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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 10-KSB

(Mark One)

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

For the fiscal year ended November 30, 2007

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from [    ] to
[    ]

Commission file number 000-52750

CROWN OIL AND GAS INC.(Name of small business issuer in its charter)

|Nevada                                                               | 98-0495144                          
|-------------------------------------------------------------------- | ------------------------------------
|(State or other jurisdiction of incorporation or
      organization) | (I.R.S. Employer Identification No.)
|                                                                     |                                     
|800  5th Avenue, Suite 4100, Seattle, Washington                    | 98104                               
|(Address of principal executive offices)                             | (Zip Code)                          

Issuer's telephone number (206) 224-7975

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

|Title of each class | Name of each exchange on which registered
|------------------- | -----------------------------------------
|Nil                 | Nil                                      

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

Common Shares, par value $0.001(Title
of class)

Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the past 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 [   ]

Check if there is no disclosure of delinquent filers in response
to Item 405 of Regulation S-B contained in this form, and no disclosure will
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-KSB or any amendment to this Form 10-KSB. [   ]

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

State issuer's revenues for its most recent fiscal year: $882

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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 sold, or the average bid and asked prices of such common
  equity, as of a specified date within 60 days. (See definition of affiliate
  in Rule 12b-2 of the Exchange Act.)

Note: If determining whether a person is an affiliate will involve
  an unreasonable effort and expense, the issuer may calculate the aggregate market
  value of the common equity held by non-affiliates on the basis of reasonable
  assumptions, if the assumptions are stated.

1,050,000 common shares @ $0.05(1)= $52,500

______________ (1) The aggregate market value of the voting stock held by non-affiliates
  is computed by reference to the last reported sale price of our stock which
  was $0.05 per share.

(ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING
  FIVE YEARS)

Check whether the issuer has filed all documents and reports
  required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the
  distribution of securities under a plan confirmed by a court. Yes [ 
   ]   No [   ]

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)

State the number of shares outstanding of each of the issuer's
  classes of equity stock, as of the latest practicable date.

108,000,000 common shares issued and outstanding as of March
  11, 2008

DOCUMENTS INCORPORATED BY REFERENCE

If the following documents are incorporated by reference, briefly
  describe them and identify the part of the Form 10-KSB (e.g., Part I, Part II,
  etc.) into which the document is incorporated: (1) any annual report to security
  holders; (2) any proxy or information statement; and (3) any prospectus filed
  pursuant to Rule 424(b) or (c) of the Securities Act of 1933 (Securities
  Act). The listed documents should be clearly described for identification
  purposes (e.g., annual report to security holders for fiscal year ended December
  24, 1990).

Transitional Small Business Disclosure Format (Check one): Yes
  [   ]   No [X].

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PART I

Item
1.           Description of
Business.

Our financial statements are stated in United States Dollars
(US$) and are prepared in accordance with United States generally accepted
accounting principles.

In this annual report, unless otherwise specified, all dollar
amounts are expressed in United States dollars and all references to common
shares refer to the common shares in our capital stock.

As used in this annual report, the terms we, us, our, and
Crown Oil mean Crown Oil and Gas Inc., unless the context clearly requires
otherwise.

Corporate Overview

Our principal executive offices are located at 800  5th
Avenue, Suite 4100, Washington 98104. Our telephone number is (206)
224-7975.

Our common stock is quoted on the OTC Bulletin Board under the
symbol CWOI.

Corporate History

We were incorporated on February 17, 2006, in the State of
Nevada.

From incorporation to January 3, 2008, we have been in the
process of establishing ourselves as a company focused on the production, sale
and distribution of quality herbal supplement products to end use consumers via
the Internet. Our target market was health conscious adult individuals in the
United States with an interest in herbal supplements. We had developed a human
immune system supplement product that we had branded "Daily Immune Enhancer with
Antioxidant Properties" designed for relief of symptoms of common cold and flu.

Since incorporation, we have not made any significant purchases
or sales of assets, nor have we been involved in any mergers, acquisitions or
consolidations. We have never declared bankruptcy or been in receivership and we
have never been involved in any legal action or proceedings.

On January 3, 2007, Dan McFarlane resigned as director,
president, chief executive officer and chairman and Rakesh Chehil resigned as
director, chief financial officer, secretary and treasurer. Also on January 3,
2007, John Hiner was elected as a director and appointed president, secretary
and treasurer.

With the approval of our board of directors, effective January
15, 2008, we merged with our wholly-owned Nevada subsidiary, Crown Oil and Gas
Inc. In connection with the merger, we changed our name to Crown Oil and Gas
Inc., to better reflect the anticipated future business of our company.

On January 15, 2008, our board of directors approved an
18-for-one (1) forward stock split of our authorized and our issued and
outstanding shares of common stock.

On January 28, 2008, the Secretary of State of Nevada accepted
for filing a Certificate of Change with respect to the forward stock split (on
an 18-for-1 basis) of our authorized and issued and outstanding shares of common
stock, as approved by our board of directors. The effective date of the
Certificate of Change was January 31, 2008.

As a result, our authorized capital increased from 50,000,000
shares of common stock with a par value of $0.001 to 900,000,000 shares of
common stock with a par value of $0.001. Our issued and outstanding share
capital increased from 6,000,000 shares of common stock to 108,000,000 shares of
common stock.

Business Development During Last Three Years

Since our incorporation we have been in the business of the
production, sale and distribution of quality herbal supplement products to end
use consumers via the Internet. As our operations have not been sufficiently
profitable and our future

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prospects for our business are not good, our companys
management has closed our herbal supplement operations and are currently
concentrating their efforts on pursuing a change of business in the oil and gas
industry. As of the date of this annual report on Form 10-KSB, we have entered
into negotiations with prospective business entities but have not entered into
any formal written agreements for a business combination or opportunity. When
any such agreement is reached, we intend to disclose such an agreement by filing
a current report on Form 8-K with the Securities and Exchange Commission.

Our Current Business

We are currently seeking business opportunities with
established business entities for the merger of a target business with our
company. In certain instances, a target business may wish to become a subsidiary
of our company or may wish to contribute assets to our company rather than
merge. We anticipate that any new acquisition or business opportunities by our
company will require additional financing. There can be no assurance, however,
that we will be able to acquire the financing necessary to enable us to pursue
our plan of operation. If our company requires additional financing and we are
unable to acquire such funds, our business may fail.

We may seek a business opportunity with entities who have
recently commenced operations, or entities who wish to utilize the public
marketplace in order to raise additional capital in order to expand business
development activities, to develop a new product or service, or for other
corporate purposes. We may acquire assets and establish wholly-owned
subsidiaries in various businesses or acquire existing businesses as
subsidiaries.

In implementing a structure for a particular business
acquisition or opportunity, we may become a party to a merger, consolidation,
reorganization, joint venture, or licensing agreement with another corporation
or entity. We may also acquire stock or assets of an existing business. Upon the
consummation of a transaction, it is likely that our present management will no
longer be in control of our company. In addition, it is likely that our officers
and directors will, as part of the terms of the acquisition transaction, resign
and be replaced by one or more new officers and directors.

The search for and analysis of new business opportunities is
being undertaken by our president, John Hiner, who is not a professional
business analyst. In seeking or analyzing prospective business opportunities,
Mr. Hiner may utilize the services of outside consultants or advisors.

As of the date of this annual report on Form 10-KSB, we have
entered into negotiations with prospective business entities but have not
entered into any formal written agreements for a business combination or
opportunity. When any such agreement is reached, we intend to disclose such an
agreement by filing a current report on Form 8-K with the Securities and
Exchange Commission.

We anticipate that the selection of a business opportunity in
which to participate will be complex and without certainty of success.
Management believes that there are numerous firms in various industries seeking
the perceived benefits of being a publicly registered corporation. Business
opportunities may be available in many different industries and at various
stages of development, all of which will make the task of comparative
investigation and analysis of such business opportunities extremely difficult
and complex. We can provide no assurance that we will be able to locate
compatible business opportunities.

We have not been successful in raising the funding necessary to
proceed with our business plan. Historically, we have been able to raise a
limited amount of capital through private placements of our equity stock, but we
are uncertain about our continued ability to raise funds privately. Further, we
believe that our company may have difficulties raising capital until we locate a
prospective business opportunity through which we can pursue our plan of
operation. If we are unable to secure adequate capital to continue our
acquisition efforts, our shareholders may lose some or all of their investment
and our business may fail.

Employees

We do not have any employees other than our directors and
executive officers. We do not expect any material changes in the number of
employees over the next 12 month period. We may enter into employment or
consulting agreements with our directors and executive officers. We do, and will
continue to, outsource contract employment as needed.

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RISK FACTORS

Much of the information included in this annual report includes
or is based upon estimates, projections or other "forward looking statements".
Such forward looking statements include any projections or estimates made by us
and our management in connection with our business operations. While these
forward-looking statements, and any assumptions upon which they are based, are
made in good faith and reflect our current judgment regarding the direction of
our business, actual results will almost always vary, sometimes materially, from
any estimates, predictions, projections, assumptions or other future performance
suggested herein.

Such estimates, projections or other "forward looking
statements" involve various risks and uncertainties as outlined below. We
caution the reader that important factors in some cases have affected, and in
the future could materially affect, actual results and cause actual results to
differ materially from the results expressed in any such estimates, projections
or other "forward looking statements".

Scarcity of and competition for business opportunities and
combinations, place our company at a competitive disadvantage in identifying
possible business opportunities and successfully completing a business
combination.

We are, and will continue to be, an insignificant participant
amongst numerous other companies seeking a suitable business opportunity or
business combination. A large number of established and well-financed entities,
including venture capital firms, are actively seeking suitable business
opportunities or business combinations which may also be desirable target
candidates for us. Virtually all such entities have significantly greater
financial resources, technical expertise and managerial capabilities than we do.
We are, consequently, at a competitive disadvantage in identifying possible
business opportunities and successfully completing a business combination. We
will also compete with numerous other small public companies seeking suitable
business opportunities or business combinations.

We will require additional financing. Inadequate financing
may impair our ability to compete in the marketplace which may result in the
dissolution of our company.

We anticipate that we may require additional financing while we
are seeking a suitable business opportunity or business combination. Further, we
anticipate that we will not have sufficient capital to fund our ongoing
operations for the next twelve months. We may be required to raise additional
financing for a particular business combination or business opportunity. We
would likely secure any additional financing necessary through a private
placement of our common shares.

There can be no assurance that, if required, any such financing
will be available upon terms and conditions acceptable to us, if at all. Our
inability to obtain additional financing in a sufficient amount when needed and
upon terms and conditions acceptable to us could have a materially adverse
effect upon our company. Although we believe that we have funds sufficient to
meet our immediate needs, we may require further funds to finance the
development of any business opportunity that we acquire. There can be no
assurance that such funds will be available or available on terms satisfactory
to us. If additional funds are raised by issuing equity securities, further
dilution to existing or future shareholders is likely to result. If adequate
funds are not available on acceptable terms when needed, we may be required to
delay, scale back or eliminate the development of any business opportunity that
we acquire. Inadequate funding could also impair our ability to compete in the
marketplace, which may result in the dissolution of our company.

A decline in the price of our common stock could affect our
ability to raise further working capital and adversely impact our
operations.

A prolonged decline in the price of our common stock could
result in a reduction in the liquidity of our common stock and a reduction in
our ability to raise capital. Because our operations have been primarily
financed through the sale of equity securities, a decline in the price of our
common stock could be especially detrimental to our liquidity and our continued
operations. Any reduction in our ability to raise equity capital in the future
would force us to reallocate funds from other planned uses and would have a
significant negative effect on our business plans and operations, including our
ability to develop new products and continue our current operations. If our
stock price declines, we may not be able to raise additional capital or generate
funds from operations sufficient to meet our obligations.

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We have a limited operating history and if we are not
successful in continuing to grow our business, then we may have to scale back or
even cease our ongoing business operations.

We have a limited operating history on which to base an
evaluation of our business and prospects. Our prospects must be considered in
light of the risks, uncertainties, expenses and difficulties frequently
encountered by companies seeking to acquire or establish a new business
opportunity. Some of these risks and uncertainties relate to our ability to
identify, secure and complete an acquisition of a suitable business opportunity.

We cannot be sure that we will be successful in addressing
these risks and uncertainties and our failure to do so could have a materially
adverse effect on our financial condition. In addition, our operating results
are dependent to a large degree upon factors outside of our control. There are
no assurances that we will be successful in addressing these risks, and failure
to do so may adversely affect our business.

It is unlikely that we will generate any or significant
revenues while we seek a suitable business opportunity. Our short and long-term
prospects depend upon our ability to select and secure a suitable business
opportunity. In order for us to make a profit, we will need to successfully
acquire a new business opportunity in order to generate revenues in an amount
sufficient to cover any and all future costs and expenses in connection with any
such business opportunity. Even if we become profitable, we may not sustain or
increase our profits on a quarterly or annual basis in the future.

We will, in all likelihood, sustain operating expenses without
corresponding revenues, at least until we complete a business combination or
acquire a business opportunity. This may result in our company incurring a net
operating loss which will increase continuously until we complete a business
combination or acquire a business opportunity that can generate revenues that
result in a net profit to us. There is no assurance that we will identify a
suitable business opportunity or complete a business combination.

Ability to generate revenues is uncertain until we acquire a
business opportunity or complete a business combination.

For the year ended November 30, 2007, we incurred net loss from
discontinued operations of $56,564. We will no longer receive any revenues from
this business. We have not generated any revenues since January 3, 2008 and do
not anticipate generating any additional revenues until we acquire a business
opportunity or complete a business combination. As of November 30, 2007, we have
net loss of $56,564 and a working capital deficit of $12,933. Our ability to
generate any further revenues is uncertain.

The success of our proposed plan of operation will depend to
a great extent on the operations, financial condition and management of any
identified business opportunity.

The success of our proposed plan of operation will depend to a
great extent on the operations, financial condition and management of any
identified business opportunity. While management intends to seek business
opportunities and/or business combinations with entities which have established
operating histories, there is no assurance that we will successfully locate
business opportunities meeting such criteria. In the event that we complete a
business combination or otherwise acquire a business opportunity, the success of
our operations may be dependent upon management of the successor firm or venture
partner firm, together with a number of other factors beyond our control.

We have no arrangement, agreement, or understanding with
respect to acquiring a business opportunity or engaging in a business
combination with any private entity. Accordingly, we may enter into a business
combination with a business opportunity having no significant operating history,
losses, limited or no potential for earnings, limited assets, negative net worth
or other negative characteristics.

Although we have entered into negotiations with prospective
business entities, we have not entered into any formal written agreements for a
business combination or opportunity. There can be no assurance that we will
successfully identify and evaluate suitable business opportunities or conclude a
business combination. There is no assurance that we will be able to negotiate
the acquisition of a business opportunity or a business combination on terms
favorable to us. We have not established a specific length of operating history
or a specified level of earnings, assets, net worth or other criteria which we
will require a target business opportunity to have achieved, and without which
we would not consider a business combination in any form with such business
opportunity. Accordingly, we may enter into a business combination with a
business opportunity having no significant operating history, losses, limited or
no potential for earnings, limited assets, negative net worth or other negative
characteristics.

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Lack of market research or marketing organization indicates
there is no assurance that we will successfully complete a business opportunity
or business combination.

We have not conducted or received results of market research
indicating that there is a demand for the acquisition of a business opportunity
or business combination as contemplated by our company. Even if there is demand
for the acquisition of a business opportunity or combination as contemplated,
there is no assurance we will successfully complete such an acquisition or
combination.

Lack of diversification may increase the risks associated
with our operations.

In all likelihood, our proposed operations, even if successful,
may result in a business combination with only one entity. Consequently, the
resulting activities will be limited to that entity's business. Our inability to
diversify our activities into a number of areas may subject us to economic
fluctuations within a particular business or industry, thereby increasing the
risks associated with our operations.

Probable change in control and management may reduce or
eliminate the participation of our present officers and directors in the future
affairs of our company.

A business combination or acquisition of a business opportunity
involving the issuance of our common shares may result in new or incoming
shareholders obtaining a controlling interest in our company. Any such business
combination or acquisition of a business opportunity may require management of
our company to sell or transfer all or a portion of the common shares in the
capital of our company that they hold or resign as members of our Board of
Directors. The resulting change in our control could result in removal of one or
more of our present officers and directors, and a corresponding reduction in, or
elimination of, their participation in the future affairs of our company.

Reduction of percentage share ownership following a business
combination may result in a change in our control and/or management.

Our primary plan of operation is based upon the acquisition of
a business opportunity or a business combination with a private concern, which,
in all likelihood, would result in us issuing common shares to shareholders of
such private company. Issuing previously authorized and unissued common shares
in our capital will reduce the percentage of common shares owned by present and
prospective shareholders and may result in a change in our control and/or
management.

Requirement of audited financial statements may disqualify a
business opportunity.

Management believes that any potential business opportunity or
target company must provide audited financial statements for review and for the
protection of all parties to the business acquisition or combination. One or
more attractive business opportunities may forego a business combination with us
rather than incur the expenses associated with preparing audited financial
statements.

A failure to manage growth effectively could have a
materially adverse effect on our business.

Our ability to achieve any planned growth upon the acquisition
of a suitable business opportunity or business combination will be dependent
upon a number of factors including, but not limited to, our ability to hire,
train and assimilate management and other employees and the adequacy of our
financial resources. In addition, there can be no assurance that we will be able
to manage successfully any business opportunity or business combination. Failure
to manage anticipated growth effectively and efficiently could have a materially
adverse effect on our business.

Our stock is a penny stock. Trading of our stock may be
restricted by the SEC's penny stock regulations which may limit a stockholder's
ability to buy and sell our stock.

Our stock is a penny stock. The Securities and Exchange Commission
  has adopted Rule 15g-9 which generally defines penny stock to be
  any equity security that has a market price (as defined) less than $5.00 per
  share or an exercise price of less than $5.00 per share, subject to certain
  exceptions. Our securities are covered by the penny stock rules, which impose
  additional sales practice requirements on broker-dealers who sell to persons
  other than established customers and accredited investors. The term
  accredited investor refers generally to institutions with assets
  in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000
  or annual income exceeding $200,000 or $300,000 jointly with their spouse.

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The penny stock rules require a broker-dealer, prior to a transaction
  in a penny stock not otherwise exempt from the rules, to deliver a standardized
  risk disclosure document in a form prepared by the SEC which provides information
  about penny stocks and the nature and level of risks in the penny stock market.
  The broker-dealer also must provide the customer with current bid and offer
  quotations for the penny stock, the compensation of the broker-dealer and its
  salesperson in the transaction and monthly account statements showing the market
  value of each penny stock held in the customer's account. The bid and offer
  quotations, and the broker-dealer and salesperson compensation information,
  must be given to the customer orally or in writing prior to effecting the transaction
  and must be given to the customer in writing before or with the customer's confirmation.
  In addition, the penny stock rules require that prior to a transaction in a
  penny stock not otherwise exempt from these rules, the broker-dealer must make
  a special written determination that the penny stock is a suitable investment
  for the purchaser and receive the purchaser's written agreement to the transaction.
  These disclosure requirements may have the effect of reducing the level of trading
  activity in the secondary market for the stock that is subject to these penny
  stock rules. Consequently, these penny stock rules may affect the ability of
  broker-dealers to trade our securities. We believe that the penny stock rules
  discourage investor interest in and limit the marketability of our common stock.

Financial Industry Regulatory Authority sales practice
requirements may also limit a stockholders ability to buy and sell our shares
of common stock.

In addition to the penny stock rules described above, the
Financial Industry Regulatory Authority (known as FINRA) has adopted rules
that require that in recommending an investment to a customer, a broker-dealer
must have reasonable grounds for believing that the investment is suitable for
that customer. Prior to recommending speculative low priced securities to their
non-institutional customers, broker-dealers must make reasonable efforts to
obtain information about the customers financial status, tax status, investment
objectives and other information. Under interpretations of these rules, the
Financial Industry Regulatory Authority believes that there is a high
probability that speculative low priced securities will not be suitable for at
least some customers. Financial Industry Regulatory Authority requirements make
it more difficult for broker-dealers to recommend that their customers buy our
shares of common stock, which may limit your ability to buy and sell our shares
of common stock and have an adverse effect on the market for our shares.

Item
2.           Description of
Property.

Principal Offices

Our administrative mailing office is located at 800 5th Avenue,
Suite 4100, Seattle, Washington 98104 and our telephone number is (206)
224-7975. Our office is rented on a month to month sub-lease basis at a cost of
$202 per month. We believe that our office space and facilities are sufficient
to meet our present needs and do not anticipate any difficulty securing
alternative or additional space, as needed, on terms acceptable to us.

Item
3.           Legal
Proceedings.

We know of no material, active or pending legal proceedings
against our company, nor are we involved as a plaintiff in any material
proceeding or pending litigation. There are no proceedings in which any of our
directors, officers or affiliates, or any registered or beneficial shareholder,
is an adverse party or has a material interest adverse to our interest.

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

There were no matters submitted to a vote of our security
holders either through solicitation of proxies or otherwise in the fourth
quarter of the fiscal year ended November 30, 2007

PART II

Item
5.           Market for Common
Equity and Related Stockholder Matters.

Our common stock is quoted on the OTC Bulletin Board under the
name Crown Oil and Gas Inc. under the symbol CWOI.

On August 1, 2007, our common stock received approval for
quotation on the Over-the-Counter Bulletin Board under the name Onelife Health
Products Inc. under the symbol ONLF. On January 28, 2008, our company merged
with its wholly-owned subsidiary, Crown Oil and Gas Inc., changed its name to
Crown Oil and Gas Inc. and commenced trading under the

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symbol COWG. On January 31, 2008, we effected an 18 for 1
forward stock split of our common shares and commenced trading under the symbol
CWOI.

Our common shares are issued in registered form. The Nevada
Agency and Trust Company, 880-50 West Liberty Street, Reno, Nevada, 89501
(Telephone: (775) 322-0626; Facsimile: (775) 322-5623) is the registrar and
transfer agent for our common shares.

On February 22, 2008 the shareholders list of our common
shares showed 27 registered shareholders and 108,000,000 shares outstanding.

Dividend Policy

We have not declared any dividends since incorporation and do
not anticipate that we will do so in the foreseeable future. Although there are
no restrictions that limit the ability to pay dividends on our common shares,
our intention is to retain future earnings for use in our operations and the
expansion of our business.

Recent Sales of Unregistered Securities

On February 17, 2006, Dan McFarland and Rakesh Chehil, former
directors and officers of our company, purchased by subscription 3,000,000 and
2,000,000 shares of our common stock, respectively, for $0.001 per share, or an
aggregate of $5,000. No underwriters were used, and no commissions or other
remuneration was paid except to our company. The securities were sold in an
offshore transaction relying on Rule 903 of Regulation S of the Securities Act
of 1933. Mr. McFarland and Dr. Chehil are not U.S. persons (as that term is
defined in Regulation S).

On July 31, 2006 we accepted subscription agreements for the
sale of 1,000,000 common shares to 35 subscribers at an offering price of $0.05
per share for gross offering proceeds of $50,000. None of the subscribers were
U.S. persons, as the term is defined under Regulation S of the Securities Act,
and the sales of our common stock to the subscribers were made in offshore
transactions as the term is defined under Regulation S. The offering price for
the offshore transactions was established on an arbitrary basis.

Equity Compensation Plan Information

As of November 30, 2007, we have no equity compensation plan.

Item
6. **Managements Discussion and Plan of Operation.**

Overview

You should read the following discussion of our financial
condition and results of operations together with the audited financial
statements and the notes to audited financial statements included elsewhere in
this filing prepared in accordance with accounting principles generally accepted
in the United States. This discussion contains forward-looking statements that
reflect our plans, estimates and beliefs. Our actual results could differ
materially from those anticipated in these forward-looking statements.

Plan of Operations and Cash Requirements

We are currently seeking business opportunities with
established business entities for the merger of a target business with our
company. In certain instances, a target business may wish to become a subsidiary
of our company or may wish to contribute assets to our company rather than
merge. We anticipate that any new acquisition or business opportunities by our
company will require additional financing. There can be no assurance, however,
that we will be able to acquire the financing necessary to enable us to pursue
our plan of operation. If our company requires additional financing and we are
unable to acquire such funds, our business may fail.

We may seek a business opportunity with entities who have
recently commenced operations, or entities who wish to utilize the public
marketplace in order to raise additional capital in order to expand business
development activities, to develop a new product or service, or for other
corporate purposes. We may acquire assets and establish wholly-owned
subsidiaries in various businesses or acquire existing businesses as
subsidiaries.

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Cash Requirements

Over the twelve month period ending November 30, 2008, we
anticipate that we will have to raise any additional monies through private
placements of our equity securities and/or debt financing in order that we may
fund the identification and evaluation of a suitable business opportunity. We
believe we have sufficient cash to satisfy our cash requirements for 3 months.

Product Research and Development

Unless we acquire a new business, we do not anticipate that we
will expend any significant monies on research and development over the twelve
months ending November 30, 2008..

Purchase of Significant Equipment

Unless we acquire a new business, we do not intend to purchase
any significant equipment over the twelve months ending November 30, 2008.

Employees

Currently our only employees are our directors and officers.

Liquidity and Capital Resources

As of November 30, 2007, generated revenues from our business
activities were $882.

As of November 30, 2007, our total current assets were $4,074
as compared to total current assets of $33,345 as at November 30, 2006.

As of November 30, 2007, our total current liabilities were
$17,007, as compared to total current liabilities of $4,632 as at November 30,
2006.

As of November 30, 2007, we had cash in the amount of $3,724
compared to cash in the amount of $27,763 as at November 30, 2006.

Going Concern

We have historically incurred losses, and through November 30,
2007 have incurred losses of $67,933 since inception. Because of these
historical losses, we will require additional working capital to develop our
business operations. We do not anticipate that we will derive any revenues from
operations unless and until we acquire a new business opportunity. There can be
no assurance that we can do so or that, even if we are successful in doing so,
we will be able to operate profitably.

Due to the uncertainty of our ability to meet our current
operating expenses and the capital expenses noted above, in their report on the
annual financial statements for the year ended November 30, 2007, our
independent auditors included an explanatory paragraph regarding concerns about
our ability to continue as a going concern. Our financial statements contain
additional note disclosures describing the circumstances that lead to this
disclosure by our independent auditors.

There are no assurances that we will be able to either (1)
achieve a level of revenues adequate to generate sufficient cash flow from
operations; or (2) obtain additional financing through private placements,
public offerings and/or bank financings necessary to support our working capital
requirements. As noted herein, we are pursuing various financing alternatives to
meet our immediate and long-term financial requirements. There can be no
assurance that additional financing will be available to us when needed or, if
available, that it can be obtained on commercially reasonable terms. If we are
not able to obtain the additional financing on a timely basis, we will be unable
to conduct our operations as planned, and we will not be able to meet our other
obligations as they become due. In such event, we will be forced to scale down
or perhaps even cease our operations.

We intend to raise additional working capital as and when we
need it through private placements, public offerings and/or bank financing. We
have historically raised working capital through the sale of equity securities
but there can be no assurance

---

- 11 -

that we will be able to continue to do so. As of the date of
this annual report on Form 10-KSB, we have entered into negotiations with
prospective investors but have no definitive agreements for the investments of
any funds in our company.

Off-Balance Sheet Arrangements

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

Our principal capital resources have been acquired through the
subscription and issuance of common stock, although we have also used
stockholder loans and advances from related parties.

Item
7.           Financial
Statements.

Our financial statements are stated in United States dollars
(US$) and are prepared in accordance with United States generally accepted
accounting principles.

The following consolidated financial statements are filed as
part of this annual report:

|• | Report
      of Independent Registered Public Accounting Firm, dated March 10, 2008                                                                           
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------
|  |                                                                                                                                                               
|• | Balance
      Sheet as at November 30, 2007                                                                                                                   
|  |                                                                                                                                                               
|• | Statements
      of Operations for the years ended November 30, 2007 and 2006 and for the
      period from June 21, 2002 (incorporation) to November 30, 2007
|  |                                                                                                                                                               
|• | Statement
      of Stockholders Equity (Deficit) for the period from June 21, 2002
      (incorporation) to November 30, 2007                                
|  |                                                                                                                                                               
|• | Statements
      of Cash Flows for the years ended November 30, 2006 and 2005 and for the
      period from June 21, 2002 (incorporation) to November 30, 2007
|  |                                                                                                                                                               
|• | Notes
      to the Financial Statements                                                                                                                       

---

- 12 -

MOORE & ASSOCIATES, CHARTEREDACCOUNTANTS AND ADVISORSPCAOB REGISTERED

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

To the Board of Directors Onelife Health Products Inc.(A Development Stage Company)

We have audited the accompanying balance sheet of Onelife
Health Products Inc. (A Development Stage Company) as of November 30, 2007 and
November 30, 2006, and the related statements of operations, stockholders
equity and cash flows for the years ended November 30, 2007 and November 30,
2006 and since inception on February 17, 2006 through November 30, 2007. These
financial statements are the responsibility of the Companys management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with 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. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position of Onelife
Health Products Inc. (A Development Stage Company) as of November 30, 2007 and
November 30, 2006, and the related statements of operations, stockholders
equity and cash flows for the years ended November 30, 2007 and November 30,
2006 and since inception on February 17, 2006 through November 30, 2007, in
conformity with accounting principles generally accepted in the United States of
America.

The accompanying financial statements have been prepared
assuming that the Company will continue as a going concern. As discussed in Note
3 to the financial statements, the Company has net losses of $67,933 since
inception on February 17, 2006, which raises substantial doubt about its ability
to continue as a going concern. Managements plans concerning these matters are
also described in Note 3. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.

**/s/ Moore & Associates, Chartered**

Moore & Associates Chartered Las Vegas, Nevada
March 6, 2008

2675 S. Jones Blvd. Suite 109, Las Vegas, NV 89146 (702)
253-7499 Fax (702) 253-7501

---

- 13 -

CROWN OIL AND GAS INC.(Formerly ONELIFE
HEALTH PRODUCTS INC.) (A Development Stage Company)

BALANCE SHEETS

|                                                        |   | November 30, |   |   | November 30, |  
|------------------------------------------------------- | - | ------------ | - | - | ------------ | -
|                                                        |   | 2007         |   |   | 2006         |  
|                                                        |   |              |   |   |              |  
|                                                        |   |              |   |   |              |  
|ASSETS                                                  |   |              |   |   |              |  
|                                                        |   |              |   |   |              |  
|Current assets                                          |   |              |   |   |              |  
|Cash and bank accounts                                  | $ | 3,724        |   | $ | 27,763       |  
|Inventory (Note 4)                                      |   | -            |   |   | 5,582        |  
|                                                        |   |              |   |   |              |  
|Total current assets                                    |   | 3,724        |   |   | 33,345       |  
|                                                        |   |              |   |   |              |  
|Website, net of accumulated amortization
      (Note 8) |   | -            |   |   | 14,568       |  
|Rental deposit                                          |   | 350          |   |   | 350          |  
|                                                        |   |              |   |   |              |  
|Total assets                                            | $ | 4,074        |   | $ | 48,263       |  
|                                                        |   |              |   |   |              |  
|LIABILITIES AND STOCKHOLDERS EQUITY                    |   |              |   |   |              |  
|                                                        |   |              |   |   |              |  
|Current liabilities                                     |   |              |   |   |              |  
|Accounts payable                                        | $ | 244          |   | $ | 1,730        |  
|                                                        |   |              |   |   |              |  
|Due to officer and director
      (Note 6)              |   | 16,763       |   |   | 2,902        |  
|                                                        |   |              |   |   |              |  
|Total current liabilities                               |   | 17,007       |   |   | 4,632        |  
|                                                        |   |              |   |   |              |  
|Stockholders equity (Note 5, 6)                        |   |              |   |   |              |  
|                                                        |   |              |   |   |              |  
|Authorized:                                             |   |              |   |   |              |  
|25,000,000 common shares                                |   |              |   |   |              |  
|Par value $0.001                                        |   |              |   |   |              |  
|                                                        |   |              |   |   |              |  
|Issued and outstanding:                                 |   |              |   |   |              |  
|6,000,000            
      common shares               |   | 6,000        |   |   | 6,000        |  
|Additional paid-in capital                              |   | 49,000       |   |   | 49,000       |  
|Deficit accumulated during the development
      stage  |   | (67,933      | ) |   | (11,369      | )
|                                                        |   |              |   |   |              |  
|Total stockholders equity                              |   | (12,933      | ) |   | 43,631       |  
|                                                        |   |              |   |   |              |  
|Total liabilities
      and stockholders' equity        | $ | 4,074        |   | $ | 48,263       |  

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

---

- 14 -

CROWN OIL AND GAS INC.(Formerly ONELIFE
HEALTH PRODUCTS INC.) (A Development Stage Company)

STATEMENTS OF OPERATIONS

|                           |   |              |   |   |                |   |   | Cumulative      |  
|-------------------------- | - | ------------ | - | - | -------------- | - | - | --------------- | -
|                           |   |              |   |   |                |   |   | Amounts From    |  
|                           |   |              |   |   | Date of        |   |   | Date of         |  
|                           |   |              |   |   | Incorporation  |   |   | Incorporation   |  
|                           |   | Year         |   |   | on February,17 |   |   | on February 17, |  
|                           |   | Ended        |   |   | 2006 to        |   |   | 2006 to         |  
|                           |   | November 30, |   |   | November 30,   |   |   | November 30,    |  
|                           |   | 2007         |   |   | 2006           |   |   | 2007            |  
|                           |   |              |   |   |                |   |   |                 |  
|REVENUE                    | $ | 882          |   | $ | -              |   | $ | 882             |  
|COST OF SALES              |   | 190          |   |   | -              |   |   | 190             |  
|                           |   |              |   |   |                |   |   |                 |  
|GROSS PROFIT               |   | 692          |   |   | -              |   |   | 692             |  
|                           |   |              |   |   |                |   |   |                 |  
|OPERATING EXPENSES         |   |              |   |   |                |   |   |                 |  
|Amortization               |   | 4,992        |   |   | 416            |   |   | 5.408           |  
|General & Administrative   |   | 24,496       |   |   | 8,038          |   |   | 23,534          |  
|Marketing                  |   | 1,520        |   |   | 1,568          |   |   | 3,088           |  
|Organization               |   | -            |   |   | 1,475          |   |   | 1,475           |  
|Professional fees          |   | 11,175       |   |   | -              |   |   | 11,175          |  
|                           |   | 42,183       |   |   | 11,497         |   |   | 53,680          |  
|                           |   |              |   |   |                |   |   |                 |  
|(Loss) from operations     |   | (41,491      | ) |   | (11,497        | ) |   | (52,988         | )
|                           |   |              |   |   |                |   |   |                 |  
|Write-down of inventory    |   | 5,497        |   |   | -              |   |   | 5,497           |  
|Write-down of website      |   | 9,576        |   |   | -              |   |   | 9,576           |  
|Interest income            |   | -            |   |   | 128            |   |   | 128             |  
|                           |   |              |   |   |                |   |   |                 |  
|(Loss) before income taxes |   | (56,564      | ) |   | (11,369        | ) |   | (67,933         | )
|                           |   |              |   |   |                |   |   |                 |  
|Provision for income taxes |   | -            |   |   | -              |   |   | -               |  
|                           |   |              |   |   |                |   |   |                 |  
|Net (loss)                 | $ | (56,564      | ) | $ | (11,369        | ) | $ | (67,933         | )
|                           |   |              |   |   |                |   |   |                 |  
|                           |   |              |   |   |                |   |   |                 |  
|Basic and diluted loss per |   |              |   |   |                |   |   |                 |  
|Common share (1)           |   | ($0.01       | ) |   |                |   |   |                 |  
|                           |   |              |   |   |                |   |   |                 |  
|                           |   |              |   |   |                |   |   |                 |  
|Weighted average number    |   |              |   |   |                |   |   |                 |  
|of common shares           |   |              |   |   |                |   |   |                 |  
|outstanding (Note 5)       |   | 6,000,000    |   |   | 5,300,733      |   |   |                 |  
|(1) less than $0.01        |   |              |   |   |                |   |   |                 |  

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

---

- 15 -

CROWN OIL AND GAS INC.(Formerly ONELIFE
HEALTH PRODUCTS INC.) (A Development Stage Company)

STATEMENT OF STOCKHOLDERS' EQUITY

DeficitAccumulatedCommon
        Stock
      
      
      Additional
      
      
      During the
      
      
      TotalPaid in
      
      
      Development
      
      
      StockholdersShares
      
      
      Amount
      
      
      Capital
      
      
      Stage
      
      
      'EquityInception, February 17, 2006
      
      -
      
      $
      -
      
      $
      -
      
      $
      -
      
      $
      -Initial capitalization, sale ofcommon stock to Directors onFebruary 17, 2006
      
      5,000,000
      
      
      5,000
      
      
      
      
      
      
      
      
      5,000Private placement closed July 31,2006
      
      1,000,000
      
      
      1,000
      
      
      49,000
      
      
      
      
      
      50,000Net loss for the
        period
      
      -
      
      
      -
      
      
      -
      
      
      (11,369
      )
      
      (11,369
      )Balance November 30, 2006
      
      6,000,000
      
      
      6,000
      
      
      49,000
      
      
      (11,369
      )
      $
      43,631Net loss for the
        year
      
      -
      
      
      -
      
      
      -
      
      
      56,564
      )
      
      (56,564
      )Balance November 30, 2007
      
      6,000,000
      
      
      6,000
      
      
      49,000
      
      $
      (67,933
      )
      $
      (12,933
      )


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

---

- 16 -

CROWN OIL AND GAS INC.(Formerly ONELIFE
HEALTH PRODUCTS INC.) (A Development Stage Company)

STATEMENTS OF CASH FLOWS

|                                                            |   |              |   |   |               |   |   | Cumulative    |  
|----------------------------------------------------------- | - | ------------ | - | - | ------------- | - | - | ------------- | -
|                                                            |   |              |   |   |               |   |   | Amounts       |  
|                                                            |   |              |   |   |               |   |   | From          |  
|                                                            |   |              |   |   | Date of       |   |   | Date of       |  
|                                                            |   |              |   |   | Incorporation |   |   | Incorporation |  
|                                                            |   | Year         |   |   | on February   |   |   | on February   |  
|                                                            |   | Ended        |   |   | 17, 2006 to   |   |   | 17, 2006 to   |  
|                                                            |   | November 30, |   |   | November 30,  |   |   | November 30,  |  
|                                                            |   | 2007         |   |   | 2006          |   |   | 2007          |  
|                                                            |   |              |   |   |               |   |   |               |  
|OPERATING ACTIVITIES                                        |   |              |   |   |               |   |   |               |  
|Net loss for the period                                     | $ | (56,564      | ) | $ | (11,369       | ) | $ | (67,933       | )
|Adjustments To Reconcile Net Loss To Net
      Cash Used By |   |              |   |   |               |   |   |               |  
|Operating Activities                                        |   |              |   |   |               |   |   |               |  
|Amortization expense                                        |   | 4,992        |   |   | 416           |   |   | 5,408         |  
|Write-down of inventory                                     |   | 5,497        |   |   | -             |   |   | 5,497         |  
|Write-down of website                                       |   | 9,576        |   |   | -             |   |   | 9,576         |  
|Decrease, inventory                                         |   | 85           |   |   | (5,582        | ) |   | (5,497        | )
|Increase, rental deposit                                    |   | -            |   |   | (350          | ) |   | (350          | )
|Increase (Decrease), accounts payable                       |   | (1,486       | ) |   | 1,730         |   |   | 244           |  
|                                                            |   |              |   |   |               |   |   |               |  
|Net cash used in operating activities                       |   | (37,900      | ) |   | (15,155       | ) |   | (52,965       | )
|                                                            |   |              |   |   |               |   |   |               |  
|INVESTING ACTIVITIES                                        |   |              |   |   |               |   |   |               |  
|Website                                                     |   | -            |   |   | (14,984       | ) |   | (14,984       | )
|                                                            |   |              |   |   |               |   |   |               |  
|Net cash used in investing activities                       |   | -            |   |   | (14,984       | ) |   | (14,984       | )
|                                                            |   |              |   |   |               |   |   |               |  
|FINANCING ACTIVITIES                                        |   |              |   |   |               |   |   |               |  
|Proceeds from issuance of common stock                      |   | -            |   |   | 55,000        |   |   | 55,000        |  
|Increase, due to officer and
      director                 |   | 13,861       |   |   | 2,902         |   |   | 16,673        |  
|                                                            |   |              |   |   |               |   |   |               |  
|Net cash provided by financing activities                   |   | 13,861       |   |   | 57,902        |   |   | 71,673        |  
|                                                            |   |              |   |   |               |   |   |               |  
|Increase in cash during the period                          |   | (24,039      | ) |   | 27,763        |   |   | 3,724         |  
|                                                            |   |              |   |   |               |   |   |               |  
|                                                            |   |              |   |   |               |   |   |               |  
|Cash, beginning of the period                               |   | 27,763       |   |   | -             |   |   | -             |  
|                                                            |   |              |   |   |               |   |   |               |  
|                                                            |   |              |   |   |               |   |   |               |  
|Cash, end of the period                                     | $ | 3,724        |   | $ | 27,763        |   | $ | 27,763        |  
|                                                            |   |              |   |   |               |   |   |               |  
|Supplemental disclosure with respect to
      cash flows:   |   |              |   |   |               |   |   |               |  
|Cash paid
      for income taxes                            | $ | -            |   | $ | -             |   | $ | -             |  
|Cash paid
      for interest                                | $ | -            |   | $ | -             |   | $ | -             |  

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

---

- 17 -

CROWN OIL AND GAS INC.(Formerly ONELIFE
HEALTH PRODUCTS INC.) (A Development Stage Company) NOTES TO FINANCIAL STATEMENTS

November 30, 2007

NOTE 1. GENERAL ORGANIZATION AND BUSINESS

The Company was originally incorporated under the laws of the
state of Nevada on February 17, 2006. The Company has limited operations and in
accordance with SFAS #7, is considered a development stage company, and has had
no revenues from operations to date.

Initial operations have included capital formation,
organization, target market identification, new product development and
marketing plans. Management is planning to market and sell a herbal dietary
supplement product that it developed.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING
PRACTICES

The Companys only significant assets at November 30, 2007 are
cash and finished goods inventory. The relevant accounting policies and
procedures are listed below. The company has adopted a November 30 year end.

Accounting Basis

The basis is generally accepted accounting principles.

Earnings per Share

In February 1997, the FASB issued SFAS No. 128, Earnings Per
Share, which specifies the computation, presentation and disclosure
requirements for earnings (loss) per share for entities with publicly held
common stock. SFAS No. 128 supersedes the provisions of APB No. 15, and requires
the presentation of basic earnings (loss) per share and diluted earnings (loss)
per share. The Company has adopted the provisions of SFAS No. 128 effective its
inception.

The basic earnings (loss) per share is calculated by dividing
the Companys net income available to common shareholders by the weighted
average number of common shares during the year. The diluted earnings (loss) per
share is calculated by dividing the Companys net income (loss) available to
common shareholders by the diluted weighted average number of shares outstanding
during the year. The diluted weighted average number of shares outstanding is
the basic weighted number of shares adjusted as of the first of the year for any
potentially dilutive debt or equity.

The Company has not issued any options or warrants or similar
securities since inception.

---

- 18 -

CROWN OIL AND GAS INC.(Formerly ONELIFE
HEALTH PRODUCTS INC.) (A Development Stage Company) NOTES TO
FINANCIAL STATEMENTS

November 30, 2007

NOTE 2. (continued)

Dividends

The Company has not yet adopted any policy regarding payment of
dividends. No dividends have been paid during the periods shown.

Cash Equivalents

The Company considers all highly liquid investments with
maturity of three months or less when purchased to be cash equivalents.

Income Taxes

Income taxes are provided in accordance with Statement of
Financial accounting Standards No. 109 (SFAS 109), Accounting for Income Taxes.
A deferred tax asset or liability is recorded for all temporary differences
between financial and tax reporting and net operating loss carryforwards.
Deferred tax expense (benefit) results from the net change during the year of
deferred tax assets and liabilities.

Deferred tax assets are reduced by a valuation allowance when,
in the opinion of management, it is more likely than not that some portion of
all of the deferred tax assets will be realized. Deferred tax assets and
liabilities are adjusted for the effects of changes in tax laws and rates on the
date of enactment.

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
revenue and expenses during the reporting period. Actual results could differ
from those estimates.

---

- 19 -

CROWN OIL AND GAS INC.(Formerly ONELIFE
HEALTH PRODUCTS INC.) (A Development Stage Company) NOTES TO FINANCIAL STATEMENTS

November 30, 2007

NOTE 2. (continued)

Inventory

Inventory is stated at the lower of cost (determined by the
first-in, first-out method) or market. See Note 4.

Website Costs

Website costs consist of software development costs, which
represent capitalized costs of design, configuration, coding, installation and
testing of the Companys website up to its initial implementation. Upon
implementation in November 2006, the asset is being amortized to expense over
its estimated useful life of three years using the straight-line method. Ongoing
website post-implementation costs of operation, including training and
application maintenance, will be charged to expense as incurred. See Note 8.

NOTE 3. GOING CONCERN

The accompanying financial statements have been prepared
assuming that the Company will continue as a going concern. The Company has net
losses for the period from inception to November 30, 2007 of $67,933 (2006:
$11,369). This condition raises substantial doubt about the Companys ability to
continue as a going concern. The Companys continuation as a going concern is
dependent on its ability to meet its obligations, to obtain additional financing
as may be required and ultimately to attain profitability. The financial
statements do not include any adjustments that might result from the outcome of
this uncertainty.

NOTE 4. INVENTORY

Inventory consists solely of finished goods.

---

- 20 -

CROWN OIL AND GAS INC.(Formerly ONELIFE
HEALTH PRODUCTS INC.) (A Development Stage Company) NOTES TO FINANCIAL STATEMENTS

November 30, 2007

NOTE 5. STOCKHOLDERS EQUITY

Authorized

The Company is authorized to issue 25,000,000 shares of $0.001
par value common stock. All common stock shares have equal voting rights, are
non-assessable and have one vote per share. Voting rights are not cumulative
and, therefore, the holders of more

than 50% of the common stock could, if they choose to do so,
elect all of the directors of the Company.

Issued and Outstanding

On February 17, 2006 (inception), the Company issued 5,000,000
shares of its common stock to its Directors for cash of $5,000. See Note 6.

On July 31, 2006, the Company closed a private placement for
1,000,000 common shares at a price of $0.05 per share, or an aggregate of
$50,000. The Company accepted subscriptions from 35 offshore non-affiliated
investors.

As at November 30, 2007, there are no warrants or options
outstanding.

NOTE 6. RELATED PARTY TRANSACTIONS

The Company's neither owns nor leases any real or personal
property. The Companys Directors provides office space free of charge. The
officers and directors of the Company are involved in other business activities
and may, in the future, become involved in other business opportunities. If a
specific business opportunity becomes available, such persons may face a
conflict in selecting between the Company and their other business interests.
The Company has not formulated a policy for the resolution of such conflicts.

On February 17, 2006 (inception), the Company issued 5,000,000
shares of its common stock to its Directors for cash of $5,000. See Note 5.

The amount due to an officer and director of $16,763 (2006:
$2,902) is for reimbursable expenses incurred by the company and paid directly
by the President and CEO. The amount is unsecured and does not have any
repayment terms or bear any interest. The company plans on paying the amount
within the 2008 fiscal year.

---

- 21 -

CROWN OIL AND GAS INC.(Formerly ONELIFE
HEALTH PRODUCTS INC.) (A Development Stage Company) NOTES TO FINANCIAL STATEMENTS

November 30, 2007

NOTE 7. INCOME TAXES

The Company provides for income taxes under Statement of
Financial Accounting Standards NO. 109, Accounting for Income Taxes. SFAS
No. 109 requires the use of an asset and liability approach in accounting for
income taxes. Deferred tax assets and liabilities are recorded based on the
differences between the financial statement and tax bases of assets and
liabilities and the tax rates in effect when these differences are expected to
reverse.

SFAS No. 109 requires the reduction of deferred tax assets by a
valuation allowance if, based on the weight of available evidence, it is more
likely than not that some or all of the deferred tax assets will not be
realized. Management has deemed that a valuation account should be established
for the deferred tax asset.

The components of the provision for income taxes were as
follows.

| |                                     |   | Year     |   |   | Period   |  
| | ----------------------------------- | - | -------- | - | - | -------- | -
| |                                     |   | ended    |   |   | ended    |  
| |                                     |   | 11/30/07 |   |   | 11/30/06 |  
| |                                     |   |          |   |   |          |  
| | Current Taxes                       |   |          |   |   |          |  
| | US Federal                          | $ | -        |   | $ | -        |  
| | US State and Local                  |   | -        |   |   | -        |  
| | International                       |   | -        |   |   | -        |  
| |                                     |   |          |   |   |          |  
| | Total Current Taxes                 |   | -        |   |   | -        |  
| | Change in Deferred Taxes (Benefits) |   | 8,484    |   |   | 1,705    |  
| | Valuation Account                   |   | (8,484   | ) |   | (1,705   | )
| |                                     |   |          |   |   |          |  
| | Provision for income taxes          |   | -        |   |   | -        |  

---

- 22 -

CROWN OIL AND GAS INC.(Formerly ONELIFE
HEALTH PRODUCTS INC.) (A Development Stage Company) NOTES TO FINANCIAL STATEMENTS

November 30, 2007

NOTE 7. INCOME TAXES (continued)

The reconciliation of the statutory
federal income tax rate and the actual rate is as follows.

| |                             |  | Year     |  |  | Period   | 
| | --------------------------- |  | -------- |  |  | -------- | 
| |                             |  | ended    |  |  | ended    | 
| |                             |  | 11/30/07 |  |  | 11/30/06 | 
| |                             |  |          |  |  |          | 
| | Federal statutory rate      |  | 35%      |  |  | 35%      | 
| | Reduction based upon income |  | 20%      |  |  | 20%      | 
| |                             |  |          |  |  |          | 
| | Effective Rate              |  | 15%      |  |  | 15%      | 

The components of the deferred tax
assets and liabilities were as follow.

| |                                                    |   | 11/30/07 |   |   | 11/30/06 |  
| | -------------------------------------------------- | - | -------- | - | - | -------- | -
| |                                                    |   |          |   |   |          |  
| | Deferred income tax assets:                        |   |          |   |   |          |  
| |                                                    |   |          |   |   |          |  
| | Net Operating Loss                                 | $ | 10,190   |   | $ | 8,484    |  
| |                                                    |   |          |   |   |          |  
| | Deferred Income Tax Assets                         |   | 10,190   |   |   | 8,484    |  
| |                                                    |   |          |   |   |          |  
| | Net Deferred Income Tax Assets
      (Liabilities) |   | 10,190   |   |   | 8,484    |  
| | Less: valuation allowance                          |   | (10,190  | ) |   | (8,484   | )
| |                                                    |   |          |   |   |          |  
| | Deferred Income Tax Asset                          | $ | -        |   | $ | -        |  
| |                                                    |   |          |   |   |          |  
| | Reported as the following.                         |   |          |   |   |          |  
| |                                                    |   |          |   |   |          |  
| | Current Deferred Tax Assets                        | $ | -        |   | $ | -        |  
| | Long-term Deferred Tax Assets                      |   | -        |   |   | -        |  
| |                                                    |   |          |   |   |          |  
| | Net Deferred Income Tax Assets                     | $ | -        |   | $ | -        |  

---

- 23 -

CROWN OIL AND GAS INC.(Formerly ONELIFE
HEALTH PRODUCTS INC.) (A Development Stage Company) NOTES TO FINANCIAL STATEMENTS

November 30, 2007

NOTE 7. INCOME TAXES (continued)

Deferred income taxes balances reflect the effects of temporary
differences between the carrying amounts of assets and liabilities and their tax
bases and are stated at the enacted rates expected to be in effect when taxes
are actually paid or recovered. We have not provided deferred tax assets or
liabilities for differences which are permanent in nature and will never be
recovered.

Net Operating Loss Carry Forward

The Company has a Net Operating Loss carry forward for federal
income tax purposes. Net Operating Losses may be carried forward for twenty (20)
years and applied against operating income. The components of the Net Operating
Loss are as follows.

Year ended
    
    Amount
    
    
    YearNovember 30,
    
    not Used
    
    
    Expires2006
    $
    11,369
    
    
    20262007
    
    56,564
    
    
    2027Total Net Operating Loss
    $
    67,933


Should a change of ownership occur, net operating loss carry
forwards for federal income tax reporting purposes would be subject to annual
limitations.

NOTE 8. WEBSITE

Net book
    
    
    Net bookAccumulated
    
    
    Write-
    
    
    value 
    
    
    value -Cost
    
    
    Amortization
    
    
    down
    
    
    2007
    
    
    2006Website costs
    $
    14,984
    
    $
    ( 5,408
    )
    $
    (9,576
    )
    $
    -
    
    $
    14,568


Website costs are amortized on a straight line basis over 3
years, its estimated useful life.

During the year-ended November 30, 2007, the website was written
  down to nil.

NOTE 9. OPERATING LEASES AND OTHER
COMMITMENTS:

The Company currently has no operating lease commitments or any
other commitments.

---

- 24 -

Item
8.           Changes In and
Disagreements With Accountants on Accounting and Financial Disclosure.

None.

Item 8A.       
Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are
designed to ensure that information required to be disclosed in our reports
filed under the Securities Exchange Act of 1934, as amended, is recorded,
processed, summarized and reported within the time periods specified in the
Securities and Exchange Commission's rules and forms, and that such information
is accumulated and communicated to our management, including our principal
executive officer and principal accounting and financial officer to allow for
timely decisions regarding required disclosure. In designing and evaluating our
disclosure controls and procedures, our management recognizes that any controls
and procedures, no matter how well designed and operated, can provide only
reasonable assurance of achieving the desired control objectives, and our
management is required to apply its judgment in evaluating the cost-benefit
relationship of possible controls and procedures.

As of November 30, 2007, the year end period covered by this
report, we carried out an evaluation, under the supervision and with the
participation of our management, including our president, of the effectiveness
of the design and operation of our disclosure controls and procedures. Based on
the foregoing, our president concluded that our disclosure controls and
procedures were effective as of the end of the period covered by this annual
report.

Item
8B.        Other Information

None.

PART III

Item
9.           Directors,
Executive Officers, Promoters and Control Persons; Compliance with Section 16(a)
of the Exchange Act.

Directors and Executive Officers, Promoters and Control
Persons

As at February 22, 2008, our directors and executive officers,
their age, positions held, and duration of such, are as follows:

Name
    Position Held with our
      company
    Age
    Date First Elected or AppointedJohn Hiner
    President, Secretary, Treasurer and
      Director
    60
    January 3, 2008


Business Experience

The following is a brief account of the education and business
experience of directors and executive officers during at least the past five
years, indicating their principal occupation during the period, and the name and
principal business of the organization by which they were employed.

John Hiner, President, Secretary, Treasurer and Director

Mr. Hiner became a director, president, secretary and treasurer
of our company on January 3, 2008.

Mr. Hiner has been involved in the mining industry for over 30
years. Mr. Hiner has acted as president, chief executive officer and a director
of Geocom Resources Inc. (OTCBB:GOCM) since April, 2003. From 2000 to 2003 Mr.
Hiner operated JEHCORP Inc., a consulting firm to the mining industry. Prior to
this, Mr. Hiner was the vice

---

- 25 -

president of Champion Resources. Mr. Hiner is also a director
of Villanova Capital Corp., a TSX Venture Exchange capital pool corporation.

Mr. Hiner holds a B.Sc. in geology from San Diego State
University awarded in 1972, and a M.S. in geology from the Mackay School of
Mines, University of Nevada-Reno, awarded in 1978.

Committees of the Board

We currently do not have a standing Audit Committee, Nominating
and Corporate Governance Committee or Compensation Committee.

Family Relationships

There are no family relationships between any director or
executive officer.

Involvement in Certain Legal Proceedings

Our directors, executive officers, or control persons have not
been involved in any of the following events during the past five years:

| | (i)   | any bankruptcy petition filed by or against any business
      of which such person was a general partner or executive officer either at
      the time of the bankruptcy or within two years prior to that
  time;                                                                                                            
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                                                                                                                                                                                                
| | (ii)  | any conviction in a criminal proceeding or being subject
      to a pending criminal proceeding (excluding traffic violations and other
      minor offences);                                                                                                                                                                 
| |       |                                                                                                                                                                                                                                                                                                                                
| | (iii) | being subject to any order, judgment, or decree, not
      subsequently reversed, suspended or vacated, of any court of competent
      jurisdiction, permanently or temporarily enjoining, barring, suspending or
      otherwise limiting his involvement in any type of business, securities or
      banking activities; or
| |       |                                                                                                                                                                                                                                                                                                                                
| | (iv)  | being found by a court of competent jurisdiction (in a
      civil action), the Commission or the Commodity Futures Trading Commission
      to have violated a federal or state securities or commodities law, and the
      judgment has not been reversed, suspended, or
vacated.                                           

Code of Ethics

We have adopted a code of ethics in compliance with Item 406 of
Regulation S-B that applies to our principal executive officer, principal
financial officer, principal accounting officer or controller, or persons
performing similar functions. We undertake herewith to provide by mail to any
person without charge, upon request, a copy of such code of ethics if we receive
the request in writing by mail to: Crown Oil and Gas Inc., 800  5th Avenue,
Suite 4100, Seattle, Washington 98104.

Audit Committee Financial Expert

Our board of directors has determined that it does not have a
member of the audit committee that qualifies as an audit committee financial
expert as defined in Item 401(e) of Regulation S-B.

We believe that our entire board of directors is capable of
analyzing and evaluating financial statements that present a breadth and level
of complexity of accounting issues that are generally comparable to the breadth
and complexity of the issues reasonably expected to be raised by our company. In
addition, we believe that retaining an independent director who would qualify as
an audit committee financial expert would be overly costly and burdensome and
is not warranted in our circumstances given the early stages of our development
and the fact that we have not generated revenues to date.

---

- 26 -

Section 16(a) Beneficial Ownership Compliance

Section 16(a) of the Securities Exchange Act requires our
executive officers and directors, and persons who own more than 10% of our
common stock, to file reports regarding ownership of, and transactions in, our
securities with the Securities and Exchange Commission and to provide us with
copies of those filings. Based solely on our review of the copies of such forms
received by us, or written representations from certain reporting persons, we
believe that during fiscal year ended November 30, 2007, all filing requirements
applicable to its officers, directors and greater than ten percent beneficial
owners were complied with, with the exception of the following:

Name
      Number of Late Reports
      Number
        of Transactions Not Reported on a Timely Basis
      Failure to File Requested FormsJohn Hiner(1)
      1(4)
      1
      NilDan McFarland(2)
      2(4)(5)
      1
      NilRakesh Chehil(3)
      2(4)(5)
      2
      Nil


|(1) | Mr. Hiner was elected as a director and appointed
      president, secretary and treasurer on January 3, 2008                                              
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                            
|(2) | Mr. McFarland resigned as a director, president, chief
      executive officer and chairman on January 3, 2008                                             
|    |                                                                                                                                                            
|(3) | Mr. Chehil resigned as director, chief financial officer,
      secretary and treasurer on January 3, 2008                                                 
|    |                                                                                                                                                            
|(4) | The named officer, director or greater than 10%
      stockholder, as applicable, filed a late Form 3  Initial Statement of
      Beneficial Ownership.   
|    |                                                                                                                                                            
|(5) | The named officer, director or greater than 10%
      stockholder, as applicable, filed a late Form 4  Statement in Changes of
      Beneficial Ownership.

Item
10.         Executive
Compensation.

The particulars of compensation paid to the following persons:

| | (i)   | our principal executive officer;                                                                                                                                                                                                                 
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                                                                                                                  
| | (ii)  | each of our two most highly compensated executive
      officers who were serving as executive officers at the end of the year
      ended November 30, 2007 who had total compensation exceeding $100,000;
      and                            
| |       |                                                                                                                                                                                                                                                  
| | (iii) | up to two additional individuals for whom disclosure
      would have been provided under (b) but for the fact that the individual
      was not serving as our executive officer at the end of the most recently
      completed financial year,

who we will collectively refer to as the named executive
officers, of our years ended November 30, 2007 and 2006 , are set out in the
following summary compensation table:

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- 27 -

SUMMARY COMPENSATION
        TABLEName and Principal Position
      Year
      Salary ($)
      **Bonus
        ($)**
      Stock Awards
        ($)
      Option Awards($)
      Non- Equity IncentivePlan **Compensa-** tion ($)
      **Nonqualified**
        Deferred **Compensation**Earnings
        ($)
      All Other **Compensa-**
        tion ($)
      Total ($)John Hiner(1)
        President, Secretary 
        and Treasurer
      2007 
        2006
      N/A
        N/A
      N/A
        N/A
      N/A
        N/A
      N/A
        N/A
      N/A
        N/A
      N/A
        N/A
      N/A
        N/A
      N/A
        N/ADan McFarland(2)
        former President, Chief 
        Executive Officer and 
        Chairman
      2007
        2006
      $Nil
        $Nil
      $Nil
        $Nil
      $Nil
        $Nil
      $Nil
        $Nil
      $Nil
        $Nil
      $Nil
        $Nil
      $Nil
        $Nil
      $Nil
        $NilRakesh Chehil(3)
        former Chief Financial 
        Officer, Secretary and 
        Treasurer
      2007
        2006
      $Nil
        $Nil
      $Nil
        $Nil
      $Nil
        $Nil
      $Nil
        $Nil
      $Nil
        $Nil
      $Nil
        $Nil
      $Nil
        $Nil
      $Nil
        $Nil


|(1) | Mr. Hiner was appointed President, Secretary and
      Treasurer on January 3, 2008.               
|--- | ---------------------------------------------------------------------------------------------------
|    |                                                                                                    
|(2) | Mr. McFarland resigned as President, Chief Executive
      Officer and Chairman on January 3, 2008.
|    |                                                                                                    
|(3) | Mr. Chehil resigned as Chief Financial Officer, Secretary
      and Treasurer on January 3, 2008.  

Outstanding Equity Awards at Fiscal Year-End

No equity awards were outstanding as of the year ended November
30 2007.

Compensation of Directors

We reimburse our directors for expenses incurred in connection
with attending board meetings. We have not paid any director's fees or other
cash compensation for services rendered as a director since our inception to
November 30, 2007.

We have no formal plan for compensating our directors for their
service in their capacity as directors, although such directors are expected in
the future to receive stock options to purchase common shares as awarded by our
board of directors or (as to future stock options) a compensation committee
which may be established. Directors are entitled to reimbursement for reasonable
travel and other out-of-pocket expenses incurred in connection with attendance
at meetings of our board of directors. Our board of directors may award special
remuneration to any director undertaking any special services on our behalf
other than services ordinarily required of a director. No director received
and/or accrued any compensation for their services as a director, including
committee participation and/or special assignments.

Long-Term Incentive Plans

There are no arrangements or plans in which we provide pension,
retirement or similar benefits for directors or executive officers, except that
our directors and executive officers may receive stock options at the discretion
of our board of directors. We do not have any material bonus or profit sharing
plans pursuant to which cash or non-cash compensation is or may be paid to our
directors or executive officers, except that stock options may be granted at the
discretion of our board of directors.

We have no plans or arrangements in respect of remuneration
received or that may be received by our executive officers to compensate such
officers in the event of termination of employment (as a result of resignation,
retirement, change of control) or a change of responsibilities following a
change of control, where the value of such compensation exceeds $60,000 per
executive officer.

---

- 28 -

Item
11.         Security Ownership of
Certain Beneficial Owners and Management.

As of February 22, 2008, there were 108,000,000 shares of our
common stock outstanding. The following table sets forth certain information
known to us with respect to the beneficial ownership of our common stock as of
that date by (i) each of our directors, (ii) each of our executive officers, and
(iii) all of our directors and executive officers as a group. Except as set
forth in the table below, there is no person known to us who beneficially owns
more than 5% of our common stock. The number of shares beneficially owned is
determined under rules of the Securities and Exchange Commission and the
information is not necessarily indicative of beneficial ownership for any other
purpose. Under such rules, beneficial ownership includes any shares as to which
the individual has the sole or shared voting power or investment power and any
shares which the individual has the right to acquire within 60 days of February
22, 2008 through the exercise of any stock option or other right. Unless
otherwise noted, we believe that each person has sole investment and voting
power (or shares such powers with his or her spouse) with respect to the shares
set forth in the following table:

Name and Address of Beneficial Owner
      Amount and Nature of
        Beneficial Ownership
      Percent of Class(1)John Hiner 
        114 West Magnolia Street 
        Bellingham, WA 98225
      89,100,000 common shares
      82.5%Directors and Executive Officers as a group
      89,100,000 common shares
      82.5%


|(1) | Based on 108,000,000 shares of common stock issued and
      outstanding as of February 22, 2008. Except as otherwise indicated, we
      believe that the beneficial owners of the common stock listed above, based
      on information furnished by such owners, have sole investment and voting
      power with respect to such shares, subject to community property laws
      where applicable. Beneficial ownership is determined in accordance with
      the rules of the Securities and Exchange Commission and generally includes
      voting or investment power with respect to securities. Shares of common
      stock subject to options or warrants currently exercisable or exercisable
      within 60 days are deemed outstanding for the purposes of computing the
      percentage ownership of the person holding such options or warrants, but
      are not deemed outstanding for the purposes of computing the percentage
      ownership of any other person.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Changes in Control

We are unaware of any contract or other arrangement the
operation of which may at a subsequent date result in a change of control of our
company.

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

Except as disclosed herein, there have been no transactions or
proposed transactions in which the amount involved exceeds the lesser of
$120,000 or one percent of the average of our total assets at year-end for the
last three completed fiscal years in which any of our directors, executive
officers or beneficial holders of more than 5% of the outstanding shares of our
common stock, or any of their respective relatives, spouses, associates or
affiliates, has had or will have any direct or material indirect interest.

---

- 29 -

Item
13.         Exhibits

Exhibits required by Item 601 of Regulation S-B

|Exhibit  |                                                                                                                                                                                                                                                                                         
|-------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number   | Description                                                                                                                                                                                                                                                                             
|         |                                                                                                                                                                                                                                                                                         
|(3)      | Articles
        of Incorporation and Bylaws                                                                                                                                                                                                                                            
|         |                                                                                                                                                                                                                                                                                         
|3.1      | Articles of
        Incorporation (incorporated by reference to the Companys SB-2 Registration
        Statement filed February 5, 2007).                                                                                                                                              
|         |                                                                                                                                                                                                                                                                                         
|3.2      | Bylaws (incorporated
        by reference to the Companys SB-2 Registration Statement filed February
        5, 2007).                                                                                                                                                                 
|         |                                                                                                                                                                                                                                                                                         
|3.3      | Certificate
        of Merger filed with the Nevada Secretary of State and effective on January
        15, 2008 (incorporated by reference to our Current Report on Form 8-K
        filed on January 16, 2008).                                                                       
|         |                                                                                                                                                                                                                                                                                         
|3.4      | Certificate
        of Change filed with the Nevada Secretary of State, effective on January
        31, 2008 (incorporated by reference to our Current Report on Form 8-K
        filed on February 1, 2008).                                                                          
|         |                                                                                                                                                                                                                                                                                         
|(10)     | Material
        Contracts                                                                                                                                                                                                                                                              
|         |                                                                                                                                                                                                                                                                                         
|10.1     | Form of Subscription
        Agreement used between our company and the 35 non affiliated shareholders
        who purchased 1,000,000 common shares at $0.05 per share (incorporated
        by reference to the Companys SB-2 Registration Statement filed February
        5, 2007).
|         |                                                                                                                                                                                                                                                                                         
|**(14)** | **Code of Ethics**                                                                                                                                                                                                                                                                      
|         |                                                                                                                                                                                                                                                                                         
|14.1*    | Code of Ethics and Business Conduct
      for Directors, Senior Officers and Employees of Crown Oil and Gas Inc.                                                                                                                                                                        
|         |                                                                                                                                                                                                                                                                                         
|(31)     | Section 302
        Certifications                                                                                                                                                                                                                                                      
|         |                                                                                                                                                                                                                                                                                         
|31.1*    | Section
        302 Certification of John Hiner.                                                                                                                                                                                                                                        
|         |                                                                                                                                                                                                                                                                                         
|(32)     | Section 906
        Certification                                                                                                                                                                                                                                                       
|         |                                                                                                                                                                                                                                                                                         
|32.1*    | Section
        906 Certification of John Hiner.                                                                                                                                                                                                                                        

________* Filed herewith

Item
14.         Principal Accountant
Fees and Services

The following table sets forth the fees billed to our company
for professional services rendered by our company's independent registered
public accounting firm, for the years ended November 30, 2007 and November 30,
2006:

Services
      2007
      2006Audit fees
    $
      5,000
    $ NilAudit Related Fees
    $ Nil
    $ NilTax fees
    $ Nil
    $ NilAll other fees
    $ Nil
    $ NilTotal fees
    $
      5,000
    $
      Nil


---

- 30 -

Audit Fees. Consist of fees billed for professional
services rendered for the audits of our financial statements, reviews of our
interim consolidated financial statements included in quarterly reports,
services performed in connection with filings with the Securities and Exchange
Commission and related comfort letters and other services that are normally
provided by Moore & Associates, Chartered Accountants for the fiscal years
ended November 30, 2007 and November 30, 2006 in connection with statutory and
regulatory filings or engagements.

Tax Fees. Consist of fees billed for professional
services for tax compliance, tax advice and tax planning. These services include
assistance regarding federal, state and local tax compliance and consultation in
connection with various transactions and acquisitions.

We do not use Moore & Associates for financial information
system design and implementation. These services, which include designing or
implementing a system that aggregates source data underlying the financial
statements or generates information that is significant to our financial
statements, are provided internally or by other service providers. We do not
engage Moore & Associates to provide compliance outsourcing services.

Effective May 6, 2003, the Securities and Exchange Commission
adopted rules that require that before Moore & Associates is engaged by us
to render any auditing or permitted non-audit related service, the engagement
be:

| | (i)  | approved by our audit committee (the functions of which
      are performed by our entire board of directors); or                                                                                                                                                                                                                                                                           
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |      |                                                                                                                                                                                                                                                                                                                                                                                             
| | (ii) | entered into pursuant to pre-approval policies and
      procedures established by the board of directors, provided the policies
      and procedures are detailed as to the particular service, the board of
      directors is informed of each service, and such policies and procedures do
      not include delegation of the board of directors' responsibilities to
      management.

Our entire board of directors pre-approves all services
provided by our independent auditors. All of the above services and fees were
reviewed and approved by our sole director either before or after the respective
services were rendered.

Our board of directors have considered the nature and amount of
fees billed by Moore & Associates and believe that the provision of services
for activities unrelated to the audit is compatible with maintaining Moore &
Associates independence.

[Remainder of page intentionally left blank; signature page
to follow]

---

- 31 -

SIGNATURES

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

CROWN OIL AND GAS INC.

By: /s/ John Hiner
         John Hiner 
         President, Secretary, Treasurer and Director 
         (Principal Executive Officer, Principal
  Financial Officer 
         and Principal Accounting Officer) 
         March 15, 2008



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

By: /s/ John Hiner
         John Hiner 
         President, Secretary, Treasurer and Director 
         (Principal Executive Officer, Principal
  Financial Officer 
         and Principal Accounting Officer) 
         March 15, 2008



---