UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.20549
FORM 10-QSB
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the First Quarter ended June 30, 2007
Commission File Number: 0-30891
(Exact name of Registrant as specified in its charter)
Nevada | 91-1980526 | |
(Jurisdiction of Incorporation) | (I.R.S. Employer Identification No.) | |
604-700 West Pender Street, Vancouver, BC | V6C 1G8 | |
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (604) 602-1650
Securities registered pursuant to Section 12(g) of the Act: Common Stock
58,935,584 shares off common stock were outstanding as of June 30, 2007.
Transitional Small Business Disclosure Format (check one): yes o no x
INTRODUCTION
This Registrant (Reporting Company) has elected to refer to itself, whenever possible, by normal English pronouns, such as "We", "Us" and "Our". This Form 8-K may contain forward-looking statements. Such statements include statements concerning plans, objectives, goals, strategies, future events, results or performances, and underlying assumptions that are not statements of historical fact. This document and any other written or oral statements made by us or on our behalf may include forward-looking statements which reflect our current views, with respect to future events or results and future financial performance. Certain words indicate forward-looking statements, words like "believe", "expect", "anticipate", "intends", "estimates", "forecast", "projects", and similar expressions.
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PART I: FINANCIAL INFORMATION
Item 1.Financial Statements.
The financial statements, for the three months ended June 30, 2007, included herein have been prepared by the us, without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnotes disclosure normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures are adequate to make the information not misleading.
The Remainder of this Page is Intentionally left Blank
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TURNER VALLEY OIL & GAS, INC.
CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2007
Consolidated Balance Sheets
Consolidated Statements of Operations
Consolidated Statements of Cash Flows
Notes to the Consolidated Financial Statements
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TURNER VALLEY OIL & GAS, INC. | ||||||||
(A Development Stage Company) | ||||||||
Consolidated Balance Sheets | ||||||||
ASSETS | ||||||||
June 30, | December 31, | |||||||
2007 | 2006 | |||||||
(Unaudited) | ||||||||
CURRENT ASSETS | ||||||||
Cash | $ | - | $ | - | ||||
Accounts receivable | 6,054 | 8,910 | ||||||
Total Current Assets | 6,054 | 8,910 | ||||||
OIL AND GAS PROPERTIES USING FULL COST ACCOUNTING | ||||||||
Properties subject to amortization | 23,177 | 28,177 | ||||||
Unproved properties | 925,544 | 925,544 | ||||||
Net Oil and Gas Properties | 948,721 | 953,721 | ||||||
OTHER ASSETS | ||||||||
Investments - Marketable Securities available for sale | 167,511 | 604,349 | ||||||
Total Other Assets | 167,511 | 604,349 | ||||||
TOTAL ASSETS | $ | 1,122,286 | $ | 1,566,980 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Bank Overdraft | $ | 16,055 | 3,397 | |||||
Accounts payable | 400,410 | $ | 400,410 | |||||
Notes payable, related party | 23,658 | 23,658 | ||||||
Total Current Liabilities | 440,123 | 427,465 | ||||||
Total Liabilities | 440,123 | 427,465 | ||||||
Other Commitments or Contingencies | - | - | ||||||
STOCKHOLDERS' EQUITY | ||||||||
Common stock, 100,000,000 shares authorized of $0.001 par value, 58,535,984 and 58,535,984 shares issued and outstanding, respectively | 58,537 | 58,537 | ||||||
Capital in excess of par value | 4,697,173 | 4,697,173 | ||||||
Accumulated other comprehensive income | 87,973 | 495,283 | ||||||
Deficit accumulated during the development stage | (4,161,520 | ) | (4,111,478 | ) | ||||
Total Stockholders' Equity | 682,163 | 1,139,515 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,122,286 | $ | 1,566,980 |
The accompanying notes are an integral part of these consolidated financial statements.
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TURNER VALLEY OIL & GAS, INC. | ||||||||||||||||||||
(A Development Stage Company) | ||||||||||||||||||||
Consolidated Statements of Operations and Comprehensive Income/(Loss) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
From | ||||||||||||||||||||
Inception on | ||||||||||||||||||||
For the | For the | April 21, 1999 | ||||||||||||||||||
Three Months Ended | 6 months Ended | Through | ||||||||||||||||||
June 30, | June 30, | June 30, | ||||||||||||||||||
2007 | 2006 | 2007 | 2006 | 2007 | ||||||||||||||||
REVENUE | ||||||||||||||||||||
Royalties received | $ | - | $ | 8,585 | $ | 401 | $ | 8,828 | $ | 21,275 | ||||||||||
EXPENSES | ||||||||||||||||||||
Cost of production | - | - | - | - | 51,753 | |||||||||||||||
Depletion | 2,500 | 2,500 | 5,000 | 5,000 | 25,767 | |||||||||||||||
General and administrative | 65,238 | 44,036 | 99,819 | 335,404 | 4,794,997 | |||||||||||||||
Total Expenses | 67,738 | 46,536 | 104,819 | 340,404 | 4,872,517 | |||||||||||||||
NET OPERATING LOSS | (67,738 | ) | (37,951 | ) | (104,418 | ) | (331,576 | ) | (4,851,242 | ) | ||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||||||
Gain on sale of investments | 12,537 | 237,825 | 54,376 | 60,161 | 693,014 | |||||||||||||||
Interest expense | - | - | - | - | (3,292 | ) | ||||||||||||||
Total Other Income (Expense) | 12,537 | 237,825 | 54,376 | 60,161 | 689,722 | |||||||||||||||
NET PROFIT/(LOSS) BEFORE INCOME TAX | $ | (55,201 | ) | $ | 199,874 | $ | (50,042 | ) | $ | (271,415 | ) | $ | (4,161,520 | ) | ||||||
Income tax | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
NET PROFIT/(LOSS) | $ | (55,201 | ) | $ | 199,874 | $ | (50,042 | ) | $ | (271,415 | ) | $ | (4,161,520 | ) | ||||||
BASIC LOSS PER COMMON SHARE | $ | (0.00 | ) | $ | 0.00 | $ | (0.00 | ) | $ | (0.00 | ) | |||||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | 58,535,984 | 54,656,702 | 58,535,984 | 54,656,702 | ||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
NET LOSS | $ | (55,201 | ) | $ | (518,272 | ) | $ | (50,042 | ) | $ | (548,902 | ) | $ | (4,161,520 | ) | |||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
Unrealized Gain on Marketable Securities | 21,347 | (407,310 | ) | - | 92,058 | |||||||||||||||
Foreign Currency Translation | - | - | 725 | 2,367 | (4,085 | ) | ||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | (33,854 | ) | $ | (518,272 | ) | $ | (456,627 | ) | $ | (546,535 | ) | $ | (4,073,547 | ) |
The accompanying notes are an integral part of these consolidated financial statements.
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Turner Valley Oil & Gas Corporation | ||||||||||||||||||||||||
(A Development Stage Company) | ||||||||||||||||||||||||
Statement of Stockholders' Equity and Comprehensive Income | ||||||||||||||||||||||||
For the Six Months Ended June 30, 2007 | ||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||
Additional | Comprehensive | Retained | Subscription | |||||||||||||||||||||
Shares | Amount | Paid-in-Capital | Income/(Loss) | Earnings | Receivable | |||||||||||||||||||
Balance at inception April 21, 1999 | 0 | 0 | 0 | |||||||||||||||||||||
Shares issued for services during 1999 | 41,080 | 41 | 5,094 | |||||||||||||||||||||
Shares issued for cash during 1999 | 16,000 | 16 | 99,984 | |||||||||||||||||||||
Net loss for the period ended December 31, 1999 | (96,935 | ) | ||||||||||||||||||||||
Balance at December 31, 1999 | 57,080 | 57 | 105,078 | 0 | (96,935 | ) | 0 | |||||||||||||||||
Net Loss for the period ended December 31, 2000 | (27,242 | ) | ||||||||||||||||||||||
Balance at December 31, 2000 | 57,080 | 57 | 105,078 | 0 | (124,177 | ) | 0 | |||||||||||||||||
Net Loss for the period ended December 31, 2001 | (65,380 | ) | ||||||||||||||||||||||
Balance at December 31, 2001 | 57,080 | 57 | 105,078 | 0 | (189,557 | ) | 0 | |||||||||||||||||
Shares issued for debt reduction during 2002 | 8,000 | 8 | 99,992 | |||||||||||||||||||||
Shares issued for services during 2002 | 2,190,150 | 2,190 | 1,092,885 | |||||||||||||||||||||
Net Loss for the period ended December 31, 2002 | (1,240,008 | ) | ||||||||||||||||||||||
Balance at December 31, 2002 | 2,255,230 | 2,255 | 1,297,955 | 0 | (1,429,565 | ) | 0 | |||||||||||||||||
Shares issued for services at $.02 per share | 1,500,000 | 1,500 | 298,500 | |||||||||||||||||||||
Rounding of shares from reverse split | 2,000 | 2 | (2 | ) | ||||||||||||||||||||
Shares issued for accounts payalbe at $.05 Per share | 8,000,000 | 8,000 | 392,000 | |||||||||||||||||||||
Shares issued for services at $.015 per share | 31,729,200 | 31,729 | 444,209 | |||||||||||||||||||||
Shares issued for services at $.015 per share | 9,487,504 | 9,488 | 132,825 | |||||||||||||||||||||
Shares issued pursuant to S-8 registration at $.05 per share | 2,000,000 | 2,000 | 98,000 | |||||||||||||||||||||
Shares issued pursuant to S-8 registration at $.05 per share | 650,000 | 650 | 31,850 | |||||||||||||||||||||
Cancellation of Common Stock | (16,691,520 | ) | (16,692 | ) | (220,459 | ) | ||||||||||||||||||
Shares issued for cash at $.05 per share | 3,000,000 | 3,000 | 147,000 | |||||||||||||||||||||
Shares issued for cash at $.30 per share | 100,000 | 100 | 29,900 | |||||||||||||||||||||
Shares issued for cash at $.35 per share | 528,570 | 529 | 184,471 | |||||||||||||||||||||
Foreign Currency Translation | (1,718 | ) | ||||||||||||||||||||||
Net Loss for the period ended December 31, 2003 | 0 | 0 | 0 | (1,137,760 | ) | |||||||||||||||||||
Balance at December 31, 2003 | 42,560,984 | 42,561 | 2,836,249 | (1,718 | ) | (2,567,325 | ) | 0 | ||||||||||||||||
Shares issued pursuant to S-8 registration at $.20 per share | 932,500 | 933 | 185,567 | |||||||||||||||||||||
Shares issued pursuant to S-8 registration at $.08 per share | 1,597,500 | 1,598 | 126,202 | |||||||||||||||||||||
Shares issued pursuant to S-8 registration at $.08 per share | 1,000,000 | 1,000 | 79,000 | |||||||||||||||||||||
Shares issued pursuant to S-8 registration at $.11 per share | 85,000 | 85 | 9,265 | |||||||||||||||||||||
9/30/2004 | ||||||||||||||||||||||||
Shares issued pursuant to S-8 registration at $ .20 per share | 1,385,000 | 1,385 | 275,615 | |||||||||||||||||||||
Shares issued for Cash at $.05 per share | 975,000 | 975 | 47,775 | |||||||||||||||||||||
Subscription Recievable | (48,750 | ) | ||||||||||||||||||||||
Foreign Currency Translation | (2,367 | ) | ||||||||||||||||||||||
Net Loss for the period ended December 31, 2004 | 0 | 0 | 0 | 0 | (784,001 | ) | ||||||||||||||||||
Balance at December 31, 2004 | 48,535,984 | 48,537 | 3,559,673 | (4,085 | ) | (3,351,325 | ) | (48,750 | ) | |||||||||||||||
Shares issued pursuant to S-8 registration at $.13 per share | 2,850,000 | 2,850 | 367,650 | |||||||||||||||||||||
Shares issued pursuant to S-8 registration at $.13 per share at $.13 per share | 2,000,000 | 2,000 | 258,000 | |||||||||||||||||||||
Foreign Currency Translation | (725 | ) | ||||||||||||||||||||||
Subscription Recievable | 48,750 | |||||||||||||||||||||||
Net Loss for the period ended December 31, 2005 | (472,917 | ) | ||||||||||||||||||||||
Balance at December 31, 2005 | 53,385,984 | 53,387 | 4,185,323 | (4,810 | ) | (3,824,242 | ) | 0 | ||||||||||||||||
Shares issued pursuant to S-8 registration at $.13 per share | 2,000,000 | 2,000 | 258,000 | |||||||||||||||||||||
Shares issued pursuant to S-8 registration at $.08 per share | 1,600,000 | 1,600 | 126400 | |||||||||||||||||||||
Shares issued pursuant to S-8 registration at $.08 per share | 1,450,000 | 1,450 | 114,550 | |||||||||||||||||||||
Shares issued under Rule 144 at $0.13 per share | 100,000 | 100 | 12,900 | |||||||||||||||||||||
Net Income for the year ended December 31, 2006 | 500,093 | (287,236 | ) | |||||||||||||||||||||
Balance as at December 31, 2006 | 58,535,984 | 58,537 | 4,697,173 | 495,283 | (4,111,478 | ) | 0 | |||||||||||||||||
Revaluation of investment in Win | (407,310 | ) | ||||||||||||||||||||||
Net Income/(loss) for the quarter ended June 30, 2007 | -50,042 | |||||||||||||||||||||||
Balance as at June 30, 2007 | 58,535,984 | 58,537 | 4,697,173 | 87,973 | (4,161,520 | ) | 0 |
The accompanying notes are an integral part of these consolidated financial statements.
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TURNER VALLEY OIL & GAS, INC. | ||||||||||||
(A Development Stage Company) | ||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||
(Unaudited) | ||||||||||||
From | ||||||||||||
Inception on | ||||||||||||
April 21, 1999 | ||||||||||||
For the 6 months Ended | Through | |||||||||||
June 30, | June 30, | |||||||||||
2007 | 2006 | 2007 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net loss | $ | (50,042 | ) | $ | (271,414 | ) | $ | (4,161,520 | ) | |||
Adjustments to reconcile net loss to net cash | ||||||||||||
used in operating activities: | ||||||||||||
Depletion | 5,000 | 5,000 | 25,767 | |||||||||
Loss on abandonment of property | - | - | 25,481 | |||||||||
Gain on sale of Investment | (54,736 | ) | (66,328 | ) | (703,515 | ) | ||||||
Common stock issued for services rendered | - | 260,000 | 4,241,960 | |||||||||
Non-cash Effect from Foreign Currency Translation | - | 725 | (4,080 | ) | ||||||||
Changes in operating assets and liabilities: | ||||||||||||
Increase (Decrease) in bank Overdraft | 16,055 | - | 16,055 | |||||||||
Increase (Decrease) in accounts receivable | 2,857 | (7,291 | ) | (2,135 | ) | |||||||
Increase (Decrease) in accounts payable - related Party | - | 23,659 | ||||||||||
Increase in accounts payable and accrued expenses | - | 54,726 | 301,189 | |||||||||
Net Cash Used in Operating Activities | (80,866 | ) | (24,582 | ) | (237,139 | ) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Proceeds from sale of investments | 80,866 | 74,972 | 861,647 | |||||||||
Investing in new Oil & Gas working interests | - | (126,203 | ) | (825,544 | ) | |||||||
Expenditures for oil and gas property development | - | (312,714 | ) | |||||||||
Net Cash Used in Investing Activities | 80,866 | (51,231 | ) | (276,611 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Proceeds from issuance of common stock | - | - | 465,000 | |||||||||
Receipt of subscription receivable | - | - | 48,750 | |||||||||
Net Cash Provided by Financing Activities | - | - | 513,750 | |||||||||
NET INCREASE (DECREASE) IN CASH | - | (75,813 | ) | - | ||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | - | 78,848 | - | |||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | - | $ | 3,035 | $ | - |
TURNER VALLEY OIL & GAS, INC. | ||||||||||||
(A Development Stage Company) | ||||||||||||
Consolidated Statements of Cash Flows (Continued) | ||||||||||||
From | ||||||||||||
Inception on | ||||||||||||
April 21, 1999 | ||||||||||||
For the Six Months | Through | |||||||||||
June 30, | June 30, | |||||||||||
2007 | 2006 | 2007 | ||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||||||
CASH PAID FOR: | ||||||||||||
Interest | $ | - | $ | - | $ | - | ||||||
Income taxes | $ | - | $ | - | $ | - | ||||||
NON-CASH FINANCING ACTIVITIES | ||||||||||||
Common stock issued for services rendered | $ | - | $ | 260,000 | $ | 3,709,460 | ||||||
Common stock issued for retirement of payables | $ | - | $ | - | $ | 532,500 |
The accompanying notes are an integral part of these consolidated financial statements.
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Item 2. Discussion and Analysis or Plan of Operation.
(A) | PLAN OF OPERATION. |
The Company’s sole focus is on the exploration for, development drilling for, and transmission facilities for the production and sale of oil and gas. The Company has incorporated a wholly owned Canadian subsidiary named T.V Oil & Gas Canada Limited. This Company is a Federal Canadian Registered Company and complies with all applicable laws within Canada.
Our financial statements contain the following additional material notes:
(Note 6-Going Concern) The Company’s financial statements have been prepared assuming that the Company will continue as a going concern. The Company is dependent upon raising capital to execute its business plan. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. It is management's plan to raise capital in order to execute their business plan, thus creating necessary operating revenues.
(Note 3-Development Stage Company) The Company is a development stage company as defined in Financial Accounting Standards Board Statement 7. It is concentrating substantially all of its efforts in raising capital and developing its business operations in order to generate operating revenues.
(B) | DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. |
During the three months ended June 30, 2007 the Company had no royalty revenues from its working interest in the Strachan property as compared to $8,585 for the corresponding period ending June 30, 2006.
The Company’s Operator has indicated that completion and testing of the Strachan Leduc well will commence once all partners in the venture are fully paid. The Company has paid all authorizations for expenditure that were presented by the Operator on this project. All the Company’s properties are geologically and physically independent of one another. They are all located in the Western Canadian Geologic Basin centred in Alberta, Canada.
The Strachan Property
On August 20, 2003, the Company entered into a purchase agreement to acquire 1% interest in a producing gas well, located at 2-2-38-9W5 Red Deer, Alberta, Canada. The gas production rate at the time of the acquisition fluctuated between 1.5 and 2 MMCF/Day (million cubic feet of gas per day). The Company’s senior management has
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set out a rework program for this well. The rework program calls for an acid wash and acid stimulation of the producing formation. The Company has agreed to participate in the program. The program was completed on October 15, 2003 and as of October 20, 2003, the new production rates have stabilized at 2.66 MMCF/Day, representing a 40% increase over initial production rates.
In addition to the preceding acquisition, the Company entered into a purchase agreement to acquire 0.5% interest in 10 Sections (6,400 acres) of drilling rights offsetting Sct. 22-38-9W-5. These offsetting sections have identified seismic anomalies in multiple cretaceous pay zones. The purchase price of the property was $45,114
The Strachan Property – Leduc region
On September 23, 2005 Turner Valley Oil and Gas Inc. through its wholly owned subsidiary TV Oil and Gas Canada Limited, has entered into a farm-out agreement with Odin Capital Inc. of Calgary, Alberta.
The terms of the Farm-Out agreement are as follows:
In exchange for our paying 3.00% of all costs associated with drilling, testing and completing the test well (expected drilling cost – approx. $6.3 million Canadian to the 100% interest) on the property that is referred to as the Leduc Formation test well, we will have earned;
1) | In the spacing unit for the Earning Well, a 1.500% interest in the petroleum and natural gas below the base of the Mannville excluding natural gas in the Leduc formation, and a 3.00% interest in the natural gas in the Leduc formation before payout subject to payment of an Overriding Royalty which is convertible upon payout at the Royalty Owners option to 50% of our interest. |
2) | A 1.200% interest in the rights below the base line of the Shunda formation in Section 10,Township 38, Range 9W5M |
3) | A 0.966% interest in the rights below the base of the Shunda formation in sections 15 & 16,Township 38,Range 9W5M, down to the base of the deepest formation penetrated. |
On July 6th, 2006, the Company purchased an additional 2% from its Chairman & CEO for a total cost of $190,882. This transaction was completed on a dollar paid for dollar spent.
Additionally, the Company incurred $44,405 of further costs associated with the exploration of the well during the quarter.
The total costs are to date are $525,544 for our interest, under the terms of our agreement.
The Strachan Prospect is located 80 miles NW of Calgary, Alberta.
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Mississippi Prospect
On August 23rd, 2006, the Company entered into a joint venture agreement with Griffin & Griffin Exploration, LLC. to acquire an interest in a drilling program comprising 50 natural gas and/or oil wells. The area in which the proposed wells are to be drilled is comprised of approximately 300,000 gross acres of land located between Southwest Mississippi and North East Louisiana. The proposed wells will be targeting the Frio and Wilcox Geological formations. The first 20 proposed wells are located within tie-in range of existing pipeline infrastructures. TurnerValley has agreed to pay 10% of all prospect fees, mineral leases, surface leases and drilling and completion costs to earn a net 8% share of all production zones to the base of the Frio formation and 7.5% of all production to the base of the Wilcox formation. Total Costs to date are $400,000.
After evaluating the Company’s future interest in this project, the Company has decided to assign all of its working interest to third parties for $400,000. From the outset, the Company’s intention was to fully participate in this project; however, the diminution in value of the Company’s investment in Win Energy determined that the Company could not continue in the Mississippi project.
General & Administrative Costs
General and administrative costs for the three months ended June 30, 2007 increased to $65,238, when compared to $44,036. The increase was caused by costs relating to rent and telephone expenditures for the period. The total costs including depletion for the three months ended June 30, 2007 was $67,825.
Net Loss for the three months ended June 30, 2007 was $(55,201) as compared to a Net Income of $199,824 for the corresponding period ending June 30, 2006. The increase in Net Loss was caused by the decrease in the Company’s investment in Win Energy Corp. (‘WIN”).
Liquidity
The Company’s net working capital deficit for the quarter ended June 30, 2007 increased to $(434,069), from a deficit for the year ended December 31, 2006 of $(418,555). The increase in working capital deficit was caused by increases in general overhead and the diminution in the value of its investment in Win Energy.
To date, we have not invested in derivative securities or any other financial instruments that involve a high level of complexity or risk. We expect that in the future, any excess cash will continue to be invested in high credit quality, interest-bearing securities.
We believe cash from operating activities, and our existing cash resources may not be sufficient to meet our working capital requirements for the next 12 months. We will likely require additional funds to support the Company’s business plan. Management intends to raise additional working capital through debt and equity financing. There canbe no assurance that additional financing will be available on acceptable terms, if at all. If adequate funds are not available, we may be unable to take advantage of future opportunities, respond to competitive pressures, and may have to curtail operations.
There are no legal or practical restrictions on the ability to transfer funds between parent and subsidiary companies. There are no known trends or uncertainties excepting those herein disclosed, that will have a material impact on revenues.
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PART II: OTHER INFORMATION
Item 1. Legal Proceedings. None.
Item 2. Changes in Securities. None.
Item 3. Defaults on Senior Securities. None
Item 4. Submission of Matters to Vote of Security Holders. None.
Item 5. Other Information. None.
Item 6. Exhibits and Reports on Form 8-K.
Exhibit 31. Section 302 Certification
Exhibit 32. Certification Pursuant TO 18 USC Section 1350
The Remainder of this Page is Intentionally left Blank
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this Form 10-Q Report for the Second Quarter ended June 30, 2007, has been signed below by the following persons on behalf of the Registrant and in the capacity and on the date indicated.
TurnerValley Oil and Gas, Inc.
Dated: August 13, 2007
by
/s/Kulwant Sandher | /s/Donald Jackson Wells | /s/Joseph Kane | ||
Kulwant Sandher President / CFO | Donald Jackson Wells director | Joseph Kane director |
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