----

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|                                                                                     |
|------------------------------------------------------------------------------------------|
| (Exact                  name of Registrant as specified in its                  charter) |

| Nevada                                      |   | 91-1980526                                            |
|--------------------------------------------------|--------|-------------------------------------------------------|
| (Jurisdiction                  of Incorporation) |   | (I.R.S.                  Employer Identification No.) |

| 604-700                  West Pender Street, Vancouver, BC |   | V6C                  1G8    |
|------------------------------------------------------------|--------|-----------------------------|
| (Address                  of principal executive offices)  |   | (Zip                  Code) |

**INTRODUCTION**

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**Page            - 1**

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**PART      I: FINANCIAL INFORMATION**

**Item      1.Financial Statements.**

**Page            - 2**

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**CONSOLIDATED      FINANCIAL STATEMENTS**

**March      31, 2007**

Consolidated      Balance Sheets

Consolidated      Statements of Operations

Consolidated      Statements of Cash Flows

Notes      to the Consolidated Financial Statements

**Page          - 3**

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**TURNER      VALLEY OIL & GAS, INC.**

| ASSETS                                                                                                                                                                              |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                |   |  March                31, |   | December                31, |   |
|                                                                                                                                                                                |   |  2007 |   | 2006 |   |
|                                                                                                                                                                                |   |    |   |   |   |
| CURRENT                ASSETS                                                                                                                                                       |   |    |   |   |   |
|                                                                                                                                                                                |   |    |   |   |   |
| Cash                                                                                                                                                                                |   | $ | 20,527 |   | $ | - |   |
| Accounts                receivable                                                                                                                                                  |   |   | 4,207 |   |   | 8,910 |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |
| Total                Current Assets                                                                                                                                                 |   |   | 24,734 |   |   | 8,910 |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |
| OIL                AND GAS PROPERTIES USING FULL COST ACCOUNTING                                                                                                                    |   |   |   |   |   |   |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |
| Properties                subject to amortization                                                                                                                                   |   |   | 25,677 |   |   | 28,177 |   |
| Unproved                properties                                                                                                                                                  |   |   | 925,544 |   |   | 925,544 |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |
| Net                Oil and Gas Properties                                                                                                                                           |   |   | 951,221 |   |   | 953,721 |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |
| OTHER                ASSETS                                                                                                                                                         |   |   |   |   |   |   |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |
| Investments                - Marketable Securities available for sale                                                                                                               |   |   | 256,275 |   |   | 604,349 |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |
|  Total                Other Assets                                                                                                                                             |   |   | 256,275 |   |   | 604,349 |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |
|  TOTAL                ASSETS                                                                                                                                                   |   | $ | 1,232,230 |   | $ | 1,566,980 |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |
| LIABILITIES                AND STOCKHOLDERS' EQUITY                                                                                                                                 |
|                                                                                                                                                                                |   |   |   |   |   |   |   |
| CURRENT                LIABILITIES                                                                                                                                                  |   |   |   |   |   |   |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |
| Bank                Overdraft                                                                                                                                                       |   | $ | - |   |   | 3,397 |   |
| Accounts                payable                                                                                                                                                     |   |   | 400,410 |   | $ | 400,410 |   |
| Notes                payable, related party                                                                                                                                         |   |   | 23,658 |   |   | 23,658 |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |
| Total                Current Liabilities                                                                                                                                            |   |   | 424,068 |   |   | 427,465 |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |
| Total                Liabilities                                                                                                                                                    |   |   | 424,068 |   |   | 427,465 |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |
| Other                Commitments or Contingencies                                                                                                                                   |   |   | - |   |   | - |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |
| STOCKHOLDERS'                EQUITY                                                                                                                                                 |   |   |   |   |   |   |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |
| Common                stock, 100,000,000 shares authorized of $0.001 par value, 58,535,984                and                58,535,984 shares issued and outstanding, respectively |   |   | 58,537 |   |   | 58,537 |   |
| Capital                in excess of par value                                                                                                                                       |   |   | 4,697,260 |   |   | 4,697,173 |   |
| Accumulated                other comprehensive income                                                                                                                               |   |   | 158,684 |   |   | 495,283 |   |
| Deficit                accumulated during the development stage                                                                                                                     |   |   | (4,106,319 | ) |   | (4,111,478 | ) |
|                                                                                                                                                                                |   |   |   |   |   |   |   |
| Total                Stockholders' Equity                                                                                                                                           |   |   | 808,162 |   |   | 1,139,515 |   |
|                                                                                                                                                                                |   |   |   |   |   |   |   |
| TOTAL                LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                           |   | $ | 1,232,230 |   | $ | 1,566,980 |   |

**Page          - 4**

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**TURNER      VALLEY OIL & GAS, INC.**

|                                                                |   | For                the 3 months Ended For the March 31, |       | From                Inception on April 21, 1999 Through March 31, |   |
|---------------------------------------------------------------------|--------|---------------------------------------------------------|------------|-------------------------------------------------------------------|--------|
|                                                                |   | 2007                                                    |       | 2006                                                              |   | 2007 |   |
| REVENUE                                                             |   |                                                    |       |                                                              |   |   |   |
|                                                                |   |                                                    |       |                                                              |   |   |   |
| Royalties                received                                   |   | $                                                       | 401        |                                                              | $      | 243 |   | $ | 21,275 |   |
|                                                                |   |                                                    |       |                                                              |   |   |   |   |   |   |
| EXPENSES                                                            |   |                                                    |       |                                                              |   |   |   |   |   |   |
|                                                                |   |                                                    |       |                                                              |   |   |   |   |   |   |
| Cost                of production                                   |   |                                                    | -          |                                                              |   | - |   |   | 51,753 |   |
| Depletion                                                           |   |                                                    | 2,500      |                                                              |   | 2,500 |   |   | 23,267 |   |
| General                and administrative                           |   |                                                    | 34,581     |                                                              |   | 291,368 |   |   | 4,729,759 |   |
|                                                                |   |                                                    |       |                                                              |   |   |   |   |   |   |
|  Total                Expenses                                 |   |                                                    | 37,081     |                                                              |   | 293,868 |   |   | 4,804,779 |   |
|                                                                |   |                                                    |       |                                                              |   |   |   |   |   |   |
| NET                OPERATING LOSS                                   |   |                                                    | (36,680    | )                                                                 |   | (293,625 | ) |   | (4,783,504 | ) |
|                                                                |   |                                                    |       |                                                              |   |   |   |   |   |   |
| OTHER                INCOME (EXPENSE)                               |   |                                                    |       |                                                              |   |   |   |   |   |   |
|                                                                |   |                                                    |       |                                                              |   |   |   |   |   |   |
| Gain                on sale of investments                          |   |                                                    | 41,839     |                                                              |   | 60,161 |   |   | 680,477 |   |
| Interest                expense                                     |   |                                                    | -          |                                                              |   | - |   |   | (3,292 | ) |
|                                                                |   |                                                    |       |                                                              |   |   |   |   |   |   |
|  Total                Other Income (Expense)                   |   |                                                    | 41,839     |                                                              |   | 60,161 |   |   | 677,185 |   |
|                                                                |   |                                                    |       |                                                              |   |   |   |   |   |   |
| NET                PROFIT/(LOSS) BEFORE INCOME TAX                  |   | $                                                       | 5,159      |                                                              | $      | (233,464 | ) | $ | (4,106,319 | ) |
|                                                                |   |                                                    |       |                                                              |   |   |   |   |   |   |
| Income                tax                                           |   | $                                                       | -          |                                                              | $      | - |   | $ | - |   |
|                                                                |   |                                                    |       |                                                              |   |   |   |   |   |   |
| NET                PROFIT/(LOSS)                                    |   | $                                                       | 5,159      |                                                              | $      | (233,464 | ) | $ | (4,106,319 | ) |
|                                                                |   |                                                    |       |                                                              |   |   |   |   |   |   |
| BASIC                LOSS PER COMMON SHARE                          |   | $                                                       | 0.00       |                                                              | $      | (0.00 | ) |   |   |   |
|                                                                |   |                                                    |       |                                                              |   |   |   |   |   |   |
| WEIGHTED                AVERAGE NUMBER OF COMMON SHARES OUTSTANDING |   |                                                    | 58,535,984 |                                                              |   | 53,919,317 |   |   |   |   |
|                                                                |   |                                                    |       |                                                              |   |   |   |   |   |   |
| COMPREHENSIVE                INCOME (LOSS)                          |   |                                                    |       |                                                              |   |   |   |   |   |   |
|                                                                |   |                                                    |       |                                                              |   |   |   |   |   |   |
| NET                LOSS                                             |   | $                                                       | 5,159      |                                                              | $      | (233,464 | ) | $ | (4,106,319 | ) |
|                                                                |   |                                                    |       |                                                              |   |   |   |   |   |   |
| OTHER                COMPREHENSIVE INCOME (LOSS)                    |   |                                                    |       |                                                              |   |   |   |   |   |   |
| Unrealized                Gain on Marketable Securities             |   |                                                    | 158,684    |                                                              |   | - |   |   | 162,769 |   |
| Foreign                Currency Translation                         |   |                                                    | 725        |                                                              |   | 524 |   |   | (4,085 | ) |
|                                                                |   |                                                    |       |                                                              |   |   |   |   |   |   |
| COMPREHENSIVE                INCOME (LOSS)                          |   | $                                                       | 164,568    |                                                              | $      | (232,940 | ) | $ | (3,947,635 | ) |

**Page            - 5**

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**Turner      Valley Oil & Gas Corporation**

|                                                                        |   |   |                                                               |   |   | Additional                                             |   | Comprehensive |                                                   | Retained |   | Subscription                              |   |
|-----------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------|--------|--------|--------------------------------------------------------|--------|---------------|--------------------------------------------------------|----------|--------|-------------------------------------------|--------|
|                                                                        |   | Shares |                                                               | Amount |   | Paid-in-Capital                                        |   | Income/(Loss) |                                                   | Earnings |   | Receivable                                |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |
| Balance                at inception April 21, 1999                          |   |   | 0                                                                  |   |   | 0                                                      |   |          | 0                                                      |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued for services during 1999                       |   |   | 41,080                                                             |   |   | 41                                                     |   |          | 5,094                                                  |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued for cash during 1999                           |   |   | 16,000                                                             |   |   | 16                                                     |   |          | 99,984                                                 |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |    |   |
| Net                Loss for the period ended December 31, 1999              |   |   |                                                          |   |   |                                              |   |          |                                              |     |   |                                 |   |   | -96,935 |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Balance                at December 31, 1999                                 |   |   | 57,080                                                             |   |   | 57                                                     |   |          | 105,078                                                |     |   | 0                                         |   |   | -96,935 |   |   | 0 |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Net                Loss for the period ended December 31, 2000              |   |   |                                                          |   |   |                                              |   |          |                                              |     |   |                       |   |   | -27,242 |   |   |                       |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Balance                at December 31, 2000                                 |   |   | 57,080                                                             |   |   | 57                                                     |   |          | 105,078                                                |     |   | 0                                         |   |   | -124,177 |   |   | 0 |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Net                Loss for the period ended December 31, 2001              |   |   |                            |   |   |                          |   |          |                          |     |   |                       |   |   | -65,380 |   |   |                       |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Balance                at December 31, 2001                                 |   |   | 57,080                                                             |   |   | 57                                                     |   |          | 105,078                                                |     |   | 0                                         |   |   | -189,557 |   |   | 0 |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued for debt reduction during 2002                 |   |   | 8,000                                                              |   |   | 8                                                      |   |          | 99,992                                                 |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued for services during 2002                       |   |   | 2,190,150                                                          |   |   | 2,190                                                  |   |          | 1,092,885                                              |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Net                Loss for the period ended December 31, 2002              |   |   |                                                     |   |   |                                    |   |          |                                    |     |   |                       |   |   | -1,240,008 |   |   |                       |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Balance                at December 31, 2002                                 |   |   | 2,255,230                                                          |   |   | 2,255                                                  |   |          | 1,297,955                                              |     |   | 0                                         |   |   | -1,429,565 |   |   | 0 |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued for services at $.02 per share                 |   |   | 1,500,000                                                          |   |   | 1,500                                                  |   |          | 298,500                                                |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Rounding                of shares from reverse split                        |   |   | 2,000                                                              |   |   | 2                                                      |   |          | -2                                                     |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued for accounts payable at $.05 Per share         |   |   | 8,000,000                                                          |   |   | 8,000                                                  |   |          | 392,000                                                |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued for services at $.015 per share                |   |   | 31,729,200                                                         |   |   | 31,729                                                 |   |          | 444,209                                                |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued for services at $.015 per share                |   |   | 9,487,504                                                          |   |   | 9,488                                                  |   |          | 132,825                                                |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued pursuant to S-8 registration at $.05 per share |   |   | 2,000,000                                                          |   |   | 2,000                                                  |   |          | 98,000                                                 |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued pursuant to S-8 registration at $.05 per share |   |   | 650,000                                                            |   |   | 650                                                    |   |          | 31,850                                                 |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Cancellation                of Common Stock                                 |   |   | -16,691,520                                                        |   |   | -16,692                                                |   |          | -220,459                                               |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued for cash at $.05 per share                     |   |   | 3,000,000                                                          |   |   | 3,000                                                  |   |          | 147,000                                                |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued for cash at $.30 per share                     |   |   | 100,000                                                            |   |   | 100                                                    |   |          | 29,900                                                 |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued for cash at $.35 per share                     |   |   | 528,570                                                            |   |   | 529                                                    |   |          | 184,471                                                |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Foreign                Currency Translation                                 |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   | -1,718                                    |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Net                Loss for the period ended December 31, 2003              |   |   | 0                                                                  |   |   | 0                                                      |   |          | 0                                                      |     |   |                       |   |   | -1,137,760 |   |   |      |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Balance                at December 31, 2003                                 |   |   | **42,560,984**                                                     |   |   | **42,561**                                             |   |          | **2,836,249**                                          |     |   | **-1,718**                                |   |   | **-2,567,325** |   |   | **0** |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued pursuant to S-8 registration at $.20 per share |   |   | 932,500                                                            |   |   | 933                                                    |   |          | 185,567                                                |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued pursuant to S-8 registration at $.08 per share |   |   | 1,597,500                                                          |   |   | 1,598                                                  |   |          | 126,202                                                |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued pursuant to S-8 registration at $.08 per share |   |   | 1,000,000                                                          |   |   | 1,000                                                  |   |          | 79,000                                                 |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued pursuant to S-8 registration at $.11 per share |   |   | 85,000                                                             |   |   | 85                                                     |   |          | 9,265                                                  |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| 30/09/2004                                                                  |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued pursuant to S-8 registration at $.20 per share |   |   | 1,385,000                                                          |   |   | 1,385                                                  |   |          | 275,615                                                |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued for Cash at $.05 per share                     |   |   | 975,000                                                            |   |   | 975                                                    |   |          | 47,775                                                 |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Subscription                Recievable                                      |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   | -48,750 |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Foreign                Currency Translation                                 |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   | **-2,367**                                |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Net                Loss for the period ended December 31, 2004              |   |   | **0**                                                              |   |   | **0**                                                  |   |          | **0**                                                  |     |   | **0**                                     |   |   | **-784,001** |   |   |      |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Balance                at December 31, 2004                                 |   |   | **48,535,984**                                                     |   |   | **48,537**                                             |   |          | **3,559,673**                                          |     |   | **-4,085**                                |   |   | **-3,351,325** |   |   | **-48,750** |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued pursuant to S-8 registration at $.13 per share |   |   | 2,850,000                                                          |   |   | 2,850                                                  |   |          | 367,650                                                |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued pursuant to S-8 registration at $.13 per share |   |   | 2,000,000                                                          |   |   | 2,000                                                  |   |          | 258,000                                                |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Foreign                Currency Translation                                 |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   | -725                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Subscription                Recievable                                      |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   | 48,750 |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Net                Loss for the period ended December 31, 2005              |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   | -472,917 |   |   |   |   |
|                                                                        |   |   |                                           |   |   |                               |   |          |                               |     |   |             |   |   |       |   |   |       |   |
| **Balance                at December 31, 2005**                             |   |   | **53,385,984**                                                     |   |   | **53,387**                                             |   |          | **4,185,323**                                          |     |   | **-4,810**                                |   |   | **-3,824,242** |   |   | **0** |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued pursuant to S-8 registration at $.13 per share |   |   | 2,000,000                                                          |   |   | 2,000                                                  |   |          | 258,000                                                |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued pursuant to S-8 registration at $.08 per share |   |   | 1,600,000                                                          |   |   | 1,600                                                  |   |          | 126400                                                 |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued pursuant to S-8 registration at $.08 per share |   |   | 1,450,000                                                          |   |   | 1,450                                                  |   |          | 114,550                                                |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Shares                issued under Rule 144 at $0.13 per share              |   |   | 100,000                                                            |   |   | 100                                                    |   |          | 12,900                                                 |     |   |                                      |   |   |   |   |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Net                Income for the year ended December 31, 2006              |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   | 500,093                                   |   |   | (287,236 | ) |   |   |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| **Balance                as at December 31, 2006**                          |   |   | **58,535,984**                                                     |   |   | **58,537**                                             |   |          | **4,697,173**                                          |     |   | **495,283**                               |   |   | **-4,111,478** |   |   | **0** |   |
|                                                                        |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Net                Income/(loss) for the quarter ended March 31, 2007       |   |   |                                                               |   |   |                                                   |   |          |                                                   |     |   | (336,599                                  | )      |   | 5,159 |   |   |   |   |
|                                                                        |   |   |                                                          |   |   |                                                   |   |          |                                                   |     |   |                                      |   |   |   |   |   |   |   |
| Balance                as at March 31, 2007                                 |   |   | **58,535,984**                                                     |   |   | **58,537**                                             |   |          | **4,697,173**                                          |     |   | **158,684**                               |   |   | **-4,106,319** |   |   | **0** |   |

**Page          - 6**

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**TURNER      VALLEY OIL & GAS, INC.**

|                                                                                                      |   |  For                the 3 months March 31, |               | From                Inception on April 21, 1999 Through March 31, |   |
|-----------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|--------------------|-------------------------------------------------------------------|--------|
|                                                                                                      |   |  2007                                      |               | 2006                                                              |   | 2007 |   |
|                                                                                                      |   |                                       |               |                                                              |   |   |   |
| CASH                FLOWS FROM OPERATING ACTIVITIES:                                                      |   |                                       |               |                                                              |   |   |   |
|                                                                                                      |   |                                       |               |                                                              |   |   |   |
| Net                loss                                                                                   |   | $                                               | 5,159              |                                                              | $      | (233,464 | ) | $ | (4,106,319 | ) |
| Adjustments                to reconcile net loss to net cash used in operating                activities: |   |                                            |               |                                                              |   |   |   |   |   |   |
| Depletion                                                                                                 |   |                                            | 2,500              |                                                              |   | 2,500 |   |   | 23,267 |   |
| Loss                on abandonment of property                                                            |   |                                            | -                  |                                                              |   | - |   |   | 25,481 |   |
| Gain                on sale of Investment                                                                 |   |                                            | (41,839            | )                                                                 |   | (66,328 | ) |   | (716,052 | ) |
| Common                stock issued for services rendered                                                  |   |                                            | 87                 |                                                              |   | 260,000 |   |   | 4,241,960 |   |
| Non-cash                Effect from Foreign Currency Translation                                          |   |                                            | -                  |                                                              |   | 725 |   |   | (4,080 | ) |
| Changes                in operating assets and liabilities:                                               |   |                                            |               |                                                              |   |   |   |   |   |   |
| Increase                (Decrease) in bank Overdraft                                                      |   |                                            | (3,397             | )                                                                 |   | - |   |   | - |   |
| Increase                (Decrease) in accounts receivable                                                 |   |                                            | 4,704              |                                                              |   | 1,294 |   |   | (4,992 | ) |
| Increase                (Decrease) in accounts payable - related Party                                    |   |                                            |               |                                                              |   | - |   |   | 23,659 |   |
| Increase                in accounts payable and accrued expenses                                          |   |                                            | -                  |                                                              |   | 4,015 |   |   | 301,276 |   |
|                                                                                                      |   |                                            |               |                                                              |   |   |   |   |   |   |
| Net                Cash Used in Operating Activities                                                      |   |                                            | (32,786            | )                                                                 |   | (31,258 | ) |   | (215,800 | ) |
|                                                                                                      |   |                                            |               |                                                              |   |   |   |   |   |   |
| CASH                FLOWS FROM INVESTING ACTIVITIES:                                                      |   |                                            |               |                                                              |   |   |   |   |   |   |
|                                                                                                      |   |                                            |               |                                                              |   |   |   |   |   |   |
| Proceeds                from sale of investments                                                          |   |                                            | 53,313             |                                                              |   | 74,972 |   |   | 860,835 |   |
| Investing                in new Oil & Gas working interests                                           |   |                                            | -                  |                                                              |   | (43,523 | ) |   | (825,544 | ) |
| Expenditures                for oil and gas property development                                          |   |                                            |     |                                                              |   | - |   |   | (312,714 | ) |
|                                                                                                      |   |                                            |               |                                                              |   |   |   |   |   |   |
| Net                Cash Used in Investing Activities                                                      |   |                                            | 53,313             |                                                              |   | 31,449 |   |   | (277,423 | ) |
|                                                                                                      |   |                                            |               |                                                              |   |   |   |   |   |   |
| CASH                FLOWS FROM FINANCING ACTIVITIES:                                                      |   |                                            |               |                                                              |   |   |   |   |   |   |
|                                                                                                      |   |                                            |               |                                                              |   |   |   |   |   |   |
| Proceeds                from issuance of common stock                                                     |   |                                            | -                  |                                                              |   | - |   |   | 465,000 |   |
| Receipt                of subscription receivable                                                         |   |                                            | -                  |                                                              |   | - |   |   | 48,750 |   |
|                                                                                                      |   |                                            |     |                                                              |   |     |   |   |      |   |
|                                                                                                      |   |                                            |               |                                                              |   |   |   |   |   |   |
| Net                Cash Provided by Financing Activities                                                  |   |                                            | -                  |                                                              |   | - |   |   | 513,750 |   |
|                                                                                                      |   |                                            |               |                                                              |   |   |   |   |   |   |
| NET                INCREASE (DECREASE) IN CASH                                                            |   |                                            | 20,527             |                                                              |   | 191 |   |   | 20,527 |   |
|                                                                                                      |   |                                            |               |                                                              |   |   |   |   |   |   |
| CASH                AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                           |   |                                            | -                  |                                                              |   | 78,848 |   |   | - |   |
|                                                                                                      |   |                                            |               |                                                              |   |   |   |   |   |   |
| CASH                AND CASH EQUIVALENTS AT END OF PERIOD                                                 |   | $                                               | 20,527             |                                                              | $      | 79,039 |   | $ | 20,527 |   |

**Page          - 7**

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**TURNER      VALLEY OIL & GAS, INC.**

|                                                                |   | For                the Yera Ended March 31 |   | From                Inception on April 21, 1999 Through March 31 |   |
|---------------------------------------------------------------------|--------|--------------------------------------------|--------|------------------------------------------------------------------|--------|
|                                                                |   |  2007                                 |   | 2006                                                             |   | 2007 |   |
|                                                                |   |                                  |   |                                                             |   |   |   |
| SUPPLEMENTAL                CASH FLOW INFORMATION                   |   |                                  |   |                                                             |   |   |   |
|                                                                |   |                                  |   |                                                             |   |   |   |
| CASH                PAID FOR:                                       |   |                                  |   |                                                             |   |   |   |
|                                                                |   |                                  |   |                                                             |   |   |   |
|  Interest                                                      |   | $                                          | -      |                                                             | $      | - |   | $ | - |   |
|  Income                taxes                                   |   | $                                          | -      |                                                             | $      | - |   | $ | - |   |
|                                                                |   |                                       |   |                                                             |   |   |   |   |   |   |
| NON-CASH                FINANCING ACTIVITIES                        |   |                                       |   |                                                             |   |   |   |   |   |   |
|                                                                |   |                                       |   |                                                             |   |   |   |   |   |   |
|  Common                stock issued for services rendered      |   | $                                          | -      |                                                             | $      | 260,000 |   | $ | 3,709,460 |   |
|  Common                stock issued for retirement of payables |   | $                                          | -      |                                                             | $      | - |   | $ | 532,500 |   |

**Page          - 8**

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Note

| NOTE                1 - | BASIS                OF PRESENTATION |
|-------------------------|--------------------------------------|

| NOTE                2 - | LOSS                PER SHARE |
|-------------------------|-------------------------------|

|                                                                     |   | For                the Three                Months Ended                March 31, |       |
|--------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------|------------|
|                                                                     |   | 2007                                                                                   |       | 2006 |   |
| Net                Profit/(loss) available to common shareholders        |   | $                                                                                      | 5,159      |   | $ | (233,464 | ) |
|                                                                     |   |                                                                                   |       |   |   |   |   |
| Weighted                average shares                                   |   |                                                                                   | 58,535,984 |   |   | 53,919,317 |   |
|                                                                     |   |                                                                                   |       |   |   |   |   |
| Basic                income per share (based on weighted average shares) |   | $                                                                                      | 0.00       |   | $ | 0.00 |   |

**Page            - 9**

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| NOTE                3 - | OIL                AND GAS PROPERTIES |
|-------------------------|---------------------------------------|

| NOTE                4 - | INVESTMENT                IN WIN ENERGY |
|-------------------------|-----------------------------------------|

| NOTE                5 - | SIGNIFICANT                TRANSACTIONS |
|-------------------------|-----------------------------------------|

**Page            - 10**

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| NOTE                6 - | GOING                CONCERN |
|-------------------------|------------------------------|

**Item      2.Discussion and Analysis or Plan of Operation.**

| **(A)** | **PLAN                OF OPERATION.** |
|---------|---------------------------------------|

**Page            - 11**

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| **(B)** | **DISCUSSION                AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF** **OPERATIONS.** |
|---------|-------------------------------------------------------------------------------------------------------|

**The      Strachan Property**

**The      Strachan Property - Leduc region**

**Page            - 12**

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|   | 1) | In                the spacing unit for the Earning Well, a 1.500% interest in the petroleum                and natural gas below the base of the Mannville excluding natural                gas in                the Leduc formation, and a 3.00% interest in the natural gas in the                Leduc                formation before payout subject to payment of an Overriding Royalty                which                is convertible upon payout at the Royalty Owners option to 50% of                our                interest. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2) | A                1.200% interest in the rights below the base line of the Shunda formation                in Section 10,Township 38, Range                9W5M |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3) | A                0.966% interest in the rights below the base of the Shunda formation                in                sections 15 & 16,Township 38,Range 9W5M, down to the base of the                deepest formation penetrated. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Mississippi      Prospect**

**General      & Administrative Costs**

**Page            - 13**

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**Liquidity**

**Page            - 14**

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**PART      II: OTHER INFORMATION**

**Item      1.Legal Proceedings. **

**Item      2.Changes in Securities. **

**Item      3.Defaults on Senior Securities.**

**Item      4.Submission of Matters to Vote of Security Holders. **

**Item      5.Other Information. None.**

**Item      6. Exhibits and Reports on Form 8-K**

**Exhibit      31. Section 302 Certification**

**Exhibit      32. Certification Pursuant TO 18 USC Section      1350**

**Page            - 15**

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**SIGNATURES**

|  /s/Kulwant                Sandher    |   |  /s/Donald                Jackson Wells |   |  /s/Joseph                Kane |
|--------------------------------------------|--------|----------------------------------------------|--------|-------------------------------------|
| Kulwant                Sandher   |   | Donald                Jackson Wells     |   | Joseph                Kane     |
| President                / CFO             |   | director                                     |   | director                            |

----