UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549










FORM 10-K












(Mark One)

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

For the Fiscal
Year Ended March 31, 2012



| |  ̈ | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
| | - | ---------------------------------------------------------------

For the transition period from
__________ to ___________



Commission
file number: 333-82580



SIGNATURE
EXPLORATION AND PRODUCTION CORP.

(Exact name of registrant as specified in
its charter)








|Delaware                        |  | 59-3733133             
|------------------------------- |  | -----------------------
|(State or other Jurisdiction of |  | (IRS Employer I.D. No.)
|Incorporation or Organization)  |  |                        










3200 Southwest Freeway, Ste 3300

Houston, TX 77027

Phone: (888) 895-3594

Fax: (888) 800-5918

(Address and telephone number of

principal executive offices)












Securities registered under Section 12 (b)
of the Exchange Act:



|Title of each class |  | Name of each exchange on which registered
|------------------- |  | -----------------------------------------
|None                |  | None                                     



Securities registered under Section 12(g)
of the Exchange Act:



| | $0.0001 Par Value Common Stock | 
| | ------------------------------ | 
| | Title of Class                 | 



Indicate by check mark if the registrant is a well-known seasoned
issuer, as defined in Rule 405 of the Securities Act.  Yes  ̈ No þ



Indicate by check mark if the registrant is not required to
file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes  ̈ No þ



Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.  Yes þ  No  ̈



Indicate by check mark if disclosure of delinquent filers pursuant
to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge,
in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K.  ̈



Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated
filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.



| | Large accelerated filer   ̈ |  | Accelerated filer  ̈          | 
| | -------------------------- |  | ---------------------------- | 
| | Non-accelerated filer  ̈    |  | Smaller reporting company  þ | 



Indicate by check mark whether the registrant is a shell company
(as defined by Rule 12b-2 of the Act).  Yes  ̈  No þ



The aggregate market value of the voting stock held by non-affiliates
of the registrant on July 9, 2012, the last business day of the registrant’s most recently completed first quarter, based
on the closing price on that date of $0.06 on the Over the Counter Bulletin Board, was approximately $285,000.



Documents Incorporated by Reference

None











SIGNATURE EXPLORATION AND PRODUCTION
CORP.

FORM 10-K



TABLE OF CONTENTS





|PART I   |          |                                                                                                              | 1 
|-------- | -------- | ------------------------------------------------------------------------------------------------------------ | --
|         | ITEM 1.  | DESCRIPTION OF BUSINESS                                                                                      | 1 
|         | ITEM 1A. | RISK FACTORS                                                                                                 | 3 
|         | ITEM 1B. | UNRESOLVED STAFF COMMENTS                                                                                    | 7 
|         | ITEM 2.  | PROPERTY                                                                                                     | 7 
|         | ITEM 3.  | LEGAL PROCEEDINGS                                                                                            | 7 
|         | ITEM 4.  | SUBMISSIONS OF MATTERS TO A VOTE OF SECURITY HOLDERS                                                         | 7 
|Part II  |          |                                                                                                              | 7 
|         | ITEM 5.  | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES | 7 
|         | ITEM 6.  | SELECTED FINANCIAL DATA                                                                                      | 12
|         | ITEM 7.  | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANICAL CONDITION AND RESULTS OF OPERATION                         | 12
|         | ITEM 7A. | QUANTITIATIVE AND QUILITATIVE DISCLOSERS ABOUT MARKET RISK                                                   | 16
|         | ITEM 8.  | FINANCIAL STATEMENTS                                                                                         | 16
|         | ITEM 9.  | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES                        | 16
|         | ITEM 9A. | CONTROLS AND PROCEDURES                                                                                      | 16
|         | ITEM 9B. | OTHER INFORMATION                                                                                            | 18
|PART III |          |                                                                                                              | 18
|         | ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE                                                      | 18
|         | ITEM 11. | EXECUTIVE COMPENSATION                                                                                       | 19
|         | ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS               | 20
|         | ITEM 13. | CERTAIN RELATIONSHIPS, RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE                                        | 21
|         | ITEM 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES                                                                       | 21
|PART IV  |          |                                                                                                              | 23
|         | ITEM 15. | EXHIBITS                                                                                                     | 23





iii







Forward Looking Statements



This report contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical
facts are forward-looking statements. You can find many of these statements by looking for words such as “believes,”
“expects,” “anticipates,” “estimates,” “intends,” or similar expressions used in
this report.



These forward-looking statements are subject
to numerous assumptions, risks and uncertainties. Factors which may cause our actual results, performance or achievements to be
materially different from any future results, performance or achievements expressed or implied by us in those statements include,
among others, the following:



| | · | the quality of our properties with regard to, among other things, the existence of reserves in economic quantities;            
| | - | -------------------------------------------------------------------------------------------------------------------------------
| | · | uncertainties about the estimates of reserves;                                                                                 
| | · | our ability to increase our production and oil and natural gas income through exploration and development;                     
| | · | the number of well locations to be drilled and the time frame within which they will be drilled;                               
| | · | the timing and extent of changes in commodity prices for natural gas and crude oil;                                            
| | · | domestic demand for oil and natural gas;                                                                                       
| | · | drilling and operating risks;                                                                                                  
| | · | the availability of equipment, such as drilling rigs and transportation pipelines;                                             
| | · | changes in our drilling plans and related budgets;                                                                             
| | · | the adequacy of our capital resources and liquidity including, but not limited to, access to additional borrowing capacity; and
| | · | other factors discussed under Item 1A Risk Factors with the heading “Risks Related To Our Business”.                           



Because such statements are subject to
risks and uncertainties, actual results may differ materially from those expressed or implied by the forward-looking statements.
You are cautioned not to place undue reliance on such statements, which speak only as of the date of this report.











PART I



ITEM 1.         	DESCRIPTION
OF BUSINESS



Company Background



Our company was incorporated in the State
of Delaware on April 4, 2001, under the name of “Flagstick Ventures, Inc.” On March 28, 2008, a majority of our stockholders
approved changing our name to Signature Exploration and Production Corp. as our business model had changed to becoming an independent
energy company engaged in the acquisition and development of crude oil and natural gas leases in the United States. As of March
31, 2012, we have not yet generated revenues or incurred expenses related to the energy operations.



Our common stock is quoted for trading on the OTC Bulletin Board
under the symbol SXLP.



Our principal executive offices are located
at 3200 Southwest Freeway, Suite 3300, Houston, Texas, 77027. Our telephone number is (888) 898-3594.



Business Strategy



We intend to build our business through
the acquisition of non-producing and producing oil and natural gas properties located in North America. The current landscape for
acquiring oil and gas properties is quite challenging, and, at the same time, quite compelling.  We will endeavor to identify
the most attractive drillbit opportunities, while adhering to strict internal transaction and risk management guidelines and maintaining
regard for both engineering and capital structure. We will strive to insure that incremental economics generate acceptable rates
of return, thus creating significant value for our shareholders. By doing so, Signature expects to benefit from management's large
proprietary deal flow, extensive industry contacts, and relationships within the energy financial community.



Our search for oil and gas properties has
been initially directed towards small and medium-sized oil and natural gas opportunities, in order to minimize front-end dilution.
We are presently seeking lower risk property interests, and those properties which exhibit multi-zone stacked pay, in order to
mitigate drilling risk. In building our portfolio of oil and gas interests, we may include non-operated and operated projects.
The following are some of our investment and/or drilling related criteria:



| | · | Developmental drilling in proved producing areas;
| | - | -------------------------------------------------

| | · | Scalable acreage position;
| | - | --------------------------

| | · | Availability of deeper pool opportunities;
| | - | ------------------------------------------

| | · | Stacked pay;
| | - | ------------

| | · | Acceptable incremental drillbit economics, high internal rate of return via developmental
drilling, recompletions and workovers.
| | - | --------------------------------------------------------------------------------------------------------------------------------



Seasonality



The exploration for oil and natural gas
reserves depends on access to areas where operations are to be conducted. Seasonal weather variations, including freeze-up and
break-up affect access in certain circumstances.  Natural gas is used principally as a heating fuel and for power generation.
 Accordingly, seasonal variations in weather patterns affect the demand for natural gas.



Markets



We are currently in the exploration stage
and we have not generated revenues. We are not producing oil or gas and we have no customers. The availability of a ready market
and the prices obtained for oil and gas produced depend on many factors, including the extent of domestic production and imports
of oil and gas, the proximity and capacity of natural gas pipelines and other transportation facilities, fluctuating demand for
oil and gas, the marketing of competitive fuels, and the effects of governmental regulation of oil and gas production and sales.



1







A ready market exists for domestic oil
and gas through existing pipelines and transportation of liquid products. Whether there exists an international market depends
upon the existence of international delivery systems and on political and pricing factors.



Competition



The strength of commodity prices has resulted
in significantly increased industry operating cash flows and has led to increased drilling activity. This has increased competition
for undeveloped lands; skilled personnel; access to drilling rigs, service rigs and other equipment; and access to processing and
gathering facilities, all of which may cause drilling and operating costs to increase. Some of our competitors are larger than
us and have substantially greater financial and marketing resources. In addition, some of our competitors may be able to secure
products and services from vendors on more favorable terms, offer a greater product selection, and adopt more aggressive pricing
policies than we can.



Government Regulation



Our operations will be subject to various
types of regulation at the federal, state and local levels. Such regulation includes requiring permits for the drilling of wells;
maintaining bonding requirements in order to drill or operate wells; implementing spill prevention plans; submitting notification
and receiving permits relating to the presence, use and release of certain materials incidental to oil and gas operations; and
regulating the location of wells, the method of drilling and casing wells, the use, transportation, storage and disposal of fluids
and materials used in connection with drilling and production activities, surface usage and the restoration of properties upon
which wells have been drilled, the plugging and abandoning of wells and the transporting of production.



Our operations will be also subject to
various conservation matters, including the regulation of the size of drilling and of spacing units or proration units, the number
of wells which may be drilled in each unit, and the unitization or pooling of oil and gas properties. In this regard, some states
allow the forced pooling or integration of tracts to facilitate exploration while other states rely on voluntary pooling of lands
and leases, which may make it more difficult to develop oil and gas properties. In addition, state conservation laws establish
maximum rates of production from oil and gas wells, generally limit the venting or flaring of gas, and impose certain requirements
regarding the ratable purchase of production. The effect of these regulations is to limit the amounts of oil and gas we may be
able to produce from our wells and to limit the number of wells or the locations at which we may be able to drill.



Operations on properties in which we have
an interest are subject to extensive federal, state and local environmental laws that regulate the discharge or disposal of materials
or substances into the environment and otherwise are intended to protect the environment. Numerous governmental agencies issue
rules and regulations to implement and enforce such laws, which are often difficult and costly to comply with and which carry substantial
administrative, civil and criminal penalties and in some cases injunctive relief for failure to comply.



Some laws, rules and regulations relating
to the protection of the environment may, in certain circumstances, impose “strict liability” for environmental contamination.
These laws render a person or company liable for environmental and natural resource damages, cleanup costs and, in the case of
oil spills in certain states, consequential damages without regard to negligence or fault. Other laws, rules and regulations may
require the rate of oil and gas production to be below the economically optimal rate or may even prohibit exploration or production
activities in environmentally sensitive areas. In addition, state laws often require some form of remedial action, such as closure
of inactive pits and plugging of abandoned wells, to prevent pollution from former or suspended operations.



Legislation has been proposed in the past
and continues to be evaluated in Congress from time to time that would reclassify certain oil and gas exploration and production
waste as hazardous waste. If such reclassification is successful, it would make these wastes subject to much more stringent storage,
treatment, disposal and clean-up requirements, which could have a significant adverse impact on operating costs. From time to time
initiatives to further regulate the disposal of oil and gas wastes are also proposed in certain states and may include initiatives
at the county, municipal and local government levels. These various initiatives could have a similar adverse impact on operating
costs.



2







The regulatory burden of environmental
laws and regulations increases our cost and risk of doing business and consequently affects our profitability. The federal Comprehensive
Environmental Response, Compensation and Liability Act, or CERCLA, also known as the “Superfund” law, imposes liability,
without regard to fault, on certain classes of persons with respect to the release of a “hazardous substance” into
the environment. These persons include the current or prior owner or operator of the disposal site or sites where the release occurred
and companies that transported, disposed or arranged for the transport or disposal of the hazardous substances found at the site.
Persons who are or were responsible for releases of hazardous substances under CERCLA may be subject to joint and several liability
for the costs of cleaning up the hazardous substances that have been released into the environment and for damages to natural resources.
It is not uncommon for the federal or state government to pursue such claims. The federal Environmental Protection Agency and various
state agencies continue to promulgate regulations that limit the disposal and permitting options for certain hazardous and non-hazardous
wastes.



It is also not uncommon for neighboring
landowners and other third parties to file claims for personal injury or property or natural resource damages allegedly caused
by the release of hazardous substances into the environment.



Employees



We currently have one employee. They are
not covered by a collective bargaining agreement, nor have we experienced a strike or other adverse work stoppage due to organized
labor.



ITEM 1A.          	RISK FACTORS



Risks Specific to Our Company



We have limited operating funds, and
our ability to continue as a going concern is dependent upon our ability to obtain additional capital to operate the business.



We have experienced net losses since April
4, 2001, which losses have caused an accumulated deficit of approximately $5,593,000 as of March 31, 2012. In addition, we have
consumed net cash used in operating activities of approximately $ 97,000 and $184,000 for the years ended March 31, 2012 and 2011,
respectively. We will require additional funds to sustain and expand our current business, and to continue implementing our business
plan. Our lack of sufficient financing to implement our business plan, and our expectation to continue operating losses for the
foreseeable future raises substantial doubt about our ability to continue as a going concern.



Our independent auditors have expressed substantial doubt
about our ability to continue as a going concern, which may hinder our ability to obtain future financing.



Our independent registered certified public
accounting firm has issued its report, which includes an explanatory paragraph for going concern uncertainty on our financial statements
as of March 31, 2012. Our ability to continue as a going concern is heavily dependent upon our ability to obtain additional capital
to sustain operations. Currently, we have no commitments to obtain additional capital, and there can be no assurance that financing
will be available in amounts or on terms acceptable to us, if at all.



Since we are in the early stage of development
and have a limited operating history, it may be difficult for you to assess our business and future prospects.



We have no history of revenues from oil
and natural gas operations and have no significant tangible assets. We have yet to generate positive earnings and there can be
no assurance that we will ever operate profitably. With this limited operating history our company must be considered in the exploration
stage. Our success is significantly dependent on a successful acquisition, drilling, completion and production program. Our operations
will be subject to all the risks inherent in the establishment of a developing enterprise and the uncertainties arising from the
absence of a significant operating history. We may be unable to locate recoverable reserves or operate on a profitable basis. We
are in the exploration stage and potential investors should be aware of the difficulties normally encountered by enterprises in
the exploration stage. If our business plan is not successful, and we are not able to operate profitably, investors may lose some
or all of their investment in our company.



3







We will need additional capital, the
availability of which is uncertain, to fund our business and complete the implementation of our business plan.



We will require additional financing in
order to carry out our business plan. Such financing may take the form of the issuance of common or preferred stock or debt securities,
or may involve bank financing. There can be no assurance that we will obtain such additional capital on a timely basis, on favorable
terms, or at all. If we are unable to generate the required amount of additional capital, our ability to meet our financial obligations
and to implement our business plan may be adversely affected.



As we have incurred losses since inception,
we are not now, nor will we be in the foreseeable future, in a position to pay dividends on our issued and outstanding stock.



We have never declared or paid cash dividends
on our capital stock and do not anticipate paying any cash dividends in the foreseeable future. We currently intend to retain all
available funds and any future earnings for use in the operation and expansion of our business.



Our management may be unable to effectively
integrate future acquisitions and to manage our growth and we may be unable to fully realize any anticipated benefits of these
acquisitions.



Our future results will depend in part
on our success in implementing our growth and acquisition strategy. Our ability to implement this strategy will be dependent on
our ability to identify, consummate and successfully assimilate acquisitions on economically favorable terms. In addition, acquisitions
involve a number of special risks that could adversely affect our operating results, including the diversion of management’s
attention, failure to retain key acquired personnel, risks associated with unanticipated events or liabilities, legal, accounting
and other expenses associated with acquisitions, some or all of which could increase our operating costs, reduce our revenues and
cause a material adverse effect on our business, financial condition and results of operations. We have no preliminary agreements
or understandings to acquire or be acquired by a company as of the date of this prospectus.



Risks Specific to Our Industry



We face strong competition from larger
oil and gas companies, which could harm our business and ability to operate profitably.



The exploration and production of oil and
gas business is highly competitive. Other oil and gas companies will compete with us by bidding for exploration and production
licenses and other properties and services that we will need to operate our business in the countries in which we expect to operate.
This competition is increasingly intense as prices of oil and natural gas on the commodities markets have risen in recent years.
Additionally, other companies engaged in our line of business may compete with us from time to time in obtaining capital from investors.



Oil and gas properties have limited lives
and, as a result, we may seek to replace and expand our reserves through the acquisition of new properties. In addition, there
is a limited supply of desirable oil and gas lands available in North America where we would consider conducting exploration and/or
production activities. The major oil and gas companies are often better positioned to obtain the rights to exploratory acreage
for which we may compete.



Competitors include larger, foreign owned
companies, which, in particular, may have access to greater resources than us, may be more successful in the recruitment and retention
of qualified employees and may conduct their own refining and petroleum marketing operations. These factors may give them a competitive
advantage. Oil and natural gas exploration and development activities are dependent on the availability of drilling and related
equipment, transportation, power and technical support in the particular areas and our access to these facilities may be limited
due to high competition. Shortages and/or the unavailability of necessary equipment or other facilities will impair our activities,
either by delaying our activities, increasing our costs or otherwise.



4







We may not be able to develop oil and
gas reserves on an economically viable basis.



To the extent that we succeed in discovering
oil and/or natural gas reserves at our future properties, we are not sure that these reserves will be capable of supporting production
levels we project or in sufficient quantities to be commercially viable. These risks are more acute in the early stages of exploration.
Our expenditures on exploration may not result in new discoveries of oil or natural gas in commercially viable quantities. It is
difficult to project the costs of implementing an exploratory drilling program due to the inherent uncertainties of drilling in
unknown formations, the costs associated with encountering various drilling conditions such as over pressured zones, tools lost
in the hole, changes in drilling plans and locations as a result of prior exploratory wells or additional seismic data and interpretations
thereof.



We may encounter operating hazards related
to oil and gas exploration and production, which may result in substantial losses to our business and your investment.



We are subject to operating hazards normally
associated with the exploration and production of oil and gas, including unexpected formations or pressures, premature declines
of reservoirs, blowouts, sour gas release, explosions, craterings, pollution, earthquakes, labor disruptions, fires, pipeline ruptures,
oil spills, the invasion of water into producing formations and other environmental hazards and risks. The occurrence of any such
operating hazards could result in substantial losses to us due to injury or loss of life and damage to or destruction of oil and
gas wells, formations, production facilities or other properties, which could result in substantial losses to our business.



Our business is subject to environmental
legislation and any changes in such legislation could negatively affect our results of operations.



The oil and gas industry is subject to
many laws and regulations which govern the protection of the environment, health and safety and the management, transportation
and disposal of hazardous substances. These laws and regulations may require removal or remediation of pollutants and may impose
civil and criminal penalties for violations. Some of the laws and regulations authorize the recovery of natural resource damages
by the government, injunctive relief and the imposition of stop, control, remediation and abandonment orders.



The costs arising from compliance with
environmental and natural resource laws and regulations may increase our costs of operations, as well as further restrict our operations.
If the costs of such compliance exceeds what we may have budgeted for, our ability to earn revenues will be harmed. Any regulatory
changes that impose additional environmental restrictions or requirements on us could adversely affect us through increased operating
costs, which could have a material adverse effect on our results of operations.



Any oil and gas we may discover or produce
may not be readily marketable at the time of production, delaying our ability to generate meaningful revenue.



Crude oil, natural gas, condensate and other oil and gas products
are generally sold to other oil and gas companies, government agencies and other industries. Natural gas associated with oil production
is often not marketable due to demand or transportation limitations and is often flared at the producing well site. Pipeline facilities
do not exist in certain areas of exploration and, therefore, any actual sales of discovered oil and gas might be delayed for extended
periods until such facilities are constructed.



Risks Related to Our Securities



Our common stock is subject to the “penny
stock” rules of the SEC and the trading market in our securities is limited, which makes transactions in our stock cumbersome
and may reduce the value of an investment in our stock.



The Securities and Exchange Commission
has adopted Rule 15g-9 which establishes the definition of a "penny stock," for the purposes relevant to us, as any equity
security that has a market price of less than $5.00 per share or with an exercise price of less than $5.00 per share, subject to
certain exceptions. For any transaction involving a penny stock, unless exempt, the rules require:



| | · | that a broker or dealer approve a person's account for transactions in penny stocks; and
| | - | ----------------------------------------------------------------------------------------



5







| | · | the broker or dealer receives from the investor a written agreement to the transaction, setting
forth the identity and quantity of the penny stock to be purchased.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



In order to approve
a person's account for transactions in penny stocks, the broker or dealer must:



| | · | obtain financial information and investment experience objectives of the person; and
| | - | ------------------------------------------------------------------------------------



| | · | make a reasonable determination that the transactions in penny stocks are suitable for that person
and the person has sufficient knowledge and experience in financial matters to be capable of evaluating the risks of transactions
in penny stocks.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The broker or dealer must also deliver,
prior to any transaction in a penny stock, a disclosure schedule prescribed by the Commission relating to the penny stock market,
which, in highlight form:



| | · | sets forth the basis on which the broker or dealer made the suitability determination; and
| | - | ------------------------------------------------------------------------------------------



| | · | that the broker or dealer received a signed, written agreement from the investor prior to the transaction.
| | - | ----------------------------------------------------------------------------------------------------------



Generally, brokers may be less willing
to execute transactions in securities subject to the "penny stock" rules. This may make it more difficult for investors
to dispose of our common stock and cause a decline in the market value of our stock.



Disclosure also has to be made about the
risks of investing in penny stocks in both public offerings and in secondary trading and about the commissions payable to both
the broker-dealer and the registered representative, current quotations for the securities and the rights and remedies available
to an investor in cases of fraud in penny stock transactions. Finally, monthly statements have to be sent disclosing recent price
information for the penny stock held in the account and information on the limited market in penny stocks.



Future sales of shares may adversely
impact the value of our stock



We will seek to raise additional capital
through the sale of our common stock. Future sales of our common stock could cause the market price of our common stock to decline.



Possible issuance of additional shares
may impact the price of our stock



Our Certificate of Incorporation authorizes
the issuance of 250,000,000 shares of common stock. Approximately 3.4% of our authorized common stock remains un-issued as of June
30, 2012. Our Board of Directors has the power to issue any or all of such additional common stock without stockholder approval.
Investors should be aware that any stock issuances might result in a reduction of the book value or market price, if any, of the
then outstanding common stock. If we were to issue additional common stock, such issuance will reduce proportionate ownership and
voting power of the other stockholders. Also, any new issuance of common stock may result in a change of control.



Our share price may be highly volatile.



The market prices of equity securities
of small companies have experienced extreme price volatility in recent years not necessarily related to the individual performance
of specific companies. Factors such as announcements by us, or our competitors concerning products, technology, governmental regulatory
actions, other events affecting healthcare companies generally and general market conditions may have a significant impact on the
market price of our shares and could cause it to fluctuate substantially.



6







If we complete future acquisitions,
we may dilute existing stockholders by issuing more of our common stock or we may incur expenses related to debt and goodwill,
which could reduce our earnings.



We may issue equity securities in future
acquisitions that could be dilutive to our stockholders. We also may incur additional debt in future acquisitions. Interest expense
on debt incurred to fund our acquisitions may significantly reduce our profitability. While goodwill and other intangible assets
with indefinite lives are not amortized to expense under generally accepted accounting principles, we would be required to review
all of these assets at regular intervals for impairment and to charge an appropriate amount to expense when we identify impairment.
If we identify impairment and are required to write-off a significant portion of our intangible assets at one time, then there
could be a material adverse impact on our stock price.



ITEM 1B.	           UNRESOLVED
STAFF COMMENTS



None



ITEM 2.		              PROPERTY



Our executive offices are located at 3200 Southwest Freeway,
Ste 3300, Houston, TX 77027.



ITEM 3.		             LEGAL
PROCEEDINGS



The Company is not a party to any pending
legal proceedings nor is any of its property subject to pending legal proceedings.



ITEM 4.		            SUBMISSIONS
OF MATTERS TO A VOTE OF SECURITY HOLDERS



Not Applicable



Part II



ITEM 5.           	  MARKET
FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES



Our common stock is quoted on the OTC Bulletin Board under the
symbol "SXLP".



For the periods indicated, the following
table sets forth the high and low per share intra-day sales prices per share of common stock. These prices represent inter-dealer
quotations without retail markup, markdown, or commission and may not necessarily represent actual transactions.



For the periods indicated, the following
table sets forth the high and low per share intra-day sales prices per share of common stock. These prices represent inter-dealer
quotations without retail markup, markdown, or commission and may not necessarily represent actual transactions.



|Fiscal Year 2012 |  | High ($) |      |  | Low ($) |  
|---------------- |  | -------- | ---- |  | ------- | -
|Fourth Quarter   |  | $        | 0.25 |  |         | $
|Third Quarter    |  | $        | 0.50 |  |         | $
|Second Quarter   |  | $        | 0.19 |  |         | $
|First Quarter    |  | $        | 0.22 |  |         | $
|Fiscal Year 2011 |  |          |      |  |         |  
|Fourth Quarter   |  | $        | 0.15 |  |         | $
|Third Quarter    |  | $        | 0.30 |  |         | $
|Second Quarter   |  | $        | 0.30 |  |         | $
|First Quarter    |  | $        | 0.83 |  |         | $



Dividends and Dividend Policy



We have never declared or paid cash dividends
on our common stock and do not anticipate paying any cash dividends on our common stock in the foreseeable future. We currently
intend to retain future earnings, if any, to finance the expansion of our business and for general corporate purposes. We cannot
assure you that we will pay dividends in the future. Our future dividend policy is within the discretion of our Board of Directors
and will depend upon various factors, including our results of operations, financial condition, capital requirements and investment
opportunities.



7







Recent Sales of Unregistered Securities



February 2012 Convertible Notes and
Warrants



During February 2012, the Company entered
into two Convertible Note Agreements ("Notes") for a total of $11,766. The Company received aggregate proceeds of $11,000
reflecting a 15% original issue discount to the Note holders and a nominal rate of 16.63%.



The Notes are due in February 2013. The
note holders may convert any portion of the Notes that are outstanding, whether such portion represents principal or interest,
into shares of common stock of the Company at a price equal to $0.10. The Notes includes an anti-dilution adjustment that may not
be adjusted below $0.01.



Simultaneously with the issuance of these
Notes, the Company issued to the Note holders a 5-year warrant (the "Warrants") to purchase 117,660 shares of common
stock of the Company. The Warrants are exercisable at a price equal to $0.15. The Warrants include an anti-dilution adjustment
that may not be adjusted below $0.01.



The note holders will only be allowed
to convert shares or exercise warrants or portion thereof to the extent that, at the time of the conversion or exercise, the conversion
or exercise will not result in the note holder beneficially owning more than 9.9% of the issued and outstanding common shares
of the Company.



August 2011 Convertible Notes and Warrants



During August 2011, the Company entered
into three Convertible Note Agreements ("Notes") for a total of $47,060. The Company received aggregate proceeds of
$40,000 reflecting a 15% original issue discount to the Note holders and a nominal rate of 16.63%.



The Notes are due in August 2012. The note
holders may convert any portion of the Notes that are outstanding, whether such portion represents principal or interest, into
shares of common stock of the Company at a price equal to $0.10. The Notes includes an anti-dilution adjustment that may not be
adjusted below $0.01.



Simultaneously with the issuance of these
Notes, the Company issued to the Note holders a 5-year warrant (the "Warrants") to purchase 470,600 shares of common
stock of the Company. The Warrants are exercisable at a price equal to $0.15. The Warrants include an anti-dilution adjustment
that may not be adjusted below $0.01.



The note holders will only be allowed to
convert shares or exercise warrants or portion thereof to the extent that, at the time of the conversion or exercise, the conversion
or exercise will not result in the note holder beneficially owning more than 9.9% of the issued and outstanding common shares of
the Company.



March 2011 Convertible Notes and Warrants



During March 2011, the Company entered
into two Convertible Note Agreements ("Notes") for a total of $70,590. The Company received aggregate proceeds of $60,000
reflecting a 15% original issue discount to the Note holders and a nominal rate of 16.63%.



The Notes are due in March 2012. The note
holders may convert any portion of the Notes that are outstanding, whether such portion represents principal or interest, into
shares of common stock of the Company at a price equal to $0.10. The Notes include an anti-dilution adjustment that may not be
adjusted below $0.01.



Simultaneously with the issuance of these
Notes, the Company issued to each Note holder a 5-year warrant (the "Warrant") to purchase 705,900 shares of common stock
of the Company. The Warrant is exercisable at a price equal to $0.15. The Warrants include an anti-dilution adjustment that may
not be adjusted below $0.01.



8







The note holder will only be allowed to
convert shares or exercise warrants or portion thereof to the extent that, at the time of the conversion or exercise, the conversion
or exercise will not result in the note holder beneficially owning more than 9.9% of the issued and outstanding common shares of
the Company.



August 2010 Convertible Notes and Warrants



During August 2010, the Company entered
into two Convertible Note Agreements ("Notes") for a total of $58,824. The Company received aggregate proceeds of $50,000
reflecting a 15% original issue discount to the Note holders and a nominal rate of 16.63%.



The Notes are due in August 2011. The note
holders may convert any portion of the Notes that are outstanding, whether such portion represents principal or interest, into
shares of common stock of the Company at a price equal to $0.10. The Notes include an anti-dilution adjustment that may not be
adjusted below $0.01.



Simultaneously with the issuance of these
Notes, the Company issued to each Note holder a 5-year warrant (the "Warrant") to purchase 588,240 shares of common stock
of the Company. The Warrant is exercisable at a price equal to $0.15. The Warrants include an anti-dilution adjustment that may
not be adjusted below $0.01.



The note holder will only be allowed to
convert shares or exercise warrants or portion thereof to the extent that, at the time of the conversion or exercise, the conversion
or exercise will not result in the note holder beneficially owning more than 9.9% of the issued and outstanding common shares of
the Company.



February 2010 Convertible Notes and
Warrants



On February 10, 2010, the Company entered
into two Convertible Note Agreements ("Notes") for a total of $352,942. The Company received aggregate proceeds of $300,000
$ reflecting a 15% original issue discount to the Note holders.



The Notes were due on February 10, 2011.
The note holders may convert any portion of the Notes that are outstanding, whether such portion represents principal or interest,
into shares of common stock of the Company at a price equal to $0.65. The Notes include an anti-dilution adjustment that may not
be adjusted below $0.01.



Simultaneously with the issuance of these
Notes, the Company issued to each Note holder a 5-year warrant (the "Warrant") to purchase 271,494 shares of common stock
of the Company. The Warrant is exercisable at a price equal to $0.75 The Warrants include an anti-dilution adjustment that may
not be adjusted below $0.01.



The note holder will only be allowed to
convert shares or exercise warrants or portion thereof to the extent that, at the time of the conversion or exercise, the conversion
or exercise will not result in the note holder beneficially owning more than 9.9% of the issued and outstanding common shares of
the Company.



Due to the issuance of convertible debt
in August 2010at $0.10 per share, the conversion price of these notes and warrants issued by the Company was reduced to $0.10 per
share, pursuant to the anti-dilution provisions of these notes and warrants. Also, pursuant to the anti-dilution provisions of
the warrants, the number of shares of common stock issuable upon exercise of the warrants will increase so that the aggregate exercise
price payable, after taking into account the reduction in the exercise price to $0.10 per share, will be equal to the aggregate
exercise price of the warrants prior to the adjustment.



9







January 2010 Convertible Notes and Warrants



On January 13, 2010, the Company entered
into two Convertible Note Agreements ("Notes") for a total of $64,706. The Company received aggregate proceeds of $55,000
reflecting a 15% original issue discount to the Note holders.



The Notes were due on January 13, 2011.
The note holders may convert any portion of the Notes that are outstanding, whether such portion represents principal or interest,
into shares of common stock of the Company at a price equal to $0.35. The Notes include an anti-dilution adjustment that may not
be adjusted below $0.01.



Simultaneously with the issuance of these
Notes, the Company issued to each Note holder a 5-year warrant (the "Warrant") to purchase 92,437 shares of common stock
of the Company. The Warrant is exercisable at a price equal to $0.50. The Warrants include an anti-dilution adjustment that may
not be adjusted below $0.01.



The note holder will only be allowed to
convert shares or exercise warrants or portion thereof to the extent that, at the time of the conversion or exercise, the conversion
or exercise will not result in the note holder beneficially owning more than 9.9% of the issued and outstanding common shares of
the Company.



Due to the issuance of convertible debt
in August 2010 at $0.10 per share, the conversion price of these notes and warrants issued by the Company was reduced to $0.10
per share, pursuant to the anti-dilution provisions of these notes and warrants. Also, pursuant to the anti-dilution provisions
of the warrants, the number of shares of common stock issuable upon exercise of the warrants will increase so that the aggregate
exercise price payable, after taking into account the reduction in the exercise price to $0.10 per share, will be equal to the
aggregate exercise price of the warrants prior to the adjustment.



December 2009 Convertible Notes and
Warrants



On December 7, 2009, the Company entered
into two Convertible Note Agreements ("Notes") for a total of $352,942. The Company received aggregate proceeds of $300,000
reflecting a 15% original issue discount to the Note holders.



The Notes were due on December 7, 2010.
The note holders may convert any portion of the Notes that are outstanding, whether such portion represents principal or interest,
into shares of common stock of the Company at a price equal to $0.35. The Notes include an anti-dilution adjustment that may not
be adjusted below $0.01.



Simultaneously with the issuance of this
Note, the Company issued to each Note holder a 5-year warrant (the "Warrant") to purchase 504,203 shares of common stock
of the Company. The Warrant is exercisable at a price equal to $0.50. The Warrants include an anti-dilution adjustment that may
not be adjusted below $0.01.



The note holder will only be allowed to
convert shares or exercise warrants or portion thereof to the extent that, at the time of the conversion or exercise, the conversion
or exercise will not result in the note holder beneficially owning more than 9.9% of the issued and outstanding common shares of
the Company.



Due to the issuance of convertible debt
in August 2010 at $0.10 per share, the conversion price of these notes and warrants issued by the Company was reduced to $0.10
per share, pursuant to the anti-dilution provisions of these notes and warrants. Also, pursuant to the anti-dilution provisions
of the warrants, the number of shares of common stock issuable upon exercise of the warrants will increase so that the aggregate
exercise price payable, after taking into account the reduction in the exercise price to $0.10 per share, will be equal to the
aggregate exercise price of the warrants prior to the adjustment.



Consulting Agreements



During the year ended March 31, 2011, the
Company issued 60,000 shares of its restricted common stock pursuant to a Consulting Services Agreement. The Company recorded the
$62,400 fair value of the shares issued as stock-based consulting.



10







On April 19, 2010, the Company issued 28,571
shares to legal counsel as a retainer for services under the 2007 Plan. The shares were issued at fifty percent (50%) of the closing
price on the date of issuance for a total of $10,000.



During fiscal year 2010 the Company issued
80,137 shares of its restricted common stock pursuant to various Consulting Services Agreements. The Company recorded the $89,255
fair value of the shares issued as stock based consulting.



Option Agreement



On August 3, 2009,
we signed an Option Agreement allowing the Company to purchase up to a fifty percent working interest in the oil and gas exploration
and development activities on 2,087 acres known as Medicine River Ranch. This option is valid for one year or until a Definitive
Participation Agreement is either entered into or rejected by both parties. The Company issued 25,000 shares of restricted common
stock upon execution of this agreement and an additional 75,000 shares of restricted common stock were to be issued upon acceptance
of a Definitive Participation Agreement. On January 29, 2010, both parties agreed to cancel this option and the issued shares were
returned to the Company.



Employment Agreements



Mr. Alan Gaines,
our former Chief Executive Officer and Chairman, had entered into an Employment Agreement with the Company for a one year term
beginning May 2, 2011.  Mr. Gaines would have been compensated with 12,012,413 shares of restricted common stock,
payable upon the completion of a Qualified Acquisition or Qualified Equity Raise. An expense of $960,993would have been recorded as stock compensation at the time a Qualified Acquisition or Qualified Equity Raise is completed. Upon
the resignation of Mr. David on April 18, 2012, the shares were canceled and no expense was recognized.



Dr. Amiel David,
our former Chief Operating Officer, has entered into an Employment Agreement with the Company for a one year term beginning May
2, 2011. Dr. David would have been compensated with 12,013,413 shares of restricted common stock, payable upon the completion
of a Qualified Acquisition or Qualified Equity Raise. An expense of $961,073would have been
recorded as stock compensation at the time a Qualified Acquisition or Qualified Equity Raise is completed. Upon the resignation
of Mr. David on April 18, 2012, the shares were canceled and no expense was recognized.



On
September 29, 2009, the Company entered into an Employment Agreement with Steven Weldon, our Chief Executive Officer.As
compensation for entering into this Agreement, the Company granted and issued to Mr. Weldon 3,600,000 shares of the common
stock of the Company. The stock is restricted as defined by the rules and regulations promulgated under the Securities Act of
1933, as amended. The shares are fully paid and non-assessable. An expense of $900,000 was recognized for year ended March
31,2010. In the event that Mr. Weldon’s employment pursuant to this agreement is terminated for any reason, 100,000
shares per month remaining on the contract will be contributed back to the Company for cancellation.



On
October 7, 2009, the Company entered into an Employment Agreement with Jordan Estra, our former Chief Executive Officer.As
compensation for entering into this Agreement, the Company granted and issued to Mr. Estra 3,600,000 shares of the common stock
of the Company. The stock is restricted as defined by the rules and regulations promulgated under the Securities Act of 1933, as
amended. The shares are fully paid and non-assessable.



The shares issued pursuant to this Agreement were subject to
certain terms and conditions. The shares were represented by 36 certificates of 100,000 shares each. All Certificates not delivered
to the Executive are being held by the Company. One certificate representing 100,000 shares has been delivered to the Executive
on the 7th of each month beginning November 7, 2009.



Upon the resignation of Mr. Estra’s
on December 29, 2009, 3,327,000 shares represented by certificates still held by the Company were contributed back to the Company
for cancellation. Mr. Estra received a total of 273,000 restricted shares and an expense of $131,040 was recognized for the year
ended March 31, 2010.



11







Note Conversions



During the year ended March 31, 2012, the
Company converted a total of $104,000 of notes payable from certain Note Holders into common stock of the Company. The Company
issued 1,400,000 shares of our common stock to satisfy the principal balances of the notes payable.



During the year ended March 31, 2010, the Company converted
a total of $21,250 of notes payable and $373 of interest payable from certain Note Holders into common stock of the Company. The
Company issued 2,125,000 shares of our common stock to satisfy the principal balances of the notes payable and 37,254 shares of
our common stock to satisfy accrued interest of the notes payable. A loss of $177,941 was recognized for the conversion of a $2,000
note during the year ended March 31, 2010.



Agreement



During the year ended March 31, 2010 the
Company entered into agreements with its former CEO and a significant stockholder in which they agreed to limit the transfer of
their common stock holdings to 5 percent or less for each calendar month for a period of two years. In exchange, the Company issued
them 10,326 shares of restricted common stock. The Company recognized compensation expense of $516 for the year ended March 31,
2009.



Equity Compensation Plan Information



The 2007 Amended Stock Option Plan was
adopted by the Board of Directors on February 6, 2008. Under this plan, a maximum of 8,000,000 shares of our common stock,
par value $0.0001, were authorized for issue. The vesting and terms of all of the options are determined by the Board of Directors
and may vary by optionee; however, the term may be no longer than 10 years from the date of grant.



On August 20, 2009, the Company issued
4,000,000 options to a consultant valued at $984,600 under the 2007 Plan. The option’s exercise price is equal to fifty percent
(50%) of the average closing bid price for the three day period prior to notice of exercise. The consultant will only be allowed
to purchase shares upon the exercise of the option or portion thereof to the extent that, at the time of the purchase, the purchase
will not result in the consultant beneficially owning more than 9.9% of the issued and outstanding common shares of the Company.
These options expired on August 20, 2010.



ITEM
6.	           SELECTED FINANCIAL DATA



N/A



ITEM
7.	           MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANICAL CONDITION AND RESULTS OF OPERATION



The following discussion of our plan
of operation, financial condition and results of operations should be read in conjunction with the Company’s financial statements,
and notes thereto, included elsewhere herein. This discussion contains forward-looking statements that involve risks and uncertainties.
Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors
including, but not limited to, those discussed in this Annual Report.



Overview



Our company was incorporated in the State
of Delaware on April 4, 2001, under the name of “Flagstick Ventures, Inc.” On March 28, 2008, a majority of our stockholders
approved changing our name to Signature Exploration and Production Corp. as our business model had changed to becoming an independent
energy company engaged in the acquisition and development of crude oil and natural gas leases in the United States. As of March
31, 2012, we have not yet generated revenues or incurred expenses related to the energy operations.



12







Plan of Operation



Our primary strategy is to develop existing
acreage position through the drillbit in order to accrete significant value to our stockholders. The company will continue to seek
those acquisitions of select properties that have been identified as attractive, both technically and geologically, and possess
meaningful upside potential.



The Company continues to operate with very
limited capital. Since our inception in 2001, we have been unable to locate a consistent source of additional financing for use
in our operational or expansion plans. The Company is currently attempting to raise sufficient funds to purchase leases of oil
and gas properties. We can give no assurances that the Company will be able to purchase any leases. Each oil and gas property in
which we obtain an interest in will have an operator who will be responsible for marketing production.



In
an effort to protect our stockholders, we intend not only to continue to search for an appropriate source of additional financing,
but to re-evaluate our business and expansion plans to include an evaluation of other lines of business or other industries. Until
we complete the re-evaluation of our business plan, we intend to focus our available capital resources on the operation of acquiring
oil and gas properties.



Unproven Properties



Catron Prospect – Carton County,
NM



We acquired a lease of 1,320 acres in Catron County, New Mexico.
The lease term is for ten years. We are evaluating options for the use of this land.



Cash Requirements



We estimate that we will require an additional
$1,572,000 to fund our currently anticipated requirements for ongoing operations for our existing business for the next twelve-month
period. We expect to pay $50,000 for professional fees and expense related to being a public company and $60,000 for expenses related
to general operations. We will also need approximately $1,462,000 to repay $1,302,000 of notes payable and the related interest
of approximately $160,000.



Based upon our cash position, we will need
to raise additional capital prior by the end of fiscal 2013 in order to fund current operations. These factors raise substantial
doubt about our ability to continue as a going concern.  We are pursuing several alternatives to address this situation, including
the raising of additional funding through equity or debt financings.  We are in discussions with our existing stockholders
to provide additional funding in exchange for notes or equity. In order to finance existing operations and pay current liabilities
over the next twelve months, we will need to raise $1,572,000 of capital. However, there can be no assurance that the requisite
financing will be consummated in the necessary time frame or on terms acceptable to us.  Should we be unable to raise sufficient
funds, we may be required to curtail our operating plans or possibly cease operations.  No assurance can be given that we
will be able to operate profitably on a consistent basis, or at all, in the future.



Results of Operations



Comparison of the fiscal year ended
March 31, 2012 and March 31, 2011.



FINANCIAL INFORMATION



|                               |  | 2012 |         |   | 2011 |  
|------------------------------ |  | ---- | ------- | - | ---- | -
|Loss on oil and gas properties |  | $    | -       |   |      | $
|Stock compensation             |  |      | -       |   |      |  
|Investor relations             |  |      | 1,000   |   |      |  
|General and administrative     |  |      | 102,000 |   |      |  
|Other income/(expense)         |  |      | 88,000  |   |      |  
|Net loss                       |  | $    | (15,000 | ) |      | $



13







Loss on oil and gas properties.Loss
on oil and gas properties decreased by $132,000 due to the abandonment of dry holes during fiscal year 2011 as compared to none
being abandoned during fiscal year 2012.



Stock Compensation.Stock
compensation expenses decreased in 2011.This decrease can be attributed to consulting expense
of $67,000 being incurred during fiscal year 2011 and no consulting expense being incurred during fiscal year 2012.



Investor Relations.Investor
relations expenses decreased by approximately $63,000 in 2012. Investor relations were limited in 2011 as a cost savings measure.



General and Administrative.
General and administrative expenses decreased in 2012 due to a write off of accrued rent of $19,000 and an increase of $6,000 in
professional fees.



Other Expenses. Other expenses
decreased by $290,000 in 2012 due to a $189,000 gain in the fair value of convertible notes and warrants, a $16,000 reduction of
interest on beneficial conversion features, and a $79,000 decrease in the amortization of original issuance discounts.



Liquidity and Capital Resources



We had cash balances totaling approximately
$2,000 as of March 31, 2012. Historically, our principal source of funds has been cash generated from financing activities.



Cash flow from operations.
We have been unable to generate either significant liquidity or cash flow to fund our current operations. We anticipate that cash
flows from operations will be insufficient to fund our business operations for the next twelve-month period.



Cash flows from investing activities.There was $0 and $900 of cash used in investing activities for the purchase of equipment for the years ended March 31,
2012 and 2011.



Cash flows from financing activities.
Net cash provided by financing activities was generated from promissory notes that total $51,000 and $210,000 for the years ended
March 31, 2012 and 2011.



Variables and Trends



We have no operating history with respect
to our acquisition and development of oil and gas properties. In the event we are able to obtain the necessary financing to move
forward with our business plan, we expect our expenses to increase significantly as we grow our business. Accordingly, the comparison
of the financial data for the periods presented may not be a meaningful indicator of our future performance and must be considered
in light these circumstances.



Critical Accounting Policies



General



The preparation of financial statements
requires management to utilize estimates and make judgments that affect the reported amounts of assets, liabilities, revenues and
expenses and related disclosure of contingent assets and liabilities. These estimates are based on historical experience and on
various other assumptions that management believes to be reasonable under the circumstances. The estimates are evaluated by management
on an ongoing basis, and the results of these evaluations form a basis for making decisions about the carrying value of assets
and liabilities that are not readily apparent from other sources. Although actual results may differ from these estimates under
different assumptions or conditions, management believes that the estimates used in the preparation of our financial statements
are reasonable. Policies involving the most significant judgments and estimates are summarized below.



14







Oil and Gas Activities



We follow the successful efforts method
of accounting for our oil and gas activities. Accordingly, costs associated with the acquisition, drilling and equipping of successful
exploratory wells are capitalized. Geological and geophysical costs, delay and surface rentals and drilling costs of unsuccessful
exploratory wells are charged to expense as incurred. Costs of drilling development wells are capitalized. Upon the sale or retirement
of oil and gas properties, the cost thereof and the accumulated depreciation or depletion are removed from the accounts and any
gain or loss is credited or charged to operations.



Fair Value of Financial Instruments



The Company holds certain financial liabilities which are measured
at fair value on a recurring basis in accordance with ASC Topic 825-10-15.   ASC Topic 820-10 establishes a fair
value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest
priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest
priority to unobservable inputs (Level 3 measurements).  ASC Topic 820-10 defines fair value as the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement
date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal
market for the asset or liability.



Convertible notes issued with detachable warrants were measured
at fair value, in accordance with ASC Topic 825-10-15, as one instrument, and that fair value was allocated to each component.
The Company made the fair value election due to this methodology providing a fairer representation of the economic substance of
the transaction within the fair value hierarchy. Due to the lack of relevant and market reflective Level 1 and Level 2 inputs,
the Company valued the instruments using Level 3 inputs, which require significant judgment and estimates on behalf of management
in developing model assumptions. The factors considered in developing those assumptions included; the Company’s inability
to attract investment at terms more favorable to the Company, the lack of success in developing oil properties thus far, the continuing
reduction in the net assets of the Company and the Company’s history of default on currently outstanding debt.



Based on management’s evaluation of the assumptions discussed
above, the liabilities were initially recorded in an amount equal to the transaction price, which represented the fair value of
the total liability at initial recognition.. The model used by the Company is calibrated so that the model value at initial recognition
equals the transaction price. On an ongoing basis the fair value model used in valuing the convertible notes and derivative liability
utilizes the following inputs; exercise price per warrant, conversion price per share, contract term, volatility, current stock
prices and risk free rates. The following assumptions were made in the model: (1) risk free interest rate of 0.19% to 0.51%, (2)
remaining contractual life of 1 to 4.98 years, (3) expected stock price volatility of 697% and (4) expected dividend yield of zero.



Equity-Based Compensation



The computation of the expense associated
with stock-based compensation requires the use of a valuation model. The FASB issued accounting guidance requires significant judgment
and the use of estimates, particularly surrounding Black-Scholes assumptions such as stock price volatility, expected option lives,
and expected option forfeiture rates, to value equity-based compensation. We currently use a Black-Scholes option pricing model
to calculate the fair value of our stock options. We primarily use historical data to determine the assumptions to be used in the
Black-Scholes model and have no reason to believe that future data is likely to differ materially from historical data. However,
changes in the assumptions to reflect future stock price volatility and future stock award exercise experience could result in
a change in the assumptions used to value awards in the future and may result in a material change to the fair value calculation
of stock-based awards. This accounting guidance requires the recognition of the fair value of stock compensation in net income.
Although every effort is made to ensure the accuracy of our estimates and assumptions, significant unanticipated changes in those
estimates, interpretations and assumptions may result in recording stock option expense that may materially impact our financial
statements for each respective reporting period.



15







Commitments



Except as shown in the following table,
as of March 31, 2012, we did not have any material capital commitments, other than funding our operating losses and repaying outstanding
debt. It is anticipated that any capital commitments that may occur will be financed principally through borrowings from stockholders
(although such additional financing has not been arranged). However, there can be no assurance that additional capital resources
and financings will be available to us on a timely basis, or if available, on acceptable terms.



Future payments due on our contractual
obligations as of March 31, 2012 are as follows:



|Convertible notes from shareholders                |  | $ | 443,000   | 
|-------------------------------------------------- |  | - | --------- | 
|Convertible notes from shareholders, at face value |  |   | 859,000   | 
|Accrued interest                                   |  |   | 164,000   | 
|                                                   |  |   |           | 
|Total                                              |  | $ | 1,466,000 | 



Off Balance Sheet Arrangements



We have no off-balance sheet arrangements
that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition,
revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.



Stock-Based Compensation



Please see page F-6, Note 3 of the audited
financial statements.



Recent Accounting Pronouncements



Please see page F-6, Note 3 of the audited
financial statements.



ITEM 7A.	           QUANTITATIVE
AND QUALITATIVE DISCLOSERS ABOUT MARKET RISK



N/A



ITEM 8.            	  FINANCIAL
STATEMENTS



The financial statements required to be
filed hereunder are set forth on pages F-1 through F-6 and are incorporated herein by this reference.



ITEM 9.	             CHANGES
IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES



There were no changes in or disagreements
with our accountants on accounting and financial disclosure during the last two fiscal years.



ITEM 9A.	          CONTROLS AND PROCEDURES



Evaluation of Disclosure Controls and Procedures



We conducted an evaluation under the supervision
and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness
of the design and operation of our disclosure controls and procedures. The term “disclosure controls and procedures,”
as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended (“Exchange Act”),
means controls and other procedures of a company that are designed to ensure that information required to be disclosed by the company
in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods
specified in the Securities and Exchange Commission's rules and forms. Disclosure controls and procedures also include, without
limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that
it files or submits under the Exchange Act is accumulated and communicated to the company's management, including its principal
executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions
regarding required disclosure. Based on this evaluation, our Chief Financial Officer concluded as of March 31, 2011 that our disclosure
controls and procedures were not effective at the reasonable assurance level due to the material weaknesses in our internal controls
over financial reporting discussed immediately below.



16







Management’s Report on Internal Control Over
Financial Reporting



Our management is responsible for establishing
and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange
Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.  Our
evaluation of internal control over financial reporting includes using the COSO framework, an integrated framework for the evaluation
of internal controls issued by the Committee of Sponsoring Organizations of the Treadway Commission, to identify the risks and
control objectives related to the evaluation of our control environment.  The internal controls for the Company are provided
by executive management’s review and approval of all transactions.Our internal control over financial
reporting also includes those policies and procedures that:



(1) pertain to the maintenance of records
that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;

(2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that our receipts and
expenditures are being made only in accordance with the authorization of our management; and

(3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect
on the financial statements.



Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.



Management assessed the effectiveness of
our internal control over financial reporting as of March 31, 2012. This annual report does not include an attestation report
of our registered public accounting firm regarding internal control over financial reporting. Management's report was not subject
to attestation by our registered public accounting firm pursuant to the rules of the Securities and Exchange Commission that permits
us to provide only management's report in this annual report.



Identified Material Weaknesses



A material weakness is a control deficiency,
or combination of control deficiencies, that results in more than a remote likelihood that a material misstatement of the financial
statements will not be prevented or detected. The matters involving internal controls over financial reporting that our management
considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were:



| | · | ineffective controls over period end financial disclosure and reporting processes including not
having a functioning audit committee consisting of independent Board members as well as lack of expertise with respect to the application
of US GAAP and SEC rules and regulations.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | one individual who, as an officer and director of the Company, has sole
access and authority to receive cash and make cash disbursements
| | - | ----------------------------------------------------------------------------------------------------------------------------------------



Management believes that the material weaknesses
set forth above did not have an adverse effect on our financial results.



17







Management’s Remediation Initiatives



As a result of our findings, we have begun
to remediate the deficiencies.  In an effort to remediate the identified material weaknesses and enhance our internal
controls, we have initiated, or plan to initiate, the following series of measures:



| | 1. | Identify and/or retain a second employee or member of management who is appropriately trained who
will also have duel control with respect to the receipt of cash and the making of cash disbursements; and
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | Establish formal general accounting policies and procedures.
| | -- | ------------------------------------------------------------

| | 3. | Update some of our current procedures to better address period end financial disclosure.
| | -- | ----------------------------------------------------------------------------------------

| | 4. | Update controls relating to other processes.
| | -- | --------------------------------------------



Although we have not remedied these issues
in the past fiscal year, we anticipate that these initiatives will be at least partially, if not fully, implemented by March 31,
2013.  Additionally, we plan to test our updated controls in order to remediate our deficiencies by March 31, 2013.



Conclusion



As a result of management's assessment
of the effectiveness of our internal control over financial reporting as of March 31, 2012, and the identification of the material
weakness set forth above, management has concluded that our internal control over financial reporting is not effective.  It
is reasonably possible that, if not remediated, the material weaknesses noted above, could result in a material misstatement in
our reported financial statements that might result in a material misstatement in a future annual or interim period.  In
light of the identified material weakness and the conclusion that our internal control over financial reporting is not effective,
management will take the remediation initiatives set forth above.  In addition management performed (1) additional review
of the area described above, and (2) performed additional analyses, including but not limited to a detailed balance sheet and statement
of operations analytical review. These procedures were completed so management could gain assurance that the financial statements
and schedules included in this Form 10-K fairly present in all material respects the financial position, results of operations
and cash flows for the periods presented.



Changes in Internal Control over
Financial Reporting



There were no changes were made during
our most recently completed fiscal quarter that have materially affected or are reasonably likely to materially affect, our internal
control over financial reporting, as required by Rules 13a-15(d) and 15d-15(d) under the exchange Act.



ITEM 9B.	           OTHER
INFORMATION



None.



PART III



ITEM 10.	           DIRECTORS,
EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE



The names of our executive officers and
directors, their ages as of June 30, 2011, and the positions currently held by each are as follows:



|Name          |  | Age |  | Position                            
|------------- |  | --- |  | ------------------------------------
|Steven Weldon |  | 36  |  | Chief Executive Officer and Director



18







Steven Weldon, a Certified
Public Accountant,has served as our Chief Financial Officer since September 2005. Prior to joining Signature Exploration
and Production Corp. Mr. Weldon was the Tax Manager for Westgate Resorts, Ltd., a timeshare developer, since July 2000. Since
September 2005, Mr. Weldon has also served as the Chief Financial Officer of Inverted Paradigms Corp., a software developer. Mr. Weldon
was an adjunct professor at Florida Southern College from January 2002 to October 2005. Since May 2005, Mr. Weldon has served
as the president, sole stockholder and director of Viking Financial Solutions, LLC, a public accounting firm providing tax and
accounting services. Mr. Weldon received his Bachelor of Science degree and his Masters in Business Administration from Florida
Southern College.



During the past five years none of our
directors, executive officers, promoters or control persons was:



| | 1) | the subject of any bankruptcy petition filed by or against any business of which such person was
a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2) | convicted in a criminal proceeding or is subject to a pending criminal proceeding (excluding traffic
violations and other minor offenses);
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------



| | 3) | subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of
any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement
in any type of business, securities or banking activities; or
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4) | found by a court of competent jurisdiction (in a civil action), the Commission or the Commodity
Futures Trading Commission to have violated a federal or state securities or commodities law.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Section 16(a) Beneficial Ownership Reporting
Compliance.



Since we have no stock registered under
Section 12(b) or Section 12(g) of the Exchange Act, there are no persons who need to file reports under Section 16(a) of the Exchange
Act.



Code of Ethics



We adopted the Signature Exploration and
Production Corp. Code of Ethics for the CEO and Senior Financial Officers (the “finance code of ethics”), a code of
ethics that applies to our Chief Executive Officer, Chief Financial Officer and other finance organization employees. A copy of
the finance code of ethics may be obtained from the Company, free of charge, upon written request delivered to Signature Exploration
and Production Corp. 3200 Southwest Freeway, Suite 3300, Houston, TX 77027. If we make any substantive amendments to the finance
code of ethics or grant any waiver, including any implicit waiver, from a provision of the code to our Chief Executive Officer
or Chief Financial Officer, we will disclose the nature of such amendment or waiver in a report on Form 8-K.



ITEM 11.	 EXECUTIVE COMPENSATION



The following summary compensation table
reflects all compensation awarded to, earned by, or paid to our Chief Executive Officer and president and other employees for all
services rendered to us in all capacities during each of the years ended March 31, 2012, 2011 and 2010.



19







Summary Compensation Table





|Name and Position                                |  | Year |  | Salary
    ($) |        |  | Bonus
    ($) |  |   | Stock
    Awards ($) |  |  | Option
    Awards ($) |  |  | Non-Equity
    Incentive Plan Compensation |   |  | Nonqualified
    Deferred Compensation Earnings ($) |  |   | All Other
    Compensation |  |  | Total | 
|------------------------------------------------ |  | ---- |  | -------------- | ------ |  | ------------- |  | - | -------------------- |  |  | --------------------- |  |  | ------------------------------------------ | - |  | --------------------------------------------------- |  | - | -------------------------- |  |  | ----- | 
|                                                 |  |      |  |                |        |  |               |  |   |                      |  |  |                       |  |  |                                            |   |  |                                                     |  |   |                            |  |  |       | 
|Steven Weldon, CEO, President and Director       |  | 2012 |  |                | 30,000 |  |               |  | - |                      |  |  | -                     |  |  |                                            | - |  |                                                     |  | - |                            |  |  | -     | 
|                                                 |  | 2011 |  |                | 30,000 |  |               |  | - |                      |  |  | -                     |  |  |                                            | - |  |                                                     |  | - |                            |  |  | -     | 
|                                                 |  | 2010 |  |                | 30,000 |  |               |  | - |                      |  |  | 900,000               |  |  |                                            | - |  |                                                     |  | - |                            |  |  | -     | 
|                                                 |  |      |  |                |        |  |               |  |   |                      |  |  |                       |  |  |                                            |   |  |                                                     |  |   |                            |  |  |       | 
|Alan Gaines, former CEO, President and Director  |  | 2012 |  |                | -      |  |               |  | - |                      |  |  | -                     |  |  |                                            | - |  |                                                     |  | - |                            |  |  | -     | 
|                                                 |  |      |  |                |        |  |               |  |   |                      |  |  |                       |  |  |                                            |   |  |                                                     |  |   |                            |  |  |       | 
|Amiel David, former COO                          |  | 2012 |  |                | -      |  |               |  | - |                      |  |  | -                     |  |  |                                            | - |  |                                                     |  | - |                            |  |  | -     | 
|                                                 |  |      |  |                |        |  |               |  |   |                      |  |  |                       |  |  |                                            |   |  |                                                     |  |   |                            |  |  |       | 
|Jordan Estra, former CEO, President and Director |  | 2012 |  |                | -      |  |               |  | - |                      |  |  | -                     |  |  |                                            | - |  |                                                     |  | - |                            |  |  | -     | 
|                                                 |  | 2011 |  |                | -      |  |               |  | - |                      |  |  | -                     |  |  |                                            | - |  |                                                     |  | - |                            |  |  | -     | 
|                                                 |  | 2010 |  |                | -      |  |               |  | - |                      |  |  | 131,040               |  |  |                                            | - |  |                                                     |  | - |                            |  |  | -     | 





Directors’ Compensation



Directors are not currently compensated,
although each is entitled to be reimbursed for reasonable and necessary expenses incurred on our behalf. All directors hold office
until the next annual meeting of stockholders and until their successors have been duly elected and qualified. There are no agreements
with respect to the election of directors. Officers are appointed annually by the Board of Directors and each executive officer
serves at the discretion of the Board of Directors. Our board of directors does not have an audit or any other committee.



ITEM 12.	            SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS



The following table presents information
known to us, as of June 30, 2012, relating to the beneficial ownership of common stock by:



| | · | each person who is known by us to be the beneficial holder of more than 5% of our outstanding common
stock;
| | - | -----------------------------------------------------------------------------------------------------------

| | · | each of our named executive officers and directors; and
| | - | -------------------------------------------------------

| | · | our directors and executive officers as a group.
| | - | ------------------------------------------------



We believe that all persons named in the
table have sole voting and investment power with respect to all shares beneficially owned by them, except as noted.



Percentage ownership in the following table
is based on 8,501,104 shares of common stock outstanding as of June 30, 2012. A person is deemed to be the beneficial owner of
securities that can be acquired by that person within 60 days from the date of this Annual Report upon the exercise of options,
warrants or convertible securities. Each beneficial owner’s percentage ownership is determined by dividing the number of
shares beneficially owned by that person by the base number of outstanding shares, increased to reflect the shares underlying options,
warrants or other convertible securities included in that person’s holdings, but not those underlying shares held by any
other person.



20













|Name of Beneficial Owner              |  | Number of Shares of Common Stock Beneficially Owned |           |  | Percentage of Shares Beneficially Owned | 
|------------------------------------- |  | --------------------------------------------------- | --------- |  | --------------------------------------- | 
|Steven Weldon                         |  |                                                     | 3,745,212 |  |                                         | 
|Screaming Reach Investments, LLC      |  |                                                     | 1,000,000 |  |                                         | 
|All directors and officers (1 person) |  |                                                     | 3,745,212 |  |                                         | 








| | (1) | Unless otherwise noted, the address of each person listed is c/o
Signature Exploration and Production Corp.3200 Southwest Freeway, Suite 3300, Houston, TX 77027.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ITEM 13. | CERTAIN RELATIONSHIPS, RELATED TRANSACTIONS AND DIRECTOR
INDEPENDENCE
| | -------- | ---------------------------------------------------------------------



During the year ended
March 31, 2009 the Company entered into agreements with its former CEO and a significant stockholder in which they agreed limit
the transfer of their common stock holdings to 5 percent or less for each calendar month for a period of two years. In exchange,
the Company issued them 10,326 shares of restricted common stock. The Company recognized compensation expense of $516 for the year
ended March 31, 2009.



| | ITEM 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES
| | -------- | --------------------------------------



|                      |  | Fiscal 2012 |        |  | Fiscal 2011 |  
|--------------------- |  | ----------- | ------ |  | ----------- | -
|Audit Fees(1)         |  | $           | 49,000 |  |             | $
|Audit-Related Fees(2) |  |             | -0-    |  |             |  
|Tax Fees(3)           |  |             | -0-    |  |             |  
|                      |  |             |        |  |             |  
|Subtotal              |  | $           | 49,000 |  |             | $
|                      |  |             |        |  |             |  
|All other Fees(4)     |  |             | -0-    |  |             |  
|                      |  |             |        |  |             |  
|Total                 |  | $           | 49,000 |  |             | $



| | (1) | Audit Fees –Audit fees billed to the Company by Mark Bailey and Company, Ltd. for
auditing the Company’s annual financial statements and reviewing the financial statements included in the Company’s
Quarterly Reports on Form 10-Q.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (2) | Audit-Related Fees – There were no other fees billed by Mark Bailey and Company, Ltd,
and during the last two fiscal years for assurance and related services that were reasonably related to the performance of the
audit or review of the Company's financial statements and not reported under "Audit Fees" above.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (3) | Tax Fees– There were no tax fees billed during the last
past fiscal year for professional services.
| | --- | ---------------------------------------------------------------------------------------------------



21







| | (4) | All Other Fees – There were no other fees billed by during the last two fiscal years
for products and services provided.
| | --- | ------------------------------------------------------------------------------------------------------------------------



Pre-approval of Audit and Non-Audit
Services of Independent Auditor



The Board of Director’s policy is
to pre-approve all audit and non-audit services provided by the independent auditors. These services may include audit services,
audit-related services, tax services and other services. The Board of Director’s pre-approval policy with respect to non-audit
services is included as Exhibit 99.1 of to this Annual Report. Pre-approval is generally provided for up to 12 months from the
date of pre-approval and any pre-approval is detailed as to the particular service or category of services. The Board of Directors
may delegate pre-approval authority to one or more of its members when expedition of services is necessary.



22







PART IV



| | ITEM 15. | EXHIBITS
| | -------- | --------



|EXHIBIT NUMBER |  | DESCRIPTION                                                                                                                                                                                                                                        
|-------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|               |  |                                                                                                                                                                                                                                                    
|3.1            |  | Form of Articles of Incorporation of Signature Exploration and Production Corp. (Previously filed on Form SB-2, filed with the Securities and Exchange Commission on February 12, 2002)                                                            
|3.2            |  | Bylaws of Signature Exploration and Production Corp.(Previously filed on Form SB-2, filed with the Securities and Exchange Commission on February 12, 2002)                                                                                        
|10.1           |  | Code of Ethics (Previously filed on Form 10-KSB, filed with the Securities and Exchange Commission on June 22, 2004)                                                                                                                               
|10.2           |  | Diabetic Treatment Centers of America, Inc. 2005 Restricted Stock Plan (Previously filed on the Company’s Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on August 5, 2005)                                    
|10.3           |  | Joint Venture Agreement (Previously filed on Form 8-K, filed with the Securities and Exchange Commission on May 16,2006)                                                                                                                           
|10.4           |  | 2007 Amended Stock Option(5) (Previously filed on Form S-8 POS, filed with the Securities and Exchange Commission on February 8, 2008)                                                                                                             
|10.5           |  | Letter of Intent Dated February 3, 2009 (Previously filed on Form 10-K, filed with the Securities and Exchange Commission on July 14, 2009)                                                                                                        
|10.6           |  | Letter of Intent Dated February 24, 2009 (Previously filed on Form 10-K, filed with the Securities and Exchange Commission on July 14, 2009)                                                                                                       
|10.7           |  | Gating Agreement – Scott Allen (Previously filed on Form 10-K, filed with the Securities and Exchange Commission on July 14, 2009)                                                                                                                 
|10.8           |  | Gating Agreement – SEARA LLC (Previously filed on Form 10-K, filed with the Securities and Exchange Commission on July 14, 2009)                                                                                                                   
|10.9           |  | Gating Agreement – B&R Holding Company, LLC (Previously filed on Form 10-K, filed with the Securities and Exchange Commission on July 14, 2009)                                                                                                    
|31.1           |  | Certification of Chief Executive Officer Pursuant to Securities and Exchange Act Rules 13a-14 and 15d-14 as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*                                                                    
|32.1           |  | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*                                                                                                
|99.1           |  | Audit Committee Pre-Approval Policy(2)                                                                                                                                                                                                             
|101            |  | XBRL Instant Document (IN
    ACCORDANCE     WITH THE TEMPORARY HARDSHIP EXEMPTION PROVIDED BY RULE 201 OF REGULATION S-T, THE DATE BY WHICH THE
    INTERACTIVE DATA FILE     IS REQUIRED TO BE SUBMITTED HAS BEEN EXTENDED BY SIX BUSINESS DAYS.)










*Filed Herewith



23











SIGNATURES



In accordance with Section 13 or 15(d)
of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.



|                      | SIGNATURE EXPLORATION AND PRODUCTION CORP.
|--------------------- | ------------------------------------------
|                      |                                           
|Dated:  July 16, 2012 |                                           
|                      |                                           
|                      | By:                                       
|                      | Name:                                     
|                      | Title:                                    



In accordance with the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



|                      | SIGNATURE EXPLORATION AND PRODUCTION CORP.
|--------------------- | ------------------------------------------
|                      |                                           
|Dated:  July 16, 2012 |                                           
|                      | By:                                       
|                      | Name:                                     
|                      | Title:                                    





24









Table of Contents



|Report of Independent Registered Certified Public Accounting Firm                                                                                               | F-1
|--------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---
|                                                                                                                                                                |    
|Financial Statements:                                                                                                                                           |    
|                                                                                                                                                                |    
|Balance Sheets – March 31, 2012 and 2011                                                                                                                        | F-2
|                                                                                                                                                                |    
|Statements of Operations – Years ended March 31, 2012 and 2011   and the Period from March 1, 2008 (Inception) to March 31, 2012                                | F-3
|                                                                                                                                                                |    
|Statements of Stockholders’ Equity (Capital Deficiency) – Years ended   March 31, 2012 and 2011 and the Period from March 1, 2008 (Inception) to March 31, 2012 | F-4
|                                                                                                                                                                |    
|Statements of Cash Flows – Years ended March 31, 2012 and 2011                                                                                                  | F-5
|                                                                                                                                                                |    
|Notes to Financial Statements                                                                                                                                   | F-7











REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM



To the Board of Directors and Stockholders
of Signature Exploration and Production Corp. We have audited the accompanying balance sheets of Signature Exploration and Production
Corp. as of March 31, 2012 and 2011, and the related statements of operations, stockholders’ equity, and cash flows for each
of the years in the two-year period ended March 31, 2012 and from inception (March 1, 2008) to date. Signature Exploration and
Production Corp’s management is responsible for these financial statements. Our responsibility is to express an opinion on
these financial statements based on our audits.



We conducted our audits in accordance with
the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included
consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control over
financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.



In our opinion, the financial statements
referred to above present fairly, in all material respects, the financial position of Signature Exploration and Production Corp.
as of March 31, 2012 and 2011, and the results of its operations and its cash flows for each of the years in the two-year period
ended March 31, 2012 and from inception to date, in conformity with accounting principles generally accepted in the United States
of America.



The accompanying financial statements have
been prepared assuming the Company will continue as a going concern. As discussed in Note 2 of the accompanying financial statements,
the Company has incurred losses, has not generated any revenue, and has negative operating cash flows since the inception of exploration
activities. These factors and the need for additional financing in order for the Company to meet its business plans, raise substantial
doubt about its ability to continue as a going concern. Management’s plan to continue as a going concern is also described
in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.



Mark Bailey & Company, Ltd.

Reno, NV

July 16, 2012



F-1







SIGNATURE EXPLORATION AND PRODUCTION
CORP.

(An Exploration Stage Company)

Balance Sheets



|                                                                                                                                                                    |  | March 31, |            |   | March 31, |  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------- | ---------- | - | --------- | -
|                                                                                                                                                                    |  | 2012      |            |   | 2011      |  
|                                                                                                                                                                    |  |           |            |   |           |  
|Assets                                                                                                                                                              |  |           |            |   |           |  
|                                                                                                                                                                    |  |           |            |   |           |  
|Current assets:                                                                                                                                                     |  |           |            |   |           |  
|Cash                                                                                                                                                                |  | $         | 2,174      |   |           | $
|Debt issuance costs                                                                                                                                                 |  |           | 4,625      |   |           |  
|Prepaid expenses and other current assets                                                                                                                           |  |           | 450        |   |           |  
|                                                                                                                                                                    |  |           |            |   |           |  
|Total current assets                                                                                                                                                |  |           | 7,249      |   |           |  
|                                                                                                                                                                    |  |           |            |   |           |  
|Property and Equipment:                                                                                                                                             |  |           |            |   |           |  
|                                                                                                                                                                    |  |           |            |   |           |  
|Property and Equipment,  less accumulated depreciation of  $477 and $270                                                                                            |  |           | 428        |   |           |  
|Oil and gas properties, unproven                                                                                                                                    |  |           | 36,000     |   |           |  
|                                                                                                                                                                    |  |           |            |   |           |  
|Total property and equipment                                                                                                                                        |  |           | 36,428     |   |           |  
|                                                                                                                                                                    |  |           |            |   |           |  
|Total assets                                                                                                                                                        |  | $         | 43,677     |   |           | $
|                                                                                                                                                                    |  |           |            |   |           |  
|Liabilities and Capital Deficiency                                                                                                                                  |  |           |            |   |           |  
|                                                                                                                                                                    |  |           |            |   |           |  
|Current liabilities:                                                                                                                                                |  |           |            |   |           |  
|Accounts payable                                                                                                                                                    |  | $         | 6,560      |   |           | $
|Accrued interest                                                                                                                                                    |  |           | 163,998    |   |           |  
|Other accrued expenses                                                                                                                                              |  |           | 13,456     |   |           |  
|Convertible notes from shareholders                                                                                                                                 |  |           | 442,750    |   |           |  
|Convertible notes from shareholders, at fair value                                                                                                                  |  |           | 308,255    |   |           |  
|Derivative liability, at fair value                                                                                                                                 |  |           | 334,497    |   |           |  
|                                                                                                                                                                    |  |           |            |   |           |  
|Total current liabilities                                                                                                                                           |  |           | 1,269,516  |   |           |  
|                                                                                                                                                                    |  |           |            |   |           |  
|Commitments and contengencies                                                                                                                                       |  |           | -          |   |           |  
|                                                                                                                                                                    |  |           |            |   |           |  
|Capital deficiency:                                                                                                                                                 |  |           |            |   |           |  
|Common stock, $0.0001 par value, 250,000,000 shares authorized 32,527,930  and 7,101,104  shares issued and outstanding for the years ended March 31, 2012 and 2011 |  |           | 3,253      |   |           |  
|Additional paid-in capital                                                                                                                                          |  |           | 4,363,860  |   |           |  
|Deficit accumulated related to abandoned activities                                                                                                                 |  |           | (1,676,223 | ) |           |  
|Deficit accumulated during exploration stage                                                                                                                        |  |           | (3,916,729 | ) |           |  
|                                                                                                                                                                    |  |           |            |   |           |  
|Total capital deficiency                                                                                                                                            |  |           | (1,225,839 | ) |           |  
|                                                                                                                                                                    |  |           |            |   |           |  
|Total liabilities and capital deficiency                                                                                                                            |  | $         | 43,677     |   |           | $



See accompanying notes to the financial
statements.





F-2









SIGNATURE EXPLORATION AND PRODUCTION
CORP.

(An Exploration Stage Company)

Statements of Operations

For the years ended March 31, 2012 and
2011,

and the Period from March 1, 2008 (Inception)
to March 31, 2012



|                                                               |  | 2012 |            |   | 2011 |   |           | Inception March 1, 2008 – March 31, 2012 | 
|-------------------------------------------------------------- |  | ---- | ---------- | - | ---- | - | --------- | ---------------------------------------- | 
|                                                               |  |      |            |   |      |   |           |                                          | 
|                                                               |  |      |            |   |      |   |           |                                          | 
|Net revenue                                                    |  | $    | -          |   |      | $ | -         |                                          | 
|                                                               |  |      |            |   |      |   |           |                                          | 
|Cost of revenue                                                |  |      | -          |   |      |   | -         |                                          | 
|                                                               |  |      |            |   |      |   |           |                                          | 
|Gross profit (loss)                                            |  |      | -          |   |      |   | -         |                                          | 
|                                                               |  |      |            |   |      |   |           |                                          | 
|Loss on oil and gas properties                                 |  |      | -          |   |      |   | 132,189   |                                          | 
|Stock compensation                                             |  |      | -          |   |      |   | 66,938    |                                          | 
|Investor relations                                             |  |      | 991        |   |      |   | 64,005    |                                          | 
|General and administrative expenses                            |  |      | 101,850    |   |      |   | 120,288   |                                          | 
|                                                               |  |      |            |   |      |   |           |                                          | 
|Loss from continuing operations                                |  |      | (102,841   | ) |      |   | (383,420  | )                                        | 
|                                                               |  |      |            |   |      |   |           |                                          | 
|Other income/(expense)                                         |  |      |            |   |      |   |           |                                          | 
|Change in fair value of convertible notes                      |  |      | 62,430     |   |      |   | (137      | )                                        | 
|Change in fair value of warrants                               |  |      | 89,320     |   |      |   | (36,782   | )                                        | 
|Loss on extinguishment of debt                                 |  |      | -          |   |      |   | -         |                                          | 
|Loss on loan modification                                      |  |      | -          |   |      |   | -         |                                          | 
|Interest expense                                               |  |      | (63,673    | ) |      |   | (164,954  | )                                        | 
|                                                               |  |      |            |   |      |   |           |                                          | 
|Total other income/(expenses)                                  |  |      | 88,077     |   |      |   | (201,873  | )                                        | 
|                                                               |  |      |            |   |      |   |           |                                          | 
|Net loss                                                       |  | $    | (14,764    | ) |      | $ | (585,293  | )                                        | 
|                                                               |  |      |            |   |      |   |           |                                          | 
|Weighted average common shares outstanding – basic and diluted |  |      | 29,778,111 |   |      |   | 7,078,882 |                                          | 
|                                                               |  |      |            |   |      |   |           |                                          | 
|Net loss per share - basic and diluted                         |  | $    | (0.00      | ) |      | $ | (0.08     | )                                        | 



See accompanying notes to the financial
statements.



F-3







SIGNATURE EXPLORATION AND PRODUCTION
CORP.

(An Exploration Stage Company)

Statements of Stockholders’
Equity (Capital Deficiency)

For the years ended March 31, 2012 and
2011,

and the Period from March 1, 2008 (Inception)
to March 31, 2012



|                                                 |  |              |            |  |         |   |       |            |  |   | Deficit     |   |  | Deficit     |            |   |       |  
|------------------------------------------------ |  | ------------ | ---------- |  | ------- | - | ----- | ---------- |  | - | ----------- | - |  | ----------- | ---------- | - | ----- | -
|                                                 |  |              |            |  |         |   |       |            |  |   | accumulated |   |  | accumulated |            |   |       |  
|                                                 |  |              |            |  |         |   |       | Additional |  |   | Related to  |   |  | during      |            |   |       |  
|                                                 |  | Common stock |            |  | paid-in |   |       | abandoned  |  |   | exploration |   |  |             |           
|                                                 |  | Shares       |            |  | Amount  |   |       | capital    |  |   | activities  |   |  | stage       |            |   | Total |  
|Balance,  March 1, 2008                          |  |              | 886,816    |  |         | $ | 89    |            |  | $ | 1,469,648   |   |  | $           | (1,676,223 | ) |       | $
|                                                 |  |              |            |  |         |   |       |            |  |   |             |   |  |             |            |   |       |  
|Net loss                                         |  |              | -          |  |         |   | -     |            |  |   | -           |   |  |             | -          |   |       |  
|                                                 |  |              |            |  |         |   |       |            |  |   |             |   |  |             |            |   |       |  
|Balance,  March 31, 2008                         |  |              | 886,816    |  |         | $ | 89    |            |  | $ | 1,469,648   |   |  | $           | (1,676,223 | ) |       |  
|                                                 |  |              |            |  |         |   |       |            |  |   |             |   |  |             |            |   |       |  
|Issuance of stock as compensation, in March 2009 |  |              | 10,326     |  |         |   | 1     |            |  |   | 515         |   |  |             | -          |   |       |  
|                                                 |  |              |            |  |         |   |       |            |  |   |             |   |  |             |            |   |       |  
|Loss on loan modification                        |  |              | -          |  |         |   | -     |            |  |   | 202,500     |   |  |             | -          |   |       |  
|                                                 |  |              |            |  |         |   |       |            |  |   |             |   |  |             |            |   |       |  
|Net loss                                         |  |              | -          |  |         |   | -     |            |  |   | -           |   |  |             | -          |   |       |  
|                                                 |  |              |            |  |         |   |       |            |  |   |             |   |  |             |            |   |       |  
|Balance, March 31, 2009                          |  |              | 897,143    |  |         | $ | 90    |            |  | $ | 1,672,663   |   |  | $           | (1,676,223 | ) |       | $
|                                                 |  |              |            |  |         |   |       |            |  |   |             |   |  |             |            |   |       |  
|Issuance of stock for debt conversions           |  |              | 2,162,254  |  |         |   | 216   |            |  |   | 21,406      |   |  |             | -          |   |       |  
|                                                 |  |              |            |  |         |   |       |            |  |   |             |   |  |             |            |   |       |  
|Compensation expense – employment contracts      |  |              | 3,873,000  |  |         |   | 387   |            |  |   | 1,030,653   |   |  |             | -          |   |       |  
|                                                 |  |              |            |  |         |   |       |            |  |   |             |   |  |             |            |   |       |  
|Compensation expense – stock option              |  |              | -          |  |         |   | -     |            |  |   | 984,600     |   |  |             | -          |   |       |  
|                                                 |  |              |            |  |         |   |       |            |  |   |             |   |  |             |            |   |       |  
|Compensation expense – consulting                |  |              | 80,137     |  |         |   | 8     |            |  |   | 89,249      |   |  |             | -          |   |       |  
|                                                 |  |              |            |  |         |   |       |            |  |   |             |   |  |             |            |   |       |  
|Beneficial conversion features                   |  |              | -          |  |         |   | -     |            |  |   | 133,000     |   |  |             | -          |   |       |  
|                                                 |  |              |            |  |         |   |       |            |  |   |             |   |  |             |            |   |       |  
|Loss on loan modification                        |  |              | -          |  |         |   | -     |            |  |   | 258,441     |   |  |             | -          |   |       |  
|                                                 |  |              |            |  |         |   |       |            |  |   |             |   |  |             |            |   |       |  
|Net loss                                         |  |              | -          |  |         |   | -     |            |  |   | -           |   |  |             | -          |   |       |  
|                                                 |  |              |            |  |         |   |       |            |  |   |             |   |  |             |            |   |       |  
|Balance, March 31, 2010                          |  |              | 7,012,534  |  |         | $ | 701   |            |  | $ | 4,190,012   |   |  | $           | (1,676,223 | ) |       | $
|                                                 |  |              |            |  |         |   |       |            |  |   |             |   |  |             |            |   |       |  
|                                                 |  |              |            |  |         |   |       |            |  |   |             |   |  |             |            |   |       |  
|Compensation expense – consulting                |  |              | 60,000     |  |         |   | 6     |            |  |   | 62,394      |   |  |             | -          |   |       |  
|                                                 |  |              |            |  |         |   |       |            |  |   |             |   |  |             |            |   |       |  
|Legal Retainer                                   |  |              | 28,570     |  |         |   | 3     |            |  |   | 9,997       |   |  |             | -          |   |       |  
|                                                 |  |              |            |  |         |   |       |            |  |   |             |   |  |             |            |   |       |  
|Net loss                                         |  |              | -          |  |         |   | -     |            |  |   | -           |   |  |             | -          |   |       |  
|                                                 |  |              |            |  |         |   |       |            |  |   |             |   |  |             |            |   |       |  
|Balance, March 31, 2011                          |  |              | 7,101,104  |  |         | $ | 710   |            |  | $ | 4,262,403   |   |  | $           | (1,676,223 | ) |       | $
|                                                 |  |              |            |  |         |   |       |            |  |   |             |   |  |             |            |   |       |  
|Compensation – employment contracts              |  |              | 24,026,826 |  |         |   | 2,403 |            |  |   | (2,403      | ) |  |             | -          |   |       |  
|                                                 |  |              |            |  |         |   |       |            |  |   |             |   |  |             |            |   |       |  
|Issuance of stock for debt conversions           |  |              | 1,400,000  |  |         |   | 140   |            |  |   | 103,860     |   |  |             | -          |   |       |  
|                                                 |  |              |            |  |         |   |       |            |  |   |             |   |  |             |            |   |       |  
|Net loss                                         |  |              | -          |  |         |   | -     |            |  |   | -           |   |  |             | -          |   |       |  
|                                                 |  |              |            |  |         |   |       |            |  |   |             |   |  |             |            |   |       |  
|Balance, March 31, 2012                          |  |              | 32,527,930 |  |         | $ | 3,253 |            |  | $ | 4,363,860   |   |  | $           | (1,676,223 | ) |       | $



See accompanying notes to financial statements.



F-4







SIGNATURE EXPLORATION AND PRODUCTION
CORP.

(An Exploration Stage Company)

Statements of Cash Flows

For the years ended March 31, 2012 and
2011,

and the Period from March 1, 2008 (Inception)
to March 31, 2012



|                                                                                |  | 2012 |         |   | 2011 |   |          | Inception
 (March 1, 2008
 – March 31,
 2012) | 
|------------------------------------------------------------------------------- |  | ---- | ------- | - | ---- | - | -------- | --------------------------------------------- | 
|                                                                                |  |      |         |   |      |   |          |                                               | 
|Cash flows from operating activities:                                           |  |      |         |   |      |   |          |                                               | 
|Net loss                                                                        |  | $    | (14,763 | ) |      | $ | (585,293 | )                                             | 
|                                                                                |  |      |         |   |      |   |          |                                               | 
|Adjustments to reconcile net
    loss to net cash used in operating activities: |  |      |         |   |      |   |          |                                               | 
|Depreciation expense                                                            |  |      | 207     |   |      |   | 270      |                                               | 
|Loss on oil and gas assets                                                      |  |      | -       |   |      |   | 132,189  |                                               | 
|Stock compensation                                                              |  |      | -       |   |      |   | 66,938   |                                               | 
|Loss on loan modification                                                       |  |      | -       |   |      |   | -        |                                               | 
|Loss on extinguishment of debt                                                  |  |      | -       |   |      |   | -        |                                               | 
|Change in fair value of convertible notes                                       |  |      | (62,430 | ) |      |   | 137      |                                               | 
|Change in fair value of warrants                                                |  |      | (89,320 | ) |      |   | 36,782   |                                               | 
|Non-cash interest                                                               |  |      | 18,705  |   |      |   | 164,954  |                                               | 
|Changes in operating assets and liabilities:                                    |  |      |         |   |      |   |          |                                               | 
|Other assets                                                                    |  |      | 5,463   |   |      |   | -        |                                               | 
|Accounts payable                                                                |  |      | 6,197   |   |      |   | 363      |                                               | 
|Accrued expenses                                                                |  |      | 39,423  |   |      |   | -        |                                               | 
|                                                                                |  |      |         |   |      |   |          |                                               | 
|Net cash used in operating activities                                           |  |      | (96,518 | ) |      |   | (183,660 | )                                             | 
|                                                                                |  |      |         |   |      |   |          |                                               | 
|Cash flows from investing activities:                                           |  |      |         |   |      |   |          |                                               | 
|                                                                                |  |      |         |   |      |   |          |                                               | 
|Investment in oil and gas properties                                            |  |      | -       |   |      |   | -        |                                               | 
|Purchase of property and equipment                                              |  |      | -       |   |      |   | (906     | )                                             | 
|                                                                                |  |      |         |   |      |   |          |                                               | 
|Net cash used in investing activities                                           |  |      | -       |   |      |   | (906     | )                                             | 
|                                                                                |  |      |         |   |      |   |          |                                               | 
|Cash flows from financing activities:                                           |  |      |         |   |      |   |          |                                               | 
|Proceeds from issuance of debt to stockholders                                  |  |      | 51,000  |   |      |   | 210,000  |                                               | 
|                                                                                |  |      |         |   |      |   |          |                                               | 
|Net cash provided by financing activities                                       |  |      | 51,000  |   |      |   | 210,000  |                                               | 
|                                                                                |  |      |         |   |      |   |          |                                               | 
|Net increase (decrease) in cash                                                 |  |      | (45,518 | ) |      |   | 25,434   |                                               | 
|                                                                                |  |      |         |   |      |   |          |                                               | 
|Cash, beginning of year                                                         |  | $    | 47,692  |   |      | $ | 22,258   |                                               | 
|                                                                                |  |      |         |   |      |   |          |                                               | 
|Cash, end of year                                                               |  | $    | 2,174   |   |      | $ | 47,692   |                                               | 
|                                                                                |  |      |         |   |      |   |          |                                               | 
|Supplemental disclosures of cash flow information:                              |  |      |         |   |      |   |          |                                               | 
|Cash paid during the year for:                                                  |  |      |         |   |      |   |          |                                               | 
|Interest                                                                        |  | $    | -       |   |      | $ | -        |                                               | 
|                                                                                |  |      |         |   |      |   |          |                                               | 
|Non-cash investing and financing activities:                                    |  |      |         |   |      |   |          |                                               | 
|Stock issued for legal retainer included in other assets                        |  | $    | -       |   |      | $ | 5,462    |                                               | 
|Convertible debt issued for oil and gas lease agreements                        |  | $    | -       |   |      | $ | -        |                                               | 
|Stock issued to settle convertible debt                                         |  | $    | 104,000 |   |      | $ | -        |                                               | 
|Stock issued to settle interest expense                                         |  | $    | -       |   |      | $ | -        |                                               | 



See accompanying notes to the financial
statements.



F-5







SIGNATURE EXPLORATION
AND PRODUCTION CORP.

Notes to Financial Statements

March 31, 2012



NOTE 1 – ORGANIZATION AND PRINCIPLES OF CONSOLIDATION



Reporting Entity. Signature
Exploration and Production Corp. (“Signature” or “the Company”) was incorporated on April 4, 2001 under
the laws of the State of Delaware. The Company is authorized to issue 250,000,000 shares of common stock, par value $.0001. As
of March 1, 2008, the Company became an exploration stage company engaged in the acquisition and development of crude oil and natural
gas leases in the United States. We have reported our Statement of Operations and Statement of Cash Flows from the inception as
an exploration stage company to the current reporting period of March 31, 2012. The Company’s office is located in Houston,
Texas.



NOTE 2 – BASIS OF PRESENTATION



The Company’s financial statements
have been prepared assuming the Company will continue as a going concern. The Company has experienced net losses since April 4,
2001, which losses have caused an accumulated deficit of approximately $5,593,000 at March 31, 2012 of which $3,917,000 has been
accumulated during our current exploration activities. In addition, the Company has consumed cash in its operating activities of
approximately $97,000 and $184,000 for the years ended March 31, 2012 and 2011, respectively. These factors, among others, raise
substantial doubt about the Company’s ability to continue as a going concern.



Management has been able, thus far, to
finance the losses through a public offering, private placements and obtaining operating funds from stockholders. The Company is
continuing to seek sources of financing. There are no assurances that the Company will be successful in achieving its goals.



In view of these conditions, the Company’s
ability to continue as a going concern is dependent upon its ability to obtain additional financing or capital sources, to meet
its financing requirements, and ultimately to achieve profitable operations. The Company is currently acquiring and developing
crude oil and natural gas leases. Management believes that its current and future plans provide an opportunity to continue as a
going concern. The accompanying financial statements do not include any adjustments relating to the recoverability and classification
of recorded assets, or the amounts and classification of liabilities that may be necessary in the event the Company cannot continue
as a going concern.



NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES



Exploration Stage Company.
The Company is considered to be in the exploration stage.



Cash and Cash Equivalents.The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.



Revenue Recognition.Revenue
associated with the production and sales of crude oil, natural gas, natural gas liquids and other natural resources owned by the
Company will be recognized when production is sold to a purchaser at a fixed or determinable price when delivery has occurred and
title passes from the Company to its customer, and if the collectability of the revenue is probable.



Use of Estimates. The preparation
of financial statements in conformity with accounting principles generally accepted in the United States of America requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates.



F-6







SIGNATURE EXPLORATION AND PRODUCTION
CORP.

Notes to Financial Statements

March 31, 2012



NOTE 3 – SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES, CONTINUED



Income Taxes. The Company
recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in financial
statements or tax returns. Deferred tax items are reflected at the enacted tax laws and statutory tax rates applicable to the periods
in which the differences are expected reverse. Valuation allowances are established when necessary to reduce deferred tax assets
to the amount expected to be realized. Due to the uncertainty regarding the success of future operations, management has valued
the deferred tax asset allowance at 100% of the related deferred tax assets.



Loss per Share. The Company’s
basic loss per share has been calculated using the weighted average number of common shares outstanding during the period. The
Company has 64,784,506 potentially dilutive common shares at March 31, 2012. However, such common stock equivalents, were not included
in the computation of diluted net loss per share as their inclusion would have been anti-dilutive.



Oil and gas properties.In
July 2009, the Company changed its method of accounting for its oil and gas exploration and development activities from the full
cost method to the successful efforts method. This change did not affect our financial statements as we did not have any activity
at that time. Although the full cost method of accounting for oil and gas exploration and development activities continues to be
an accepted alternative, the successful efforts method of accounting is the preferred method. The Company believes the successful
efforts method provides a more transparent representation of its results of operations and the ability to assess the Company’s
investments in oil and gas properties for impairment based on their estimated fair values rather than being required to base valuation
on prices and costs as of the balance sheet date.



In accordance with the successful efforts
method of accounting for oil and gas properties, costs of productive wells, developmental dry holes and productive leases are capitalized
into appropriate groups of properties based on geographical and geological similarities. These capitalized costs are amortized
using the unit-of-production method based on estimated proved reserves. Proceeds from sales of properties are credited to property
costs, and a gain or loss is recognized when a significant portion of an amortization base is sold or abandoned.



Exploration costs, such as exploratory
geological and geophysical costs, delay rentals and exploration overhead, are charged to expense as incurred. Exploratory drilling
costs, including the cost of stratigraphic test wells, are initially capitalized but charged to exploration expense if and when
the well is determined to be nonproductive. The determination of an exploratory well’s ability to produce must be made within
one year from the completion of drilling activities. The acquisition costs of unproved acreage are initially capitalized and are
carried at cost, net of accumulated impairment provisions, until such leases are transferred to proved properties or charged to
exploration expense as impairments of unproved properties.



Recent Accounting
Pronouncements



There were no recent
accounting pronouncements that will have a material impact on the Company’s financial statements.



F-7







SIGNATURE EXPLORATION AND PRODUCTION
CORP

Notes to Financial Statements

March 31, 2012



Note 4 – Fair
Value Measurements



The Company holds certain financial liabilities
which are measured at fair value on a recurring basis in accordance with ASC Topic 825-10-15.   ASC Topic 820-10
establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3 measurements).  ASC Topic 820-10 defines fair value as the price
that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on
the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs
in the principal market for the asset or liability. The three levels of the fair value hierarchy under ASC Topic 820-10 are described
below:



Level 1. Valuations
based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access.



Level 2. Valuations
based on quoted prices for similar assets or liabilities, quoted prices for identical assets or liabilities in markets that are
not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the
assets or liabilities.



Level 3. Valuations
based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or
liabilities. Level 3 fair value elections are made on an instrument by instrument basis. The Company uses Level 3 inputs
to value convertible notes and detachable warrants accounted for as derivatives.



The tables below detail the Company’s
assets and liabilities measured at fair value.



|                                                   |  | Fair Value Measurements March 31, 2012 |   |  |         |  
|-------------------------------------------------- |  | -------------------------------------- | - |  | ------- | -
|                                                   |  | Level 1                                |   |  | Level 2 |  
|Convertible notes from stockholders, at fair value |  | $                                      | - |  |         | $
|Derivative liability                               |  | $                                      | - |  |         | $



|                                                   |  | Fair Value Measurement March 31, 2011 |   |  |         |  
|-------------------------------------------------- |  | ------------------------------------- | - |  | ------- | -
|                                                   |  | Level 1                               |   |  | Level 2 |  
|Convertible notes from stockholders, at fair value |  | $                                     | - |  |         | $
|Derivative liability                               |  | $                                     | - |  |         | $



F-8







SIGNATURE EXPLORATION AND PRODUCTION
CORP

Notes to Financial Statements

March 31, 2012



Note 4 – Fair
Value Measurements, CONTINUED



The following table presents the changes in Level 3 instruments
measured on a recurring basis for the years ended March 31, 2012 and 2011:



|                                        |  | Convertible Notes |         |   | Derivative Liability |   |         | Total | 
|--------------------------------------- |  | ----------------- | ------- | - | -------------------- | - | ------- | ----- | 
|                                        |  |                   |         |   |                      |   |         |       | 
|Balance, March 31, 2010                 |  | $                 | 258,475 |   |                      | $ | 292,050 |       | 
|Realized and unrealized gains (losses); |  |                   |         |   |                      |   |         |       | 
|Included in other income (expense)      |  |                   | 137     |   |                      |   | 36,782  |       | 
|Purchases, issuances, and settlements   |  |                   | 182,163 |   |                      |   | 64,894  |       | 
|Balance,  March 31, 2011                |  | $                 | 440,775 |   |                      | $ | 393,726 |       | 
|                                        |  |                   |         |   |                      |   |         |       | 
|Realized and unrealized gains (losses); |  |                   |         |   |                      |   |         |       | 
|Included in other income (expense)      |  |                   | (62,430 | ) |                      |   | (89,320 | )     | 
|Purchases, issuances, and settlements   |  |                   | (70,090 | ) |                      |   | 30,091  |       | 
|Balance, March 31, 2012                 |  | $                 | 308,255 |   |                      | $ | 334,497 |       | 



The convertible notes and derivative liability
in the preceding tables were measured at fair value, in accordance with ASC Topic 825-10-15, as one instrument and that fair value
was allocated to each component. The Company made the fair value election due to this methodology providing a fairer representation
of the economic substance of the transaction within the fair value hierarchy. Due to the lack of relevant and market reflective
Level 1 and Level 2 inputs, the Company valued the instruments using Level 3 inputs, which require significant judgment and estimates
on behalf of management in developing model assumptions. The factors considered in developing those assumptions included; the Company’s
inability to attract investment at terms more favorable to the Company, the lack of success in developing oil properties thus far,
the continuing reduction in the net assets of the Company and the Company’s history of default on currently outstanding debt.



Based on management’s evaluation
of the assumptions discussed above, the liabilities were initially recorded in an amount equal to the transaction price, which
represented the fair value of the total liability at initial recognition.. The model used by the Company is calibrated so that
the model value at initial recognition equals the transaction price. On an ongoing basis the fair value model used in valuing the
convertible notes and derivative liability utilizes the following inputs; exercise price per warrant, conversion price per share,
contract term, volatility, current stock prices and risk free rates. The following assumptions were made in the model(1) risk free
interest rate of 0.19% to 0.51%, (2) remaining contractual life of 1 to 4.98 years, (3) expected stock price volatility of 697%
and (4) expected dividend yield of zero.



The carrying amounts of cash, accounts
payable and accrued expenses approximate their respective fair values because of the short-term maturity of these items. The carrying
amount of the Company’s convertible notes from shareholders represents the face value of the notes, which approximated fair
value at the time of issuance.



F-9







SIGNATURE EXPLORATION AND PRODUCTION
CORP

Notes to Financial Statements

March 31, 2011



NOTE 5 – OIL AND GAS PROPERTIES



Catron Prospect – Carton County,
NM



We acquired a lease of 1,320 acres in Catron County, New Mexico
for $36,000. The lease term is for ten years.



NOTE 6 – DEFERRED INCOME TAXES



At March 31, 2011, the Company had net
operating loss carryforwards for income tax purposes of approximately $4,010,000 available as offsets against future taxable income.
The net operating loss carryforwards are expected to expire at various times from 2022 through 2030. Utilization
of the Company’s net operating losses may be subject to substantial annual limitation if the Company experiences a 50% change
in ownership, as provided by the Internal Revenue Code and similar state provisions.  Such an ownership change would substantially
increase the possibility of net operating losses expiring before complete utilization.



The tax effects of the primary temporary
differences giving rise to the Company’s deferred tax assets and liabilities are as follows for the year ended March 31,
2012:



|                                |  | 2012 |            |   | 2011 |  
|------------------------------- |  | ---- | ---------- | - | ---- | -
|Deferred tax assets:            |  |      |            |   |      |  
|Net operating loss carryforward |  | $    | 1,521,000  |   |      | $
|Stock based compensation        |  |      | -          |   |      |  
|Total deferred tax assets       |  |      | 1,521,000  |   |      |  
|Less valuation allowance        |  |      | (1,521,000 | ) |      |  
|Net deferred tax asset          |  | $    | -          |   |      | $



Because of the Company’s lack
of earnings history, the deferred tax assets have been fully offset by a valuation allowance. In assessing the realizability
of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax
assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future
taxable income during those periods that the temporary differences become deductible. The Company believes that the tax
positions taken in its tax returns would be sustained upon examination by taxing authorities. During the year ended March 31,
2012, the increase in the deferred tax asset valuation allowance amounted to approximately $63,000.



The provision for income taxes is different
than would result from applying the U.S. statutory rate to profit before taxes for the reasons set forth in the following reconciliation:



|                                               |  | 2012 |         |   | 2011 |  
|---------------------------------------------- |  | ---- | ------- | - | ---- | -
|Tax benefit computed at U.S. statutory rates   |  | $    | (5,000  | ) |      | $
|                                               |  |      |         |   |      |  
|Increases (decreases) in taxes resulting from: |  |      |         |   |      |  
|Non-deductible items                           |  |      | (53,000 | ) |      |  
|Change in valuation allowance                  |  |      | 63,000  |   |      |  
|State taxes                                    |  |      | (5,000  | ) |      |  
|Total                                          |  | $    | -       |   |      | $



F-10









SIGNATURE EXPLORATION AND PRODUCTION
CORP.

Notes to Financial Statements

March 31, 2012



NOTE 7 – CONVERTIBLE NOTES AND WARRANTS



Convertible Notes from Shareholders



The Company has debt outstanding to shareholders,
which was issued between 2006 and 2009. The debt was not issued with warrants and some of the debt was not originally issued with
a conversion feature. During fiscal years 2009 and 2010, the notes without conversion features were modified to contain a conversion
feature, for which the Company recorded a loss on the modification. Convertible notes from shareholders issued during fiscal year
2010 contained a beneficial conversion feature, with the discount being amortized over the term of the note, see table below.



|                                              |  | For the year ended March 31, 2012 |         |   | For the year ended March 31, 2011 |  
|--------------------------------------------- |  | --------------------------------- | ------- | - | --------------------------------- | -
|                                              |  | Convertible Notes                 |         |   | Accrued Interest                  |  
|Balance, beginning of period                  |  | $                                 | 446,750 |   |                                   | $
|Amortization of beneficial conversion feature |  |                                   |         |   |                                   |  
|Conversion to common stock                    |  |                                   | (4,000  | ) |                                   |  
|Accrued interest                              |  |                                   | -       |   |                                   |  
|Balance, end of period                        |  | $                                 | 442,750 |   |                                   | $



Convertible notes from shareholders accrue
interest at a rate of 10 percent per annum. The note holders have the sole option of converting the principal and interest represented
by these notes into our common stock at a strike price equal to a $0.01. The note holders will only be allowed to convert shares
or portion thereof to the extent that, at the time of the conversion, the conversion will not result in the note holders beneficially
owning more than 9.9% of the issued and outstanding common shares of the Company.



The Company is currently in default on
the entire $442,750 of convertible notes from shareholders and the $163,998 of related accrued interest. As of March 31, 2012,
no shareholders have made demands for payment of these loans.



Convertible Notes from Shareholders
at fair value and derivative liability



The table below provides the details of
the convertible notes from shareholders at fair value and the derivative liability at fair value for each issuance of convertible
notes with detachable warrants for which a fair value election was made. See Note 4 for a discussion of the fair value election
and a reconciliation of the change in the fair value of the notes and derivative liability.



|                         |  |                               |         |  |          |   |         | Notes                         |  |   | Derivative Liability (Warrants) | 
|------------------------ |  | ----------------------------- | ------- |  | -------- | - | ------- | ----------------------------- |  | - | ------------------------------- | 
|Month Notes were
 issued |  | Face Value
 on Issuance
 Date |         |  | Proceeds |   |         | Fair Value at
 March 31, 2011 |  |   | Fair Value at
 March 31, 2012   | 
|December 2009(2)         |  | $                             | 352,942 |  |          | $ | 300,000 |                               |  | $ | 173,258                         | 
|January 2010             |  |                               | 64,706  |  |          |   | 60,000  |                               |  |   | 9,690                           | 
|February 2010 (1)        |  |                               | 352,942 |  |          |   | 300,000 |                               |  |   | 182,621                         | 
|August 2010              |  |                               | 58,824  |  |          |   | 50,000  |                               |  |   | 35,586                          | 
|March 2011               |  |                               | 70,590  |  |          |   | 60,000  |                               |  |   | 39,620                          | 
|August 2011              |  |                               | 47,060  |  |          |   | 40,000  |                               |  |   | -                               | 
|February 2012            |  |                               | 11,766  |  |          |   | 11,000  |                               |  |   | -                               | 
|                         |  | $                             | 958,830 |  |          | $ | 821,000 |                               |  | $ | 440,775                         | 



---

| | (1) | A portion of the proceeds from this debt, $100,000 was not received until April 2010.
| | --- | -------------------------------------------------------------------------------------



| | (2) | $100,000 of this debt was converted to 1,000,000 shares of common stock.
| | --- | ------------------------------------------------------------------------



F-11







SIGNATURE EXPLORATION AND PRODUCTION
CORP.

Notes to Financial Statements

March 31, 2012



NOTE 7 – CONVERTIBLE NOTES AND WARRANTS, CONTINUED



The notes above were all issued with a
15% original issue discount to the note holders and have a nominal interest rate of 16.63%. The note holders may convert, into
shares of common stock, any portion of the notes that are outstanding, whether such portion represents principle or interest at
$0.10. All of the convertible debt at fair value has a one year maturity. Therefore, at March 31, 2012 $800,004 of the debt is
in default, although no shareholders have made demands for payment of these loans.



Each note was issued with a five year warrant
to purchase shares of common stock of the Company. The warrants expire at various dates from 2014 to 2017. The table below shows
the change in the number of warrants outstanding as of March 31, 2012 and 2011.



|                                                                |  | Warrants Outstanding |           
|--------------------------------------------------------------- |  | -------------------- | ----------
|                                                                |  | Number of Shares     |           
|Outstanding at March 31, 2010                                   |  |                      | 1,736,268 
|Warrants issued                                                 |  |                      | 1,294,140 
|Additional warrants exercisable due to anti-dilution provisions |  |                      | 8,302,538 
|Warrants exercised                                              |  |                      | -         
|Warrants expired/cancelled                                      |  |                      | -         
|Outstanding at March 31, 2011                                   |  |                      | 11,332,946
|Warrants issued                                                 |  |                      | 588,260   
|Warrants exercised                                              |  |                      | -         
|Warrants expired/cancelled                                      |  |                      | -         
|Outstanding at March 31, 2012                                   |  |                      | 11,921,206



The convertible notes and warrants issued
between December 2009 and February 2010 originally contained substantially higher conversion and exercise prices, however, due
to the anti-dilution provisions in the agreements, and as a result of the debt and warrants issued in August 2010, all of the previous
exercise prices were revised to be $0.10, which was the conversion price contained in the August 2010 note agreement.



All of the notes and warrants contain an
anti-dilution adjustment that state the conversion and exercise price may not be adjusted below $0.01. In addition, the note holder
is only allowed to convert shares or exercise warrants or portions thereof to the extent that at the time of the conversion or
exercise, the conversion or exercise will not result in the note holder beneficially owning more than 9.9% of the issued and outstanding
common shares of the Company.



As part of its ongoing analysis for the
proper classification of debt and equity instruments, the Company evaluated how many shares would need to be issued if all debt
was converted and all warrants were exercised at the lowest possible price of $0.01. If such conversions and exercises were to
take place the Company would have to issue 291,309,990 additional shares. Currently there are 250,000,000 shares authorized, leaving
a deficit of 41,309,990 shares, which takes into account the 32,527,930 shares already outstanding at March 31, 2012.



In accordance with ASC topic 815-40, the
Company evaluated whether an additional liability should be recorded to reflect the deficit in authorized shares. Specifically,
the Company considered the guidance in ASC 840-40-35-12, which allows for reclassification of contracts on a systematic, rational
and consistently applied basis. Based on this guidance the Company determined that the only potentially convertible shares not
currently recorded as a liability relate to the convertible notes from shareholders, in the amount of $442,750. As this debt is
already convertible at $0.01 the Company believes this debt would be converted before any other notes and warrant exercises, causing
the Company to have enough authorized shares to issue upon the potential conversion of those 44,275,000 shares. Therefore, no additional
liability was recorded at March 31, 2012.



F-12







SIGNATURE EXPLORATION AND PRODUCTION
CORP.

Notes to Financial Statements

March 31, 2012



NOTE 8 – STOCKHOLDERS’ EQUITY
(CAPITAL DEFICIENCY)



Consulting Agreements



During the year ended March 31, 2011, the
Company issued 60,000 shares of its restricted common stock pursuant to a Consulting Services Agreement. The Company recorded the
$62,400 fair value of the shares issued as stock-based consulting.



On April 19, 2010, the Company issued 28,571
shares to legal counsel as a retainer for services in the amount of $10,000.



Option Agreement



On August 3, 2009, we signed an Option
Agreement allowing the Company to purchase up to a fifty percent working interest in the oil and gas exploration and development
activities on 2,087 acres known as Medicine River Ranch. This option is valid for one year or until a Definitive Participation
Agreement is either entered into or rejected by both parties. The Company issued 25,000 shares of restricted common stock upon
execution of this agreement and an additional 75,000 shares of restricted common stock will be issued upon acceptance of a Definitive
Participation Agreement. On January 29, 2010, both parties agreed to cancel this option and the issued shares were returned to
the Company.



Employment Agreements



Mr. Alan Gaines,
our former Chief Executive Officer and Chairman, had entered into an Employment Agreement with the Company for a one year term
beginning May 2, 2011.  Mr. Gaines would have been compensated with 12,012,413 shares of restricted common stock,
payable upon the completion of a Qualified Acquisition or Qualified Equity Raise. An expense of $960,993would have been recorded as stock compensation at the time a Qualified Acquisition or Qualified Equity Raise is completed. Upon
the resignation of Mr. David on April 18, 2012, the shares were canceled and no expense was recognized.



Dr. Amiel David,
our former Chief Operating Officer, has entered into an Employment Agreement with the Company for a one year term beginning May
2, 2011. Dr. David would have been compensated with 12,013,413 shares of restricted common stock, payable upon the completion
of a Qualified Acquisition or Qualified Equity Raise. An expense of $961,073would have been
recorded as stock compensation at the time a Qualified Acquisition or Qualified Equity Raise is completed. Upon the resignation
of Mr. David on April 18, 2012, the shares were canceled and no expense was recognized.



On September
29, 2009, the Company entered into an Employment Agreement with Steven Weldon, our Chief Executive Officer.As compensation
for entering into this Agreement, the Company granted and issued to Mr. Weldon 3,600,000 shares of the common stock of the Company.
The stock is restricted as defined by the rules and regulations promulgated under the Securities Act of 1933, as amended. The shares
are fully paid and non-assessable. An expense of $900,000 was recognized for year ended March 31, 2010. In the event that Mr. Weldon’s
employment pursuant to this agreement is terminated for any reason, 100,000 shares per month remaining on the contract will be
contributed back to the Company for cancellation.



F-13







SIGNATURE EXPLORATION AND PRODUCTION
CORP.

Notes to Financial Statements

March 31, 2012



NOTE 8 – STOCKHOLDERS’ EQUITY
(CAPITAL DEFICIENCY) (CONTINUED)



The shares issued pursuant
to this Agreement were subject to certain terms and conditions. The shares were represented by 36 certificates of 100,000 shares
each. All Certificates not delivered to the Executive are being held by the Company. One certificate representing 100,000 shares
has been delivered to the Executive on the 7th of each month beginning November 7, 2009.



Note Conversions



During the year ended March 31, 2012, the
Company converted a total of $104,000 of notes payable from certain Note Holders into common stock of the Company. The Company
issued 1,400,000 shares of our common stock to satisfy the principal balances of the notes payable.



NOTE 9 – STOCK OPTION PLAN



On February 6, 2008, the Board of Directors
adopted the Signature Exploration and Production Corp. 2007 Amended Stock Option Plan (“2007 Plan”). Under the 2007
Plan, 8,000,000 shares of the Company’s restricted common stock may be issuable upon the exercise of options issued to employees,
advisors and consultants.



On August 20, 2009,
the Company issued 4,000,000 options to a consultant valued at $984,600 under the 2007 Plan. The option’s exercise price
is equal to fifty percent (50%) of the average closing bid price for the three day period prior to notice of exercise. The consultant
will only be allowed to purchase shares upon the exercise of the option or portion thereof to the extent that, at the time of the
purchase, the purchase will not result in the consultant beneficially owning more than 9.9% of the issued and outstanding common
shares of the Company. These options expired on August 20, 2010. At March 31, 2012 the Company has no stock options outstanding.



NOTE 10 – SUBSEQUENT EVENT



Resignations and Cancelation of Stock



On April 18, 2012, Alan Gaines resigned
his positions as Chief Executive Officer, Chairman of the Board and Director of Signature Exploration and Production Corp. (the
“Company”). This resignation terminates the Employment Agreement signed on May 2, 2011.



Also, on the same date, Amiel David resigned
his position as Chief Operating Officer of the Company. This resignation terminates the Employment Agreement signed on May 2, 2011.



The 24,024,826 shares of restricted stock
issued and held by the Company in accordance with Mr. Gaines’ and Mr. David’s Employment Contracts have been canceled
by the Company.



F-14