UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10K/a 4

(Mark One)

xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December
31, 2010

or

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                    to

Commission file number          333-141875

Tiger Oil and Energy, Inc.

(Exact name of registrant as specified
in its charter)

| | NEVADA                         | 20-5936198          | 
| | ------------------------------ | ------------------- | 
| | State or other jurisdiction of | (I.R.S. Employer    | 
| | incorporation or organization  | Identification No.) | 



| | 7230 Indian Creek Ln. Ste 201, Las Vegas, NV 89149 | 
| | -------------------------------------------------- | 

(Address of principal executive offices)

Registrant’s telephone number, including
area code (702) 336-0356

Securities registered pursuant to Section
12(b) of the Act:

Title of each class

Securities registered pursuant to section
12(g) of the Act:

(Title of class)

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





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

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

Indicate by check mark if disclosure of
delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not
be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference
in Part III of this Form 10-K or any amendment to this Form 10-K.

o

Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2
of the Exchange Act.
Large accelerated filer o Accelerated filer oNon-accelerated filer (Do not check if a smaller reporting company) o Smaller
reporting
company þ

|
|

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

State the aggregate market value of the
voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last
sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently
completed second fiscal quarter.

Note.—If a determination
as to whether a particular person or entity is an affiliate cannot be made without involving unreasonable effort and expense, the
aggregate market value of the common stock held by non-affiliates may be calculated on the basis of assumptions reasonable under
the circumstances, provided that the assumptions are set forth in this Form.

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)

Indicate the number of shares outstanding
of each of the registrant’s classes of common stock, as of the latest practicable date. As of January 18, 2012 the Company
had 52,978,159 issued and outstanding shares of its common stock and 42,013 of its preferred stock.





DOCUMENTS INCORPORATED BY REFERENCE

List hereunder the following documents
if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated:
(1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule
424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g.,
annual report to security holders for fiscal year ended December 24, 1980).



FORWARD-LOOKING STATEMENTS

Certain of the statements made or incorporated
by reference in this Form 10-K, including those under “Management’s Discussion and Analysis of Financial Condition
and Results of Operations,” and elsewhere in this report, may constitute “forward-looking statements” within
the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended (the “Securities
Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Forward-looking statements include statements
with respect to our beliefs, plans, objectives, goals, targets, expectations, anticipations, assumptions, estimates, intentions
and future performance, and involve known and unknown risks, uncertainties and other factors, many of which may be beyond our control,
and which may cause the actual results, performance or achievements of the Company, or the commercial banking industry or economy
generally, to be materially different from future results, performance or achievements expressed or implied by such forward-looking
statements.

All statements other than statements of
historical fact are statements that may be forward-looking statements. You can identify these forward-looking statements through
our use of words such as “may,” “will,” “anticipate,” “assume,” “should,”
“indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,”
“continue,” “plan,” “target,” “point to,” “project,” “predict,”
“could,” “intend,” “target,” “potential,” and other similar words and expressions
of the future or otherwise regarding the outlook for the Company’s future business and financial performance.

All written or oral forward-looking statements
that are made by or are attributable to us are expressly qualified in their entirety by this cautionary notice. You should not
place undue reliance on any forward-looking statements, since those statements speak only as of the date that they are made. We
have no obligation and do not undertake to publicly update, revise or correct any of the forward-looking statements after the date
of this report, or after the respective dates on which such statements otherwise are made, whether as a result of new information,
future events or otherwise, except as may otherwise be required by law.



PART I

Item 1. Business.

General Information

Except for statements of historical fact, certain information
in this document contains “forward-looking statements” that involve substantial risks and uncertainties. You can identify
these statements by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,”
“expect,” “intend,” “may,” “should,” “will,” ‘would,” or
similar words. The statements that contain these or similar words should be read carefully because these statements discuss our
future expectations, contain projections of our future results of operations, or of our financial position, or state other “forward-looking”
information. Tiger Oil and Energy, Inc. (“The Company” or “TGRO”) believes that it is important to communicate
our future expectations to our investors. However, there may be events in the future that we are not able to accurately predict
or control. Further, we urge you to be cautious of the forward-looking statements that are contained in this Form 10-K because
they involve risks, uncertainties and other factors affecting our operations, market growth, service, products and licenses. These
factors may cause our actual results to and achievements, whether expressed or implied, to differ materially from the expectations
we describe in our forward-looking statements. The occurrence of any of these events could have a material adverse effect on our
business, results of operations and financial position.

Corporate History

Tiger Oil and Energy, Inc.,( formerly
UTEC INC., formerly Lyon Capital Venture Corp., is a Nevada corporation organized on November 8, 1993 as a “For Profit”
corporation for the purpose of engaging in any lawful activity. The Company was in the development stage through December 31, 2006.
The year ended December 31, 2007, is the first year during which the Company is considered an operating company and was no longer
considered in a development stage. On January 10, 2007, the Company purchased 100% of the shares of UTEC Corporation, Inc. from
Energetic Systems Inc. LLC, for a total consideration of 22,500,000 of the Company’s par value $0.001 common shares and 20,000
of the Company’s par value $0.001 preferred shares. Each share of our preferred stock entitles the owner to 2,500 votes.
Shares of our preferred shares can be converted to two common for one preferred. The Company also issued 2,525,000 common shares
in finder’s fees.

Our business was to offer state of the
art testing and analysis to clients worldwide. The Company operated a chemical research and development laboratory near Riverton,
Kansas, which specialized in commercial explosives development and analysis. The Company also operated a destructive test facility
near Hallowell, Kansas, which specializes in determining the detonating characteristics of commercial explosives.

In 2007, we licensed technology covering the use of cold plasma
oxidizer technology for the destruction of solid and liquid hazardous chemicals and biological waste. During 2007 and 2008, the
Company worked to validate the technology and prepare a business plan for its commercialization.



In April 2009, the Company divested its commercial
explosives development, analysis, testing and manufacturing business (“Legacy Business”) to eliminate the need to inject
new capital into the Company to support this business, and concentrate on raising the funds necessary to commercialize its hazardous
waste destruction business in exchange for the 22,500,000 shares of its common stock originally issued to Energetic Systems Inc.
LLC.

Business of Issuer

For more than 30 years, the predecessor companies to the Company’s
subsidiary have been involved in the research and development of commercial explosive products used by the construction, quarrying
and mining industries in North America and elsewhere in the world. The legacy business of the company actually had its start in
the commercial explosives business of Gulf Oil Limited, and one of the sites currently occupied by the Company is a former coal
mine which was mined by a subsidiary of Gulf Oil, and served as Gulf Explosives bulk truck garage, etc.

The Company operated three marketing units, all under the
management of Dr. Fortunato Villamagna, Managing Director and CEO.

1. Energetic Materials, which includes the development and
testing of commercial explosives.

2. Specialty Chemicals and Raw Materials, which distributes
chemicals that are used in commercial explosives; and

3. Hazardous Chemicals and Biological Waste Destruction, a
marketing unit that utilizes a new patented technology for the destruction of biological waste and other hazardous chemicals and
military munitions. This marketing unit is commercializing the Cold Plasma Oxidizer Technology for the total and complete destruction
of solid and liquid hazardous chemicals and biological waste.

In March of 2007, we entered into an agreement with Ceramatec
Inc., of Salt Lake City, Utah, and licensed the world–wide exclusive rights to manufacture and market a Waste Destruction
System utilizing the Cold Plasma Oxidizer Technology.

A decision was made to sell the legacy
business to Energetic Systems, Inc., LLC., and retain within the UTEC consolidated group the Ceramatec license and waste destruction
assets developed over the past two years. This will minimize the immediate cash requirements of the company. The sale was completed
on April 26, 2009, effective as of April 1, 2009. UTEC, Inc. and its wholly owned subsidiary UTEC Corporation continue as public
companies, retaining the assets of the waste destruction business.We abandoned these activities upon changing its business direction
and the purchase of Jett Rink Oil LLC.

The Hazardous Chemicals & Biological Waste Destruction
business was developmental and we did not sell any units.



On September 2, 2009 the Company received a
termination notice from Ceramatec that this agreement was cancelled for non-performance. The Company had issued 850,000 of its
$.001 par value common shares to Ceramatec that Ceramatec could sell starting two years from the date of the agreement. These unregistered
shares were issued under section 4(2) of the Securities Act of 1933 as they were transactions by an issuer not involving any public
offering.

On October 1, 2009 the Company purchased
100% of the outstanding shares of C2R Energy Commodities Inc for the issuance of 4,050,000 of the Company’s $0.001 par value
common shares. These unregistered shares were issued under section 4(2) of the Securities Act of 1933 as they were transactions
by an issuer not involving any public offering.

On October 1, 2009, the Board of Directors asked Suresh Subramanian
to step down as President and J. Curt Stafford to step down as CFO of the Company pursuant to a condition of the Company’s
agreement with CR2 Energy Commodities Corp. Effective October 1, 2009, the Board of Directors appointed Fortunato Villamagna as
President and CEO; Kenneth B. Liebscher as Secretary and Howard Bouch as CFO.

On May 26, 2010, Fortunato Villamagna and David Taylor resigned
from the Board of Directors and Ken Liebscher was appointed President/CEO and Howard Bouch was appointed Secretary and CFO.

On July 29, 2010, the Company entered into an Exchange Agreement
(the “Exchange Agreement”) with Jett Rink Oil, LLC, a Kansas limited liability company (“Jett Rink”) and
Bill Herndon, the sole member of Jett Rink, pursuant to which the Company agreed to acquire from Bill Herndon all of the membership
interest in Jett Rink in exchange for 10,000,000 shares of the Company’s Common Stock. Jett Rink is involved in the business
relating to the exploration, development and production of oil and gas in the United States.

The shares were issued under the exemption provided by Section 4(2)
of the Securities Act of 1933 and Rule 506 of Regulation D.



On August 16, 2010, UTEC, Inc., a Nevada corporation (the “
Company ”), entered into a First Amendment to Exchange Agreement with Jett Rink Oil, LLC, a Kansas limited liability company
(“ Jett Rink ”), and Bill Herndon, the sole member of Jett Rink, whereby the Exchange Agreement dated July 29, 2010
(the “ Exchange Agreement ”) was amended by deleting Section 5.03(h) with respect to the Company’s name change
to “Tiger Energy, Inc.” as a condition to closing of the Exchange Agreement.

Utec, Inc. formed Tiger Oil and Energy, Inc. as a wholly owned subsidiary
on August 20, 2010. Tiger Oil and Energy, Inc. had no operations, business plan or activity of any kind. At the closing of the
Exchange Agreement, Jett Rink became a wholly-owned subsidiary of the Company and the Company acquired the business and operations
of Jett Rink. The Exchange Agreement contains customary representations, warranties, and conditions to closing.



On September 14, 2010, an addendum to the Exchange Agreement was
signed to delete Section 5.03(j) from the Exchange Agreement and the Amendment thereto in its entirety.

On September 28, 2010, Tiger Oil and Energy, Inc. executed
an Exchange Agreement with Jet Rink Oil, LLC, making Jet Rink Oil a wholly owned subsidiary of Tiger Oil and Energy. The closing
of the Agreement was subject to the satisfaction of certain pre-closing conditions, including (i) changing the name of the Company
to “Tiger Oil and Energy, Inc.,” (ii) the cancellation of all of the 4,650,000 outstanding options that have been granted
to the Company’s key employees, consultants, officers and directors pursuant to the Company’s non-qualified stock option
plan, and (iii) completion of audited financial statements of Jett Rink, among others. These closing conditions were satisfied
and the Merger Agreement was consummated on October 29, 2010. Accordingly, the Company changed its corporate name to Tiger Oil
and Energy, Inc. (TGRO).

As part of the Jett Rink agreement, the Company owns interests
in two oil and gas wells (Shilo Projects described below) for approximately 50 acres located in Creek County, State of Oklahoma,
together with any personal property and lease equipment located thereon. Currently both these wells are shut-in and we will be
evaluating these wells as to cost of putting back into production versus the expected revenues to be earned form the wells.



On August 6, 2010 the Board increased its Directors to five with
the addition of Mr. Bill Herndon, Mr. Ryan Kerr and Mr. Paul Liebman. Mr. Herndon has been an oil operator in Kansas and Oklahoma
for the past five years.

On October 27th, 2010 we entered into a co-development agreement
with Black Hawk Exploration, (BHWX), in which we, after an investment of $400,000 by the Company in a new well in Black Hawk’s
Cowley County lease, we will earn a 40% working interest in the # 1 Baker well, BHWX will receive a 50% interest in the new well
and TGRO will have the right to participate in the nine-well rework program at the Cowley Prospect. BHWX will receive a 20% interest
in any other new well TGRO drills on Black Hawk’s current or future Cowley County, Kansas leases and Black Hawk has the option
to invest in each additional new well drilled by TGRO on a prorated basis up to an additional 30%.



On October 29, 2010, Tiger Oil and Energy, Inc. (formerly UTEC)
closed its Exchange Agreement with Jet Rink Oil, LLC, making Jet Rink Oil a wholly owned subsidiary of Tiger Oil and Energy.



On November 29th the Company expanded its original agreement and
entered into a co-development agreement with Black Hawk Exploration covering approximately 2,553 acres of oil and gas leases
in Cowley County, Kansas. BHWX owns 100% of the leases within the Prospect Area and has an undivided 81.5% working interest in
and to the oil and gas leases and their previous 10 shut-in oil and gas wells.

The joint agreement includes in one shut-in oil/gas well,
the #1 Baker, located on the Keith Baker lease. Also subject to joint development is a 100% interest in 9 other oil wells previously
shut-in. The Company’s program calls for re-working all 10 locations directly or in joint venture with Black Hawk and returning
all of them to cash flow production.

On February 3, 2011, Mr. Paul Liebman tendered his resignation
from the Board of Directors.

On Feb. 4th, 2011, we retained International IR Inc. (IRR)
to provide media services. IIR is a strategic consulting firm that works primarily with emerging growth companies in the resource
sector. IIR will focus on providing multiple information platforms to TGRO’s shareholders and advise as well as negotiate
on behalf of the Company, acquisition, exploration and joint venture agreements and strategies.



On February 9th, 2011, - we acquired a 100%
interest in three Oil and Gas leases totaling 400 acres in Southern Kansas, comprised of three historically productive properties.
Our Geologist has reviewed the Holman #2, #3, #4, and #5; the Adams #1 and the Glasse wells commonly known as the Wise #1 and Roberts
#1 and have recommended a seven-well exploration and production study. All the leases acquired by the parties covering lands within
the prospect area are owned 100% by TGRO with an undivided eighty-one and one-half percent (81.5%) working interest in the oil
and gas leases described. The Company issued a Note and 250,000 shares of its common stock in the acquisition. We will require
an investment of $400,000 to initiate putting these wells back into production. Management believes this can be accomplished and
is considering various options to acquire this funding, but has not yet entered into an agreement to do so.

On March 31, 2011 we purchased, at auction, two shut-in oil
wells in Ness County KS for cash.

The company will continue to evaluate shut
in wells in the states of Kansas and Oklahoma with intention of putting historically productive wells back into production at the
least cost. We will then need to enter into private placement agreements to fund the programs.

Indemnification of Directors and Officers



Our bylaws contain provisions which require that the company indemnify
its officers, directors, employees and agents, in substantially the same language as Section 78.7502 of the Nevada Revised Statutes.
Article 12 of the Company’s Articles of Incorporation provides for the Company’s ability to indemnify it’s officers,
directors, employees and agents, subject to the limitations provided in Nevada Revised Statutes 78.7502, for expenses actually
and reasonably incurred. No indemnification shall be made if the proposed party has been adjudged to be liable to the company or
where the matter was settled without court approval. Indemnification must be made upon a determination by a majority of the uninterested
Board, and if not available, by the shareholders or by a court of competent jurisdiction.

Item 1A. Risk Factors.

Not Applicable

Item 1B. Unresolved Staff Comments.

None



Item 2. Properties.

Our offices are located at 7230 Indian
Creek Lane, Ste 201, Las Vegas, NV 89149. The facilities are on a month to month basis at a cost of $400 per month. Specific direct
expenses incurred such as telephone and secretarial services are charged back to the Company at cost.

Item 3. Legal Proceedings.

None

Item 4. Submission of Matters to a Vote of Security Holders.

None

PART II

Item 5. Market for Registrant’s Common Equity, Related
Stockholder Matters and Issuer Purchases of Equity Securities.

The Company’s common stock trades on the Over-The-Counter
Bulletin Board (OTC:BB) under the symbol TGRO. The following table shows the high and low trading prices for the past two years.

|      |  |      |      |      |  |      |  |     |      |  |  |      | 
|----- |  | ---- | ---- | ---- |  | ---- |  | --- | ---- |  |  | ---- | 
|      |  | 2009 |      | 2010 | 
|      |  | High |      | Low  |  | High |  | Low |     
|Qtr 1 |  |      | 0.20 |      |  | 0.01 |  |     | 0.01 |  |  | 0.05 | 
|Qtr 2 |  |      | 0.01 |      |  | 0.01 |  |     | 0.01 |  |  | 0.05 | 
|Qtr 3 |  |      | 0.01 |      |  | 0.01 |  |     | 0.01 |  |  | 0.05 | 
|Qtr 4 |  |      | 0.01 |      |  | 0.01 |  |     | 0.05 |  |  | 0.25 | 

We did not make any dividend payments during the fiscal years
ended December 31, 2010 or 2009 and have no plans to pay dividends in the foreseeable future. We did not repurchase any shares
of our common stock during the fiscal year ended December 31, 2010 or 2009.

Transfer Agent: Empire Stock Transfer Co., 1859 Whitney Mesa
Dr., Henderson, NV 89014

The Company did not make any repurchases of its securities
during the year ended December 31, 2010.



Item 6. Selected Financial Data.

Not Applicable

Item 7. Management’s Discussion and Analysis of Financial
Condition and Results of Operations.



The following discussion of our financial condition and results
of operations should be read in conjunction with (i) our audited financial statements as of September 30, 2009that appear elsewhere
in this 10K. This 10K contains certain forward-looking statements and our future operating results could differ materially from
those discussed herein. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which
may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance
on such forward-looking statements. We disclaim any obligation to update any such factors or to announce publicly the results of
any revisions of the forward -looking statements contained herein to reflect future events or developments.



Going Concern

The future of our company is dependent upon its ability to obtain
financing and upon future profitable operations from the sale of products and services through our websites. Management has plans
to seek additional capital through a private placement and public offering of its common stock, if necessary. Our auditors have
expressed a going concern opinion because uncertainties raise doubts about the Issuers ability to continue as a going concern.



Background

The Company has recently consummated a voluntary share exchange
transaction between the Company on one hand and Jett Rink Oil, LLC, a Kansas limited liability company

(“Jett Rink”) and Bill Herndon, the sole member of Jett
Rink, on the other hand, pursuant to which the Company has acquired from Bill Herndon all of the membership interest

in Jett Rink in exchange for approximately 10,000,000 shares of
the Company’s Common Stock and Jett Rink has become a wholly-owned subsidiary of the Company.



Corporate Overview

Unless otherwise indicated, in this 10K, references to “we,”
“our,” “us,” the “Company,” “TGRO” refer to Tiger Oil and Energy, Inc., a Nevada
corporation (formerly UTEC, Inc.) and Jett Rink which became a wholly owned subsidiary October 29, 2010 after the closing of the
voluntary share exchange transaction described above.. Future plans include

the exploration, development and production of oil and gas in the
United States. Our current focus is to secure $1,400,000 in financing to increase our holdings and develop our current oil and
gas assets over the next twelve months.



2007 was the first year of operation for the Company after
it acquired the UTEC Corporation from Energetic Systems Inc, LLC. In 2007, the Company was organized into three marketing units,
Energetic Materials, Specialty Chemicals and Raw Materials and Hazardous Chemicals and Biological Waste Destruction. The Company’s
historical legacy business was primarily constituted by the first two marketing units and almost exclusively within the commercial
explosives market. The new marketing unit, Hazardous Chemicals and Biological Waste Destruction was in a development stage through
June of 2009, and had no commercial revenues. This business unit was structured in order to pursue commercialization of Cold Plasma
Oxidizer waste destruction systems during 2009. During the latter part of 2008, the Directors and Management conducted a review
of the Company’s business prospects and concluded that the legacy activities of UTEC Corporation were not sufficient to fund
development and commercialization of the waste destruction business. Consequently, the Directors and Management began exploring
various means to continue the growth of the business and fund the final development and commercialization of the waste destruction
technology licensed from Ceramatec. A decision was made to sell the legacy business to Energetic Systems, Inc., LLC., and retain
within the UTEC consolidated group the Ceramatec license and waste destruction assets developed over the past two years. The effect
of this would be to simplify and focus the activities of the Company on the waste destruction business, eliminate the need to inject
additional cash required to fund the legacy business, and thereby make the Company more attractive to potential lenders and investors.
The sale was completed on April 26, 2009, with effect from April 1, 2009. On September 2, 2009 the Company received a termination
notice from Ceramatec that this agreement was cancelled for non-performance. The Company had issued 850,000 of its $.001 par value
common shares to Ceramatec that Ceramatec could sell starting two years from the date of the agreement. These unregistered shares
were issued under section 4(2) of the Securities Act of 1933 as they were transactions by an issuer not involving any public offering.

On October 1, 2009 the Company purchased 100% of the outstanding
shares of C2R Energy Commodities Inc for the issuance of 4,050,000 of the Company’s $0.001 par value common shares. These
unregistered shares were issued under section 4(2) of the Securities Act of 1933 as they were transactions by an issuer not involving
any public offering.

On July 29, 2010, UTEC, Inc., a Nevada corporation (the “Company”),
entered into an Exchange Agreement (the “Exchange Agreement”) with Jett Rink Oil, LLC, a Kansas limited liability company
(“Jett Rink”) and Bill Herndon, the sole member of Jett Rink, pursuant to which the Company agreed to acquire from
Bill Herndon all of the membership interest in Jett Rink in exchange for 10,000,000 shares of the Company’s Common Stock.
Jett Rink is involved in the business relating to the exploration, development and production of oil and gas in the United States.



The Company has recently consummated a voluntary share exchange
transaction between the Company on one hand and Jett Rink Oil, LLC, a Kansas limited liability company (“Jett Rink”)
and Bill Herndon, the sole member of Jett Rink, on the other hand, pursuant to which the Company has acquired from Bill Herndon
all of the membership interest in Jett Rink in exchange for approximately 10,000,000 shares of the Company’s Common Stock
and Jett Rink has become a wholly-owned subsidiary of the Company.



The closing of the Merger Agreement was subject to the satisfaction
of certain pre-closing conditions, including (i) changing the name of the Company to “Tiger Oil and Energy, Inc.,”
(ii) the cancellation of all of the 4,650,000 outstanding options that had been granted to the Company’s key employees, consultants,
officers and directors pursuant to the Company’s non-qualified stock option plan, and (iii) completion of audited financial
statements of Jett Rink, among others. These closing conditions were satisfied and the Exchange Agreement was consummated on October
29, 2010. Accordingly, the Company changed its corporate name to Tiger Oil and Energy, Inc.

On October 27th, 2010 Tiger Oil and Energy, Inc. (TGRO) entered
into a co-development agreement with Black Hawk Exploration, in which the Company, after an investment of $400,000 by TGRO in a
new well in Black Hawk’s Cowley County lease, the Company will earn a 40% working interest in the # 1 Baker well, BHWX will
receive a 50% interest in the new well and TGRO will have the right to participate in the 9 well rework program at the Cowley Prospect.
BHWX will receive a 20% interest in any other new well TGRO drills on Black Hawk’s current or future Cowley County, Kansas
leases and Black Hawk has the option to invest in each additional new well drilled by TGRO on a prorated basis up to an additional
30%.

On November 29th the Company expanded its original
agreement and entered into a joint venture agreement with Black Hawk Exploration covering approximately 2,553 acres of oil
and gas leases in Cowley County, Kansas. BHWX owns 100% of the leases within the Prospect Area and has an undivided 81.5% working
interest in and to the oil and gas leases and their previous 10 shut-in oil and gas wells.

The joint agreement includes in one shut-in oil/gas well,
the #1 Baker, located on the Keith Baker lease. Also subject to joint development is a 100% interest in 9 other oil wells previously
shut-in. The Company’s program calls for re-working all 10 locations directly or in joint venture with Black Hawk and returning
all of them to cash flow production.



The Company through its acquisition of
Jett Rink LLC owns interests in two oil and gas wells for approximately 50 acres located in Creek County, State of Oklahoma, together
with any personal property and lease equipment located thereon.These two wells are shut-in and produce no revenue.



Our current focus is to secure $1,400,000 in financing to increase
our holdings and develop our current oil and gas assets over the next twelve months.

Revenues

Revenues from continuing operations for the year ended December
31, 2010 were $-0. The Company divested all assets that generated revenue in the period ended June 30, 2009 as part of the sale
of the legacy business.

Expenses

Expenses from continuing operations for
the year ended December 31, 2010 and 2009 were $1,393,869 and $1,021,592. The majority of these expenses related to $540,933 and
$569,000 in management fees for the years ended December 31,2010 and 2009 and $843,891 and 121,242 in impairment expenses for 2010
and 2009, respectively. The Company also recognized amortization of a deferred tax benefit in the amount of $170,800 during the
year ended December 31, 2009.

Other Income (Expenses)

During the year ended December 31, 2010 the Company recognized
a gain on forgiveness of debt in the amount of $111,674. In addition, the Company incurred a loss on derivative liability in the
amount of $11,911.

Discontinued Operations

In April 2009, the Company sold its commercial
explosives development, analysis, testing and manufacturing business (“Legacy Business”) in a non-cash transaction
to a related party in exchange for stock in the Company totaling 22,500,000 shares. The stock was cancelled in July of 2009. For
the year ended December 31, 2009 the Company recognized income from discontinued operations in the amount of $309,650, and a loss
on the disposal of discontinued operations in the amount of $1,730,742.

Net Loss

For the years ended December 31, 2010 and 2009, the Company
recognized net losses in the amounts of $1,294,467 and $2,442,684, respectively.

Liabilities

The Company’s liabilities primarily consist of current
amounts payable or accrued to trade creditors, and amounts owing to related parties for management fees, expenses, and shared services.
At December 31, 2010 the Company also holds a note payable in the amount of $15,240 and a related derivative liability of $11,911
relating to the note.

Liquidity and Capital Resources



As of December 31, 2010, we had $14,752 in current assets, consisting
of $14,352 in cash, compared to $9,453 in current assets at December 31, 2009, which consisted of cash of $9,453. Current liabilities
at December 31, 2010, totaled $50,318 compared to $631,491 at December 31, 2009. The current liabilities at December 31, 2010 consisted
of accounts payable and accrued expenses of $4,103, accounts payable to related parties in the amount of $19,064, loans payable
of $15,240 and a derivative liability of $11,911. At December 31, 2009 the current liabilities consisted of accounts payable and
accrued expenses of $350,716, accrued salaries of $200,000, accounts payable to related parties in the amount of $80,535, and loans
payable of $240. A related party loan of $15,000 was made to the Company by Celtic Lyon, Ltd. on September 20, 2010 which is payable
on demand and carries a 6% APR.

During 2009 and 2010, cash flows from
the legacy business, supplemented with short-term borrowings from related parties, was used to support the waste destruction business
development program. Following a general business review at the end of 2008, management has determined that the legacy business
cannot support both its ongoing operations as well as the development of the waste destruction business on its operations alone.
Consequently, the board of directors, in consultation with management and major shareholders, took the following step. In April
2009, the Company sold its commercial explosives development, analysis, testing and manufacturing business (“Legacy Business”)
in a non-cash transaction to a related party in exchange for stock in the Company totaling 22,500,000 shares. The stock was cancelled
in July of 2009.

The Company will require $400,000 to
accomplish its short-term goal of bringing shut-in wells back into production and the company's sole source of liquidity to this
point has been through the sale of common stock. Such funding that is required to maintain liquidity will come in the form of equity
sales of common stock

Item 7A. Quantitative and Qualitative Disclosures About
Market Risk.

Not applicable.



Item 8. Financial Statements and Supplementary Data.

The Financial Statements are included at the end of the signature
page.

Item 9. Changes in and Disagreements With Accountants on
Accounting and Financial Disclosure.

None.

Item 9A(T). Controls and Procedures.



As of Dec. 31, 2010, under
the direction of the Chief Executive Officer and Chief Financial Officer, the Company evaluated the effectiveness of the design
and operation of our disclosure controls and procedures, as defined in Rule 13a — 15(e) under the Securities Exchange Act
of 1934, as amended.  Based on the evaluation of these controls and procedures required by paragraph (b) of Sec. 240.13a-15
or 240.15d-15 the disclosure controls and procedures have been found to be ineffective.



The Company maintains
a set of disclosure controls and procedures designed to ensure that information required to be disclosed by us in our reports filed
under the securities Exchange Act, is recorded, processed, summarized, and reported within the time periods specified by the SEC’s
rules and forms.  Disclosure controls are also designed with the objective of ensuring that this information is accumulated
and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow
timely decisions regarding required disclosure.



Evaluation of Internal Control Over Financial
Reporting



Management conducted an
evaluation of the effectiveness of the Company’s internal control over financial reporting as of Dec. 31, 2010.  In
making this assessment, management used the criteria established in Internal Control-Integrated Framework issued by the Committee
of Sponsoring Organizations of the Treadway Commission, or COSO. The COSO framework summarizes each of the components of a company’s
internal control system, including (i) the control environment, (ii) risk assessment, (iii) control activities,
(iv) information and communication, and (v) monitoring. In management’s assessment of the effectiveness of internal
control over financial reporting (as defined in Exchange Act Rule 13a-15(f)) as required by Exchange Act Rule 13a-15(c), our management
concluded as of the end of the fiscal year covered by this Annual Report on Form 10-K that our internal control over financial
reporting has not been effective.



As defined by Auditing
Standard No. 5, “An Audit of Internal Control Over Financial Reporting that is Integrated with an Audit of Financial Statements
and Related Independence Rule and Conforming Amendments,” established by the Public Company Accounting Oversight Board ("PCAOB"),
a material weakness is a deficiency or combination of deficiencies that results more than a remote likelihood that a material misstatement
of annual or interim financial statements will not be prevented or detected. In connection with the assessment described above,
management identified the following control deficiencies that represent material weaknesses as of Dec. 31, 2010:



|i) | Lack of segregation of duties.  At this time, our resources and size prevent us from being able to employ sufficient resources to enable us to have adequate segregation of duties within our internal control system.  Management will periodically reevaluate this situation.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ii) | Lack of an independent audit committee. Although we have an audit committee it is not comprised solely of independent directors. We may establish an audit committee comprised solely of independent directors when we have sufficient capital resources and working capital to attract qualified independent directors and to maintain such a committee.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|iii) | Insufficient number of independent directors. At the present time, our Board of Directors does not consist of a majority of independent directors, a factor that is counter to corporate governance practices as set forth by the rules of various stock exchanges.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Our management determined that these deficiencies
constituted material weaknesses.  Due to a lack of financial resources, we are not able to, and do not intend to, immediately
take any action to remediate these material weaknesses. We will not be able to do so until we acquire sufficient financing to do
so.  We will implement further controls as circumstances, cash flow, and working capital permit.  Notwithstanding
the assessment that our ICFR was not effective and that there were material weaknesses as identified in this report, we believe
that our financial statements fairly present our financial position, results of operations and cash flows for the years covered
thereby in all material respects.



Changes in Internal Control over Financial Reporting

There was no change in our internal controls over financial
reporting that occurred during the period covered by this report, that has materially affected, or is reasonable likely to materially
affect, our internal controls over financial reporting.

The Company has not taken any steps at this time to address
these weaknesses but will formulate a plan before fiscal year ending December 31, 2011.

Item 9B. Other Information.

None

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

The names, ages, and respective positions
of the directors, officers, and significant employees of the Company are set forth below.













|Name              | Position Held with the  Company                          | Age | Date First Elected or Appointed
|----------------- | -------------------------------------------------------- | --- | -------------------------------
|Kenneth Liebscher | President and Director                                   | 68  | July 1, 2006 to present        
|Howard Bouch      | Chief Financial Officer and Director Secretary Treasurer | 66  | January 12, 2007 to present    
|Bill Herndon      | Director                                                 | 46  | August 6, 2010 to present      
|Ryan Kerr         | Director                                                 | 41  | August 6, 2010 to present      

Kenneth B. Liebscher, President, CEO, Director and Chairman.

Ken Liebscher is a 68-year-old international businessman
with 38 years of securities and executive management experience. Mr. Liebscher is a graduate of St. George’s School, Vancouver,
B.C. and also attended the University of British Columbia. In 22 years with the world’s largest dental products manufacturer,
Dentsply International Inc., Mr. Liebscher held several positions culminating as the Manager of their West Coast Division, headquartered
in San Francisco California. Mr. Liebscher was recruited by a major Europe based competitor, Ivoclar Liechtenstein to lead their
entry into the North American market and, within two years, became Executive Vice President of Sales and Marketing and helped expand
this company’s sales to $300,000,000 US before retiring.

Mr. Liebscher became a director of a publicly held company
called E.T.C. Industries Ltd. in 1992 and became President of its wholly owned subsidiary, THE ELECTRIC CAR COMPANY and, in 1994,
led a team that developed the MI 6 prototype electric car from the ground up. Mr. Liebscher has served on the Board of Directors
of Belmont Resources Inc., listed on the TSX Venture Exchange (BEA.V) from 1992 to October, 2009. Mr. Liebscher also serves on
the Board of directors of Lucky Boy Silver Corp. (OTC BB SRVS).

Howard Bouch, Director

Howard Bouch, age 66, is a Private Practice Chartered
Accountant with over 36 years of Public and Private international experience. Mr. Bouch originally qualified as a Chartered Accountant
(English and Wales Institute) in 1968. Mr. Bouch joined Deloitte & Co, Lusaka, Zambia from 1970 - 1972. Mr. Bouch joined Anglo
American Corp, Zambia working as Head Office Chief Accountant for Nchanga Consolidated Copper Mines (world’s 2nd largest)
from 1972 - 1976. In 1976 Mr. Bouch returned to the UK and joined Babcock and Wilcox, Engineers, Nottinghamshire, England as Chief
Accountant for one of their subsidiaries. Mr. Bouch was Chief Accountant of a private building firm in Cumbria, England from 1978
- 1984. In 1984 Mr. Howard Bouch established a Private Practice as a Chartered Accountant and continues to provide professional
services to Cumbrian firms to the present. Mr. Bouch is a Director of Viavid Broadcasting Inc., a fully reporting, US Public Company,
trading on the Pink Sheets under the symbol (VVDB) and Director and CFO of Universal Potash Corp. (UPCO). He is also as Director
and CFO of Black Hawk Exploration Inc., (BHWX) and Director and CFO of Convenientcast, Inc. (CVCT).



Mr. Bill Herndon, Director

Mr. Bill Herndon, age 46 has over 20 years of experience
in all phases of the oil and gas industry including capital investment and analysis, project management and structuring, acquisition
and development of oil and gas wells, exploration and drilling and completion management. His family has been in the oil and gas
industry since the 1930’s, mainly operating in Oklahoma, Kansas and Texas. Since December 2005 Mr. Herndon has been the President
and sole member of Tiger Oil and Gas, LLC. In 1990 Mr. Herndon participated in the wildcat play called State Line Field in Kansas.
The field has produced over one million barrels of oil to date. He has raised over $25 million since 2007 from hedge funds and
industry partners for various production acquisitions, in-field drilling programs, and new oil and gas development projects. Mr.
Herndon has also managed the leasing of over 100,000 acres in the last two years for 12 different projects and conducted seismic
programs for approximately 80,000 acres on these projects in addition to managing the initial drilling programs on these projects.
Mr. Herndon successfully funded the acquisition of a field with industry groups and working interest partners that has produced
out of multiple zones with total cumulative production of 3,500,00 barrels of oil and 40 billion cubic feet of gas. The field is
currently producing 40 barrels of oil per day and 300,000 mcf per day. Mr. Herndon received a Bachelors Degree in Business from
Wichita State University. Mr. Herndon’s extensive experience in the oil and gas industry will provide valuable experience
to our Board of Directors.

Ryan Kerr, Director

Mr. Kerr, age 41 currently manages Inland Oil Corp., his family-owned
business. Mr. Kerr has over 15 years experience in locating, producing, completing and general operations in the oil and gas industry.
Mr. Kerr has successfully drilled and completed hundreds of wells throughout the Mid-continent region and is actively involved
with development and operations of fields in this region. Mr. Kerr’s extensive experience in oil and gas exploration and
production is furthered as an exploration geologist where he has consulted on several water-flood and infill drilling projects
throughout Oklahoma, Kansas, North Dakota, Wyoming, New Mexico, Texas, and California. Currently, Mr. Kerr has been heading drilling
programs for several operators in Oklahoma, as well as design and implementation of a Nitrogen gas flood in Wagoner County Oklahoma
in the Stone Bluff Field. This project consisted of flooding 1,200+ - acres with the producing interval from the Dutcher Sand zone
at a depth of 1250’feet. Production since the start of the nitrogen injection flood has been increased from the formation
at a rate of 1 MMCF per day.

The Officers and Directors have not been involved in legal
proceedings that impair their ability to perform their duties as Officers and Directors.



Code of Ethics

Effective April 1, 2008, our company’s Board of Directors
adopted a Code of Business Conduct and Ethics that applies to existing and all new, among other persons, our company’s CEO,
CFO and secretary (being our principal executive officer, principal financial officer and principal accounting officer), as well
as persons performing similar functions. As adopted, our Code of Business Conduct and Ethics sets forth written standards that
are designed to deter wrongdoing and to promote:

1.	Honest and ethical conduct,
including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

2.	Full, fair, accurate, timely,
and understandable disclosure in reports and documents that we file with, or submit to, the Securities and Exchange Commission
and in other public communications made by us;

3.	Compliance with applicable governmental
laws, rules and regulations;

4.	The prompt internal reporting
of violations of the Code of Business Conduct and Ethics to an appropriate person or persons identified in the Code of Business
Conduct and Ethics; and

5.	Accountability for adherence
to the Code of Business Conduct and Ethics. Our Code of Business Conduct and Ethics requires, among other things, that all of our
company’s Senior Officers commit to timely, accurate and consistent disclosure of information; that they maintain confidential
information; and that they act with honesty and integrity.

In addition, our Code of Business Conduct and Ethics emphasizes
that all employees, and particularly Senior Officers, have a responsibility for maintaining financial integrity within our company,
consistent with generally accepted accounting principles, and federal and state securities laws. Any Senior Officer who becomes
aware of any incidents involving financial or accounting manipulation or other irregularities, whether by witnessing the incident
or being told of it, must report it to our company. Any failure to report such inappropriate or irregular conduct of others is
to be treated as a severe disciplinary matter. It is against our company policy to retaliate against any individual who reports
in good faith the violation or potential violation of our company’s Code of Business Conduct and Ethics by another.

Our Code of Business Conduct and Ethics was filed with the
Securities and Exchange Commission on May 15, 2008 as an Exhibit to our Form10. We will provide a copy of the Code of Business
Conduct and Ethics to any person without charge, upon request. Requests can be sent to: Tiger Oil and Energy, Inc, 7230Indian
Creek Ln., Ste 201, Las Vegas, NV 89149

Item 11. Executive Compensation.

The following charts include compensation and options received
by all Officers and Directors of the Company.

Officers and Directors

|Name and  principal  position |  | Year |  |  | Salary ($) |     |  | Bonus ($) |  |     | Stock  Awards ($) |  |  | Option Awards |     |  | Non- Equity Incentive  Plan  Compensation ($) |     |  | Nonqualified Deferred  Compensation Earnings  ($) |  |     | All Other  Compensation ($) |  |  | Totals ($) | 
|----------------------------- |  | ---- |  |  | ---------- | --- |  | --------- |  | --- | ----------------- |  |  | ------------- | --- |  | --------------------------------------------- | --- |  | ------------------------------------------------- |  | --- | --------------------------- |  |  | ---------- | 
|Kenneth Liebscher             |  | 2010 |  |  |            | 0   |  |           |  | 0   |                   |  |  | 100,000       | (1) |  |                                               | 0   |  |                                                   |  | 0   |                             |  |  | 0          | 
|                              |  | 2009 |  |  |            | 0   |  |           |  | 0   |                   |  |  | 0             |     |  |                                               | 0   |  |                                                   |  | 0   |                             |  |  | 0          | 
|Howard Bouch                  |  | 2010 |  |  |            |     |  |           |  |     |                   |  |  | 100,000       | (1) |  |                                               | 0   |  |                                                   |  | 0   |                             |  |  | 0          | 
|                              |  | 2009 |  |  |            | 0   |  |           |  | 0   |                   |  |  | 0             |     |  |                                               | 0   |  |                                                   |  | 0   |                             |  |  | 0          | 
|Bill Herndon                  |  | 2010 |  |  |            | 0   |  |           |  | 0   |                   |  |  | 100,000       | (1) |  |                                               | 0   |  |                                                   |  | 0   |                             |  |  | 0          | 
|                              |  | 2009 |  |  |            | N/A |  |           |  | N/A |                   |  |  | N/A           |     |  |                                               | N/A |  |                                                   |  | N/A |                             |  |  | N/A        | 
|Ryan Kerr                     |  | 2010 |  |  |            | 0   |  |           |  | 0   |                   |  |  | 100,000       |     |  |                                               | 0   |  |                                                   |  | 0   |                             |  |  | 0          | 
|                              |  | 2009 |  |  |            | N/A |  |           |  | N/A |                   |  |  | N/A           |     |  |                                               | N/A |  |                                                   |  | N/A |                             |  |  | N/A        | 

(1) Directors Liebscher, Bouch, Herndon and Kerr
were awarded 2,000,000 common shares of the Company, each valued at $0.05, as Directors compensation.



OPTIONS

There are no options granted.

For the year ended December 31, 2010 and 2009 share based
compensation expense of $457,600 and $-0- was recognized, respectively.

There are no annuity, pension or retirement benefits proposed
to be paid to officers, directors, or employees of the corporation in the event of retirement at normal retirement date pursuant
to any presently existing plan provided or contributed to by the corporation or any of its subsidiaries.

Item 12. Security Ownership of Certain Beneficial Owners
and Management and Related Stockholder Matters.

The owners of 5% or more of the Shares, as well as the officers
and directors who own Shares as of December 31, 2010, are set forth in the following chart:

|Title of Class  |  |  | Name of Beneficial Owner                                 |  |     | Amount and  Nature of  Beneficial Owner |     |  |   | Percent of  Class |  
|--------------- |  |  | -------------------------------------------------------- |  | --- | --------------------------------------- | --- |  | - | ----------------- | -
|Preferred Stock |  |  | Kenneth Liebscher, President/CEO And Director            |  |     | 20,000                                  |     |  |   | 47.6              | %
|Preferred Stock |  |  | Howard Bouch, CFO and Director                           |  | Nil |                                         |     |  | 0 | %                
|Preferred Stock |  |  | Bill Herndon Director                                    |  | Nil |                                         |     |  | 0 | %                
|Preferred Stock |  |  | Ryan Kerr, Director                                      |  | Nil |                                         |     |  | 0 | %                
|Preferred Stock |  |  | All Officers and Directors as a group of Preferred Stock |  |     | 20,000                                  |     |  |   | 47.6.             | %
|Common Stock    |  |  | The Excalibur Group A.G.                                 |  |     | 9,400,000                               | (1) |  |   | 17.9              | %
|Common Stock    |  |  | Howard Bouch, CFO and Director                           |  |     | 2,150,000                               |     |  |   | 4.09              | %
|Common Stock    |  |  | Bill Herndon, Director                                   |  |     | 12,000,000                              |     |  |   | 22.87             | %
|Common Stock    |  |  | Ryan Kerr, Director                                      |  |     | 2,000,000                               |     |  |   | 3.8               | %
|Common Stock    |  |  | Kenneth Liebscher, President/CEO and Director            |  |     | 2,000,000                               |     |  |   | 3.8               | %
|Common Stock    |  |  | All Officers and Directors as a group of Common Stock    |  |     | 18,150,000                              |     |  |   | 34.58             | %

(1) The Excalibur Group A.G.
is owned by Lionel R. Welch, 51A Dean St., Belize City, Belize C.A.

Item 13. Certain Relationships and Related Transactions,
and Director Independence.

Other than as set forth in this Item 7, there are no relationships,
transactions, or proposed transactions to which the registrant was or is to be a party, in which any of the named persons set forth
in Item 404 of Regulation SK had or is to have a direct or indirect material interest.

As indicated under Description of Business,
the Company, on January 10, 2007, entered into a purchase agreement with Energetic Systems Inc., LLC. to purchase 100% of the shares
of UTEC Corporation LLC (“Energetic Purchase Agreement”). Under the terms of the Energetic Purchase Agreement, Energetic
Systems Inc. LLC.(ESI) was paid 22,500,000 Common Shares and 20,000 Preferred Shares of the Company. In April 2009, the Company
sold its commercial explosives development, analysis, testing and manufacturing business (“Legacy Business”) in a non-cash
transaction to ESI in exchange for stock in the Company totaling 22,500,000 common shares. The common stock was cancelled in July
of 2009.

On January 11, 2007, the Company entered
into an agreement with Redstone Management Services, a company owned by Dr. Fortunato Villamagna, former CEO of our company. In
April 2009, the Company sold its commercial explosives development, analysis, testing and manufacturing business (“Legacy
Business”) in a non-cash transaction to a related party in exchange for stock in the Company totaling 22,500,000 shares.
The stock was cancelled in July of 2009.

From time to time the Company enters into arrangements for
the provision of services from one or more of its Directors, or companies in which its Directors have a financial interest.



The company has chosen to adopt NASD’s definition of independent
director. Under such definition, Howard Bouch qualifies as an independent director.

Item 14. Principal Accounting Fees and Services.

On Nov. 2, 2009, the accounting firm of Sadler, Gibb &
Associates, LLC was engaged as the Registrant’s independent registered public account firm.

|                   |  |   |       |  |   |        | 
|------------------ |  | - | ----- |  | - | ------ | 
|                   |  |   | 2010  |  |   | 2009   | 
|Audit Fees         |  | $ | 9,500 |  | $ | 16,700 | 
|Audit Related Fees |  |   | -     |  |   | 2,760  | 
|Tax Fees           |  |   | -     |  |   | 800    | 
|All Other Fees     |  |   | -     |  |   | 870    | 
|Total              |  | $ | 9,500 |  | $ | 21,130 | 

Services rendered by Sadler Gibb &
Associates for the year ended December 31, 2010 in connection with fees presented above were as follows:

● Audit fees consist of fees for
professional services provided in connection with the audit of our consolidated financial statements, the review of our quarterly
consolidated financial statements and the audit of the effectiveness of our internal control over financial reporting.

● All Other Fees. For fiscal 2010,
all Other Fees related to professional services provided in conjunction with reviewing the Form 10Q, the selling of a subsidiary
of the Company or issues related to consolidation and restructuring.

POLICY ON AUDIT COMMITTEE

Among its other duties, the Audit Committee is solely responsible
for the appointment, compensation and oversight of the audit and permissible non-audit services provided by our independent registered
public accounting firm. Pursuant to the Audit Committee’s charter, the Chairman of the Audit Committee has been delegated
responsibility to review and pre-approve audit and permissible non-audit services to be provided by our independent registered
public accounting firm. The Chairman of the Audit Committee then reports such pre-approvals to the full Audit Committee at its
next regularly scheduled meeting. In accordance with this pre-approval policy, management communicates, on an ongoing basis, specific
projects and categories of service for which the advance approval of the Audit Committee is requested. The Audit Committee Chairman
reviews these requests and advises management whether the engagement of the independent registered public accounting firm is approved.
On a periodic basis, management subsequently reports to the Audit Committee regarding the actual spending for particular projects
and in connection with categories of services.



Management is responsible for the financial reporting process, including
the system of internal controls, and for the preparation of consolidated financial statements in accordance with accounting principles
generally accepted in the United States. The Company’s independent registered public accounting firm is responsible for auditing
those financial statements. The members of the Audit Committee are not professionally engaged in the practice of accounting or
auditing and their functions are not intended to duplicate or to certify the activities of management and the independent registered
public accounting firm. Rather, the members of the Audit Committee rely, without independent verification, on the information provided
to them and on the representations made by management and the independent registered public accounting firm.

Notwithstanding anything to the contrary set forth in any
of the Company’s previous or future filings under the Securities Act of 1933, as amended, or the Securities Exchange Act
of 1934, as amended, that might incorporate filings made by the Company, including this proxy statement, in whole or in part, the
following Audit Committee Report shall not be deemed to be “soliciting material” or to be incorporated by reference
into any prior or future filings made by the Company.

We have reviewed and discussed with management the Company’s
audited consolidated financial statements as of and for the year ended December 31, 2010.

Based on the reviews and discussions with the audit group,
we have recommended to the Board that the audited consolidated financial statements referred to above be included in the Company’s
Annual Report on Form 10-K for the fiscal year ended December 31, 2010.

Audit Chairman

Howard Bouch

PART IV

Item 15. Exhibits, Financial Statement Schedules.

Exhibits:

|            |                                        |                                   
|----------- | -------------------------------------- | ----------------------------------
|Exhibit No. | Document                               | Location                          
|            |                                        |                                   
|3.1         | Articles of Incorporation              | Previously filed*                 
|            |                                        |                                   
|3.2         | Articles of Amendment – Allwest        | Previously filed*                 
|            |                                        |                                   
|3.3         | Articles of Amendment – Lyons Capital  | Previously filed*                 
|            |                                        |                                   
|3.4         | Articles of Amendment – UTEC           | Previously filed*                 
|            |                                        |                                   
|3.5         | Articles of Amendment – Share Increase | Previously filed**                
|            |                                        |                                   
|3.6         | Bylaws                                 | Previously filed* (As Exhibit 3.5)
|            |                                        |                                   
|14.1        | Code of Business Conduct and Ethics    | Previously filed*                 
|            |                                        |                                   
|31.1        | Rule 13a-41(a)/15d-14(a) Certificates  |                                   
|            |                                        |                                   
|32.1        | Section 1350 Certifications            |                                   

*Previously filed on May 14, 2008 as exhibits to Form 10-12G.





SIGNATURES

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

Tiger Oil and Energy, Inc

|/s/ Kenneth B Liebscher              |                   | /s/ Howard Bouch | 
|------------------------------------ | ----------------- | ---------------- | 
|                                     |                   |                  | 
|Kenneth B. Liebscher, Director & CEO | Howard Bouch, CFO

January 18, 2012

Pursuant to the requirements of the Securities Exchange
Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the
dates indicated.

|                                   |  |                  |  |                        |  |                 
|---------------------------------- |  | ---------------- |  | ---------------------- |  | ----------------
|/s/ Kenneth Liebscher              |  | January 18, 2012 |  | /s/ Bill Herndon       |  | January 18, 2012
|Kenneth Liebscher,                 |  | Date             |  | Bill Herndon, Director |  | Date            
|President, CEO, Director           |  |                  |  |                        |  |                 
|                                   |  |                  |  |                        |  |                 
|/s/ Howard Bouch                   |  | January 18, 2012 |  | /s/ Ryan Kerr          |  | January 18, 2012
|Secretary, Treasurer, CFO Director |  | Date             |  | Ryan Kerr Director     |  | Date            





















TIGER OIL AND ENERGY, INC.

(Formerly UTEC, Inc.)

(A Development Stage Company)



AUDIT REPORT OF INDEPENDENT ACCOUNTANTS

AND

CONSOLIDATED FINANCIAL STATEMENTS



December 31, 2010 and 2009















TIGER OIL AND ENERGY, INC.







TABLE OF CONTENTS





|                                                                                                                                                    | Page
|--------------------------------------------------------------------------------------------------------------------------------------------------- | ----
|Audit Report of Independent Accountants                                                                                                             | 1   
|Consolidated Balance Sheets – December 31, 2010 and 2009                                                                                            | 2   
|Consolidated Statements of Operations for the
years ended December 31, 2010 and 2009 and from inception on April 30, 2009 through December 31, 2010 | 3   
|Consolidated Statements of Members’ Equity
from inception on April 30, 2009 through December 31, 2010                                               | 4   
|Consolidated Statements of Cash Flows for the
years ended December 31, 2010 and 2009 and from inception on April 30, 2009 through December 31, 2010 | 5   
|Notes to Consolidated Financial Statements                                                                                                          | 6   

















SADLER,
GIBB& ASSOCIATES, L.L.C.





REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM



To the Board of Directors

Tiger Oil and Energy, Inc.

(A Development Stage Company)



We have audited the accompanying consolidated
balance sheets of Tiger Oil and Energy, Inc. (A Development Stage Company) as of December 31, 2010 and 2009, and the related consolidated
statement of operations, consolidated stockholders’ equity (deficit) and cash flows for the period from April 30, 2009 (inception)
through December 31, 2010. The consolidated financial statements are the responsibility of the Company’s management. Our
responsibility is to express an opinion on the consolidated financial statements based on our audit.



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



In our opinion, the consolidated financial
statements referred to above present fairly, in all material respects, the financial position of Tiger Oil and Energy, Inc. (A
Development Stage Company) as of December 31, 2010 and 2009, and the related consolidated statements of operations, stockholders’
equity (deficit) and cash flows for the period from April 30, 2009 (inception) through December 31, 2010, in conformity with accounting
principles generally accepted in the United States of America.



The accompanying consolidated financial statements
have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial
statements, the Company has not yet established an ongoing source of revenue sufficient to cover its operating costs which raises
substantial doubt about its ability to continue as a going concern. Management’s plans concerning these matters are also
described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of
this uncertainty.







/s/ Sadler, Gibb & Associates



Salt Lake City, UT

January 19, 2012















|TIGER OIL AND ENERGY, INC.                                                                
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|(Formerly UTEC, Inc.)                                                                     
|(A Development Stage Company)                                                             
|Consolidated Balance Sheets                                                               
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|LONG-TERM DEBT                                                                            
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|STOCKHOLDERS' EQUITY (DEFICIT)                                                            
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|The accompanying notes are an integral part of these consolidated financial
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|TIGER OIL AND ENERGY, INC.                                                                
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|(Formerly UTEC, Inc.)                                                                     
|(A Development Stage Company)                                                             
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|NET LOSS                                                                                  
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|BASIC LOSS PER SHARE                                                                      
|FROM CONTINUING OPERATIONS                                                                
|BASIC LOSS PER SHARE                                                                      
|FROM DISCONTINUED OPERATIONS                                                              
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|TOTAL BASIC LOSS PER SHARE                                                                
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|WEIGHTED AVERAGE NUMBER                                                                   
|OF SHARES OUTSTANDING                                                                     
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|The accompanying notes are a integral part of these consolidated financials
    statements































|TIGER OIL AND ENERGY, INC.                                                                
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|(Formerly UTEC, Inc.)                                                                     
|(A Development Stage Company)                                                             
|Consolidated Statements of Cash Flows                                                     
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|INVESTING ACTIVITIES                                                                      
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|FINANCING ACTIVITIES                                                                      
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|NET INCREASE IN CASH                                                                      
|CASH AT BEGINNING OF PERIOD                                                               
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|CASH AT END OF PERIOD                                                                     
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|The accompanying notes are an integral part of these consolidated financial
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NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES



Business Activity

Tiger Oil and Energy, Inc., formerly UTeC,
Inc., is a Nevada corporation organized on November 8, 1993 as a “For Profit” corporation for the purpose of engaging
in any lawful activity.   On January 10, 2007, the Company purchased 100% of the shares of UTeC Corporation, Inc.   In
2007, the Company licensed technology covering the use of cold plasma oxidizer technology for the destruction of solid and liquid
hazardous chemicals and biologicals.  During 2007 and 2008, the Company worked to validate the technology and prepare a business
plan for its commercialization.



In April 2009, the Company divested its commercial
explosives development, analysis, testing and manufacturing business to eliminate the need to inject new capital into the Company
to support this business, and concentrate on raising the funds necessary to commercialize its hazardous waste destruction business.  At
this time, the Company re-entered the development stage.



Prior to the divestiture, the Company’s
business was to offer state of the art testing and analysis to clients worldwide.  The Company operated a chemical research
and development laboratory near Riverton, Kansas, which specialized in commercial explosives development and analysis. The Company
also operated a destructive test facility near Hallowell, Kansas, which specialized in determining the detonating characteristics
of commercial explosives.



On October 1, 2009 the Company entered into
an agreement to purchase 100% of the outstanding shares of C2R Energy Commodities, Inc., a Nevada corporation, in exchange for
4,050,000 shares of the Company’s restricted common stock.  The Company entered into this agreement due primarily
to the fact that C2R owned certain intellectual property that the Company wished to acquire.



On October 29, 2010, the Company acquired all
of the membership interest in Jett Rink Oil, LLC (“Jett Rink”) in exchange for 10,000,000 shares of the Company’s
Common Stock.  Jett Rink is involved in the business relating to the exploration, development and production of oil and
gas in the United States. At the closing of the Exchange Agreement, Jett Rink became a wholly-owned subsidiary of the Company and
the Company acquired the business and operations of Jett Rink.



Basis of Presentation

The accompanying audited consolidated financial
statements and related notes include the activity of the Company and its two wholly-owned subsidiaries, C2R Energy Commodities,
Inc. and Jett Rink Oil, LLC and have been prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”) and with the rules and regulations of the United States Securities and Exchange Commission
(“SEC”) to Form 10-K. All inter-company balances and transactions have been eliminated.



Reclassification

Certain amounts in the prior period financial
statements have been reclassified to conform to the current period presentation.   These reclassifications had no
effect on reported losses.





Development Stage Company Classification

Effective April 30, 2009, the Company has re-entered
the development stage.  The Company divested its main revenue producing operations and since that date has not achieved
significant revenue from its principle operations. The Company is a therefore currently a development stage company as defined
by ASC 915.



Accounting Method

The Company’s financial statements are
prepared using the accrual method of accounting.  The Company has elected a December 31 year-end.



Use of Estimates

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



Cash and Cash Equivalents

For purposes of the Statement of Cash Flows,
the Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to
the extent the funds are not being held for investment purposes.  The Company at times may maintain a cash balance in
excess of insured limits.



Property, Plant and Equipment

Property and equipment are stated at cost.  Major
additions and improvements are capitalized in the month following the month in which the assets or improvement are deemed to be
placed in service. Maintenance and repairs are expensed as incurred. Upon disposition, the net book value is eliminated from the
accounts, with the resultant gain or loss reflected in operations. Depreciation expense is computed on a straight-line basis over
the estimate useful lives of the assets as follows:







The Company periodically assesses the recoverability
of property, plant and equipment and evaluates such assets for impairment whenever events or changes in circumstances indicate
that the net carrying amount of an asset may not be recoverable. Asset impairment is determined to exist if estimated future cash
flows, undiscounted and without interest charges, are less than the net carrying amount.



Impairment of Long-Lived Assets

The Company follows the provisions of ASC 360
for its long-lived assets.  The Company’s long-lived assets, which include test equipment and purchased intellectual
property rights, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an
asset may not be recoverable.





Impairment of Long-Lived Assets (Continued)



The Company assesses the recoverability of
its long-lived assets by comparing the projected undiscounted net cash flows associated with the related long-lived asset or group
of long-lived assets over their remaining estimated useful lives against their respective carrying amounts.  Impairment,
if any, is based on the excess of the carrying amount over the fair value of those assets.  Fair value is generally
determined using the asset’s expected future discounted cash flows or market value, if readily determinable.  If
long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than
originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated
useful lives.  The Company determined that purchased oil and gas property rights, equipment and machinery, and construction
in process were deemed to be fully impaired and written-off during the year ended December 31, 2010. As such, the Company recognized
impairment expense of $515,878 in connection with its ownership of oil and gas property rights, and $328,013 in connection with
its ownership of various machinery, equipment, and other assets categorized as construction in progress for a total impairment
expense recognized during the year ended December 31, 2010 of $843,891. The Company also recognized $121,242 of impairment expense
for the year ended December 31, 2009



Fair Value of Financial Instruments

The Company follows ASC 825 in accounting for
its financial instruments.  The fair value of a financial instrument is the amount at which the instrument could be exchanged
in a current transaction between willing parties.  The carrying amounts of financial assets and liabilities, such as accrued
expenses, approximate their fair values because of the short maturity of these instruments.  The Company’s notes
payable approximate the fair value of such instruments based upon management’s best estimate of interest rates that would
be available to the Company for similar financial arrangement at December 31, 2010 and 2009.



Revenue Recognition

The Company follows the guidance of ASC 605
for revenue recognition.  The Company will recognize revenues when it is realized or realizable and earned less estimated
future doubtful accounts.  The Company considers revenue realized or realizable and earned when all of the following
criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been
rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured.  The
Company will derive majority of its revenue from sales of oil produced by its wells.



The Company uses the sales method to account
for sales of crude oil and natural gas. Under this method, revenues are recognized based on actual volumes of oil and gas sold
to purchasers. The volumes sold may differ from the volumes to which the Company is entitled based on the interest in the properties.
These differences create imbalances which are recognized as a liability only when the imbalance exceeds the estimate of remaining
reserves. Costs associated with production are expensed in the period incurred.





Stock-based Compensation

The Company adopted ASC 718 effective January 1,
2006 using the modified prospective method. Under this transition method, stock compensation expense includes compensation expense
for all stock-based compensation awards granted on or after January 1, 2006, based on the grant-date fair value estimated
in accordance with the provisions of ASC 718.



Provision for Taxes

The Company applies ASC 740, which requires
the asset and liability method of accounting for income taxes.  This method requires that the current or deferred tax consequences
of all events recognized in the financial statements be measured by applying the provisions of enacted tax laws to determine the
amount of taxes payable or refundable currently or in future years. Deferred tax assets are reviewed for recoverability and the
Company records a valuation allowance to reduce its deferred tax assets when it is more likely than not that all or some portion
of the deferred tax assets will not be recovered.



The Company adopted ASC 740, at the beginning
of fiscal year 2008. This interpretation requires recognition and measurement of uncertain tax positions using a “more-likely-than-not”
approach, requiring the recognition and measurement of uncertain tax positions. The adoption of ASC 740 had no material impact
on the Company’s financial statements.



Basic Loss per Share

Basic net loss per common share is computed
by dividing net loss by the weighted average number of shares of common stock outstanding during each period.  Diluted
net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock and potentially
outstanding shares of common stock during each period.  There were no potentially dilutive common shares outstanding
as of December 31, 2010 or 2009.



Reporting Segments

ASC 280 establishes standards for the way that
public enterprises report information about operating segments in annual financial statements and requires reporting of selected
information about operating segments in interim financial statements regarding products and services, geographic areas and major
customers. ASC 280 defines operating segments as components of an enterprise about which separate financial information is available
that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performances.  Currently,
ASC 280 has no effect on the Company’s consolidated financial statements as substantially all of the Company’s operations
are conducted in one industry segment.





Oil and Gas Properties

The Company follows the full cost method of
accounting for its oil and natural gas properties, whereby all costs incurred in connection with the acquisition, exploration
for and development of petroleum and natural gas reserves are capitalized. Such costs include lease acquisition, geological and
geophysical activities, rentals on non-producing leases, drilling, completing and equipping of oil and gas wells and administrative
costs directly attributable to those activities and asset retirement costs. Disposition of oil and gas properties are accounted
for as a reduction of capitalized costs, with no gain or loss recognized unless such adjustment would significantly alter the
relationship between capital costs and proved reserves of oil and gas, in which case the gain or loss is recognized to income.
Depletion and depreciation of proved oil and gas properties is calculated on the units-of-production method based upon estimates
of proved reserves. Such calculations include the estimated future costs to develop proved reserves. Oil and gas reserves are
converted to a common unit of measure based on the energy content of 6,000 cubic feet of gas to one barrel of oil. Costs of unevaluated
properties are not included in the costs subject to depletion. These costs are assessed periodically for impairment.



Ceiling Test

In applying the full cost method, Jett Rink
performed an impairment test (ceiling test) at each reporting date, whereby the carrying value of oil and gas property and equipment
is limited to the “estimated present value” of the future net revenues from its proved reserves, discounted at a 10-percent
interest rate and based on current economic and operating conditions, plus the cost of properties not being amortized, plus the
lower of cost or fair market value of unproved properties included in costs being amortized, less the income tax effects related
to any book and tax basis differences of the properties. As of December 31, 2010 and 2009 the Company recorded impairment of oil
and gas properties in the amounts of $515,878 and $-0-, respectively.



Asset Retirement Obligation

The Company follows ASC 410, Asset Retirement
and Environmental Obligations which requires entities to record the fair value of a liability for asset retirement obligations
(“ARO”) and recorded a corresponding increase in the carrying amount of the related long-lived asset. The asset retirement
obligation primarily relates to the abandonment of oil and gas properties. The present value of the estimated asset retirement
cost is capitalized as part of the carrying amount of oil and gas properties and is depleted over the useful life of the asset.
The settlement date fair value is discounted at our credit adjusted risk-free rate in determining the abandonment liability. The
abandonment liability is accreted with the passage of time to its expected settlement fair value. Revisions to such estimates are
recorded as adjustments to ARO are charged to operations in the period in which they become known. At the time the abandonment
cost is incurred, the Company is required to recognize a gain or loss if the actual costs do not equal the estimated costs included
in ARO.



The ARO is based upon numerous estimates and
assumptions, including future abandonment costs, future recoverable quantities of oil and gas, future inflation rates, and the
credit adjusted risk free interest rate.







NOTE 2 - GOING CONCERN



The Company's financial statements are prepared
using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates
the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established
an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability
of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until
it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.



In order to continue as a going concern, the
Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company
by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking
equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing
any of its plans.



The ability of the Company to continue as a
going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually
secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments
that might be necessary if the Company is unable to continue as a going concern.



NOTE 3 – RECENT ACCOUNTING PRONOUNCEMENTS



Below is a listing of the most recent accounting
pronouncements issued since through January 11, 2011. The Company has evaluated these pronouncements and their adoption has not
had or is not expected to have a material impact on the Company’s financial position, or statements.



In January 2010, the FASB issued Accounting
Standards Update 2010-02, Consolidation (Topic 810): Accounting and Reporting for Decreases in Ownership of a Subsidiary. This
amendment to Topic 810 clarifies, but does not change, the scope of current US GAAP. It clarifies the decrease in ownership provisions
of Subtopic 810-10 and removes the potential conflict between guidance in that Subtopic and asset derecognition and gain or loss
recognition guidance that may exist in other US GAAP. An entity will be required to follow the amended guidance beginning in the
period that it first adopts FAS 160 (now included in Subtopic 810-10). For those entities that have already adopted FAS 160, the
amendments are effective at the beginning of the first interim or annual reporting period ending on or after December 15, 2009.
The amendments should be applied retrospectively to the first period that an entity adopted FAS 160.



In January 2010, the FASB issued Accounting
Standards Update 2010-01, Equity (Topic 505): Accounting for Distributions to Shareholders with Components of Stock and Cash (A
Consensus of the FASB Emerging Issues Task Force). This amendment to Topic 505 clarifies the stock portion of a distribution to
shareholders that allows them to elect to receive cash or stock with a limit on the amount of cash that will be distributed is
not a stock dividend for purposes of applying Topics 505 and 260. Effective for interim and annual periods ending on or after December
15, 2009, and would be applied on a retrospective basis.





In December 2009, the FASB issued Accounting
Standards Update 2009-17, Consolidations (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable
Interest Entities. This Accounting Standards Update amends the FASB Accounting Standards Codification for Statement 167.



In December 2009, the FASB issued Accounting
Standards Update 2009-16, Transfers and Servicing (Topic 860): Accounting for Transfers of Financial Assets. This Accounting Standards
Update amends the FASB Accounting Standards Codification for Statement 166.



In October 2009, the FASB issued Accounting
Standards Update 2009-15, Accounting for Own-Share Lending Arrangements in Contemplation of Convertible Debt Issuance or Other
Financing. This Accounting Standards Update amends the FASB Accounting Standard Codification for EITF 09-1.



In October 2009, the FASB issued Accounting
Standards Update 2009-14, Software (Topic 985): Certain Revenue Arrangements That Include Software Elements. This update changed
the accounting model for revenue arrangements that include both tangible products and software elements. Effective prospectively
for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010. Early adoption
is permitted.



In October 2009, the FASB issued Accounting
Standards Update 2009-13, Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements. This update addressed the
accounting for multiple-deliverable arrangements to enable vendors to account for products or services (deliverables) separately
rather than a combined unit and will be separated in more circumstances that under existing US GAAP. This amendment has eliminated
that residual method of allocation. Effective prospectively for revenue arrangements entered into or materially modified in fiscal
years beginning on or after June 15, 2010. Early adoption is permitted.



In September 2009, the FASB issued Accounting
Standards Update 2009-12, Fair Value Measurements and Disclosures (Topic 820): Investments in Certain Entities That Calculate Net
Asset Value per Share (or Its Equivalent). This update provides amendments to Topic 820 for the fair value measurement of investments
in certain entities that calculate net asset value per share (or its equivalent). It is effective for interim and annual periods
ending after December 15, 2009. Early application is permitted in financial statements for earlier interim and annual periods that
have not been issued.



In July 2009, the FASB ratified the consensus
reached by EITF (Emerging Issues Task Force) issued EITF No. 09-1, (ASC Topic 470) "Accounting for Own-Share Lending Arrangements
in Contemplation of Convertible Debt Issuance" ("EITF 09-1"). The provisions of EITF 09-1, clarifies the accounting
treatment and disclosure of share-lending arrangements that are classified as equity in the financial statements of the share lender.
An example of a share-lending arrangement is an agreement between the Company (share lender) and an investment bank (share borrower)
which allows the investment bank to use the loaned shares to enter into equity derivative contracts with investors. EITF 09-1 is
effective for fiscal years that beginning on or after December 15, 2009 and requires retrospective application for all arrangements
outstanding as of the beginning of fiscal years beginning on or after December 15, 2009. Share-lending arrangements that have been
terminated as a result of counterparty default prior to December 15, 2009, but for which the entity has not reached a final settlement
as of December 15, 2009 are within the scope. Effective for share-lending arrangements entered into on or after the beginning of
the first reporting period that begins on or after June 15, 2009.



NOTE 4 – PROPERTY AND EQUIPMENT, NET



The Company’s
property and equipment as of December 31, 2010 and 2009 are summarized as follows:





Depreciation
expense for the fiscal years ended December 31, 2010 and 2009 was $412 and $312 respectively.  The Company recognized
$328,013 and $121,242 of impairment expense related to property and equipment during the fiscal years ended December 31, 2010
and 2009, respectively.



NOTE 5 – RELATED PARTY TRANSACTIONS



Through
December 31, 2010, the Company has borrowed $19,064 from related parties to fund continuing operations. These notes bear no interest,
are due on demand and are uncollateralized.



On June
1, 2009 the Company entered into an employment agreement with its CEO. Under the agreement, the Company has agreed to pay $200,000
per year and a bonus of up to 50% of the annual pretax earnings before depreciation and amortization, subject to a maximum of $100,000.
As of May 21, 2010 and December 31, 2009, the Company had accrued $283,333, and $200,000 of salary in conjunction with this agreement.
On May 21, 2010 the Company’s CEO resigned and forgave all accrued salary due to him, resulting in an increase in additional
paid-in capital in the amount of $283,333. The CEO also had other outstanding liabilities owed to him by the Company of $80,602
at the time of resignation, resulting in a total increase in additional paid-in capital of $363,935. On the same date, another
related party forgave $215,099 in outstanding debts, resulting in a total contribution to capital in the amount of $579,034.



On May
21, 2010 the Company accepted the resignations of two Company directors. On the same date, both directors forgave all debts owed
by the Company to the directors both personally and on behalf of all Companies controlled by the directors.



NOTE 6 – NOTES PAYABLE



On September 20, 2010 the Company borrowed
a total of $15,000 from an unrelated third-party entity. The note bears interest at a rate of 6.0% per annum and is convertible
at the option of the lender into common shares of the Company at the average bid quote for a period of five days prior to conversion.
The note has no formal payment terms or due date, other than being due one demand. Due to the unknown quantity of shares to be
issued pursuant to the future conversion of the note, the Company recorded a derivative liability in the amount of $11,911 relating
to the conversion feature of the note, and a related loss on derivative liability in the same amount.







NOTE 7 – ACQUISITION OF SUBSIDIARIES



Jett Rink Oil, LLC -On October 29,
2010, the Company, entered into an Exchange Agreement (the “Exchange Agreement”) with Jett Rink Oil, LLC, a Kansas
limited liability company (“Jett Rink”) and Bill Herndon, the sole member of Jett Rink, pursuant to which the Company
agreed to acquire from Bill Herndon all of the membership interest in Jett Rink in exchange for 10,000,000 shares of the Company’s
Common Stock.  Jett Rink is involved in the business relating to the exploration, development and production of oil and
gas in the United States. At the closing of the Exchange Agreement, Jett Rink became a wholly-owned subsidiary of the Company and
the Company acquired the business and operations of Jett Rink. The 10,000,000 shares issued were valued at the market value of
$0.051 per share, resulting in $510,000 in total consideration paid for Jett Rink. The acquisition was accounted for as a purchase
transaction.



C2R Energy Commodities, Inc. -On October
1, 2009 the Company entered into an agreement to purchase 100% of the outstanding shares of C2R Energy Commodities, Inc., a Nevada
corporation in exchange for 4,050,000 shares of the Company’s restricted common stock. As part of this transaction, the Company
recognized a purchase price of $40,500, which comprised of the following components:





On December 31, 2009, the Company evaluated
the carrying value of its intangible assets, including goodwill.  Due to the Company’s current net loss position
and uncertainty of cash flow, the Company impaired all intellectual property and goodwill.  This resulted in an impairment
expense of $58,899.



NOTE 8 – STOCKHOLDERS’ DEFICIT



The Company has 1,000,000 preferred shares
authorized at a par value of $0.001 and 74,000,000 common shares authorized at par value of $0.001.  As of December 31,
2010 the Company has 42,013 shares of preferred stock and 52,478,159 shares of common stock issued and outstanding.  The
following is a list of all sales of common the Company’s common stock for the year ended December 31, 2010 and 2009:



In October 2010, the Company issued an aggregate
of 8,000,000 shares of common stock to four (4) individuals, at $0.05 per share, in exchange for directors’ services totaling
$400,000.



On October 28, 2010, the Company issued 10,000,000
shares of restricted common stock in exchange for all the shares issued and outstanding of Jett Rink Oil, LLC valued at $0.051
per share.



December 30 2010, the Company issued 360,000
shares of common stock at $0.16 per share, in exchange for services totaling $57,600.



In April 2009, the Company sold its commercial
explosives development, analysis, testing and manufacturing business in a non-cash transaction to a related party in exchange for
stock in the Company totaling 22,500,000 shares.  The stock was cancelled in July of 2009.





On October 10, 2009, the Company issued 4,050,000
shares of restricted common stock in exchange for all the shares issued and outstanding of C2R Energy Commodities Inc. valued at
$0.01 per share.



On October 20, 2009 the Company sold 600,000
shares of restricted common stock for $0.05 per share for total proceeds of $30,000.



NOTE 9 – ENVIRONMENTAL AND OTHER CONTINGENCIES



The Company’s operations and earnings
may be affected by various forms of governmental action in the United States. Examples of such governmental action include, but
are by no means limited to: tax increases and retroactive tax claims; royalty and revenue sharing increases; import and export
controls; price controls; currency controls; allocation of supplies of crude oil and petroleum products and other goods; expropriation
of property; restrictions and preferences affecting the issuance of oil and gas or mineral leases; restrictions on drilling and/or
production; laws and regulations intended for the promotion of safety and the protection and/or remediation of the environment;
governmental support for other forms of energy; and laws and regulations affecting the Company’s relationships with employees,
suppliers, customers, stockholders and others. Because governmental actions are often motivated by political considerations and
may be taken without full consideration of their consequences, and may be taken in response to actions of other governments, it
is not practical to attempt to predict the likelihood of such actions, the form the actions may take or the effect such actions
may have on the Company.



Companies in the oil and gas industry are subject
to numerous federal, state, local and regulations dealing with the environment. Violation of federal or state environmental laws,
regulations and permits can result in the imposition of significant civil and criminal penalties, injunctions and construction
bans or delays. A discharge of hazardous substances into the environment could, to the extent such event is not insured, subject
the Company to substantial expense, including both the cost to comply with applicable regulations and claims by neighboring landowners
and other third parties for any personal injury and property damage that might result.



The Company currently leases properties at
which hazardous substances could have been or are being handled. In addition, many of these properties have been operated by third
parties whose treatment and disposal or release of hydrocarbons or other wastes were not under the Company’s control. Under
existing laws the Company could be required to remove or remediate previously disposed wastes (including wastes disposed of or
released by prior owners or operators), to clean up contaminated property (including contaminated groundwater) or to perform remedial
plugging operations to prevent future contamination. The Company is investigating the extent of any such liability and the availability
of applicable defenses and believes costs related to these sites will not have a material adverse affect on the Company’s
net income, financial condition or liquidity in a future period.



The Company’s liability for remedial
obligations includes certain amounts that are based on anticipated regulatory approval for proposed remediation of former refinery
waste sites. Although regulatory authorities may require more costly alternatives than the proposed processes, the cost of such
potential alternative processes is not expected to be a material amount. Certain environmental expenditures are likely to be recovered
by the Company from other sources, primarily environmental funds maintained by certain states. Since no assurance can be given
that future recoveries from other sources will occur, the Company has not recorded a benefit for likely recoveries.





There is the possibility that environmental
expenditures could be required at currently unidentified sites, and new or revised regulations could require additional expenditures
at known sites. However, based on information currently available to the Company, the amount of future remediation costs incurred
at known or currently unidentified sites is not expected to have a material adverse effect on the Company’s future net income,
cash flows or liquidity. The Company has recorded $5,878 for its estimated asset retirement obligation as of December 31, 2010.



NOTE 10 – OIL AND GAS PROPERTIES



Oil and gas properties are stated at cost.
Depletion expense for the year ended December 31, 2010 and 2009 amounted to $-0- and $-0-, respectively. Gains and losses on sales
and disposals are included in the statements of operations. During the year ended December 31, 2010 and 2009, respectively,
the Company fully impaired its oil and gas properties, recognizing an impairment expense in the amounts of $515,878 and $-0-.



NOTE 12 – ASSET RETIREMENT OBLIGATION



The following table sets forth the principal sources of change of
the asset retirement obligation for the years ended December 31, 2010 and 2009:





NOTE 13 – INCOME TAXES



No provision has been made in the financial
statements for income taxes because the Company has accumulated losses from operations since inception.  Any deferred tax
benefit arising from the operating loss carried forward is offset entirely by a valuation allowance since it is currently not likely
that the Company will be significantly profitable in the near future to take advantage of the losses.  The provision for income
taxes consists of the following:



|                                                     | For the Years Ended     
|---------------------------------------------------- | ------------------------
|                                                     | December 31,            
|                                                     | 2010                    
|Current taxes                                        | $         (381,993)     
|Stock/options issued for services                    | 178,464                 
|Stock/options issued in acquisitions of subsidiaries | 198,900                 
|Contributed services                                 | 225,823                 
|Depreciation and amortization                        | 161                     
|Impairment expense                                   | 206,269                 
|Change in derivative liability                       | 4,645                   
|Valuation allowance                                  | (432,269)               
|Total provision for income taxes                     | $                      -





The income tax provision differs from the amount
of income tax determined by applying the U.S. federal and state income tax rates of 39% to pretax income from continuing operations
for the years ended December 31, 2010 and 2009 due to the following:



|                                         | December 31,            
|---------------------------------------- | ------------------------
|                                         | 2010                    
|Loss carryforwards (expire through 2030) | $           875,173     
|                                         |                         
|Total gross deferred tax asset           | 328,077                 
|Valuation allowance                      | (328,077)               
|Net deferred tax assets                  | -                       
|Deferred tax liabilities                 | -                       
|Net deferred taxes                       | $                      -



At December 31, 2010, the Company had net operating
loss carry forwards of approximately $875,173 that may be offset against future taxable income through 2030.  The Company
adopted the provisions of ASC 740 at the beginning of fiscal year 2008. As a result of this adoption, the Company has not made
any adjustments to deferred tax assets or liabilities. The Company did not identify any material uncertain tax positions on returns
that have been filed or that will be filed. The Company has not had operations resulting in net income and is carrying a large
Net Operating Loss as disclosed above.  Since it is not thought that this Net Operating Loss will ever produce a tax benefit,
even if examined by taxing authorities and disallowed entirely, there would be no effect on the financial statements.



NOTE 14 – DISCONTINUED OPERATIONS



In April 2009, the Company sold its commercial
explosives development, analysis, testing and manufacturing business in a non-cash transaction to a related party in exchange for
stock in the Company totaling 22,500,000 shares.  The stock was cancelled in July of 2009.  A breakdown of
the loss associated with the discontinued operations is presented in the table below.







NOTE 15 – SUBSEQUENT EVENTS



Notes Payable

On February 1, 2011, the Company issued a
note to a related party in exchange for $35,000 payment toward the purchase of certain oil leases in Kansas.  The note
is non-interest bearing and due on January 31, 2012.



On August 8, 2011, the Company borrowed $21,000
from related parties.  The notes are unsecured, bear no interest, and are due on demand.



Oil and Gas Properties

On February 1, 2011,
the Company entered into an agreement with a related party to purchase a 100 percent interest in three oil and mineral leases
in Cowley, County, Kansas.  As consideration for the purchase, the Company issued a non-interest bearing note for $35,000,
and 250,000 shares of its common stock valued at the market rate of $0.18 per share.  The total consideration paid for
the leases was $80,000.



On April 1, 2011,
the Company acquired a 100 percent working interest and an 80 percent net revenue interest in two oil and gas wells located in
Ness County, Kansas. The Company acquired interests in two oil wells located on approximately 240 leased acres.  The
wells had been shut-in in previous years and are not producing as of the date of this report.  The effective date of
the purchase and sale was April 1, 2010. The purchase price paid for the acquisition was $1,000 at auction and the properties
carry a $2,109 aggregate annual surface lease agreement payment.



Common
Stock

On February 1, 2011,
the Company issued 250,000 common shares as part of an oil and gas lease purchase agreement.  The shares were valued
at $0.18 per share based upon the closing share price on the date of issuance, resulting in an aggregate share value of $45,000.



In accordance with ASC 855-10, Company management reviewed all other
material events through the date of this report and there are no material subsequent events to report.