UNITED STATES


SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549




Form 10K/ A 3


(Mark One)




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




For the fiscal year ended December 31, 2010


or




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




For the transition period from                    to




Commission file number          333-141875




Tiger Oil and Energy, Inc.


(Exact name of registrant as specified in its charter)




NEVADA
20-5936198State or other jurisdiction of
(I.R.S. Employerincorporation 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     x 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     x 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 x     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 o


Non-accelerated filer (Do not check if a smaller reporting company) o Smaller reporting


company x







Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).


o Yes     x 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 April 14, 2011 the Company had 52,478,159 issued and outstanding shares of its common stock and 42,013 of its preferred stock.









DOCUMENTS INCORPORATED BY REFERENCE








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”.




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 cost.




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 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.




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

2010High


Low

High


LowQtr 1


0.20



0.01



0.01



0.05Qtr 2


0.01



0.01



0.01



0.05Qtr 3


0.01



0.01



0.01



0.05Qtr 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 8K. This 8K 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 refect 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 8K, 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.




The Company abandoned the proposed acquisition of the Kevin-Sunburst Dome project in Toole County MT covering approximately 37,000 gross leasehold acres.  The Company currently holds interests in two shut-in wells in Creek County OK, nine shut-in wells in Cowley County KS and two shut-in wells in Ness County KS. We have no net productive wells or dry development wells being re-drilled or under development.  We have no waterfloods in the process of being installed, pressure maintenance operations, or any other related activities of material importance as of April 15, 2011.




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 $1,118,872 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 $528,894 and 121,242 in impairment expense 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 and other income from finder’s fees of $40,000.




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 $979,470 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.




Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we evaluated the effectiveness of our disclosure controls and procedures in ensuring that the information required to be disclosed in our filings under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, including ensuring that such information is accumulated and communicated to TGRO management as appropriate to allow timely decisions regarding required disclosure. Based on this evaluation, management concluded that the Company’s internal disclosure controls and procedures were not effective as of December 31, 2010, due to a lack of segregation of duties and not having an audit committee.




Management’s Annual Report on Internal Control Over Financial Reporting




The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting and for the assessment of the effectiveness of internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Securities Exchange Act of 1934 as a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers and effected by the Company’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company’s internal control over financial reporting is supported by written policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Company’s assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the Company are being made only in accordance with authorizations of the Company’s management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.




Evaluation of Disclosure Controls and Procedures
 
 Our management, with the participation of our president and chief financial officer, carried out an evaluation of the effectiveness of our “disclosure controls and procedures” (as defined in the Exchange Act Rules 13a-15(e) and 15-d-15(e)) as of the end of the period covered by this report (the “Evaluation Date”). Based upon that evaluation, the president and chief financial officer concluded that as of the Evaluation Date, our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act (i) is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms and (ii) is accumulated and communicated to our management, including our president and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.
 
 Management’s Report on Internal Control over Financial Reporting
 
 Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2010. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework. Our management has concluded that, as of Sept. 30, 2010, our internal control over financial reporting is not effective based on these criteria. This annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to temporary rules of the SEC that permit us to provide only management’s report in this annual report.”




Management believes that this material weakness did not have an effect on our financial results due primarily to the transparency of, ready access to and periodic review of the bank accounts and bank statements by Management and Directors in addition to the audit prepared by the auditor.




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 AppointedKenneth Liebscher
President and Director
68
July 1, 2006 to presentHoward Bouch
Chief Financial Officer and Director Secretary Treasurer
66
January 12, 2007 to presentBill Herndon
Director
46
August 6, 2010 to presentRyan 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



0



100,0002009


0



0



0



0



0



0



0



0Howard Bouch

2010










100,000
(1)


0



0



0



0



100,0002009


0



0



0



0



0



0



0



0Bill Herndon

2010


0



0



100,000
(1)


0



0



0



0



100,0002009


N/A



N/A



N/A



N/A



N/A



N/A



N/A



N/ARyan Kerr

2010


0



0



100,000



0



0



0



0



100,0002009


N/A



N/A



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

ClassPreferred 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.  The terms of the agreement were:




a. an annual salary payment of $200,000, payable in montly installments in arrears and,




b. A bonus of 50% of the annual pre-tax earnings before depreciation and amortization as set forth in the Company's annual audited financial statements, subject to a maximum payment of $100,000 in anyone year.




c. A grant of stock options under the Employee & Director Stock Ownership Plan as approved from time to time by the Board, equal to at least twice the stock options granted to the next most senior employee of the company, generally expected to be the President of UTEC Corporation, and,




d. A grant of stock options under the Employee & Director Stock Ownership Plan for CEO's service as a Director of the Company, on the same basis as stock options are granted to each other Director. .Such agreement was terminated with no further compensation due in May 2010.   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


2009Audit Fees

$
9,500


$
16,700Audit Related Fees


-



2,760Tax Fees


-



800All Other Fees


-



870Total

$
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

Location3.1

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) Certificates32.1

Section 1350 Certifications99.1

Exchange Agreement99.2

Addendum to Exchange Agreement99.3

Geologist Report99.4

Geologist Resume99.5

Geologist approval99.6

Redstone Management Agreement




*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 BouchKenneth B. Liebscher, Director & CEO
Howard Bouch, CFO




Date October 13 , 2011




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

October 13 , 2011

/s/ Bill Herndon

October 13 , 2011Kenneth Liebscher,

Date

Bill Herndon, Director

DatePresident, CEO, Director/s/ Howard Bouch

October 13 , 2011

/s/ Ryan Kerr

October 13 , 2011Secretary, 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




PageAudit Report of Independent Accountants

1Consolidated Balance Sheets – December 31, 2010 and 2009

2Consolidated Statements of Operations for the years ended December 31, 2010 and 2009 and from inception on April 30, 2009 through December 31, 2010

3Consolidated Statements of Members’ Equity from inception on April 30, 2009 through December 31, 2010

4Consolidated Statements of Cash Flows for the years ended December 31, 2010 and 2009 and from inception on April 30, 2009 through December 31, 2010

5Notes 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


April 14, 2011




1


TIGER OIL AND ENERGY, INC.


(Formerly UTEC, Inc.)


(A Development Stage Company)


Consolidated Balance Sheets




December 31,

2010

December 31,

2009ASSETSCURRENT ASSETSCash and cash equivalents

$
14,352


$
9,453Prepaid expenses


400



-Total Current Assets


14,752



9,453OTHER ASSETSMachinery and equipment, net


-



216,970Construction in progress


-



111,457Oil and gas properties, net


314,997



-Total Other Assets


314,997



328,427TOTAL ASSETS

$
329,749


$
337,880LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)CURRENT LIABILITIESAccounts payable and accrued expenses

$
4,103


$
350,716Accrued salary


-



200,000Related party payables


19,064



80,535Loan payable


15,240



240Derivative liability


11,911



-Total Current Liabilities


50,318



631,491LONG-TERM DEBTAsset retirement obligation


5,878



-TOTAL LIABILITIES


56,196



631,491STOCKHOLDERS’ EQUITY (DEFICIT)Preferred stock - 1,000,000 authorized, $0.001 par value;42,013 and 42,013 issued and outstanding, respectively


42



42Common stock - 74,000,000 authorized, $0.001 par value; 52,478,159 and 34,118,159 issued and outstanding, respectively


52,478



34,118Additional paid-in capital


4,167,389



2,639,115Deficit accumulated incurred prior to the development stage


(524,202
)


(524,202
)Deficit accumulated during the development stage


(3,422,154
)


(2,442,684
)Total Stockholders’ Equity (Deficit)


273,553



(293,611
)TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

$
329,749


$
337,880




The accompanying notes are an integral part of these financial statements.




2




TIGER OIL AND ENERGY, INC.


(Formerly UTEC, Inc.)


(A Development Stage Company)


Consolidated Statements of Operations




From Inception on April 30, 2009 through December 31, 2010For the Year Ended

December 31,2010


2009REVENUES

$
-


$
-


$
-COST OF SALES


-



-



-GROSS MARGIN


-



-



-OPERATING EXPENSESAmortization of deferred tax benefit


-



170,800



170,800Impairment of assets


528,894



121,242



650,136Management fees


540,933



569,000



1,109,933General and administrative


49,045



160,550



209,595Total Operating Expenses


1,118,872



1,021,592



2,140,464LOSS FROM OPERATIONS


(1,118,872
)


(1,021,592
)


(2,140,464
)OTHER EXPENSEInterest expense


(361
)


-



(361
)Gain on forgiveness of debt


111,674



-



111,674Other income


40,000



-



40,000Loss on derivative liability


(11,911
)


-



(11,911
)Total Other Expense


139,402



-



139,402LOSS BEFORE TAXES


(979,470
)


(1,021,592
)


(2,001,062
)Provision for income taxes


-



-



-NET LOSS FROM CONTINUING OPERATIONS


(979,470
)


(1,021,592
)


(2,001,062
)Net income (loss) from discontinued operations


-



309,650



309,650Loss on disposal of discontinued operations


-



(1,730,742
)


(1,730,742
)Loss from Discontinued Operations,Net of Income Taxes


-



(1,421,092
)


(1,421,092
)NET LOSS

$
(979,470
)

$
(2,442,684
)

$
(3,422,154
)BASIC LOSS PER SHAREFROM CONTINUING OPERATIONS

$
(0.03
)

$
(0.02
)BASIC LOSS PER SHAREFROM DISCONTINUED OPERATIONS

$
-


$
(0.03
)TOTAL BASIC LOSS PER SHARE

$
(0.03
)

$
(0.05
)WEIGHTED AVERAGE NUMBEROF SHARES OUTSTANDING


37,780,406



47,361,310




The accompanying notes are an integral part of these financial statements.




3




TIGER OIL AND ENERGY, INC.


(Formerly UTEC, Inc.)


(A Development Stage Company)


Consolidated Statements of Stockholders’ Equity (Deficit)




Additional

Paid-In

Capital


Accumulated

DeficitPreferred Stock


Common StockShares


Amount


Shares


Amount






TotalBalance, December 31, 2008


42,013


$
42



51,968,159


$
51,968


$
2,149,515


$
(524,202
)

$
1,677,323Option expense pursuant to employee option plan


-



-



-



-



401,250



-



401,250Operational segment sold in exchange for common stock issued in April 2009


-



-



(22,500,000
)


(22,500
)


22,500



-



-Common stock issued for purchase of subsidiary at $0.01 per share on October 10, 2009


-



-



4,050,000



4,050



36,450



-



40,500Common stock issued for cash at $0.05 per share on October 20, 2009


-



-



600,000



600



29,400



-



30,000Net loss for the year ended December 31, 2009


-



-



-



-



-



(2,442,684
)


(2,442,684
)Balance, December 31, 2009


42,013



42



34,118,159



34,118



2,639,115



(2,966,886
)


(293,611
)Common stock issued for services at $0.05 per share in October 2010


-



-



8,000,000



8,000



392,000



-



400,000Common stock issued in purchase of subsidiary at $0.051 per share on October 28, 2010


-



-



10,000,000



10,000



500,000



-



510,000Common stock issued for services at $0.16 per share on December 30, 2010


-



-



360,000



360



57,240



-



57,600Contributed capital


-



-



-



-



579,034



-



579,034Net loss for the year ended December 31, 2010


-



-



-



-



-



(979,470
)


(979,470
)Balance, December 31, 2010


42,013


$
42



52,478,159


$
52,478


$
4,167,389


$
(3,946,356
)

$
273,553Deficit accumulated incured prior to the development stage






$
(524,202
)Deficit accumulated during the development stage







(3,422,154
)Total accumulated deficit






$
(3,946,356
)




The accompanying notes are an integral part of these financial statements.




4




TIGER OIL AND ENERGY, INC.


(Formerly UTEC, Inc.)


(A Development Stage Company)


Consolidated Statements of Cash Flows




From Inception on April 30, 2009 through December 31, 2010For the Year Ended

December 31,2010


2009OPERATING ACTIVITIESNet loss

$
(979,470
)

$
(2,442,684
)

$
(3,422,154
)Adjustments to Reconcile Net Loss to Net Cash Used by Operating Activities:Depreciation


414



312



726Impairment of assets


528,894



-



528,894Change in deriative liability


11,911



-



11,911Amortization of intangibles


-



2,803



2,803Employee option grants issued


-



46,500



46,500Cancellation of employee stock option shares


-



354,750



354,750Impairment of intangible assets


-



121,242



121,242Common stock issued for services


457,600



-



457,600Gain on settlement of debt


(111,457
)


-



(111,457
)Deferred tax asset


-



170,800



170,800Changes in operating assets and liabilities:Increase in prepaid expenses


(400
)


-



(400
)Accounts payable and accrued liabilities


(20,057
)


(16,365
)


(36,422
)Related party payables


19,131



280,535



299,666Accrued salaries


83,333



-



83,333Net Cash Used in Continuing Operating Activities


(10,101
)


(1,482,107
)


(1,492,208
)Net Cash Provided by Discontinued Operating Activities


-



1,678,016



1,678,016Net Cash Provided by (Used in) Operating Activities


(10,101
)


195,909



185,808INVESTING ACTIVITIESPurchase of property and equipment


-



(216,556
)


(216,556
)Net Cash Used in Investing Activities


-



(216,556
)


(216,556
)FINANCING ACTIVITIESProceeds from notes payable


15,000



-



15,000Proceeds from issuance of common stock


-



30,000



30,000Net Cash Provided by Financing Activities


15,000



30,000



45,000NET INCREASE IN CASH


4,899



9,353



14,252CASH AT BEGINNING OF PERIOD


9,453



100



100CASH AT END OF PERIOD

$
14,352


$
9,453


$
14,352SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:CASH PAID FOR:Income taxes paid

$
-


$
-


$
-Interest paid


-



-



-NON CASH FINANCING ACTIVITIES:Common stock issued for purchase of subsidiary

$
510,000


$
40,500


$
550,500Common stock cancelled


-



20,500



20,500Contributed capital from forgiveness of debt of a related party


579,034



-



579,034




The accompanying notes are an integral part of these financial statements.




5




TIGER OIL AND ENERGY, INC.


(Formerly UTEC, Inc.)


(A Development Stage Company)


Consolidated Statements of Cash Flows




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.




6




TIGER OIL AND ENERGY, INC.


(Formerly UTEC, Inc.)


(A Development Stage Company)


Consolidated Statements of Cash Flows




NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)




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:




Building and leasehold improvements:
10-25 yearsMachinery and equipment:
10-15 yearsFurniture and fixtures
3-7 years




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.




7




TIGER OIL AND ENERGY, INC.


(Formerly UTEC, Inc.)


(A Development Stage Company)


Consolidated Statements of Cash Flows




NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)




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 intellectual property rights were deemed to be fully impaired and written-off during the year ended July 31, 2010.




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 note 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.




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.




8





TIGER OIL AND ENERGY, INC.


(Formerly UTEC, Inc.)


(A Development Stage Company)


Consolidated Statements of Cash Flows




NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)




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.




9




TIGER OIL AND ENERGY, INC.


(Formerly UTEC, Inc.)


(A Development Stage Company)


Consolidated Statements of Cash Flows




NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)




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. The Company recorded impairment expense of $200,881 during the year ended December 31, 2010, due to the fact that the calculated fair value of certain acquired oil and gas properties, ($309,484) was less than the purchase price attributed to those properties ($510,676).Impairment expense for the fiscal years ended December 31, 2010 and 2009 was $200,881 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.




10




TIGER OIL AND ENERGY, INC.


(Formerly UTEC, Inc.)


(A Development Stage Company)


Consolidated Statements of Cash Flows




NOTE 2 - GOING CONCERN (CONTINUED)




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 the date of this report. 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.




11




TIGER OIL AND ENERGY, INC.


(Formerly UTEC, Inc.)


(A Development Stage Company)


Consolidated Statements of Cash Flows




NOTE 3 – RECENT ACCOUNTING PRONOUNCEMENTS (CONTINUED)




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.




12




TIGER OIL AND ENERGY, INC.


(Formerly UTEC, Inc.)


(A Development Stage Company)


Consolidated Statements of Cash Flows




NOTE 4 – PROPERTY AND EQUIPMENT, NET




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




For the Years Ended

December 31,2010


2009Machinery and equipment

$
-


$
216,970Construction in progress


-



111,457Accumulated depreciation


-



-Property and equipment, net

$
-


$
328,427




Depreciation expense for the fiscal years ended December 31, 2010 and 2009 was $412 and $312 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.




13




TIGER OIL AND ENERGY, INC.


(Formerly UTEC, Inc.)


(A Development Stage Company)


Consolidated Statements of Cash Flows




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:




Property and equipment, net

$
725Intangible assets


2,000Goodwill


58,899Net liabilities acquired


(21,124
)Purchase price

$
40,500




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’ EQUITY (DEFICIT)




Common Stock


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.




14




TIGER OIL AND ENERGY, INC.


(Formerly UTEC, Inc.)


(A Development Stage Company)


Consolidated Statements of Cash Flows




NOTE 8 – STOCKHOLDERS’ EQUITY (DEFICIT) (CONTINUED)




Common Stock (Continued)




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.




15




TIGER OIL AND ENERGY, INC.


(Formerly UTEC, Inc.)


(A Development Stage Company)


Consolidated Statements of Cash Flows




NOTE 9 – ENVIRONMENTAL AND OTHER CONTINGENCIES (CONTINUED)




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. As of December 31, 2010 and 2009 oil and gas properties consisted of the following:




Capitalized Costs for Oil and Gas:




For the Years Ended

December 31,2010


2009Producing ActivitiesProved properties

$
314,997


$
-Accumulated depletion


-



-Net Oil and Gas Properties

$
314,997


$
-Costs Incurred in Oil and Gas Acquisition and Development ActivitiesProduced properties

$
314,997


$
-Accumulated depletion


-



-Total

$
314,997


$
-




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:


For the Years Ended

December 31,2010

2009Asset retirement obligations

$
5,878


$
-Revisions in estimated liabilities

$
-


$
-




16




TIGER OIL AND ENERGY, INC.


(Formerly UTEC, Inc.)


(A Development Stage Company)


Consolidated Statements of Cash Flows




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


2009Current taxes

$
(381,993
)

$
(952,647
)Stock/options issued for services


178,464



156,488Stock/options issued in acquisitions of subsidiaries


198,900



15,795Contributed services


225,823



-Depreciation and amortization


161



1,215Impairment expense


206,269



47,284Change in derivative liability


4,645



-Valuation allowance


(432,269
)


731,865Total 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


2009Loss carryforwards (expire through 2030)

$
875,173


$
(233,210
)Total gross deferred tax asset


328,077



(104,193
)Valuation allowance


(328,077
)


104,193Net deferred tax assets


-



-Deferred tax liabilities


-



-Net deferred taxes

$
-


$
-




NOTE 13 – INCOME TAXES (CONTINUED)




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.




17




TIGER OIL AND ENERGY, INC.


(Formerly UTEC, Inc.)


(A Development Stage Company)


Consolidated Statements of Cash Flows




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.




For the Years Ended

December 31,2010


2009Sales revenue

$
-


$
1,039,595Cost of goods sold


-



(353,544
)Operating expenses


-



(376,401
)Net operating income (loss)


-



309,650Loss on disposal of assets


-



(1,730,742
)Net loss

$
-


$
(1,421,092
)




NOTE 15 – SUBSEQUENT EVENTS




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.




SUPPLEMENTARY INFORMATION ON OIL AND GAS


DEVELOPMENT AND PRODUCING ACTIVITIES


(UNAUDITED)




The following supplemental unaudited information regarding the Company’s oil and gas activities is presented pursuant to the disclosure requirements of SFAS No. 69. The standardized measure of discounted future net cash flows is computed by applying constant prices of oil and gas to the estimated future production of proved oil and gas reserves, less estimated future expenditures (based on period-end costs) to be incurred in developing and producing the proved reserves, less estimated future income tax expenses (based on period-end statutory tax rates) to be incurred on pre-tax net cash flows less tax basis of the properties and available credits, and assuming continuation of existing economic conditions. The estimated future net cash flows are then discounted using a rate of 10 percent per year to reflect the estimated timing of the future cash flows. All operations of the Company are located in the United States.




(1)
Capitalized Costs Relating to Oil and Gas Producing Activities:




December

31,

2010


December

31,

2009Proved leasehold costs

$
314,997


$
-Costs of wells and development


-



-Capitalize asset retirement obligations


(5,878
)


-Total cost of oil and gas properties

$
309,119


$
-Unproved oil and gas properties

$
-


$
-Accumulated depreciation and depletion


-



-Net Capitalized Costs

$
309,119


$
-




18


TIGER OIL AND ENERGY, INC.


(Formerly UTEC, Inc.)


(A Development Stage Company)


Consolidated Statements of Cash Flows




(2)
Costs Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities:


(3)


For the

Year Ended

December

31,

2010


For the

Year Ended

December

31,

2009Acquisition of Properties:Proved

$
309,119


$
-Unproved


-



-Exploration costs


-



-Development costs


-



-Total

$
309,119


$
-




SUPPLEMENTARY INFORMATION ON OIL AND GAS


DEVELOPMENT AND PRODUCING ACTIVITIES (CONTINUED)


(UNAUDITED)




(4)
Results of Operations for Producing Activities:




For the

Year Ended

December

31,

2010


For the

Year Ended

December

31,

2009Sales

$
-


$
-Production costs


-



-Depreciation and depletion


-



-Income tax benefit


-



-Results of operations for producing activities (excluding corporate overhead and interest costs)

$
-


$
-




Oil

(MBbls)


Gas

(MMcf)Proved developed producing


-



-Proved developed non-producing


1,138,168



-Proved undeveloped


-



-Total Proved, at December 31, 2010


1,138,168



-




19




TIGER OIL AND ENERGY, INC.


(Formerly UTEC, Inc.)


(A Development Stage Company)


Consolidated Statements of Cash Flows




A summary of changes in reserve quantities for the years ended December 31, 2010 and 2009 are set forth below:




Oil

(MBbls)

Gas

(MMcf)Proved reserves at December 31, 2008


-



-Revisions of previous estimates


-



-Purchases of minerals in place


-



-Extensions and discoveries


-



-Production


-



-Proved reserves at December 31, 2009


-



-




During the years ended December 31, 2010 and 2009, the Company had reserve studies and estimates prepared on its various properties. The difficulties and uncertainties involved in estimating proved oil and gas reserves makes comparisons between companies difficult. Estimation of reserve quantities is subject to wide fluctuations because it is dependent on judgmental interpretation of geological and geophysical data.




(6)
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves




December

31,

2010


December

31,

2009Future cash inflows

$
554,303


$
-Future production costs


(36,000
)


-Future development costs


(10,000
)


-Future tax expense


(41,573
)


-Future net cash flows


466,730



-Discounted for estimated timing of cash flows at 10%


(157,246
)


-Standardized measure

$
309,484


$
-




20




TIGER OIL AND ENERGY, INC.


(Formerly UTEC, Inc.)


(A Development Stage Company)


Consolidated Statements of Cash Flows




SUPPLEMENTARY INFORMATION ON OIL AND GAS


DEVELOPMENT AND PRODUCING ACTIVITIES (CONTINUED)


(UNAUDITED)




The following schedule summarizes changes in the standardized measure of discounted future net cash flow relating to proved oil and gas reserves:




For the

Year Ended

December

31,

2010


For the

Year Ended

December

31,

2009Standardized measure, beginning of year

$
-


$
-Extensions, discoveries and improved recovery


-



-Revisions of previous estimates


-



-Purchases of minerals in place


309,484



-Sales of minerals in place


-



-Net change in process and production costs


-



-Accretion of discount


5,202



-Oil and gas sales, net of production costs


-



-Changes in estimated future development costs


-



-Previously estimated development cost incurred


-



-Net change in income taxes


-



-Change in timing of estimated future production


-



-Standardized measure, end of year

$
314,686


$
-




The preceding schedules relating to proved oil and gas reserves, standardized measure of discounted future net cash flows and changes in the standardized measure of discounted future net cash flows have their foundation in engineering estimates of future net revenues that are derived from proved reserves and prepared using the prevailing economic conditions. These reserve estimates are made from evaluations conducted by independent geologists, of such properties and will be periodically reviewed based upon updated geological and production data. Estimates of proved reserves are inherently imprecise.




Subsequent development and production of Company’s reserves will necessitate revising the present estimates. In addition, information provided in the above schedules does not provide definitive information as the results of any particular year but, rather, helps explain and demonstrate the impact of major factors affecting the Company’s oil and gas producing activities. Therefore, the Company suggests that all of the aforementioned factors concerning assumptions and concepts should be taken into consideration when reviewing and analyzing this information.