
business in southern Illinois.

It is unlikely that the Company can continue as an on-going
business for the next twelve months unless it obtains additional capital to pay
its bills. This is because the Company has not generated any significant
revenues and no revenues are anticipated until the Company raises further
capital.

To meet its need for cash the Company is attempting to raise
money from third parties. At the present time, the Company has not made any
arrangements to raise additional cash. If we need additional cash and cannot
raise it we will either have to suspend operations until we do raise the cash,
or cease operations entirely. Other than as described in this paragraph, we have
no other financing plans.

The Company needs to raise additional capital to pay down debt
and to develop and operate its single oil and gas property and to acquire
further properties. There is no assurance that the Company will ever have the
money to do so.

5

---

If the Company cannot raise money, it will have to cease or
suspend operations. If it ceases operations, it does not know what it will do
and its does not have any plans to do anything else.

The Company does not intend to hire additional employees at
this time.

Overview

The Company is a start-up, exploration stage corporation and
has yet to generate or realize any significant revenues from its exploration
operations.

The Company is engaged in the production of oil and gas from
existing producing wells and reworking non-producing but existing well bores on
a leased oil and gas property in the state of Texas. We are considered an
exploration stage company, as our principal operations have not yet produced
significant revenue.

Acquisitions

On February 20, 2006 Maverick Minerals Corporation in
partnership with Veneto Exploration LLC acquired an Oil, Gas and Mineral lease
in Stephens County Texas, ( the " Knox Lease" ) covering 771 acres, more or
less, recorded in Volume 58, Page 505, Deed Records, Stephens County, Texas.
Under the terms of the purchase agreement:

Maverick agreed to contribute $55,000 towards the purchase
price of the Lease. Thereafter Maverick and Veneto agreed to divide any profits
from the resale of the lease with the agreement that the $55,000 purchase price
would be repaid to Maverick prior to a division of any profits either from the
operation or future sale of the property.

The acquisition was funded by was of a private loan from a
major shareholder.

Activities in a Subsidiary Corporation

The Company incorporated a wholly-owned subsidiary, Eskota
Energy Corporation, Inc. ("Eskota" ) or ("the Subsidiary" ) a Texas company, in
August, 2005. Eskota entered into an Assignment Agreement with Veneto
Exploration LLC of Plano, Texas ("Veneto" ) dated August 31st, 2005
in which the Company acquired petroleum and natural gas rights and leases, ("the
Lease" ) comprising a 100% working interest 75%+/- NRI in a 6,000 +/- acres in
central Texas approximately 9 miles east of the town of Sweetwater.

To date Eskota Energy Corporation has attempted to rework
approximately 5% of the existing dormant wells it acquired with it' s purchase
of the S. Neill property in August 2005. While no new production has accrued to
the Corporation from the initial work-over attempts significant knowledge of the
reservoir has been gain from our activities.

A concerted effort has been made to update existing well data
from public data bases and the Company has hired a consultant to remodel the
reservoir based on public records and proprietary records recovered from a
private source since the time of the last reporting.

Assessment and review of our preliminary modeling reports lead
us to believe, that an opportunity exists to reassess our approach to the large,
(nearly 9 square mile lease), beyond our initial remediation efforts to new
drilling activity as well. While this would increase the funds dramatically
which would have to be raised, to increase production on the field, the stable
nature of the reserve and the significant data that has been reviewed suggests
an opportunity exists for new drilling into infill locations with reduced risk
based on historical initial production figures from contiguous wells which were
drilled over the past 3 decades.

Update on Foreclosure Status and Outstanding Payables

In addition to the renewed technical analysis of the S. Neill
lease in the first quarter of 2006, the Company continued to negotiate the terms
and conditions which it hopes will lead to a settlement of the outstanding

6

---

monetary issues relating to the purchase of the S. Neill site
and the work undertaken to optimize the property.

On December 14, 2005, Eskota Energy Corporation received a
demand letter from Veneto Exploration LLC ("the Note Holder") demanding payment
of the total principal amount outstanding on the $1,400,000.00 note. The demand
arose pursuant to a dispute concerning Eskota' s obligation to pay its
outstanding payables accrued during the company' s workover plan. Eskota entered
into a discussion with the operator of the property who is also the Note Holder,
wherein an equitable disposition of the accrued payables could be agreed to.
Prior to reaching an agreement on the outstanding payables Eskota received
formal notice of foreclosure on the company's S. Neill lease from Veneto on
February 22, 2006.

Eskota Energy has made significant progress with (" the Note
Holder") in the first quarter of 2006 with respect to the above noted issues.
Firstly, the Note Holder in his capacity as the operator assumed responsibility
for the outstanding payables relating to the Company's work-over activities. In
conjunction with this action the sales revenue from the property was re-assigned
to the operator with the understanding that the Company would receive credit for
the net revenue as it was applied against the outstanding payables.

Further to these actions the Company and the Note Holder
agreed as follows:

The Note Holder would forebear foreclosure against Eskota
Energy Corporation under the Deed of Trust for so long as Eskota complies with
the following terms:

- Maverick Minerals Corporation would assign, on behalf of Eskota, all
  profits it may eventually receive from it' s 50% ownership in the Knox lease
  (described further herein) to the Note Holder who will, acting on behalf of
  Eskota, and use the funds to pay outstanding invoices accrued on the S. Neill
  site. In certain circumstances the Operator has funded the payment of certain
  payables and will credit itself from any future profits as described.
- Eskota shall pay the outstanding interest and current interest, being 4
  months at $3,500 per month ($14,000) by March 31, 2006. Eskota shall
  thereafter keep the interest current through quarterly payments of $10,500
  commencing with the interest due on April 30, 2006 and continuing thereafter
  in quarterly installments as required.
- Eskota agrees to fund the drilling of one new well on the S. Neill lease by
  August 31, 2006.
- Eskota and Veneto agree to enter into a formal operating agreement on the
  S. Neill site for purposes of drilling a new well and maintaining production
  from existing facilities.

At the time of the agreement Eskota believed that it could meet
all of the conditions contained therein.

The Note holder has provided written assurance that subject to
regular interest payments and other conditions outlined above, no further action
will be taken under the foreclosure notice prior to the date of the first
principal payment due under the original purchase agreement being August 31,
2006.

Subsequent Events

As agreed, all outstanding interest due from Eskota under the
original Promissory Note has been paid and prepaid through July 31, 2006.

The operator, acting on behalf of Eskota, and using a
combination of funds described above has significantly reduced the outstanding
payables as of the reporting date and all payables are scheduled to be retired
by June 28, 2006.

7

---

Limited operating history; need for additional
capital

There is no historical financial information about the Company
upon which to base an evaluation of its future performance. The Company is an
exploration stage corporation with a single property and has not generated
significant revenues from operations. The Company cannot guarantee it will be
successful in its business operations.

To become profitable and competitive the Company must raise
money to exploit it's resource reserve more completely and to then extract that
resource economically. In the energy resource business, the possibility of
accomplishing that goal is remote.

To accomplish the foregoing object, the Company must raise
money. The Company has no assurance that future financing will be available or
if available it will be on acceptable terms. If financing is not available on
satisfactory terms, the Company may be unable to continue its operations.
Further it may breach agreements it has entered into which could result in the
loss of its entire investment.

Other than as described herein, we have no other financing
plans.

RESULTS OF OPERATIONS

Three Month Summary

Three Months EndedMarch
        312006
      
      
      2005Revenue
      $
      -
      
      $
      -Expenses
      
      41,729
      
      
      23,873Interest expense
      
      (10,500
      )
      
      -Net Loss
      $
      2,229
      
      $
      23,873


Revenue

We have had no operating revenues for the three month period
ended March 31, 2006 and 2005. We anticipate that we will not generate any
revenues for so long as we are an exploration stage company.

Expenses

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

Three Months EndedMarch
        312006
      
      
      2005Management Fees and stock basedcompensation
      $
      22,500
      
      $
      18,750Professional Fees
      
      9,125
      
      
      1,236Transfer Agent Fees
      
      284
      
      
      36Travel
      
      8,962
      
      
      3,357Office
      
      858
      
      
      494Total Expenses
      $
      41,729
      
      $
      28,873


General and Administrative

The decrease in our general and administrative expenses for the
three month period ended March 31, 2006 was primarily due to the reduction of
travel expenses and professional fees.

8

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Working Capital

Three Months Ended March
      31, 2006
      
      Year Ended December 31,
      2005Current Assets
    $
    10,602
    $
    196Current Liabilities
    
    1,856,733
    
    1,739,098Working Capital Deficiency
    
    (1,846,131)
    
    (1,738,902)


Cash Flows

Three Months Ended March
      31, 2006
      
      Year Ended December 31,
      2005Cash
      used in Operating Activities
    $
    (70,014)
    $
    (104,720)Cash
      used by Investing Activities
    
    (55,000)
    
    (419,959)Cash
      provided by Financing Activities
    
    124,920
    
    499,850Net
      Decrease in Cash
    
    (94)
    
    (24,829)


As the Companys activity has declined over the period from
2005 to 2006, so have its cash expenditures. Funding for operating and investing
activities was provided by non-interest bearing advances from a lender.

We had cash on hand of $102 and negative working capital of
$1,846,131 as of March 31, 2006 compared to cash on hand of $196 and a negative
working capital of $1,738,902 for the year ended December 31, 2005. We
anticipate that we will incur approximately $1,065,000 for operating expenses,
including professional, legal and accounting expenses associated with our
reporting requirements under the Exchange Act during the next twelve months.
Accordingly, we will need to obtain additional financing in order to complete
our full business plan.

Future Financings

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 significant off-balance sheet arrangements that have
or are reasonably likely to have a current or future effect on our financial
condition, changes in financial condition, revenues or expenses, results of
operations, liquidity, capital expenditures or capital resources that are
material to stockholders.

9

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ITEM
3.              
CONTROLS AND PROCEDURES

We have effected a restatement of our financial results for the
year ended December 31, 2005.

|(a) | The restatement was effected to correct errors in our
      accounting treatment of:
|--- | ------------------------------------------------------------------------------------

| | (i)   |  | the treatment of the share exchange with UCO as a reverse
        acquisition
| | ----- |  | -----------------------------------------------------------------------------
| | (ii)  |  | various computations of stock-based compensation;                            
| | (iii) |  | calculation of the loss on settlement of debt; and                           
| | (iv)  |  | determination of impairment of oil and gas leases                            

As a result of our review of these transactions, the effect on
the amended accounting for the adjustments above is discussed in Note 9 to our
audited consolidated financial statements.

|(b) | Evaluation of disclosure controls and procedures and
      remediation
|--- | ----------------------------------------------------------------------

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

As required by Rule 13(a)-15 under the Exchange Act, in
connection with this quarterly report on Form 10-QSB, under the direction of our
Chief Executive Officer, we have evaluated our disclosure controls and
procedures as of March 31, 2006, our disclosure controls and procedures were
ineffective as discussed in greater detail below. As of the date of this filing,
we are still in the process of remediating such material weaknesses in our
internal controls and procedures. Additionally, we are currently inactive as we
seek new business opportunities.

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

There were no changes in our internal control over financial
reporting during the quarter ended March 31, 2006 that have materially affected
or are reasonably likely to materially affect, our internal control over
financial reporting.

10

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PART II - OTHER INFORMATION

ITEM
6.              
EXHIBITS AND REPORTS ON FORM 8-K

|Exhibit | Description                                                                                                                                                                                                                                                                   
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  |                                                                                                                                                                                                                                                                               
|3.1     | Articles of
        Incorporation (incorporated by reference from our Form 10SB Registration
        Statement, filed on August 8, 1999)                                                                                                                                      
|3.2     | Bylaws (incorporated by reference
        from our Form 10SB Registration Statement, filed on August 8, 1999)                                                                                                                                                                 
|3.3     | Amended Bylaws
        (incorporated by reference from our Annual Report on Form 10-KSB, filed
        on April 24, 2008)                                                                                                                                                     
|4.1     | Specimen Stock Certificate (incorporated
        by reference from our Form 10-SB Registration Statement, filed on August
        8, 1999)                                                                                                                                    
|10.1    | Non-Qualified
        Stock Option Plan (incorporated by reference from our Form S-8 Registration
        Statement, filed on September 12, 2002)                                                                                                                             
|10.2    | Mutual Release Agreement between
        Eskota Energy Corporation and Veneto Exploration, LLC and Assignment of
        Oil and Gas Leases dated July 6, 2006 (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)                                              
|14.1    | Code of Ethics
        (incorporated by reference from our Annual Report on Form 10-KSB, filed
        on April 24, 2008)                                                                                                                                                     
|31.1*   | Certification
        of Chief Executive Officer and Chief Financial Officer pursuant to Section
        302 of the Sarbanes-Oxley Act of 2002                                                                                                                                
|32.1*   | Certification
        of Chief Executive Officer and Chief Financial Officer pursuant Section
        906 Certifications under Sarbanes-Oxley Act of 2002                                                                                                                     

11

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SIGNATURES

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

Dated this 22nd day of May, 2008.

MAVERICK MINERALS CORPORATION
(formerly known as Pacific Cart Services Ltd.) (Registrant)

| | BY: | /s/
      Robert Kinloch                               
| | --- | -------------------------------------------------------
| |     | Robert Kinloch, President, Principal Executive         
| |     | Officer, Secretary/Treasurer, Principal
      Financial
| |     | Officer and member of the Board of Directors           

12

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