|  Nevada                                                                            |   | 98-0550352                        |
|---------------------------------------------------------------------------------------------------|--------|-----------------------------------|
|  (State or Other Jurisdiction of Incorporation or Organization)     |   | (IRS Employer Identification No.) |
|                                                                                              |   |                              |
| 228 Saint Charles Ave., Suite 724                                                                 |   |                              |
| New Orleans, LA                                                |   | 70130                             |
| (Address of Principal Executive Office)                             |   | (Zip Code)                        |

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|     |                                                                                                               | Page   |
|----------|--------------------------------------------------------------------------------------------------------------------|--------|
| PART I   |                                                                                                               |   |
| Item 1   | Business                                                                                                           | 3      |
| Item 1A  | Risk Factors                                                                                                       | 10     |
| Item 1B  | Unresolved Staff Comments                                                                                          | 10     |
| Item 2   | Properties                                                                                                         | 10     |
| Item 3   | Legal Proceedings                                                                                                  | 16     |
|     |                                                                                                               |   |
| PART II  |                                                                                                               |   |
| Item 5   | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 17     |
| Item 6   | Selected Financial Data                                                                                            | 19     |
| Item 7   | Management’s Discussion and Analysis of Financial Condition and Results of Operation                         | 19     |
| Item 7A  | Quantitative and Qualitative Disclosures About Market Risk                                                         | 24     |
| Item 8   | Financial Statements and Supplementary Data                                                                        | 25     |
| Item 9   | Changes in and Disagreements with Accountants on Accounting and Financial  Disclosure                    | 49     |
| Item 9AT | Controls and Procedures                                                                                            | 49     |
| Item 9B  | Other Information                                                                                                  | 50     |
|     |                                                                                                               |   |
| PART III |                                                                                                               |   |
| Item 10  | Directors, Executive Officers and Corporate Governance                                                             | 51     |
| Item 11  | Executive Compensation                                                                                             | 53     |
| Item 12  | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters                     | 56     |
| Item 13  | Certain Relationships and Related Transactions, and Director Independence                                          | 58     |
| Item 14  | Principal Accountant Fees and Services                                                                             | 58     |
|     |                                                                                                               |   |
| PART IV  |                                                                                                               |   |
| Item 15  | Exhibits and Financial Statement Schedules                                                                         | 59     |

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|                               |   | Total    |   |   | Proved    |   |   | Proved      |   |
|------------------------------------|--------|----------|--------|--------|-----------|--------|--------|-------------|--------|
|                               |   | Proved   |   |   | Developed |   |   | Undeveloped |   |
|                               |   | Reserves |   |   | Reserves  |   |   | Reserves    |   |
| Total Reserves                     |   |     |   |   |      |   |   |        |   |
| Oil (BBLs)                         |   |     | -      |   |      |   | -      |        |   |   | - |   |
| Gas (MCF)                          |   |     | 13,320 |   |      |   | 13,320 |        |   |   | - |   |
| BOE (1)                            |   |     | 2,220  |   |      |   | 2,220  |        |   |   | - |   |
| Pre-tax future net revenue (2)     |   | $        | 10,740 |   |      | $      | 10,740 |        |   | $ | - |   |
| Pre-tax 10% present value (2)      |   |     | 5,690  |   |      |   | 5,690  |        |   |   | - |   |
| Standardized measure of discounted |   |     |   |   |      |   |   |        |   |   |   |   |
| future net cash flows (2)(3)       |   | $        | 5,690  |   |      | $      | 5,690  |        |   | $ | - |   |

| (1)   | Gas reserves are converted to barrels of oil equivalent (“BOE”) at the rate of six MCF per BBL of oil, based upon the approximate relative energy content of natural gas and oil, which rate is not necessarily indicative of the relationship of gas and oil prices. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Estimated pre-tax future net revenue represents estimated future revenue to be generated from the production of proved reserves, net of estimated production and development costs and site restoration and abandonment charges.  The amounts shown do not give effect to depreciation, depletion and amortization, or to non-property related expenses such as debt service and income tax expense. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | See Note 10 to the consolidated financial statements included in Item 8. |
|-----------------|--------------------------------------------------------------------------|

| ●   | Introduce a new definition of oil and gas producing activities.  This new definition allows companies to include in their reserve base volumes from unconventional resources.  Such unconventional reserves include bitumen extracted from oil sands and oil and gas extracted from coal beds and shale formations. |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | Report oil and gas reserves using an un-weighted average price using the prior 12-month period, based on the closing prices on the first day of each month, rather than year-end prices. |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ●   | Permit companies to disclose their probable and possible reserves on a voluntary basis.  In the past, proved reserves were the only reserves allowed in the disclosures.  (We have chosen not to make disclosure under these categories.) |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | Requires companies to provide additional disclosure regarding the aging of proved undeveloped reserves. |
|---------------------|---------------------------------------------------------------------------------------------------------|

| ●   | Permit the use of reliable technologies to determine proved reserves if those technologies have been demonstrated empirically to lead to reliable conclusions about reserve volumes. |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | Replace the existing "certainty" test for areas beyond one offsetting drilling unit from a productive well with a "reasonable certainty" test. |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | Require additional disclosures regarding the qualifications of the chief technical person who oversees the company's overall reserve estimation process.  Additionally, disclosures regarding internal controls over reserve estimation, as well as a report addressing the independence and qualifications of its reserves preparer or auditor will be mandatory. |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                   |   | Developed Acreage |   |
|------------------------|--------|-------------------|--------|
|                   |   | Gross             |   |   | Net |   |
| Texas County, Oklahoma |   |              | 160    |   |   |   | 12 |   |

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|                               |   | Year ended April 30, |   |
|------------------------------------|--------|----------------------|--------|
|                               |   | 2011                 |   |   | 2010 |   |
| Oil production (BBLs)              |   |                 | 64     |   |   |   | 220 |   |
| Gas production (MCF)               |   |                 | 291    |   |   |   | - |   |
| Total production (BOE)             |   |                 | 112    |   |   |   | 220 |   |
| Daily production (BOE/d)           |   |                 | 0.31   |   |   |   | 0.60 |   |
| Average sales price:               |   |                 |   |   |   |   |   |   |
| Oil (per BBL)                      |   | $                    | 63.52  |   |   | $ | 65.33 |   |
| Gas (per MCF)                      |   | $                    | 2.87   |   |   | $ | - |   |
| Total (per BOE)                    |   | $                    | 43.56  |   |   | $ | 65.33 |   |
| Average production cost (per BOE)  |   | $                    | 78.62  |   |   | $ | 102.64 |   |
| Average production taxes (per BOE) |   | $                    | 3.12   |   |   | $ | 4.69 |   |

|   |     |   | Oil wells |   |   | Gas wells |   |   | Total wells |   |
|--------|----------|--------|-----------|--------|--------|-----------|--------|--------|-------------|--------|
| Year   |     |   | Gross     |   |   | Net       |   |   | Gross       |   |   | Net |   |   | Gross |   |   | Net |   |
|   |     |   |      |   |   |      |   |   |        |   |   |   |   |   |   |   |   |   |   |
| 2011   | Oklahoma |   |      | -      |   |      |   | -      |        |   |   | 1.0 |   |   |   | 0.1 |   |   |   | 1.0 |   |   |   | 0.1 |   |
| 2010   | Oklahoma |   |      | 2.0    |   |      |   | 1.0    |        |   |   | - |   |   |   | - |   |   |   | 2.0 |   |   |   | 1.0 |   |

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|                                    |   | For the years ended April 30, |   |
|-----------------------------------------|--------|-------------------------------|--------|
|                                    |   | 2011                          |   |   | 2010 |   |
| Acquisition of proved properties        |   | $                             | 2,000  |   |   | $ | 207,645 |   |
| Acquisition on non-producing properties |   |                          | -      |   |   |   | 126,607 |   |
| Development costs                       |   |                          | 2,893  |   |   |   | 95 |   |
| Total costs incurred                    |   | $                             | 4,893  |   |   | $ | 334,347 |   |

|                             |   |       |    |   | Natural Gas |   |
|----------------------------------|--------|------------|---------|--------|-------------|--------|
|                             |   | Oil (BBLs) |    |   | (MCF)       |   |
| Balance, April 30, 2009          |   |       | 7,288   |   |        |   | - |   |
| Acquisition of minerals in place |   |       | 7,222   |   |        |   | - |   |
| Production                       |   |       | (220    | )      |        |   | - |   |
| Revisions of estimates           |   |       | (12,040 | )      |        |   | - |   |
| Balance, April 30, 2010          |   |       | 2,250   |   |        |   | - |   |
| Acquisition of minerals in place |   |       | -       |   |        |   | 13,611 |   |
| Sales of properties              |   |       | (2,186  | )      |        |   | - |   |
| Production                       |   |       | (64     | )      |        |   | (291 | ) |
| Revisions of estimates           |   |       | -       |   |        |   | - |   |
| Balance, April 30, 2011          |   |       | -       |   |        |   | 13,320 |   |

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|                                                   |   | For the years ended April 30, |    |
|--------------------------------------------------------|--------|-------------------------------|---------|
|                                                   |   | 2011                          |    |   | 2010 |   |
| Future cash flows                                      |   | $                             | 39,580  |   |   | $ | 154,220 |   |
| Future production costs                                |   |                          | (28,840 | ) |   |   | (87,530 | ) |
| Future income taxes                                    |   |                          | -       |   |   |   | - |   |
| Future net cash flows                                  |   |                          | 10,740  |   |   |   | 66,690 |   |
| 10% annual discount for estimated timing of cash flows |   |                          | (5,050  | ) |   |   | (14,440 | ) |
| Standardized Measure of Discounted Cash Flows          |   | $                             | 5,690   |   |   | $ | 52,250 |   |

|                                                   |   | For the years ended April 30, |    |
|--------------------------------------------------------|--------|-------------------------------|---------|
|                                                   |   | 2011                          |    |   | 2010 |   |
| Beginning of year                                      |   | $                             | 52,250  |   |   | $ | 38,379 |   |
| Purchase of minerals in place                          |   |                          | 2,000   |   |   |   | 207,645 |   |
| Sale of properties                                     |   |                          | (15,000 | ) |   |   | - |   |
| Development costs incurred during the year             |   |                          | 2,893   |   |   |   | 95 |   |
| Sales of oil and gas produced, net of production costs |   |                          | 4,284   |   |   |   | 9,270 |   |
| Unevaluated costs transferred to full cost pool        |   |                          | -       |   |   |   | 126,607 |   |
| Impairments                                            |   |                          | (46,984 | ) |   |   | (313,317 | ) |
| Net changes in price and production costs              |   |                          | 6,247   |   |   |   | 48,325 |   |
| Revision of previous quantity estimates                |   |                          | -       |   |   |   | (64,754 | ) |
| End of year                                            |   | $                             | 5,690   |   |   | $ | 52,250 |   |

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| ITEM 5: | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
|---------|--------------------------------------------------------------------------------------------------------------------|

| Period (Quarter ended) |   | High   |   |   | Low    |   |
|------------------------|--------|--------|--------|--------|--------|--------|
|                   |   |   |   |   |   |   |
| 2011                   |   |   |   |   |   |   |
| April 30, 2011         |   | $      | 0.12   |   |   | $      | 0.05 |   |
| January 31, 2011       |   | $      | 0.12   |   |   | $      | 0.01 |   |
| October 31, 2010       |   | $      | 0.04   |   |   | $      | 0.01 |   |
| July 31, 2010          |   | $      | 0.04   |   |   | $      | 0.02 |   |
|                   |   |   |   |   |   |   |   |   |
| 2010                   |   |   |   |   |   |   |   |   |
| April 30, 2010         |   | $      | 0.09   |   |   | $      | 0.04 |   |
| January 31, 2010       |   | $      | 0.20   |   |   | $      | 0.06 |   |
| October 31, 2009       |   | $      | 0.79   |   |   | $      | 0.20 |   |
| July 31, 2009          |   | $      | 2.00   |   |   | $      | 0.13 |   |

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| a)   | contains a description of the nature and level of risk in the market for penny stocks in both public offerings and secondary trading; |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------|

| b)   | contains a description of the broker's or dealer's duties to the customer and of the rights and remedies available to the customer with respect to violations of such duties or other requirements of Federal securities laws; |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c)   | contains a brief, clear, narrative description of a dealer market, including "bid" and "ask" prices for penny stocks and the significance of the spread between the bid and ask prices; |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d)   | contains the established toll free telephone number for inquiries on disciplinary actions; |
|----------------|--------------------------------------------------------------------------------------------|

| e)   | defines significant terms used in the disclosure document or in the conduct of trading in penny stocks; and |
|----------------|-------------------------------------------------------------------------------------------------------------|

| f)   | contains such other information, and is in such form (including language, type size, and format), as the Commission shall require by rule or regulation. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| a)   | shall require brokers and dealers to disclose to each customer, prior to effecting any transaction in, and at the time of confirming any transaction with respect to any penny stock, in accordance with such procedures and methods as the Commission may require consistent with the public interest and the protection of investors - |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| i.   | the bid and ask prices for penny stock, or such other information as the Commission may, by rule, require to provide customers with more useful and reliable information relating to the price of such stock; |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ii.   | the number of shares to which such bid and ask prices apply, or other comparable information relating to the depth and liquidity of the market for such stock; and |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| iii.   | the amount and a description of any compensation that the broker or dealer and the associated person thereof will receive or has received in connection with such transaction; |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | shall require brokers and dealers to provide, to each customer whose account with the broker or dealer contains penny stocks, a monthly statement indicating the market value of the penny stocks in that account or indicating that the market value of such stock cannot be determined because of the unavailability of firm quotes; and |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | may, as the Commission finds necessary or appropriate in the public interest or for the protection of investors, require brokers and dealers to disclose to customers additional information concerning transactions in penny stocks. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | Exemptions.  The Commission, as it determines consistent with the public interest and the protection of investors, may by rule, regulation, or order exempt in whole or in part, conditionally or unconditionally, any person or class of persons, or any transaction or class of transactions, from the requirements of this subsection.  Such exemptions shall include an exemption for brokers and dealers based on the minimal percentage of the broker's or dealer's commissions, commission-equivalents, and markups received from transactions in penny stocks. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (5) | Regulations.  It shall be unlawful for any person to violate such rules and regulations as the Commission shall prescribe in the public interest or for the protection of investors or to maintain fair and orderly markets - |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a) | as necessary or appropriate to carry out these requirements; or |
|--------|----|-----------------------------------------------------------------|

|   | b) | as reasonably designed to prevent fraudulent, deceptive, or manipulative acts and practices with respect to penny stocks. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------|

| Plan category                                           |   | Number of securities to be issued upon exercise of outstanding options, warrants and rights |   |   | Weighted average exercise price of outstanding options, warrants and rights |   |   | Number of securities remaining available for future issuance |   |
|---------------------------------------------------------|--------|---------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------|--------|
| Equity compensation plans approved by security holders: |   |                                                                                        |   |   |                                                                        |   |   |                                                         |   |
| 2008 Plan                                               |   | -                                                                                           |   |   |                                                                        |   |   |                                                         |   | 1,242,333 |   |
|                                                    |   |                                                                                        | -      |   |                                                                        |   |   |                                                         |   |   | 1,242,333 |   |

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| 1.   | Certificate #1 for 10,000,000 warrants with a strike price of $0.025 per share must be exercised within one year of the date Executive Team begins collecting salaries from the Company, |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Certificate #2 for 10,000,000 warrants with a strike price of $0.04 per share and a Term of 5 years from the vesting date, and |
|----------------|--------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Certificate #3 for 10,000,000 warrants with a strike price of $0.055 per share and a Term of 5 years from the vesting date. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------|

| 1.   | Certificate #1 vests immediately, Certificate #2 shall vest upon execution of Certificate #1 and Certificate #3 shall vest upon execution of Certificate #1. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | All Warrants may vest early if the Company has revenue of $12,500,000 total for two consecutive quarters and records a pre-tax net profit for the two quarters and other conditions including change in control, termination, etc. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | The Warrant Certificates may be allocated among the Executive Team as they so determine. |
|----------------|------------------------------------------------------------------------------------------|

| 4.   | The Warrants shall be registered in the first registration statement the Company files, subject to legal counsel approval. |
|----------------|----------------------------------------------------------------------------------------------------------------------------|

| ITEM 7: | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
|---------|---------------------------------------------------------------------------------------------|

|      |   | 2011   |   |   | 2010   |   |
|-----------|--------|--------|--------|--------|--------|--------|
|      |   |   |   |   |   |   |
| Oil sales |   | $      | 4,044  |   |   | $      | 14,343 |   |
| Gas sales |   |   | 835    |   |   |   | - |   |
|      |   | $      | 4,879  |   |   | $      | 14,343 |   |

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|                                                                 |   | 2011   |    |   | 2010   |   |
|----------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                                 |   |   |    |   |   |   |
| Oil and natural gas production taxes                                 |   | $      | 349     |   |   | $      | 1,033 |   |
| Oil and natural gas production expenses                              |   |   | 8,814   |   |   |   | 22,580 |   |
| Depreciation and amortization                                        |   |   | 1,530   |   |   |   | 6,943 |   |
| Non-cash compensation                                                |   |   | 266,754 |   |   |   | 759,279 |   |
| Asset impairment                                                     |   |   | 46,894  |   |   |   | 445,980 |   |
| General and administrative expenses, net of operator's overhead fees |   |   | 105,873 |   |   |   | 112,784 |   |
|                                                                 |   | $      | 430,214 |   |   | $      | 1,348,599 |   |

|                       |   | 2011   |    |   | 2010   |   |
|----------------------------|--------|--------|---------|--------|--------|--------|
|                       |   |   |    |   |   |   |
| Accounting and auditing    |   | $      | 36,630  |   |   | $      | 46,790 |   |
| Legal and professional     |   |   | 13,646  |   |   |   | 34,161 |   |
| Rent                       |   |   | 24,305  |   |   |   | - |   |
| Consulting services        |   |   | -       |   |   |   | 1,650 |   |
| Bad debt expense           |   |   | 12,828  |   |   |   | 15,415 |   |
| Office and other expenses  |   |   | 16,579  |   |   |   | 11,623 |   |
| Shareholder communications |   |   | 4,885   |   |   |   | 10,345 |   |
| Operator overhead fees     |   |   | (3,000  | )      |   |   | (7,200 | ) |
|                       |   | $      | 105,873 |   |   | $      | 112,784 |   |

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|                            |   | 2011   |    |   | 2010   |   |
|---------------------------------|--------|--------|---------|--------|--------|--------|
|                            |   |   |    |   |   |   |
| Interest income - stockholder   |   | $      | -       |   |   | $      | 900 |   |
| Interest expense - stockholders |   |   | (37,057 | )      |   |   | (49,618 | ) |
|                            |   | $      | (37,057 | )      |   | $      | (48,718 | ) |

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| ITEM 7A: | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
|----------|------------------------------------------------------------|

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|                                                     | Page   |
|----------------------------------------------------------|--------|
|                                                     |   |
| Report of Independent Registered Public Accounting Firm: |   |
| Paritz & Company, P. A.                              | 25     |
| Consolidated Balance Sheet                               | 26     |
| Consolidated Statements of Operations                    | 27     |
| Consolidated Statements of Stockholders’ Deficit   | 28     |
| Consolidated Statements of Cash Flows                    | 32     |
| Notes to Consolidated Financial Statements               | 34     |

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| NORTH AMERICAN ENERGY RESOURCES, INC. AND SUBSIDIARY |
|------------------------------------------------------|
| (Development Stage Companies)                        |
| Consolidated Balance Sheets                          |
| April 30, 2011 and 2010                              |

|                                                                                                                                                            |   | 2011   |       |   | 2010   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| ASSETS                                                                                                                                                          |   |   |       |   |   |   |
| Current assets:                                                                                                                                                 |   |   |       |   |   |   |
| Cash and cash equivalents                                                                                                                                       |   | $      | 716        |   |   | $      | 3,026 |   |
| Accounts receivable                                                                                                                                             |   |   | -          |   |   |   | 13,150 |   |
| Prepaid expenses                                                                                                                                                |   |   | 8,664      |   |   |   | 250,733 |   |
| Total current assets                                                                                                                                            |   |   | 9,380      |   |   |   | 266,909 |   |
| Properties and equipment, at cost:                                                                                                                              |   |   |       |   |   |   |   |   |
| Proved oil and natural gas properties and equipment using full cost accounting                                                                                  |   |   | 2,358      |   |   |   | 68,424 |   |
|                                                                                                                                                            |   |   | 2,358      |   |   |   | 68,424 |   |
| Accumulated depreciation and amortization                                                                                                                       |   |   | (52        | )      |   |   | (16,174 | ) |
| Total properties and equipment                                                                                                                                  |   |   | 2,306      |   |   |   | 52,250 |   |
| Other assets                                                                                                                                                    |   |   | -          |   |   |   | 5,000 |   |
| Deposits                                                                                                                                                        |   |   | -          |   |   |   | 864 |   |
| Total assets                                                                                                                                                    |   | $      | 11,686     |   |   | $      | 325,023 |   |
| LIABILITIES AND STOCKHOLDERS' DEFICIT                                                                                                                           |   |   |       |   |   |   |   |   |
| Current liabilities:                                                                                                                                            |   |   |       |   |   |   |   |   |
| Accounts payable                                                                                                                                                |   |   |       |   |   |   |   |   |
| Trade                                                                                                                                                           |   | $      | 30,860     |   |   | $      | 13,554 |   |
| Related parties                                                                                                                                                 |   |   | 54,187     |   |   |   | - |   |
| Oil and gas proceeds due others                                                                                                                                 |   |   | 368        |   |   |   | 4,990 |   |
| Advances received from joint interest participants                                                                                                              |   |   | -          |   |   |   | 33,056 |   |
| Accrued expenses                                                                                                                                                |   |   | 859        |   |   |   | 49,618 |   |
| Convertible notes payable                                                                                                                                       |   |   | 38,678     |   |   |   | 510,476 |   |
| Total current liabilities                                                                                                                                       |   |   | 124,952    |   |   |   | 611,694 |   |
| Commitments and contingencies                                                                                                                                   |   |   |       |   |   |   |   |   |
| Stockholders' deficit:                                                                                                                                          |   |   |       |   |   |   |   |   |
| Preferred stock: $0.001 par value; 100,000,000 shares authorized; no shares issued and outstanding                                                              |   |   | -          |   |   |   | - |   |
| Common stock: $0.001 par value; 100,000,000 shares authorized; 21,554,945 and 17,375,539 shares issued and outstanding at April 30, 2010 and 2009, respectively |   |   | 21,555     |   |   |   | 17,376 |   |
| Additional paid in capital                                                                                                                                      |   |   | 2,838,197  |   |   |   | 2,219,708 |   |
| Prepaid officer compensation                                                                                                                                    |   |   | -          |   |   |   | (12,129 | ) |
| Other comprehensive loss                                                                                                                                        |   |   | -          |   |   |   | (1,000 | ) |
| Deficit accumulated during the exploration stage                                                                                                                |   |   | (2,973,018 | )      |   |   | (2,510,626 | ) |
| Total stockholders' deficit                                                                                                                                     |   |   | (113,266   | )      |   |   | (286,671 | ) |
| Total liabilities and stockholders' deficit                                                                                                                     |   | $      | 11,686     |   |   | $      | 325,023 |   |
| See accompanying notes to consolidated financial statements                                                                                                     |   |   |       |   |   |   |   |   |

----

| NORTH AMERICAN ENERGY RESOURCES, INC. AND SUBSIDIARY                                                                         |
|------------------------------------------------------------------------------------------------------------------------------|
| (Development Stage Companies)                                                                                                |
| Consolidated Statements of Operations                                                                                        |
| For the years ended April 30, 2011 and April 30, 2010 and the period from inception (August 18, 2006) through April 30, 2011 |

|                                                                |   |   |       |   |   |   |       | Inception         |   |
|---------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|------------|-------------------|--------|
|                                                                |   |   |       |   |   |   |       | (August 18, 2006) |   |
|                                                                |   |   |       |   |   |   |       | through           |   |
|                                                                |   |   |       |   |   |   |       | April 30,         |   |
|                                                                |   | 2011   |       |   | 2010   |   |       | 2011              |   |
| Oil and natural gas sales                                           |   | $      | 4,879      |   |   | $      | 14,343     |              |   | $ | 43,894 |   |
| Pipeline fees                                                       |   |   | -          |   |   |   | -          |              |   |   | 2,450 |   |
| Total revenues                                                      |   |   | 4,879      |   |   |   | 14,343     |              |   |   | 46,344 |   |
| Costs and expenses                                                  |   |   |       |   |   |   |       |              |   |   |   |   |
| Oil and natural gas production taxes                                |   |   | 349        |   |   |   | 1,033      |              |   |   | 3,159 |   |
| Oil and natural gas production expenses                             |   |   | 8,814      |   |   |   | 22,580     |              |   |   | 107,117 |   |
| Depreciation and amortization                                       |   |   | 1,530      |   |   |   | 6,943      |              |   |   | 16,116 |   |
| Non-cash compensation                                               |   |   | 266,754    |   |   |   | 759,279    |              |   |   | 1,414,291 |   |
| Asset impairment                                                    |   |   | 46,894     |   |   |   | 445,980    |              |   |   | 910,714 |   |
| General and administrative expense, net of operator's overhead fees |   |   | 105,873    |   |   |   | 112,784    |              |   |   | 480,700 |   |
|                                                                |   |   | 430,214    |   |   |   | 1,348,599  |              |   |   | 2,932,097 |   |
| Loss from operations                                                |   |   | (425,335   | )      |   |   | (1,334,256 | )                 |   |   | (2,885,753 | ) |
| Other income (expense):                                             |   |   |       |   |   |   |       |              |   |   |   |   |
| Other income                                                        |   |   | -          |   |   |   | -          |              |   |   | 320 |   |
| Interest income - stockholder                                       |   |   | -          |   |   |   | 900        |              |   |   | 900 |   |
| Interest expense - stockholder                                      |   |   | (37,057    | )      |   |   | (49,618    | )                 |   |   | (88,485 | ) |
| Total other income (expense)                                        |   |   | (37,057    | )      |   |   | (48,718    | )                 |   |   | (87,265 | ) |
| Net loss                                                            |   |   | (462,392   | )      |   |   | (1,382,974 | )                 |   |   | (2,973,018 | ) |
| Other comprehensive loss                                            |   |   |       |   |   |   |       |              |   |   |   |   |
| Unrealized loss on available-for-sale securities                    |   |   | 1,000      |   |   |   | (1,000     | )                 |   |   | - |   |
| Net comprehensive loss                                              |   | $      | (461,392   | )      |   | $      | (1,383,974 | )                 |   | $ | (2,973,018 | ) |
|                                                                |   |   |       |   |   |   |       |              |   |   |   |   |
| Net loss per common share, basic and diluted                        |   | $      | (0.02      | )      |   | $      | (0.09      | )                 |   |   |   |   |
|                                                                |   |   |       |   |   |   |       |              |   |   |   |   |
| Weighted average common shares outstanding                          |   |   | 19,063,503 |   |   |   | 15,850,041 |              |   |   |   |   |
|                                                                |   |   |       |   |   |   |       |              |   |   |   |   |
| See accompanying notes to consolidated financial statements.        |   |

----

| NORTH AMERICAN ENERGY RESOURCES, INC. AND SUBSIDIARY                   |
|------------------------------------------------------------------------|
| (Development Stage Companies)                                          |
| Consolidated Statements of Stockholders' Deficit                       |
| For the period from inception (August 18, 2006) through April 30, 2011 |

|                                        |     |   |         |       |   |    |   |   |       |   |   | Intrinsic     |   |
|---------------------------------------------|----------|--------|--------------|------------|--------|---------|--------|--------|------------|--------|--------|---------------|--------|
|                                        |     |   |         |       |   |    |   |   | Additional |   |   | Value of      |   |
|                                        |     |   | Common stock |       |   | Paid in |   |   | Common     |   |
|                                        | Date     |   | Shares       |       |   | Amount  |   |   | Capital    |   |   | Stock Options |   |
|                                        |     |   |         |       |   |    |   |   |       |   |   |          |   |
| BALANCE August 18, 2006                     |     |   |         | -          |   |    | $      | -      |       |   | $      | -             |   |   | $ | - |   |
| Common stock issued for net assets          | 09/01/06 |   |         | 11,264,485 |   |    |   | 11,265 |       |   |   | 88,735        |   |   |   | - |   |
| Common stock issued for cash                | 09/07/06 |   |         | 1,126,448  |   |    |   | 1,126  |       |   |   | 8,874         |   |   |   | - |   |
| Common stock issued for cash                | 09/11/06 |   |         | 1,126,448  |   |    |   | 1,126  |       |   |   | 8,874         |   |   |   | - |   |
| Net loss                                    |     |   |         | -          |   |    |   | -      |       |   |   |          |   |   |   | - |   |
| BALANCE April 30, 2007                      |     |   |         | 13,517,381 |   |    |   | 13,517 |       |   |   | 106,483       |   |   |   | - |   |
| Net loss                                    |     |   |         | -          |   |    |   | -      |       |   |   |          |   |   |   | - |   |
| BALANCE April 30, 2008                      |     |   |         | 13,517,381 |   |    |   | 13,517 |       |   |   | 106,483       |   |   |   | - |   |
| Acquisition of North American Energy        |     |   |         |       |   |    |   |   |       |   |   |          |   |   |   |   |   |
| Resources, Inc.                             | 07/28/08 |   |         | 177,000    |   |    |   | 177    |       |   |   | 119,653       |   |   |   | - |   |
| Conversion of note payable and accrued      |     |   |         |       |   |    |   |   |       |   |   |          |   |   |   |   |   |
| interest for common stock                   | 07/31/08 |   |         | 153,000    |   |    |   | 153    |       |   |   | 35,377        |   |   |   | - |   |
| Common stock options granted for:           |     |   |         |       |   |    |   |   |       |   |   |          |   |   |   |   |   |
| 350,000 shares at $1.00 per share           | 08/01/08 |   |         | -          |   |    |   | -      |       |   |   | 178,000       |   |   |   | (178,000 | ) |
| 50,000 shares at $1.25 per share            | 08/01/08 |   |         | -          |   |    |   | -      |       |   |   | 27,096        |   |   |   | (27,096 | ) |
| Exercise common stock options:              |     |   |         |       |   |    |   |   |       |   |   |          |   |   |   |   |   |
| for $1.25 per share                         | 09/22/08 |   |         | 100        |   |    |   | -      |       |   |   | 6,250         |   |   |   | - |   |
| for $1.00 per share                         | 09/22/08 |   |         | 1,000      |   |    |   | 1      |       |   |   | 49,999        |   |   |   | - |   |
| for $1.25 per share                         | 10/13/08 |   |         | 100        |   |    |   | -      |       |   |   | 6,250         |   |   |   | - |   |
| for $1.00 per share                         | 10/13/08 |   |         | 70         |   |    |   | -      |       |   |   | 3,500         |   |   |   | - |   |
| Accounts payable paid with common stock     | 10/14/08 |   |         | 90         |   |    |   | -      |       |   |   | 9,016         |   |   |   | - |   |
| Amortize intrinsic value of options         | 10/31/08 |   |         | -          |   |    |   | -      |       |   |   | -             |   |   |   | 17,091 |   |
| Cancel common stock options                 | 11/05/08 |   |         | -          |   |    |   | -      |       |   |   | (188,005      | )      |   |   | 188,005 |   |
| Common stock issued for compensation        | 11/07/08 |   |         | 100        |   |    |   | -      |       |   |   | 6,250         |   |   |   | - |   |
| Common stock issued for accounts payable    | 11/07/08 |   |         | 60         |   |    |   | -      |       |   |   | 3,000         |   |   |   | - |   |
| Common stock issued for consulting servic   | 11/12/08 |   |         | 3,000      |   |    |   | 3      |       |   |   | 310,497       |   |   |   | - |   |
| Common stock issued for accounts payable    | 11/17/08 |   |         | 400        |   |    |   | 1      |       |   |   | 24,999        |   |   |   | - |   |
| Capital contribution by shareholder in cash | 11/30/08 |   |         | -          |   |    |   | -      |       |   |   | 50,000        |   |   |   | - |   |
| Common stock issued for:                    |     |   |         |       |   |    |   |   |       |   |   |          |   |   |   |   |   |
| Compensation                                | 12/09/08 |   |         | 338        |   |    |   | -      |       |   |   | 5,000         |   |   |   | - |   |
| Accounts payable                            | 12/09/08 |   |         | 300        |   |    |   | -      |       |   |   | 1,200         |   |   |   | - |   |
| Accounts payable                            | 12/09/08 |   |         | 400        |   |    |   | -      |       |   |   | 6,000         |   |   |   | - |   |
| Compensation                                | 01/05/09 |   |         | 500        |   |    |   | 1      |       |   |   | 4,999         |   |   |   | - |   |
| Accounts payable                            | 01/05/09 |   |         | 800        |   |    |   | 1      |       |   |   | 3,199         |   |   |   | - |   |
| Accounts payable                            | 01/05/09 |   |         | 400        |   |    |   | 1      |       |   |   | 3,999         |   |   |   | - |   |
| Accounts payable                            | 01/19/09 |   |         | 4,000      |   |    |   | 4      |       |   |   | 14,996        |   |   |   | - |   |
| Compensation                                | 01/26/09 |   |         | 1,500      |   |    |   | 2      |       |   |   | 4,998         |   |   |   | - |   |
| Accounts payable                            | 02/24/09 |   |         | 6,000      |   |    |   | 6      |       |   |   | 9,761         |   |   |   | - |   |
| Compensation                                | 02/24/09 |   |         | 1,000      |   |    |   | 1      |       |   |   | 1,999         |   |   |   | - |   |
| Compensation                                | 03/04/09 |   |         | 4,000      |   |    |   | 4      |       |   |   | 4,996         |   |   |   | - |   |
| Compensation                                | 04/06/09 |   |         | 4,000      |   |    |   | 4      |       |   |   | 5,996         |   |   |   | - |   |
| Officer compensation                        | 04/21/09 |   |         | 160,000    |   |    |   | 160    |       |   |   | 145,440       |   |   |   | - |   |
| Net loss                                    |     |   |         | -          |   |    |   | -      |       |   |   |          |   |   |   | - |   |
| BALANCE April 30, 2009                      |     |   |         | 14,035,539 |   |    | $      | 14,036 |       |   |   | 960,948       |   |   |   | - |   |
|                                        |     |   |         |       |   |    |   |   |       |   |   |          |   |   |   | (Continued) |   |

| See accompanying notes to consolidated financial statements. |
|--------------------------------------------------------------|

----

| NORTH AMERICAN ENERGY RESOURCES, INC. AND SUBSIDIARY                   |
|------------------------------------------------------------------------|
| (Development Stage Companies)                                          |
| Consolidated Statements of Stockholders' Deficit, continued            |
| For the period from inception (August 18, 2006) through April 30, 2011 |

|                                                             |   |         |    |   |          |   |   | Deficit     |   |   |       |   |
|------------------------------------------------------------------|--------|--------------|---------|--------|---------------|--------|--------|-------------|--------|--------|------------|--------|
|                                                             |   |         |    |   | Accumulated   |   |   | Accumulated |   |   |       |   |
|                                                             |   | Prepaid      |    |   | Other         |   |   | During the  |   |   |       |   |
|                                                             |   | Officer      |    |   | Comprehensive |   |   | Development |   |   |       |   |
|                                                             |   | Compensation |    |   | Loss          |   |   | Stage       |   |   | Total      |   |
|                                                             |   |         |    |   |          |   |   |        |   |   |       |   |
| BALANCE August 18, 2006                                          |   | $            | -       |   |          | $      | -      |        |   | $      | -          |   |   | $ | - |   |
| Common stock issued for net assets                               |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 100,000 |   |
| Common stock issued for cash                                     |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 10,000 |   |
| Common stock issued for cash                                     |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 10,000 |   |
| Net loss                                                         |   |         | -       |   |          |   | -      |        |   |   | (5,379     | )      |   |   | (5,379 | ) |
| BALANCE April 30, 2007                                           |   |         | -       |   |          |   | -      |        |   |   | (5,379     | )      |   |   | 114,621 |   |
| Net loss                                                         |   |         | -       |   |          |   | -      |        |   |   | (24,805    | )      |   |   | (24,805 | ) |
| BALANCE April 30, 2008                                           |   |         | -       |   |          |   | -      |        |   |   | (30,184    | )      |   |   | 89,816 |   |
| Acquisition of North American Energy                             |   |         |    |   |          |   |   |        |   |   |       |   |   |   |   |   |
| Resources, Inc.                                                  |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 119,830 |   |
| Conversion of note payable and accrued interest for common stock |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 35,530 |   |
| Common stock options granted for:                                |   |         |    |   |          |   |   |        |   |   |       |   |   |   |   |   |
| 350,000 shares at $1.00 per share                                |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | - |   |
| 50,000 shares at $1.25 per share                                 |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | - |   |
| Exercise common stock options:                                   |   |         |    |   |          |   |   |        |   |   |       |   |   |   |   |   |
| for $1.25 per share                                              |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 6,250 |   |
| for $1.00 per share                                              |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 50,000 |   |
| for $1.25 per share                                              |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 6,250 |   |
| for $1.00 per share                                              |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 3,500 |   |
| Accounts payable paid with common stock                          |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 9,016 |   |
| Amortize intrinsic value of options                              |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 17,091 |   |
| Cancel common stock options                                      |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | - |   |
| Common stock issued for compensation                             |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 6,250 |   |
| Common stock issued for accounts payable                         |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 3,000 |   |
| Common stock issued for consulting servic                        |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 310,500 |   |
| Common stock issued for accounts payable                         |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 25,000 |   |
| Capital contribution by shareholder in cash                      |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 50,000 |   |
| Common stock issued for:                                         |   |         |    |   |          |   |   |        |   |   |       |   |   |   |   |   |
| Compensation                                                     |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 5,000 |   |
| Accounts payable                                                 |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 1,200 |   |
| Accounts payable                                                 |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 6,000 |   |
| Compensation                                                     |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 5,000 |   |
| Accounts payable                                                 |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 3,200 |   |
| Accounts payable                                                 |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 4,000 |   |
| Accounts payable                                                 |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 15,000 |   |
| Compensation                                                     |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 5,000 |   |
| Accounts payable                                                 |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 9,767 |   |
| Compensation                                                     |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 2,000 |   |
| Compensation                                                     |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 5,000 |   |
| Compensation                                                     |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 6,000 |   |
| Officer compensation                                             |   |         | (84,933 | )      |          |   | -      |        |   |   | -          |   |   |   | 60,667 |   |
| Net loss                                                         |   |         | -       |   |          |   | -      |        |   |   | (1,097,468 | )      |   |   | (1,097,468 | ) |
| BALANCE April 30, 2009                                           |   |         | (84,933 | )      |          |   | -      |        |   |   | (1,127,652 | )      |   | $ | (237,601 | ) |
|                                                             |   |         |    |   |          |   |   |        |   |   |       |   |   |   | (Continued) |   |

|                                                         |
|--------------------------------------------------------------|
| See accompanying notes to consolidated financial statements. |

----

| NORTH AMERICAN ENERGY RESOURCES, INC. AND SUBSIDIARY                   |
|------------------------------------------------------------------------|
| (Development Stage Companies)                                          |
| Consolidated Statements of Stockholders' Deficit, continued            |
| For the period from inception (August 18, 2006) through April 30, 2011 |

|                                                      |     |   |         |       |   |    |   |   |       |   |   | Intrinsic     |   |
|-----------------------------------------------------------|----------|--------|--------------|------------|--------|---------|--------|--------|------------|--------|--------|---------------|--------|
|                                                      |     |   |         |       |   |    |   |   | Additional |   |   | Value of      |   |
|                                                      |     |   | Common stock |       |   | Paid in |   |   | Common     |   |
|                                                      | Date     |   | Shares       |       |   | Amount  |   |   | Capital    |   |   | Stock Options |   |
|                                                      |     |   |         |       |   |    |   |   |       |   |   |          |   |
| BALANCE April 30, 2009                                    |     |   |         | 14,035,539 |   |    | $      | 14,036 |       |   | $      | 960,948       |   |   | $ | - |   |
| Common stock issued for:                                  |     |   |         |       |   |    |   |   |       |   |   |          |   |   |   |   |   |
| consulting agreement                                      | 05/01/09 |   |         | 400,000    |   |    |   | 400    |       |   |   | 419,600       |   |   |   | - |   |
| consulting agreement                                      | 05/01/09 |   |         | 200,000    |   |    |   | 200    |       |   |   | 209,800       |   |   |   | - |   |
| oil and gas non-producing property                        | 06/09/09 |   |         | 700,000    |   |    |   | 700    |       |   |   | 125,300       |   |   |   | - |   |
| accounts payable                                          | 07/27/09 |   |         | 10,000     |   |    |   | 10     |       |   |   | 4,990         |   |   |   | - |   |
| consulting agreement                                      | 07/27/09 |   |         | 30,000     |   |    |   | 30     |       |   |   | 14,970        |   |   |   | - |   |
| consulting agreement                                      | 07/27/09 |   |         | 30,000     |   |    |   | 30     |       |   |   | 14,970        |   |   |   | - |   |
| oil and gas producing property                            | 09/25/09 |   |         | 350,000    |   |    |   | 350    |       |   |   | 192,150       |   |   |   | - |   |
| consulting contract                                       | 09/25/09 |   |         | 300,000    |   |    |   | 300    |       |   |   | 182,700       |   |   |   | - |   |
| cash                                                      | 02/23/10 |   |         | 200,000    |   |    |   | 200    |       |   |   | 5,800         |   |   |   | - |   |
| consulting agreement                                      | 02/24/10 |   |         | 400,000    |   |    |   | 400    |       |   |   | 31,600        |   |   |   | - |   |
| consulting agreement - director fees                      | 02/24/10 |   |         | 450,000    |   |    |   | 450    |       |   |   | 35,550        |   |   |   | - |   |
| consulting agreement - director fees                      | 02/24/10 |   |         | 150,000    |   |    |   | 150    |       |   |   | 11,850        |   |   |   | - |   |
| officer compensation - director fees                      | 02/24/10 |   |         | 120,000    |   |    |   | 120    |       |   |   | 9,480         |   |   |   | - |   |
| Other comprehensive loss on available-for-sale securities |     |   |         | -          |   |    |   | -      |       |   |   | -             |   |   |   | - |   |
| Amortize officer compensation                             |     |   |         | -          |   |    |   | -      |       |   |   | -             |   |   |   | - |   |
| Net loss                                                  |     |   |         | -          |   |    |   | -      |       |   |   | -             |   |   |   | - |   |
| BALANCE April 30, 2010                                    |     |   |         | 17,375,539 |   |    |   | 17,376 |       |   |   | 2,219,708     |   |   |   | - |   |
| Recission of available-for-sale securities transaction    |     |   |         | -          |   |    |   | -      |       |   |   | -             |   |   |   | - |   |
| Amortize officer compensation                             |     |   |         | -          |   |    |   | -      |       |   |   | -             |   |   |   | - |   |
| Convertible note payable forgiven by related party        | 12/03/10 |   |         | -          |   |    |   | -      |       |   |   | 57,920        |   |   |   | - |   |
| Common stock issued for:                                  |     |   |         |       |   |    |   |   |       |   |   |          |   |   |   |   |   |
| Consulting agreement                                      | 12/02/10 |   |         | 850,000    |   |    |   | 850    |       |   |   | 7,650         |   |   |   | - |   |
| Conversion of convertible notes payable                   | 12/05/10 |   |         | 3,329,406  |   |    |   | 3,329  |       |   |   | 552,919       |   |   |   | - |   |
| Net loss                                                  |     |   |         | -          |   |    |   | -      |       |   |   | -             |   |   |   | - |   |
| BALANCE April 30, 2011                                    |     |   |         | 21,554,945 |   |    | $      | 21,555 |       |   | $      | 2,838,197     |   |   | $ | - |   |
|                                                      |     |   |         |       |   |    |   |   |       |   |   |          |   |   |   | (Continued) |   |

|                                                         |
|--------------------------------------------------------------|
| See accompanying notes to consolidated financial statements. |

----

| NORTH AMERICAN ENERGY RESOURCES, INC. AND SUBSIDIARY                   |
|------------------------------------------------------------------------|
| (Development Stage Companies)                                          |
| Consolidated Statements of Stockholders' Deficit, continued            |
| For the period from inception (August 18, 2006) through April 30, 2011 |

|                                                      |   |         |    |   |          |   |   | Deficit     |   |   |       |   |
|-----------------------------------------------------------|--------|--------------|---------|--------|---------------|--------|--------|-------------|--------|--------|------------|--------|
|                                                      |   |         |    |   | Accumulated   |   |   | Accumulated |   |   |       |   |
|                                                      |   | Prepaid      |    |   | Other         |   |   | During the  |   |   |       |   |
|                                                      |   | Officer      |    |   | Comprehensive |   |   | Development |   |   |       |   |
|                                                      |   | Compensation |    |   | Loss          |   |   | Stage       |   |   | Total      |   |
|                                                      |   |         |    |   |          |   |   |        |   |   |       |   |
| BALANCE April 30, 2009                                    |   | $            | (84,933 | )      |          | $      | -      |        |   | $      | (1,127,652 | )      |   | $ | (237,601 | ) |
| Common stock issued for:                                  |   |         |    |   |          |   |   |        |   |   |       |   |   |   |   |   |
| consulting agreement                                      |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 420,000 |   |
| consulting agreement                                      |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 210,000 |   |
| oil and gas non-producing property                        |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 126,000 |   |
| accounts payable                                          |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 5,000 |   |
| consulting agreement                                      |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 15,000 |   |
| consulting agreement                                      |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 15,000 |   |
| oil and gas producing property                            |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 192,500 |   |
| consulting contract                                       |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 183,000 |   |
| cash                                                      |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 6,000 |   |
| consulting agreement                                      |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 32,000 |   |
| consulting agreement - director fees                      |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 36,000 |   |
| consulting agreement - director fees                      |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 12,000 |   |
| officer compensation - director fees                      |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 9,600 |   |
| Other comprehensive loss on available-for-sale securities |   |         | -       |   |          |   | (1,000 | )           |   |   | -          |   |   |   | (1,000 | ) |
| Amortize officer compensation                             |   |         | 72,804  |   |          |   | -      |        |   |   | -          |   |   |   | 72,804 |   |
| Net loss                                                  |   |         | -       |   |          |   | -      |        |   |   | (1,382,974 | )      |   |   | (1,382,974 | ) |
| BALANCE April 30, 2010                                    |   |         | (12,129 | )      |          |   | (1,000 | )           |   |   | (2,510,626 | )      |   |   | (286,671 | ) |
| Recission of available-for-sale securities transaction    |   |         | -       |   |          |   | 1,000  |        |   |   | -          |   |   |   | 1,000 |   |
| Amortize officer compensation                             |   |         | 12,129  |   |          |   | -      |        |   |   | -          |   |   |   | 12,129 |   |
| Convertible note payable forgiven by related party        |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 57,920 |   |
| Common stock issued for:                                  |   |         |    |   |          |   |   |        |   |   |       |   |   |   |   |   |
| Consulting agreement                                      |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 8,500 |   |
| Conversion of convertible notes payable                   |   |         | -       |   |          |   | -      |        |   |   | -          |   |   |   | 556,248 |   |
| Net loss                                                  |   |         | -       |   |          |   | -      |        |   |   | (462,392   | )      |   |   | (462,392 | ) |
| BALANCE April 30, 2011                                    |   | $            | -       |   |          | $      | -      |        |   | $      | (2,973,018 | )      |   | $ | (113,266 | ) |

| See accompanying notes to consolidated financial statements. |
|--------------------------------------------------------------|

----

| NORTH AMERICAN ENERGY RESOURCES, INC. AND SUBSIDIARY                                                                         |
|------------------------------------------------------------------------------------------------------------------------------|
| (Development Stage Companies)                                                                                                |
| Consolidated Statements of Cash Flows                                                                                        |
| For the years ended April 30, 2011 and April 30, 2010 and the period from inception (August 18, 2006) through April 30, 2011 |
|                                                                                                                         |

|                                                                        |   |   |     |   |   |   |       | Inception         |   |
|-----------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|------------|-------------------|--------|
|                                                                        |   |   |     |   |   |   |       | (August 18, 2006) |   |
|                                                                        |   |   |     |   |   |   |       | through           |   |
|                                                                        |   |   |     |   |   |   |       | April 30,         |   |
|                                                                        |   | 2011   |     |   | 2010   |   |       | 2011              |   |
| Operating activities                                                        |   |   |     |   |   |   |       |              |   |
| Net loss                                                                    |   | $      | (462,392 | )      |   | $      | (1,382,974 | )                 |   | $ | (2,973,018 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: |   |   |     |   |   |   |       |              |   |   |   |   |
| Depreciation and amortization                                               |   |   | 1,530    |   |   |   | 6,943      |              |   |   | 16,116 |   |
| Non-cash compensation                                                       |   |   | 266,754  |   |   |   | 759,279    |              |   |   | 1,414,291 |   |
| Asset impairment                                                            |   |   | 46,894   |   |   |   | 445,980    |              |   |   | 910,714 |   |
| Bad debt expense                                                            |   |   | 12,828   |   |   |   | 15,415     |              |   |   | 104,243 |   |
| Accounts receivable                                                         |   |   | 321      |   |   |   | (38,236    | )                 |   |   | (96,057 | ) |
| Accrued interest income - stockholder                                       |   |   | -        |   |   |   | (900       | )                 |   |   | (900 | ) |
| Prepaid expenses and other assets                                           |   |   | 9,040    |   |   |   | (5,472     | )                 |   |   | 3,568 |   |
| Accounts payable                                                            |   |   | 24,693   |   |   |   | 125,115    |              |   |   | 298,747 |   |
| Accrued expenses                                                            |   |   | 37,076   |   |   |   | 49,618     |              |   |   | 86,974 |   |
| Related party advances for working capital                                  |   |   | 54,187   |   |   |   | -          |              |   |   | 36,194 |   |
| Oil and gas proceeds due others                                             |   |   | (4,622   | )      |   |   | 4,034      |              |   |   | 368 |   |
| Advances from joint interest owners                                         |   |   | (1,226   | )      |   |   | (29,747    | )                 |   |   | (9,643 | ) |
| Net cash used in operating activities                                       |   |   | (14,917  | )      |   |   | (50,945    | )                 |   |   | (208,403 | ) |
| Investing activities                                                        |   |   |     |   |   |   |       |              |   |   |   |   |
| Payments for oil and natural gas properties and equipment                   |   |   | (4,893   | )      |   |   | (95        | )                 |   |   | (166,311 | ) |
| Cash received in excess of cash paid to acquire                             |   |   |     |   |   |   |       |              |   |   |   |   |
| North American Energy Resources, Inc.                                       |   |   | -        |   |   |   | -          |              |   |   | 119,830 |   |
| Proceeds from sale of oil and natural gas properties                        |   |   | -        |   |   |   | -          |              |   |   | 7,500 |   |
| Payments for pipeline                                                       |   |   | -        |   |   |   | -          |              |   |   | (7,500 | ) |
| Net cash used in investing activities                                       |   |   | (4,893   | )      |   |   | (95        | )                 |   |   | (46,481 | ) |
| Financing activities                                                        |   |   |     |   |   |   |       |              |   |   |   |   |
| Loan proceeds                                                               |   |   | -        |   |   |   | -          |              |   |   | 48,750 |   |
| Loans from shareholders                                                     |   |   | 17,500   |   |   |   | 20,100     |              |   |   | 130,850 |   |
| Cash contributions from shareholders                                        |   |   | -        |   |   |   | -          |              |   |   | 50,000 |   |
| Sale of common stock                                                        |   |   | -        |   |   |   | 6,000      |              |   |   | 26,000 |   |
| Net cash provided by financing activities                                   |   |   | 17,500   |   |   |   | 26,100     |              |   |   | 255,600 |   |
| Net increase (decrease) in cash and cash equivalents                        |   |   | (2,310   | )      |   |   | (24,940    | )                 |   |   | 716 |   |
| Cash and cash equivalents, beginning of period                              |   |   | 3,026    |   |   |   | 27,966     |              |   |   | - |   |
| Cash and cash equivalents, end of period                                    |   | $      | 716      |   |   | $      | 3,026      |              |   | $ | 716 |   |
|                                                                        |   |   |     |   |   |   |       |              |   |   | (Continued) |   |

|                                                         |   |
|--------------------------------------------------------------|--------|
| See accompanying notes to consolidated financial statements. |

----

| NORTH AMERICAN ENERGY RESOURCES, INC. AND SUBSIDIARY                                                                         |
|------------------------------------------------------------------------------------------------------------------------------|
| (Development Stage Companies)                                                                                                |
| Consolidated Statements of Cash Flows, Continued                                                                             |
| For the years ended April 30, 2011 and April 30, 2010 and the period from inception (August 18, 2006) through April 30, 2011 |

|                                                                     |   |   |    |   |   |   |    | Inception         |   |
|--------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|-------------------|--------|
|                                                                     |   |   |    |   |   |   |    | (August 18, 2006) |   |
|                                                                     |   |   |    |   |   |   |    | through           |   |
|                                                                     |   |   |    |   |   |   |    | April 30,         |   |
|                                                                     |   | 2011   |    |   | 2010   |   |    | 2011              |   |
|                                                                     |   |   |    |   |   |   |    |              |   |
| Supplemental cash flow information                                       |   |   |    |   |   |   |    |              |   |
| Cash paid for interest and income taxes:                                 |   |   |    |   |   |   |    |              |   |
| Interest                                                                 |   | $      | -       |   |   | $      | -       |              |   | $ | 437 |   |
| Income taxes                                                             |   |   | -       |   |   |   | -       |              |   |   | - |   |
| Non-cash investing and financing activities:                             |   |   |    |   |   |   |    |              |   |   |   |   |
| Common stock issued for:                                                 |   |   |    |   |   |   |    |              |   |   |   |   |
| Notes receivable                                                         |   | $      | -       |   |   | $      | -       |              |   | $ | 76,000 |   |
| Oil and gas properties                                                   |   |   | -       |   |   |   | -       |              |   |   | 303,670 |   |
| Interest in pipeline                                                     |   |   | -       |   |   |   | -       |              |   |   | 100,000 |   |
| Loans to shareholders assumed                                            |   |   | -       |   |   |   | -       |              |   |   | (371,000 | ) |
| Advance from joint interest participant assumed                          |   |   | -       |   |   |   | -       |              |   |   | (8,670 | ) |
|                                                                     |   |   |    |   |   |   |    |              |   | $ | 100,000 |   |
| Common stock issued for convertible note payable and accrued interest    |   |   | 556,248 |   |   |   | -       |              |   |   | 591,778 |   |
| Exchange of joint interest receivable for oil and natural gas properties |   |   | -       |   |   |   | 15,752  |              |   |   | 53,068 |   |
| Common stock options granted                                             |   |   | -       |   |   |   | -       |              |   |   | 205,096 |   |
| Common stock options cancelled                                           |   |   | -       |   |   |   | -       |              |   |   | 188,005 |   |
| Common stock issued for consulting agreements                            |   |   | 8,500   |   |   |   | 902,600 |              |   |   | 911,100 |   |
| Unevaluated oil and gas properties                                       |   |   | -       |   |   |   | 126,000 |              |   |   | 126,000 |   |
| Proven oil and natural gas properties                                    |   |   | -       |   |   |   | 192,500 |              |   |   | 192,500 |   |
| Accounts payable                                                         |   |   | -       |   |   |   | 5,000   |              |   |   | 106,183 |   |
| Chief executive officer compensation                                     |   |   | -       |   |   |   | 9,600   |              |   |   | 155,200 |   |
| Credit balance transferred from accounts receivable to accounts payable  |   |   | -       |   |   |   | 1,068   |              |   |   | 1,068 |   |
| Accounts receivable applied as payment on note payable to related party  |   |   | -       |   |   |   | 4,572   |              |   |   | 4,572 |   |
| Option exercises paid by reducing note payable to related party          |   |   | -       |   |   |   | -       |              |   |   | 75,250 |   |
| Advance from shareholder converted to note                               |   |   | -       |   |   |   | 2,000   |              |   |   | 2,000 |   |
| Accounts payable converted to convertible note payalbe                   |   |   | 38,678  |   |   |   | -       |              |   |   | 38,678 |   |

| See accompanying notes to consolidated financial statements. |
|--------------------------------------------------------------|

----

| NOTE 1: | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|---------|-------------------------------------------------------------|

----

----

----

----

----

| NOTE 2: | ACCOUNTS AND NOTE RECEIVABLE |
|---------|------------------------------|

|                            |   | 2011   |   |   | 2010   |   |
|---------------------------------|--------|--------|--------|--------|--------|--------|
|                            |   |   |   |   |   |   |
| Natural gas sales, net          |   | $      | -      |   |   | $      | 4,279 |   |
| Joint interest operations, net  |   |   | -      |   |   |   | 18,871 |   |
| Note receivable                 |   |   | 5,000  |   |   |   | - |   |
| Allowance for doubtful accounts |   |   | (5,000 | )      |   |   | (10,000 | ) |
|                            |   | $      | -      |   |   | $      | 13,150 |   |

----

|                                                                          |   | 2011   |   |   | 2010   |   |
|-------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Current asset                                                                 |   |   |   |   |   |   |
| Stockholder relations firm                                                    |   | $      | -      |   |   | $      | 168,000 |   |
| Consulting firm assisting with listing common stock on the Frankfort Exchange |   |   | -      |   |   |   | 68,625 |   |
| Administrative management                                                     |   |   | -      |   |   |   | 9,500 |   |
| Other prepaid expense                                                         |   |   | 8,664  |   |   |   | 4,608 |   |
|                                                                          |   | $      | 8,664  |   |   | $      | 250,733 |   |
| Component of stockholders' deficit                                            |   |   |   |   |   |   |   |   |
| Chief executive officer compensation                                          |   | $      | -      |   |   | $      | 12,129 |   |

|                    |   | 2011   |   |   | 2010   |   |
|-------------------------|--------|--------|--------|--------|--------|--------|
|                    |   |   |   |   |   |   |
| Chief executive officer |   | $      | 50,769 |   |   | $      | - |   |
| Chief financial officer |   |   | 3,418  |   |   |   |   |   |
|                    |   | $      | 54,187 |   |   | $      | - |   |

----

|                                                                                                                                                                    |   | 2011   |   |   | 2010   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                                                                                                                                    |   |   |   |   |   |   |   |   |
| Convertible note payable due January 6, 2012 with interest at 4 % per annum; convertible into the Company's comon stock at the rate of $0.10 per share                  |   | $      | 38,678 |   |   | $      | - |   |
| Convertible note payable due April 27, 2011 with interest at 12% per annum; convertible into the Company's common stock at the rate of $1.00 per share                  |   |   | -      |   |   |   | 13,500 |   |
| Convertible note payable due March 1, 2011 with interest at 12% per annum; convertible into the Company's common stock at the rate of $0.10 per share                   |   |   | -      |   |   |   | 53,618 |   |
| Convertible note payable due March 1, 2011 with interest at 12% per annum; convertible into the Company's common stock at the rate of $0.03 per share                   |   |   | -      |   |   |   | 36,830 |   |
| Convertible notes payable to shareholders due April 30, 2011 with interest at 12% per annum; convertible into the Company's common stock at the rate of $0.04 per share |   |   | -      |   |   |   | 22,100 |   |
| Convertible note payable to a shareholder due May 1, 2010 with interest at 12% per annum; convertible into the Company's common stock at the rate of $1.50 per share    |   |   | -      |   |   |   | 384,428 |   |
| Total                                                                                                                                                                   |   |   | 38,678 |   |   |   | 510,476 |   |
| Long term debt, less current maturities                                                                                                                                 |   |   | -      |   |   |   | - |   |
| Current maturities of long-term debt                                                                                                                                    |   | $      | 38,678 |   |   | $      | 510,476 |   |

----

|   | 1. | Certificate #1 for 10,000,000 warrants with a strike price of $0.025 per share must be exercised within one year of the date Executive Team begins collecting salaries from the Company, |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | Certificate #2 for 10,000,000 warrants with a strike price of $0.04 per share and a Term of 5 years from the vesting date, and |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | Certificate #3 for 10,000,000 warrants with a strike price of $0.055 per share and a Term of 5 years from the vesting date. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------|

|   | 1. | Certificate #1 vests immediately, Certificate #2 shall vest upon execution of Certificate #1 and Certificate #3 shall vest upon execution of Certificate #1, |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | All Warrants may vest early if the Company has revenue of $12,500,000 total for two consecutive quarters and records a pre-tax net profit for the two quarters and other conditions including change in control, termination, etc., |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | The Warrant Certificates may be allocated among the Executive Team as they so determine, and |
|--------|----|----------------------------------------------------------------------------------------------|

|   | 4. | The Warrants shall be registered in the first registration statement the Company files, subject to legal counsel approval. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------|

----

----

|                                                 |   | 2011   |     |   | 2010   |   |
|------------------------------------------------------|--------|--------|----------|--------|--------|--------|
|                                                 |   |   |     |   |   |   |
| "Normally expected" income tax benefit               |   | $      | (157,200 | )      |   | $      | (470,200 | ) |
| State income taxes net of federal income tax benefit |   |   | (18,500  | )      |   |   | (55,300 | ) |
| Other                                                |   |   | 100      |   |   |   | - |   |
| Valuation allowance                                  |   |   | 175,600  |   |   |   | 525,500 |   |
| Total                                                |   | $      | -        |   |   | $      | - |   |

|                                                 |   | 2011   |     |   | 2010   |   |
|------------------------------------------------------|--------|--------|----------|--------|--------|--------|
|                                                 |   |   |     |   |   |   |
| Net operating loss carryforward                      |   | $      | 920,000  |   |   | $      | 623,400 |   |
| Depreciable/depletable property, plant and equipment |   |   | 50,400   |   |   |   | 169,500 |   |
| Bad debts                                            |   |   | 1,900    |   |   |   | 3,800 |   |
| Valuation allowance                                  |   |   | (972,300 | )      |   |   | (796,700 | ) |
| Total                                                |   | $      | -        |   |   | $      | - |   |

| NOTE 9: | ASSET IMPAIRMENTS |
|---------|-------------------|

----

|                                            |   | 2011   |   |   | 2010   |   |
|-------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                            |   |   |   |   |   |   |
| Ceiling test limitation of oil and gas reserves |   | $      | 46,894 |   |   | $      | 313,317 |   |
| Impairment of interest in pipeline              |   |   | -      |   |   |   | 132,663 |   |
|                                            |   | $      | 46,894 |   |   | $      | 445,980 |   |

| NOTE 10: | SUPPLEMENTARY OIL AND GAS RESERVE INFORMATION (UNAUDITED) |
|----------|-----------------------------------------------------------|

|                                            |   | 2011   |   |   | 2010   |   |
|-------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                            |   |   |   |   |   |   |
| Ceiling test limitation of oil and gas reserves |   | $      | 46,894 |   |   | $      | 313,317 |   |
| Impairment of interest in pipeline              |   |   | -      |   |   |   | 132,663 |   |
|                                            |   | $      | 46,894 |   |   | $      | 445,980 |   |

----

|                                    |   | 2011   |   |   | 2010   |   |
|-----------------------------------------|--------|--------|--------|--------|--------|--------|
|                                    |   |   |   |   |   |   |
| Acquisition of proved properties        |   | $      | 2,000  |   |   | $      | 207,645 |   |
| Acquisition of non-producing properties |   |   | -      |   |   |   | 126,607 |   |
| Development costs                       |   |   | 2,893  |   |   |   | 95 |   |
|                                    |   | $      | 4,893  |   |   | $      | 334,347 |   |
|                                    |   |   |   |   |   |   |   |   |
| Amortization rate per equivalent BOE    |   | $      | 1.04   |   |   | $      | 23.22 |   |

|                              |   | Oil (BBLs) |    |   | Gas (MCF) |   |
|-----------------------------------|--------|------------|---------|--------|-----------|--------|
|                              |   |       |    |   |      |   |
| Balance, April 30, 2009           |   |       | 7,288   |   |      |   | - |   |
| Extensions and discoveries        |   |       | -       |   |      |   | - |   |
| Acquisition of producing reserves |   |       | 7,222   |   |      |   | - |   |
| Revisions of estimates            |   |       | (12,040 | )      |      |   | - |   |
| Production                        |   |       | (220    | )      |      |   | - |   |
| Balance, April 30, 2010           |   |       | 2,250   |   |      |   | - |   |
| Extensions and discoveries        |   |       | -       |   |      |   | - |   |
| Acquisition of producing reserves |   |       | -       |   |      |   | 13,611 |   |
| Sale of producing reserves        |   |       | (2,186  | )      |      |   | - |   |
| Revisions of estimates            |   |       | -       |   |      |   | - |   |
| Production                        |   |       | (64     | )      |      |   | (291 | ) |
| Balance, April 30, 2011           |   |       | -       |   |      |   | 13,320 |   |

----

|                                                     |   | 2011   |    |   | 2010   |   |
|----------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                     |   |   |    |   |   |   |
| Future cash inflows                                      |   | $      | 39,580  |   |   | $      | 154,220 |   |
| Future production costs                                  |   |   | (28,840 | )      |   |   | (87,530 | ) |
| Future income tax expenses                               |   |   | -       |   |   |   | - |   |
| Future net cash flows                                    |   |   | 10,740  |   |   |   | 66,690 |   |
| 10% annual discount for estimated timing of cash flows   |   |   | (5,050  | )      |   |   | (14,440 | ) |
| Standardized measure of discounted future net cash flows |   | $      | 5,690   |   |   | $      | 52,250 |   |

|                                                                      |   | 2011   |    |   | 2010   |   |
|---------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Standardized measure of discounted future net cash flows                  |   |   |    |   |   |   |
| at beginning of period                                                    |   | $      | 52,250  |   |   | $      | 38,379 |   |
| Changes during the period:                                                |   |   |    |   |   |   |   |   |
| Sales of natural gas produced, net of production costs                    |   |   | 4,284   |   |   |   | 9,270 |   |
| Net changes in prices and production costs                                |   |   | 6,247   |   |   |   | 48,325 |   |
| Impairments                                                               |   |   | (46,984 | )      |   |   | (313,317 | ) |
| Unevaluated costs transferred to full cost pool                           |   |   | -       |   |   |   | 126,607 |   |
| Development costs incurred and revisions                                  |   |   | 2,893   |   |   |   | 95 |   |
| Purchase of reserves in place                                             |   |   | 2,000   |   |   |   | 207,645 |   |
| Sale of properties                                                        |   |   | (15,000 | )      |   |   | - |   |
| Revision of previous quantity estimates                                   |   |   | -       |   |   |   | (64,754 | ) |
| Net change                                                                |   |   | (46,560 | )      |   |   | 13,871 |   |
| Standardized measure of discounted future net cash flows at end of period |   | $      | 5,690   |   |   | $      | 52,250 |   |

----

| ITEM 9: | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
|---------|--------------------------------------------------------------------------------------|

----

----

| ITEM 10: | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
|----------|--------------------------------------------------------|

|               |   |   |   |                     |   | DATE FIRST        |
|--------------------|--------|--------|--------|--------------------------|--------|-------------------|
| NAME               |   | AGE    |   | POSITION                 |   | ELECTED/APPOINTED |
|               |   |   |   |                     |   |              |
| Clinton W. Coldren |   | 55     |   | Chairman,                |   | December 15, 2010 |
|               |   |   |   | Chief Executive Officer  |   |              |
|               |   |   |   |                     |   |              |
| Alan G. Massara    |   | 57     |   | President,               |   | December 15, 2010 |
|               |   |   |   | Chief Financial Officer  |   |              |
|               |   |   |   |                     |   |              |
| Michael D. Pruitt  |   | 50     |   | Executive Vice President |   | December 29, 2009 |
|               |   |   |   | and Director             |   |              |

----

----

| a.   | Summary Compensation Table |
|----------------|----------------------------|

|                          |   |   |   |   |   |    |   |   |    |   |   |    |   |
|-------------------------------|--------|--------|--------|--------|--------|---------|--------|--------|---------|--------|--------|---------|--------|
| Name and Principal Position   |   |   | Year   |   |   | Salary  |   |   | Awards  |   |   | Total   |   |
|                          |   |   |   |   |   |    |   |   |    |   |   |    |   |
| Clinton W. Coldren (CEO since |   |   | 2011   |   | $      | — |   | $      | — |   | $      | — |   |
| December 15, 2010)            |   |   | 2010   |   |   | N/A     |   |   | N/A     |   |   | N/A     |   |
|                          |   |   | 2009   |   |   | N/A     |   |   | N/A     |   |   | N/A     |   |
|                          |   |   |   |   |   |    |   |   |    |   |   |    |   |
| Ross E. Silvey (CEO from      |   |   | 2011   |   | $      | — |   | $      | 12,129  |   | $      | 12,129  |   |
| June 2008 until December      |   |   | 2010   |   |   | — |   |   | 82,404  |   |   | 82,404  |   |
| 2010)                         |   |   | 2009   |   |   | — |   |   | 60,667  |   |   | 60,667  |   |
|                          |   |   |   |   |   |    |   |   |    |   |   |    |   |
| Alan G. Massara (CFO since    |   |   | 2011   |   | $      | — |   | $      | — |   | $      | — |   |
| December 15, 2010)            |   |   | 2010   |   |   | N/A     |   |   | N/A     |   |   | N/A     |   |
|                          |   |   | 2009   |   |   | N/A     |   |   | N/A     |   |   | N/A     |   |
|                          |   |   |   |   |   |    |   |   |    |   |   |    |   |
| Vladimir Fedyunin (CEO from   |   |   | 2011   |   |   | N/A     |   |   | N/A     |   |   | N/A     |   |
| April 2008 until June 2008)   |   |   | 2010   |   |   | N/A     |   |   | N/A     |   |   | N/A     |   |
|                          |   |   | 2009   |   |   | — |   |   | — |   |   | — |   |

----

|   | 1. | Certificate #1 for 10,000,000 warrants with a strike price of $0.025 per share must be exercised within one year of the date Executive Team begins collecting salaries from the Company, |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | Certificate #2 for 10,000,000 warrants with a strike price of $0.04 per share and a Term of 5 years from the vesting date, and |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | Certificate #3 for 10,000,000 warrants with a strike price of $0.055 per share and a Term of 5 years from the vesting date. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------|

|   | 1. | Certificate #1 vests immediately, Certificate #2 shall vest upon execution of Certificate #1 and Certificate #3 shall vest upon execution of Certificate #1, |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | All Warrants may vest early if the Company has revenue of $12,500,000 total for two consecutive quarters and records a pre-tax net profit for the two quarters and other conditions including change in control, termination, etc., |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | The Warrant Certificates may be allocated among the Executive Team as they so determine, and |
|--------|----|----------------------------------------------------------------------------------------------|

|   | 4. | The Warrants shall be registered in the first registration statement the Company files, subject to legal counsel approval. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------|

----

| b.   | Grants of plan-based awards table |
|----------------|-----------------------------------|

| c.   | Outstanding equity awards at fiscal year-end table |
|----------------|----------------------------------------------------|

| d.   | Option exercises and stock vested table |
|----------------|-----------------------------------------|

| e.   | Pension benefits |
|----------------|------------------|

| f.   | Nonqualified defined contribution and other nonqualified deferred compensation plans |
|----------------|--------------------------------------------------------------------------------------|

| g.   | Potential payments upon termination or changes-in-control |
|----------------|-----------------------------------------------------------|

| h.   | Compensation of directors |
|----------------|---------------------------|

| i.   | Compensation committee interlocks and insider participation |
|----------------|-------------------------------------------------------------|

----

| j.   | Compensation committee report |
|----------------|-------------------------------|

| ITEM 12: | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
|----------|------------------------------------------------------------------------------------------------|

| (a) | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT |
|-----|----------------------------------------------------------------|

----

|           |   | Name and                       |   | Amount and |       |   |     |   |
|----------------|--------|--------------------------------|--------|------------|------------|--------|----------|--------|
|           |   | address                        |   | nature of  |       |   |     |   |
|           |   | of beneficial                  |   | beneficial |       |   | Percent  |   |
| Title of class |   | owner                          |   | owner      |       |   | of class |   |
|           |   |                           |   |       |       |   |     |   |
| Common         |   | Clinton W. Coldren (1)         |   |       | 15,000,000 |   |     |   | 41.0 | % |
|           |   | 228 Saint Charles Ave, Ste 724 |   |       |       |   |     |   |   |   |
|           |   | New Orleans, LA                |   |       | 70130      |   |     |   |   |   |
| Common         |   | Alan G. Massara (1)            |   |       | 15,000,000 |   |     |   | 41.0 | % |
|           |   | 228 Saint Charles Ave, Ste 724 |   |       |       |   |     |   |   |   |
|           |   | New Orleans, LA 70130          |   |       |       |   |     |   |   |   |
|           |   |                           |   |       |       |   |     |   |   |   |
| Common         |   | Michael D. Pruitt (2)          |   |       | 2,992,577  |   |     |   | 13.9 | % |
|           |   | 11220 Elm Lane, Ste 203        |   |       |       |   |     |   |   |   |
|           |   | Charlotte, NC 28277            |   |       |       |   |     |   |   |   |
|           |   |                           |   |       |       |   |     |   |   |   |
| Common         |   | All officers and directors     |   |       | 32,992,577 |   |     |   | 64.0 | % |
|           |   | as a group (3 persons)         |   |       |       |   |     |   |   |   |

| Plan category                                           |   | Number of securities to be issued upon exercise of outstanding options, warrants and rights |   |   | Weighted-average exercise price of outstanding options, warrants and rights |   |   | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column |   |
|---------------------------------------------------------|--------|---------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                    |   |                                                                                        |   |   |                                                                        |   |   |                                                                                                                                             |   |   |
| Equity compensation plans approved by security holders  |   | -                                                                                           |   |   |                                                                        |   |   |                                                                                                                                             |   | 1,242,333 |   |
|                                                    |   |                                                                                        |   |   |                                                                        |   |   |                                                                                                                                             |   |   |   |   |
| Equity compensation plans not approve by security holde |   | -                                                                                           |   |   |                                                                        |   |   |                                                                                                                                             |   | - |   |
|                                                    |   |                                                                                        |   |   |                                                                        |   |   |                                                                                                                                             |   |   |   |   |
| Total                                                   |   |                                                                                        | -      |   |                                                                        |   |   |                                                                                                                                             |   |   | 1,242,333 |   |

----

|                    |   | 2011   |   |   | 2010   |   |
|-------------------------|--------|--------|--------|--------|--------|--------|
|                    |   |   |   |   |   |   |
| Chief executive officer |   | $      | 50,769 |   |   | $      | - |   |
| Chief financial officer |   |   | 3,418  |   |   |   |   |   |
|                    |   | $      | 54,187 |   |   | $      | - |   |

----

| (a)   | The following documents are filed as part of this report: |
|-----------------|-----------------------------------------------------------|

| 1.   | Financial Statements – The following consolidated financial statements of North American Energy Resources, Inc. are contained in Item 8 of this Form 10-K: |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | Report of Independent Registered Public Accountant |
|---------------------|----------------------------------------------------|

| ●   | Consolidated Balance Sheets at April 30, 2011 and 2010 |
|---------------------|--------------------------------------------------------|

| ●   | Consolidated Statements of Operations – For the years ended April 30, 2011 and 2010 and from inception (August 18, 2006) through April 30, 2011 |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | Consolidated Statements of Stockholders’ Deficit - From inception (August 18, 2006) through April 30, 2011 |
|---------------------|------------------------------------------------------------------------------------------------------------------|

| ●   | Consolidated Statements of Cash Flows – For the years ended April 30, 2011 and 2010 and from inception (August 18, 2006) through April 30, 2011 |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | Notes to the Consolidated Financial Statements |
|---------------------|------------------------------------------------|

| 2.   | Financial Statement Schedules were omitted, as they are not required or are not applicable, or the required information is included in the Financial Statements. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Exhibits – The following exhibits are filed with this report or are incorporated herein by reference to a prior filing, in accordance with Rule 12b-32 under the Securities Exchange Act of 1934. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Exhibit |   | Description                                                                                                                    |
|---------|--------|--------------------------------------------------------------------------------------------------------------------------------|
|    |   |                                                                                                                           |
| 31.1    |   | Certification of the Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934                    |
| 31.2    |   | Certification of the Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934                    |
| 32.1    |   | Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350 |
| 32.2    |   | Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350 |

----

|          | NORTH AMERICAN ENERGY RESOURCES, INC. |
|---------------|---------------------------------------|
|          |                                  |
| June 30, 2011 | /s/ Clinton W. Coldren                |
|          | Clinton W. Coldren, Chairman and CEO  |
|          |                                  |
| June 30, 2011 | /s/ Alan G. Massara                   |
|          | Alan G. Massara, President and CFO    |

| June 30, 2011 | /s/ Clinton W. Coldren               |
|---------------|--------------------------------------|
|          | Clinton W. Coldren, Chairman and CEO |
|          |                                 |
| June 30, 2011 | /s/ Alan G. Massara                  |
|          | Alan G. Massara, President and CFO   |
|          |                                 |
| June 30, 2011 | /s/ Michael D. Pruitt                |
|          | Michael D. Pruitt, Director          |

----