**CERTIFICATION      PURSUANT TO SECTION 302**

|   |   | I,                Darrel                Figg,                certify that: |
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*Austin      Chalk Oil and Gas, Ltd.*

|   | (a)                Designed                such disclosure controls and procedures, or                caused such disclosure controls and procedures to be designed under                our                supervision,                to                ensure that material information relating to the small                business issuer                ,                including its consolidated subsidiaries, is made known to us by others                within those entities, particularly during the period in which this                annual                report is being prepared; |
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|   | (b)                Designed                such internal control over financial reporting, or causes such internal                control over financial reporting to be designed under our supervision,                to                provide reasonable assurance regarding the reliability of financial                reporting and the preparation of financial statements for external                purposes in accordance with generally accepted accounting                principles;  |
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|   | (c)                Evaluated                the effectiveness of the small bussiness issuer's disclosure controls                and                procedures and presented in this report our conclusions about the                effectiveness of the disclosure controls and procedures, as of the                end of                the period covered by this report based on such evaluation,                and  |
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|   | (d)                Disclosed in this report any change in the small business issuer's                internal control over financial reporting that occurred during the                small                business issuer's most recent fiscal quarter (the small business                issuer's                fourth fiscal quarter in the case of an annual report) that has materially                affected or is reasonably likely to materially affect, the small                business                issuer's internal control over financial reporting; and |
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|   | (a)                all significant deficiencies in the design or operation of internal                controls over                financial reporting                which are                reasonably likely to                adversely affect the small                business issuer's                ability to record, process, summarize and report financial information;                and ~~ ~~ |
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|   | (b)                any fraud, whether or not material, that involves management or other                employees who have a significant role in the small                business issuer's                internal control                over financial reporting. |
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**CERTIFICATION        PURSUANT TO SECTION 302**

|   |   | I,                  Marlen Roepke,                  certify that: |
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*Austin        Chalk Oil and Gas, Ltd.*

|   | (a)                  Designed                  such disclosure controls and procedures, or                  caused such disclosure controls and procedures to be designed under                  our                  supervision,                  to                  ensure that material information relating to the small                  business issuer                  ,                  including its consolidated subsidiaries, is made known to us by                  others                  within those entities, particularly during the period in which                  this annual                  report is being prepared; |
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|   | (b)                  Designed                  such internal control over financial reporting, or causes such                  internal                  control over financial reporting to be designed under our supervision,                  to                  provide reasonable assurance regarding the reliability of financial                  reporting and the preparation of financial statements for external                  purposes in accordance with generally accepted accounting                  principles;  |
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|   | (c)                  Evaluated                  the effectiveness of the small bussiness issuer's disclosure controls                  and                  procedures and presented in this report our conclusions about the                  effectiveness of the disclosure controls and procedures, as of                  the end of                  the period covered by this report based on such evaluation,                  and  |
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|   | (d)                  Disclosed in this report any change in the small business issuer's                  internal control over financial reporting that occurred during                  the small                  business issuer's most recent fiscal quarter (the small business                  issuer's                  fourth fiscal quarter in the case of an annual report) that has                  materially                  affected or is reasonably likely to materially affect, the small                  business                  issuer's internal control over financial reporting; and |
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|   | (a)                  all significant deficiencies in the design or operation of internal                  controls over                  financial reporting                  which are                  reasonably likely to                  adversely affect the small                  business issuer's                  ability to record, process, summarize and report financial information;                  and ~~ ~~ |
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|   | (b)                  any fraud, whether or not material, that involves management or                  other                  employees who have a significant role in the small                  business issuer's                  internal control                  over financial reporting. |
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