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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549
 FORM 10-KSB (Mark One) þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934
 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2004 o
    
    TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934
 COMMISSION FILE NUMBER: 000-32747 GULF COAST OIL & GAS, INC. (Formerly Otish Mountain Diamond Company)
 (Name of Small Business Issuer in its Charter)
   NEVADA
    
    98-0128688(State or other jurisdiction of
    
    (I.R.S. Employerincorporation or organization)
    
    Identification No.)ONE PENN PLAZA, SUITE 3600250 WEST 34THSTREETNEW YORK, NEW YORK
    
    10119(Address of principal executive offices)
    
    (Zip Code)
 Issuers Telephone Number: (212) 849-6849 Securities registered under Section 12(b) of the Exchange Act: (Title of each class)
    
    (Name of each exchange on which registered)NONE
    
    N/A
 Securities registered under Section 12(g) of the Exchange Act: COMMON STOCK, PAR VALUE $.001
(Title of each class)   Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of
the Exchange Act during the past 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing requirements for the past
90 days. YES o NO x




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Check if disclosure of delinquent filers in response to Item 405 of Regulation S-B is not
contained herein, and will not be contained, to the best of issuers knowledge, in definitive proxy
or information statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB.  ̈ State issuers revenues for its most recent fiscal year: $0.00. State the aggregate market value of the voting stock held by non-affiliates of the issuer
(based upon 17,116,738 shares held by non-affiliates and the closing price of $0.20 per share for
Common Stock in the over-the-counter market as of December 31,
2004): $3,423,348. Number of shares of the issuers common stock, par value $.001, outstanding as of December 31,
2004: 38,041,811 shares. DOCUMENTS INCORPORATED BY REFERENCE: NONE. Transitional Small Business Disclosure Format            YES o NO x GULF COAST OIL & GAS, INC.
(Formerly Otish Mountain Diamond Company)
Form 10-KSB Table of Contents  
 PART IItem 1.
    
    DESCRIPTION OF BUSINESSItem 2.
    
    DESCRIPTION OF PROPERTYItem 3.
    
    LEGAL PROCEEDINGSItem 4.
    
    SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERSPART IIItem 5.
    
    MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERSItem 6.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONSItem 7.
    
    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATAItem 8.
    
    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSUREItem 8a
    
    CONTROLS AND PROCEDURESPART IIIItem 9.
    
    DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS
OF THE REGISTRANT; COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE
ACTItem 10.
    
    EXECUTIVE COMPENSATIONItem 11.
    
    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENTItem 12.
    
    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONSItem 13.
    
    EXHIBITS AND REPORTS ON FORM 8-KItem 14.
    
    EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURESSIGNATURESEXHIBIT INDEXEX-31.1 Certification of CEOEX-31.2 Certification of CFOEX-32.1 906 Certification of CEOEX-32.2 906 Certification of Chief Accounting Officer




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PART I THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 PROVIDES A SAFE HARBOR FOR FORWARD
LOOKING STATEMENTS. This Form 10-KSB contains statements that are not historical facts. These
statements are called forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements
involve important known and unknown risks, uncertainties and other factors and can be identified by
phrases using estimate, anticipate, believe, project, expect, intend, predict,
potential, future, may, should and similar expressions or words. Our future results,
performance or achievements may differ materially from the results, performance or achievements
discussed in the forward-looking statements. There are numerous factors that could cause actual
results to differ materially from the results discussed in forward-looking statements, including:  
    Changes in existing product liability, tort or warranty laws or the
introduction of new laws, regulations or policies that could affect
our business practices: these laws, regulations or policies could
impact our industry as a whole, or could impact only those portions
in which we are currently active.
    Changes in economic conditions, including changes in interest
rates, financial market performance and our industry: these types
of changes can impact the economy in general, resulting in a
downward trend that impacts not only our business, but all
companies with which we compete; or, the changes can impact only
those parts of the economy upon which we rely in a unique fashion,
including, insurance related businesses.
    Changes in government regulations: these regulations could have a
negative impact on our earnings; for example, laws relating to
insurance regulation that could increase our costs of operations.
    Changes in relationships with major customers and/or suppliers: an
adverse change in our relationships with major customers and/or
suppliers would have a negative impact on our earnings and
financial position.
    Armed conflicts and other military actions: the considerable
political and economic uncertainties resulting from these events,
could adversely affect our order intake and sales, particularly in
the insurance market.
    Factors that we have discussed in previous public reports and other
documents filed with the Securities and Exchange Commission. This list provides examples of factors that could affect the results described by
forward-looking statements contained in this Form 10-KSB. However, this list is not intended to be
exhaustive; many other factors could impact our business and it is impossible to predict with any
accuracy which factors could result in which negative impacts. Although we believe that the
forward-looking statements contained in this Form 10-KSB are reasonable, we cannot provide you with
any guarantee that the anticipated results will be achieved. All forward-looking statements in this
Form 10-KSB are expressly qualified in their entirety by the cautionary statements contained in
this section and you are cautioned not to place undue reliance on the forward-looking statements
contained in this Form 10-KSB. In addition to the risks listed above, other risks may arise in the
future, and we disclaim any obligation to update information contained in any forward-looking
statement. 
 Item 1. DESCRIPTION OF BUSINESS The Company. BUSINESS DEVELOPMENT Otish Mountain Diamond Company was originally incorporated in Nevada under the name First
Cypress Technologies, Inc. (First Cypress) on September 14,1999. The Company was in the process
of developing an internet computer software program known as EngineMax, which was suspended in
November 2002. The Company is currently engaged in diamond exploration activities in the Otish
Mountain area of Northern Quebec, Canada. The Company is in its exploration state as it is engaged
in the search for mineral deposits.




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Prior to the Acquisition, discussed below, the Company had been in the process of developing an
internet computer software program that was suspended in November 2002. In October 2002, the
Company acquired certain items constituting the Money Club Financial business concept and
business plan (the Money Club). Due to the Companys inability to raise the necessary equity
capital to further the Money Club Financial business concept, no monies were spent furthering the
business concept from the date of acquisition to September 30, 2003. The Company discontinued its
involvement in these operations in the third quarter of 2003. The Company owned an option to
purchase a 100% undivided interest in the Cahill Mineral Claims in the Osoyoos Mining Division in
British Columbia, Canada, which the Company chose to let expire. The Company also owned an option
to purchase a 70% undivided interest in the Eddy Mineral Claims in the Fort Steele Mining District
of British Columbia, Canada. The Company acquired a 50% interest in the Temagami Claim in the
Sudbury Mining Division in Ontario, Canada, which it has abandoned. The Company intends to also
allow its option on the Eddy Mineral Claims to expire when the exploration expenditures on the
claim become due during 2004. At December 31, 2004 the Company decided to abandon its mineral
rights. In July 2003, the Company changed its name to First Cypress, Inc. The Company subsequently changed
its name to Otish Mountain Diamond Company in October 2003, in anticipation of the acquisition of
Otish Mountain Diamond Corp., a Nevada corporation (hereinafter Otish Corp.), discussed below. In October 2003, the Company issued 1,000,000 shares of Series A Preferred Stock, that are entitled
to fifteen (15) votes per shares (or an aggregate of 15,000,000 votes) to Philipp Buschmann.
Control of the Company shifted to Mr. Buschmann at that time. In November 2003, First Cypress,
Otish Corp. and the former Otish Corp. shareholders entered into an Exchange Agreement (the
Exchange or Acquisition) whereby the Company acquired 100% of the issued and outstanding shares
of Otish Corp. in exchange for 15,000,000 shares of the Companys common stock. Otish Mountain Diamond Company, a Nevada corporation, herein being referred to as the Company
owns one hundred percent (100%) of Otish Mountain Diamond Corp., a Nevada corporation herein being
referred to as Otish Corp. A reference
herein to the Company includes a reference to Otish Corp. and vice-versa unless otherwise provided. On November 30, 2003, the Company successfully acquired 100% of Otish Mountain Diamond corp.
(Otish Corp.). The business activities of Otish Corp. became the business activities of the
Company. In connection with the merger the capitalization of the Company was amended to reflect a
220:1 reverse stock split and to increase the authorized capital to 600,000,000 shares, consisting
of 500,000,000 common shares with a par value of $0.001, and 100,000,000 preferred shares with a
par value of $0.001. Also, 1,000,000 shares of a Serial A Preferred were issued for services
rendered. Finally, the then president of the Company entered into two agreements with the Company;
one, assumed all the known liabilities of the Company, and the second, agreed to convert debt owed
the president of $236,000 into 236,000 shares of Company stock. In October 2002, the Company completed a 5:1 forward stock split of its issued and outstanding
common stock. In October, 2003, the Company completed a 1:200 reverse stock split of its issued
and outstanding common stock. The effects of both stock splits have been retroactively reflected
in this report on Form 10-KSB unless otherwise stated. The Company uses the Canadian Dollar as its function currency. For financial statement
presentation purposes the statements have been translated into U.S. Dollars. All of the monetary
values reflected herein are in U.S. Dollars unless otherwise stated. On January 13, 2005, the Company changed its name to Gulf Coast Oil & Gas, Inc. PRINCIPAL PRODUCTS AND SERVICES The Company is engaged in diamond exploration activities in the Otish Mountain area of Northern
Quebec, Canada. The Company has mineral rights in the Otish Mountain and Superior Craton regions
of Canada, discussed in more detail in Item 2. Description of Property. The current business
plan includes the expansion of its mineral rights and the mining of diamonds. The current
exploration program consists of aerial aeromagnetic surveys of the Staked Property (discussed in
more detail below in Description of Property), ground sampling and laboratory testing of the
gathered samples. The Staked Property is located in an under-explored area that is in close
proximity to such diamond discovery properties as Ashton Mining and Majescor. The Staked Property
is within such a distance to these diamond discovery properties that geologist Jim Chapman, a
Director of the Company, believes that there is good potential for the discovery of diamond bearing
kimberlites on the Staked Property. The Company believes that it currently has adequate resources to explore the Staked Property in
search of an economic deposit of rough diamonds and to complete its exploration program. If, as a
result of its exploration program, the Company discovers
an economic deposit of rough diamonds on the Staked Property, the Company will execute a
feasibility plan for the




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development of a mining operation, at which time the Company will need
additional funding to execute the plan and develop the mining operation, as discussed below in
Item. 6. Managements Discussion and Analysis. In the event that, after completion of the
exploration program, the Company has not discovered an economic deposit of rough diamonds on the
Staked Property, the Company will consider other high potential exploration projects, as is also
discussed below in Item. 6. Managements Discussion and Analysis. The Company currently does not offer any products or services. In the event that the Company, as a
result of the exploration program, discovers an economic deposit of rough diamonds on the Staked
Property, executes a feasibility plan, and develops a mining operation on the property, the Company
intends to offer gem-quality, commercial diamonds. INDUSTRY, MARKET OVERVIEW AND COMPETITIVE BUSINESS CONDITIONS The diamond exploration industry is very competitive. Several diamond exploration firms have
operations in the Otish Mountains and in other areas throughout Canada. DEPENDENCE ON ONE OR A FEW CUSTOMERS Currently, a significant majority of the Companys resources are being used for exploration. The
Company does not have any existing customers. NEED FOR GOVERNMENT APPROVAL The Company acquired all necessary licenses and permits required by the government of the Province
of Quebec, Canada for mineral exploration on the Staked Property. No further government approval
is necessary at this time. RESEARCH & DEVELOPMENT OVER PAST TWO YEARS The Company is conducting a two-year exploration program on approximately 65,000 acres of Staked
Property. The Company expects to complete the exploration program either in 2005 or after it
discovers an economic deposit of rough diamonds on the Property, whichever occurs first. The
Company has spent roughly $130,000 to date and plans to spend another $350,000 for exploration
purposes assuming it can successfully raise additional capital. EMPLOYEES The Company has two (2) employees and a varying number of subcontractors. The number of
subcontractors that the Company uses varies depending on the type and amount of work that is
required. The team responsible for developing the exploration program consists of an experienced
geophysicist, a managing director with extensive experience in international business, and a
governing Board of Directors. The Company selected this team based on skill and experience that it
deemed necessary to complete the timely and efficient implementation of the exploration strategy
including its proposed objectives. Recent Events 
 Item 2. Description of Property The Company acquired an undivided 100% right, title, and interest in and to certain mining claims
covering 492 claims comprising approximately 62,000 acres of staked property in the Otish Mountain
and Superior Craton regions of Quebec, Canada pursuant to an Assignment of Interest in Mineral
Property Option Agreements (the Assignment). Pursuant to the Assignment, the Company received
the following Mineral Property Option Agreements (the Agreements):  (1)
    The Lac Joubert Mineral Property Option Agreement, as amended,
covering 34 claims comprising approximately 4,341 acres;(2)
    The Lac Orillat Mineral Property Option Agreement, as amended,
covering 39 claims comprising approximately 4,978 acres;(3)
    The Lac Herve Mineral Property Option Agreement,
as amended, covering 277 claims comprising approximately 34,382 acres;




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(4)
    The Lac Square Rock Mineral Property Option Agreement, as amended,
covering 74 claims comprising approximately 9,488 acres;(5)
    The Lac Taffanel Mineral Property Option Agreement, as amended,
covering 60 claims comprising approximately 7,615 acres;(6)
    The Lac Leran # 2 Mineral Property Option Agreement, as amended,
covering one claim comprising approximately 129 acres; and(7)
    The River Ruisseau Mineral Property Option Agreement, as amended,
covering 6 claims comprising approximately 750 acres. The Company exercised its option with respect to all of the Agreements to acquire all of the
claims. In addition, the Company has signed a Joint Venture agreement with Miranda Gold Corp whereby the
Company invested $55,000 for a 45% interest in the Lac Leran exploration project which comprises
119 claims of approximately 15,000 acres. Hereinafter the claims acquired pursuant to the
Agreements and the Joint venture in Lac Leran are collectively referred to as the Otish Mountain
Claims. The Otish Mountain Claims are accessible by plane or helicopter. Leases will expire in the first quarter of 2005 and a minimum of CND $135 per claim must be spent
on exploration activities during the 24 month life of the leases. The total number of claims is
492. Joint Venture claims amount to 119. This is the first diamond exploration program to take
place on these properties. The Otish Mountains region was several times targeted for base and precious metal exploration. The
most intensive phase was from 1974 to 1984 when numerous companies such as Phelps-Dodge, Dome, Rio
Tinto, Shell, Esso, Eldorado, Inco and Uranerz explored extensively for uranium. None of the
numerous uranium showings and base metal occurrences that were discovered proved to host economic
deposits. One exception was a gold discovery by Placer-Dome in the Carmen Lake area. Ashton Mining
Canada and their partner Soquem have been active in the area since 1996 and have acquired the
largest land holdings in the region. They carried out a regional scale heavy mineral sampling
program followed up with airborne geophysical surveys to identify potential kimberlite targets.
This work culminated in late 2001 with the discovery of the Renard 1 and 2 kimberlites. These
kimberlites proved to be diamondiferous, containing both micro and macro diamonds, and fuelled
extensive additional exploration in the area. Six additional kimberlites have since been
discovered in the Renard cluster, all of which are diamondiferous. The Company is in its exploration stage. Airborne magnetic surveys have been conducted over 75,000
acres of Otish Mountain Claims. About 30 geophysical anomalies have been identified. Ground
samples will be taken during the summer of 2004. The samples will be tested for microdiamond
content in a laboratory. The program is exploratory in nature and the properties are without known
reserves. The Companys program is dependent on adequate financing as discussed below in Item 6.
Managements Discussion and Analysis or Plan of Operation under the headings Liquidity and
Capital Resources and Risk Factors. The Company currently has a 1-year lease for 300 square feet of office space located at One
Penn Plaza, Suite 3600, 250 West 34th Street, New York, NY, 10119. The current lease commitment is
US$500 per month. The Company also has a 1-year lease for 300 square feet of office space located
at 1000 de la Gauchetiere West, Suite 2400, Montreal, H3B 4W5 Canada. The current lease commitment,
which varies depending on use of the office space, is an average of CDN$400 per month. 
 Item 3. Legal Proceedings None 
 Item 4. Submission Of Matters To Vote Of Security Holders None




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Part II 
 Item 5. Market for Common Equity and Related Stockholder Matters. Gulf Coast Oil & Gas, Incs Common Stock trades on the NASDAQS OTC Bulletin Board under the
symbol . The high and low closing bid information for our Common Stock during the
year ended December 31, 2004 is based on information received from Bloomberg L.P., the NASDAQ
Trading and Market Services, and a company market maker. Quarter Ended
    
    High
    
    
    LowMarch 31, 2003
    
    $
    26.00
    
    
    $
    24.00June 30, 2003
    
    $
    8.00
    
    
    $
    7.00September 30, 2003
    
    $
    3.80
    
    
    $
    3.80December 31, 2003
    
    $
    0.80
    
    
    $
    0.74March 31, 2004
    
    $
    1.05
    
    
    $
    1.05June 30, 2004
    
    $
    0.51
    
    
    $
    0.42September 30, 2004
    
    $
    0.30
    
    
    $
    0.30December 31, 2004
    
    $
    0.25
    
    
    $
    0.20
 The quotations reflect inter-dealer price, without mark-up, mark-down or commission and may
not represent actual transactions. As of December 31, 2004, there were approximately 34
shareholders of record of our common stock. Gulf Coast Oil & Gas, Inc. has never declared or paid any cash dividends on the capital stock
and does not anticipate paying any cash dividends on the capital stock in the foreseeable future.
Gulf Coast Oil & Gas, Inc. intends to retain the earnings, if any, to finance the expansion of the
business. The declaration and payment of dividends in the future, if any, will be determined by the
Board of Directors in light of conditions then existing, including our earnings, financial
condition, capital requirements and other factors. Recent Sales of Unregistered Securities In October 2002, the Company issued 375 shares of its common stock, $.001 par value per share
which were not registered under the Act to Elaine Lugo to acquire the Money Club Financial
business concept, web site, technology and business plan. The Company claims an exemption from
registration pursuant to Section 4(2) of the Act. In March of 2003 and in February 2004, the Company issued 50 shares and 50 shares, respectively, of
its common stock, $.001 par value per share which were not registered under the Act to Locke B.
Goldsmith pursuant to an Option Agreement that the Company entered into with Mr. Goldsmith to
acquire a 100% interest in the Cahill Mineral Claims. The Company claims an exemption from
registration pursuant to Section 4(2) of the Act. In August and November 2003, the Company issued 3,000,000 shares of its common stock and paid
$77,745 for mineral rights in the Otish Mountain and Superior Craton regions of Quebec, Canada.
The Company claims an exemption form registration pursuant to Section 4(2) of the Act. In December, 2003, the Company issued 15,000,000 shares of its common stock, $.001 par value per
share which were not registered under the Act to the former Otish Corp. shareholders pursuant to an
Exchange Agreement whereby Otish Corp. became a wholly-owned subsidiary of the Company. The
Company claims an exemption from registration afforded by Rule 506 of Regulation D under the Act. In December, 2003, the Company issued an aggregate of 3,000,000 shares of its common stock, $.001
par value per share which were not registered under the Act to three entities and one individual in
consideration for $300,000 pursuant to Subscription Agreements. The Company claims an exemption
from registration afforded by Rule 506 of Regulation D under the Act. In December, 2003, the Company issued an aggregate of 3,000,000 shares of its common stock, $.001
par value per share which were not registered under the Act to two entities for their services
provided in connection with certain acquisitions. The Company claims an exemption from
registration pursuant to Section 4(2) of the Act.




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In October, 2003, the Company issued 1,000,000 shares of Series A Preferred Stock, that are
entitled to fifteen (15) votes per shares (or an aggregate of 15,000,000 votes), which were not
registered under the Act, to Philipp Buschmann in consideration for services rendered to the
Company as its then current President and as a then current Director. The Company claims an
exemption from registration pursuant to Section 4(2) of the Act. The Company is obligated to issue 232,120 shares of its common stock, $.001 par value per share
which will not be registered under the Act to Robert Rosner in consideration and full satisfaction
of $232,120 of indebtedness that the Company owed to Mr. Rosner. The Company claims an exemption
from registration pursuant to Section 4(2) of the Act. In the first quarter of 2004 the Company issued 20,300,050 shares of common stock for services
valued at $5,180,053. Valuation was based on the approximate trading value of the Companys shares
on the date issued. The Company claims an exemption from registration pursuant to Section 4(2) of
the Act. 
 Item 6. Managements Discussion and Analysis Of Financial Condition and Results of
Operations. THE FOLLOWING DISCUSSION OF THE FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF HARTVILLE
GROUP SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES THERETO INCLUDED
ELSEWHERE IN THIS REPORT. THIS DISCUSSION CONTAINS FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND UNCERTAINTIES,
HARTVILLE GROUP S ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE ANTICIPATED IN THESE
FORWARD-LOOKING STATEMENTS AS A RESULT OF CERTAIN FACTORS, INCLUDING, BUT NOT LIMITED TO
COMPETITION AND OVERALL MARKET CONDITIONS. PLAN OF OPERATION Otish Mountain Diamond Company is engaged in diamond exploration activities in the Otish Mountain
area of Northern Quebec, Canada. The Company was organized on September 14, 1999. The Company is
in its exploration state as it is engaged in the search for mineral deposits. From inception to
December 31, 2004, the Company has not generated any revenues. The Company believes that it can satisfy its cash requirements until December 31, 2005 since the
Company decided to abandon its mineral rights at December 31, 2004. At this time, no other
additional financing has been secured or identified. The Company does not have any commitments for
additional financing. The Company cannot make any assurance that financing will be available on
terms favorable to the Company, or at all. The Company has no commitments from officers, directors
or affiliates to provide funding. There can be no assurance that any new capital will be available
to the Company or that adequate funds will be sufficient for Company operations, whether from the
Companys financial markets or private sources, or that other arrangements will be available when
needed or on terms satisfactory to the Company. If adequate funds are not available to the Company
on acceptable terms, the Company will have to delay, curtail or scale back some or all of its
operations. During the next twelve months there are no expected purchases or sales of plant and significant
equipment. The Company does not expect any significant changes in the number of employees during
the next twelve months. Prior to the Acquisition, the Company had been in the process of developing an internet computer
software program that was suspended in November 2002. In October 2002, the Company acquired
certain items constituting the Money Club Financial business concept and business plan (the
Money Club), but subsequently discontinued its involvement. The Company owned an option to
purchase a 100% undivided interest in the Cahill Mineral Claims in the Osoyoos Mining Division in
British Columbia, Canada, which the Company chose to let expire. The Company also owned an option
to purchase a 70% undivided interest in the Eddy Mineral Claims in the Fort Steele Mining District
of British Columbia, Canada. The Company acquired a 50% interest in the Temagami Claim in the
Sudbury Mining Division in Ontario, Canada, which it has abandoned. The Company intends to also
allow its option on the Eddy Mineral Claims to expire when the exploration expenditures on the
claim become due during 2004. In November 2003, the Company successfully acquired 100% of Otish Corp. The business activities of
Otish Corp. became the business activities of the Company. Through Otish Corp., the Company is
conducting a two-year diamond exploration program in the Otish Mountain area of Northern Quebec
with respect to the Otish Mountain Claims. At December 31, 2004 the Company decided to abandon its
mineral rights and thereby eliminate any further expense.




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RESULTS OF OPERATIONS FISCAL YEAR ENDED DECEMBER 31, 2004 The Company was a shell at the time of the Acquisition having only $192 in assets; the acquisition
was treated as a reverse merger whereby the acquired company is treated as the acquiring company
for accounting purposes. Since Otish Corp., the acquired company was incorporated in August 2003;
no comparative financial statements are presented. The Company uses the Canadian Dollar as its function currency. For financial statement
presentation purposes the statements have been translated into U.S. Dollars. All of the monetary
values reflected herein are in U.S. Dollars unless otherwise stated. The Company is in its exploration state as it is engaged in the search for mineral deposits. The
Company has not generated any revenues since inception, August 4, 2003. The Company incurred a net
loss of $5,781,342 for the fiscal year ended December 31, 2004. The net loss was due to $192,127
of exploration costs and $5,388,206 of administrative expenses. During the period from inception
to December 31, 2004, the Company accumulated operating losses of $5,875,480. LIQUIDITY AND CAPITAL RESOURCES As of December 31, 2004, the Company had cash of $1,912. The Company had negative cash flows from
operations of $251,236 during the period ended December 31, 2004. The Company used $18,830 of cash for investing activities, consisting of $18,830 to purchase
mineral rights. Cash flows from financing activities is the Companys primary source of cash. The Company received
$264,400 of cash from the sale of common stock during the period ended December 31, 2004. The Company currently has a 1-year lease for 300 square feet of office space located at One Penn
Plaza, Suite 3600, 250 West 34th Street, New York, NY, 10119. The current lease commitment is
US$500 per month. The Company also has a 1-year lease for 300 square feet of office space located
at 1000 de la Gauchetiere West, Suite 2400, Montreal, H3B 4W5 Canada. The current lease
commitment, which varies depending on use of the office space, is an average of CDN$400 per month. New Accounting Standards
In December 2004, FASB issued a revision of Statement No. 123. Statement No. 123®, Share-Based
Payment, is broader in scope than the original statement, which was more narrowly focused on
stock-based compensation, and makes significant changes to accounting for payments involving
employee compensation and shares or securities, in the form of stock options, restricted stock or
other arrangements settled in the reporting entitys securities. Most significant in the standard
is the requirement that all stock options be measured at estimated fair value at the grant date and
recorded as compensation expense over the requisite service period associated with the option,
usually the vesting period. The revised standard becomes effective for interim periods beginning
after June 30, 2005 and may be applied prospectively to stock options granted after the effective
date and any unvested stock options at that date. Although the Companys management has not completed its analysis of the revised standard, the
effect of the revised standards implementation will be recognition of compensation expense
associated with stock options. Previously, the Company has used the intrinsic-value method which
did not result in expense recognition but, instead, required pro forma presentation of what
compensation expense would have been recorded if the fair-value measurement and expense recognition
provisions had been applied. A variety of proposed or otherwise potential accounting standards are currently under study by
standard-setting organizations and various regulatory agencies. Because of the tentative and
preliminary nature of these proposed standards, management has not determined whether
implementation of such proposed standards would be material to the Companys consolidated financial
statements. Ability to Continue as a Going Concern The Companys Auditors have expressed substantial doubt about the Companys ability to continue
as a going concern. Pollard-Kelley Auditing Services, Inc., in their independent auditors
report, have expressed substantial doubt as to the Companys ability to continue as a going
concern based on operating losses it has incurred since inception. The Companys financial
statements do not include any adjustments that might result from the outcome of that
uncertainty. The going concern qualification is also described in Note 6 of the Notes To
Financial Statements.




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Critical Accounting Policies Our discussion and analysis of our financial condition and results of operations is based upon our
audited financial statements, which have been prepared in accordance with accounting principals
generally accepted in the United States. The preparation of these financial statements requires us
to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues
and expenses, and related disclosure of any contingent assets and liabilities. On an on-going
basis, we evaluate our estimates, including those related to uncollectible receivable, investment
values, income taxes, the recapitalization and contingencies. We base our estimates on various
assumptions that we believe to be reasonable under the circumstances, the results of which form the
basis for making judgments about carrying values of assets and liabilities that are not readily
apparent from other sources. Actual results may differ from these estimates under different
assumptions or conditions. We believe the following critical accounting policies affect our more significant judgments and
estimates used in the preparation of our financial statements; Going Concern.The Company is in its exploration stage as it is in search of mineral deposits and
has not found any proven or probable reserves. The Company has not generated significant revenues
or profits to date. These factors among others indicate that the Company may be unable to continue
as a going concern, particularly in the event that it cannot obtain additional financing to
continue its exploration for proven or probable reserves, as discussed in Item 6. Managements
Discussion and Analysis or Plan of Operation under the headings Liquidity and Capital Resources
and Risk Factors. The Companys continuation as a going concern depends upon its ability to
generate sufficient cash flow to conduct its operations and its ability to obtain additional
sources of capital and financing. The accompanying financial statements do not include any
adjustments that might result from the outcome of this uncertainty. Mineral Rights.The Company uses the full costs method of accounting for its mineral reserves.
Under this method of accounting, properties are divided into cost centers. The Company presently
has two cost centers. All acquisition, exploration, and development costs for properties within
each cost center are capitalized when incurred. The Company intends to deplete these costs equally
over the estimated units to be recovered from the properties. The Company has capitalized $148,995
of mineral rights. The Company has not taken a valuation allowance regarding the possibility that
it may not be able to recover any of these costs considering the facts that it has not found any
proven or probable reserves and is in need of additional financing. If the Company does not find
such reserves and/or does not receive additional financing, it would have a material adverse effect
on the Companys ability to recover the costs of the mineral rights. Foreign Currency Translation.The Companys primary functional currency is the Canadian Dollar.
For financial statement presentation the statements are translated in U.S. dollars. Monetary
assets and liabilities are translated at year-end exchange rates while non-monetary items are
translated at historical rates. Income and expense accounts are translated at the average rates in
effect during the period, except for depreciation, which is translated at historical rates.
Therefore, translation adjustments and transaction gains or losses are recognized in the income in
the period of occurrence. The Company recognized a foreign exchange gain during the period ended
December 31, 2003, however, due to fluctuations in the price of the Canadian Dollar relative to the
U.S. Dollar, the Company could recognize a foreign exchange loss in the future. 
 Item 7. Financial Statements And Supplementary Data Our financial statements and supplementary data are attached hereto. 
 Item 8. Changes in and Disagreements With Accountants On Accounting And Financial
Disclosure. None 
 Item 8a.Controls and Procedures The Company maintains a set of disclosure controls and procedures designed to ensure that
information required to be disclosed by the Company in reports that it files or submits under the
Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time
periods specified in SEC rules and forms. As of December 31, 2004, an evaluation was carried out,
under the supervision and with the participation of the Companys management, including the Chief
Executive Officer (the CEO) and the Chief Financial Officer (CFO), of the effectiveness of the
Companys disclosure controls and procedures as of December 31, 2004. The Company has not completed
its evaluation of the effectiveness of its internal control over financial reporting as of the end
of its most recent fiscal year. As permitted by the SECs final rule dated March 2, 2005 (Release
No. 33-8545), the Company expects to complete its evaluation of the effectiveness of its internal
control over
financial reporting on or before December 31, 2006, and will include the results of such evaluation
in managements annual




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##### Table of Contents



report on internal control over financial reporting to be included in its
Annual Report on Form 10-KSB as of December 31, 2006. In addition, the Company anticipates that its
independent registered public accounting firm will complete and provide to the Company such firms
attestation report on managements assessment of the Companys internal control over financial
reporting on December 31, 2006, and the Company will also include such attestation report to its
Annual Report on Form 10-KSB. 
 PART III 
 ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS OF THE REGISTRANT;
COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT. Each of our directors is elected by the stockholders to a term of one year and serves until his or
her successor is elected and qualified. Each of the officers is elected by the Board of Directors
to a term of one year and serves until his or her successor is duly elected and qualified, or until
he or she is removed from office. The Board of Directors has no nominating, auditing or
compensation committees. The Directors and Officers of the Company are as follows: Served as aName
    
    Age
    
    Position
    
    Director Since:Massimiliano Pozzoni
    
    
    29
    
    
    Chief Executive Officer,
    
    November 2003President and DirectorBenjamin A. Carter
    
    
    32
    
    
    Director
    
    November 2003
 Massimiliano Pozzoni has served as the Companys Chief Executive Officer and a Director since
November 2003. Mr. Pozzoni has served as VP of Business Development for Falcon Natural Gas Corp.
since March 2004. Mr. Pozzoni attended London Business School from 2001 to 2003 where he received
his MBA. During the summer of 2002, Mr. Pozzoni worked as a Summer Associate at Lehman Brothers in
their private Client Services group in London and New York. From January 1999 to June 2001, Mr.
Pozzoni held various positions with Schlumberger Oilfied Services Ltd. such as Applications
Engineer, Alliance Coordinator and Sales Engineer. He worked for Schlumberger in Ecuador, Columbia
and in the U.S. From 1994 to 1998 Mr. Pozzoni attended the University of Kansas in Lawrence where
he received a BS in Business Administration with an emphasis in International Business Enterprise. Benjamin A. Carter has served as a Director of the Company since November 2003. Mr. Carter is an
Associate at Alterra Partners which is owned by Bechtel Enterprises and Singapore Changi Airport.
From February 2003 to June 2003 he was a Business Analyst for X-Leisure Ltd. From July 2002 to
September 2002, he was a Project Coordinator for Virgin Atlantic, Singapore Airlines, Lufthansa,
Airbus. From June 1999 to July 2001, he worked for Rio Tinto plc as a project Engineer and then as
a Senior Project Engineer where he focused on new business strategy in South America. From
February 1998 to May 1999, he was Site Engineer for Hamersley Iron Pty Ltd in Australia. Mr. Carter
attended London Business School from 2001 to 2003 where he received an MBA with Distinction. Mr.
Carter also holds a Bachelor of Engineering from the University of Western Australia. The Company paid $1,000 each to Benjamin Carter and Jim Chapman as compensation for their services
as directors. The Company has not entered into any consulting or employment contracts or other
compensatory plan or arrangement with its directors. There are no arrangements or understandings
pursuant to which any person has been elected as a director or executive officer of the Company.
Directors are elected annually by the stockholders and hold office until the next annual meeting of
stockholders or until their respective successors are elected and qualified. Executive officers of
the Company are elected by the Board of Directors and hold office until their respective successors
are elected and qualified.




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EMPLOYMENT AND CONSULTING AGREEMENTS Effective September 2003, the Company entered into an employment agreement with Massimiliano
Pozzoni to serve as the Companys President, Chief Executive Officer and as a Director for one
year. Mr. Pozzoni receives $5,000 per month under the employment agreement. The Company has also
agreed to provide Mr. Pozzoni with a housing allowance of $3,000 per month. The Company has also
agreed to pay or reimburse Mr. Pozzoni for an automobile used primarily in business travel by Mr.
Pozzoni on behalf of the Company. If Mr. Pozzoni terminates the agreement for Good Cause (as
defined in the agreement) or the Company terminates the agreement for no reason, the Company will
be obligated to pay Mr. Pozzoni a one lump sum of $15,000 in cash plus all compensation earned
through the date of termination. In September 2003, the Company entered into a consulting agreement with Martin St. Pierre to
provide the Company with advisory consulting services using his background as a geophysicist. The
Company has agreed to pay Mr. Pierre CDN$500 per day and each day shall consist of a minimum of 8
hours. Under the agreement, Mr. Pierre is to provide services for a minimum of 2 days per month.
The agreement is terminable at will by either party provided that the Company terminate the
agreement before the end of a month otherwise the Company is obligated to pay Mr. Pierre for 2 days
of services. SECTION 16 (A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE Section 16(a) of the securities Exchange Act of 1934, as amended, requires the Companys directors,
executive officers and persons who own more than 10% of a class of the Companys equity securities
which are registered under the Exchange Act to file with the Securities and Exchange Commission
initial reports of ownership and reports of changes of ownership of such registered securities.
Such executive officers, directors and greater than 10% beneficial owners are required by
Commission regulation to furnish the Company with copies of all Section 16(a) forms filed by such
reporting persons. To the Companys knowledge, based solely on a review of the copies of such reports furnished to the
Company and on representations that no other reports were required, no person required to file such
a report failed to file during fiscal 2003. Based on stockholder filings with the SEC,
Massimiliano Pozzoni, Benjamin Carter and Jim Chapman are subject to Section 16(a) filing
requirements. CODE OF ETHICS The Board of Directors adopted a Code of Ethics in April 2004, meeting the requirements of Section
406 of the Sarbanes-Oxley Act of 2002. The Company will provide to any person without charge, upon
request, a copy of such Code of Ethics. Persons wishing to make such a request should contact
Massimiliano Pozzoni, Chief Executive Officer, One Penn Plaza, Suite 3600, 250 West 34th
Street, New York, New York 10119. 
 Item 10. Executive Compensation Compensation paid to Officers and Directors is set forth in the Summary Compensation Table below.
The Company may reimburse its Officers and Directors for any and all out-of-pocket expenses
incurred relating to the business of the Company. SUMMARY COMPENSATION TABLE LONG-TERM COMPENSATIONANNUAL COMPENSATION
    
    AWARDS
    
    
    
    PAYOUTSSECURITIESUNDERLY-OTHER
    
    
    RE-
    
    
    INGANNUAL
    
    
    STRICTED
    
    
    OPTIONS/
    
    
    
    
    
    
    OTHERNAME AND PRINCIPAL
    
    
    
    
    
    
    
    
    
    
    
    
    
    COMPEN-
    
    
    STOCK
    
    
    SARs
    
    
    LTIP
    
    
    COMPEN-POSITION
    
    YEAR
    
    
    SALARY
    
    
    BONUS
    
    
    SATION
    
    
    AWARD(S)
    
    
    (NUMBER)
    
    
    PAYOUTS
    
    
    SATIONMassimiliano Pozzoni
    
    
    2004
    
    
    $
    20,000
    (1)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    CEO, President
    
    
    2003
    
    
    $
    0
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    and DirectorPhilipp Buschmann
    
    
    2004
    
    
    $
    0
    
    
    
    
    
    
    
    
    
    
    $
    50,000
    (2)
    
    
    
    
    
    
    
    
    
    
    CEO, President
    
    
    2003
    
    
    $
    0
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Secretary, Treasurer
    
    
    2002
    
    
    $
    0
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    and DirectorRobert Rosner
    
    
    2004
    
    
    $
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Former CEO
    
    
    2003
    
    
    $
    0
    (3)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    President and
    
    
    2002
    
    
    $
    0
    (3)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Director




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##### Table of Contents



(1) The Company owed Mr. Pozzoni $71,112.90 for compensation and expense reimbursement at
December 31, 2004. (2) The Company issued 1,000,000 shares of Series A Preferred Stock to Mr. Buschmann for his
services as Chief Executive Officer and as a Director. The Company has the right to redeem any or
all of the outstanding shares of Series A Preferred Stock at a per share redemption price the equal
to $.05 per share or an aggregate of Fifty Thousand Dollars ($50,000.00). (3) Mr. Rosner was due to receive $12,000 as compensation in 2002 and 2001. Mr. Rosner did not
receive any of the compensation due to financial constraints of the Company. 
 ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER
MATTERS The following table sets forth information as of December 31, 2004, with respect to the beneficial
ownership of the common stock by (i) each director and officer of the Company, (ii) all directors
and officers as a group and (iii) each person known by the Company to own beneficially 5% or more
of the common stock: Name and Address of
    
    Shares Owned
    
    
    % of ClassBeneficial Owner
    
    Beneficially(1)
    
    
    OwnedMassimiliano Pozzoni
    
    
    5,500,000
    
    
    
    14.46
    %Benjamin A. Carter
    
    
    200,000
    
    
    
    *Miranda Gold Corp.
    
    
    2,750,000
    
    
    
    7.8
    %All Officers and Directors
    
    
    5,900,000
    
    
    
    16.7
    %as a Group (3 people)
 * Less than 1% (1) Beneficial ownership has been determined in accordance with Rule 13d-3 of the Securities
Exchange Act of 1934, as amended. Generally, a person is deemed to be the beneficial owner of a
security if he has the right to acquire voting or investment power within 60 days of the date of
this report on Form 10-KSB. This table is based upon information derived from our stock records. Unless otherwise indicated,
we believe that each of the stockholders named in this table has sole or shared voting and
investment power with respect to the shares indicated as beneficially owned. Except as otherwise
noted herein, we are not aware of any arrangements which may result in a change in our control. 
 ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS In the first quarter of 2004 the Company issued 20,300,050 shares of its common stock for services
valued at $5,180,053. Valuation was based on the approximate trading value of the Companys shares
on the date issued. In December 2003, the Company issued 5,000,000 shares of its common stock to Massimiliano Pozzoni,
the Companys Chief Executive Officer and a Director, pursuant to the Exchange. The Company also
issued 200,000 shares of its common stock each to Benjamin Carter and Jim Chapman pursuant to the
Exchange.




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In November 2003, Robert Rosner, the Companys former President and Chief Executive Officer,
entered into an agreement with the Company, whereby Mr. Rosner agreed to convert debt of
approximately $232,120 into 236,120 shares of Company common stock. In October, 2003, the Company issued 1,000,000 shares of Series A Preferred Stock, that are
entitled to fifteen (15) votes per shares (or an aggregate of 15,000,000 votes), to Philipp
Buschmann in consideration for services rendered to the Company as its former Chief Executive
Officer and as a former Director. Effective September 2003, the Company entered into an employment agreement with Massimiliano
Pozzoni to serve as the Companys President, Chief Executive Officer and as a Director for one
year. Mr. Pozzoni receives $5,000 per month under the employment agreement. The Company has also
agreed to provide Mr. Pozzoni with a housing allowance of $3,000 per month. The Company has also
agreed to pay or reimburse Mr. Pozzoni for an automobile used primarily in business travel by Mr.
Pozzoni on behalf of the Company. If Mr. Pozzoni terminates the agreement for Good Cause (as
defined in the agreement) or the Company terminates the agreement for no reason, the Company will
be obligated to pay Mr. Pozzoni a one lump sum of $15,000 in cash plus all compensation earned
through the date of termination. The Company owes Mr. Pozzoni $17,390 for compensation and expense
reimbursement at December 31, 2003. Concurrently with the closing of the acquisition of the Money Club Financial business concept, Mr.
Rosner surrendered 12,500 post-split shares of the Companys common stock for cancellation and
transferred to Ms. Lugo 12,500 post-split shares of his common stock. Mr. Carl Chow, the former
Secretary and Treasurer, surrendered 62,500 post-split shares of the Companys common stock for
cancellation concurrent with the closing. The surrender of shares for cancellation by Mr. Chow and
Mr. Rosner and the transfer of shares by Mr. Rosner to Ms. Lugo were conditions precedent to the
closing of the acquisition of the assets under the terms of the acquisition agreement. 
 Item 13. Exhibits List and Reports On Form 8-K Index to Exhibits Exhibit No.
    
    Identification of Exhibit31.1(*)
    
    Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act.31.2(*)
    
    Certification of Principal Financial and Accounting Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act.32.1(*)
    
    Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act.32.2(*)
    
    Certification of Chief Accounting Officer Pursuant to Section 906 of the Sarbanes-Oxley Act.
   *
    
    Filed herein. Reports on Form 8-K  1.
    On March 25, 2004 the Company filed notification of inability to timely file Form 10-K,
10-KSB 405, 10-KSB, 10-KT or 10-KT 405.2.
    On May 14, 2004 the Company filed notification of inability to timely file Form 10-Q or
10-QSB.3.
    On June 25, 2004, the Company filed general statement of acquisition of beneficial
ownership.4.
    On November 15, 2004, the Company filed notification of inability to timely file Form
10-Q or 10-QSB.




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##### Table of Contents



GULF COAST OIL & GAS, INC. In accordance with the requirements of the Exchange Act of 1934, the Registrant has caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized. 
 SIGNATURES May 5, 2005
    
    /s/ Massimiliano PozzoniMassimiliano PozzoniChief Executive Officer(PRINCIPAL EXECUTIVE OFFICER)May 5, 2005
    
    /s/ Massimiliano PozzoniMassimiliano PozzoniChief Accounting Officer(PRINCIPAL ACCOUNTING OFFICER)May 5, 2005
    
    /s/ Benjamin A. CarterBenjamin A. CarterDirector




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##### Table of Contents



EXHIBIT INDEX EXHIBIT NO.
    
    DESCRIPTION31.1
    
    Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act.31.2
    
    Certification of Principal Financial and Accounting Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act.32.1
    
    Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act.32.2
    
    Certification of Principal Financial and Accounting Officer Pursuant to Section 906 of the
Sarbanes-Oxley Act.




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Pollard-Kelley Auditing Services, Inc. ... ... ... ... ...... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  Auditing Services
    
    3250 West Market St, Suite 307, Fairlawn, OH 44333 330-864-2265
 Report of Independent Registered Public Accounting Firm Board of Directors
Gulf Coast Oil and Gas, Inc. and Subsidiary
(Formerly Otish Mountain Diamond Company and Subsidiary) We have audited the accompanying balance sheets of Gulf Coast Oil and Gas, Inc. and Subsidiary
(Formerly Otish Mountain Diamond Company and Subsidiary) as of December 31, 2004 and 2003, and the
related statements of income, changes in stockholders equity, and cash flows for each of the two
years in the period ended December 31, 2004. These financial statements are the responsibility of
the Companys management. Our responsibility is to express an opinion on these financial
statements based on our audits. We conduct our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion. The Company has not generated significant revenues or profits to date. This factor among others
may indicate the Company will be unable to continue as a going concern. The Companys continuation
as a going concern depends upon its ability to generate sufficient cash flow to conduct its
operations and its ability to obtain additional sources of capital and financing. The accompanying
consolidated financial statements do not include any adjustments that might result from the outcome
of this uncertainty. In our opinion, the financial statements referred to above present fairly, in all material
respects, the financial position of the Company at December 31, 2004 and 2003, and the results of
its operations and its cash flows for each of the two years in the period ended December 31, 2004,
in conformity with U.S. generally accepted accounting standards. Pollard-Kelley Auditing Services, Inc. /S/ Pollard-Kelley Auditing Services, Inc. Fairlawn, Ohio
April 11, 2005




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##### Table of Contents



GULF COAST OIL & GAS, INC. AND SUBSIDIARY
(Formerly OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY)
(An Exploration Stage Company) NOTES TO FINANCIAL STATEMENTS December 31, 2004 NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES History Otish Mountain Diamond Company (formerly First Cypress, Inc.), a Nevada corporation, was organized
on September 14, 1999. From inception to September 30, 2003, the Company has not generated any
revenues and is considered a development stage enterprise, as defined in Financial Accounting
Standards Board No. 7. The Company was in the process of developing an internet computer software
program known as EngineMax. Essentially, software development was suspended in November 2002 due to
cash flow constraints. In October 2002, the Company acquired certain items constituting the Money
Club Financial business concept and business plan. Due to the Companys inability to raise the
necessary equity capital to further the Money Club Financial business concept, no monies were spent
furthering the business concept from the date of acquisition to September 30, 2003. The Company
discontinued its involvement in these operations in the third quarter of 2003. On November 30, 2003, the Company successfully acquired 100% of Otish Mountain Diamond Corp.
(Otish Corp.). The business activities of Otish Corp. became the business activities of the
Company. In connection with the merger the capitalization of the Company was amended to reflect a
220:1 reverse stock split and to increase the authorized capital to 600,000,000 shares, consisting
of 500,000,000 common shares with a par value of $0.001, and 100,000,000 preferred shares with a
par value of $0.001. Also, 1,000,000 shares of a Serial A Preferred were issued for services
rendered. Finally, the then president of the Company entered into two agreements with the Company;
one, assumed all the known liabilities of the company, and the second, agreed to convert debt owed
the president of $236,000 into 236,000 shares of Company common stock. The Companys income statement at the date of merger was as follows: Revenues
    
    $
    -0-Expenses:Exploration costs
    
    
    36,293Administrative
    
    
    136,284Net Loss
    
    $
    172,577




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##### Table of Contents



GULF COAST OIL & GAS, INC. AND SUBSIDIARY
(Formerly OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY)
(An Exploration Stage Company) NOTES TO FINANCIAL STATEMENTS December 31, 2004 NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  CONTINUED Otish Mountain Diamond Corp. was incorporated in the state of Nevada on August 4, 2003. The
Company is in the mining and exploration business and has mineral rights in the Otish Mountain and
Superior Craton regions of Canada. The Companys business plan includes the expansion of its
mineral rights and the mining of diamonds. In August and November 2003, the Company issued 3,000,000 shares of its common stock and paid
$77,745 for mineral rights in the Otish Mountain and Superior Craton regions of Quebec, Canada. In the first quarter of 2004 the Company issued 20,300,050 shares of common stock for services
valued at $5,180,053. Valuation was based on the approximate trading value of the Companys
shares on the date issued. During the third quarter of 2004 the Company issued 2,634,000 shares of common stock to liquidate
$263,400 of advances. On January 13, 2005, the Company changed its name to Gulf Coast Oil & Gas, Inc. Financial Statement Presentation The Company was a shell at the time of the acquisition having only $192 in assets; the acquisition
was treated as a reverse merger whereby the acquired company is treated as the acquiring company
for accounting purposes. Since Otish Corp., the acquired company was incorporated in August 2003;
no comparative financial statements are presented. An Exploration Stage Company The Company is an Exploration Stage Company since it is engaged in the search for mineral deposits,
which are not in the development or productions stage. As an exploration stage company the Company
will present, Since Inception, results on its statements of operations, stockholders equity and
cash flows.




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##### Table of Contents



GULF COAST OIL & GAS, INC. AND SUBSIDIARY
(Formerly OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY)
(An Exploration Stage Company) NOTES TO FINANCIAL STATEMENTS December 31, 2004 NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  CONTINUED Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all short-term debt securities
purchased with a maturity of three months or less to be cash equivalents. There was no cash paid
during the periods for interest or taxes. Property and Equipment Property and equipment are carried at cost. Maintenance, repairs and renewals are expensed as
incurred. Depreciation of property and equipment is provided for over their estimated useful
lives, which range from three to five years, using the straight-lined method. Website Development Costs The Company has expended $26,019 in Website Development Costs through September 30, 2004 for
internal use software. These costs are being amortized over a three year estimated life and were
written off at December 31, 2004 as part of the cost of mineral rights abandoned. Mineral Rights The Company uses the full costs method of accounting for its mineral reserves. Under this method
of accounting, properties are divided into cost centers. The Company presently has two cost
centers. All acquisition, exploration, and development costs for properties within each cost
center are capitalized when incurred. The Company intends to deplete these costs equally over the
estimated units to be recovered from the properties. These costs were written off at December 31,
2004 as part of the cost of mineral rights abandoned. Use of Estimates The preparation of the consolidated financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that affect certain
reported amounts and disclosures. Accordingly, actual results could differ from those estimates.




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GULF COAST OIL & GAS, INC. AND SUBSIDIARY
(Formerly OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY)
(An Exploration Stage Company) NOTES TO FINANCIAL STATEMENTS December 31, 2004 NOTE 2  MINERAL RIGHTS  CONTINUED The required claim tax/renewal fees of $12,495 CDN by the due date of November 27, 2003. The
Company is required to make a minimum advanced royalty payment of $15,000 CDN once mining stage
begins. Royalties are subject to underlying royalties of 2% of the net smelter returns and 2% of
the gross overriding royalty as defined in the agreement. The Company total outlay for the joint
venture shall not exceed $375,000 CDN. The Company owns 45% of the joint venture. At present the Company has no proven properties. At December 31, 2004 the Company decided to abandon the above mineral rights. The balance of the
rights and the net book value of the website development costs were expensed. The total amount
written off was $193,226. NOTE 3  ADVANCES The advances are funds raised by management for the Company. It is the Companys intention to
convert these funds into shares of common stock. On July 15, 2004 the Company entered into
subscription agreements at $.10 per share to complete this conversion effort. There was $263,400
of advances converted to common stock in this transaction. In addition an addition $34,470 was
advanced to the Company at December 31, 2004. NOTE 4  SERIES A PREFERRED STOCK Each share of preferred, has 15 votes compared to each share of common, which has only one vote.
In the second quarter 2004 all outstanding shares of Preferred Stock were redeemed for $1,000. NOTE 5  RELATED PARTIES The Company owes the President and shareholder of the Company $71,113 for compensation and expense
reimbursement at December 31, 2004 and $17,390 at December 31, 2003. The Company has entered into an executive employment agreement with this individual. The agreement
is for the term of 1 year and calls for compensation of $5,000 per month, four weeks of vacation,
and $3,000 a month housing allowance, and an automobile.




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GULF COAST OIL & GAS, INC. AND SUBSIDIARY
(Formerly OTISH MOUNTAIN DIAMOND COMPANY AND SUBSIDIARY)
(An Exploration Stage Company) NOTES TO FINANCIAL STATEMENTS December 31, 2004 NOTE 6  GOING CONCERN The Company has not generated significant revenues or profits to date. This factor among others
may indicate the Company will be unable to continue as a going concern. The Companys continuation
as a going concern depends upon its ability to generate sufficient cash flow to conduct its
operations and its ability to obtain additional sources of capital and financing. The accompanying
financial statements do not include any adjustments that might result from the outcome of this
uncertainty.