**FORM        10-QSB/A**

**Amendment        #1**

**[X]        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) **

**OF        THE SECURITIES EXCHANGE ACT OF 1934**

**Turner        Valley Oil & Gas, Inc.**

***Page            - 1***

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**PART        I: FINANCIAL INFORMATION**

**Item        1. Financial Statements. **

***Page          - 2***

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**Turner        Valley Oil & Gas Incorporated**

|                                                                    |   |                         |              |                            |   |
|-------------------------------------------------------------------------|--------|------------------------------|-------------------|---------------------------------|--------|
|                                                                    |   | March                    31, |              | December                    31, |   |
|                                                                    |   |                         | 2004              |                            |   | 2004 |   |
| **ASSETS**                                                              |   |                         | (Unaudited)  |                            |   |   |   |
| Current                    Assets                                       |   |                         |              |                            |   |   |   |
| Cash                                                                    |   | $                            | 16,128            |                            | $      | 22,191 |   |
| Accounts                    Receivable (Net of Allowance of $0)         |   | $                            | 6,068             |                            | $      | 4,809 |   |
|                                                                    |   |                         |              |                            |   |   |   |
| Total                    Current Assets                                 |   |                         | 22,196            |                            |   | 27,000 |   |
|                                                                    |   |                         |              |                            |   |   |   |
| Oil                    and Gas Properties Using Full Cost Accounting    |   |                         |              |                            |   |   |   |
| Properties                    not subject to amortization               |   |                         | 48,942            |                            |   | 48,942 |   |
| Accumulated                    Amortization                             |   |                         | (13,267           | )                               |   | (10,767 | ) |
|                                                                    |   |                         |              |                            |   |   |   |
| Net                    Oil and Gas Properties                           |   |                         | 35,675            |                            |   | 38,175 |   |
|                                                                    |   |                         |              |                            |   |   |   |
| Other                    Assets                                         |   |                         |              |                            |   |   |   |
| Investments                                                             |   |                         | 181,585           |                            |   | 181,585 |   |
|                                                                    |   |                         |              |                            |   |   |   |
| Total                    Other Assets                                   |   |                         | 181,585           |                            |   | 181,585 |   |
|                                                                    |   |                         |              |                            |   |   |   |
| Total                    Assets                                         |   | $                            | 239,456           |                            | $      | 246,760 |   |
|                                                                    |   |                         |              |                            |   |   |   |
| **LIABILITIES                    AND STOCKHOLDERS' EQUITY**             |   |                         |              |                            |   |   |   |
|                                                                    |   |                         |              |                            |   |   |   |
| Current                    Liabilities                                  |   |                         |              |                            |   |   |   |
| Accounts                    Payable                                     |   | $                            | 35,937            |                            | $      | 19,053 |   |
| Notes                    Payable - Related Party                        |   |                         | 23,659            |                            |   | 23,659 |   |
|                                                                    |   |                         |              |                            |   |   |   |
| Total                    Current Liabilities                            |   |                         | 59,596            |                            |   | 42,712 |   |
|                                                                    |   |                         |              |                            |   |   |   |
| Total                    Liablilities                                   |   |                         | 59,596            |                            |   | 42,712 |   |
|                                                                    |   |                         |              |                            |   |   |   |
|                                                                    |   |                         |              |                            |   |   |   |
| Stockholders'                    Equity                                 |   |                         |              |                            |   |   |   |
| Common                    Stock; Par Value $.001 Per Share; Authorized  |   |                         |              |                            |   |   |   |
| 100,000,000                    Shares; 48,535,984 and 42,560,984 Shares |   |                         |              |                            |   |   |   |
| Issued                    and Outstanding, respectively                 |   |                         | 48,536            |                            |   | 48,536 |   |
| Capital                    in Excess of Par Value                       |   |                         | 3,559,673         |                            |   | 3,559,673 |   |
| Deficit                    Accumulated During the Development Stage     |   |                         | (3,377,881        | )                               |   | (3,351,326 | ) |
| Subscription                    Receivable                              |   |                         | (48,750           | )                               |   | (48,750 | ) |
| Other                    Comprehensive Income                           |   |                         | (1,718            | )                               |   | (4,085 | ) |
|                                                                    |   |                         |              |                            |   |   |   |
| Total                    Stockholders' Equity                           |   |                         | 179,860           |                            |   | 204,048 |   |
|                                                                    |   |                         |              |                            |   |   |   |
| Total                    Liabilities and Stockholders' Equity           |   | $                            | 239,456           |                            | $      | 246,760 |   |

***Page            - 3***

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**Turner          Valley Oil & Gas Incorporated**

|                                                       |   |   |                                                  |   |   |  From                                |   |
|------------------------------------------------------------|--------|--------|-------------------------------------------------------|--------|--------|-------------------------------------------|--------|
|                                                       |   |   |                                                  |   |   |  Inception                      on   |   |
|                                                       |   |   |                                                  |   |   |  April                      21, 1999 |   |
|                                                       |   |   | For                      the Three Months Ended  |   |   | through                                   |   |
|                                                       |   |   | March                      31,                   |   |   | March                      31,            |   |   | March                      31, |   |
|                                                       |   |   | 2005                                                  |   |   | 2004                                      |   |   | 2005 |   |
|                                                       |   |   |                                                  |   |   |                                      |   |   |   |   |
| REVENUE                                                    |   | $      | 1,640                                                 |   | $      | -                                         |   | $ | 11,061 |   |
|                                                       |   |   |                                                  |   |   |                                      |   |   |   |   |
| Total                      Revenue                         |   | $      | 1,640                                                 |   | $      | -                                         |   | $ | 11,061 |   |
|                                                       |   |   |                                                  |   |   |                                      |   |   |   |   |
| EXPENSES                                                   |   |   |                                                  |   |   |                                      |   |   |   |   |
|                                                       |   |   |                                                  |   |   |                                      |   |   |   |   |
| Cost                      of Production                    |   |   | 2,565                                                 |   |   | -                                         |   |   | 11,915 |   |
| Depletion                                                  |   |   | 2,500                                                 |   |   | -                                         |   |   | 13,267 |   |
| General                      & Administrative          |   |   | 23,130                                                |   |   | 209,302                                   |   |   | 3,334,985 |   |
|                                                       |   |   |                                                  |   |   |                                      |   |   |   |   |
| Total                      Expenses                        |   |   | 28,195                                                |   |   | 209,302                                   |   |   | 3,360,167 |   |
|                                                       |   |   |                                                  |   |   |                                      |   |   |   |   |
| NET                      OPERATING LOSS                    |   |   | (26,555                                               | )      |   | (209,302                                  | )      |   | (3,349,106 | ) |
|                                                       |   |   |                                                  |   |   |                                      |   |   |   |   |
| OTHER                      INCOME (EXPENSES)               |   |   |                                                  |   |   |                                      |   |   |   |   |
|                                                       |   |   |                                                  |   |   |                                      |   |   |   |   |
| Royalty                      Income                        |   |   | -                                                     |   |   | 212                                       |   |   |  |   |
| Abandonment                      of Oil & Gas Property |   |   | -                                                     |   |   | -                                         |   |   | (25,481 | ) |
| Interest                      Expense                      |   |   | -                                                     |   |   | (374                                      | )      |   | (3,294 | ) |
|                                                       |   |   |                                                  |   |   |                                      |   |   |   |   |
| Total                      Other Income (Expenses)         |   |   | -                                                     |   |   | (162                                      | )      |   | (28,775 | ) |
|                                                       |   |   |                                                  |   |   |                                      |   |   |   |   |
| NET                      LOSS                              |   | $      | (26,555                                               | )      | $      | (209,464                                  | )      | $ | (3,377,881 | ) |
|                                                       |   |   |                                                  |   |   |                                      |   |   |   |   |
| BASIC                      LOSS PER COMMON SHARE           |   | $      | (0.00                                                 | )      | $      | (0.00                                     | )      |   |   |   |
|                                                       |   |   |                                                  |   |   |                                      |   |   |   |   |
| WEIGHTED                      AVERAGE NUMBER OF            |   |   |                                                  |   |   |                                      |   |   |   |   |
| SHARES                      OUTSTANDING                    |   |   | 48,535,984                                            |   |   | 43,227,055                                |   |   |   |   |
|                                                       |   |   |                                                  |   |   |                                      |   |   |   |   |
|                                                       |   |   |                                                  |   |   |                                      |   |   |   |   |
| COMPREHENSIVE                      INCOME                  |   |   |                                                  |   |   |                                      |   |   |   |   |
|                                                       |   |   |                                                  |   |   |                                      |   |   |   |   |
| Net                      Loss                              |   | $      | (26,555                                               | )      | $      | (209,464                                  | )      | $ | (3,377,881 | ) |
|                                                       |   |   |                                                  |   |   |                                      |   |   |   |   |
| Other                      Comprehensive Income:           |   |   |                                                  |   |   |                                      |   |   |   |   |
| Foreign                      Currency Translation          |   |   | 2,367                                                 |   |   | (546                                      | )      |   | (1,718 | ) |
|                                                       |   |   |                                                  |   |   |                                      |   |   |   |   |
| Comprehensive                      Income (Loss)           |   | $      | (24,188                                               | )      | $      | (210,010                                  | )      | $ | (3,379,599 | ) |

***Page            - 4***

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**Turner          Valley Oil & Gas Incorporated**

|                                                                      |   |                                          |                               |                              |   | From                               |   |
|---------------------------------------------------------------------------|--------|-----------------------------------------------|------------------------------------|-----------------------------------|--------|------------------------------------|--------|
|                                                                      |   |                                          |                               |                              |   | Inception                    on    |   |
|                                                                      |   | For                    the three months ended |                               | April                    21, 1999 |   |
|                                                                      |   |                                          | March                    31,  |                              |   | March                    31,  |   |   | through |   |
|                                                                      |   |                                          | 2005                               |                              |   | 2004                               |   |   | 2005 |   |
|                                                                      |   |                                          |                               |                              |   |                               |   |   |   |   |
| CASH                    FLOWS FROM OPERATING ACTIVITIES:                  |   |                                          |                               |                              |   |                               |   |   |   |   |
|                                                                      |   |                                          |                               |                              |   |                               |   |   |   |   |
| Net                    Income (Loss)                                      |   | $                                             | (26,555                            | )                                 | $      | (293,785                           | )      | $ | (3,377,881 | ) |
| Adjustments                    to Reconcile Net Loss to Net Cash          |   |                                          |                               |                              |   |                               |   |   |   |   |
| Provided                    by Operations:                                |   |                                          |                               |                              |   |                               |   |   |   |   |
| Depletion                                                                 |   |                                          | 2,500                              |                              |   |                               |   |   | 13,267 |   |
| Loss                    on Abandonment of Property                        |   |                                          | -                                  |                              |   | 71,072                             |   |   |  |   |
| Common                    Stock Issued for Services Rendered              |   |                                          | -                                  |                              |   | 186,500                            |   |   | 2,767,860 |   |
| (Loss)                    From Sale of Investments                        |   |                                          | -                                  |                              |   |                               |   |   | 25,481 |   |
| Common                    Stock Issued for Retirement of Accounts Payable |   |                                          | -                                  |                              |   | -                                  |   |   | 326,599 |   |
| Non-cash                    effect from foreign currency translation      |   |                                          |                                    |                              |   | (761                               | )      |   | (4,085 | ) |
| Change                    in Assets and Liabilities:                      |   |                                          |                                    |                              |   |                               |   |   |   |   |
| Increase                    (Decrease) in Accounts Receivable             |   |                                          | 1,259                              |                              |   |                               |   |   | (3,550 | ) |
| Increase                    (Decrease) in Accounts Payable                |   |                                          | 16,733                             |                              |   | 12,955                             |   |   | 40,392 |   |
| Increase                    (Decrease) in Interest Payable                |   |                                          | -                                  |                              |   | 374                                |   |   | 19,053 |   |
|                                                                      |   |                                          |                               |                              |   |                               |   |   |   |   |
| Net                    Cash Provided(Used) by Operating Activities        |   |                                          | (6,063                             | )                                 |   | (23,645                            | )      |   | (192,864 | ) |
|                                                                      |   |                                          |                               |                              |   |                               |   |   |   |   |
| CASH                    FLOWS FROM INVESTING ACTIVITIES:                  |   |                                          |                               |                              |   |                               |   |   |   |   |
|                                                                      |   |                                          |                               |                              |   |                               |   |   |   |   |
| Proceeds                    from Sale of investments                      |   |                                          |                               |                              |   |                               |   |   | 56,706 |   |
| Expenditures                    for Oil & Gas Property Development    |   |                                          |                                    |                              |   | (8,214                             | )      |   | (312,714 | ) |
|                                                                      |   |                                          |                               |                              |   |                               |   |   |   |   |
| Net                    Cash Provided (Used) by Investing Activities       |   |                                          | -                                  |                              |   | (8,214                             | )      |   | (256,008 | ) |
|                                                                      |   |                                          |                               |                              |   |                               |   |   |   |   |
| CASH                    FLOWS FROM FINANCING ACTIVITIES:                  |   |                                          |                               |                              |   |                               |   |   |   |   |
|                                                                      |   |                                          |                               |                              |   |                               |   |   |   |   |
| Proceeds                    from Issuance of Common Stock                 |   |                                          | -                                  |                              |   | -                                  |   |   | 465,000 |   |
| Cash                    received from Notes Payable-Related Party         |   |                                          |                                    |                              |   | 25,000                             |   |   |  |   |
|                                                                      |   |                                          |                               |                              |   |                               |   |   |   |   |
| Net                    Cash Provided(Used) by Financing Activities        |   |                                          | -                                  |                              |   | 25,000                             |   |   | 465,000 |   |
|                                                                      |   |                                          |                               |                              |   |                               |   |   |   |   |
|                                                                      |   |                                          |                               |                              |   |                               |   |   |   |   |
| NET                    INCREASE (DECREASE) IN CASH AND EQUIVALENTS        |   |                                          | (6,063                             | )                                 |   | (6,859                             | )      |   | 16,128 |   |
|                                                                      |   |                                          |                               |                              |   |                               |   |   |   |   |
| CASH                    AND EQUIVALENTS AT BEGINNING OF PERIOD            |   |                                          | 22,191                             |                              |   | 9,394                              |   |   | - |   |
|                                                                      |   |                                          |                               |                              |   |                               |   |   |   |   |
| CASH                    AND CASH EQUIVALENTS AT END OF PERIOD             |   | $                                             | 16,128                             |                              | $      | 2,535                              |   | $ | 16,128 |   |
|                                                                      |   |                                          |                               |                              |   |                               |   |   |   |   |
| Cash                    Paid For:                                         |   |                                          |                               |                              |   |                               |   |   |   |   |
| Interest                                                                  |   | $                                             | -                                  |                              | $      | -                                  |   | $ | - |   |
| Income                    Taxes                                           |   | $                                             | -                                  |                              | $      | -                                  |   | $ | - |   |
|                                                                      |   |                                          |                               |                              |   |                               |   |   |   |   |
|                                                                      |   |                                          |                               |                              |   |                               |   |   |   |   |
|                                                                      |   |                                          |                               |                              |   |                               |   |   |   |   |
| Common                    Stock Issued for Services Rendered              |   | $                                             |                                    |                              | $      | 186,500                            |   | $ | 2,767,860 |   |
| Common                    Stock Issued to Retire Accounts Payable         |   | $                                             | -                                  |                              | $      | -                                  |   | $ | 326,599 |   |

***Page            - 5***

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**Turner          Valley Oil & Gas Incorporated**

***Page            - 6***

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

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

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

**The          Strachan Property**

***Page              - 7***

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**The          Karr Property**

**The          Turner Valley Project**

***Page              - 8***

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**Triangle          Lands**

**Liquidity**

***Page              - 9***

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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**

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

***Page            - 10***

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**SIGNATURES**

***Turner        Valley Oil and Gas, Inc.***

| /s/Christopher                  Paton-Gay                                 |   |  /s/Donald                  Jackson Wells |   | /s/Joseph                  Kane      |
|---------------------------------------------------------------------------|--------|------------------------------------------------|--------|--------------------------------------|
| Christopher                  Paton-Gaypresident                  director |   | Donald                  Jackson Wellsdirector  |   | Joseph                  Kanedirector |

***Page            - 11***

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**Exhibit        31**

**Section        302 Certification**

***Page            - 12***

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**CERTIFICATIONS        PURSUANT TO SECTION 302**

|  |  | I,                  Christopher                  Paton-Gay,                  president/director, certify that: |
|--|--|----------------------------------------------------------------------------------------------------------------|

|  | a)                  designed such disclosure controls and procedures to ensure that                  material                  information relating to the registrant, including its consolidated                  subsidiaries, is made known to us by others within those entities,                  particularly during the period in which this quarterly report is                  being                  prepared; |
|--|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | b)                  evaluated the effectiveness of the registrant's disclosure controls                  and                  procedures as of a date within 90 days prior to the filing date                  of this                  quarterly report (the "Evaluation Date");                  and |
|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | c)                  presented in this quarterly report our conclusions about the effectiveness                  of the disclosure controls and procedures based on our evaluation                  as of                  the Evaluation Date; |
|--|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | a)                  all significant deficiencies in the design or operation of internal                  controls which could adversely affect the registrant's ability                  to record,                  process, summarize and report financial data and have identified                  for the                  registrant's auditors any material weaknesses in internal controls;                  and |
|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | b)                  any fraud, whether or not material, that involves management or                  other                  employees who have a significant role in the registrant's internal                  controls; and |
|--|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

***Page            - 13***

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**Exhibit        32**

**CERTIFICATION        PURSUANT TO 18 USC SECTION 1350**

***Page            - 14***

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**CERTIFICATION        PURSUANT TO 18 U.S.C. SECTION 1350,**

**AS        ADOPTED PURSUANT TO SECTION 906 OF THE **

**SARBANES-OXLEY        ACT OF 2002**

*Turner        Valley Oil & Gas, Inc.*

***Page            - 15***

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