U.S.
SECURITIES AND EXCHANGE COMMISSION Washington, D.C.  20549  FORM
10-K  ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF1934  FOR THE
FISCAL YEAR ENDED DECEMBER 31, 2009  OKANA
VENTURES, INC. ---------------------------- (Name of
Registrant in its charter)  Nevada
333-138146
20-2881151State or other jurisdiction of incorporation
Commission File Number
IRS Identification No.  918
16TH Avenue, #159 Calgary,
Alberta Canada,
T2M 0K3 (403)
775 - 7643 (Address
and telephone number of principal executive offices)  Nevada
Corporate Headquarters, Inc. #700 
101 Convention Center Drive Las
Vegas, Nevada 89109 (702)
873-3488 (Name,
address and telephone numbers of agent for service)   Securities registered
under Section 12(b) of the Act:  Title
of Class: Common
Stock  Securities registered
under Section 12(g) of the Act:  None  Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in
Rule 405 of the Securities Act.    [  ]
 Yes    [X]  No         Indicate by check mark if the registrant is not required to file
reports pursuant to Section 13 or 15(d) of the Exchange Act.    [
 ]          Indicate by check mark whether the registrant (1) 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 checkmark whether the registrant has submitted
electronically and posted on its corporate Website, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T (§232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such
files). Yes [
 ]  No [X] (Not required by smaller reporting companies)  Indicate by check mark if disclosure of delinquent filers pursuant
to Item 405 of Regulation S-K is not contained, and will not be contained, to
the best of registrants knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K.  [X]  Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company.
 See the definitions of large accelerated filer, accelerated filer, and
smaller reporting company in Rule 12b-2 of the Exchange Act.
  (Check one): Large
Accelerated Filer [  ] Accelerated
Filer [  ] Non-Accelerated
Filer [  ] Smaller
reporting company [X] (Do
not check if a smaller reporting company) Indicate by checkmark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Act).  [  ] Yes    [ X
] No  State
the aggregate market value of the voting and non-voting common equity held by
non-affiliates computed by reference to the price at which the common equity was
last sold, or the average bid and asked price of such common equity as of
December 31, 2009:  The Companys common stock is not currently traded.  Number
of shares of common stock, $0.0001 par value per share, of the registrant
outstanding as of December 31, 2009: 3,350,000  DOCUMENTS INCORPORATED BY REFERENCE No
documents are incorporated herein by reference.           Contents PART I. 4 ITEM 1.  BUSINESS 4 ITEM 1A.  RISK FACTORS 4 ITEM 1B.  UNRESOLVED STAFF COMMENTS 5 ITEM 2.  PROPERTIES 5 ITEM 3.  LEGAL PROCEEDINGS 6 ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY
HOLDERS 6 PART II. 6 ITEM 5.  MARKET FOR REGISTRANTS COMMON EQUITY, RELATED
STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES6 ITEM 6.  SELECTED FINANCIAL DATA 7 ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.8 ITEM 8.  FINANCIAL STATEMENTS 9 ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE10 ITEM 9AT.  CONTROLS AND PROCEDURES 23 ITEM 9B.  OTHER INFORMATION 24 PART III 24 ITEM 10.  DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE
GOVERNANCE. 24 ITEM 11.  EXECUTIVE COMPENSATION. 25 ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS26 ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS,
AND DIRECTOR INDEPENDENCE.27 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 27 PART IV 28 ITEM 15.  EXHIBITS, FINANCIAL STATEMENT AND
SCHEDULES 28 SIGNATURES 28           PART
I.  ITEM 1.
 BUSINESS  Okana
Ventures, Inc. (Okana or the Company) was incorporated on May 9, 2005, in
the State of Nevada.  We are an exploration stage corporation.  An
exploration stage corporation is one engaged in the search for mineral deposits
or reserves which are not in either the development or production stage.
 We have conducted exploration activities on one property.  Recorded
title to the property upon which we conducted exploration activities was not
held in our name.  Title to the property was recorded in the name of Ronnie
Birch, our past-president, who held the property in trust for Okana.  This
property is located in British Columbia, Canada, and consists of three (3)
mining claims, comprising 722.655 hectares.  We explored for gold on the
property.  Based on the results of our exploration we decided not to
proceed with any further exploration and returned the title to the property to
the previous title holders.  To date
we have only performed limited exploration work on this one mining property.
 We are presently in the process of searching for another mining property
that is still in its early exploration stage.  We cannot guarantee that a
commercially viable mineral deposit exists in any mining property we may acquire
until we are able to perform further exploration and a comprehensive evaluation
determines if it has economic feasibility.  We have
no revenues, have achieved losses since inception, have no operations, have been
issued a going concern opinion by our auditors and rely upon the sale of our
securities and loans from our officers and directors to fund operations.  Our
business is subject to the risks inherent with a natural resource based company
in its early exploration stage of development.  These risks include, but
are not limited to: limited capital resources; limited industry operating
experience; possible delays due to weather, manpower and equipment shortage and
regulatory processing practices; possible cost overruns due to price increases
in services, supplies and equipment; and the general speculative nature of
exploring a raw mineral property for minerals.  At the
present, we have no employees and only one officer and director, who plans to
devote only eight hours per week to our operations.  The
Companys common stock has been assigned the ticker symbol OKNV and has been
approved for trading on the Over-The-Counter Bulletin Board (OTCBB).
 However, no trading market has developed.  Our
business address is #159-918 16TH Avenue, Calgary, Alberta, Canada
T2M 0K3 and our telephone number is (403) 873-3488.  Our registered
statutory office is located at #700101 Convention Center Drive, Las Vegas,
Nevada 89109.  Our fiscal year end is December 31.  Our mailing
address is #159-918 16TH Avenue, Calgary, Alberta, Canada T2M
0K3.  ITEM
1A.  RISK FACTORS  Not applicable.          ITEM
1B.  UNRESOLVED STAFF COMMENTS  None.   ITEM 2.
 PROPERTIES  On May
27, 2005, we entered into an agreement (Mineral Purchase Agreement) to
purchase a mineral property, known as the Westmoreland Property, comprising
three (3) mining claims located in British Columbia, Canada, from Roger William
MacInnis and Warner Gruenwald, jointly, both of whom are non-affiliated third
parties.  The purchase price for the Westmoreland Property was CAD $40,000
and was payable in staged payments to Messrs. MacInnis and Gruenwald consisting
of:  CAD $5,000 on signing, CAD $5,000 one year from signing, CAD $10,000
two years after signing, all of which payments were made, and a final payment on
the third anniversary of signing of CAD $20,000.  In addition, we were
required to make property exploration expenditures of CAD $60,000 over a four
year period, with CAD $30,000 of exploration expenditures to be performed by the
second anniversary date.  We could have, in our sole discretion, paid cash
to Messrs. MacInnis and Gruenwald in lieu of performing part or all of the CAD
$60,000 exploration expenditures.  We were also required to pay a royalty
of 2% on all mineral commodities sold from the claim.  This royalty could
be reduced to 1% at any time upon payment of CAD $500,000.  In the event we
defaulted in making any cash payments or exploration expenditures as required
under the Mineral Purchase Agreement, and such default continues for 30 days
after notice to Okana, or if Okana has given the vendors 30 days notice of its
intention to terminate the Mineral Purchase Agreement, the mineral property
would revert back to the vendors.  On
March 29, 2006, we paid a CAD $3,180 maintenance fee to the Government of
British Columbia on the mineral property.  This payment was made in order
to maintain the mineral property in good standing until we were able to perform
exploration work on the mining property that could be credited toward future
required maintenance fees.  This payment also qualified as an exploration
expenditure on the Westmoreland Property under the terms of the Mineral Purchase
Agreement.  In
January 2007, we acquired an additional mineral claim of approximately 185
hectares that was adjacent to the Westmoreland Property.  This additional
mineral claim became available and was staked by Mr. Gruenwald, who, under the
terms of our original agreement to purchase the Westmoreland Property, was
required to transfer, without charge, any mineral claim acquired subsequent to
the agreement, and within 10 kilometers of the Westmoreland Property, to the
Company.  In
October 2006, a small work program of CAD $4,980 was carried out on the
Westmoreland Property, and an assessment report was filed for this exploration
work with the Government of British Columbia in January 2007.  This
assessment work was credited toward maintenance fees on all of these mineral
properties.  As a result, all of the mineral properties were in good
standing until October 31, 2008.  A further work program of CAD $22,306 was
carried out on the mineral properties in the summer of 2007.  Based on the
results of this exploration, management decided not to proceed with any further
exploration on these mining properties.  In April, 2008 the         Company
terminated the Mineral Purchase Agreement and transferred title to the
Westmoreland Property back to Messrs. Gruenwald and MacInnis in accordance with
the terms of the Mineral Purchase Agreement.  The Company has no further
liability in relation to these mining properties.  The
Company is currently searching for a mining property in its early stage of
development upon which it can carry out exploration for the purpose of
determining its economic viability.  Investment Policies.  There are no restrictions or
limitations on the percentage of assets which the Company may invest in real
estate or interests in real estate, investments in real estate mortgages, or
securities of or interests in persons primarily engaged in real estate
activities.   ITEM 3.  LEGAL
PROCEEDINGS  The Company is not
involved in any legal proceedings.   ITEM
4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS  There were no matters
submitted to a vote of security holders.   PART
II.   ITEM 5.  MARKET
FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES
OF EQUITY SECURITIES  The Companys common
stock was approved for trading on the Over-the-Counter Bulletin Board on October
15, 2007, under the Symbol OKNV.  However, since that time, there has been
no trading activity.  At the
present time, there are no assets available for the payment of dividends.
 The Company does not anticipate paying any dividends in the next twelve
months.  The
Companys Articles of Incorporation currently authorize the issuance of
100,000,000 shares of common stock, with a par value of $0.0001.  The
stockholders: (a) have equal ratable rights to dividends from funds legally
available therefore, when, as, and if declared by the Board of Directors of the
Company; (b) are entitled to share ratably in all of the assets of the Company
available for distribution upon winding up of the affairs of the Company; (c) do
not have preemptive subscription or conversion rights and there are no
redemption or sinking funds applicable thereto; and (d) are entitled to one
non-cumulative vote per share on all matters on which shareholders may vote at
all meetings of shareholders. These securities do not have any of the following
rights: (a) cumulative or special voting rights; (b) preemptive rights to
purchase in new issues of shares; (c) preference as to dividends or interest;
(d) preference upon liquidation; or (e) any other special rights or preferences.
 In addition, the shares are not convertible into any other security.
 There are no restrictions on dividends under any loans, other financing
arrangements or otherwise.  See a copy of the Articles of Incorporation,
Bylaws of the Company,         and any
amendments thereto, attached as exhibits to the Companys previously filed SB-2.
 As of December 31, 2009, the Company had 3,350,000 shares of common stock
outstanding.  Non-Cumulative
Voting.  The
common stockholders of the Company do not have cumulative voting rights, which
means that the stockholders which hold more than 50% of such outstanding shares,
voting for the election of directors, can elect all of the directors to be
elected, if they so choose.  In such event, the holders of the remaining
shares will not be able to elect any of the Company's directors.  Share Purchase
Warrants  At December 31, 2009,
no share purchase warrants were outstanding.  Share Purchase
Options  At December 31, 2009,
there were no share purchase options outstanding.  Dividends.  The
Company does not currently intend to pay cash dividends.  The Company's
proposed dividend policy is to make distributions of its revenues to its
stockholders when the Company's Board of Directors deems such distributions
appropriate.  Because the Company does not intend to make cash
distributions, shareholders would need to sell their shares to realize a return
on their investment.  There can be no assurances of the projected values of
the shares, nor can there be any guarantees of the success of the Company.
 A distribution of revenues will be made only when, in the judgment of the
Company's Board of Directors, it is in the best interest of the Company's
stockholders to do so.  The Board of Directors will review, among other
things, the investment quality and marketability of the securities considered
for distribution; the impact of a distribution of securities on its customers,
joint venture associates, management contracts, other investors, financial
institutions, and the company's internal management, plus the tax consequences
and the market effects of an initial or broader distribution of such
securities.  Transfer Agent.  The registrar and
stock transfer agent of the Company was Island Stock Transfer, of Suite 104N,
100 Second Avenue South, St. Petersburg, Florida, 33701, from September 21, 2007
to July 1, 2009.  On July 1, 2009 the Company changed its registrar and
transfer agent to Pacific Stock Transfer Company, of 4045 South Spencer Street,
Suite 403, Las Vegas, Nevada, 89119.   ITEM
6.  SELECTED FINANCIAL DATA  Not applicable           ITEM 7.
 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.  We are
a start-up, exploration stage corporation and have not yet generated or realized
any revenues from our business operations.  Our
auditors have issued a going concern opinion.  This raises substantial
doubt that we can continue as an on-going business for the next twelve months
unless we obtain additional capital to pay our bills.  We have not
generated any revenues and no revenues are anticipated until we acquire a mining
property and carry out sufficient exploration and development work that would
result in our being able to begin removing and selling minerals.
 Accordingly, we must raise cash from sources other than the sale of
minerals found on any mining property we may acquire.  Our only other
source for cash at this time is investments by others.  We must raise cash
to acquire and undertake the exploration of a mining property and stay in
business.  We raised the minimum amount of $50,000 from our SB-2 offering,
which closed on June 18, 2007.  The funds raised, together with the loans
and purchase of shares by the directors ($83,692 in loans and $17,000 in share
purchases) provided us with sufficient funds to complete our initial exploration
work program on the Westmoreland Property which we had previously acquired.
 Based on the results from our initial exploration work program, we decided
not to conduct any further exploration on this mining property.  In April,
2008 the Company terminated the Mineral Purchase Agreement and transferred title
to the Westmoreland Property back to Messrs. Gruenwald and MacInnis in
accordance with the terms of the Mineral Purchase Agreement.  The Company
has no further liability in relation to these mining properties.  We
conduct research in the form of exploration of a mining property.  We are
currently searching for a mining property in its early stage of development upon
which to conduct exploration.  At the present time, we have no plans to buy
or sell any plant or significant equipment during the next twelve months.  Our
exploration objective is to find an ore body containing gold.  We must
acquire a mining property that is in the early stage of development to carry out
our exploration objective. We conduct exploration to determine what amount of
minerals, if any, exist on a mining property, and if any minerals which are
found can be economically extracted and profitably processed.  Our success
depends upon finding mineralized material. Mineralized material is a mineralized
body, which has been delineated by appropriate spaced drilling or underground
sampling to support sufficient tonnage and average grade of metals to justify
removal. If we locate mineralized material, we have to determine if it is
economically feasible to remove the material.  Economically feasible means
that the costs associated with the removal of the mineralized material will not
exceed the price at which we can sell the mineralized material.  We can not
predict what the costs will be until we find mineralized material.  Until
we find enough mineralized material that is economically feasible to remove, we
will have to continue to raise additional funds to carry out exploration of a
mining property.  We will try to raise additional funds from a second
public offering, a private placement or loans.  At the present time, we
have not acquired any interest in a mining property or the right to acquire any
interest in a mining property by the conduct of exploration and have not raised
any additional money.          Liquidity and Capital Resources  We
completed our initial public offering, raising the minimum amount of $50,000
under our SB-2 registration statement.  The offer closed June 18, 2007.
 Using the funds from this offering, we were able to complete our initial
exploration work on the Westmoreland Property that we had obtained the right to
acquire from Messrs. Gruenwald and MacInnis under the Mineral Purchase
Agreement.  However, based on the results of our initial exploration work,
we decided not to proceed with any additional exploration on this mining
property.  The Westmoreland Property was subsequently transferred back to
Messrs. Gruenwald and MacInnis.  As a result, additional funds will be
required if we are to proceed further with our initial business plan.  We
will have to find alternative sources, such as a second public offering, a
private placement of securities or loans from our officers or others.  We have
discussed this matter with our officers and directors, and Mr. Upham, one of our
directors and our President, has agreed to advance funds as needed to maintain
our operations until such time as we are able to raise additional funding for
the purpose of acquiring a right or interest in or to a mining property and
carrying out exploration work thereon.  There are no written agreements
covering these loans, and the loans are payable on demand without interest.
 Mr. Upham has advanced $83,692 to date.  At the present time, we are
still attempting to raise additional funding either by additional debt or equity
financing.  Other than as described in this paragraph, we have no other
immediate financing plans.  We
issued 75,000 shares of common stock on May 10, 2005, for a purchase price of
$1,500 and 775,000 shares of common stock on July 31, 2006, for a purchase price
of $15,500.  All of these shares were issued pursuant to the exemption from
registration set forth in section 4(2) of the Securities Act of 1933.  We
issued a further 2,500,000 shares of common stock on June 18, 2007 for a
purchase price of $50,000 pursuant to our SB-2 offering.  Mr. Upham, a
director of our Company, has provided us with various loans totaling $83,692 for
legal fees, audit fees, mineral property acquisition and working capital.
 The amount owed to Mr. Upham is non-interest bearing, unsecured and due on
demand.  Accordingly, the loans are classified as current liabilities, and
we record interest at 6% per annum as additional paid-in capital.   ITEM
8.  FINANCIAL STATEMENTS  Included herewith are
the following financial statements:                       OKANA
VENTURES, INC. (AN EXPLORATION STAGE COMPANY) AUDITED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008  AND
FOR THE PERIOD OF MAY 9, 2005 (INCEPTION) TO DECEMBER 31, 2009                                       OKANA
VENTURES, INC. (AN EXPLORATION STAGE COMPANY) INDEX
TO AUDITED FINANCIAL STATEMENTS  FOR
THE YEARS ENDED DECEMBER 31, 2009 AND 2008 AND
THE PERIOD OF MAY 9, 2005 TO DECEMBER 31, 2009 Page(s)  Report
of Independent Registered Public Accounting Firm
                                   1  Balance
Sheets as of December 31, 2009 and 2008 2   Statements
of Operations and Comprehensive Loss for the Years Ended
December 31, 2009 and 2008 with Cumulative Totals Since
Inception 3  Statement
of Changes in Stockholders Deficit for the Period May 9, 2005
(Inception) to December 31, 2009 4  Statements
of Cash Flows for the Years Ended December 31, 2009  and
2008 with Cumulative Totals Since Inception 5   Notes
to Financial Statements 6-12                      OKANA VENTURES, INC. (AN
EXPLORATION STAGE COMPANY) BALANCE SHEETS DECEMBER 31, 2009 AND 2008    ASSETSDecember 31,

December 31,2009

2008Current AssetsCash and cash equivalents


$
         2,515

$
               148Prepaid expenses and deposits


2,550

-Total Current Assets


5,065

148TOTAL ASSETS


$
         5,065

$
               148LIABILITIES AND STOCKHOLDERS'
DEFICITLIABILITIESCurrent LiabilitiesAccounts payable


$
         2,500

$
            6,130Notes payable - stockholder (note
6)


83,692

48,650Total Current
Liabilities


86,192

54,780Total
Liabilities


86,192

54,780STOCKHOLDERS' DEFICITCommon stock, par value $.0001,
100,000,000 shares authorized and3,350,000 issued and
outstanding


335

335Additional paid-in capital


75,860

71,789Cumulative other comprehensive gain or
(loss)


(1,066)

1,923Deficit accumulated during the
pre-exploration and exploration stages


(156,256)

(128,679)Total
Stockholders' Deficit


(81,127)

(54,632)TOTAL LIABILITIES AND STOCKHOLDERS'
DEFICIT


$
         5,065

$
               148   The
accompanying notes are an integral part of these financial statements  2


OKANA VENTURES, INC. (AN
EXPLORATION STAGE COMPANY) STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS FOR
THE YEARS ENDED DECEMBER  31, 2009 AND 2008 (WITH CUMULATIVE TOTALS SINCE INCEPTION)     Years ending

Cumulative TotalFrom Inception,December 31,

May 9, 2005, to2009

2008

December 31, 2009INCOME

$
              -

$
                 -

$
                          -OPERATING EXPENSESOrganizational
expenses

-

-

1,097Speculative mining
expenses

-

116

47,540Consulting

-

1,200

1,200Professional
fees

18,625

19,825

66,841Administrative
expenses

4,649

7,717

36,814Taxes and
licenses

-

-

175Total
Operating Expenses

23,274

28,858

153,667OTHER INCOME AND (EXPENSE)Miscellaneous
consulting income

-

7,224

7,224Interest,
net

(4,303)

(2,901)

(9,813)Total
Other Income and (Expense)

(4,303)

4,323

(2,589)NET LOSS APPLICABLE TO COMMON SHARES

$    (27,577)

$
      (24,535)

$
              (156,256)Foreign currency
translation adjustment

(2,989)

3,034

(1,066)COMPREHENSIVE LOSS

$    (30,566)

$
      (21,501)

$
              (157,322)NET LOSS PER BASIC AND DILUTED SHARES

$
       (0.01)

$
          (0.01)WEIGHTED AVERAGE NUMBER OF COMMONSHARES
OUTSTANDING

3,350,000

3,350,000  The
accompanying notes are an integral part of these  financial statements.  3


OKANA VENTURES, INC. (AN
EXPLORATION STAGE COMPANY) STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT FROM
MAY 9, 2005 (INCEPTION) TO DECEMBER 31, 2009     Common
Stock

Additional

Deficit
accumulated

Other
Compre-

Stockholders'Shares

Amount

Paid-in
Capital

during the
explor-

hensive
Gain

Deficitation
stages

or
(Loss)May 9, 2005
(Inception)
-

-

-

-



-Issuance of
common stock for cash,May 10,
2005
75,000

$
                         8

$
                 1,492

$
                          -

$
                 -

$
            1,500Interest  -
related party (note 6)
-

-

181

-

-

181Net loss
-

-

-

(6,144)

-

(6,144)Cumulative
currency translation adjustment
-

-

-

-

(342)

(342)Balance,
December 31, 2005
75,000

8

1,673

(6,144)

(342)

(4,805)Issuance of
common stock for cash,July 31,
2006
775,000

77

15,423

-

-

15,500Interest  -
related party (note 6)
-

-

751

-

-

751Net loss
-

-

-

(22,767)

-

(22,767)Cumulative
currency translation adjustment
-

-

-

-

(134)

(134)Balance,
December 31, 2006
850,000

85

17,847

(28,911)

(476)

(11,455)Issuance of
common stock for cash,June,
2007
2,500,000

250

49,750

-

-

50,000Interest  -
related party (note 6)
-



1,663

-

-

1,663Net loss
-

-

-

(75,233)

-

(75,233)Cumulative
currency translation adjustment
-

-

-

-

(635)

(635)Balance,
December 31, 2007
3,350,000

335

69,260

(104,144)

(1,111)

(35,660)Interest  -
related party (note 6)
-



2,529

-

-

2,529Net loss
-

-

-

(24,535)

-

(24,535)Cumulative
currency translation adjustment
-

-

-

-

3,034

3,034Balance,
December 31, 2008
3,350,000

335

71,789

(128,679)

1,923

(54,632)Interest  -
related party (note 6)
-



4,071

-

-

4,071Net loss
-

-

-

(27,577)

-

(27,577)Cumulative
currency translation adjustment
-

-

-

-

(2,989)

(2,989)Balance,
December 31, 2009
3,350,000

$
                     335

$
               75,860

$
                 (156,256)

$
            (1,066)

$
         (81,127)  The
accompanying notes are an integral part of these financial statements  4


OKANA VENTURES, INC. (AN
EXPLORATION STAGE COMPANY) STATEMENTS OF CASH FLOWS FOR
THE YEARS ENDED DECEMBER 31, 2009 AND 2008 (WITH
CUMULATIVE TOTALS SINCE INCEPTION)    Year Ending

Year Ending

Cumulative Total FromDecember 31,

December 31,

Inception, May 9,
20052009

2008

to December 31, 2009CASH FLOWS FROM OPERATING ACTIVITIESNet loss

$
        (27,577)

$
         (24,535)

$
                   (156,256)Adjustments to
reconcile net loss to net cashused in
operating activities:Interest
expense - related party  contributed to capital

4,071

2,529

9,195Changes in operating assets and
liabilities(Increase) or
decrease in prepaid expensesand
deposits

(2,550)

2,382

(2,550)Increase or
(decrease) in accounts payable

(3,630)

2,328

2,500Net cash used in
operating activities

(29,686)

(17,296)

(147,111)CASH FLOWS FROM INVESTING ACTIVITIES-

-

-CASH FLOWS FROM FINANCING ACTIVITIESProceeds from notes
payable to stockholders

35,042

14,095

83,692Sale of common stock

-

-

67,000Net
cash provided by financing activities
35,042

14,095

150,692EFFECT OF FOREIGN CURRENCYTRANSLATION ADJUSTMENT

(2,989)

3,034

(1,066)NET INCREASE (DECREASE) INCASH AND CASH
EQUIVALENTS

2,367

(167)

2,515CASH AND CASH EQUIVALENTS -BEGINNING OF
PERIOD

148

315

-CASH AND CASH EQUIVALENTS -END OF PERIOD

$
           2,515

$
               148

$
                         2,515SUPPLEMENTAL CASH FLOW INFORMATION:Cash paid for
interest

$
                 -

$
                  -

$
                              -Cash paid for
taxes

$
                 -

$
                  -

$
                              -   The
accompanying notes are an integral part of these financial statements.  5


OKANA
VENTURES, INC. (AN EXPLORATION STAGE COMPANY) NOTES
TO FINANCIAL STATEMENTS DECEMBER 31, 2009  NOTE
1- ORGANIZATION
AND BASIS OF PRESENTATION  Okana Ventures, Inc. (the Company) was incorporated on May 9, 2005
under the laws of the State of Nevada.  The business purpose of the Company
is to acquire and develop mineral properties. NOTE
2- SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES  Exploration Stage Company  The Company is considered to be in the exploration stage as
defined in FASC 915-10-05, Development Stage Entity,as interpreted by
the Securities and Exchange Commission for mining companies in Industry Guide 7.
 The Company is devoting substantially all of its efforts to the execution
of its business plan.  Use of Estimates  The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the amounts
reported in the financial statements and accompanying notes. Actual results
could differ from those estimates.  Cash and Cash Equivalents  Cash and cash equivalents consists principally of currency on
hand, demand deposits at commercial banks, and liquid investment funds having a
maturity of three months or less at the time of purchase.  The Company had
$2,515 and $148 in cash and cash equivalents as of December 31, 2009 and 2008,
respectively.  Start-up Costs  In accordance with ASC 720-15-20, Start-up Activities,
the Company expenses all costs incurred in connection with the start-up and
organization of the Company.  Common Stock Issued For Other Than Cash  Services purchased and other transactions settled in the Company's
common stock are recorded at the estimated fair value of the stock issued if
that value is more readily determinable than the fair value of the consideration
received.  6           OKANA
VENTURES, INC. (AN EXPLORATION STAGE COMPANY) NOTES
TO FINANCIAL STATEMENTS DECEMBER 31, 2009  NOTE
2- SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)  Net
Income or (Loss) Per Share of Common Stock  The
following table sets forth the computation of basic and diluted earnings per share:   Net income
(loss)
$   (27,577)

$   (24,535)Weighted average
commonshares
outstanding (Basic)
3,350,000

3,350,000Options

-

-Warrants

-

-Weighted average
commonshares
outstanding (Diluted)
3,350,000

3,350,000Net
loss per share(Basic
and diluted)
$       (0.01)

$
      (0.01)   The
Company has no potentially dilutive securities, such as options or warrants,
currently issued and outstanding.  Recently Enacted Accounting Standards  In June 2009 the FASB established the Accounting Standards
Codification (Codification or ASC) as the source of authoritative accounting
principles recognized by the FASB to be applied by nongovernmental entities in
the preparation of financial statements in accordance with generally accepted
accounting principles in the United States (GAAP).  Rules and
interpretive releases of the Securities and Exchange Commission (SEC) issued
under authority of federal securities laws are also sources of GAAP for SEC
registrants.  Existing GAAP was not intended to be changed as a result of
the Codification and, accordingly, the change did not impact our financial
statements.  The ASC does not change the way the guidance is organized and
presented.  Statement of Financial Accounting Standards (SFAS) SFAS No. 165
(ASC Topic 855), Subsequent Events,SFAS No. 166 (ASC Topic 810),
Accounting for Transfers of Financial Assets-an Amendment of FASB
Statement No. 140, SFAS No. 167 (ASC Topic 810), Amendments to FASB
Interpretation No. 46(R),and SFAS No. 168 (ASC Topic 105), The FASB
Accounting Standards  7        OKANA
VENTURES, INC. (AN EXPLORATION STAGE COMPANY) NOTES
TO FINANCIAL STATEMENTS DECEMBER 31, 2009  NOTE
2- SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)  Recently Enacted Accounting Standards
(Continued)  Codification and the Hierarchy of Generally Accepted Accounting
Principles-a replacement of FASB Statement No. 162 were recently issued.
 The Company has adopted SFAS No. 165.  SFAS No. 166, 167, and 168
have no current applicability to the Company or their effect on the financial
statements would not have been significant. Accounting Standards Update (ASU) ASU No. 2009-05 (ASC Topic
820, which amends Fair Value Measurements and Disclosures  Overall,
ASU No 2009-13 (ASC Topic 605), Multiple-Deliverable Revenue Arrangements,ASU No. 2009-14 (ASC Topic 985), Certain Revenue Arrangements that
include Software Elements,and various other ASUs, No. 2009-2 through ASU
No. 2010-10, which contain technical corrections to existing guidance or affect
guidance to specialized industries or entities, were recently issued.
 These updates have no current applicability to the Company or their effect
on the financial statements would not have been significant. In December of 2009, the FASB issued ASU 2009-16, Transfers
and Servicing,(Topic 860): Accounting for Transfers of Financial
Assets.This Update amends the FASB Accounting Standards Codification
for Statement 166.  Also in December of 2009, the FASB issued ASU 2009-17,
Consolidations(Topic 810):  Improvements to Financial Reporting
by Enterprises Involved with Variable Interest Entities.This Update
 amends the FASB Accounting Standards Codification for Statement 166.
 Neither of these updates has any current applicability to the Companys
financial reporting.  Mineral
Acquisition and Exploration Costs  The Company has been in the pre-exploration and exploration stages
since its formation May 9, 2005 and has not yet realized any operating revenue
from its planned operations.  It is primarily engaged in the acquisition,
exploration, and development of mining properties.  Mineral property
acquisition and exploration costs are expensed as incurred.  When it has
been determined that a mineral property can be economically developed as a
result of establishing proven and profitable reserves, the costs incurred to
develop such property are capitalized.  Such costs will be depreciated
using the units-of-production method over the estimated life of the probable
reserves.   8          OKANA
VENTURES, INC. (AN EXPLORATION STAGE COMPANY) NOTES
TO FINANCIAL STATEMENTS DECEMBER 31, 2009  NOTE
3- PROVISION
FOR INCOME TAXES  The Company recognizes the tax effects of transactions in the year
in which such transactions enter into the determination of net income regardless
of when reported for tax purposes.  Deferred taxes are provided in the
financial statements under FASC 740-10-65-1 to give effect to the temporary
differences which may arise from differences in the bases of fixed assets,
depreciation methods  and allowances based on the income taxes expected to
be payable in future years.  Minimal development stage deferred tax assets
arising as a result of net operating loss carry-forwards have been offset
completely by a valuation allowance due to the uncertainty of their utilization
in future periods.  Operating loss carry-forwards generated during the
period from May 9, 2005 (date of inception) through December 31, 2009 of
approximately $156,256 will begin to expire in 2025.  Accordingly, deferred
tax assets of approximately $54,690 were offset by the valuation allowance.
 For the year ended December 31, 2009 the allowance increased by
approximately $9,652.  The Company has no tax positions at December 31, 2009 and 2008 for
which the ultimate deductibility is highly certain but for which there is
uncertainty about the timing of such deductibility.  The Company recognizes interest accrued relative to unrecognized
tax benefits in interest expense and penalties in operating expense.
 During the years ended December 31, 2009 and 2008 the Company recognized
no income tax related interest and penalties.  The Company had no accruals
for income tax related interest and penalties at December 31, 2009 and 2008.   NOTE
4 - STOCKHOLDERS
DEFICIT  Common
Stock  As of December 31, 2009 the Company has 100,000,000 shares of
common stock authorized and 3,350,000 issued and outstanding.  The following details the stock transactions for the Company:  On May 10, 2005 the Company sold 75,000 shares of its common stock
at $.02 per share for $1,500 cash to provide initial working
capital.  On July 31, 2006 the Company sold 775,000 shares of its common
stock at $.02 per share for $15,500 cash for working capital.  9          OKANA
VENTURES, INC. (AN EXPLORATION STAGE COMPANY) NOTES
TO FINANCIAL STATEMENTS DECEMBER 31, 2009  NOTE
4 - STOCKHOLDERS
DEFICIT (CONTINUED)  Common
Stock (Continued)  During June, 2007 the Company sold 2,500,000 of its shares at $.02
per share for $50,000.  The proceeds were used for working capital and to
fund its operating plan.  The $157,322 comprehensive loss as of December 31, 2009, less the
$67,000 cash received for stock and the $9,195 imputed interest on loans from
stockholders yields a stockholders deficit of $81,127.  NOTE
5 - ACQUISITION
OF MINERAL RIGHTS  On May 27, 2005 the Company entered into an agreement (the
Agreement) to purchase an undivided interest in mineral claims on property
located in Canada (the Property) for  $40,000 CAD.  Due to the
uncertainty of fluctuating exchange rates, payments on the Property are stated in CAD as follows:  Upon signing of the Agreement and transfer of title (paid)
      $    5,000 On or before May 27, 2006 (paid)
                                                  5,000 On or before May 27, 2007 (paid)
                                                10,000 On or before May 27, 2008
                                                           20,000 ----------- TOTAL $ 40,000 ====== Under the Agreement, the Company is obligated to perform
exploration work of $60,000 CAD over a period of four years commencing on the
date of the Agreement or to make an equivalent cash payment to the vendors with
$30,000 CAD of the exploration work to be performed or an equivalent cash
payment made therefore by May 27, 2007.  If the exploration results in the
discovery of mineral commodities, the Company is required to pay a royalty of
2.0% on all mineral commodities sold from production on the Property.  The
royalty may be reduced to 1.0% upon payment of $500,000 CAD to the vendors at
any time.  The Company is also responsible to maintain the mineral claims
in good standing by paying all the necessary rents, taxes and filings associated
with the Property.  In accordance with terms set forth in the Agreement, the Company
can terminate the Agreement at any time, at which point the Company is released
of all obligations.  All property payments must be made within 30 days of
the due date and all exploration work must be performed within 30 days of the
required date.  Otherwise, the mineral property rights will revert back to
the vendors.  In addition, there is no guarantee that any exploration will
yield mineral commodities.   10        OKANA
VENTURES, INC. (AN
EXPLORATION STAGE COMPANY) NOTES
TO FINANCIAL STATEMENTS DECEMBER 31, 2009  NOTE
5 - ACQUISITION
OF MINERAL RIGHTS (CONTINUED)  Accordingly, the Company expenses Property payments when paid and
exploration costs as incurred.  On April 12, 2008, the Company gave notice of termination of the
Agreement, effective April 18, 2008.  As a result, the Company has no
further obligations for purchase or exploration of those mineral claims.
 The Company plans to evaluate other properties for future acquisition and
exploration  During the year ended December 31, 2008 the Company made no
payments on the property, leaving total property payments made during the period
of May 9, 2005 (inception) to December 31, 2009 at $20,000 CAD, recorded as
$17,818 USD.  In the same period, the Company has paid a total of $31,808
CAD for exploration work or cash in lieu of exploration work, recorded as
$29,722 USD.  NOTE
6 - NOTES
PAYABLE TO STOCKHOLDERS  The Companys President, who is also a stockholder, regularly
advances funds to the Company in exchange for demand notes at a zero interest
rate.  Since the notes have no stated maturity date, the Company records
simple annual interest of 6% on the outstanding principal.  Interest
expense is recorded as an addition to paid-in capital.  The Company
incurred and recorded $4,071 in interest expense during the year ended December
31, 2009, bringing the total to $9,195 since inception on May 9, 2005.  The
notes are due on demand and therefore reported as current liabilities. As of
December 31, 2009 the Company owed $83,692 to the stockholder.  NOTE
7 - FOREIGN
CURRENCY TRANSLATION  Assets and liabilities denominated in Canadian dollars are
revalued to the United States dollar equivalent as of December 31, 2009.
 The ($1,066) effect of change in exchange rates from the transaction dates
to the reporting date is reported as a Cumulative Currency Translation
Adjustment.       11            OKANA
VENTURES, INC. (AN EXPLORATION STAGE COMPANY) NOTES
TO FINANCIAL STATEMENTS DECEMBER 31, 2009  NOTE
8 - GOING
CONCERN  The accompanying financial statements have been prepared in
accordance with accounting principles generally accepted in the United States of
America, which contemplates continuation of the Company as a going concern.
 The Company  has incurred an operating deficit since its inception,
is in the exploration stage and has no recurring revenues. These items raise
substantial doubt about the Companys ability to continue as a going concern.  In view of these matters, realization of the assets of the Company
is dependent upon the Companys ability to meet its financial requirements
through equity financing and the success of future operations.  These
financial statements do not include adjustments relating to the recoverability
and classification of recorded asset amounts and classification of liabilities
that might be necessary should the Company be unable to continue in
existence.  NOTE
9 - SUBSEQUENT
EVENTS  The
Company has evaluated events from December 31, 2009 through the date the
financial statements were issued and has determined there are no items to
disclose.  NOTE
10 - RESTATEMENT
OF CASH FLOWS, DECEMBER 31, 2008  It
is the Companys accounting policy to report the revaluation of Canadian
denominated Notes Payable To Stockholder as an inclusion in the cash flow effect
of Proceeds of Notes Payable to Stockholder in the Statement of Cash Flows.
 An alternative interpretation was included in the December 31, 2008
Statement of Cash Flows, affecting only that Statement as presented above for
comparison.  In accordance with ASC Topic 250-10-45, the correction is
explained as:  As
Reported As
Corrected  Proceeds
Of Notes Payable to Stockholder $15,923 $14,095  Effect
Of Foreign Currency Translation
Adjustment 1,206 3,034    12


ITEM
9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ONACCOUNTING AND
FINANCIAL DISCLOSURE  There
have been no disagreements of any kind with the Companys independent
auditors.   ITEM 9AT.
 CONTROLS AND PROCEDURES  Evaluation of Our
Disclosure Controls and Internal Control  Okana
carried out an evaluation of the effectiveness of the Companys disclosure
controls and procedures (as defined by Rule 13-15(e) and 15d-15(e) under the
Securities Exchange Act of 1934) under the supervision and with the
participation of Okanas chief executive officer and chief financial officer as
of the end of the period covered by this annual report (the Evaluation Date).
Based on and as of the date of such evaluation, the aforementioned officers have
concluded that Okanas disclosure controls and procedures were effective such
that the information relating to us, including our consolidated subsidiaries,
required to be disclosed in our Securities and Exchange Commission (SEC)
reports was (i) recorded, processed, summarized and reported within the time
periods specified in SEC rules and forms, and (ii) accumulated and communicated
to our management, including our chief executive officer and chief financial
officer, as appropriate to allow timely decisions regarding required
disclosure.  Managements
Annual Report on Internal Control Over Financial Reporting. As of December 31, 2009, management assessed the effectiveness of
our internal control over financial reporting.  The Company's management is
responsible for establishing and maintaining adequate internal control over
financial reporting for the Company. Internal control over financial reporting
is a set of processes designed by, or under the supervision of, the Company's
CEO and contract CFO, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external
purposes in accordance with GAAP and includes those policies and procedures
that: Pertain
to the maintenance of records that in reasonable detail accurately and fairly
reflect our transactions and dispositions of our assets; Provide reasonable assurance our transactions are recorded as
necessary to permit preparation of our financial statements in accordance with
GAAP, and that receipts and expenditures are being made only in accordance with
authorizations of our management and directors; and Provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of our assets that
could have a material effect on the financial statements.  Because
of its inherent limitations, internal control over financial reporting may not
prevent or detect misstatements.  Therefore, even those systems determined
to be effective can provide only reasonable assurance of achieving their control
objectives.  In evaluating the effectiveness of our





internal control over financial reporting, our management used the
criteria set forth by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO) in Internal Control  Integrated Framework. Based on that
evaluation, they concluded that, as of December 31, 2009, a material weakness
exists in the Companys internal control procedures, in that one individual who,
as an officer and director of the Company, has sole access and authority to
receive cash and make cash disbursements. However, management believes that this
material weakness did not have an effect on our financial results.  This
annual report does not include an attestation report of our registered public
accounting firm regarding internal control over financial reporting.
 Managements report was not subject to attestation by our registered
public accounting firm pursuant to temporary rules of the Securities and
Exchange Commission that permit us to provide only managements report in this
annual report.  Officers Certifications  Appearing as exhibits
to this Annual Report are Certifications of our Chief Executive Officer and
Chief Financial Officer.  The Certifications are required pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002 (the Section 302
Certifications).  This section of the Annual Report contains information
concerning the Controls Evaluation referred to in the Section 302 Certification.
 This information should be read in conjunction with the Section 302
Certifications for a more complete understanding of the topics presented.  Changes in Internal Control Over Financial Reporting  There
were no significant changes in Okanas internal controls or in other factors
that could significantly affect these controls during the period covered by this
report.   ITEM 9B.  OTHER
INFORMATION  During
the fourth quarter of the fiscal year ended December 31, 2009, there was no
information required to be reported on Form 8-K which was not previously
reported.   PART
III   ITEM
10.  DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.  The
names, ages, and respective positions of the directors, officers, and
significant employees of the Company are set forth below.  Name
Age
Position
Date of
Election or AppointmentMichael
Upham
54
President,
Secretary, Treasurer, Chief Executive Officer, Chief Financial Officer,
Chief Accounting Officer, Director
5/9/05 and 7/9/08





Michael Upham has been our secretary, treasurer, chief
financial officer and chief accounting officer since inception and became
president and chief executive officer on July 9, 2008.  Mr. Upham was also
a director of Beeston Enterprises Ltd., a developing company in the health
service industry, from September 1999 to May 2005.  Mr. Upham has been in
the retail sales and marketing sector for over 35 years.  He was manager of
Jack Frasers, a Canadian mens clothing chain, having worked his way up to a
management level during his term with the company from 1971 to 1977.  In
1978, Mr. Upham joined the sales staff at Finns Clothiers, where he worked as
senior sales representative until 1985.  In 1986, he became district sales
manager for Playtex Canada Ltd.  Mr. Upham left Playtex Canada Ltd. in 1996
to become district sales manager for Imperial Tobacco Company Limited, a
position he held until his retirement in 2009.  Mr. Upham is prepared to
devote 20% of his time, or approximately eight hours per week, to our
operations.  None of
Okanas directors or executive officers have been involved, during the past five
years, in any bankruptcy proceedings, conviction or criminal proceedings; has
not been subject to any order, judgment, or decree, not subsequently reversed or
suspended or vacated, of any court of competent jurisdiction, permanently or
temporarily enjoining, barring, suspending or otherwise limiting his or her
involvement in any type of business, securities or banking activities; and has
not been found by a court of competent jurisdiction, the Securities and Exchange
Commission or the Commodity Futures Trading Commission to have violated a
federal or state securities or commodities law.  There
are no family relationships between any of the Companys officers and directors.  There
have been no changes in the procedures by which security holders may recommend
nominees to the Companys Board of Directors.  The
Board of Directors does not currently have a standing audit committee.  Significant Employees  Okana
has no significant employees other than the officers and directors described
above, whose time and efforts are being provided to Okana without
compensation.  Compliance with Section 16(a) of the Exchange Act.  The
Company is not aware of a director or officer who is delinquent in their
reporting under Section 16(a) of the Exchange Act.  Code
of Ethics  Okana has not adopted
a code of ethics at this time.   ITEM
11.  EXECUTIVE COMPENSATION.   The
table below summarizes all compensation awarded to, earned by, or paid to our
current executive officers for each of the last three completed fiscal
years.





Annual Compensation
Long Term CompensationName
Title
Year
Salary
($)
Bonus
($)
Other Annual Compensation
($)
Restricted Stock
Awarded
(shares)
Options/
SARs
(#)
LTIP
Payouts
($)
All Other
Compensation
($)Michael Upham
President Secretary, Treasurer,
CEO
CFO CAO, Director
2007
2008
2009
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-  Compensation to Directors  Our
directors did not receive any compensation for their services as director during
the year ended December 31, 2009.  Summary of Options Grants  We did
not grant any stock options to any executive officer or director during the year
ended December 31, 2009.   ITEM
12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED STOCKHOLDER MATTERS  As of
December 31, 2009, Okana had no compensation plans in effect under which equity
securities are authorized for issuance.  Following is a table showing security ownership of certain
beneficial owners, as well as management of the Company.  Unless otherwise
noted, each shareholder is the direct owner of his or her shares.  Title of
Class
Name and
Address of Beneficial Owner
Amount and
Nature of Beneficial Ownership
Percent of
ClassCommon
Michael
Upham
87 Cranleigh
Green S.E.
Calgary,
Alberta, Canada
T3M 1J2
300,000
8.95Common
Officer and
Director as a Group (1)
300,000
8.95% There are currently
no authorization plans in effect.





ITEM 13.
 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
INDEPENDENCE.  Other
than as set forth in Item 7, there are no relationships, transactions, or
proposed transactions to which the registrant was or is to be a party, in which
any of the named persons set forth in Item 404 of Regulation S-K had or is to
have a direct or indirect material interest.  None of
the directors qualify as independent directors.   ITEM14. PRINCIPAL
ACCOUNTANT FEES AND SERVICES  Audit
Fees.  The aggregate fees
billed to us by our principal accountant for services rendered during the fiscal
years ended December 31, 2009 and 2008 are set forth in the table below:  Fee Category
Fiscal year ended
December 31, 2009
Fiscal year ended
December 31, 2008Audit fees (1)
$10,000
$9,500Audit-related fees (2)
0
0Tax fees (3)
0
0All other fees (4)
0
0Total fees
$10,000
$9,500  (1) Audit fees consist of fees incurred for professional services
rendered for the audit of our financial statements, for reviews of our interim
financial statements included in our quarterly reports on Form 10-Q and for
services that are normally provided in connection with statutory or regulatory
filings or engagements.  (2) Audit-related fees consist of fees billed for professional
services that are reasonably related to the performance of the audit or review
of our financial statements, but are not reported under Audit fees.  (3) Tax fees consist of fees billed for professional services relating
to tax compliance, tax planning, and tax advice.  (4) All
other fees consist of fees billed for all other services.  Audit Committees
Pre-Approval Practice.  We
do not have an audit committee.  Our board of directors performs the
function of an audit committee.  Section 10A(i) of the Securities Exchange
Act of 1934, as amended, prohibits our





auditors from performing audit services for us as well as any
services not considered to be audit services unless such services are
pre-approved by our audit committee or, in cases where no such committee exists,
by our board of directors (in lieu of an audit committee) or unless the services
meet certain de minimis standards.    PART
IV   ITEM 15.
 EXHIBITS, FINANCIAL STATEMENT AND SCHEDULES  Exhibit
No.
Document
Location3.1
Articles of
Incorporation
Previously
Filed3.2
Bylaws
Previously
Filed3.3
Amendment to
Bylaws
Previously
Filed31
Rule
13a-14(a)/15d-14(a) Certifications
Included32
Section 1350
Certifications
Included   SIGNATURES  In accordance with
Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.   OKANA VENTURES,
INC.  Date:  March
8, 2010    /s/
Michael Upham Michael
Upham, President, CEO  In accordance with
the Exchange Act, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated.     /s/ Michael
Upham
                                                                Date:
   March 8, 2010 Michael
Upham
President,
Secretary, Treasurer, CEO, CFO, Director