| SEC 1852 (02-2002) | **Persons who potentially are to respond to the    collection of information contained in this form are not required to respond unless the    form displays a currently valid OMB control number.** |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| OMB APPROVAL                                               |
|------------------------------------------------------------|
| OMB Number: 3235-0288                                      |
| Expires: March 31, 2006                                    |
| Estimated average burden    hours per response. . . 535.00 |

```

```

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 20-F

(Mark One) 

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            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| **ORX__**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE    SECURITIES EXCHANGE ACT OF 1934    For the fiscal year ended December 31, 2002****OR___**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF    THE SECURITIES EXCHANGE ACT OF 1934    For the transition period from to****Commission file number 29606****SHARPE RESOURCES CORPORATION**
(Exact name of Registrant as specified in its charter)
(Translation of Registrant's name into    English)
**CANADA**

(Jurisdiction of incorporation or organization)
 

**3258 MOB NECK    ROAD**

**HEATHSVILLE, VIRGINIA 22473**
(Address of principal executive offices)Securities registered or to be registered pursuant to    Section 12(b) of the Act. 
Title of each class

____________________________________ 

____________________________________Name of each exchange on which registered 
____________________________________    

____________________________________Securities registered or to be registered pursuant to    Section 12(g) of the Act. 
**COMMON SHARES**

(Title of Class)___________________________________________________________________________
(Title of Class)Securities for which there is a reporting obligation    pursuant to Section 15(d) of the Act. ___________________________________________________________________________
(Title of Class)Indicate the number of outstanding shares of each of the    issuer's classes of capital or common stock as of the close of the period covered by the    annual report. 
**33,184,803 Common Shares**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 __X___No Indicate by check mark which financial statement item the    registrant has elected to follow. 
___X___ Item 17 _____ Item 18(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY    PROCEEDINGS DURING THE PAST FIVE YEARS)Indicate by check mark whether the registrant has filed    all documents and reports required to be filed by Sections 12, 13 or 15(d) of the    Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan    confirmed by a court. 
______Yes __X___No **Index****PART 1****5****ITEM 1****IDENTITY OF DIRECTORS, SENIOR    MANAGEMENT AND ADVISERS****5****ITEM 2****OFFER STATISTICS AND EXPECTED    TIMETABLE****5****ITEM 3****KEY INFORMATION****5*****A.******Selected financial data*****5*****B.******Capitalization and    indebtedness*****6*****C.******Reasons for the offer and    use of proceeds*****6*****D.******Risk factors*****6****ITEM 4****INFORMATION ON THE COMPANY****10*****A.******History and development of    the company*****10*****B.******Business overview*****11*****C.******Organizational structure*****11*****D.******Property, plants and    equipment*****11****ITEM 5****OPERATING AND FINANCIAL REVIEW    AND PROSPECTS****12*****A.******Operating results*****12*****B.******Liquidity and capital    resources*****14*****C.******Research and development,    patents and licenses, etc.*****15*****D.******Trend information*****15****ITEM 6****DIRECTORS, SENIOR MANAGEMENT    AND EMPLOYEES****15*****A.******Directors and senior    management*****15*****B.******Compensation*****16*****C.******Board practices*****19*****D.******Employees*****20*****E.******Share ownership*****20****ITEM 7****MAJOR SHAREHOLDERS AND RELATED    PARTY TRANSACTIONS****20-*****A.******Major shareholders*****20****ITEM 8****FINANCIAL INFORMATION****21*****A.******Consolidated statements and    other financial information*****21*****B.******Significant changes*****21****ITEM 9****THE OFFER AND LISTING****21*****A.******Offer and listing details*****21*****B.******Plan of distribution*****23*****C.******Markets*****23*****D.******Selling shareholders*****24*****E.******Dilution*****24*****F.******Expense of the issue*****24****ITEM 10****ADDITIONAL INFORMATION****24*****A.******Share capital*****24*****B.******Memorandum and articles of    association*****24*****C.******Material contracts*****24*****D.******Exchange controls*****24*****E.******Taxation*****26*****F.******Dividends and paying agents*****27*****G.******Statements by experts*****27*****H.******Documents on display*****27*****I.******Subsidiary informations*****27****ITEM 11****QUANTITATIVE AND QUALITATIVE    DISCLOSURES ABOUT MARKET RISK****27****ITEM 12****DESCRIPTION OF SECURITIES OTHER    THAN EQUITY SECURITIES****27****PART II****28****ITEM 13****DEFAULTS, DIVIDENT ARREARAGES    AND DELINQUENCIES****28****ITEM 14****MATERIAL MODIFICATIONS TO THE    RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS****28****ITEM 15****CONTROLS AND PROCEDURES****29****ITEM 16****[RESERVED]****29****PART III****29****ITEM 17****FINANCIAL STATEMENTS****29****ITEM 18****FINANCIAL STATEMENTS****47****ITEM 19****EXHIBITS****47****SIGNATURES****48**** 

PART I

Item 1. Identity of Directors, Senior Management and Advisers**
Not Applicable
**Item 2. Offer Statistics and Expected Timetable**
Not Applicable
**Item 3. Key Information
A. Selected financial data.

The table below presents selected statement of operations and    balance sheet data for Sharpe Resources Corporation as at and for the fiscal years ended    December 31, 2002, 2001 2000, 1999, and 1998. The selected financial data presented herein    is prepared in accordance with accounting principles generally accepted in Canada    ("Canadian GAAP") and include the accounts of the Company, its wholly-owned    subsidiary Sharpe Energy Company and the Company's inactive wholly-owned Canadian    subsidiary 1032144 Ontario, Inc. 

A summary of the differences between accounting principles generally    accepted in Canada ("Canadian GAAP") and those generally accepted in the United    States ("US GAAP") which affect the Company is contained in Note 19 of the    Consolidated Financial Statements included with this report.
**Sharpe Resources Corporation

Consolidated Financial Statement Data

For the Years Ended December 31

(Expressed in US Currency)****2002**2001**2000**1999**1998**Selected Operating Data**Oil & Gas Revenue
$55,631
$1,338,505
$2,254,220
$2,694,994
$2,501,028Production Costs
$237,800
($294,757)
($592,474)
($855,829)
($1,748,972)Expenses
($79,511)
($1,550,942)
($1,858,836)
($2,338,665)
($6,403,668)Gain on Settlement of Debt
$149,681
$13,671
$1,313,900
$0
$0Income (Loss) before under noted
($111,999)
($2,333,040)
$1,116,810
($499,500)
($5,651,612)Equity loss from Royal Standard
$0
$0
$0
$0
($60,544)Net Income (Loss) for the period
($111,999)
($2,333,040)
$1,116,810
($499,500)
($5,712,156)Earnings (Loss) per share basic
($0.00)
($0.07)
$0.03
($0.02)
($0.19)Earnings (Loss) per share diluted
($0.00)
($0.07)
$0.03
($0.02)
($0.19)
 
**2002**2001**2000**1999**1998**Selected Balance Sheet Data**Working Capital
$142,003
$474,316
($1,748,455)
($6,679,293)
($3,965,350)Total Assets
$162,406
$569,978
$7,582,413
$8,417,710
$7,641,451Long Term Debt
($664,533)
($931,868)
($3,324,516)
$0
($1,410,668)Capital Stock
($10,921,861)
($10,921,861)
($10,888,834)
($10,855,051)
($10,855,051)Deficit
($11,500,963)
($11,388,864)
($9,055,924)
($10,172,734)
($9,673,234)
 *Currency Exchange Rates*
Except where otherwise indicated, all of the dollar figures in    this annual report on Form 20-F, including the financial statements, refer to United    States currency. The following table sets forth, for the periods indicated, certain    exchange rates based on the exchange rates reported by the Federal Reserve Bank of New    York as the noon buying rates in New York City for cable transfers in foreign currencies    as certified for customs purposes (the "Noon Buying Rate"). Such rates quoted    are the number of U.S. dollars per Cdn $1.00 and are the inverse of rates quoted by the    Federal Reserve Bank of New York for the number of Canadian dollars per U.S. $1.00. 

Year Ended    December 31, 19981999200020012002High for the period.7105.6925.6973.6696.8532Low for the period.6330.6618.6413.6266.7992Average rate for the period(1).6504.6744.6735.6446.8308Rate at end of period.6501.6925.6666.6279.8358
_______________
Based on the average exchange rates on the last day of each month during the applicable      period.
**B. Capitalization and indebtedness.**
Not Applicable**C. Reasons for the offer and use of proceeds.**
Not Applicable

**D.  Risk factors.****The operations of the Company involve a number of substantial    risks and an investment in the securities of the Company is highly speculative in nature.    The following risk factors should be considered:
*History of Losses; No Assurance of Profitability*
The Company had a loss of $111,999 for the year ended 2002 due    primarily to additional royalties in the amount of $6 that needed to be paid as the result    of an audit by the Texas General Land Office for the years 1998-2000 in the amount of    $88,436. The Company has accumulated losses of US $11,500,963 since inception. 

On August 4, 1999, the Company was forced to voluntarily seek Chapter    11 reorganization under the US federal Bankruptcy code. This filing occurred after a    period of negotiations with the creditors. There was a general lack of progress toward    working out an out-of-bankruptcy agreement with the creditors during the first half of    1999. On February 9, 2000, the Company filed with the US District Bankruptcy Court of the    Southern District of Texas a second proposed plan of reorganization in accordance with    federal bankruptcy laws. The consummation of the final plan of reorganization received    bankruptcy court approval and was approved by the Company's creditors on March 27, 2000.    On June 5, 2000 Sharpe closed a US $2.3 million debenture financing. The term of the    debenture is five years with a 12% fixed interest rate coupon with quarterly interest and    principal payments includes 2.3 million detachable warrants exercisable for two years at    C$0.25 per warrant. During the year ended December 31, 2001, the debentures were retired    and the remaining deferred financing costs of $233,354 were amortized. Pursuant to the    Chapter 11 plan, agreed secured vendor loan claims were to be paid in full over a 42-month    period at a 10% interest rate. During the year ended December 31, 2001, all outstanding    secured vendor loan claims were settled.
*Extreme Volatility of Oil and Gas Prices*
Sharpe's revenues have been dependent upon prevailing prices    for oil and gas. Oil and gas prices can be extremely volatile and are affected by the    action of foreign governments and international cartels. 

In addition, the marketability and profitability of oil and natural gas    acquired or discovered is affected by numerous factors beyond the control of Sharpe. Any    material decline in prices could result in a reduction of Sharpe's net production revenue.    These factors include reservoir characteristics, market fluctuations, the proximity and    capacity of oil and natural gas pipelines and processing equipment and government    regulation. 
*Ability to Find or Acquire Economically Recoverable Oil and Gas    Reserves*
Sharpe's future success depends upon its ability to find or    acquire additional oil and gas reserves that are economically recoverable. Except to the    extent that Sharpe conducts successful exploration or development activities or acquires    properties containing proved reserves, or both, the proved reserves of Sharpe will    generally decline as reserves are produced. There can be no assurance that Sharpe's    planned development projects and exploration activities will result in significant    additional reserves or that Sharpe will have continuing success drilling productive wells    at low finding costs. If prevailing oil and gas prices were to increase significantly,    Sharpe's finding costs to add reserves could be expected to increase. The drilling of oil    and gas wells involves a high degree of risk especially the risk of a dry hole or of a    well that is not sufficiently productive to provide an economic return on the capital    expended to drill the well.
*Highly Competitive Industry*
The oil and natural gas industry is competitive in all its    phases. Sharpe competes with numerous other participants in the search for, and the    acquisition of, oil and natural gas properties and in the marketing of oil and natural    gas. Sharpe's competitors include oil companies, which have far greater financial and    other resources, staff and facilities than those of Sharpe. Competitive factors in the    distribution and marketing of oil and natural gas include price, methods of delivery and    reliability of delivery. Many of such companies not only explore for and produce oil and    natural gas, but also carry on refining operations and market petroleum and other products    on a worldwide basis and as such have greater and more diverse resources to draw on.    Sharpe's ability to increase reserves in the future will depend not only on its ability to    explore and develop its present properties, but also on its ability to select and acquire    suitable producing properties or prospects for exploratory drilling.

 

 
*No Assurance of Discoveries or Acquisitions*
Oil and natural gas acquisition, exploration and development    involves many risks, which even a combination of experience, knowledge and careful    evaluation may not be able to overcome. There is no assurance that commercial quantities    of oil and natural gas will be discovered or acquired by Sharpe. 
*Uncertainty of Warrant Exercises; Need for Additional Capital*
There is no assurance that any of the outstanding share    purchase warrants or options will be exercised. Even if all of the outstanding share    purchase warrants and options are exercised, Sharpe may still require additional capital    to conduct its acquisition, exploration and development activities.
*Risks and Hazards Related to Oil and Gas Operations*
Oil and natural gas operations are subject to many risks and    hazards including fires, explosions, blowouts, oil spills and encountering formations with    abnormal pressure, each of which could result in substantial damage to oil and natural gas    wells, producing facilities, other property and the environment or result in personal    injury. Oil and natural gas production operations are also subject to risks including    premature decline of reservoirs and the invasion of water into producing formations.
*Reduction in Oil and Gas Acquisition and Development Activities*
The economics of producing from some wells may change as a    result of lower oil and natural gas prices. Sharpe might also elect not to produce from    certain wells at lower prices. All of these factors could result in a material decrease in    Sharpe's net production revenue causing a reduction in its oil and gas acquisition and    development activities.
*Effect of Outstanding Warrants and Options; Negative Effect of    Substantial Sales*
As of December 31, 2002, the Company had outstanding options    and warrants to purchase an aggregate of 2,539,000 Common Shares. The exercise prices of    the outstanding warrants and options range from Cdn $.10 to Cdn $1.00, with the weighted    average exercise price being greater than the current trading price of the Company’s    Common Shares. The expiration dates of the outstanding options and warrants range from May    4, 2004 to May, 2007. All of the foregoing securities represent the right to acquire    Common Shares of the Company during various periods of time and at various prices. Holders    of these securities are given the opportunity to profit from a rise in the market price of    the Common Shares and are likely to exercise its securities at a time when the Company    would be able to obtain additional equity capital on more favorable terms. Substantial    sales of Common Shares pursuant to the exercise of such options and warrants could have a    negative effect on the market price for the Common Shares. 
*No Dividends*
The Company has not paid any dividends since its inception and    does not anticipate paying dividends in the foreseeable future.
*Regulation*
The Company’s oil and gas exploration, production and    related operations are subject to extensive rules and regulations promulgated by federal,    state and local agencies. Failure to comply with such rules and regulations can result in    substantial penalties. The regulatory burden on the oil and gas industry increases the    Company’s cost of doing business and affects its profitability. Because such rules    and regulations are frequently amended or reinterpreted, the Company is unable to predict    the future cost or impact of complying with such laws.

The State of Texas and many other states require permits for drilling    operations, drilling bonds and reports concerning operations and impose other requirements    relating to the exploration and production of oil and gas. Such states also have statutes    or regulations addressing conservation matters, including provisions for the unitization    or pooling of oil and gas properties, the establishment of maximum rates of production    from oil and gas wells and the regulation of spacing, plugging and abandonment of such    wells. The statutes and regulations of certain states limit the rate at which oil and gas    can be produced from the Company’s properties.

The Federal Energy Regulatory Commission ("FERC") regulates    interstate natural gas transportation rates and service conditions, which affect the    marketing of gas produced by the Company, as well as the revenues received by the Company    for sales of such production. Since the mid-1980s, the FERC has issued a series of orders,    culminating in Order Nos. 636, 636-A and 636-B ("Order 636"), that have    significantly altered the marketing and transportation of gas. Order 636 mandates a    fundamental restructuring of interstate pipelines sales and transportation service,    including the unbundling by interstate pipelines of the sales, transportation, storage and    other components of the city-gate sales services such pipelines previously performed. One    of the FERC’s purposes in issuing the orders is to increase competition within all    phases of the gas industry. Order 636 and subsequent FERC orders on rehearing have been    appealed and are pending judicial review. Because these orders may be modified as a result    of the appeals, it is difficult to predict the ultimate impact of the orders on the    Company and its gas marketing efforts. Generally, Order 636 has eliminated or    substantially reduced the interstate pipelines’ traditional role as wholesalers of    natural gas, and has substantially increased competition and volatility in natural gas    markets. While significant uncertainty remains, Order 636 may ultimately enhance the    Company’s ability to market and transport its gas, although it may also subject the    Company to greater competition and the more restrictive pipeline imbalance tolerances and    greater associated penalties for violation of such tolerances.
*Industry Conditions*
Sales of oil and natural gas liquids by the Company are not    regulated and are made at market prices. The price the Company receives from the sale of    these products is affected by the cost of transporting the products to market. Effective    as of January 1, 1995, the FERC implemented regulations establishing an indexing system    for transpiration rates for oil pipelines, which, generally would index such rates to    inflation, subject to certain condition and limitations. These regulations could increase    the cost of transporting oil and natural gas liquids by pipeline, although the most recent    adjustment generally decreased rates. These regulations are subject to pending petitions    for judicial review. The Company is not able to predict with certainty what effect, if    any, these regulations will have on it, but, other factors being equal, the regulations    may, over time, tend to increase transportation costs or reduce wellhead prices for oil    and natural gas liquids.
*Environmental Regulation*
The oil and natural gas industry is subject to environmental    regulation pursuant to local, state and federal legislation. Environmental legislation    provides for restrictions and prohibitions on releases or emissions of various substances    produced in association with certain oil and natural gas industry operations. In addition,    legislation requires that well and facility sites be abandoned and reclaimed to the    satisfaction of state authorities and the landowner. A breach of such regulations and    legislation may result in the imposition of fines, penalties, clean-up orders and can    affect the location of wells and facilities and the extent to which oil and gas    exploration and development is permitted. Non-compliance with these regulations and    legislation can be sufficient cause for governmental authorities to withhold approval of    drilling and/or operating permits. Sharpe is in material compliance with current    environmental laws and regulations.

The Comprehensive Environmental Response, Compensation, and Liability    Act ("CERCLA"), also known as the "Superfund" law, imposes liability,    without regard to fault or the legality of the original conduct, on certain classes of    persons that are considered to have contributed to the release of a "hazardous    substance" into the environment. These persons include the owner or operator of the    disposal site or the site where the release occurred and companies that disposed or    arranged for the disposal of the hazardous substances found at the site. Persons who are    responsible for releases of hazardous substances found at the site and 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, and it is not uncommon    for neighboring landowners and other third parties to file claims for personal injury and    property damage allegedly caused by the hazardous substances released into the    environment. The Company is able to control directly the operation of only those wells    with respect to which it acts as operator. Notwithstanding the Company’s lack of    control over wells operated by others, the failure of the operator to comply with    applicable environmental regulations may, in certain circumstances, be attributed to the    Company. The Company has no material commitments for capital expenditures to comply with    existing environmental requirements.
**Item 4. Information on the CompanyHistory and development of the company.
Sharpe Resources Corporation (the "Company" or    "Sharpe") was incorporated under the Business Corporations Act (Ontario) on    April 10, 1980 under the name "Sharpe Energy & Resources Limited". By    Articles of Amendment dated November 2, 1984, the Company amended its authorized capital    to consist of an unlimited number of common shares and removed restrictions on the issue,    transfer or ownership of such shares. By Articles of Amendment dated July 29, 1996, the    Company changed its name to Sharpe Resources Corporation.

Sharpe entered the oil and gas business in the United States in early    1994. In 1995, it acquired working and net revenue interests in over 400 oil and gas wells    on 250 properties in 11 states and the West Thrifty waterflood project in Texas. These    assets were acquired from the oil and gas division of Figgie International Inc. and were    located primarily in the Rocky Mountain and Southwestern United States regions. In 1996,    Sharpe sold almost all of its Rocky Mountain interests. In early 1997, Sharpe acquired    interests in the Matagorda offshore project. 

In 2001, the Company sold all of its offshore, Gulf of Mexico natural    gas production and several non-operated onshore****petroleum and natural gas    properties. In 2002 the Company focused its efforts on its remaining properties in Texas.    The Company will continue to evaluate opportunities within and outside of the natural    resources business.
**B. Business overview.**
The Company is a resource company engaged in oil and gas    exploration, and production in the United States. This effort includes the acquisition,    exploration and development of oil and gas properties in the United States.

In 2001, the Company sold all of its offshore, Gulf of Mexico natural    gas production and several non-operated onshore petroleum and natural gas properties. At    year-end 2002, Sharpe was producing approximately 30 barrels of oil per day in the United    States from working interests in properties in Texas. 
**C.  Organizational structure.
The Company has two wholly owned subsidiaries, 1032144 Ontario    Inc., which is inactive, and Sharpe Energy Company, which is incorporated pursuant to the    laws of the State of Virginia. Substantially all of the Company's assets are located in    the United States and held by Sharpe Energy Company except for small balances held in    Canadian banks. The Company's operations in Canada consist of general and administrative    expenses necessary to the maintaining of the Company's public company status.

The terms "Sharpe" or the "Company", as used in    this registration statement on Form 20-F, refers to Sharpe or the Company, its two wholly    owned subsidiaries and its equity interest in Royal Standard, collectively.
**D.  Property, plants and equipment.
The registered office of Sharpe Resources Corporation is    located at 56 Temperance Street, fourth Floor, Toronto, Ontario M5G 2V5. The principal    office is located at 3258 Mob Neck Road, Heathsville, Virginia 22473.
*West Thrifty – Brown County, Texas*
The remaining producing property owned by the Company is its    West Thrifty project. The Company has a 100% working interest in this property. This    project currently has minor production of less than 5 barrels of oil per day.

The overall West Thrifty project is actually comprised of two fields,    which have the potential to produce a considerable return for the Company. The West    Thrifty waterflood produces oil from the Fry Sand Formation, and the adjacent Quita Field    produces from the Ellenberger Formation. Along with oil, the Quita Field also produces    large volumes of water, which is injected in the West Thrifty waterflood project. 

The West Thrifty field has produced more than 8 million barrels of oil    from several hundred wells in the 1920’s and some of the best wells produced nearly    3,000 BOPD and a total production stream of more than 30,000 BOPD. A rapid reduction of    pressure from this solution gas drive reservoir created the inability to maximize reserve    recoveries on the property. The Texas Railroad commission approved the unitization of this    field for waterflooding in 1991. 
**Item 5. Operating and Financial Review and ProspectsOperating results.*Year Ended December 31, 2002 Compared to the Year Ended December    31, 2001*
General and Administrative costs decreased significantly due to    the closing of the office at 909 Fannin St., Suite 1450, Houston, resignation of the    President and reduction of hours for the administrative assistant in December 2001. As a    result of a recovery of interest paid to Royal Standard Minerals Inc., interest expense    was ($41,128). Operating expenses decreased only slightly from $294,757 in 2001 to    $237,800 in 2002 due to continued work to increase production at the West Thrifty Unit.    During 2002 the Company reduced unsecured vendor loan claims to $664,533 versus $931,868    at the end of 2001. 
*Year Ended December 31, 2001 Compared to the Year Ended December    31, 2000*
In April 2001, the Company sold its Gulf of Mexico Matagorda    gas properties for gross proceeds of $4,475,000. A portion of the proceeds was used to    repay the outstanding loan facility, retire the Series A debentures and settle outstanding    secured vendor loan claims, and pay outstanding interest thereon. In addition, the    purchaser agreed to pay Sharpe an additional $225,000 from production of the Matagorda    Island 582 #5 well M-1 sand once production exceeds 800,000 MCF. Sharpe received payment    in March 2002. 
Interest expense decreased from $255,632 in 2000 to $172,862 in 2001    due to the repayment of debt in April 2001. At year-end the Company had remaining    unsecured vendor loan claims of $931,868 and cash of $329,500. 
The net loss for the year ended December 31, 2001 is $2,333,040    compared to income of $1,116,810 for the year before. The loss for 2001 includes a    one-time charge against income for the loss on the sale of the Matagorda property of    $1,839,517. 
In order to reduce expenses, the Company closed its office at 909    Fannin Street in Houston, Texas in December 2001. The resignation of the President at    December 31, 2001 and the reduction of hours for the Administrative Assistant have further    reduced expenses. The Company believes in cash preservation and will not spend funds    unless absolutely required or mandated by any future transaction.
*Year Ended December 31, 2000 Compared to the Year Ended December    31, 1999*
The Company successfully emerged from Chapter 11 Bankruptcy in    June, 2000. On June 5, 2000 Sharpe closed a US $2.3 million debenture financing. The term    of the debenture was five years with a 12% fixed interest rate coupon with quarterly    interest and principal payments and included 2.3 million detachable warrants exercisable    for two years at C$0.25 per warrant. Substantially all the net proceeds from the    debentures were used to repay the outstanding balance with EnCap Energy Capital Fund 111,    L.P
Although the year 2000 showed earnings of $1,116,810, it was the result    of a gain on the settlement of debt in the amount of $1,313,900 related to the Chapter 11    bankruptcy. Natural gas production was lower in 2000 as a result of technical problems    with the Company’s offshore production facilities. This remedial work was performed    in October 2000. Additionally the Matagorda field experienced a production rate decline in    2000, which resulted in a decrease of petroleum and natural gas revenue of $440,774 from    $2,694,994 in 1999 to $2,254,220 in 2000. Operating expenses decreased $263,355. A    decrease in lease operating expense for the Company's non-operated properties from    $392,125 in 1999 to $52,762 in 2000 was the major factor and resulted from the sale of    high production cost properties in Beckham County, Oklahoma, Chaves and Lea Counties, New    Mexico, and Moore County, Texas. Proceeds from the sales of these properties were    $310,374. Depletion, depreciation and amortization expense remained relatively the same    between 1999 at $804,031 and 2000 at $816,999 due to a re-evaluation of the reserves and    an increase in remaining reserves. Interest expense decreased from $443,304 in 1999 to    $255,632 in 2000. This decrease is the result of restructuring under the Chapter 11    bankruptcy and the retiring of the debt to Encap Investments, L.C. in early 2000. General    and administrative expenses decreased $143,027 from $929,232 in 1999 to $786,205 in 2000    primarily due to a decrease in salaries of $108,559. Both the Vice President of Land and    the Office Manager resigned at the end of 1999 and were not replaced. Others within the    organization assumed these responsibilities.
Changes were made to the management team and the board of directors was    expanded to help insure that the Company achieves its objectives. With the addition of Mr.    William Via, formerly of Phillips Petroleum, the Company has added technical management    expertise to assist in the technical decision making process. In addition, three new    directors, Mr. Hubert Marleau, President of Palos Capital Corp., Mr. Alvin Schacter,    partner of Shcwartz, Levitsky & Feldman, and Mr. Cameron McDonald, Senior Vice    President of Two Roads Capital, were added bringing considerable experience in the    financial markets that will help the Company in the raising of additional working capital    to help improve corporate growth. 
At both December 31, 2000 and 1999, the Company owned approximately 22%    of the issued and outstanding common shares of Royal Standard Minerals Inc. and its    investment is accounted for using the equity method. In 1998, as a result of continued    losses, the carrying value of the investment ($103,576) was reduced to zero. 
- **Liquidity and capital resources.
Operating costs currently exceed revenue, however expectations    are that through the implementation of the current plan significant revenue improvements    are expected in 2003. This situation contributed to a net loss of $111,999 for the year    2002 compared to a loss of $2,333,040 for the year 2001. The Company has cash and cash    equivalents of $73,518 at year end 2002. Plans include additional financing to improve    upon the net working capital requirements as a means to complete the necessary work    programs planned by the Company during 2003. Previous expenses incurred as part of    workovers and a recompletion resulted in more than $35,000 considered to be one-time    expenditures on this project. Continued expenditures will be required to improve upon the    production capacity of the field. Capital requirements are estimated to be at least    $100,000 in order to facilitate additional improvements and to test the production    potential of the northern portion of the field.

At December 31, 2001, the Company had working capital of $474,316    compared to a working capital deficiency of $1,748,455 at December 31, 2000. The Company    is now cash flow positive due to the sale of its Gulf of Mexico Matagorda gas properties    in April 2001 for gross proceeds of $4,475,000. In addition, the purchaser agreed to pay    Sharpe an additional $225,000 from production of the Matagorda Island 582 #5 well M-1 sand    once production exceeds 800,000 MCF. Sharpe received payment in March 2002.

During the period ended December 31, 2000, Sharpe had a net decrease in    cash of ($116,184) due primarily to the reorganization under the Chapter 11 bankruptcy and    the gain on settlement of debt in the amount of ($1,313,900). Net earnings for the year    were $1,116,810. Financing activities in the amount of $2,902,083 were offset by repayment    of debt in the amount of $2,497,772. There are no capital expenditure commitments going    forward into 2001.

On June 5, 2000, the Company completed a $2,300,000 debenture    financing. The debentures were for five years with a 12% fixed interest rate coupon with    quarterly interest and principal payments and included 2,300,000 detachable warrants to    acquire a like number of common shares of the Company for two years at Canadian $0.25 per    common share. The debentures were secured by certain petroleum and natural gas properties.    Substantially all the net proceeds from the debentures were used to repay the then    outstanding balance under the credit agreement with Encap Energy.

In August 2000, the Company obtained an unsecured loan facility for    $900,000 to fund well recompletion expenditures. The loan was to be repaid from a 60%    sweep of the Company's cash flow from production from the Matagorda #5 well. After payout    of the loan, the lender retained a 25% net profit interest in that well. The amount due    was non-interest bearing and was to be repaid within the next fiscal year. 

Although the Company had a working capital deficiency of $1,748,455 at    December 31, 2000, in April 2001, the Company sold its Gulf of Mexico gas properties for    cash proceeds of $4,475,000 significantly lowering the Company’s operating costs    going forward. The proceeds were used to repay substantially all the debt with $1,000,000    in cash remaining in the company which is sufficient to cover all operating costs for the    year 2001. 

During the period ended December 31, 1999, cash was provided by    operating activities in the amount of $2,803,957 however $1,767,895 was used in investing    activities. As at December 31, 1999, Sharpe had a working capital deficiency of $6,679,293    and accumulated losses of $10,172,734 since inception.

The issuance of Common Shares pursuant to these private placements will    be made in accordance with applicable laws and the requirements of the Policy, which will    still require the approval of the relevant regulatory bodies prior to the completion of    each individual private placement. These requirements provide that private placements be    priced at the closing price on the day prior to the notice of private placement, subject    to prescribed discounts, as follows:

**Market Price Maximum Discount**
Cdn $0.50 or less 25%

Cdn $0.51 to Cdn $2.00 20%

Above Cdn $2.00 15%

As well, warrants may accompany the Common Shares issued under the    private placements, where such warrants are priced at or above market and do not exceed    the number of Common Shares issued under the private placement. The maximum number of    Common Shares issuable to private placement subscribers pursuant to the approval requested    will include any Common Shares issuable on exercise of any such warrants.

Sharpe's core business activities consist of the exploration for, and    acquisition, development and production of, oil and natural gas in the United States.    Sharpe is unable to influence or control the price it receives for its oil or natural gas    production. These prices fluctuate unpredictably due to actual and perceived worldwide    supply and demand factors. Sharpe endeavors to minimize costs incurred to explore for, and    develop and produce, its reserves. Sharpe uses cash flow from operations, equity    financings and debt financings as sources of capital to fund growth and operations.    Management believes that the benefits expected from the developments and improvements made    to the Company’s producing oil and gas will be sufficient to permit the Company to    continue operations. Nevertheless, Sharpe faces a continual liquidity risk since any one    of these sources of capital may not be available at such times and in such amounts that it    requires. See Item 3. D. - Risk Factors above.
**C. Research and development, patents and licenses, etc.**
See Item 4. D. above.**D. Trend information.**
See Items 3. D. and 4. D. above.

 
**Item 6. Directors, Senior Management and EmployeesDirectors and senior management.
The following table sets out the names of and related    information concerning each of the officers and directors of Sharpe Resources. 
 
**NAME**OFFICE HELD**SINCERoland M. Larsen      VirginiaPresident, Chief Executive Officer and Director1993Kimberley Koerner      New YorkDirector2002Troy Koerner      New YorkDirector2002
The following discussion provides information on the principal  occupations of the above-named directors and executive officers of the Company within the  preceding five years.
*Roland M. Larsen

Mr. Roland M. Larsen, *President,*has more than 29 years  of experience in the natural resources, both in exploration and management roles. Earlier  in his career, he worked with BHP Minerals International, Inc. for a period of ten years,  where he was the Exploration Manager for the Eastern United States and the North Atlantic  Region. Prior to that he was the Senior Geologist for NL Industries, Inc. and NL Baroid  Petroleum Services. In addition, he has several years of experience working with  consulting engineering firms including Derry, Michner and Booth, and Watts Griffis &  McOuat Limited. He is a member of the Society of Economic Geologists, the American  Institute of Professional Geologists, the American Institute of Mining, Metallurgy, and  Exploration, Inc. Mr. Larsen holds a B.Sc. and M.Sc. degrees in geology.
*Kimberley Koerner*
Ms. Koerner is a financial coordinator with Argent Ventures,  LLC in New York. Since graduating with a B. A. in Business Administration from the  University of South Carolina – Columbia in 1991. Previously she has been employed  with NPES of Reston, Virginia and Sharpe Energy Company of Houston, Texas.
*Troy Koerner*
Mr. Koerner has been an analyst with E-Trade Advisory Services  Inc. since August, 2002. From November 2000 to April 2002, Mr. Koerner served as an Equity  Analyst with Lehman Brothers Inc. Prior to joining Lehman Brothers, he was in the Global  Credit department of JP Morgan Company, Inc. 
**Compensation.*Compensation of Officers*
The following table, presented in accordance with the    Regulation made under the Securities Act (Ontario), sets forth all annual and long-term    compensation for services rendered in all capacities to the Company for the 12 months    ended December 31, 2002, 2001,and 2000 in respect to the individual who was, as at    December 31, 2002, the President and Chief Executive Officer of the Company (the    "Named Executive Officer"). Other than the Named Executive Officer, no other    executive officers received salary and bonuses in excess of $100,000 in any such periods.

Annual    Compensation
Long Term    Compensation
    Name and Principal Position
    Year
 

    Salary (US$)
 

    Bonus (US$)
    Other Annual Compensation (US$)
    Securities Under Options/SARs Granted (#)
    Restricted Shares or Restricted Share Units (US$)
 

LTIP Payouts (US$)
 

All Other Compensation(1) (US$)Roland M. Larsen President & CEO2002
2001(2)
2000(3)Nil
$96,000

$96,000l
Nil

Nil

Nil
Nil

Nil

Nil
1,219,000

Nil

Nil
Nil

Nil

Nil
Nil

Nil

Nil
Nil

Nil

Nil
Notes:
- The aggregate value of all other compensation paid to the Named Executive Officer did    not exceed $50,000 or 10% of the total of such officer's respective salary and bonus in    any year.
- For the twelve months ended December 31, 2001.
- For the twelve months ended December 31, 2000.

 
No options were exercised by the Named Executive Officer during the twelve months ended    December 31, 2002.
*Stock Option Plan*
The Company maintains a stock option plan (the "Stock    Option Plan") for directors, officers, consultants who provide ongoing services, and    employees of the Company and its affiliates. The purpose of the Stock Option Plan is to    attract, retain and motivate management, staff and consultants by providing them with the    opportunity, through options, to acquire a proprietary interest in the Company and benefit    from its growth. The Stock Option Plan provides that a total of 5,000,000 Common shares    are reserved for grants of options and that the number of common Shares reserved for    issuance to any one person pursuant to options shall not exceed 5% of the issued and    outstanding Common Shares of the Company.

With respect to insiders, the Stock Option Plan provides that Common    Shares reserved for issuance pursuant to options granted to insiders shall not exceed 10%    of the issued and outstanding Common Shares of the Company and that the number of Common    shares which may be issued to insiders under the Stock Option Plan within a one-year    period shall be limited to 10% of the issued and outstanding Common Shares of the Company,    with no more than 5% issued to any one insider and his associates. The options are    non-assignable and may be granted for a term not exceeding ten years. The exercise price    of the options is fixed by the board of directors at the market price of the Common Shares    at the time of grant, subject to all applicable regulatory requirements.

Under the terms of the Stock Option Plan, the board of directors may,    at its discretion, grant financial assistance to holders wishing to exercise their    options. Any such financial assistance will include, as part of its conditions, the grant    of a lien on the Common Shares issuable on exercise of the options.

The following table sets forth details with respect to options to    purchase Common Shares that are outstanding under the Stock Option Plan as of May 16, 2003
** ****Holder****Date of Grant**Common shares Under Option (#)**Exercise Price    ($/Share)**Expiration DateExecutive Officers as a group (1in total)
May 4, 2000

May 8, 2002

May 13, 2002
219,000

600,000

400,000
0.15

0.10

0.10
May 4, 2005

May 8, 2007

May 13, 2007Directors who are not also executive officers, as a group (1    in total)
May 13, 2002
600,000
0.10
May 13, 2007***Compensation of Directors*
None of the directors of the Corporation received for the    financial year ended December 31, 2002 any fees for acting as directors or as members of    committees of directors of the Corporation. All directors are reimbursed for their    expenses and travel incurred in connection with attending directors meetings. Special    remuneration, at per diem rates, may be paid to any director (other than executive    officers of the Corporation) undertaking special services, at the request of the    directors, any committee of the directors r the President of the corporation, beyond those    services ordinarily required of a director of the Corporation. The directors of the    Corporation are eligible to participate in the Share Option Plan of the Corporation.    During the year ended December 31, 2002, 1,600,000 stock options were granted to directors    and officers of the Corporation, pursuant to the Corporation’s share option plan.
*Other Compensation Matters*
There were no long-term incentive awards made to the executive officers of the    Company during the twelve months ended December 31, 2002. There are no pension plan    benefits in place for the Named Executive Officer and none of the Named Executive Officer,    officers or directors of the Company are indebted to the Company. In addition, there are    no plans in place with respect to the Named Executive Officer for termination of    employment or change in responsibilities.
*Compensation Policy*
The executive compensation policy of the Company is determined    with a view to securing the best possible talent to run the Company. Executives expect to    reap additional income from the appreciation in the value of the Common Shares they hold    in the Company, including stock options.

Salaries are commensurate with those in the industry with additional    options awarded to executive officers in lieu of higher salaries. Bonuses may be paid in    the future for significant and specific achievements, which have a strategic impact on the    fortunes of the Company. Salaries and bonuses are determined on a judgmental basis after    review by the board of directors of the contribution of each individual, including the    executive officers of the Company. Although they may be members of the board of directors,    the executive officers do not individually make any decisions with respect to their    respective salary or bonus. In certain cases, bonuses of certain individuals, other than    the executive officers, may be tied to specific criteria put in place at the time of    engagement.

The grant of stock options under the Company’s Stock Option Plan    is designed to give each option holder an interest in preserving and maximizing    shareholder value in the longer term and to reward employees for both past and future    performance. Individual grants are determined by an assessment of an individual's current    and expected future performance, level of responsibilities and the importance of his/her    position with and contribution to the Company.
** 
Board practices.*Election of Directors and Officers*
The Company's articles provide for a minimum of three and a    maximum of ten directors, to be elected yearly and to hold office until the next annual    meeting of shareholders of the Company or until their successors are duly elected or    appointed. The whole board is elected at each annual meeting, and all directors then in    office must retire, but, if qualified, are eligible for re-election. If an election of    directors is not held at the proper time, the directors continue in office until their    successors are elected or appointed. Each officer continues to hold office until the    appointment of officers at the first meeting of the board of directors after the election    of directors and, in default of the appointment of officers at such meeting, continues to    hold office after such meeting. In the absence of written agreements to the contrary, the    board may remove at its pleasure any officer of the Company.
*Committees of the Board*****

There currently are two committees of the board of directors. The board    does not have, nor does it currently intend to form, a nominating committee. It is the    view of the board of directors that its current size is small enough to make such    additional committees counter productive. In addition to regularly scheduled meetings of    the board, its members are in continuous contact with one another and with the members of    senior management. If the size of the board were to be enlarged or if the Company were to    undergo a substantial change in its business and operations, consideration would at that    point be given to the formation of additional committees, including a nominating    committee. The mandate and activities of each of the Company’s committees are as    follows:

*Audit Committee*
The objectives of the Audit Committee include the following:

- to assist the Board in the discharge of its responsibilities to monitor the audit      process and the integrity of the Company’s financial reporting;
- to provide independent and direct communication channels between the Board, the      committee, and the external auditors;
- to enhance the quality of the Company’s financial reporting;
- to ensure that the external auditors remain ultimately accountable to the Board and the      Audit Committee as representatives of the shareholders;
- to monitor the independence of the external auditors and of the director of internal      audit; and 
- to maintain the credibility and objectivity of financial reports and to satisfy itself      as to the adequacy of the supporting systems of internal accounting controls.

In order to achieve such objectives, after reviewing the Company’s    annual financial statements with management and the external auditors, the Audit Committee    recommends their approval to the Board. The Audit Committee oversees the Company’s    continuing compliance with its obligations relating to the disclosure of financial and    related information. The committee also reviews the selection of, and changes in,    accounting policies and practices, including from a quality and an acceptability    standpoint, the use of any alternative treatments of financial information discussed with    management and the ramification of their use and the external auditors’ preferred    treatment, and satisfies itself as to the effectiveness of the audit plan developed by the    Company’s external auditors and of the control systems and procedures developed and    implemented by the Company’s internal audit department. The committee meets with    external auditors, with and without management, to consider the results of their audits    (including appropriate internal controls) and to review management’s financial    stewardship.

The Audit Committee may, whenever it may be appropriate to do so,    retain and receive advice from experts, and the Company must ensure that funding is    available to the committee in respect of such activities. As part of its function, the    Audit Committee reviews and approves estimated audit and non-audit related fees and    expenses, including all non-audit services, permitted by securities legislation and stock    exchange rules, that are proposed to be provided by the external auditors prior to the    commencement of such services. The committee also recommends to the Board the selection of    the Company’s external auditors for appointment by the shareholders, is responsible    for the evaluation of the external auditors and to ensure that they receive appropriate    compensation from the Company.
*Corporate Governance Committee*
The Corporate Governance Committee is responsible for the    development, maintenance, and disclosure of the Company’s corporate governance    practices. The mandate of the committee includes:

- developing criteria governing the size and overall composition of the Board;
- conducting an annual review of the structure of the Board and its committees, as well as      of the mandates of such committees;
- recommending new nominees for the Board (in consultation with the Chairman and the Chief      Executive Officer); and
- recommending the compensation of directors
- ensuring that the Company’s policy on disclosure and insider trading, including      communication to the different stakeholders about the Company and its subsidiaries,      documents filed with securities regulators, written statements made in documents      pertaining to the Company’s continuous disclosure obligations, information contained      on the Company’s Web site and other electronic communications, relationships with      investors, the media and analysts is timely, factual and accurate, and broadly      disseminated in accordance with all applicable legal and regulatory requirements.

The committee also coordinates the annual evaluation of the Board, the    committees of the Board and individual directors. All issues identified through this    evaluation process are then discussed by the Corporate Governance Committee and are    reported to the Board. Finally, it also has the responsibility for annually initiating a    discussion at the Board level on the performance evaluation and remuneration of the    President and Chief Executive Officer.

**Conflicts of Interest

Some of the directors and officers of the Company also serve as    directors and officers of other companies involved in the resource exploration sector.    Consequently, there exists a possibility for any such officer or director to be placed in    a position of conflict. Each such director or officer is subject to fiduciary duties and    obligations to act honestly and in good faith with a view to the best interests of the    Company. 
Similar duties and obligations will apply to such other companies. Thus    any future transaction between the Company and such other companies will be for bona fide    business purposes and approved by a majority of disinterested directors of the Company.
- **Employees.
In addition to the officers and directors, the Company has one field supervisor    and one part-time administrative assistant. 
**Share ownership.**
**Name****Office Held****Number of Common Shares Beneficially Owned or Over Which Control    is Exercised1**Roland M. LarsenPresident, CEO & Director1,532,500Kimberley KoernerDirector70,000Troy KoernerDirector30,000

1. The information as to shares beneficially owned or over which control    or direction is exercised, not being within the knowledge of the Company, has been    furnished by the respective individuals.
**Item 7. Major Shareholders and Related Party TransactionsMajor Shareholders
The following table shows as at May 2, 2003, each person who is    known to the Company, or its directors and officers to beneficially own, directly or    indirectly, or to exercise control or direction over securities carrying more than 10% of    the voting rights attached to any class of outstanding voting securities of the Company    entitled to be voted.
**Name of Shareholder****Securities Owned, Controlled or Directed**Percentage of the Class of Outstanding    Voting Securities of the Company (1)CDS & Co. (2)    Toronto, Ontario
21,993,472    Common Shares
    66.28%Based on 33,184,803 Common Shares issued and outstanding as at May 2, 2003.
This is a nominee account. To the knowledge of the Company, there is no beneficial      ownership of these shares by this nominee. The shares are held by a number of securities      dealers and other intermediaries holding shares on behalf of their clients who are the      beneficial owners.

 **Related party transactions.**
No director, senior officer, principal holder of securities or    any associate or affiliate thereof of Sharpe Resources or the Company has any interest,    directly or indirectly, in any material transaction or in any proposed material    transaction with Sharpe Resources. 
**Interests of experts and counsel.

Not Applicable.

 
**Item 8. Financial InformationConsolidated Statements and Other Financial Information
Following is a list of financial statements filed as part of    the annual report under Item #17 
- Auditor's Report for Sharpe Resources Corporation for the year ended December 31, 2002
- Consolidated Balance Sheets of Sharpe Resources Corporation as at December 31, 2002 and        2001
- Consolidated Statements of Operations and Deficit of Sharpe Resources Corporation for        the years ended December 31, 2002, 2001, 2000
- Consolidated Statements of Cash Flows of Sharpe Resources Corporation for the years        ended December 31, 2002, 2001, 2000
- Notes to the Consolidated Financial Statements of Sharpe Resources Corporation 

The consolidated financial statements of Sharpe Resources Corporation    were prepared in accordance with generally accepted accounting principles in Canada and    are expressed in United States dollars. For a discussion of the reconciliation of such    financial statements to United States generally accepted accounting principles, see note    #19 of the notes to the consolidated financial statements of Sharpe Resources Corporation.    
**B. Significant Changes.**
None.
**Item 9. The Offer and ListingOffer and listing details.
The authorized capital of the Company consists of (i) an    unlimited number of Common Shares and (ii) an unlimited number of preferred shares. The    Common Shares are the only class of securities which are the subject of this registration    statement on Form 20-F.
The Common Shares, when issued, will be fully paid and non-assessable,    carry one vote at all meetings of shareholders (except meetings at which only holders of    another class or series of shares are entitled to vote), participate ratably in any    dividend declared by the directors, subject to the rights of holders of any shares ranking    prior to the Common Shares, carry the right to receive a proportionate share of the assets    of the Company available for distribution to holders of the Common Shares in the event of    liquidation, dissolution or winding-up of the Company. The Common Shares do not carry any    pre-emptive rights or voting rights. 
On May 10, 1998, the shareholders of the Company approved by the    requisite vote an amendment to the Company’s articles to increase the authorized    capital of the Company by the creation of an unlimited number of preferred shares. The    preferred shares are issuable in series and authorize the directors of the Company to fix    the number of shares in, and determine the designation, rights, privileges, restrictions    and conditions attaching to the shares of each series. As of December 31, 2000, no series    has been designated by the board of directors of the Company. 
There are no laws or regulations, which would impose voting    restrictions on non-resident shareholders.
The following table sets forth the reported high and low sales prices    (stated in Canadian currency) and the average daily trading volume of the outstanding    Common Shares on the Montreal Exchange for the periods January 1997 through September 2001    and the TSX Venture Exchange for the periods October 2001 through March 2002.

High
Low
Volume
1997

First Calendar Quarter      Second Calendar Quarter      Third Calendar Quarter      Fourth Calendar Quarter
 

$1.50      $2.16      $3.20      $3.90
 

$1.00      $1.16      $1.68      $1.25
      168,247      79,844      56,662      76,191
1998

First Calendar Quarter      Second Calendar Quarter      Third Calendar Quarter      Fourth Calendar Quarter
 

$2.00      $1.19      $0.83      $0.75
 

$0.80      $0.80      $0.40      $0.42
      59,441      374,382      32,250      44,746
1999

First Calendar Quarter      Second Calendar Quarter      Third Calendar Quarter      Fourth Calendar Quarter
      $0.53      $0.41      $0.26      $0.30
      $0.20      $0.17      $0.08      $0.12
      31,062      54,647      95,162      57,315
2000

First Calendar Quarter      Second Calendar Quarter      Third Calendar Quarter      Fourth Calendar Quarter
      $0.50      $0.49      $0.43      $0.25
      $0.15      $0.18      $0.18      $0.10
      69,039      17,527      53,922      30,734
2001

First Calendar Quarter      Second Calendar Quarter      Third Calendar Quarter      Fourth Calendar Quarter
      $0.28      $0.16      $0.11      $0.05
      $0.11      $0.10      $0.05      $0.02
      45,997      39,862      12,330      69,953
2002

First Calendar Quarter      Second Calendar Quarter
      $0.12      $0.14
      $0.03      $0.04
      40,018      29,602**Plan of Distribution
Not Applicable
- **Markets** The Company was listed on the Vancouver Stock Exchange from  1980 until July 1995 when it was delisted at its own request in order to facilitate the  quotation of its Common Shares on the Canadian Dealing Network. Trading in the  Company’s Common Shares commenced on the Canadian Dealing Network on July 10, 1995  under the symbol "SHGP" until January 1997 when it was delisted at its own  request in order to facilitate the listing of its Common Shares on the Montreal Exchange.  Trading in the Company’s Common Shares commenced on the Montreal Exchange on January  20, 1997 and continued until October 2001 when they began trading on the TSX Venture  Exchange (formerly the CDNX).   The Company's Common Shares are****quoted in the United States on  the OTC Bulletin Board (SHGPF) and are also listed on the OTC "Pink Sheets"  under the symbol SHGPF.  **Selling shareholders.**
Not Applicable
**Dilution.**
Not Applicable
**Expenses of the issue.

Not Applicable
**Item 10. Additional InformationShare capital.
Not applicable
- **Memorandum and articles of association.** These documents were filed with the original registration report in July, 1998.  **Material contracts.**
There are no material contracts.
**Exchange controls.**
There is no law, governmental decree or regulation in Canada    that restricts the export or import of capital, including foreign exchange controls, or    that affects the remittance of dividends, interest or other payments to non-resident    holders of Common Shares, other than withholding tax requirements and potential capital    gain on the disposition of the Common Shares under certain circumstances. (See Item 10. E.    - Taxation.)

There is no limitation imposed by Canadian law or by the Articles or    other charter documents of the Company on the right of a non-resident to hold or vote    Common Shares, other than as provided by the Investment Canada Act (Canada) as amended,    including as amended by the World Trade Organization Implementation Act (Canada). The    following summarizes the principal features of the Investment Canada Act for non-Canadians    who propose to acquire Common Shares. 

The Investment Canada Act (the "Act") enacted on June 20,    1985, as amended, including as amended by the World Trade Organization Implementation Act    (Canada), requires notification and, in certain cases, advance review and approval by the    Government of Canada of the acquisition by a "non-Canadian" of    "control" of a "Canadian business," all as defined in the Act.    "Non-Canadian" generally means an individual who is not a Canadian citizen or    permanent resident, or a Corporation, partnership, trust or joint venture that is    ultimately controlled by non-Canadians. For purposes of the Act, "control" can    be acquired through the acquisition of all or substantially all of the assets used in the    Canadian business, or the direct or indirect acquisition of voting interests or shares in    an entity that carries on a Canadian business or which controls the entity which carries    on the Canadian business whether or not the controlling entity is Canadian. Under the Act,    control of a Corporation is deemed to be acquired through the acquisition of a majority of    the voting shares of a Corporation, and is presumed to be acquired where at least    one-third, but less than a majority, of the voting shares of a Corporation or of an    equivalent undivided ownership interest in the voting shares of a Corporation are acquired    unless it can be established that the Corporation is not controlled in fact through the    ownership of voting shares. Other rules apply with respect to the acquisition of    non-corporate entities.

All investments to acquire control of a Canadian business are    notifiable, unless they are reviewable. Investments requiring review and approval include:    (i) a direct acquisition of control of a Canadian business with assets with a value of    Cdn. $5,000,000 or more; (ii) an indirect acquisition of control of a Canadian business    where the value of the assets of the Canadian business and of all other Canadian entities    the control of which is acquired directly or indirectly is Cdn. $50,000,000 or more; and    (iii) an indirect acquisition of control of a Canadian business and of all other Canadian    entities the control of which is acquired directly or indirectly is Cdn. $5,000,000 or    more and represents greater than 50% of the total value of the assets of all of the    entities, control of which is being acquired. Subject to certain exceptions, where an    investment is made by a "WTO Investor" (generally, nationals or permanent    residents of World Trade Organization member states, or entities controlled by residents    or nationals of WTO member states) or the Canadian business is controlled by a WTO    Investor, the monetary thresholds discussed above are higher. In these circumstances the    monetary threshold with regard to direct acquisitions is Cdn. $160,000,000 in constant    1995 dollars as determined in accordance with the Act. Indirect acquisitions of Canadian    businesses by or from WTO Investors are not subject to review. The United States is a WTO    member state. 

Special rules apply with respect to investments by non-Canadians    (including WTO Investors) to acquire control of Canadian businesses that engage in certain    specified activities, including financial services, transportation services and activities    relating to Canada’s cultural heritage or national identity.

If an investment is reviewable, an application for review in the form    prescribed by regulation is normally required to be filed with the Investment Review    Division of Industry Canada prior to the investment taking place and the investment may    not be normally implemented until the review has been completed and ministerial approval    obtained.

The Investment Review Division will submit the application for review    to the Minister of Industry (Canada), together with any other information or written    undertakings given by the acquirer and any representations submitted to the division by a    province that is likely to be significantly affected by the investment. The Minister will    then determine whether the investment is likely to be of "net benefit to    Canada," taking into account the information provided and having regard to certain    factors of assessment prescribed under the Act. Among the factors considered are: (i) the    effect of the investment on the nature and level of economic activity in Canada, including    the effect on employment, on resource processing, on the utilization of parts, components    and services produced in Canada, and on exports from Canada; (ii) the degree and    significance of participation by Canadians in the Canadian business and in any industry in    Canada of which it forms a part; (iii) the effect of the investment on productivity,    industrial efficiency, technological development, product innovation and product variety    in Canada; (iv) the effect of the investment on competition within any industry or    industries in Canada; (v) the compatibility of the investment with national industrial,    economic and cultural objectives enunciated by the government or legislature of any    province likely to be significantly affected by the investment; and (vi) the contribution    of the investment to Canada’s ability to compete in world markets.

Within 45 days after completed application for review has been    received, the Minister must notify the investor that (a) he is satisfied that the    investment is likely to be of "net benefit to Canada," or (b) he is unable to    complete his review in which case he shall have 30 additional days to complete his review    (unless the investor agrees to a longer period) or (c) he is not satisfied that the    investment is likely to be of "net benefit to Canada." If the Minister is unable    to complete his review and no decision has been taken within the prescribed or agreed upon    time, the Minister is deemed to be satisfied that the investment is likely to be of    "net benefit to Canada."

Where the Minister has advised the investor that he is not satisfied    that the investment is likely to be of "net benefit to Canada," the acquirer has    the right to make representations and submit undertakings within 30 days of the date of    notice (or any further period that is agreed upon between the investor and the Minister).    On the expiration of the 30-day period (or an agreed extension), the Minister must notify    the investor whether or not he is satisfied that the investment is likely to be of    "net benefit to Canada." In the latter case, the investor may not proceed with    the investment, or if the investment has already been implemented, must divest itself of    control of the Canadian business.

No securities of the Company are subject to escrow or similar    restrictions.
**Taxation**
The following is a summary of certain Canadian federal income    tax provisions applicable to United States corporations, citizens and resident alien    individuals purchasing Common Shares. The discussion is only a general summary and does    not purport to deal with all aspects of Canadian federal taxation that may be relevant to    shareholders, including those subject to special treatment under the income tax laws.    Shareholders are advised to consult their own tax advisors regarding the Canadian federal    income tax consequences of holding and disposing of the Company’s Common Shares, as    well as any consequences arising under U.S. federal, state or local tax laws or tax laws    of other jurisdictions outside the United States. The summary is based on the assumption    that, for Canadian tax purposes, the purchasers or shareholders (i) deal at    arm’s-length with the Company, (ii) are not residents of Canada, (iii) hold the    Common Shares as capital property and (iv) do not use or hold Common Shares in, or in the    course of, carrying on business in Canada (a "Non-Resident Holder").
Dividends paid to U.S. residents by the Company on the Common Shares    generally will be subject to Canadian non-resident withholding taxes. For this purpose,    dividends will include amounts paid by the Company in excess of the paid-up capital of the    Common Shares on redemption or a purchase for cancellation of such shares by the Company    (other than purchases on the open market). For U.S. corporations owning at least 10% of    the voting stock of the Company, the dividends paid by the Company are subject to a    withholding tax rate of 6% in 1996 and 5% thereafter under the Canada-U.S. Income Tax    Convention (1980), as amended by the Protocol signed on March 17, 1995 (the    "Treaty"). For all other U.S. shareholders, the Treaty reduces the withholding    tax rate from 25% to 15% of the gross dividend. Other applicable tax treaties may reduce    the Canadian tax rate for other Non-Resident Holders.
A Non-Resident Holder will generally not be subject to tax in Canada on    capital gains realized from disposition of Common Shares, unless such shares are    "taxable Canadian property" within the meaning of the Income Tax Act (Canada).    Generally, the Common Shares would not be taxable Canadian property unless the    Non-Resident Holder, together with related parties, at any time during the five years    prior to the disposition of the Common Shares owned not less than 25% of the issued shares    of any class of the capital stock of the Company. Under the Treaty, a resident of the    United States will not be subject to tax under the Income Tax Act (Canada) in respect of    gains realized on the sale of Common Shares which constitute "taxable Canadian    property", provided that the value of the Common Shares at the time of disposition is    not derived principally from real property located in Canada.
**Dividends and paying agents.**
Not applicable.
- **Statement by experts** Not applicable.  **Documents on display.**
Company documents can be viewed at 3258 Mob Neck Road, Heathsville, Virginia    22473. They can also be obtained by writing to this address.
**Subsidiary Information
Not applicable.
**Item 11. Quantitative and Qualitative Disclosures about MarketRisk.**
At December 31, 2002, the Company's financial instruments consisted of cash and cashequivalents, receivables, payables and accruals and advances from related parties. TheCompany estimates that the fair value of its financial instruments approximates thecarrying values. It is management's opinion that the Company is not exposed to significantinterest, currency or credit risks arising from these financial instruments.

Receivables include amounts receivable for petroleum and natural gas sales, which aregenerally made to large creditworthy customers in the United States. Accordingly, theCompany views credit risks on these amounts as low.

The company is exposed to losses, in the event of non-performance by counter-parties tothese financial instruments. The Company deals with major institutions and believes theserisks are minimal.
**Item 12. Description of Securities Other than Equity Securities.**
Not applicable.
** 

PART II

Item 13. Defaults, Dividend Arrearages and Delinquencies.**
On August 4, 1999, the Company was forced to voluntarily seek Chapter11 reorganization under the US federal Bankruptcy code as a result of a large cost overrunincurred during the drilling phase of an offshore well. This filing occurred after a longperiod of negotiations with the creditors. There was a general lack of progress towardworking out an out-of-bankruptcy agreement with the creditors during the first half of1999. 

On February 9, 2000, the Company filed with the US District BankruptcyCourt of the Southern District of Texas a second proposed plan of reorganization inaccordance with federal bankruptcy laws. The plan of reorganization sets forth the meansfor satisfying claims, including liabilities subject to compromise and subsequentadjustments to the plan. The Company's cash and other assets are subject to certainrestrictions as a result of the bankruptcy.

In general, the plan provides for the following:

The current portion of long-term debt will be paid in full on theclosing date out of proceeds of a proposed financing.

The agreed secured-vendor lien claims will accept a cash payment of 45%as full payment of their claims. Alternatively, on of the sub-classes of secured claimantswill have the option to be paid in full over 42 months at 10% interest.

The unsecured vendor claims will accept a 10% cash payment 120 daysafter closing. At that time, the balance of the claim is to be converted to Sharpe EnergyCompany Preferred Class A stock which is subject to regulatory approval. The PreferredClass A stock will pay a quarterly stock dividend of 4% per annum. Additionally, thePreferred Class A stock may be redeemed by the Company, all or in part, at a discountbased upon the time of issuance, i.e., from 0-15 months the Preferred Class A stock can beredeemed for 35% of the remaining value, from 16-24 months the redemption is 40% of theremaining value, from 25-36 months the redemption is 60% of the remaining value andthereafter at 100% of the remaining value. 

The consummation of the final plan of reorganization receivedbankruptcy court approval and was approved by the Company's creditors on March 27, 2000.On June 5, 2000 Sharpe closed a US $2.3 million debenture financing. The term of thedebenture is five years with a 12% fixed interest rate coupon with quarterly interest andprincipal payments includes 2.3 million detachable warrants exercisable for two years atC$0.25 per warrant. **The recapitalization of the company did not impact shareholderequity.
Item 14. Material Modifications to the Rights of SecurityHolders and Use of Proceeds.**
There have been none.
**Item 15. Controls and Procedures

Based on their evaluation as of a date within ninety days of the filing date ofthis Annual Report on Form 20-F, the Company's principal executive officer and principalfinancial officer have concluded that the Company's disclosure controls and procedures (asdefined in Rules 13a-14(c) and 15d-14(c) under the Securities Exchange of 1934 (the"Exchange")) are effective to ensure that the information required to bedisclosed by the Company in reports that it files or submits under the Exchange Act isrecorded, processed, summarized and reported within the time period specified inSecurities and Exchange Commission rules and forms. There were no significant changes inthe Company's internal controls or in other factors that could significantly affect thesecontrols subsequent to the date of their evaluation, including any corrective actions withregard to significant deficiencies and material weaknesses.**Item 16. [Reserved]

 

PART III

Item 17. Financial Statements.**
Following is a list of financial statements filed as part of the annualreport. 
- Auditor's Report for Sharpe Resources Corporation. for the year ended December 31, 2002
- Consolidated Balance Sheets of Sharpe Resources Corporation as at December 31, 2002 and    2001
- Consolidated Statements of Operations and Deficit of Sharpe Resources Corporation for    the years ended December 31, 2002, 2001, 2000
- Consolidated Statements of Cash Flows of Sharpe Resources Corporation for the years    ended December 31, 2002, 2001, 2000
- Notes to the Consolidated Financial Statements of Sharpe Resources Corporation 

The consolidated financial statements of Sharpe Resources Corporationwere prepared in accordance with generally accepted accounting principles in Canada andare expressed in United States dollars. For a discussion of the reconciliation of suchfinancial statements to United States generally accepted accounting principles, see note#19 of the notes to the consolidated financial statements of Sharpe Resources Corporation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sharpe Resources Corporation

Consolidated Financial Statements

 

 
** **
 
Auditors' Report

 

To the Shareholders of
*Sharpe Resources Corporation*
 

We have audited the consolidated balance sheets of Sharpe Resources    Corporation****as at    December 31, 2002 and 2001 and the consolidated statements of operations and deficit and    cash flows for each of the years in the three-year period ended December 31, 2002. These    consolidated financial statements are the responsibility of the company's management. Our    responsibility is to express an opinion on these consolidated financial statements based    on our audits.
We conducted our audits in accordance with auditing standards generally    accepted in Canada and in the United States of America. Those standards require that we    plan and perform an audit to obtain reasonable assurance whether the financial statements    are free of material misstatement. An audit includes examining, on a test basis, evidence    supporting the amounts and disclosures in the financial statements. An audit also includes    assessing the accounting principles used and significant estimates made by management, as    well as evaluating the overall financial statement presentation.

In our opinion, these consolidated financial statements present fairly,    in all material respects, the financial position of the company as at December 31, 2002    and 2001 and the results of its operations and its cash flows for each of the years in the    three year period ended December 31, 2002, in accordance with Canadian generally accepted    accounting principles.

Toronto, Canada Grant Thornton LLP

March 31, 2003 Chartered Accountants

 

Comments by Auditors on United States of America-Canada Reporting    Difference

United States of America reporting standards require the addition of an    explanatory paragraph when the financial statements are affected by conditions and events    that cast doubt on the company’s ability to continue as a going concern, such as    those described in note 1 to the financial statements. Although we conducted our audit in    accordance with both United States of America and Canadian generally accepted auditing    standards, our report to the shareholders dated March 31, 2003 is expressed in accordance    with Canadian reporting standards which do not permit a reference to such conditions and    events in the auditor’s report when these are adequately disclosed in the financial    statements.

Toronto, Canada Grant Thornton LLP

March 31, 2003 Chartered Accountants
**Sharpe Resources Corporation

Consolidated Balance Sheets**
(Expressed in United States Dollars)

December 31
2002 
2001    **Assets   
Current   
Cash
$73,518 
$329,500
Receivables
21,368 
229,557
Advances to a    related party (Note 6)
47,117 
-
Inventory
18,537 
6,972 
160,540 
566,029
Office    equipment (Note 4)
1,866 
3,949 
$162,406 
$569,978
 
**Liabilities   
Current   
Payables and    accruals
$61,475 
$59,194
Advances from    related parties (Note 6)
15,500 
32,519 
76,975 
91,713
Long term debt    (Note 7)
664,533 
931,868
Future site    restoration and abandonment costs
- 
13,500 
741,508 
1,037,081**Capital    Stock and Deficit   
Capital stock    (Notes 8, 9 and 10)
10,921,861 
10,921,861
Deficit
(11,500,963) 
(11,388,964) 
(579,102) 
(467,103)     
$162,406 
$569,978
 

The Company and operations (Note 1)

 

On behalf of the Board

\s\ Roland M.    Larsen
Director  
\s\ Kimberley    L. Koerner
Director  **Sharpe Resources Corporation

Consolidated Statements of Operations and Deficit**
(Expressed in United States Dollars)

Years Ended    December 31
2002 
2001 
2000      **Petroleum    and natural gas revenue
$55,631 
$1,338,505 
$2,254,220      **Costs and    expenses     
Operating
237,800 
294,757 
592,474
General and    administrative
100,652 
899,311 
786,205
Depletion,    depreciation     
and    amortization (Note 11)
19,987 
478,654 
816,999
Interest (Note    12)
(41,128) 
172,977 
255,632 
317,311 
1,845,699 
2,451,310      **Loss before    the following
(261,680) 
(507,194) 
(197,090)      
Gain on    settlement of debt (Note 1)
149,681 
13,671 
1,313,900
Loss on    disposal of petroleum and     
natural gas    properties
- 
(1,839,517) 
-      **Earnings    (loss) before income taxes
(111,999) 
(2,333,040) 
1,116,810      **Income    taxes (Note 13)
- 
- 
-      **Net    earnings (loss)
$(111,999) 
$(2,333,040) 
$1,116,810      **Earnings    (loss) per     **common    share (Note 14)     
Basic
$(0.00) 
$(0.07) 
$0.03
Diluted
$(0.00) 
$(0.07) 
$0.03                  **Deficit at    beginning of year
$(11,388,964) 
$(9,055,924) 
$(10,172,734)      **Net    earnings (loss)
(111,999) 
(2,333,040) 
1,116,810      **Deficit at    end of year
$(11,500,963) 
$(11,388,964) 
$(9,055,924)            ** 

Sharpe Resources Corporation

Consolidated Statements of Cash Flows**
(Expressed in United States Dollars)

Years Ended    December 31
2002 
2001 
2000      **Increase    (decrease) in cash           **Operating    activities     
Net earnings    (loss)
$(111,999) 
$(2,333,040) 
$1,116,810
Operating    items not involving cash     
Depreciation,    depletion and amortization
19,987 
478,654 
816,999
Common stock    issued in lieu of services
- 
33,027 
33,783
Write off of    payables
- 
(15,167) 
-
Loan facility    issue costs (Note 5)
- 
- 
40,007
Loss on    disposal of petroleum and     
natural gas    properties
- 
1,839,517 
-
Gain on    settlement of debt
(149,681) 
(13,671) 
(1,313,900) 
(241,693) 
(10,680) 
693,699
Change in    non-cash operating     
working    capital (Note 15)
134,769 
(1,073,200) 
(1,180,338) 
(106,924) 
(1,083,880) 
(486,639)      **Financing    activities     
Repayments on    long term debt
(117,654) 
(2,752,839) 
(2,289,637)
Repayments on    loan facility
- 
(691,865) 
(208,135)
Issue of    Series A debentures, net of     
issue costs of    $291,692
- 
- 
2,008,308
Loan facility,    net of issue costs of $40,007
- 
- 
859,993
Change in    non-cash financing     
working    capital (Note 15)
- 
- 
(29,375) 
(117,654) 
(3,444,704) 
341,154      **Investing    activities     
Additions to    petroleum and natural gas
(31,404) 
(645,329) 
(379,952)
properties     
Proceeds on    disposal of petroleum     
and natural    gas properties
- 
5,171,016 
310,374
Additions to    capital assets
- 
(1,732) 
-
Proceeds on    disposal of capital assets
- 
4,345 
-
Change in    non-cash investing     
working    capital (Note 15)
- 
- 
98,879 
(31,404) 
4,528,300 
29,301      **Cash     
Net decrease
(255,982) 
(284) 
(116,184)
Beginning of    year
329,500 
329,784 
445,968      
End of year
$73,518 
$329,500 
$329,784            
Supplemental cash flow information (Note 15)
**Sharpe Resources Corporation

Notes to the Consolidated Financial Statements**
(Amounts Expressed in United States Dollars)

Years Ended December 31, 2002, 2001 and 2000
**1.**The Company and operations**
Sharpe Resources Corporation (the "Company") is a publiclyheld company, engaged primarily in the exploration for and production of petroleum andnatural gas properties through its wholly-owned subsidiary, Sharpe Energy Company("Sharpe Energy"), in a single cost centre being the United States. The Companyis continued under the New Brunswick Business Corporations Act and its common shares arelisted on the TSX Venture Exchange and traded on the OTC Bulletin Board.

In 2001, the Company sold substantially all of its petroleum andnatural gas properties. The Company is continuing to evaluate opportunities within andoutside of the natural resources business.

In August 1999, Sharpe Energy was forced to voluntarily seek Chapter 11reorganization under the United States Bankruptcy Code and on March 27, 2000, SharpeEnergy’s second plan of reorganization (the "Chapter 11 Plan") wasconfirmed under which the Company recorded a gain on settlement of debt of $1,313,900 in2000. At December 31, 2002 and 2001, the Company still had outstanding debt under theChapter 11 Plan, the details of which are described in Note 7. The Company also recordedgains on settlement of $149,681 and $13,671 in 2002 and 2001, respectively.

These financial statements have been prepared on the basis ofaccounting principles applicable to a going concern, which assume that the Company willcontinue in operation for the foreseeable future and will be able to realize its assetsand discharge its liabilities in the normal course of operations These financialstatements do not include adjustments to the amounts and classification of assets andliabilities that might be necessary should the Company be unable to continue in business.
**2. **Summary of significant accounting policies**
The consolidated financial statements have been prepared in accordancewith accounting principles generally accepted in Canada and include the accounts of theCompany, Sharpe Energy, and the Company’s inactive wholly-owned Canadian subsidiary,1032144 Ontario Inc.

A summary of the differences between accounting principles generallyaccepted in Canada ("Canadian GAAP") and those generally accepted in the UnitedStates ("US GAAP") which affect the Company is contained in Note 19.
**Use of estimates**
The preparation of financial statements in conformity with generallyaccepted accounting principles requires management to make estimates and assumptions thataffect the reported amounts of assets and liabilities, the disclosure of contingent assetsand liabilities at the date of the financial statements and reported amounts of revenuesand expenses during the reporting period. Actual results could differ from thoseestimates.
**Sharpe Resources Corporation

Notes to the Consolidated Financial Statements**
(Amounts Expressed in United States Dollars)

Years Ended December 31, 2002, 2001 and 2000
**2.**Summary of significant accounting policies (continued)
Joint operations**
The Company conducts substantially all of its petroleum and natural gasexploration and production activities jointly with others. The consolidated financialstatements reflect only the Company’s interest in such activities.
**Inventory**
Inventory of petroleum is carried at the lower of average cost and netrealizable value.
**Deferred financing costs**
Deferred financing costs are amortized over the term of the relateddebt on the straight-line method.
**Petroleum and natural gas properties***Capitalized costs*
The Company follows the full-cost method of accounting for itspetroleum and natural gas operations. Under this method all costs related to theexploration for and development of petroleum and natural gas resources are capitalized.Costs include lease acquisition, geological and geophysical expenses, delay rentals andcosts of drilling both productive and non-productive wells. Proceeds from the disposal ofproperties are applied against capitalized costs, without any gain or loss being realized,unless such sale would significantly alter the rate of depletion and depreciation.
*Depletion and depreciation*
Depletion of exploration and development costs and depreciation ofproduction equipment is provided using the unit-of-production method based upon estimatedproved petroleum and natural gas reserves. The costs of significant undeveloped propertiesare excluded from costs subject to depletion. For depletion and depreciation purposes,relative volumes of petroleum and natural gas production and reserves are converted at theenergy equivalent conversion rate of six thousand cubic feet of natural gas to one barrelof crude petroleum.
*Ceiling test*
In applying the full cost method, the Company calculates a ceiling testwhereby the carrying value of petroleum and natural gas properties and productionequipment, net of recorded future income taxes and the accumulated provision for siterestoration and abandonment costs, is compared annually to an estimate of future net cashflow from the production of proved reserves. Net cash flow is estimated using year-endprices, less estimated future general and administrative expenses, financing costs andincome taxes. Should this comparison indicate an excess carrying value, the excess ischarged against operations as additional depletion and depreciation.
**Sharpe Resources Corporation

Notes to the Consolidated Financial Statements**
(Amounts Expressed in United States Dollars)

Years Ended December 31, 2002, 2001 and 2000
**2.**Summary of significant accounting policies (continued)
Petroleum and natural gas properties (continued)***Future site restoration and abandonment costs*
Estimated costs relating to future site restoration and abandonment'sare provided for over the life of proved reserves on a unit-of-production basis. Costs areestimated, net of expected recoveries, based upon current legislation, costs, technologyand industry standards. The annual provision is recorded as additional depletion anddepreciation. The accumulated provision is reflected as a non-current liability and actualexpenditures are charged against the accumulated provision when incurred.
*Office equipment and related depreciation*
Office equipment is recorded at cost and is depreciated on astraight-line basis over periods ranging from three to five years.
**Revenue recognition**
Revenue from the sale of petroleum and natural gas is recognized uponthe passage of title, net of royalties and net profits interests.
**Stock-based compensation plans**
Effective January 1, 2002, the Company adopted the new recommendationsof the CICA Handbook Section 3870, Stock-based Compensation and Other Stock-basedPayments. This section established standards for the recognition, measurement anddisclosure of stock-based compensation and other stock-based payments made in exchange forgoods and services. These new recommendations require that compensation for all awardsmade to non-employees and certain awards made to employees be measured and recorded in thefinancial statements at fair value. This section also sets out a fair value based methodof accounting for stock options issued to employees and applies to awards granted on orafter fiscal years beginning January 1, 2002.

The Company, as permitted by Section 3870, has chosen not to use thefair value method to account for stock-based employee compensation plans, but to disclosepro-forma information for options granted after January 1, 2002. The Company records nocompensation expense when options are issued to employees. Any consideration paid byemployees on the exercise of the options is credited to capital stock.
**Income taxes**
Income taxes are calculated using the asset and liability method of taxaccounting. Under this method, current income taxes are recognized for the estimatedincome taxes payable for the current period. Future income tax assets and liabilities aredetermined based on differences between the financial reporting and tax bases of assetsand liabilities and on unclaimed losses carried forward and are measured using thesubstantially enacted tax rates that will be in effect when the differences are expectedto reverse or losses are expected to be utilized. A valuation allowance is recognized tothe extent that the recoverability of future income tax assets is not considered morelikely than not.
**Sharpe Resources Corporation

Notes to the Consolidated Financial Statements**
(Amounts Expressed in United States Dollars)

Years Ended December 31, 2002, 2001 and 2000
**2.**Summary of significant accounting policies (continued)
Earnings (loss) per common share**
Basic earnings (loss) per share is computed by dividing the earnings(loss) for the period by the weighted average number of common shares outstanding duringthe period, including contingently issuable shares which are included when the conditionsnecessary for issuance have been met. Diluted earnings per share is calculated in asimilar manner, except that the weighted average number of common shares outstanding isincreased to include potentially issuable common shares from the assumed exercise ofcommon share purchase options and warrants, if dilutive. The number of additional sharesincluded in the calculation is based on the treasury stock method for options andwarrants.
**Foreign currency translation**
The Company uses the United States Dollar as its reporting currency, asthe majority of its transactions are denominated in this currency and the operations ofits subsidiaries are considered to be of an integrated nature.

Monetary assets and liabilities of the parent company denominated inCanadian funds are translated into United States funds at period end rates of exchange.Other assets and liabilities and capital stock of the parent company are translated athistorical rates. Revenues and expenses of the parent company are translated at theaverage exchange rate for the period. Gains and losses on foreign exchange are recorded inoperations.
**3.    Petroleum and natural gas properties
2002 
2001    
Cost
$31,404 
$64,000
Accumulated    depletion and depreciation
31,404 
64,000    
Net carrying    value
$ - 
$ -
In 2002 and 2001, the carrying value of the Company’s propertieswas reduced to nil as a result of the application of the ceiling test.
**4. Office    equipment
2002 
2001    
Cost
$64,146 
$64,146
Accumulated    depletion
62,280 
60,197    
Net carrying    value
$1,866 
$3,949
 

 
**Sharpe Resources Corporation

Notes to the Consolidated Financial Statements**
(Amounts Expressed in United States Dollars)

Years Ended December 31, 2002, 2001 and 2000
**5. Loan facility**
In August 2000, the Company obtained an unsecured loan facility for$900,000 to fund well completion expenditures.

Issue costs of $40,007 in relation to this facility were included ininterest expense in the consolidated statement of operations in 2000.

In April 2001, the Company sold its Gulf of Mexico Matagorda wells andrepaid the loan facility.
**6. Advances    to/from related parties
2002 
2001    
Advances to:   
Royal Standard    Minerals Inc.
$47,116 
$ -    
Advances from:   
Royal Standard    Minerals Inc.
- 
15,219
Directors
15,500 
17,300     
$15,500 
$32,519
Royal Standard Minerals Inc. is considered to be related to the Companybecause of common management. Advances to Royal Standard Minerals Inc. are non-interestbearing and due on demand. Advances from Royal Standard Minerals Inc. are unsecured andbear interest at prime plus 2% per annum commencing in 2000. Advances from directors areunsecured and non-interest bearing.
** ****7. Long    term debt
2002 
2001*********************************************************************************************************************************************** |