----

----

|   | 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) |   |
|--------|-----------------------------------------------|-----------------|--------|

----

----

----

----

----

| ASSETS                                                                                                                            |   |
|-----------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                              |   | March 31, |   |   | December 31, |   |
|                                                                                                                              |   | 2008 |   |   | 2007 |   |
|                                                                                                                              |   |   |   |   |   |   |
| CURRENT      ASSETS                                                                                                               |   |   |   |   |   |   |
|                                                                                                                              |   |   |   |   |   |   |
| Cash                                                                                                                              |   | $ | 9,112 |   |   | $ | 75,688 |   |
| Accounts      receivable                                                                                                          |   |   | 12,244 |   |   |   | 8,088 |   |
|                                                                                                                              |   |   |   |   |   |   |   |   |
| Total      Current Assets                                                                                                         |   |   | 21,356 |   |   |   | 83,776 |   |
|                                                                                                                              |   |   |   |   |   |   |   |   |
|                                                                                                                              |   |   |   |   |   |   |   |   |
| OIL      AND GAS PROPERTIES USING FULL COST ACCOUNTING                                                                            |   |   |   |   |   |   |   |   |
|                                                                                                                              |   |   |   |   |   |   |   |   |
| Properties      subject to amortization                                                                                           |   |   | 15,675 |   |   |   | 18,175 |   |
| Unproved      properties                                                                                                          |   |   | - |   |   |   | - |   |
|                                                                                                                              |   |   |   |   |   |   |   |   |
| Net      Oil and Gas Properties                                                                                                   |   |   | 15,675 |   |   |   | 18,175 |   |
|                                                                                                                              |   |   |   |   |   |   |   |   |
| OTHER      ASSETS                                                                                                                 |   |   |   |   |   |   |   |   |
|                                                                                                                              |   |   |   |   |   |   |   |   |
| Investments      - Marketable Securities available for sale                                                                       |   |   | - |   |   |   | - |   |
|                                                                                                                              |   |   |   |   |   |   |   |   |
| Total      Other Assets                                                                                                           |   |   | - |   |   |   | - |   |
|                                                                                                                              |   |   |   |   |   |   |   |   |
| TOTAL      ASSETS                                                                                                                 |   | $ | 37,031 |   |   | $ | 101,951 |   |
|                                                                                                                              |   |   |   |   |   |   |   |   |
| LIABILITIES AND      STOCKHOLDERS' EQUITY                                                                                         |   |
|                                                                                                                              |   |   |   |   |   |   |   |   |
| CURRENT      LIABILITIES                                                                                                          |   |   |   |   |   |   |   |   |
|                                                                                                                              |   |   |   |   |   |   |   |   |
|                                                                                                                              |   |   |   |   |   |   |   |   |
| Accounts      payable                                                                                                             |   | $ | 20,997 |   |   | $ | 4,211 |   |
| Notes      payable, related party                                                                                                 |   |   | 23,658 |   |   |   | 23,658 |   |
|                                                                                                                              |   |   |   |   |   |   |   |   |
| Total      Current Liabilities                                                                                                    |   |   | 44,655 |   |   |   | 27,869 |   |
|                                                                                                                              |   |   |   |   |   |   |   |   |
| Total      Liabilities                                                                                                            |   |   | 44,655 |   |   |   | 27,869 |   |
|                                                                                                                              |   |   |   |   |   |   |   |   |
| Other      Commitments or Contingencies                                                                                           |   |   | - |   |   |   | - |   |
|                                                                                                                              |   |   |   |   |   |   |   |   |
| STOCKHOLDERS'      EQUITY                                                                                                         |   |   |   |   |   |   |   |   |
|                                                                                                                              |   |   |   |   |   |   |   |   |
| Common      stock, 100,000,000 shares authorized of $0.001 par value, 61,335,984      shares issued and outstanding, respectively |   |   | 61,337 |   |   |   | 61,337 |   |
| Capital      in excess of par value                                                                                               |   |   | 4,741,873 |   |   |   | 4,741,873 |   |
| Accumulated      other comprehensive income                                                                                       |   |   | (3,357 | ) |   |   | (3,356 | ) |
| Deficit      accumulated during the development stage                                                                             |   |   | (4,807,477 | ) |   |   | (4,725,772 | ) |
|                                                                                                                              |   |   |   |   |   |   |   |   |
| Total      Stockholders' Equity                                                                                                   |   |   | (7,624 | ) |   |   | 74,082 |   |
|                                                                                                                              |   |   |   |   |   |   |   |   |
| TOTAL      LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                   |   | $ | 37,031 |   |   | $ | 101,951 |   |

----

|                                                      |   |                |       |   |                     |   |       | From              |   |
|-----------------------------------------------------------|--------|---------------------|------------|--------|--------------------------|--------|------------|-------------------|--------|
|                                                      |   |                |       |   |                     |   |       | Inception      on |   |
|                                                      |   | For      the        |       |   | April 21,      1999 |   |
|                                                      |   | 3      months Ended |       |   | Through                  |   |
|                                                      |   | March 31,      |       |   | March 31,           |   |
|                                                      |   | 2008                |       |   | 2007                     |   |       | 2008              |   |
| REVENUE                                                   |   |                |       |   |                     |   |       |              |   |
|                                                      |   |                |       |   |                     |   |       |              |   |
| Royalties      received                                   |   | $                   | 1,456      |   |                     | $      | 401        |              |   | $ | 26,495 |   |
|                                                      |   |                |       |   |                     |   |       |              |   |   |   |   |
| EXPENSES                                                  |   |                |       |   |                     |   |       |              |   |   |   |   |
|                                                      |   |                |       |   |                     |   |       |              |   |   |   |   |
| Cost      of production                                   |   |                | -          |   |                     |   | -          |              |   |   | 51,753 |   |
| Depletion                                                 |   |                | 2,500      |   |                     |   | 2,500      |              |   |   | 33,267 |   |
| Abandonment      of natural gas and oil property          |   |                | -          |   |                     |   | -          |              |   |   | 525,544 |   |
| General      and administrative                           |   |                | 83,056     |   |                     |   | 34,581     |              |   |   | 5,026,367 |   |
|                                                      |   |                |       |   |                     |   |       |              |   |   |   |   |
| Total      Expenses                                       |   |                | 85,556     |   |                     |   | 37,081     |              |   |   | 5,636,931 |   |
|                                                      |   |                |       |   |                     |   |       |              |   |   |   |   |
| NET      OPERATING LOSS                                   |   |                | (84,100    | )      |                     |   | (36,680    | )                 |   |   | (5,610,436 | ) |
|                                                      |   |                |       |   |                     |   |       |              |   |   |   |   |
| OTHER      INCOME (EXPENSE)                               |   |                |       |   |                     |   |       |              |   |   |   |   |
|                                                      |   |                |       |   |                     |   |       |              |   |   |   |   |
| Gain      on sale of investments                          |   |                | -          |   |                     |   | 41,839     |              |   |   | 798,510 |   |
| Rent      Received                                        |   |                | 2,393      |   |                     |   | -          |              |   |   | 7,741 |   |
| Interest      expense                                     |   |                | -          |   |                     |   | -          |              |   |   | (3,292 | ) |
|                                                      |   |                |       |   |                     |   |       |              |   |   |   |   |
| Total      Other Income (Expense)                         |   |                | 2,393      |   |                     |   | 41,839     |              |   |   | 802,959 |   |
|                                                      |   |                |       |   |                     |   |       |              |   |   |   |   |
| NET      PROFIT/(LOSS) BEFORE INCOME TAX                  |   | $                   | (81,707    | )      |                     | $      | 5,159      |              |   | $ | (4,807,477 | ) |
|                                                      |   |                |       |   |                     |   |       |              |   |   |   |   |
| Income      tax                                           |   | $                   | -          |   |                     | $      | -          |              |   | $ | - |   |
|                                                      |   |                |       |   |                     |   |       |              |   |   |   |   |
| NET      PROFIT/(LOSS)                                    |   | $                   | (81,707    | )      |                     | $      | 5,159      |              |   | $ | (4,807,477 | ) |
|                                                      |   |                |       |   |                     |   |       |              |   |   |   |   |
| BASIC      LOSS PER COMMON SHARE                          |   | $                   | (0.00      | )      |                     | $      | 0.00       |              |   |   |   |   |
|                                                      |   |                |       |   |                     |   |       |              |   |   |   |   |
| WEIGHTED      AVERAGE NUMBER OF COMMON SHARES OUTSTANDING |   |                | 61,335,984 |   |                     |   | 58,535,984 |              |   |   |   |   |
|                                                      |   |                |       |   |                     |   |       |              |   |   |   |   |
| COMPREHENSIVE      INCOME (LOSS)                          |   |                |       |   |                     |   |       |              |   |   |   |   |
|                                                      |   |                |       |   |                     |   |       |              |   |   |   |   |
| NET      LOSS                                             |   | $                   | (81,707    | )      |                     | $      | 5,159      |              |   | $ | (4,807,477 | ) |
|                                                      |   |                |       |   |                     |   |       |              |   |   |   |   |
| OTHER      COMPREHENSIVE INCOME (LOSS)                    |   |                |       |   |                     |   |       |              |   |   |   |   |
| Unrealized      Gain on Marketable Securities             |   |                | -          |   |                     |   | 158,684    |              |   |   | (725 | ) |
| Foreign      Currency Translation                         |   |                | -          |   |                     |   | 725        |              |   |   | (3,357 | ) |
|                                                      |   |                |       |   |                     |   |       |              |   |   |   |   |
| COMPREHENSIVE      INCOME (LOSS)                          |   | $                   | (81,707    | )      |                     | $      | 164,568    |              |   | $ | (4,811,559 | ) |

----

| Turner      Valley Oil & Gas Corporation                      |   |
|-------------------------------------------------------------------|--------|
| (A      Development Stage Company)                                |   |
| Statement      of Stockholders' Equity and Comprehensive Income   |   |
| For      the period from inception to March 31, 2008              |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                              |   |   |   |   |   |   |   | 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 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 9/30/2004                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 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 |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Realization      of unrealized gains on investments               |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (500,093 | ) |   |   |   |   |   |   |   |   |
| Foreign      currency transalation                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 1,453 |   |   |   |   |   |   |   |   |   |
| Issuance      of S-8 stock for services at $0.01                  |   |   | 1,500,000 |   |   |   | 1,500 |   |   |   | 13,500 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance      of S-8 stock for services at $0.025                 |   |   | 1,300,000 |   |   |   | 1,300 |   |   |   | 31,200 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      Income/(loss) for the year ended December 31, 2007       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (614,292 | ) |   |   |   |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance      as at December 31, 2007                              |   |   | 61,335,984 |   |   |   | 61,337 |   |   |   | 4,741,873 |   |   |   | (3,357 | ) |   |   | (4,725,770 | ) |   |   |   |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      Income/(loss) for the quarter ended March 31, 2008       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | -81,707 |   |   |   |   |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance      as at March 31, 2008                                 |   |   | 61,335,984 |   |   |   | 61,337 |   |   |   | 4,741,873 |   |   |   | (3,357 | ) |   |   | (4,807,477 | ) |   |   | 0 |   |

----

|                                                                                  |   |                        |    |   |           |   |    | From                     |   |
|---------------------------------------------------------------------------------------|--------|-----------------------------|---------|--------|----------------|--------|---------|--------------------------|--------|
|                                                                                  |   |                        |    |   |           |   |    | Inception      on        |   |
|                                                                                  |   |                        |    |   |           |   |    | April 21,      1999 |   |
|                                                                                  |   | For      the 3 months Ended |    |   | Through        |   |
|                                                                                  |   | March 31,              |    |   | March 31, |   |
|                                                                                  |   | 2008                        |    |   | 2007           |   |    | 2008                     |   |
|                                                                                  |   |                        |    |   |           |   |    |                     |   |
| CASH      FLOWS FROM OPERATING ACTIVITIES:                                            |   |                        |    |   |           |   |    |                     |   |
|                                                                                  |   |                        |    |   |           |   |    |                     |   |
| Net      loss                                                                         |   | $                           | (81,707 | )      |           | $      | 5,159   |                     |   | $ | (4,807,477 | ) |
| Adjustments      to reconcile net loss to net cash used in operating      activities: |   |                        |    |   |           |   |    |                     |   |   |   |   |
| Depletion                                                                             |   |                        | 2,500   |   |           |   | 2,500   |                     |   |   | 33,267 |   |
| Loss      on abandonment of property                                                  |   |                        | -       |   |           |   | -       |                     |   |   | 551,025 |   |
| Gain      on sale of Investment                                                       |   |                        | -       |   |           |   | (41,839 | )                        |   |   | (834,085 | ) |
| Common      stock issued for services rendered                                        |   |                        | -       |   |           |   | 87      |                     |   |   | 4,289,460 |   |
| Non-cash      Effect from Foreign Currency Translation                                |   |                        | -       |   |           |   | -       |                     |   |   | 1,274 |   |
| Changes      in operating assets and liabilities:                                     |   |                        |    |   |           |   |    |                     |   |   | (4,085 | ) |
| Increase      (Decrease) in bank Overdraft                                            |   |                        | -       |   |           |   | (3,397  | )                        |   |   | - |   |
| Increase      (Decrease) in accounts receivable                                       |   |                        | (4,155  | )      |           |   | 4,704   |                     |   |   | (4,874 | ) |
| Increase      (Decrease) in accounts payable - related Party                          |   |                        |    |   |           |   | -       |                     |   |   | 23,659 |   |
| Increase      in accounts payable and accrued expenses                                |   |                        | 16,786  |   |           |   | -       |                     |   |   | 312,374 |   |
|                                                                                  |   |                        |    |   |           |   |    |                     |   |   |   |   |
| Net      Cash Used in Operating Activities                                            |   |                        | (66,576 | )      |           |   | (32,786 | )                        |   |   | (439,462 | ) |
|                                                                                  |   |                        |    |   |           |   |    |                     |   |   |   |   |
| CASH      FLOWS FROM INVESTING ACTIVITIES:                                            |   |                        |    |   |           |   |    |                     |   |   |   |   |
|                                                                                  |   |                        |    |   |           |   |    |                     |   |   |   |   |
| Proceeds      from sale of investments                                                |   |                        | -       |   |           |   | 53,313  |                     |   |   | 1,073,082 |   |
| Investing      in new Oil & Gas working interests                                 |   |                        | -       |   |           |   | -       |                     |   |   | (825,544 | ) |
| Expenditures      for oil and gas property development                                |   |                        |    |   |           |   | -       |                     |   |   | (312,714 | ) |
|                                                                                  |   |                        |    |   |           |   |    |                     |   |   |   |   |
| Net      Cash Used in Investing Activities                                            |   |                        | -       |   |           |   | 53,313  |                     |   |   | (65,176 | ) |
|                                                                                  |   |                        |    |   |           |   |    |                     |   |   |   |   |
| 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                                                  |   |                        | (66,576 | )      |           |   | 20,527  |                     |   |   | 9,112 |   |
|                                                                                  |   |                        |    |   |           |   |    |                     |   |   |   |   |
| CASH      AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                 |   |                        | 75,688  |   |           |   | -       |                     |   |   | - |   |
|                                                                                  |   |                        |    |   |           |   |    |                     |   |   |   |   |
| CASH      AND CASH EQUIVALENTS AT END OF PERIOD                                       |   | $                           | 9,112   |   |           | $      | 20,527  |                     |   | $ | 9,112 |   |

| SUPPLEMENTAL      CASH FLOW INFORMATION             |   |   |   |   |   |   |   |   |   |
|-----------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                                |   |   |   |   |   |   |   |   |   |
| CASH      PAID FOR:                                 |   |   |   |   |   |   |   |   |   |
|                                                |   |   |   |   |   |   |   |   |   |
| Interest                                            |   | $      | -      |   |   | $      | -      |   |   | $ | - |   |
| Income      taxes                                   |   | $      | -      |   |   | $      | -      |   |   | $ | - |   |
|                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| NON-CASH      FINANCING ACTIVITIES                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Common      stock issued for services rendered      |   | $      | -      |   |   | $      | -      |   |   | $ | 3,756,960 |   |
| Common      stock issued for retirement of payables |   | $      | -      |   |   | $      | -      |   |   | $ | 532,500 |   |

----

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

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

|                                                               |   | For      the            |       |
|--------------------------------------------------------------------|--------|-------------------------|------------|
|                                                               |   | Three      Months Ended |       |
|                                                               |   | March 31,          |       |
|                                                               |   | 2008                    |       |   | 2007 |   |
| Net      Profit/(loss) available to common shareholders            |   | $                       | (81,707    | ) |   |   | 5,159 |   |
|                                                               |   |                    |       |   |   |   |   |   |
| Weighted      average shares                                       |   |                    | 61,335,984 |   |   |   | 58,535,984 |   |
| Basic      income per share (based on weighted      averageshares) |   | $                       | 0.00       |   |   | $ | 0.00 |   |

----

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

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

----

| NOTE      5 –  | GOING      CONCERN |
|---------------------------|--------------------|

----

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

----

|   | 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, Range9W5M |
|--------|----|----------------------------------------------------------------------------------------------------------------------------|

|   | 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. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

Exhibit 31.

Exhibit 32.

----

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

----