---

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended May 31, 2010

or

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

For the transition period from___________ to _____________

Commission File Number: 000-52218

STRIKER ENERGY CORP(Exact
name of registrant as specified in its charter)

|Nevada                                                               | 20-2590810                          
|-------------------------------------------------------------------- | ------------------------------------
|(State or other jurisdiction of incorporation or
      organization) | (I.R.S. Employer Identification No.)

901  360 Bay Street, Toronto, ON, Canada M5H
2V6(Address of principal executive offices) (Zip Code)

(416) 489-0093(Registrants telephone number,
including area code)

N/A(Former name, former address and former
fiscal year, if changed since last report)

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

Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T (§232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files).
Yes [ ] No [ ]

Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of large accelerated filer,
accelerated filer and smaller reporting company in Rule 12b-2 of the
Exchange Act.

|Large accelerated filer | [ ] |                                               | Accelerated filer         | [ ]
|----------------------- | --- | --------------------------------------------- | ------------------------- | ---
|Non-accelerated filer   | [ ] | (Do not check if a smaller reporting company) | Smaller reporting company | [X]

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

---

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Sections 12, 13 or 15(d) of the
Securities Exchange Act of 1934 subsequent to the distribution of securities
under a plan confirmed by a court. Yes [ ] No [ ]

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the
issuers classes of common stock, as of the latest practicable date
22,006,000 shares of common stock are issued and outstanding as of
June 25, 2010.

- ii -

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TABLE OF CONTENTS

|PART
      IFINANCIAL INFORMATION                                                                         | 4 
|---------------------------------------------------------------------------------------------------------- | --
|Item
      1. Financial Statements                                                                         | 4 
|Item
      2. Managements Discussion and Analysis of Financial Condition and Results
      of Operations. | 11
|Item
      3. Quantitative and Qualitative Disclosures about Market Risk                                   | 14
|Item
      4T. Controls and Procedures                                                                     | 14
|PART
      IIOTHER INFORMATION                                                                            | 15
|Item
      1. Legal Proceedings                                                                            | 15
|Item
      1A. Risk Factors                                                                                | 15
|Item
      2. Unregistered Sales of Equity Securities and Use of Proceeds                                  | 24
|Item
      3. Defaults Upon Senior Securities                                                              | 24
|Item
      4. [REMOVED AND RESERVED]                                                                       | 24
|Item
      5. Other Information                                                                            | 24
|Item
      6. Exhibits                                                                                     | 24
|SIGNATURES                                                                                                 | 26

- iii -

---

PART IFINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

Striker Energy Corp.(A Development Stage
Company)

Financial Statements 
  (Expressed in U.S. Dollars)
  
  (Unaudited)31 May 2010

---

|Striker Energy Corp.         
|-----------------------------
|(A Development Stage Company)
|Balance Sheets               
|(Expressed in U.S. Dollars)  
|(Unaudited)                  

|                                                                                                                                                                    |  |          |   |  | As at 28  |  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------- | - |  | --------- | -
|                                                                                                                                                                    |  |          |   |  | February  |  
|                                                                                                                                                                    |  | As at 31 |   |  | 2010      |  
|                                                                                                                                                                    |  | May 2010 |   |  | (Audited) |  
|                                                                                                                                                                    |  | $        |   |  | $         |  
|                                                                                                                                                                    |  |          |   |  |           |  
|Assets                                                                                                                                                              |  |          |   |  |           |  
|                                                                                                                                                                    |  |          |   |  |           |  
|Current                                                                                                                                                             |  |          |   |  |           |  
|Cash and cash equivalents                                                                                                                                           |  | 2,092    |   |  | 6,760     |  
|                                                                                                                                                                    |  |          |   |  |           |  
|Liabilities                                                                                                                                                         |  |          |   |  |           |  
|                                                                                                                                                                    |  |          |   |  |           |  
|Current                                                                                                                                                             |  |          |   |  |           |  
|Accounts payable and accrued liabilities (Note 4)                                                                                                                   |  | 13,121   |   |  | 5,500     |  
|                                                                                                                                                                    |  |          |   |  |           |  
|Promissory note(Note 5)                                                                                                                                             |  | 52,402   |   |  | 51,777    |  
|                                                                                                                                                                    |  |          |   |  |           |  
|                                                                                                                                                                    |  | 65,523   |   |  | 57,277    |  
|                                                                                                                                                                    |  |          |   |  |           |  
|Stockholders deficiency                                                                                                                                            |  |          |   |  |           |  
|Capital stock(Note 7)                                                                                                                                               |  |          |   |  |           |  
|Authorized    
      150,000,000 common shares, par value $0.0001                                                                                                   |  |          |   |  |           |  
|Issued and outstanding     31 May 2010 
      20,506,000 common shares, par value $0.0001     28
      February 2010  20,506,000 common shares, par value $0.0001 |  | 2,056    |   |  | 2,056     |  
|Additional paid-in capital                                                                                                                                          |  | 200,723  |   |  | 197,123   |  
|Deficit, accumulated during the development stage                                                                                                                   |  | (266,210 | ) |  | (249,696  | )
|                                                                                                                                                                    |  |          |   |  |           |  
|                                                                                                                                                                    |  | (63,431  | ) |  | (50,517   | )
|                                                                                                                                                                    |  |          |   |  |           |  
|                                                                                                                                                                    |  | 2,092    |   |  | 6,760     |  

Nature and Continuance of Operations(Note 1) and Subsequent Events(Note 10)

On behalf of the Board:

Joseph CarusoneDirector Joseph
Carusone

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

---

|Striker Energy Corp.         
|-----------------------------
|(A Development Stage Company)
|Statements of Operations     
|(Expressed in U.S. Dollars)  
|(Unaudited)                  

|                                                                              |  | For the period  |   |  |               |   |  |               |  
|----------------------------------------------------------------------------- |  | --------------- | - |  | ------------- | - |  | ------------- | -
|                                                                              |  | from the date   |   |  |               |   |  |               |  
|                                                                              |  | of inception on |   |  | For the three |   |  | For the three |  
|                                                                              |  | 18 March        |   |  | month period  |   |  | month period  |  
|                                                                              |  | 2005 to 31      |   |  | ended 31      |   |  | ended 31      |  
|                                                                              |  | May 2010        |   |  | May 2010      |   |  | May 2009      |  
|                                                                              |  | $               |   |  | $             |   |  | $             |  
|                                                                              |  |                 |   |  |               |   |  |               |  
|Expenses                                                                      |  |                 |   |  |               |   |  |               |  
|Bank charges and interest                                                     |  | 1,389           |   |  | 62            |   |  | 80            |  
|Consulting fees                                                               |  | 10,176          |   |  | -             |   |  | -             |  
|Filing fees                                                                   |  | 9,512           |   |  | 743           |   |  | 862           |  
|Interest expense (Note 5)                                                     |  | 2,402           |   |  | 625           |   |  | -             |  
|Investor relations                                                            |  | 730             |   |  | -             |   |  | -             |  
|Legal and accounting fees                                                     |  | 138,278         |   |  | 10,246        |   |  | 5,219         |  
|Licenses and permits                                                          |  | 8,068           |   |  | -             |   |  | -             |  
|Management fees (Notes 6, 7 and 9)                                            |  | 48,000          |   |  | 3,000         |   |  | 3,000         |  
|Mineral property expenditures                                                 |  | 15,124          |   |  | -             |   |  | -             |  
|Office expenses                                                               |  | 618             |   |  | -             |   |  | 43            |  
|Recovery from mineral property acquisition
      costs (Notes 3 and 9)        |  | (5,000          | ) |  | -             |   |  | -             |  
|Rent (Notes 6, 7 and 9)                                                       |  | 10,800          |   |  | 600           |   |  | 600           |  
|Transfer agent fees                                                           |  | 14,274          |   |  | 1,238         |   |  | 900           |  
|Web site development                                                          |  | 1,839           |   |  | -             |   |  | -             |  
|Write down of mineral property acquisition
      costs (Notes 3 and 9)        |  | 10,000          |   |  | -             |   |  | -             |  
|                                                                              |  |                 |   |  |               |   |  |               |  
|Net loss for the period                                                       |  | (266,210        | ) |  | (16,514       | ) |  | (10,704       | )
|                                                                              |  |                 |   |  |               |   |  |               |  
|Basic and diluted loss per common
      share                                 |  |                 |   |  | (0.001        | ) |  | (0.001        | )
|                                                                              |  |                 |   |  |               |   |  |               |  
|Weighted average number of common shares
      used in per share calculations |  |                 |   |  | 20,506,000    |   |  | 20,506,000    |  

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

---

|Striker Energy Corp.         
|-----------------------------
|(A Development Stage Company)
|Statements of Cash Flows     
|(Expressed in U.S. Dollars)  
|(Unaudited)                  

|                                                                                |  | For the period  |   |  |               |   |  |               |  
|------------------------------------------------------------------------------- |  | --------------- | - |  | ------------- | - |  | ------------- | -
|                                                                                |  | from the date   |   |  |               |   |  |               |  
|                                                                                |  | of inception on |   |  | For the three |   |  | For the three |  
|                                                                                |  | 18 March 2005   |   |  | month period  |   |  | month period  |  
|                                                                                |  | to 31 May       |   |  | ended 31 May  |   |  | ended 31 May  |  
|                                                                                |  | 2010            |   |  | 2010          |   |  | 2009          |  
|                                                                                |  | $               |   |  | $             |   |  | $             |  
|                                                                                |  |                 |   |  |               |   |  |               |  
|Cash flows used in operating activities                                         |  |                 |   |  |               |   |  |               |  
|Net loss for the period                                                         |  | (266,210        | ) |  | (16,514       | ) |  | (10,704       | )
|Adjustments
      to reconcile loss to net cash used by operating activities    |  |                 |   |  |               |   |  |               |  
|Contributions
      to capital by related parties  expenses (Notes 6, 7 and 9) |  | 58,800          |   |  | 3,600         |   |  | 3,600         |  
|Contributions
      to capital by related party  forgiveness of debt (Note 9)  |  | 38,950          |   |  | -             |   |  | -             |  
|Common
      shares issued for services (Note 7)                                |  | 30              |   |  | -             |   |  | -             |  
|Accrued interest (Note 5)                                                       |  | 2,402           |   |  | 625           |   |  | -             |  
|Recovery
      from mineral property acquisition cost (Notes 3 and 9)           |  | (5,000          | ) |  | -             |   |  | -             |  
|Write down of mineral
      property acquisition costs (Note 3)                 |  | 10,000          |   |  | -             |   |  | -             |  
|Increase in accounts payable and accrued
      liabilities                      |  | 18,120          |   |  | 7,621         |   |  | 4,454         |  
|                                                                                |  |                 |   |  |               |   |  |               |  
|                                                                                |  | (142,908        | ) |  | (4,668        | ) |  | (2,650        | )
|                                                                                |  |                 |   |  |               |   |  |               |  
|Cash flows from financing activities                                            |  |                 |   |  |               |   |  |               |  
|Increase in due to related party                                                |  | -               |   |  | -             |   |  | 647           |  
|Promissory note (Note 5)                                                        |  | 50,000          |   |  | -             |   |  | -             |  
|Common shares returned to treasury (Note 7)                                     |  | (5,000          | ) |  | -             |   |  | -             |  
|Common shares issued for cash (Note 7)                                          |  | 110,000         |   |  | -             |   |  | -             |  
|                                                                                |  |                 |   |  |               |   |  |               |  
|                                                                                |  | 155,000         |   |  | -             |   |  | 647           |  
|                                                                                |  |                 |   |  |               |   |  |               |  
|Cash flows used in investing
      activities                                   |  |                 |   |  |               |   |  |               |  
|Acquisition of mineral property interest (Note 3)                               |  | (10,000         | ) |  | -             |   |  | -             |  
|                                                                                |  |                 |   |  |               |   |  |               |  
|Increase (decrease) in cash and cash equivalents                                |  | 2,092           |   |  | (4,668        | ) |  | (2,003        | )
|                                                                                |  |                 |   |  |               |   |  |               |  
|Cash and cash equivalents, beginning of period                                  |  | -               |   |  | 6,760         |   |  | 2,448         |  
|                                                                                |  |                 |   |  |               |   |  |               |  
|Cash and cash equivalents, end of period                                        |  | 2,092           |   |  | 2,092         |   |  | 445           |  

Supplemental Disclosures with Respect to Cash Flows(Note 9)

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

---

|Striker Energy Corp.                             
|-------------------------------------------------
|(A Development Stage Company)                    
|Statements of Changes in Stockholders Deficiency
|(Expressed in U.S. Dollars)                      
|(Unaudited)                                      

|                                                                                                         |  |               |   |  |         |   |  |            |   |  | Deficit,    |   |  |               |  
|-------------------------------------------------------------------------------------------------------- |  | ------------- | - |  | ------- | - |  | ---------- | - |  | ----------- | - |  | ------------- | -
|                                                                                                         |  |               |   |  |         |   |  |            |   |  | accumulated |   |  |               |  
|                                                                                                         |  |               |   |  |         |   |  | Additional |   |  | during the  |   |  | Total         |  
|                                                                                                         |  | Number of     |   |  | Capital |   |  | paid-in    |   |  | development |   |  | stockholders |  
|                                                                                                         |  | shares issued |   |  | stock   |   |  | capital    |   |  | stage       |   |  | deficiency    |  
|                                                                                                         |  |               |   |  | $       |   |  | $          |   |  | $           |   |  | $             |  
|Balance at 18 March 2005 (inception)                                                                     |  |               |   |  |         |   |  |            |   |  |             |   |  |               |  
|Restricted common shares
      issued for cash ($0.0005 per share)  September 2005 (Note 7)             |  | 10,000,000    |   |  | 1,000   |   |  | 4,000      |   |  | -           |   |  | 5,000         |  
|Contributions to capital by related
      parties  expenses                                             |  | -             |   |  | -       |   |  | 600        |   |  | -           |   |  | 600           |  
|Net loss for the period                                                                                  |  | -             |   |  | -       |   |  | -          |   |  | (21,237     | ) |  | (21,237       | )
|                                                                                                         |  |               |   |  |         |   |  |            |   |  |             |   |  |               |  
|Balance at 28 February 2006                                                                              |  | 10,000,000    |   |  | 1,000   |   |  | 4,600      |   |  | (21,237     | ) |  | (15,637       | )
|Common shares issued for cash ($0.005 per
      share)  May 2006 (Note 7)                               |  | 10,000,000    |   |  | 1,000   |   |  | 49,000     |   |  | -           |   |  | 50,000        |  
|Common shares issued for
      services ($0.005 per share)  August 2006 and February 2007 (Note 7)      |  | 6,000         |   |  | 6       |   |  | 24         |   |  | -           |   |  | 30            |  
|Contributions to capital by related
      parties  expenses                                             |  | -             |   |  | -       |   |  | 11,400     |   |  | -           |   |  | 11,400        |  
|Net loss for the year                                                                                    |  | -             |   |  | -       |   |  | -          |   |  | (50,890     | ) |  | (50,890       | )
|                                                                                                         |  |               |   |  |         |   |  |            |   |  |             |   |  |               |  
|Balance at 28 February 2007                                                                              |  | 20,006,000    |   |  | 2,006   |   |  | 65,024     |   |  | (72,127     | ) |  | (5,097        | )
|Contributions to capital by related
      parties  expenses                                             |  | -             |   |  | -       |   |  | 14,400     |   |  | -           |   |  | 14,400        |  
|Common shares returned to
      treasury and cancelled for cash ($0.005 per share)  April 2007 (Note 7) |  | (1,000,000    | ) |  | (100    | ) |  | (4,900     | ) |  | -           |   |  | (5,000        | )
|Common shares issued for cash ($0.01 per
      share)  May 2007 (Note 7)                                |  | 1,000,000     |   |  | 100     |   |  | 4,900      |   |  | -           |   |  | 5,000         |  
|Net loss for the year                                                                                    |  | -             |   |  | -       |   |  | -          |   |  | (65,411     | ) |  | (65,411       | )
|                                                                                                         |  |               |   |  |         |   |  |            |   |  |             |   |  |               |  
|Balance at 29 February 2008                                                                              |  | 20,006,000    |   |  | 2,006   |   |  | 79,424     |   |  | (137,538    | ) |  | (56,108       | )
|Contributions to capital by related
      parties  expenses                                             |  | -             |   |  | -       |   |  | 14,400     |   |  | -           |   |  | 14,400        |  
|Contributions to capital
      by related parties  loan forgiveness (Note 9)                            |  | -             |   |  | -       |   |  | 38,950     |   |  | -           |   |  | 38,950        |  
|Common shares issued for cash ($0.10 per
      share)  November 2008 (Note 7)                           |  | 500,000       |   |  | 50      |   |  | 49,950     |   |  | -           |   |  | 50,000        |  
|Net loss for the
      year                                                                              |  | -             |   |  | -       |   |  | -          |   |  | (53,957     | ) |  | (53,957       | )
|                                                                                                         |  |               |   |  |         |   |  |            |   |  |             |   |  |               |  
|Balance at 28 February 2009                                                                              |  | 20,506,000    |   |  | 2,056   |   |  | 182,724    |   |  | (191,495    | ) |  | (6,715        | )
|Contributions to capital by related
      parties  expenses                                             |  | -             |   |  | -       |   |  | 14,399     |   |  | -           |   |  | 14,399        |  
|Net loss for the year                                                                                    |  | -             |   |  | -       |   |  | -          |   |  | (58,201     | ) |  | (58,201       | )
|                                                                                                         |  |               |   |  |         |   |  |            |   |  |             |   |  |               |  
|Balance at 28 February 2010                                                                              |  | 20,506,000    |   |  | 2,056   |   |  | 197,123    |   |  | (249,696    | ) |  | (50,517       | )
|Contributions to capital by related
      parties  expenses (Notes 6, 7 and 9)                          |  | -             |   |  | -       |   |  | 3,600      |   |  | -           |   |  | 3,600         |  
|Net loss for the period                                                                                  |  | -             |   |  | -       |   |  | -          |   |  | (16,514     | ) |  | (16,514       | )
|                                                                                                         |  |               |   |  |         |   |  |            |   |  |             |   |  |               |  
|Balance at 31 May 2010                                                                                   |  | 20,506,000    |   |  | 2,056   |   |  | 200,723    |   |  | (266,210    | ) |  | (63,431       | )

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

---

|Striker Energy Corp.         
|-----------------------------
|(A Development Stage Company)
|Notes to Financial Statements
|(Expressed in U.S. Dollars)  
|(Unaudited)                  
|31 May 2010                  

|1. | Nature and Continuance of
  Operations
|-- | --------------------------------------

Striker Energy Corp. (the Company)
was incorporated under the laws of the State of Nevada on 18 March 2005 and the
Company intended to engage in the acquisition and exploration of mineral
properties. On 28 September 2005, the Company entered into a mineral property
option agreement with an unrelated third party (the Seller), wherein the
Company would acquire 50% of the rights, title and interests in and to the Bald
Mountain Claims in Nevada. Early in the summer of 2008, the Company abandoned
its efforts to acquire the Bald Mountain Claims with a notice to the Seller. The
Company transitioned its business from mineral property exploration to oil and
natural gas exploration. Effective 28 May 2010, the Company entered into a
consulting agreement with Dr. Cameron Durrant, a related party, to assist
management in the identification of opportunities available to the Company in
the pharmaceutical industry and to recommend terms of potential acquisitions
(Note 6).

The Company is a development stage
enterprise, as defined in Accounting Standards Codification (the Codification
or ASC) 915-10, Development Stage Entities. The Company is devoting
all of its present efforts securing and establishing a new business. Its planned
principle operations have not commenced, and, accordingly, no revenue has been
derived during the organization period. The Company was previously an
exploration stage company in the business of oil and natural gas
exploration.

The Companys financial statements as
at 31 May 2010 and for the three month period ended 31 May 2010 have been
prepared on a going concern basis, which contemplates the realization of assets
and the settlement of liabilities and commitments in the normal course of
business. The Company has a loss of $16,514 for the three month period ended 31
May 2010 (31 May 2009  $10,704, cumulative  $266,210) and has a working
capital deficit at 31 May 2010 of $11,029 (28 February 2010  working capital of
$1,260).

Effective 12 September 2008, the
Company completed a forward stock split by the issuance of two new common shares
for each one outstanding common share of the Company. Unless otherwise noted,
all references herein to number of shares, price per share or weighted average
number of shares outstanding have been adjusted to reflect this stock split on
retroactive basis (Note 7).

Management cannot provide assurance
that the Company will ultimately achieve profitable operations or become cash
flow positive, or raise additional debt and/or equity capital. As at 31 May
2010, the Companys assets only consisted of cash and cash equivalents in the
amount of $2,092. Management believes that the Companys capital resources are
not adequate to continue operating and maintaining its business strategy for the
fiscal year ending 28 February 2011. Because the Company does not have any
assets or revenue from operations, it does not believe it will be able to raise
capital from traditional lending sources. Although the Company has historically
raised capital from sales of equity, there is no assurance that it will be able
to continue to do so. If the Company is unable to raise additional capital in
the near future, due to the Companys liquidity problems, management expects
that the Company will need to curtail or cease operations. These financial
statements do not include any adjustments related to the recoverability and
classification of assets or the amounts and classification of liabilities that
might be necessary should the Company be unable to continue as a going
concern.

As at 31 May 2010, the Company was not
currently fully engaged in an operating business and expects to incur operating
losses for the next year to eighteen months. It intends to rely on officers and
directors to perform essential functions with minimal compensation until a
business operation can be fully commenced. Management believes the Company will
be able to raise sufficient capital to implement its business plan, and thus
will continue as a going concern during this period while its plans are
implemented.

---

|Striker Energy Corp.         
|-----------------------------
|(A Development Stage Company)
|Notes to Financial Statements
|(Expressed in U.S. Dollars)  
|(Unaudited)                  
|31 May 2010                  

|2. | Significant Accounting
Policies
|-- | -------------------------------

The following is a summary of
significant accounting policies used in the preparation of these financial
statements.

Basis of presentation

The accounting and reporting policies
of the Company conform to accounting principles generally accepted in the United
States of America (U.S. GAAP). The functional currency is the U.S. dollar, and
the financial statements are presented in U.S. dollars.

Cash and cash equivalents

Cash and cash equivalents include
highly liquid investments with original maturities of three months or less.

Financial instruments

The Companys financial instruments
consist of cash and cash equivalents, accounts payable and promissory note.
Unless otherwise noted, it is managements opinion that the Company is not
exposed to significant interest or credit risks rising from these financial
instruments. The fair values of these financial instruments approximate their
carrying values, unless otherwise noted.

Oil and gas property

The Company follows the successful
efforts method of accounting for its natural gas and oil activities. Under the
successful efforts method, lease acquisition costs and all development costs are
capitalized. Unproved properties are reviewed quarterly to determine if there
has been impairment of the carrying value, and any such impairment is charged to
expense in the period. Exploratory drilling costs are capitalized until the
results are determined. If proved reserves are not discovered, the exploratory
drilling costs are expensed. Other exploratory costs, such as seismic costs and
other geological and geophysical expenses, are expensed as incurred. The
provision for depreciation, depletion and amortization is based on the
capitalized costs as determined above. Depreciation, depletion and amortization
is on a cost center by cost center basis using the unit of production method,
with lease acquisition costs amortized over total proved reserves and other
costs amortized over proved developed reserves.

When circumstances indicate that proved
properties may be impaired, the Company compares expected undiscounted future
cash flows on a cost center basis to the unamortized capitalized cost of the
asset. If the future undiscounted cash flows, based on the Companys estimate of
future natural gas and oil prices and operating costs and anticipated production
from proved reserves, are lower than the unamortized capitalized cost, then the
capitalized cost is reduced to fair market value.

The Company amortizes and impairs
natural gas and oil properties on a field-by-field cost center basis. Management
believes this policy provides greater comparability with other successful
efforts natural gas and oil companies by conforming to predominant industry
practice. In addition, the field level is consistent with the Companys
operational and strategic assessment of its natural gas and oil investments.

The Company is no longer in the process
of acquiring an oil and gas property and has no property at this time.

---

|Striker Energy Corp.         
|-----------------------------
|(A Development Stage Company)
|Notes to Financial Statements
|(Expressed in U.S. Dollars)  
|(Unaudited)                  
|31 May 2010                  

Reclamation costs

The Companys policy for recording
reclamation costs is to record a liability for the estimated costs to reclaim
mined land by recording charges to production costs for each tonne of ore mined
over the life of the mine. The amount charged is based on managements
estimation of reclamation costs to be incurred. The accrued liability is reduced
as reclamation expenditures are made. Certain reclamation work is performed
concurrently with mining and these expenditures are charged to operations at
that time.

Fair value of financial instruments
and derivative financial instruments

The carrying amounts of cash and cash
equivalents, accounts payable and promissory note approximate fair value because
of the short maturity of these items. These fair value estimates are subjective
in nature and involve uncertainties and matters of significant judgment, and,
therefore, cannot be determined with precision. Changes in assumptions could
significantly affect these estimates. The Company does not hold or issue
financial instruments for trading purposes, nor does it utilize derivative
instruments in the management of foreign exchange, commodity price or interest
rate market risks.

Long-lived assets

Long-term assets of the Company are
reviewed for impairment whenever events or circumstances indicate that the
carrying amount of assets may not be recoverable, pursuant to guidance
established in ASC 360-10-35-15, Impairment or Disposal of Long-Lived
Assets.

Management considers assets to be
impaired if the carrying value exceeds the future projected cash flows from
related operations (undiscounted and without interest charges). If impairment is
deemed to exist, the assets will be written down to fair value. Fair value is
generally determined using a discounted cash flow analysis.

Derivative financial
instruments

The Company has not, to the date of
these financial statements, entered into derivative instruments to offset the
impact of foreign currency fluctuations.

Income taxes

Deferred income taxes are reported for
timing differences between items of income or expense reported in the financial
statements and those reported for income tax purposes in accordance with ASC
740, Income Taxes, which requires the use of the asset/liability method
of accounting for income taxes. Deferred income taxes and tax benefits are
recognized for the future tax consequences attributable to differences between
the financial statement carrying amounts of existing assets and liabilities and
their respective tax bases, and for tax losses and credit carry-forwards.
Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The Company provides for
deferred taxes for the estimated future tax effects attributable to temporary
differences and carry-forwards when realization is more likely than not.

---

|Striker Energy Corp.         
|-----------------------------
|(A Development Stage Company)
|Notes to Financial Statements
|(Expressed in U.S. Dollars)  
|(Unaudited)                  
|31 May 2010                  

Basic and diluted net loss per
share

The Company computes net income (loss)
per share in accordance with ASC 260, Earnings per Share. ASC 260
requires presentation of both basic and diluted earnings per share (EPS) on
the face of the income statement. Basic EPS is computed by dividing net loss
available to common shareholders (numerator) by the weighted average number of
shares outstanding (denominator) during the period. Diluted EPS gives effect to
all dilutive potential common shares outstanding during the period using the
treasury stock method and convertible preferred stock using the if-converted
method. In computing diluted EPS, the average stock price for the period is used
in determining the number of shares assumed to be purchased from the exercise of
stock options or warrants. Diluted EPS excluded all dilutive potential shares if
their effect is anti-dilutive.

Comprehensive loss

ASC 220, Comprehensive Income,
establishes standards for the reporting and display of comprehensive loss and
its components in the financial statements. As at 31 May 2010, the Company has
no items that represent a comprehensive loss and, therefore, has not included a
schedule of comprehensive loss in the financial statements.

Start-up expenses

The Company has adopted ASC 720-15,
Start-Up Costs, which requires that costs associated with startup
activities be expensed as incurred. Accordingly, start-up costs associated with
the Companys formation have been included in the Companys general and
administrative expenses for the period from the date of inception on 18 March
2005 to 31 May 2010.

Segments of an enterprise and
related information

ASC 280, Segment Reporting,
establishes guidance for the way that public companies report information about
operating segments in annual financial statements and requires reporting of
selected information about operating segments in interim financial statements
issued to the public. It also establishes standards for disclosures regarding
products and services, geographic areas and major customers. ASC 280 defines
operating segments as components of a company about which separate financial
information is available that is evaluated regularly by the chief operating
decision maker in deciding how to allocate resources and in assessing
performance. The Company has evaluated this Codification and does not believe it
is applicable at this time.

Foreign currency
translations

The Companys functional and reporting
currency is U.S. dollars. The financial statements of the Company are translated
to U.S. dollars in accordance with ASC 830, Foreign Currency Matters.
Monetary assets and liabilities denominated in foreign currencies are translated
using the exchange rate prevailing at the balance sheet date. Gains and losses
arising on translation or settlement of foreign currency denominated
transactions or balances are included in the determination of income. The
Company has not, to the date of these financial statements, entered into
derivative instruments to offset the impact of foreign currency
fluctuations.

---

|Striker Energy Corp.         
|-----------------------------
|(A Development Stage Company)
|Notes to Financial Statements
|(Expressed in U.S. Dollars)  
|(Unaudited)                  
|31 May 2010                  

Use of estimates

The preparation of financial statements
in conformity with U.S. GAAP requires management to make estimates and
assumptions that affect the amounts of assets and liabilities and disclosures of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenditures during the reporting period.
Actual results could differ from these estimates.

Recent accounting
pronouncements

In February 2010, FASB issued ASU
2010-9 Subsequent Events(Topic 855) Amendments to Certain Recognition
and Disclosure Requirements. ASU 2010-9 requires an entity that is a Securities
and Exchange Commission (SEC) filer to evaluate subsequent events through the
date that the financial statements are issued and removes the requirement that
an SEC filer disclose the date through which subsequent events have been
evaluated. This change alleviates potential conflicts between Subtopic 855-10
and the SECs requirements. ASU 2010-9 is effective upon issuance of the final
update. The adoption of ASU 2010-9 has no material impact on the financial
statements.

In January 2010, FASB issued ASU
2010-6, Improving Disclosures about Fair Measurements". ASU 2010-6
provides amendments to subtopic 820-10 that require separate disclosure of
significant transfers in and out of Level 1 and Level 2 fair value measurements
and the presentation of separate information regarding purchases, sales,
issuances and settlements for Level 3 fair value measurements. Additionally, ASU
2010-6 provides amendments to subtopic 820-10 that clarify existing disclosures
about the level of disaggregation and inputs and valuation techniques. ASU
2010-6 is effective for financial statements issued for interim and annual
periods ending after 15 December 2010. The Company does not expect the adoption
of ASU 2010-9 to have a material impact on the financial statements.

International Financial Reporting
Standards

In November 2008, the SEC issued for
comment a proposed roadmap regarding potential use of financial statements
prepared in accordance with International Financial Reporting Standards (IFRS)
as issued by the International Accounting Standards Board. Under the proposed
roadmap, the Company would be required to prepare financial statements in
accordance with IFRS in fiscal year 2014, including comparative information also
prepared under IFRS for fiscal 2013 and 2012. The Company is currently assessing
the potential impact of IFRS on its financial statements and will continue to
follow the proposed roadmap for future developments.

|3. | Mineral Properties
|-- | ------------------

On 28 September 2005, the Company
entered into a mineral property option agreement with an unrelated third party,
wherein the Company could acquire 50% of the rights, title and interests in and
to the Bald Mountain Claims in Nye County, Nevada (the Bald Mountain Claims)
by paying $5,000 in cash on signing (paid), $5,000 on the second anniversary of
the agreement (accrued), $10,000 on the third anniversary of the agreement and
to complete exploration expenditures totalling $500,000 by 28 September 2010.
During the year ended 28 February 2006, the Company recorded a write down of
mineral property acquisition costs of $5,000 related to the Bald Mountain Claims
(Note 9).

During the year ended 29 February 2008,
the Company incurred mineral property acquisition costs of $5,000 related to
Bald Mountain Claims. This amount was initially capitalized as a tangible asset.
During the year ended 29 February 2008, the Company recorded a write down of
mineral property acquisition costs of $5,000 related to the Bald Mountain Claims
(Note 9).

---

|Striker Energy Corp.         
|-----------------------------
|(A Development Stage Company)
|Notes to Financial Statements
|(Expressed in U.S. Dollars)  
|(Unaudited)                  
|31 May 2010                  

|   | During the year ended 28 February 2009, the Company
      abandoned its interest in the Bald Mountain Claims and recorded a recovery
      of mineral property acquisition costs of $5,000. This amount was
      previously recorded as payable on 28 September 2007 (Note 9).
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                
|4. | Accounts Payable and Accrued Liabilities                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                
|   | Accounts payable and accrued liabilities are non-interest
      bearing, unsecured and have settlement dates within one year.                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                
|5. | Promissory Note                                                                                                                                                                                                                                                                

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  | 31 May |  |  | 28 February | 
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------ |  |  | ----------- | 
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  | 2010   |  |  | 2010        | 
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |        |  |  | (Audited)   | 
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  | $      |  |  | $           | 
| | Issued on 15 June 2009, the promissory
      note, bearing interest at five percent (5%) per annum on the principal
      balance, is due on 15 June 2011 and is secured by a general charge on the
      assets of the Company. The principal amount or such portion thereof as
      shall remain outstanding from time to time shall accrue simple interest,
      calculated monthly in arrears, at a rate of 5% per annum commencing on the
      date of this promissory note and payable at maturity. When not in default
      the promissory note and accrued interest can be repaid in whole or in part
      without notice or bonus. During the three month period ended 31 May 2010,
      the Company accrued interest expense of $625 (31 May 2009  $Nil,
      cumulative  $2,402). The balance as at 31 May 2010 consists of principal
      and accrued interest of $50,000 (28 February 2010  $50,000) and $2,402
      (28 February 2010  $1,777), respectively. |  | 52,402 |  |  | 51,777      | 

|6. | Related Party Transactions
|-- | --------------------------

During the three month period ended 31
May 2010, an officer and director of the Company made contributions to capital
for management fees in the amount of $3,000 (31 May 2009 - $3,000, cumulative
$48,000) and for rent in the amount of $600 (31 May 2009  $600, cumulative 
$10,800) (Notes 7 and 9).

Effective 28 May 2010, the Company
entered into a consulting agreement with a shareholder of the Company to assist
management in the identification of opportunities available to the Company in
the healthcare industry and to recommend terms of potential acquisitions. Under
the agreement, the Company will compensate the shareholder on a time-spent basis
at the rate of $1,000 per day, plus reimbursement of reasonable associated
expenses (Note 1).

During the three month period ended 31
May 2010, the Company paid or accrued $Nil (31 May 2009 $Nil, cumulative 
$Nil) of consulting expense to a shareholder of the Company.

---

|Striker Energy Corp.         
|-----------------------------
|(A Development Stage Company)
|Notes to Financial Statements
|(Expressed in U.S. Dollars)  
|(Unaudited)                  
|31 May 2010                  

|7. | Capital Stock
|-- | -------------

Authorized

The total authorized capital is
150,000,000 common shares with a par value of $0.0001.

Issued and outstanding

The total issued and outstanding
capital stock is 20,506,000 common shares with a par value of $0.0001 per common
share.

On 1 September 2005, 10,000,000 common
shares of the Company were issued to an officer and director of the Company for
cash proceeds of $5,000.

On 2 May 2006, the Company completed a
public offering of securities pursuant to an exemption provided by Rule 504 of
Regulation D, registered in the State of Nevada, and issued 10,000,000 common
shares for total cash proceeds of $50,000.

On 29 August 2006, 4,000 common shares
valued at $0.005 per share of the Company were issued to an officer and director
of the Company for services rendered (Note 9).

On 1 February 2007, 2,000 common shares
valued at $0.005 per share of the Company were issued to a director of the
Company for services rendered (Note 9).

On 30 April 2007, 1,000,000 common
shares of the Company were returned to treasury and cancelled; $5,000 was
returned to the investors.

On 14 May 2007, 1,000,000 common shares
valued at $0.005 per share of the Company were issued for total cash proceeds of
$5,000.

Effective 12 September 2008, the
Company completed a 2 to 1 forward stock split and increased the authorized
share capital from 75,000,000 common shares to 150,000,000 common shares with
the same par value of $0.0001. Unless otherwise noted, all references herein to
number of shares, price per share or weighted average number of shares
outstanding have been adjusted to reflect this stock split on retroactive basis
(Note 1).

On 6 November 2008, 500,000 common
shares valued at $0.10 per share of the Company were issued for total cash
proceeds of $50,000.

During the three month period ended 31
May 2010, an officer and director of the Company made contributions to capital
for management fees in the amount of $3,000 (31 May 2009  $3,000, cumulative
$48,000) and for rent in the amount of $600 (31 May 2009  $600, cumulative 
$10,800) (Notes 6 and 9).

---

|Striker Energy Corp.         
|-----------------------------
|(A Development Stage Company)
|Notes to Financial Statements
|(Expressed in U.S. Dollars)  
|(Unaudited)                  
|31 May 2010                  

|8. | Income Taxes
|-- | ------------

The Company has losses carried forward
for income tax purposes to 31 May 2010. There are no current or deferred tax
expenses for the period ended 31 May 2010 due to the Companys loss position.
The Company has fully reserved for any benefits of these losses. The deferred
tax consequences of temporary differences in reporting items for financial
statement and income tax purposes are recognized, as appropriate. Realization of
the future tax benefits related to the deferred tax assets is dependent on many
factors, including the Companys ability to generate taxable income within the
net operating loss carryforward period. Management has considered these factors
in reaching its conclusion as to the valuation allowance for financial reporting
purposes.

The provision for refundable federal
income tax consists of the following:

| |                                               |  | For the three |   |  | For the three |  
| | --------------------------------------------- |  | ------------- | - |  | ------------- | -
| |                                               |  | month period  |   |  | month period  |  
| |                                               |  | ended 31      |   |  | ended 31      |  
| |                                               |  | May 2010      |   |  | May 2009      |  
| |                                               |  | $             |   |  | $             |  
| |                                               |  |               |   |  |               |  
| | Refundable federal tax asset attributable to: |  |               |   |  |               |  
| | Current operations                            |  | 5,615         |   |  | 3,639         |  
| | Contributions to capital by related party     |  | (1,224        | ) |  | (1,224        | )
| | Less: Change in valuation allowance           |  | (4,391        | ) |  | (2,415        | )
| |                                               |  |               |   |  |               |  
| | Net refundable amount                         |  | -             |   |  | -             |  

The composition of the Companys deferred tax assets as at 31
May 2010 and 28 February 2010 is as follows:

| |                                   |  |          |   |  | As at 28  |  
| | --------------------------------- |  | -------- | - |  | --------- | -
| |                                   |  |          |   |  | February  |  
| |                                   |  | As at 31 |   |  | 2010      |  
| |                                   |  | May 2010 |   |  | (Audited) |  
| |                                   |  | $        |   |  | $         |  
| |                                   |  |          |   |  |           |  
| | Net operating loss carryforward   |  | 168,430  |   |  | 155,516   |  
| |                                   |  |          |   |  |           |  
| | Statutory federal income tax rate |  | 34%      |   |  | 34%       |  
| | Effective income tax rate         |  | 0%       |   |  | 0%        |  
| |                                   |  |          |   |  |           |  
| | Deferred tax asset                |  | 57,266   |   |  | 52,875    |  
| | Less: Valuation allowance         |  | (57,266  | ) |  | (52,875   | )
| |                                   |  |          |   |  |           |  
| | Net deferred tax asset            |  | -        |   |  | -         |  

The potential income tax benefit of
these losses has been offset by a full valuation allowance.

As at 31 May 2010, the Company has an
unused net operating loss carry forward balance of approximately $168,430 that
is available to offset future taxable income. This unused net operating loss
carry-forward balance expires through 2026 and 2031.

---

|Striker Energy Corp.         
|-----------------------------
|(A Development Stage Company)
|Notes to Financial Statements
|(Expressed in U.S. Dollars)  
|(Unaudited)                  
|31 May 2010                  

|9. | Supplemental Disclosures with Respect to Cash
      Flows
|-- | ---------------------------------------------------------

| |                                              |  | For the      |  |  | For the  |  |  | For the  | 
| | -------------------------------------------- |  | ------------ |  |  | -------- |  |  | -------- | 
| |                                              |  | period from  |  |  | three    |  |  | three    | 
| |                                              |  | inception on |  |  | month    |  |  | month    | 
| |                                              |  | 18 March     |  |  | period   |  |  | period   | 
| |                                              |  | 2005 to 31   |  |  | ended 31 |  |  | ended 31 | 
| |                                              |  | May 2010     |  |  | May 2010 |  |  | May 2009 | 
| |                                              |  | $            |  |  | $        |  |  | $        | 
| |                                              |  |              |  |  |          |  |  |          | 
| | Cash paid during the period for interest     |  | -            |  |  | -        |  |  | -        | 
| | Cash paid during the period for income taxes |  | -            |  |  | -        |  |  | -        | 

On 29 August 2006, 4,000 common shares
valued at $0.005 per share of the Company were issued to an officer and director
of the Company for services rendered (Note 7).

During the year ended 28 February 2006,
the Company recorded a write down of mineral property acquisition costs of
$5,000 related to the Bald Mountain Claims (Note 3).

On 1 February 2007, 2,000 common shares
valued at $0.005 per share of the Company were issued to a director of the
Company for services rendered (Note 7). `

On 30 April 2007, 1,000,000 common
shares of the Company were returned to treasury and cancelled; $5,000 was
returned to the investors (Note 7).

During the year ended 29 February 2008,
the Company recorded a write down of mineral property acquisition costs of
$5,000 related to the Bald Mountain Claims (Note 3).

During the year ended 28 February 2009,
two former officers and directors of the Company forgave loans to the Company
totaling $38,950. This loan forgiveness has been recorded as contributions to
capital.

During the year ended 28 February 2009,
the Company abandoned it interest in the Bald Mountain Claims and recorded a
recovery of mineral property acquisition costs of $5,000. This amount was
previously recorded as payable on 28 September 2007 (Note 3).

During the year ended 28 February 2010, an officer and director of the company made contributions to capital for management fees in the amount of $12,000 (February 2009 - $12,000, cumulative - $45,000) and for rent in the amount of $2,400 (28 February 2009 - $2,400, cumulative - $10,200).

During the three month period ended 31
May 2010, an officer and director of the Company made contributions to capital
for management fees in the amount of $3,000 (31 May 2009  $3,000, cumulative
$48,000) and for rent in the amount of $600 (31 May 2009  $600, cumulative 
$10,800) (Notes 6 and 7).

---

|Striker Energy Corp.         
|-----------------------------
|(A Development Stage Company)
|Notes to Financial Statements
|(Expressed in U.S. Dollars)  
|(Unaudited)                  
|31 May 2010                  

|10. | Subsequent Events                                                                                                                                                              
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                
|    | The following events occurred during the period from the three month period ended 31 May 2010 to the date the financial statements were available to be issued on 25 June 2010:
|    |                                                                                                                                                                                
|    | i)                                                                                                                                                                             
|    |                                                                                                                                                                                
|    | ii)                                                                                                                                                                            
|    |                                                                                                                                                                                
|    | iii)                                                                                                                                                                           

---

ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.

Forward-Looking Statements

This report contains forward-looking statements. All statements
other than statements of historical facts contained in this quarterly report,
including statements regarding our future financial position, business strategy
and plans and objectives of management for future operations, are forward
looking statements. These statements relate to future events or our future
financial performance. In some cases, you can identify forward-looking
statements by terminology such as may, should, expect, plan,
anticipate, believe, estimate, predict, potential or continue or the
negative of these terms or other comparable terminology. Such forward-looking
statements include, without limitation, statements regarding the anticipated
designs of our future products, statements regarding our anticipated future
regulatory submissions and statements regarding our anticipated future cash
position.

We have based these forward-looking statements largely on our
current expectations and projections about future events, that we believe may
affect our financial condition, results of operations, business strategy, and
financial needs. These statements are only predictions and involve known and
unknown risks, uncertainties and other factors, including the risks in the
section entitled Risk Factors that may cause our companys or our industrys
actual results, levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking statements.

Moreover, we are new to both the oil and gas business and the
pharmaceutical business and our management cannot predict all of the risks we
will face in establishing our company in either or both of these industries, nor
can we assess the impact that these risk factors might have on our business or
the extent to which any risk factor, or any combination of risk factors, may
cause actual results to differ materially from those contained in any
forward-looking statements. You should not rely upon forward-looking statements
as predictions of future events. Although we believe that the expectations
reflected in the forward-looking statements are reasonable, we cannot guarantee
future results, levels of activity, performance or achievements. Except as
required by applicable law, including the securities laws of the United States,
we do not intend to update any of the forward-looking statements to conform
these statements to actual results.

As used in this report and unless otherwise indicated, the
terms "we", "us" and "our" refer to Striker Energy Corp. and our newly-formed
wholly-owned subsidiary, PediatRX Inc., a Nevada corporation. Unless otherwise
specified, all dollar amounts are expressed in United States dollars and all
references to "common shares" refer to the common shares in Striker Energy
Corp.s capital stock.

Corporate Overview

We are a development stage enterprise, as defined in Accounting
Standards Codification (the Codification or ASC) 915-10, Development Stage
Entitiesand Securities and Exchange Commission Industry Guide 7. We are
currently involved in both the oil and gas business and the pharmaceutical
industry.

Our company was incorporated under the laws of Nevada on March
18, 2005. From inception until the summer of 2008, we were engaged in the
mineral exploration business. During the summer of 2008, we abandoned our
mineral exploration properties and made the transition to oil and gas. In May
2010, we entered into a consulting agreement with Dr. Cameron Durrant pursuant
to which Dr. Durant has agreed to assist our management in identifying business
opportunities in the pharmaceutical industry and to recommend terms of potential
acquisitions. On June 18, 2010, we incorporated PediatRX Inc. under the laws of
the State of Nevada.

11

---

Our Business

From inception until the summer of 2008, we were engaged in the
mineral exploration business. During the summer of 2008, we abandoned our
mineral exploration properties and we transitioned from the mineral exploration
business to the oil and natural gas business. Since the summer of 2008, we have
been engaged in a search for oil and gas exploration opportunities. In addition,
we recently decided to expand our search to include opportunities in the
pharmaceutical industry and, effective May 28, 2010, we hired a consultant to
assist us in identifying attractive business opportunities in the pharmaceutical
area.

On June 17, 2010, we entered into a letter of intent with
Cypress Pharmaceutical, Inc. pursuant to which we hope to acquire all of the
assets associated with Granisol. Granisol is used in cancer care to treat
nausea and vomiting associated with cancer therapy, as well as post-operative
nausea and vomiting. This letter of intent is subject to conditions, including
the negotiation and execution of a definitive agreement. There can be no
assurance that we will be able to negotiate and execute a definitive agreement
with Cypress Pharmaceutical, Inc.

Liquidity and Capital Resources

Our financial condition for the three month periods ended May
31, 2010 and 2009 and as of May 31, 2010 and February 28, 2010 for the
respective items are summarized below.

We have suffered recurring losses from inception. Our ability
to meet our financial liabilities and commitments is primarily dependent upon
the continued financial support of our directors and shareholders, the continued
issuance of equity to new or existing shareholders, and our ability to achieve
and maintain profitable operations.

Working Capital

|                          |   | May 31  |   |   | February 28, | 
|------------------------- | - | ------- | - | - | ------------ | 
|                          |   | 2010    |   |   | 2010         | 
|Current Assets            | $ | 2,092   |   | $ | 6,760        | 
|Current
      Liabilities |   | 13,121  |   |   | 5,500        | 
|Working Capital (deficit) | $ | (11,029 | ) | $ | 1,260        | 

As of May 31, 2010 our working capital decreased by 875% due
largely to expenses associated with preparation of our Form 10-K for the period
ended February 28, 2010. We have incurred recurring losses from inception. Our
ability to meet our financial obligations and commitments is primarily dependent
upon continued financial support of our shareholders, directors and the
continued issuance of equity to new and existing shareholders.

Cash Flows

Three Month PeriodsEnded May 312010
    
    
    2009Cash flow used in operating activities
    $
    (4,668
    )
    $
    (2,650
    )Cash flow provided by financing activities
    
    -
    
    
    647Cash provided by investing activities
    
    -
    
    
    -Net decrease in
      cash
    $
    (4,668
    )
    $
    (2,003
    )


Cash Used in Operating Activities

As of May 31, 2010 our cash used in operating activities
increased by 76% due largely to greater expense associated with professional
services fees in the three month period ended May 31, 2010 over the same period
in 2009.

Cash Provided by Financing Activities

As of May 31, 2010 our cash provided by financing activities
decreased by 100% due to no financing efforts made in the three month period
ended May 31, 2010.

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Cash Provided by Investing Activities

As of May 31, 2010 our cash provided by investing activities
was unchanged.

Results of Operation

The following summary of our results of operations should be
read in conjunction with our unaudited financial statements for the three month
period ended May 31, 2010.

Revenues

We have had no operating revenues since our inception on March
18, 2005 through to the period ended May 31, 2010. We anticipate that we will
not generate any revenues for so long as we are an exploration stage company.

Expenses

In the tables below show our operating results for the three
month periods ended May 31, 2010 and 2009.

|                          |   | Three Months Ended |  |   | Three Months Ended | 
|------------------------- | - | ------------------ |  | - | ------------------ | 
|                          |   | May 31, 2010       |  |   | May 31, 2009       | 
|Expenses                  |   |                    |  |   |                    | 
|Bank charges and interest | $ | 62                 |  | $ | 80                 | 
|Filing fees               |   | 743                |  |   | 862                | 
|Interest expense          |   | 625                |  |   | -                  | 
|Legal and accounting fees |   | 10,246             |  |   | 5,219              | 
|Management fees           |   | 3,000              |  |   | 3,000              | 
|Office expense            |   | -                  |  |   | 43                 | 
|Rent                      |   | 600                |  |   | 600                | 
|Transfer agent fees       |   | 1,238              |  |   | 900                | 
|Total                     | $ | 16,514             |  | $ | 10,704             | 

In the 3 month period ended May 31, 2010 our expenses increased
54% relative to the three month period ended May 31, 20009 due to greater legal
and accounting fees in the 3 months ended May 31, 2010.

Cash Requirements

Our primary objectives for the next twelve month period are to
find and acquire a new business opportunity.

We continue to look for opportunities in both the oil and gas
and pharmaceutical industries. We have also begun to look to hire veteran
industry experts to expand our management team and to better position our
company.

Our plan of operation over the next 12 months is to continue
looking for opportunities in both thepharmaceutical and oil and gas industries.
In addition, we hopeto raise sufficient capital to initiate exploration or
development of any opportunity that we decide is attractive enough to pursue.

Specifically, we estimate our operating expenses and working
capital requirements for the next 12 months to be as follows:

|Expense                        |   | Amount    | 
|------------------------------ | - | --------- | 
|Bank charges and interest      | $ | 3,000     | 
|Filing fees                    |   | 3,000     | 
|Investor relations             |   | 50,000    | 
|Legal and accounting fees      |   | 36,000    | 
|Licenses and permits           |   | 50,000    | 
|Asset acquisition expenditures |   | 2,000,000 | 
|Transfer agent fees            |   | 4,000     | 
|Total:                         | $ | 2,146,000 | 

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There can be no assurance that we will be able to identify any
opportunity that we consider attractive enough to acquire or that we will be
able to raise funds when needed or, if funds are available to us, that they can
be obtained on commercially reasonable terms. If we are not able to obtain the
additional financing on a timely basis, if and when it is needed, we will be
forced to cease the operation of our business.

Future Financing

We will require additional financing to fund our planned
operations, including researching and developing any potential patents, the
related compounds and any further intellectual property that we may acquire. We
currently do not have committed sources of additional financing and may not be
able to obtain additional financing, particularly, if the volatile conditions in
the stock and financial markets, and more particularly the market for early
development stage biotechnology research and development company stocks persist.

There can be no assurance that additional financing will be
available to us when needed or, if available, that it can be obtained on
commercially reasonable terms. If we are not able to obtain the additional
financing on a timely basis, if and when it is needed, we will be forced to
delay or scale down some or all of our research and development activities or
perhaps even cease the operation of our business.

Since inception we have funded our operations primarily through
equity and debt financings and we expect that we will continue to fund our
operations through the equity and debt financing. If we raise additional
financing by issuing equity securities, our existing stockholders ownership
will be diluted. Obtaining commercial loans, assuming those loans would be
available, will increase our liabilities and future cash commitments.

There is no assurance that we will be able to maintain
operations at a level sufficient for an investor to obtain a return on his, her,
or its investment in our common stock. Further, we may continue to be
unprofitable.

Off-Balance Sheet Arrangements

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

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK

Not Applicable

ITEM 4T. CONTROLS AND PROCEDURES

Disclosure controls and procedures

We maintain disclosure controls and procedures, as that term
is defined in Rule 13a-15(e), promulgated by the Securities and Exchange
Commission pursuant to the Securities Exchange Act of 1934, as amended.
Disclosure controls and procedures include controls and procedures designed to
ensure that information required to be disclosed in our company's reports filed
under the Securities Exchange Act of 1934 is recorded, processed, summarized and
reported within the time periods specified in the Securities and Exchange
Commissions rules and forms, and that such information is accumulated and
communicated to our management, including our principal executive officer and
principal accounting officer to allow timely decisions regarding required
disclosure.

As required by paragraph (b) of Rules 13a-15 under the
Securities Exchange Act of 1934, as amended our management, with the
participation of our principal executive officer and principal financial
officer, evaluated our companys disclosure controls and procedures as of the
end of the period covered by this quarterly report on Form 10-Q. Based on this
evaluation, our management concluded that as of the end of the period covered by
this quarterly report on Form 10-Q, our disclosure controls and procedures were
effective.

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Internal control over financial reporting

There were no changes in our internal control over financial
reporting during the first quarter of our fiscal year ended February 28, 2011
that have materially affected, or are reasonably likely to materially affect our
internal control over financial reporting.

Certifications

Certifications with respect to disclosure controls and
procedures and internal control over financial reporting under Rules 13a-14(a)
or 15d-14(a) of the Exchange Act are attached to this quarterly report on Form
10-Q.

PART IIOTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

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

ITEM 1A. RISK FACTORS

An investment in our common stock involves a number of very
significant risks. You should carefully consider the following risks and
uncertainties in addition to other information in this report in evaluating our
company and its business before purchasing shares of our companys common stock.
Our business, operating results and financial condition could be seriously
harmed due to any of the following risks. You could lose all or part of your
investment due to any of these risks.

Risks Related to our Company

Business opportunities that we believe are in the best
interests of our company may be scarce or we may be unable to obtain the ones
that we want. If we are unable to obtain a business opportunity that we believe
is in the best interests of our company, we may never recommence operations and
will go out of business. If we go out of business, investors will lose their
entire investment in our company.

We are, and will continue to be, an insignificant participant
in the number of companies seeking a suitable business opportunity or business
combination. A large number of established and well-financed entities, including
venture capital firms, are actively seeking suitable business opportunities or
business combinations which may also be desirable target candidates for us.
Virtually all such entities have significantly greater financial resources,
technical expertise and managerial capabilities than we do. We are,
consequently, at a competitive disadvantage in identifying possible business
opportunities and successfully completing a business combination. We will also
compete with numerous other small public companies seeking suitable business
opportunities or business combinations. If we are unable to obtain a business
opportunity that we believe is in the best interests of our company, we may
never recommence operations and will go out of business. If we go out of
business, investors will lose their entire investment in our company.

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The worldwide economic downturn may reduce our ability to
obtain the financing necessary to continue our business and may reduce the
number of viable businesses that we may wish to acquire. If we cannot raise the
funds that we need or find a suitable business to acquire, we will go out of
business and investors will lose their entire investment in our company.

In 2008 and 2009, there has been a downturn in general
worldwide economic conditions due to many factors, including the effects of the
subprime lending and general credit market crises, volatile but generally
declining energy costs, slower economic activity, decreased consumer confidence
and commodity prices, reduced corporate profits and capital spending, adverse
business conditions, increased unemployment and liquidity concerns. In addition,
these economic effects, including the resulting recession in various countries
and slowing of the global economy, will likely result in decreased business
opportunities as potential target companies face increased financial hardship.
Tightening credit and liquidity issues will also result in increased
difficulties for our company to raise capital for our continued operations and
to consummate a business opportunity with a viable business. We may not be able
to raise money through the sale of our equity securities or through borrowing
funds on terms we find acceptable. If we cannot raise the funds that we need or
find a suitable business to acquire, we will go out of business. If we go out of
business, investors will lose their entire investment in our company.

Our independent auditors have expressed substantial doubt
about our ability to continue as a going concern.

We have not generated any revenue from operations since our
incorporation. During the three-month period ended May 31, 2010, we incurred a
net loss of $16,514. From inception through May 31, 2010, we incurred an
aggregate loss of $266,210. We anticipate that we will continue to incur
operating expenses without generating any revenues unless and until we are able
to identify, acquire and develop an oil and gas or pharmaceutical opportunity.
In addition, we expect that our operating expenses will increase substantially
over the next 12 months as we ramp-up our business. We estimate our average
monthly expenses over the next 12 months to be approximately $12,200, including
general and administrative expenses but excluding property acquisition costs and
the cost of any exploration and development activities. On May 31, 2010, we had
cash and cash equivalents of approximately $2,092. In order to fund our
anticipated budget for the next 12 months, including property acquisition costs,
we believe that we will need to raise approximately $3 million. This amount
could increase if we encounter difficulties that we cannot anticipate at this
time. As we cannot assure a lender that we will be able to successfully acquire,
explore and exploit an oil or natural gas property or acquire and develop
pharmaceutical assets, we will almost certainly find it difficult to raise debt
financing from traditional lending sources. We have traditionally raised our
operating capital from the sale of equity securities but there can be no
assurance that we will continue to be able to do so. If we cannot raise the
money that we need in order to continue to operate our business, we will be
forced to delay, scale back or eliminate some or all of our proposed operations.
If any of these were to occur, there is a substantial risk that our business
would fail.

These circumstances raise substantial doubt about our ability
to continue as a going concern, as described in the explanatory paragraph to our
independent auditors report on our financial statements for the year ended
February 28, 2010, which are included in our annual report on Form 10-K filed on
May 5, 2010. Although our financial statements raise substantial doubt about our
ability to continue as a going concern, they do not reflect any adjustments that
might result if we are unable to continue our business. Our financial statements
contain additional note disclosure describing the circumstances that lead to
this disclosure by our independent auditors.

Our substantial debt and other financial obligations could
impair our financial condition and our ability to fulfill our debt obligations.
Any refinancing of this substantial debt could be at significantly higher
interest rates.

As of May 31, 2010, we had total debt of approximately $50,000.
Our substantial indebtedness and other financial obligations could:

- impair our ability to obtain financing in the future for working capital,
  capital expenditures, acquisitions or general corporate purposes;
- have a material adverse effect on us if we fail to comply with financial
  and affirmative and restrictive covenants in our debt agreements and an event
  of default occurs as a result of a failure that is not cured or waived;

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- require us to dedicate a substantial portion of our cash flow for interest
  payments on our indebtedness and other financial obligations, thereby reducing
  the availability of our cash flow to fund working capital and capital
  expenditures;
- limit our flexibility in planning for, or reacting to, changes in our
  business and the industry in which we operate; and
- place us at a competitive disadvantage compared to our competitors that
  have proportionally less debt.

If we are unable to meet our debt service obligations and other
financial obligations, we could be forced to restructure or refinance our
indebtedness and other financial transactions, seek additional equity capital or
sell our assets. We might then be unable to obtain such financing or capital or
sell our assets on satisfactory terms, if at all. Any refinancing of our
indebtedness could be at significantly higher interest rates, and/or incur
significant transaction fees.

We are an early-stage company with a limited operating
history, which may hinder our ability to successfully meet our
objectives.

We are an early-stage company with only a limited operating
history upon which to base an evaluation of our current business and future
prospects. We transitioned our company to the oil and gas business but we do not
own any oil or gas properties, nor do we have an established history of locating
and developing properties that have oil and gas reserves. Only recently, we
engaged a consultant to advise us on opportunities in the pharmaceutical
industry, but we are inexperienced in this line of business. As a result, the
revenue and income potential of our business is unproved. In addition, because
of our limited operating history, we have limited insight into trends that may
emerge and affect our business. Errors may be made in predicting and reacting to
relevant business trends and we will be subject to the risks, uncertainties and
difficulties frequently encountered by early-stage companies in evolving
markets. We may not be able to successfully address any or all of these risks
and uncertainties. Failure to adequately do so could cause our business, results
of operations and financial condition to suffer.

Our only director and executive officer is employed
elsewhere and his time and effort will not be devoted to our company
full-time.

Our sole director and officer works for our company on an
as-needed basis and he is employed in other positions with other companies. As
a result, our company is and will continue to be managed on a part-time basis
unless and until we can identify and hire additional skilled management
personnel. Our business could be adversely impacted by the lack of full time
management.

Because our sole director and officer is not a resident of
the United States, investors may find it difficult to enforce, within the United
States, any judgments obtained against our sole director and officer.

Our sole director and officer is not a resident of the United
States, and all or a substantial portion of his assets are located outside the
United States. As a result, it may be difficult for investors to enforce within
the United States any judgments obtained against our sole officer and director,
including judgments predicated upon the civil liability provisions of the
securities laws of the United States or any state thereof.

If we are unable to successfully recruit qualified
managerial and field personnel, we may not be able to continue our
operations.

In order to successfully implement and manage our business
plan, we will depend upon, among other things, successfully recruiting qualified
managerial and field personnel having experience in either the oil and gas
business or in the pharmaceutical industry. Competition for qualified
individuals is intense. We may not be able to find, attract and retain qualified
personnel on acceptable terms. If we are unable to find, attract and retain
qualified personnel with technical expertise, our business operations could
suffer.

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Future growth could strain our resources, and if we are
unable to manage our growth, we may not be able to successfully implement our
business plan.

We hope to experience rapid growth in our operations, which
will place a significant strain on our management, administrative, operational
and financial infrastructure. Our future success will depend in part upon the
ability of our executive officers to manage growth effectively. This will
require that we hire and train additional personnel to manage our expanding
operations. In addition, we must continue to improve our operational, financial
and management controls and our reporting systems and procedures. If we fail to
successfully manage our growth, we may be unable to execute upon our business
plan.

Risks Relating to the Oil and Gas Business

The recent global economic crisis has resulted in reduced
demand worldwide for oil and natural gas which, in turn, has lead to lower
commodity prices. This has had an adverse impact on capital markets, making it
more difficult for companies like ours to raise money to fund our operations. We
may find it to be more difficult to raise money to pay for acquisitions and
exploration activities.

Since October 2008, oil prices have decreased by two thirds off
their highest prices and natural gas prices have decreased as much as 50% but
the costs of exploration, development and production have not yet adjusted to
current economic conditions or the reduction in commodity prices. Prolonged,
substantial decreases in oil and natural gas prices would likely have a material
adverse effect on our business, financial condition and results of operations.

Capital and credit markets have experienced unprecedented
volatility and disruption during the last half of 2008 and continue to be
unpredictable. Given the current levels of market volatility and disruption, the
availability of funds from those markets has diminished substantially. Further,
concerns about the stability of financial markets generally and the solvency of
borrowers specifically has increased the cost of accessing the credit markets,
as many lenders have raised interest rates, enacted tighter lending standards or
altogether ceased to lend money.

Due to these capital and credit market conditions, we cannot be
certain that funding will be available to us in amounts or on terms that we
believe are acceptable.

The oil and gas industry is highly competitive and there can
be no assurance that we will be able to compete effectively.

The oil and gas industry is highly competitive. Although we do
not believe that we will compete with other oil and gas companies for the sale
of any oil and gas that we may produce, as there is sufficient demand in the
world market for these products, we will compete with other oil and natural gas
companies and other individuals for desirable oil and natural gas leases,
drilling equipment, personnel and funds. Many of the companies that we will
compete with have longer operating histories and substantially greater financial
and other resources than we do. These larger or more experienced competitors may
be able to more easily access capital markets than we can and may enjoy a
competitive advantage in the recruitment of qualified personnel. They may be
able to absorb the burden of any changes in laws and regulation in the
jurisdictions in which we do business and handle longer periods of reduced
prices for oil and gas more easily than we can. Our competitors may be able to
pay more for oil and gas leases and properties and may be able to define,
evaluate, bid for and purchase a greater number of leases and properties than we
can. Further, these companies may enjoy technological advantages and may be able
to implement new technologies more rapidly than we can. Our ability to acquire
additional properties in the future will depend upon our ability to conduct
efficient operations, evaluate and select suitable properties, implement
advanced technologies and consummate transactions in a highly competitive
environment. If we cannot compete, our business will fail and you could lose
your entire investment.

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There can be no assurance that we will identify and acquire
an oil and natural gas exploration property. Even if we do acquire such a
property, there can be no assurance that we will discover oil or natural gas in
any commercial quantity thereon.

Exploration for economic reserves of oil and natural gas is
subject to a number of risks. Even if we are able to acquire an oil or natural
gas exploration property, few properties that are explored are ultimately
developed into producing oil and/or natural gas wells. If we cannot acquire one
or more oil or natural gas opportunities and discover or develop oil or natural
gas in any commercial quantity thereon, our business will fail.

Oil and natural gas operations are subject to comprehensive
regulation which may cause substantial delays or require capital outlays in
excess of those anticipated.

Oil and natural gas operations are subject to federal, state,
and local laws relating to the protection of the environment, including laws
regulating removal of natural resources from the ground and the discharge of
materials into the environment. Oil and natural gas operations are also subject
to federal, state, and local laws and regulations which seek to maintain health
and safety standards by regulating the design and use of drilling methods and
equipment. Various permits from government bodies are required for drilling
operations to be conducted; no assurance can be given that standards imposed by
federal, provincial, or local authorities may be changed and any such changes
may have material adverse effects on our proposed activities. Moreover,
compliance with such laws may cause substantial delays or require capital
outlays in excess of those anticipated, which could have an adverse effect on
us. Additionally, we may be subject to liability for pollution or other
environmental damages. To date, we have not been required to spend any money on
compliance with environmental regulations. However, we may be required to do so
in the future and this may affect our ability to begin, expand or maintain our
operations.

Exploratory drilling involves many risks and we may become
liable for pollution or other liabilities which may have an adverse effect on
our financial position.

Drilling operations generally involve a high degree of risk.
Hazards such as unusual or unexpected geological formations, power outages,
labor disruptions, blow-outs, sour natural gas leakage, fire, inability to
obtain suitable or adequate machinery, equipment or labor, and other risks are
involved. We may become subject to liability for pollution or hazards against
which we cannot adequately insure or which we may elect not to insure. Incurring
any such liability may have a material adverse effect on our financial position
and operations.

Even if we acquire an oil and natural gas exploration
property and establish that it contains oil or natural gas in commercially
exploitable quantities, the potential profitability of oil and natural gas
ventures depends upon factors beyond the control of our company.

Even if we are able to acquire an oil or gas property and
establish the presence of any oil or gas reserves, our ability to produce and
market oil and gas will be subject to:

- the availability of adequate pipeline transmission facilities or carrying
  capacity;
- government regulation of natural gas and oil production;
- government transportation, tax and energy policies;
- changes in supply and demand; and
- general economic conditions.

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Our future performance is dependent upon our ability to
identify, acquire and develop oil and gas properties, the failure of which could
result in under use of capital and losses.

Our future performance depends upon our ability to identify,
acquire and develop oil and gas reserves that are economically recoverable. Our
success will depend upon our ability to acquire working and revenue interests in
properties upon which oil and gas reserves are ultimately discovered in
commercial quantities, and our ability to develop prospects that contain proven
oil and gas reserves to the point of production. Without successful acquisition
and exploration activities, we will not be able to develop oil and gas reserves
or generate revenues. We cannot provide you with any assurance that we will be
able to identify and acquire oil and gas reserves on acceptable terms, or that
oil and gas deposits will be discovered in sufficient quantities to enable us to
recover our exploration and development costs or sustain our business.

Exploratory drilling involves many risks that are outside
our control which may result in a material adverse effect on our business,
financial condition or results of operations.

The business of exploring for and producing oil and gas
involves a substantial risk of investment loss. Drilling oil and gas wells
involves the risk that the wells may be unproductive or that, although
productive, the wells may not produce oil or gas in economic quantities. Other
hazards, such as unusual or unexpected geological formations, pressures, fires,
blowouts, power outages, sour gas leakage, loss of circulation of drilling
fluids or other conditions may substantially delay or prevent completion of any
well. Adverse weather conditions can also hinder drilling operations. A
productive well may become uneconomic if water or other deleterious substances
are encountered that impair or prevent the production of oil or gas from the
well. In addition, production from any well may be unmarketable if it is
impregnated with water or other deleterious substances. Therefore, even if we
acquire an oil or gas property or interest, there can be no assurance that we
will be able to produce any oil or gas.

Risks Relating to the Pharmaceutical Business

If we are unable to successfully acquire, develop or
commercialize new products, our operating results will suffer.

Our future results of operations will depend to a significant
extent upon our ability to successfully acquire, develop and commercialize new
products in a timely manner. There are numerous difficulties in acquiring,
developing and commercializing new products, including:

- Acquiring, developing, testing and manufacturing products in compliance
  with regulatory standards in a timely manner;
- failure to receive requisite regulatory approvals for such products in a
  timely manner or at all;
- acquiring, developing and commercializing a new product is time consuming,
  costly and subject to numerous factors, including legal actions brought by our
  competitors, that may delay or prevent the development and commercialization
  of new products;
- experiencing delays or unanticipated costs;
- experiencing delays as a result of limited resources at FDA or other
  regulatory agencies; and
- changing review and approval policies and standards at FDA and other
  regulatory agencies.

As a result of these and other difficulties, products in
development by us may or may not receive timely regulatory approvals, or
approvals at all, necessary for marketing by us or other third-party partners.
If any of our products are not timely approved or, when acquired or developed
and approved, cannot be successfully manufactured or timely commercialized, our
operating results could be adversely affected. We cannot guarantee that any
investment we make in developing products will be recouped, even if we are
successful in commercializing those products.

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Our pharmaceutical expenditures may not result in
commercially successful products.

We cannot be sure our business expenditures will result in the
successful acquisition, development or launch of products that will prove to be
commercially successful or will improve the long-term profitability of our
business. If such business expenditures do not result in successful acquisition,
development or launch of commercially successful brand products our results of
operations and financial condition could be materially adversely affected.

Third parties may claim that we infringe their proprietary
rights and may prevent us from manufacturing and selling some of our
products.

The manufacture, use and sale of new products that are the
subject of conflicting patent rights have been the subject of substantial
litigation in the pharmaceutical industry. These lawsuits relate to the validity
and infringement of patents or proprietary rights of third parties. Litigation
may be costly and time-consuming, and could divert the attention of our
management and technical personnel. In addition, if we infringe on the rights of
others, we could lose our right to develop, manufacture or market products or
could be required to pay monetary damages or royalties to license proprietary
rights from third parties. Although the parties to patent and intellectual
property disputes in the pharmaceutical industry have often settled their
disputes through licensing or similar arrangements, the costs associated with
these arrangements may be substantial and could include ongoing royalties.
Furthermore, we cannot be certain that the necessary licenses would be available
to us on commercially reasonable terms, or at all. As a result, an adverse
determination in a judicial or administrative proceeding or failure to obtain
necessary licenses could prevent us from manufacturing and selling a number of
our products, and could have a material adverse effect on our business, results
of operations, financial condition and cash flows.

The loss of or inability to attract key personnel could
cause our business to suffer.

The success of our present and future operations will depend,
to a significant extent, upon the experience, abilities and continued services
of key personnel. We cannot assure you that we will be able to attract and
retain key personnel. Employment agreements with our senior executive do not
guarantee that our senior executive officers will remain employed by us for a
significant period of time, or at all. We do not carry key-employee life
insurance on any of our officers.

We may need to raise additional funds in the future which
may not be available on acceptable terms or at all.

We may consider issuing additional debt or equity securities in
the future to fund potential acquisitions or investments, to refinance existing
debt, or for general corporate purposes. If we issue equity or convertible debt
securities to raise additional funds, our existing stockholders may experience
dilution, and the new equity or debt securities may have rights, preferences and
privileges senior to those of our existing stockholders. If we incur additional
debt, it may increase our leverage relative to our earnings or to our equity
capitalization, requiring us to pay additional interest expenses. We may not be
able to market such issuances on favorable terms, or at all, in which case, we
may not be able to develop or enhance our products, execute our business plan,
take advantage of future opportunities, or respond to competitive pressures or
unanticipated customer requirements.

Extensive industry regulation has had, and will continue to
have, a significant impact on our business, especially our product development,
manufacturing and distribution capabilities.

All pharmaceutical companies are subject to extensive, complex,
costly and evolving government regulation. For the U.S., this is principally
administered by the FDA and to a lesser extent by the DEA and state government
agencies, as well as by varying regulatory agencies in foreign countries where
products or product candidates are being manufactured and/or marketed. The
Federal Food, Drug and Cosmetic Act, the Controlled Substances Act and other
federal statutes and regulations, and similar foreign statutes and regulations,
govern or influence the testing, manufacturing, packing, labeling, storing,
record keeping, safety, approval, advertising, promotion, sale and distribution
of our products.

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Under these regulations, we may become subject to periodic
inspection of our facilities, procedures and operations and/or the testing of
our products by the FDA, the DEA and other authorities, which conduct periodic
inspections to confirm that we are in compliance with all applicable
regulations. In addition, the FDA and foreign regulatory agencies conduct
pre-approval and post-approval reviews and plant inspections to determine
whether our systems and processes are in compliance with cGMP and other
regulations. Following such inspections, the FDA or other agency may issue
observations, notices, citations and/or Warning Letters that could cause us to
modify certain activities identified during the inspection. FDA guidelines
specify that a Warning Letter is issued only for violations of regulatory
significance for which the failure to adequately and promptly achieve
correction may be expected to result in an enforcement action. We may alsobe
required to report adverse events associated with our products to FDA and other
regulatory authorities. Unexpected or serious health or safety concerns would
result in labeling changes, recalls, market withdrawals or other regulatory
actions.

The range of possible sanctions includes, among others, FDA
issuance of adverse publicity, product recalls or seizures, fines, total or
partial suspension of production and/or distribution, suspension of the FDAs
review of product applications, enforcement actions, injunctions, and civil or
criminal prosecution. Any such sanctions, if imposed, could have a material
adverse effect on our business, operating results, financial condition and cash
flows. Under certain circumstances, the FDA also has the authority to revoke
previously granted drug approvals. Similar sanctions as detailed above may be
available to the FDA under a consent decree, depending upon the actual terms of
such decree. If internal compliance programs do not meet regulatory agency
standards or if compliance is deemed deficient in any significant way, it could
materially harm our business.

The pharmaceutical industry is highly competitive.

The pharmaceutical industry has an intensely competitive
environment that will require an ongoing, extensive search for technological
innovations and the ability to market products effectively, including the
ability to communicate the effectiveness, safety and value of products to
healthcare professionals in private practice, group practices and MCOs. We are
smaller than all of our competitors. Most of our competitors have been in
business for a longer period of time than us, have a greater number of products
on the market and have greater financial and other resources than we do.
Furthermore, recent trends in this industry are toward further market
consolidation of large drug companies into a smaller number of very large
entities, further concentrating financial, technical and market strength and
increasing competitive pressure in the industry. If we directly compete with
them for the same markets and/or products, their financial strength could
prevent us from capturing a profitable share of those markets. It is possible
that developments by our competitors will make any products or technologies that
we acquire noncompetitive or obsolete.

Risks Relating to Our Common Stock

If we issue additional shares in the future, it will result
in the dilution of our existing shareholders.

Our articles of incorporation authorize the issuance of up to
150,000,000 shares of common stock with a par value of $0.0001 per share. Our
board of directors may choose to issue some or all of such shares to acquire one
or more properties, to fund our proposed exploration programs and to fund our
overhead and general operating requirements. The issuance of any such shares
will reduce the book value per share and may contribute to a reduction in the
market price of the outstanding shares of our common stock. If we issue any such
additional shares, such issuance will reduce the proportionate ownership and
voting power of all current shareholders. Further, such issuance may result in a
change of control of our corporation.

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Trading of our stock is restricted by the Securities
Exchange Commission's penny stock regulations, which may limit a stockholder's
ability to buy and sell our common stock.

The Securities and Exchange Commission has adopted regulations
which generally define penny stock to be any equity security that has a market
price (as defined) less than $5.00 per share or an exercise price of less than
$5.00 per share, subject to certain exceptions. Our securities are covered by
the penny stock rules, which impose additional sales practice requirements on
broker-dealers who sell to persons other than established customers and
accredited investors. The term accredited investor refers generally to
institutions with assets in excess of $5,000,000 or individuals with a net worth
in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly
with their spouse. The penny stock rules require a broker-dealer, prior to a
transaction in a penny stock not otherwise exempt from the rules, to deliver a
standardized risk disclosure document in a form prepared by the Securities and
Exchange Commission, which provides information about penny stocks and the
nature and level of risks in the penny stock market. The broker-dealer also must
provide the customer with current bid and offer quotations for the penny stock,
the compensation of the broker-dealer and its salesperson in the transaction and
monthly account statements showing the market value of each penny stock held in
the customer's account. The bid and offer quotations, and the broker-dealer and
salesperson compensation information, must be given to the customer orally or in
writing prior to effecting the transaction and must be given to the customer in
writing before or with the customer's confirmation. In addition, the penny stock
rules require that prior to a transaction in a penny stock not otherwise exempt
from these rules, the broker-dealer must make a special written determination
that the penny stock is a suitable investment for the purchaser and receive the
purchaser's written agreement to the transaction. These disclosure requirements
may have the effect of reducing the level of trading activity in the secondary
market for the stock that is subject to these penny stock rules. Consequently,
these penny stock rules may affect the ability of broker-dealers to trade our
securities. We believe that the penny stock rules discourage investor interest
in and limit the marketability of our common stock.

FINRA sales practice requirements may also limit a
stockholder's ability to buy and sell our stock.

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

Our common stock is illiquid and the price of our common
stock may be negatively impacted by factors which are unrelated to our
operations.

Although our common stock is currently listed for quotation on
the OTC Bulletin Board, none of our shares have yet been purchased or sold on
that market. Even when a market is established and trading begins, trading
through the OTC Bulletin Board is frequently thin and highly volatile. There is
no assurance that a sufficient market will develop in our stock, in which case
it could be difficult for shareholders to sell their stock. The market price of
our common stock could fluctuate substantially due to a variety of factors,
including market perception of our ability to achieve our planned growth,
quarterly operating results of our competitors, trading volume in our common
stock, changes in general conditions in the economy and the financial markets or
other developments affecting our competitors or us. In addition, the stock
market is subject to extreme price and volume fluctuations. This volatility has
had a significant effect on the market price of securities issued by many
companies for reasons unrelated to their operating performance and could have
the same effect on our common stock.

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We do not intend to pay dividends on any investment in the
shares of stock of our company.

We have never paid any cash dividends and currently do not
intend to pay any dividends for the foreseeable future. Because we do not intend
to declare dividends, any gain on an investment in our company will need to come
through an increase in the stocks price. This may never happen and investors
may lose all of their investment in our company.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
PROCEEDS

On June 14, 2010, we issued an aggregate of 1,500,000 shares of
common stock to five investors in a non-brokered private placement, at a
purchase price of US$0.20 per share, pursuant to a subscription agreement, for
gross proceeds of US$300,000.

Four of these investors were not U.S. persons (as that term is
defined in Regulation S of the Securities Act of 1933, as amended) and
all of these investors purchased in transactions outside of the United States.
In issuing these shares we relied on the registration exemption provided for in
Regulation S and/or Section 4(2) of the Securities Act of 1933, as amended.

The fifth investor is a U.S. person and an accredited investor
(as that term is defined in Rule 501 of Regulation D, promulgated by the
Securities and Exchange Commission pursuant to the Securities Act of 1933, as
amended, and in issuing these shares to this investor we relied on the
registration exemption provided for in Rule 506 of Regulation D and/or Section
4(2) of the Securities Act of 1933, as amended.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4. [REMOVED AND RESERVED]

ITEM 5. OTHER INFORMATION

Effective May 28, 2010 Striker Energy Corp. (Striker) entered
into a consulting agreement with Dr. Cameron Durrant to assist management in the
identification of opportunities available to the company in the healthcare
industry and to recommend terms of potential acquisitions. Under the agreement,
Striker will compensate Dr. Durrant on a time-spent basis at the rate of $1,000
per day, plus reimbursement of reasonable associated expenses. Subject to
certain conditions, or renewal, the term of the agreement is one year, expiring
on May 28, 2011.

On June 17, 2010 we announced that we have signed a letter of
intent to acquire all of the assets associated with Granisol (granisetron HCl)
Oral Solution (Granisol) from Cypress Pharmaceutical, Inc.

ITEM 6. EXHIBITS

Exhibits required by Item 601 of Regulation S-K:

No.
    Description3.1
    Articles of Incorporation (attached as an
      exhibit to our registration statement on Form 10-SB filed on September 8,
      2006)3.2
    By-laws (attached as an exhibit to our
      registration statement on Form 10-SB filed on September 8, 2006)3.3
    Certificate of Change (attached as an exhibit
      to our current report on Form 8-K filed on September 15, 2008)10.1
    Option Agreement (attached as an exhibit to our
      registration statement on Form 10-SB filed on September 8, 2006)10.2
    Geological Summary Report (attached as an
      exhibit to our registration statement on Form 10-SB filed on September 8,
      2006)


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No.
    Description10.3
    Form of Private Placement Subscription
      Agreement (attached as an exhibit to our current report on Form 8-K filed
      on November 6, 2008)10.4
    Form of Private Placement Subscription
      Agreement dated June 15, 2009 (attached as an exhibit to our quarterly
      report on Form 10-Q filed on June 16, 2009)10.5
    Form of promissory note dated June 15, 2009
      (attached as an exhibit to our quarterly report on Form 10-Q filed on June
      16, 2009)10.6*
    Consulting Agreement with Cameron Durrant dated
      May 28, 201010.7*
    Letter of Intent with Granisol Oral Solution10.8
    Form of Private Placement Subscription
      Agreement (attached as an exhibit to our current report on Form 8-K filed
      on June 17, 2010)21.1
    PediatRX Inc. our 100% wholly owned subsidiary
      incorporated in Nevada on June 18, 201031.1*
    Certification Pursuant to Section 302 of the
      Sarbanes-Oxley Act Of 200232.1*
    Certification Pursuant to Section 906 of the
      Sarbanes-Oxley Act Of 2002


* Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

STRIKER ENERGY CORP

/s/ Joseph CarusoneJoseph CarusonePresident,
Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and
Director (Principal Executive Officer, Principal Financial Officer and
Principal Accounting Officer) Date: June 25, 2010

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