----

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|   |   |                                                                                    |
|--------|--------|-----------------------------------------------------------------------------------------|
| þ |   | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|   |   |                                                                                     |
|--------|--------|------------------------------------------------------------------------------------------|
| o      |   | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|                            |   |                |
|---------------------------------|--------|---------------------|
|                            |   |                |
| Colorado                        |   | 84-1491159          |
| (State or other jurisdiction of |   | (I.R.S. Employer    |
| incorporation or organization)  |   | Identification No.) |

|   |                                 |   |                           |   |                               |   |
|--------|--------------------------------------|--------|--------------------------------|--------|------------------------------------|--------|
|   |                                 |   |                           |   |                               |   |
|   |                                 |   |                           |   |                               |   |
|   | Large accelerated filer  o |   | Accelerated filer  o |   | Non-accelerated filer  o |   | Smaller reporting company  x |   |
|   |                                 |   |                           |   |                               |   |
|   |                                 |   |                           |   |                               |   |
|   |                                 |   |                           |   |                               |   |
|   |                                 |   |                           |   |                               |   |

----

| TABLE OF CONTENTS |
|-------------------|
|              |   |   |   |   |
|              |   |   |   |   |
|              | PART I—FINANCIAL INFORMATION |   |   |   |
|              |   |   |   |   |
|              | Item 1. Financial statements |   |   |  3 |
|              |   |   |   |   |
|              | Item 2. Management’s discussion and analysis of financial condition and results of operations |   |   | 14 |
|              |   |   |   |   |
|              | Item 3. Quantitative and qualitative disclosures about market risk |   |   |  N/A |
|              |   |   |   |   |
|              | Item 4. Controls and procedures |   |   |  17 |
|              |   |   |   |   |
|              | PART II—OTHER INFORMATION |   |   |   |
|              |   |   |   |   |
|              | Item 1. Legal proceedings |   |   |  17 |
|              |   |   |   |   |
|              | Item 1A. Risk factors |   |   |   N/A |
|              |   |   |   |   |
|              | Item 2. Unregistered sales of equity securities and use of proceeds |   |   |  18 |
|              |   |   |   |   |
|              | Item 3. Defaults upon senior securities |   |   | 19 |
|              |   |   |   |   |
|              | Item 4. (Removed and reserved) |   |   | N/A |
|              |   |   |   |   |
|              | Item 5. Other information |   |   |  19 |
|              |   |   |   |   |
|              | Item 6. Exhibits |   |   | 20 |
|              | EX-3.2 |   |   |   |
|              | EX-4.1 |   |   |   |
|              | EX-4.2 |   |   |   |
|              | EX-4.3 |   |   |   |
|              | EX-4.4 |   |   |   |
|              | EX-4.5 |   |   |   |
|              | EX-4.6 |   |   |   |
|              | EX-4.7 |   |   |   |
|              | EX-4.8 |   |   |   |
|              | EX-10.6 |   |   |   |
|              | EX-21 |   |   |   |
|              | EX-31.1 |   |   |   |
|              | EX-32.1 |   |   |   |

----

|         |   |                  |
|--------------|--------|-----------------------|
| Item 1. |   | Financial Statements. |

|  Sun River Energy, Inc.                                                                                                                                                              |   | January 31, |        |   | April 30, |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|-------------|--------|-----------|--------|
|  Consolidated Balance Sheets                                                                                                                                                         |   | 2011        |        |   | 2010      |   |
|                                                                                                                                                                                      |   | (Unaudited) |        |   |      |   |
| Assets                                                                                                                                                                                    |   |        |        |   |      |   |
| Current assets                                                                                                                                                                            |   |        |        |   |      |   |
| Cash and cash equivalents                                                                                                                                                                 |   | $           | 568,189     |   |      | $      | 39,817 |   |
| Accounts receivable, net                                                                                                                                                                  |   |        | 140,387     |   |      |   | -- |   |
|       Total current assets                                                                                                                                  |   |        | 708,576     |   |      |   | 39,817 |   |
|                                                                                                                                                                                      |   |        |        |   |      |   |   |   |
| Oil and gas properties—net, based on full cost method of                                                                                                                            |   |        |        |   |      |   |   |   |
|        accounting                                                                                                                                      |   |        | 6,944,995   |   |      |   | 998,781 |   |
| Property and equipment—net                                                                                                                                                          |   |        | 98,210      |   |      |   | -- |   |
| Goodwill                                                                                                                                                                                  |   |        | 286,605     |   |      |   | -- |   |
| Deposits                                                                                                                                                                                  |   |        | 464,496     |   |      |   | -- |   |
|                                                                                                                                                                                      |   |        |        |   |      |   |   |   |
|  Total assets                                                                                                                                                                        |   | $           | 8,502,882   |   |      | $      | 1,038,598 |   |
|                                                                                                                                                                                      |   |        |        |   |      |   |   |   |
| Liabilities and stockholders' equity (deficit)                                                                                                                                            |   |        |        |   |      |   |   |   |
| Current liabilities                                                                                                                                                                       |   |        |        |   |      |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                     |   | $           | 2,300,213   |   |      | $      | 1,639,948 |   |
| Accounts payable - related party                                                                                                                                                          |   |        | 80,403      |   |      |   |  -- |   |
| Asset retirement obligations – current                                                                                                                                              |   |        | 16,660      |   |      |   | -- |   |
| Notes payable                                                                                                                                                                             |   |        | 717,685     |   |      |   | 628,616 |   |
| Convertible notes payable – related party                                                                                                                                           |   |        | 1,000,000   |   |      |   | 575,679 |   |
|       Total current liabilities                                                                                                                             |   |        | 4,114,961   |   |      |   | 2,844,243 |   |
|                                                                                                                                                                                      |   |        |        |   |      |   |   |   |
|      Asset retirement obligations                                                                                                                                |   |        | 22,625      |   |      |   | -- |   |
|          Total liabilities                                                                                                                   |   |        | 4,137,586   |   |      |   | 2,844,243 |   |
|                                                                                                                                                                                      |   |        |        |   |      |   |   |   |
| Commitments and contingencies                                                                                                                                                             |   |        |        |   |      |   |   |   |
| Stockholders’ equity (deficit)                                                                                                                                                      |   |        |        |   |      |   |   |   |
| Preferred Stock, 8,750,000 shares authorized, par value $.01, no shares issued and outstanding at January 31, 2011 and April 30, 2010                                                     |   |        |  --    |   |      |   |  -- |   |
|  8% Series A cumulative convertible preferred stock, par value $.01; authorized 1,250,000 shares, 95,250 and 0 shares issued as of January 31, 2011 and April 30, 2010, respectively |   |        | 953         |   |      |   | -- |   |
| Common stock, $.0001 par value; authorized, 100,000,000 shares; 24,443,295 shares at January 31, 2011  and 19,373,995 issued shares at April 30, 2010, respectively             |   |        | 2,444       |   |      |   | 1,938 |   |
| Additional paid-in-capital                                                                                                                                                                |   |        | 16,856,017  |   |      |   | 7,416,145 |   |
| Accumulated deficit                                                                                                                                                                       |   |        | (12,023,683 | )      |      |   | (8,753,293 | ) |
| Common stock to be delivered for debt                                                                                                                                                     |   |        | (470,435    | )      |      |   | (470,435 | ) |
| Total stockholders’ equity (deficit)                                                                                                                                                |   |        | 4,365,296   |   |      |   | (1,805,645 | ) |
| Total liabilities and stockholders' equity (deficit)                                                                                                                                      |   | $           | 8,502,882   |   |      | $      | 1,038,598 |   |
|                                                                                                                                                                                      |   |        |        |   |      |   |   |   |
|  The accompanying notes are an integral part of these financial statements.                                                                                                          |   |        |        |   |      |   |   |   |

----

|  SUN RIVER ENERGY, INC.                                                                   |                       |
|------------------------------------------------------------------------------------------------|----------------------------|
|  Consolidated Statements of Operations                                                    |                       |
|  (Unaudited)                                                                              |                       |
|                                                                                           |                       |   |   |   |
|                                                                                           | For the Three Months Ended |   | For the Nine Months Ended |   |
|                                                                                           |                       | January 31, |   |   | January 31, |   |
|                                                                                           |                       | 2011 |   |   | 2010 |   |   | 2011 |   |   | 2010 |   |
|        Revenues                                             |                       | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
|                                                                                           |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                           |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Operational expenses:                                      |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|          Depreciation, depletion and amortization |                       |   | 20,088 |   |   |   | -- |   |   |   | 47,784 |   |   |   | 540 |   |
|          Consulting expenses                      |                       |   | 338,502 |   |   |   | 155,487 |   |   |   | 1,357,474 |   |   |   | 1,035,434 |   |
|          Litigation expense                       |                       |   | 1,748 |   |   |   | 150,000 |   |   |   | 42,333 |   |   |   | 150,000 |   |
|          Lease operating expense and taxes        |                       |   | 11,085 |   |   |   | -- |   |   |   | 21,190 |   |   |   | — |   |
|          General and administrative               |                       |   | 1,365,008 |   |   |   | 105,055 |   |   |   | 2,243,552 |   |   |   | 413,012 |   |
|                                                                                           |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                           |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|        Total operational expenses                           |                       |   | 1,736,431 |   |   |   | 410,542 |   |   |   | 3,712,333 |   |   |   | 1,598,986 |   |
|                                                                                           |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                           |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Net loss from operations                                   |                       |   | (1,736,431 | ) |   |   | (410,542 | ) |   |   | (3,712,333 | ) |   |   | (1,598,986 | ) |
|                                                                                           |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                           |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Other income (expenses)                                    |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|          Interest income                          |                       |   | 485 |   |   |   | 920 |   |   |   | 485 |   |   |   | 920 |   |
|          Interest expense                         |                       |   | (56,401 | ) |   |   | (28,785 | ) |   |   | (108,542 | ) |   |   | (89,244 | ) |
|          Forgiveness of debt                      |                       |   | - |   |   |   | - |   |   |   | - |   |   |   | 75,773 |   |
|          Gain on settlement of litigation         |                       |   | - |   |   |   | - |   |   |   | 550,000 |   |   |   | -- |   |
|                                                                                           |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                           |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Total other income (expenses)                              |                       |   | (55,916 | ) |   |   | (27,865 | ) |   |   | 441,943 |   |   |   | (12,551 | ) |
|                                                                                           |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                           |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Net loss                                                               |                       |   | (1,792,347 | ) |   |   | (438,407 | ) |   |   | (3,270,390 | ) |   |   | (1,611,537 | ) |
|                                                                                           |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Less dividends on preferred shares                                           |                       |   | (25,966 | ) |   |   | - |   |   |   | (25,966 | ) |   |   | - |   |
|                                                                                           |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Net loss applicable to common stockholders                                   |                       | $ | (1,818,313 | ) |   | $ | (438,407 | ) |   | $ | (3,296,356 | ) |   | $ | (1,611,537 | ) |
|                                                                                           |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Per share information                                                                    |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                           |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Net loss per common share                                                                |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Basic and diluted                                                                        |                       | $ | (0.08 | ) |   | $ | (0.02 | ) |   | $ | (0.15 | ) |   | $ | (0.09 | ) |
|                                                                                           |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Weighted average number                                                                  |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     of common stock outstanding                                            |                       |   | 24,138,397 |   |   |   | 18,311,778 |   |   |   | 22,120,108 |   |   |   | 17,479,385 |   |
|                                                                                           |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these financial statements.                     |                       |   |   |   |   |   |   |   |   |

----

|  SUN RIVER ENERGY, INC.                                                      |   |                      |       |   |   |   |
|-----------------------------------------------------------------------------------|--------|---------------------------|------------|--------|--------|--------|
|  Consolidated Statement of Cash Flows                                        |   |                      |       |   |   |   |
|  (Unaudited)                                                                 |   |                      |       |   |   |   |
|                                                                              |   | For the Nine Months Ended |       |
|                                                                              |   | January 31,               |       |
|                                                                              |   | 2011                      |       |   | 2010   |   |
|  Cash flows from operating activities:                                       |   |                      |       |   |   |   |
|  Net loss                                                                    |   | $                         | (3,270,390 | )      |   | $      | (1,611,537 | ) |
|  Adjustments to reconcile net loss to net cash used in operating activities: |   |                      |       |   |   |   |   |   |
|  Depreciation, depletion and amortization                                    |   |                      | 47,784     |   |   |   | 540 |   |
|  Equity issued for services                                                  |   |                      | 1,865,526  |   |   |   | 905,189 |   |
|  Litigation expense                                                          |   |                      | -          |   |   |   | 150,000 |   |
|  Gain on settlement of litigation                                            |   |                      | (550,000   | )      |   |   | - |   |
|  Foregiveness of debt                                                        |   |                      | -          |   |   |   | (75,773 | ) |
|     Changes in current assets and liabilities:                |   |                      |       |   |   |   |   |   |
|  Increase in accounts receivable                                             |   |                      | (140,387   | )      |   |   | — |   |
|  Increase in accounts payable and accrued liabilities                        |   |                      | 1,859,103  |   |   |   | 659,485 |   |
|  Increase in accounts payable — related party                          |   |                      | 80,403     |   |   |   | - |   |
|  Increase in deposits                                                        |   |                      | (14,496    | )      |   |   | (50,000 | ) |
|  Net cash used in operating activities                                       |   |                      | (122,457   | )      |   |   | (22,096 | ) |
|                                                                              |   |                      |       |   |   |   |   |   |
|  Cash flows from investing activities:                                       |   |                      |       |   |   |   |   |   |
|  Investment in oil and gas properties                                        |   |                      | (1,723,172 | )      |   |   | - |   |
|  Net cash used in investing activities                                       |   |                      | (1,723,172 | )      |   |   | - |   |
|                                                                              |   |                      |       |   |   |   |   |   |
|  Cash flows from financing activities:                                       |   |                      |       |   |   |   |   |   |
|  Preferred stock issued for cash                                             |   |                      | 2,079,001  |   |   |   | - |   |
|  Proceeds from advances                                                      |   |                      | -          |   |   |   | 43,062 |   |
|  Payments on notes payable                                                   |   |                      | (101,218   | )      |   |   | (20,000 | ) |
|  Proceeds from notes payable                                                 |   |                      | 396,218    |   |   |   | - |   |
|  Net cash provided by financing activities                                   |   |                      | 2,374,001  |   |   |   | 23,062 |   |
|                                                                              |   |                      |       |   |   |   |   |   |
|  Net increase in cash                                                        |   |                      | 528,372    |   |   |   | 966 |   |
|                                                                              |   |                      |       |   |   |   |   |   |
|  Cash and cash equivalents — beginning of period                       |   |                      | 39,817     |   |   |   | 38,851 |   |
|                                                                              |   |                      |       |   |   |   |   |   |
|  Cash and cash equivalents — end of period                             |   | $                         | 568,189    |   |   | $      | 39,817 |   |
|                                                                              |   |                      |       |   |   |   |   |   |
|  Supplemental Disclosure of Cash Flow Information:                           |   |                      |       |   |   |   |   |   |
|  Cash paid for interest expense                                              |   | $                         | -          |   |   | $      | - |   |
|                                                                              |   |                      |       |   |   |   |   |   |
|  Cash paid for income taxes                                                  |   | $                         | -          |   |   | $      | - |   |
|                                                                              |   |                      |       |   |   |   |   |   |
|  Continued                                                                   |   |                      |       |   |   |   |   |   |

----

| Supplemental Disclosure of Non-cash Activities:                            |   |    |         |   |   |    |
|----------------------------------------------------------------------------|--------|---------|--------------|--------|--------|---------|
| Issuance of common stock for payment of notes payable and accrued interest |   | $       | 1,631,627    |   |   | $  | 828,289 |   |
|                                                                       |   |    |         |   |   |    |   |   |
| Issuance of common stock for oil and gas properties                        |   | $       | 3,046,136    |   |   | $  | - |   |
|                                                                       |   |    |         |   |   |    |   |   |
| Issuance of common stock for fixed assets and goodwill                     |   | $       | 395,000      |   |   | $  | - |   |
|                                                                       |   |    |         |   |   |    |   |   |
| Issuance of note payable - related party for oil and gas properties        |   | $       | 1,000,000    |   |   | $  | - |   |
|                                                                       |   |    |         |   |   |    |   |   |
| Issuance of note payable for settlement of accounts payable                |   | $       | 629,106      |   |   | $  | - |   |
|                                                                       |   |    |         |   |   |    |   |   |
| Issuance of common stock for deposits                                      |   | $       | 450,000      |   |   | $  | - |   |
|                                                                       |   |    |         |   |   |    |   |   |
| Reclassification of notes payable - related party to                  |   |    |         |   |   |    |   |   |
|     accounts payable and accrued expenses                   |   | $  |  50,879 |   |   | $  |  - |   |
|                                                                       |   |    |         |   |   |    |   |   |
| The accompanying notes are an integral part of these financial statements. |   |    |         |   |   |    |   |   |
|                                                                       |   |    |         |   |   |    |   |   |

----

----

----

|  Year                                                                             |   | Acquisition |      |   | Development |   |      | Sale of    |   |   | Impariment of |   |   | Asset Retirement |   |   |   |   |
|----------------------------------------------------------------------------------------|--------|-------------|-----------|--------|-------------|--------|-----------|------------|--------|--------|---------------|--------|--------|------------------|--------|--------|--------|--------|
|  Incurred                                                                         |   | Costs       |      |   | Costs       |   |      | Properties |   |   | Properties    |   |   | Costs            |   |   | Total  |   |
|       Balance at April 30, 2010                          |   | $           | 998,781   |   |        | $      | -         |       |   | $      | -             |   |   | $                | -      |   |   | $      | - |   |   | $ | 998,781 |   |
|       Activity-May 1, 2010 to January 31, 2011 |   |        | 4,046,136 |   |        |   | 1,860,793 |       |   |   | -             |   |   |             | -      |   |   |   | 39,285 |   |   |   | 5,946,214 |   |
|       Total                                              |   | $           | 5,044,917 |   |        | $      | 1,860,793 |       |   | $      | -             |   |   | $                | -      |   |   | $      | 39,285 |   |   | $ | 6,944,995 |   |

----

|                                                                        |   |   |    |   |
|-----------------------------------------------------------------------------|--------|--------|---------|--------|
|          Cash                       |   | $      | 188     |   |
|                                                                        |   |   |    |   |
|          Fixed assets               |   |   | 145,994 |   |
|                                                                        |   |   |    |   |
|          Accounts payable           |   |   | (45,287 | )      |
|                                                                        |   |   |    |
|          Net assets acquired        |   |   | 100,895 |   |
|                                                                        |   |   |    |
|          Value of common stock |   |   | 387,500 |   |
|                                                                        |   |   |    |
|          Goodwill                   |   | $      | 286,605 |   |

|                                       |         |   |   |         |
|--------------------------------------------|--------------|--------|--------|--------------|
| Beginning of period                        |    | $      | --     |    |
| Liabilities incurred                       |    |   | 39,285 |    |
| Liabilities settled                        |    |   | --     |         |
| Accretion expense                          |    |   | --     |    |
| Revisions to estimate                      |    |   | --     |    |
| End of period                              |    |   | 39,285 |    |
| Less: current asset retirement obligations |    |   | 16,660 |    |
| Long-term asset retirement obligations     |    | $      | 22,625 |    |

|  Notes Payable                                      |   |    |                |
|----------------------------------------------------------|--------|---------|---------------------|
|  Balance as of April 30, 2010                       |   | $       | 628,616             |   |
|  Proceeds                                           |   |    | 300,000             |   |
|  Conversions to restricted common stock             |   |    | (205,931            | ) |
|  Payments                                           |   |    | (5,000              | ) |
|  Balance as of January 31, 2011                     |   | $       | 717,685             |   |
|                                                     |   |    |                |   |
|  Notes payable - related parties                    |   |    |                |   |
|  Balance as of April 30, 2010                       |   | $  |   575,679 |   |
|  Proceeds                                           |   |    |  96,218        |   |
|  Conversion from accounts payable                   |   |    |  629,106       |   |
|  Conversions to restricted common stock             |   |    |  (1,393,286    | )  |
|  Payments                                           |   |    | (96,218             | ) |
|  Additions due to FTP acqusition                    |   |    | 1,000,000           |   |
|  Reclassification of notes payable to               |   |    |                |   |
|     accounts payable and accrued expenses |   |    |  50,879        |   |
|  Other reclassifications                            |   |    |  137,622       |   |
|  Balance as of January 31, 2011                     |   | $  | 1,000,000           |   |

----

|                            | Shares  |   | WeightedAverageFair Value |   |
|---------------------------------|---------|--------|--------------------------------|--------|
| Outstanding at April 30, 2010   | --      |   | $                              | --     |   |
| Granted                         | 695,000 |   | 2.20                           |   |
| Vested/issued                   | 616,666 |   | 2.20                           |   |
| Forfeited                       | --      |   | --                             |   |
| Outstanding at January 31, 2011 | 78,334  |   | $                              | 2.20   |   |

----

|                    |   | Nine months ended January31, |   |
|-------------------------|--------|---------------------------------------------|--------|
|                    |   | 2011                                        |   |   | 2010 |   |
| Dividend yield          |   |                                        | 0%     |   |   |   | 0% |   |
| Expected volatility     |   |                                        | 139%   |   |   |   | 138% |   |
| Risk-free interest rate |   |                                        | 1.60%  |   |   |   | 1.54% |   |
| Expected life           |   |  3.5 years                             |   |   |    3.5 years |   |

|                            | Numberof Options |   | WeightedAverageExercise Price |   | WeightedAverageRemaining Term (in years) |   | AggregateFair Value |   |
|---------------------------------|-----------------------|--------|------------------------------------|--------|---------------------------------------------------------|--------|--------------------------|--------|
| Outstanding at April 30, 2010   | 0                     |   | $                                  | 0      |                                                    |   |                     |   |   |
| Granted                         | 371,389               |   | 1.23                               |   |                                                    |   |                     |   |
| Exercised                       | 0                     |   | 0                                  |   |                                                    |   |                     |   |
| Forfeited or expired            | 0                     |   | 0                                  |   |                                                    |   |                     |   |
| Outstanding at January 31, 2011 | 371,389               |   | $                                  | 1.23   |                                                    | 2.5    |                     | $      | 450,000 |   |
|                            |                  |   |                               |   |                                                    |   |                     |   |
| Exercisable at January 31, 2011 | 0                     |   | $                                  | 0      |                                                    | 0      |                     | $      | 0 |   |

----

|                                                                          |   |   | January 31, 2011 |   |
|-------------------------------------------------------------------------------|--------|--------|------------------|--------|
|  Expected life                                                      |   |   | 1 year           |   |
|          Volatility              |   |   | 44% - 151%  |   |
|          Risk-free interest rate |   |   | 4.5% - 4.75%     |   |
|          Dividend yield               |   |   | 0%               |   |

|                                                                                        |   |         |      |     |             |     |      |   |       |   |   |    |   |
|---------------------------------------------------------------------------------------------|--------|--------------|-----------|----------|------------------|----------|-----------|--------|------------|--------|--------|---------|--------|
|                                                                                        |   |         |      |     |             | Weighted | Weighted  |   |       |
|                                                                                        |   |         |      |     |             | Average  | Average   |   | Aggregate  |
|                                                                                        |   | Shares Under |      | Exercise | Remaining        |     | Intrinsic |
|                                                                                        |   | Warrant      |      | Price    | Contractual Life |     | Value     |
|          Outstanding at May 1, 2010       |   |         | 1,660,000 |     |             | $        | 2.00      |   | 1.54 years |   | $      | — |   |
|                                                                                        |   |         |      |     |             |     |      |   |       |   |   |    |   |
|          Granted, less exercised and expired        |   |         | 100,000   |     |             |     | 2.01      |   | 3.00 years |   |   | — |   |
|                                                                              |   |         |      |     |             |     |      |   |       |   |   |    |   |
|          Outstanding at January  31, 2011 |   |         | 1,760,000 |     |             | $        | 1.94      |   | 1.73 years |   | $      | — |   |

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|   | (a)    |   | volatility or decline of the Company’s stock price;                                                                              |
|--------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                   |
|   | (b)    |   | potential fluctuation in quarterly results;                                                                                            |
|   |   |   |                                                                                                                                   |
|   | (c)    |   | failure of the Company to earn revenues or profits;                                                                                    |
|   |   |   |                                                                                                                                   |
|   | (d)    |   | inadequate capital to continue or expand its business, inability to raise additional capital or financing to implement business plans; |
|   |   |   |                                                                                                                                   |
|   | (e)    |   | failure to commercialize its technology or to make sales;                                                                              |
|   |   |   |                                                                                                                                   |
|   | (f)    |   | rapid and significant changes in markets;                                                                                              |
|   |   |   |                                                                                                                                   |
|   | (g)    |   | litigation with or legal claims and allegations by outside parties; and                                                                |
|   |   |   |                                                                                                                                   |
|   | (h)    |   | insufficient revenues to cover operating costs.                                                                                        |

----

----

----

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| DATE OF SALE |   | TITLE OF SECURITIES      |   | NO. OF SHARES |   | CONSIDERATION                                 |   | CLASS OF PURCHASER |
|--------------|--------|--------------------------|--------|---------------|--------|-----------------------------------------------|--------|--------------------|
| 2/7/2011     |   | Common Stock             |   | 20,000        |   | Consulting Fee $32,400                        |   | Related Party      |
| 1/6/2011     |   | Common Stock             |   | 37,000        |   | 3,700 units of Series A Preferred stock       |   | Stockholder        |
| 1/6/2011     |   | Common Stock             |   | 50,000        |   | 5,000 units of Series A Preferred stock       |   | Stockholder        |
| 2/4/2011     |   | Common Stock             |   | 5,000         |   | Promissory Note Fee $12,000                   |   | Vendor             |
| 2/7/2011     |   | Common Stock             |   | 1,333,710     |   | Oil and gas leases $3,500,000                 |   | Vendor             |
| 1/7/2011     |   | Common Stock             |   | 200,000       |   | Legal settlement $590,000                     |   | Related Party      |
| 11/30/2010   |   | Common Stock             |   | 20,000        |   | Consulting Fee $32,400                        |   | Related Party      |
| 12/31/2010   |   | Common Stock             |   | 20,000        |   | Consulting Fee $32,400                        |   | Related Party      |
| 1/31/2011    |   | Common Stock             |   | 20,000        |   | Consulting Fee $32,400                        |   | Related Party      |
| 12/31/2010   |   | Common Stock             |   | 23,350        |   | Promissory Note $35,959                       |   | Related Party      |
| 12/31/2009   |   | Common Stock             |   | 20,000        |   | Consulting Fee $55,800                        |   | Related Party      |
| 1/31/2010    |   | Common Stock             |   | 20,000        |   | Consulting Fee $33,000                        |   | Related Party      |
| 1/31/2011    |   | Common Stock             |   | 5,000         |   | Promissory Note Fee $12,000                   |   | Vendor             |
| 12/31/2010   |   | Common Stock             |   | 136,957       |   | Purchase of Working Interest in well $382,110 |   | Vendor             |
| 11/16/2010   |   | Series A Preferred Stock |   | 62,500        |   | $1,250,000 cash                               |   | Stockholder        |
| 1/3/2011     |   | Series A Preferred Stock |   | 3,700         |   | $74,000 cash                                  |   | Stockholder        |
| 1/5/2011     |   | Series A Preferred Stock |   | 5,000         |   | $100,000 cash                                 |   | Stockholder        |
| 1/19/2011    |   | Series A Preferred Stock |   | 10,000        |   | $180,000 cash                                 |   | Stockholder        |
| 1/21/2011    |   | Series A Preferred Stock |   | 12,500        |   | $225,000 cash                                 |   | Stockholder        |
| 1/27/2011    |   | Series A Preferred Stock |   | 4,000         |   | $80,000 cash                                  |   | Stockholder        |
| 1/31/2011    |   | Series A Preferred Stock |   | 22,500        |   | $405,000 cash                                 |   | Stockholder        |
| 1/24/2011    |   | Series A Preferred Stock |   | 125,000       |   | $2,375,000 cash                               |   | Stockholder        |
| 11/30/2010   |   | Warrants                 |   | 20,000        |   | Consulting Fee $7,600                         |   | Related Party      |
| 12/31/2010   |   | Warrants                 |   | 20,000        |   | Consulting Fee $7,600                         |   | Related Party      |
| 1/31/2011    |   | Warrants                 |   | 20,000        |   | Consulting Fee $7,600                         |   | Related Party      |

----

----

|                     |                      |                                                                                                                                                            |     |  Incorporated by Reference |               |               |                                                      |                                            |               |
|--------------------------|---------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|---------------------------------|--------------------|--------------------|-----------------------------------------------------------|-----------------------------------------------------------|--------------------|
|  Exhibit No.   |  Exhibit Description |                                                                                                                                                  |  Form         |                  |  SEC File     |     |  Exhibit                                             |                                            |  Filing Date  |     |  Filed Herewith |
|    3.1(i) |                      |  Articles of Incorporation.                                                                                                                                |     |  10-SB12G                  |     |  000-27485    |                                            |  3.1(i)                                              |     | 9/29/1999 |     |   |
|    3.2    |                      |  Certificate of Designation of 8% Series A Cumulative Convertible Preferred Stock                                                                          |     |                            |               |               |                                                      |                                                      |               |   |     |  * |
|    4.1    |                      |  Warrants issued to J.H Brech                                                                                                                              |     |                            |     |               |                                            |                                                      |     |   |     |  * |
|    4.2    |                      |  Warrant issued to Tom Anderson                                                                                                                            |     |                            |               |               |                                                      |                                                      |               |   |     |  * |
|    4.3    |                      |  Warrant issued to Redgie Green                                                                                                                            |     |                            |     |               |                                            |                                                      |     |   |     |  * |
|    4.4    |                      |  Warrant issued to David Surginer                                                                                                                          |     |                            |     |               |                                            |                                                      |     |   |     |  * |
|    4.5    |                      |  Warrant issued to Steven Weathers                                                                                                                         |     |                            |     |               |                                            |                                                      |     |   |     |  * |
|    4.6    |                      |  Warrants issued to Cicerone Corporate Development                                                                                                         |     |                            |     |               |                                            |                                                      |     |   |     |  * |
|    4.7    |                      |  Warrant issued to Avalon                                                                                                                                  |     |                            |     |               |                                            |                                                      |     |   |     |  * |
|    4.8    |                      |  Warrant issued to Aspenwood Capital                                                                                                                       |     |                            |     |               |                                            |                                                      |     |   |     |  * |
|    10.1   |                      |  Amended and Restated Consulting Agreement with Cicerone Corporate Development, LLC  and incorporated herein by reference.                       |  8-K          |                  |  000-27485    |     |  $        10 |                                            | 11/29/2010         |   |   |
|    10.2   |                      |  Promissory Note dated June 10, 2010 between Sun River Energy, Inc. and J.H. Brech, LLC. and incorporated herein by reference.                        |     |  10-Q                      |     |  000-27485    |                                            |  $        10 |     | 12/20/2010 |     |   |
|    10.3   |                      |  Promissory Note dated November 1, 2010 between Sun River Energy, Inc. and Cicerone Corporate Development, LLC. and incorporated herein by reference. |     |  10-Q                      |     |  000-27485    |                                            |  $        10 |     | 12/20/2010 |     |   |
|    10.4   |                      |  Employment Agreement dated as of December 22, 2010 with Jay Leaver and incorporated herein by reference.                                                  |     |  8-K                       |     |  000-27485    |                                            |  $        10 |     | 1/18/2011 |     |   |
|   10.5         |                      |  Settlement Agreement and Release and Covenant Not to Sue, dated January 10, 2011 and incorporated herein by reference.                                    |     |  8-K                       |     |  000-27485    |                                            |  $        10 |     | 1/14/2011 |     |   |
|   10.6         |                      |  Purchase and sale agreement with Peccary                                                                                                                  |               |                            |               |               |                                                      |                                                      |               |   |   |  * |
|   21           |                      |  List of subsidiaries                                                                                                                                      |               |                            |               |               |                                                      |                                                      |               |   |   |  * |
|   31.1         |                      |  Rule 13a-14(a) Certification of Chief Executive Officer and Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.        |     |                            |     |               |                                            |                                                      |     |   |     |  * |
|   32.1         |                      |  Certification of Chief Executive Officer pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.         |     |                            |     |               |                                            |                                                      |     |   |     |  * |

----

|                       |                         |                             |                        |   |
|----------------------------|------------------------------|----------------------------------|-----------------------------|--------|
|                       | SUN RIVER ENERGY, INC.  |                             |
| Date: March 11, 2011  | By:                | /s/ Donal R. Schmidt, Jr.   |                        |
|                       |                         | Name:                  | Donal R. Schmidt, Jr.  |   |
|                       |                         | Title:                 | President and CEO      |   |

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