----

----

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

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

| Nevada(State or other jurisdictionOf incorporation or organization) |   | 26-0841675(IRS EmployerIdentification No.) |
|---------------------------------------------------------------------|--------|--------------------------------------------|

| Large accelerated filer [  ] | Accelerated filer [  ] |
|----------------------------------------|----------------------------------|
| Non-accelerated filer [  ]   | Smaller reporting company [x]    |

----

|       |                                                                                                                                                     | Page          |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
| PART I.    | UNAUDITED FINANCIAL INFORMATION                                                                                                                          |          |
|       |                                                                                                                                                     |          |
| Item 1.    | Interim Financial Statements                                                                                                                             |          |
|       |                                                                                                                                                     |          |
|       | Balance SheetsOctober 31, 2010 (unaudited) and July 31, 2010                                                                                             |  3       |
|       |                                                                                                                                                     |          |
|       | Statements of Operations (unaudited)Three Months Ended October 31, 2010 and 2009and Cumulative Amounts from July 8, 2003 (Inception) to October 31, 2010 |   4 |
|       |                                                                                                                                                     |          |
|       | Statement of Stockholders’ Equity (Deficit) (unaudited)Cumulative Amounts from July 8, 2003 (Inception) to October 31, 2010                        |  5       |
|       |                                                                                                                                                     |          |
|       | Statements of Cash Flows (unaudited)Three Months Ended October 31, 2010 and 2009and Cumulative Amounts from July 8, 2003 (Inception) to October 31, 2010 |   7 |
|       |                                                                                                                                                     |          |
|       | Notes to Financial Statements (unaudited)                                                                                                                | 8             |
|       |                                                                                                                                                     |          |
| Item 2.    | Management’s Discussion and Analysis of Financial Condition and Results of Operations                                                              | 12            |
|       |                                                                                                                                                     |          |
| Item 3.    | Quantitative and Qualitative Disclosures About Market Risk                                                                                               | 13            |
|       |                                                                                                                                                     |          |
| Item 4.    | Controls and Procedures                                                                                                                                  | 13            |
|       |                                                                                                                                                     |          |
| PART II.   | OTHER INFORMATION                                                                                                                                        |          |
|       |                                                                                                                                                     |          |
| Item 1.    | Legal Proceedings                                                                                                                                        | 14            |
|       |                                                                                                                                                     |          |
| Item 1A.   | Risk Factors                                                                                                                                             | 14            |
|       |                                                                                                                                                     |          |
| Item 2.    | Unregistered Sales of Equity Securities and Use of Proceeds                                                                                              | 14            |
|       |                                                                                                                                                     |          |
| Item 3.    | Defaults Upon Senior Securities                                                                                                                          | 14            |
|       |                                                                                                                                                     |          |
| Item 4.    | (Removed and Reserved)                                                                                                                                   | 14            |
|       |                                                                                                                                                     |          |
| Item 5.    | Other Information                                                                                                                                        | 14            |
|       |                                                                                                                                                     |          |
| Item 6.    | Exhibit Index                                                                                                                                            | 14            |
|       |                                                                                                                                                     |          |
| Signatures |                                                                                                                                                     | 16            |

----

|                                                                                                |   | October 31,2010 |                                              |   | July 31,2010 |   |
|-----------------------------------------------------------------------------------------------------|--------|-----------------|---------------------------------------------------|--------|--------------|--------|
|                                                                                                |   | (Unaudited)     |                                              |   |         |   |
| ASSETS                                                                                              |   |            |                                              |   |         |   |
|                                                                                                |   |            |                                              |   |         |   |
| Current Assets                                                                                      |   |            |                                              |   |         |   |
| Cash and cash equivalents                                                                           |   | $               | 16,843                                            |   |         | $      | 2,491 |   |
|                                                                                                |   |            |                                              |   |         |   |   |   |
| Total Current Assets                                                                                |   |            | 16,843                                            |   |         |   | 2,491 |   |
|                                                                                                |   |            |                                              |   |         |   |   |   |
| Deferred financing costs, net                                                                       |   |            | 16,750                                            |   |         |   | 4,375 |   |
|                                                                                                |   |            |                                              |   |         |   |   |   |
| Oil and Gas Properties at Cost - full cost method                                                   |   |            |        554,398 |   |         |   |       293,696 |   |
|                                                                                                |   |            |                                              |   |         |   |   |   |
| Total Assets                                                                                        |   | $               | 587,991                                           |   |         | $      | 300,562 |   |
|                                                                                                |   |            |                                              |   |         |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ (DEFICIT)                                                       |   |            |                                              |   |         |   |   |   |
|                                                                                                |   |            |                                              |   |         |   |   |   |
| Current Liabilities                                                                                 |   |            |                                              |   |         |   |   |   |
| Accounts payable and accrued liabilities                                                            |   | $               | 89,101                                            |   |         | $      | 81,388 |   |
|                                                                                                |   |            |                                              |   |         |   |   |   |
| Accounts payable – related party                                                              |   |            | 113,354                                           |   |         |   | 106,055 |   |
|                                                                                                |   |            |                                              |   |         |   |   |   |
| Notes payable                                                                                       |   |            | 105,000                                           |   |         |   | 105,000 |   |
|                                                                                                |   |            |                                              |   |         |   |   |   |
| Total Current Liabilities                                                                           |   |            | 307,455                                           |   |         |   | 292,443 |   |
|                                                                                                |   |            |                                              |   |         |   |   |   |
| Long Term Liabilities                                                                               |   |            |                                              |   |         |   |   |   |
| Notes payable                                                                                       |   |            | 435,000                                           |   |         |   | 115,000 |   |
| Asset retirement obligation                                                                         |   |            | 1,193                                             |   |         |   | 1,171 |   |
|                                                                                                |   |            |                                              |   |         |   |   |   |
| Total Liabilities                                                                                   |   |            | 743,648                                           |   |         |   | 408,614 |   |
|                                                                                                |   |            |                                              |   |         |   |   |   |
| Stockholders’ (Deficit)                                                                       |   |            |                                              |   |         |   |   |   |
| Preferred stock - $0.0001 par value; authorized – 250,000,000 shares                          |   |            |                                              |   |         |   |   |   |
| Issued and outstanding – nil                                                                  |   |            | -                                                 |   |         |   | - |   |
| Common stock - $0.0001 par value; authorized – 500,000,000 shares                             |   |            |                                              |   |         |   |   |   |
| Issued and outstanding – 60,200,000 shares at October 31, 2010 and 60,500,00 at July 31, 2010 |   |            | 6,020                                             |   |         |   | 6,005 |   |
| Paid in capital                                                                                     |   |            | 41,980                                            |   |         |   | 28,495 |   |
| (Deficit) accumulated during the development stage                                                  |   |            | (203,657                                          | )      |         |   | (142,552 | ) |
|                                                                                                |   |            |                                              |   |         |   |   |   |
| Total stockholders’ (deficit)                                                                 |   |            | (155,657                                          | )      |         |   | (108,052 | ) |
|                                                                                                |   |            |                                              |   |         |   |   |   |
| Total Liabilities and Stockholders’ (Deficit)                                                 |   | $               | 587,991                                           |   |         | $      | 300,562 |   |

----

|                                                 |   |     Three Months EndedOctober 31,2010 |       |   |     Three Months EndedOctober 31,2009 |   |       | CumulativeAmounts FromInception on(July 8, 2003)ToOctober 31,2010 |   |
|------------------------------------------------------|--------|-----------------------------------------------------------|------------|--------|-----------------------------------------------------------|--------|------------|-------------------------------------------------------------------|--------|
|                                                 |   |                                                      |       |   |                                                      |   |       |                                                              |   |
| REVENUES                                             |   | $                                                         | -          |   |                                                      | $      | -          |                                                              |   | $ | 387 |   |
|                                                 |   |                                                      |       |   |                                                      |   |       |                                                              |   |   |   |   |
|                                                 |   |                                                      |       |   |                                                      |   |       |                                                              |   |   |   |   |
| OPERATING EXPENSES                                   |   |                                                      |       |   |                                                      |   |       |                                                              |   |   |   |   |
|                                                 |   |                                                      |       |   |                                                      |   |       |                                                              |   |   |   |   |
| General and administrative                           |   |                                                      | 30,140     |   |                                                      |   | 8,842      |                                                              |   |   | 146,354 |   |
| Consulting fees – related party                |   |                                                      | 22,500     |   |                                                      |   | -          |                                                              |   |   | 37,500 |   |
| Mineral exploration costs                            |   |                                                      | -          |   |                                                      |   | 1,000      |                                                              |   |   | 6,543 |   |
| Impairment on mineral property                       |   |                                                      | -          |   |                                                      |   | -          |                                                              |   |   | 875 |   |
| Oil and gas property operating costs                 |   |                                                      |  -    |   |                                                      |   |  -    |                                                              |   |   | 1,310 |   |
| Loss on disposal of oil and gas property             |   |                                                      | -          |   |                                                      |   | -          |                                                              |   |   | 330 |   |
|                                                 |   |                                                      |       |   |                                                      |   |       |                                                              |   |   |   |   |
|  TOTAL OPERATING EXPENSES                       |   |                                                      | (52,640    | )      |                                                      |   | (9,842     | )                                                                 |   |   | (192,912 | ) |
|                                                 |   |                                                      |       |   |                                                      |   |       |                                                              |   |   |   |   |
| LOSS FROM OPERATIONS                                 |   |                                                      | (52,640    | )      |                                                      |   | (9,842     | )                                                                 |   |   | (192,525 | ) |
|                                                 |   |                                                      |       |   |                                                      |   |       |                                                              |   |   |   |   |
| OTHER EXPENSES                                       |   |                                                      |       |   |                                                      |   |       |                                                              |   |   |   |   |
| Interest expense                                     |   |                                                      | 7,340      |   |                                                      |   | -          |                                                              |   |   | 9,882 |   |
| Amortization of deferred financing costs             |   |                                                      | 1,125      |   |                                                      |   | -          |                                                              |   |   | 1,250 |   |
| TOTAL OTHER EXPENSES                                 |   |                                                      | 8,465      |   |                                                      |   | -          |                                                              |   |   | 11,132 |   |
|                                                 |   |                                                      |       |   |                                                      |   |       |                                                              |   |   |   |   |
| Net loss                                             |   | $                                                         | (61,105    | )      |                                                      | $      | (9,842     | )                                                                 |   | $ | (203,657 | )    |
|                                                 |   |                                                      |       |   |                                                      |   |       |                                                              |   |   |   |   |
| Net Loss Per Common Share                            |   |                                                      |       |   |                                                      |   |       |                                                              |   |   |   |   |
| Basic and Diluted                                    |   | $                                                         | (0.001     | )      |                                                      | $      | (0.001     | )                                                                 |   |   |   |   |
|                                                 |   |                                                      |       |   |                                                      |   |       |                                                              |   |   |   |   |
| Weighted average number of common shares outstanding |   |                                                      |       |   |                                                      |   |       |                                                              |   |   |   |   |
| Basic and Diluted                                    |   |                                                      | 60,125,543 |   |                                                      |   | 60,000,000 |                                                              |   |   |   |   |

----

|                                                   |   | Common Stock          |       |   |   |   |   |            |   |   |                                             |   |
|--------------------------------------------------------|--------|-----------------------|------------|--------|--------|--------|--------|-----------------|--------|--------|--------------------------------------------------|--------|
|                                                   |   | Number of Shares |       |   | Amount |   |   | Paid in Capital |   |   | Deficit Accumulated During the Development Stage |   |   | Total Stockholders' Equity (Deficit) |   |
|                                                   |   |                  |       |   |   |   |   |            |   |   |                                             |   |   |   |   |
| Balance, July 8, 2003 (Date of incorporation)          |   |                  | -          |   |   | $      | -      |            |   | $      | -                                                |   |   | $ | - |   |   | $ | - |   |
|                                                   |   |                  |       |   |   |   |   |            |   |   |                                             |   |   |   |   |   |   |   |   |   |
| Loss for the period                                    |   |                  | -          |   |   |   | -      |            |   |   | -                                                |   |   |   | - |   |   |   | - |   |
|                                                   |   |                  |       |   |   |   |   |            |   |   |                                             |   |   |   |   |   |   |   |   |   |
| Balance, July 31, 2003                                 |   |                  | -          |   |   |   | -      |            |   |   | -                                                |   |   |   | - |   |   |   | - |   |
|                                                   |   |                  |       |   |   |   |   |            |   |   |                                             |   |   |   |   |   |   |   |   |   |
| Issuance of common stock for cash at $0.005 per share: |   |                  |       |   |   |   |   |            |   |   |                                             |   |   |   |   |   |   |   |   |   |
| August 2003                                            |   |                  | 30,000,000 |   |   |   | 3,000  |            |   |   | 12,000                                           |   |   |   | - |   |   |   | 15,000 |   |
|                                                   |   |                  |       |   |   |   |   |            |   |   |                                             |   |   |   |   |   |   |   |   |   |
| Net loss for the year                                  |   |                  | -          |   |   |   | -      |            |   |   | -                                                |   |   |   | (1,731 | )  |   |   | (1,731 | ) |
|                                                   |   |                  |       |   |   |   |   |            |   |   |                                             |   |   |   |   |   |   |   |   |   |
| Balance, July 31, 2004                                 |   |                  | 30,000,000 |   |   |   | 3,000  |            |   |   | 12,000                                           |   |   |   | (1,731 | )  |   |   | 13,269 |   |
|                                                   |   |                  |       |   |   |   |   |            |   |   |                                             |   |   |   |   |   |   |   |   |   |
| Issuance of common stock for cash at $0.005 per share: |   |                  |       |   |   |   |   |            |   |   |                                             |   |   |   |   |   |   |   |   |   |
| August 2004                                            |   |                  | 20,650,000 |   |   |   | 2,065  |            |   |   | 8,260                                            |   |   |   | - |   |   |   | 10,325 |   |
| May 2005                                               |   |                  | 9,350,000  |   |   |   | 935    |            |   |   | 3,740                                            |   |   |   | - |   |   |   | 4,675 |   |
|                                                   |   |                  |       |   |   |   |   |            |   |   |                                             |   |   |   |   |   |   |   |   |   |
| Net loss for the year                                  |   |                  | -          |   |   |   | -      |            |   |   | -                                                |   |   |   | (7,890 | )  |   |   | (7,890 | ) |
|                                                   |   |                  |       |   |   |   |   |            |   |   |                                             |   |   |   |   |   |   |   |   |   |
| Balance, July 31, 2005                                 |   |                  | 60,000,000 |   |   |   | 6,000  |            |   |   | 24,000                                           |   |   |   | (9,621 | )  |   |   | 20,379 |   |
|                                                   |   |                  |       |   |   |   |   |            |   |   |                                             |   |   |   |   |   |   |   |   |   |
| Net loss for the year                                  |   |                  | -          |   |   |   | -      |            |   |   | -                                                |   |   |   | (2,846 | )  |   |   | (2,846 | ) |
|                                                   |   |                  |       |   |   |   |   |            |   |   |                                             |   |   |   |   |   |   |   |   |   |
| Balance, July 31, 2006                                 |   |                  | 60,000,000 |   |   |   | 6,000  |            |   |   | 24,000                                           |   |   |   | (12,467 | )  |   |   | 17,533 |   |
|                                                   |   |                  |       |   |   |   |   |            |   |   |                                             |   |   |   |   |   |   |   |   |   |
| Net loss for the year                                  |   |                  | -          |   |   |   | -      |            |   |   | -                                                |   |   |   | (21,884 | )  |   |   | (21,884 | ) |
|                                                   |   |                  |       |   |   |   |   |            |   |   |                                             |   |   |   |   |   |   |   |   |   |
| Balance, July 31, 2007                                 |   |                  | 60,000,000 |   |   |   | 6,000  |            |   |   | 24,000                                           |   |   |   | (34,351 | )  |   |   | (4,351 | ) |
|                                                   |   |                  |       |   |   |   |   |            |   |   |                                             |   |   |   |   |   |   |   |   |   |
| Net loss for the year                                  |   |                  | -          |   |   |   | -      |            |   |   | -                                                |   |   |   | (29,576 | )  |   |   | (29,576 | ) |
|                                                   |   |                  |       |   |   |   |   |            |   |   |                                             |   |   |   |   |   |   |   |   |   |
| Balance, July 31, 2008                                 |   |                  | 60,000,000 |   |   |   | 6,000  |            |   |   | 24,000                                           |   |   |   | (63,927 | )  |   |   | (33,927 | ) |
|                                                   |   |                  |       |   |   |   |   |            |   |   |                                             |   |   |   |   |   |   |   |   |   |
| Net loss for the year                                  |   |                  | -          |   |   |   | -      |            |   |   | -                                                |   |   |   | (21,526 | )  |   |   | (21,526 | ) |
|                                                   |   |                  |       |   |   |   |   |            |   |   |                                             |   |   |   |   |   |   |   |   |   |
| Balance, July 31, 2009                                 |   |                  | 60,000,000 |   |   |   | 6,000  |            |   |   | 24,000                                           |   |   |   | (85,453 | )  |   |   | (55,453 | ) |
|                                                   |   |                  |       |   |   |   |   |            |   |   |                                             |   |   |   |   |   |   |   |   |   |
| Issuance of common shares in connection with debt      |   |                  | 50,000     |   |   |   | 5      |            |   |   | 4,495                                            |   |   |   | - |   |   |   | 4,500 |   |
|                                                   |   |                  |       |   |   |   |   |            |   |   |                                             |   |   |   |   |   |   |   |   |   |
| Net loss for the year                                  |   |                  | -          |   |   |   | -      |            |   |   | -                                                |   |   |   | (57,099 | )  |   |   | (57,099 | ) |
|                                                   |   |                  |       |   |   |   |   |            |   |   |                                             |   |   |   |   |   |   |   |   |   |

----

|   |   | Common Stock          |   |   |   |   |   |            |   |   |                                             |   |
|--------|--------|-----------------------|--------|--------|--------|--------|--------|-----------------|--------|--------|--------------------------------------------------|--------|
|   |   | Number of Shares |   |   | Amount |   |   | Paid in Capital |   |   | Deficit Accumulated During the Development Stage |   |   | Total Stockholders' Equity (Deficit) |   |

| Balance, July 31, 2010                            |   |   | 60,050,000 |   |   |   | 6,005  |   |   |   | 28,495 |   |   |   | (142,552 | )  |   |   | (108,052 | )      |
|---------------------------------------------------|--------|--------|------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|----------|---------|--------|--------|----------|--------|
|                                              |   |   |       |   |   |   |   |   |   |   |   |   |   |   |     |    |   |   |     |   |
| Issuance of common shares in connection with debt |   |   | 150,000    |   |   |   | 15     |   |   |   | 13,485 |   |   |   | -        |    |   |   | 13,500   |   |
|                                              |   |   |       |   |   |   |   |   |   |   |   |   |   |   |     |    |   |   |     |   |
| Net loss for the year                             |   |   | -          |   |   |   | -      |   |   |   | -      |   |   |   | (61,105  | )  |   |   | (61,105  | )      |
|                                              |   |   |       |   |   |   |   |   |   |   |   |   |   |   |     |    |   |   |     |   |
| Balance, October 31, 2010                         |   |   | 60,200,000 |   |   | $      | 6,020  |   |   | $      | 41,980 |   |   | $      | (203,657 | )       |   | $      | (155,657 | )      |

----

|                                                                                          |   |      Three MonthsEndedOctober 31, 2010 |     |          |    Three Months EndedOctober 31, 2009 |   |        | CumulativeAmounts FromInception on(July 8, 2003)ToOctober 31, 2010 |   |
|-----------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------|----------|---------------|------------------------------------------------------|--------|-------------|-------------------------------------------------------------------------|--------|
|                                                                                          |   |                                                            |     |          |                                                 |   |        |                                                                    |   |
| OPERATING ACTIVITIES                                                                          |   |                                                            |     |          |                                                 |   |        |                                                                    |   |
| Net loss                                                                                      |   | $                                                               | (61,105  | )             |                                                 | $      | (9,842      | )                                                                       |   | $ | (203,657 | )   |
| Adjustments to reconcile net loss to net cash provided by (usedin) operating activities: |   |                                                            |     |          |                                                 |   |        |                                                                    |   |   |   |   |
| Impairment on mineral property                                                                |   |                                                            | -        |          |                                                 |   | -           |                                                                    |   |   | 875 |   |
| Loss on disposal of interest in oil and gas property                                          |   |                                                            | -        |          |                                                 |   | -           |                                                                    |   |   | 330 |   |
| Amortization of deferred financing costs                                                      |   |                                                            | 1,125    |          |                                                 |   | -           |                                                                    |   |   | 1,250 |   |
|                                                                                          |   |                                                            |     |          |                                                 |   |        |                                                                    |   |   |   |   |
| Change in non-cash working capital items:                                                     |   |                                                            |     |          |                                                 |   |        |                                                                    |   |   |   |   |
| Increase in accounts payable and accrued liabilities                                          |   |                                                            | 7,713    |          |                                                 |   | 9,753  |                                                                    |   |   | 89,101 |   |
| Increase in accounts payable and accrued expenses – related party                       |   |                                                            | 7,299    |          |                                                 |   |   -    |                                                                    |   |   | 113,354 |   |
|                                                                                          |   |                                                            |     |          |                                                 |   |        |                                                                    |   |   |   |   |
| Net cash (used in) provided by operating activities                                           |   |                                                            | (44,968  | )             |                                                 |   | (89         | )                                                                  |   |   | 1,253 |   |
|                                                                                          |   |                                                            |     |          |                                                 |   |        |                                                                    |   |   |   |   |
| INVESTING ACTIVITIES                                                                          |   |                                                            |     |          |                                                 |   |        |                                                                    |   |   |   |   |
| Purchase of interests in oil and gas properties                                               |   |                                                            | (260,680 | )             |                                                 |   | -           |                                                                    |   |   | (557,034 | ) |
| Disposal of interest in oil and gas property                                                  |   |                                                            | -        |          |                                                 |   | -           |                                                                    |   |   | 3,500 |   |
| Purchase of undeveloped mineral property                                                      |   |                                                            | -        |          |                                                 |   | -           |                                                                    |   |   | (876 | ) |
|                                                                                          |   |                                                            |     |          |                                                 |   |        |                                                                    |   |   |   |   |
| Net cash (used in) investing activities                                                       |   |                                                            | (260,680 | )   |                                                 |   | -           |                                                                    |   |   | (554,410 | ) |
|                                                                                          |   |                                                            |     |          |                                                 |   |        |                                                                    |   |   |   |   |
| FINANCING ACTIVITIES                                                                          |   |                                                            |     |          |                                                 |   |        |                                                                    |   |   |   |   |
| Proceeds from notes payable                                                                   |   |                                                            | 320,000  |          |                                                 |   | -           |                                                                    |   |   | 540,000 |   |
| Sale of common stock                                                                          |   |                                                            | -        |          |                                                 |   | -           |                                                                    |   |   | 30,000 |   |
|                                                                                          |   |                                                            |     |          |                                                 |   |        |                                                                    |   |   |   |   |
| Net cash provided by financing activities                                                     |   |                                                            | 320,000  |          |                                                 |   | -           |                                                                    |   |   | 570,000 |   |
|                                                                                          |   |                                                            |     |          |                                                 |   |        |                                                                    |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                |   |                                                            | 14,352   |          |                                                 |   | (89         | )                                                                  |   |   | 16,843 |   |
|                                                                                          |   |                                                            |     |          |                                                 |   |        |                                                                    |   |   |   |   |
| Cash and cash equivalents, beginning of periods                                               |   |                                                            | 2,491    |          |                                                 |   | 89          |                                                                    |   |   | - |   |
|                                                                                          |   |                                                            |     |          |                                                 |   |        |                                                                    |   |   |   |   |
| Cash and cash equivalents, end of periods                                                     |   | $                                                               | 16,843   |          |                                                 | $      | -           |                                                                    |   | $ | 16,843 |   |
|                                                                                          |   |                                                            |     |          |                                                 |   |        |                                                                    |   |   |   |   |
| Supplemental disclosures of non-cash investing and financing activities                       |   |                                                            |     |          |                                                 |   |        |                                                                    |   |   |   |   |
|                                                                                          |   |                                                            |     |          |                                                 |   |        |                                                                    |   |   |   |   |
| Common shares issued in connection with debt asDeferred financing costs                       |   | $                                                               | 13,500   |          |                                                 | $      | -           |                                                                    |   | $ | 18,000 |   |

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|                                |   | October 31, 2010 |    |   | July 31, 2010 |   |
|-------------------------------------|--------|------------------|---------|--------|---------------|--------|
| Oil and Gas Properties              |   |             |    |   |          |   |
| Washita Bend 3D Exploration Project |   | $                | 337,424 |   |          | $      | 203,109 |   |
| 2010-1 Drilling Program             |   |             | 215,780 |   |          |   | 89,416 |   |
| Asset Retirement Cost               |   |             | 1,193   |   |          |   | 1,171 |   |
|                                |   |             |    |   |          |   |   |   |
| Total                               |   | $                | 554,398 |   |          | $      | 293,696 |   |

|                  |   | October 31, 2010 |    |   | July 31, 2010 |   |
|-----------------------|--------|------------------|---------|--------|---------------|--------|
| Radium Ventures 6.5%* |   | $                | 55,000  |   |          | $      | 55,000 |   |
| Radium Ventures 6.5%* |   |             | 50,000  |   |          |   | 50,000 |   |
| Radium Ventures 7.5%* |   |             | 435,000 |   |          |   | 115,000 |   |
|                  |   |             |    |   |          |   |   |   |
| Total                 |   | $                | 540,000 |   |          | $      | 220,000 |   |

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| ·       | We relied on external consultants for the preparation of our financial statements and reports.  As a result, our sole officer may not be able to identify errors and irregularities in the financial statements and reports. |
|--------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·       | We had a sole officer who was also the sole director.  Therefore, there was an inherent lack of segregation of duties and a limited independent governing board. |
|--------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·       | We relied on an external consultant for administration functions, some of which did not have standard procedures in place for formal review by our sole officer. |
|--------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Regulation S-K Number | Exhibit                                          |
|-----------------------|--------------------------------------------------|
| 3.1                   | Articles of Incorporation (1)                    |
| 3.2                   | Amendment to Articles of Incorporation (1)       |
| 3.3                   | Certificate of Change Pursuant to NRS 78.209 (2) |
| 3.4                   | Bylaws (1)                                       |

| 10.1 | Notice of Mining Claims HR #1-6, recorded by Luna County, New Mexico, on March 24, 2004 (1)                                              |
|------|------------------------------------------------------------------------------------------------------------------------------------------|
| 10.2 | Confirmation of Agreement with Leroy Halterman dated August 1, 2007 (1)                                                                  |
| 10.3 | Loan Commitment Letter from Wellington Financial Corporation dated August 1, 2007 (1)                                                    |
| 10.4 | Notice of Intent to Hold the HR #1-6 Lode Mining Claims, filed with the Bureau of Land Management on August 15, 2007 (1)                 |
| 10.5 | Notice of Intent to Hold the HR #1-6 Lode Mining Claims recorded by Luna County, New Mexico, on August 17, 2007 (1)                      |
| 10.6 | Loan Commitment dated April 19, 2010 from Radium Ventures Corp. (3)                                                                      |
| 10.6 | Loan Commitment dated May 11, 2010 from Radium Ventures Corp. (3)                                                                        |
| 10.6 | Loan Agreement dated May 15, 2010 from Radium Ventures Corp. (3)                                                                         |
| 31.1 | Rule 15d-14(a) Certification of Armando Garcia                                                                                           |
| 32.1 | Certification of Armando Garcia Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act Of 2002 |

| (1)   | Incorporated by reference to the exhibits to the registrant’s registration statement on Form SB-1 filed November 19, 2007, file number 333-147501. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Incorporated by reference to the exhibits to the registrant’s current report on Form 8-K filed June 29, 2009, file number 333-147501. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Incorporated by reference to the exhibits to the registrant’s current report on Form 8-K filed April 19, 2010, file number 333-147501 |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------|

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| SIGNATURES |
|------------|

|                         | HOMELAND RESOURCES LTD. |
|------------------------------|-------------------------|
|                         |                    |   |
| Date: December 15, 2010 | By:                     | /s/ Armando Garcia |
|                         |                    | Armando Garcia |
|                         |                    | President, Secretary, Treasurer |
|                         |                    | (principal executive and financial officer) |

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