[X]
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QUARTERLY
REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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FOR
THE QUARTERLY PERIOD ENDED MARCH 31, 2009
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OR
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[ ]
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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ITEM
1.
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FINANCIAL
STATEMENTS
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|
Index |
Consolidated
Balance Sheets (unaudited)
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F-1
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Consolidated
Statements of Expenses (unaudited)
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F-2
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Consolidated
Statements of Cash Flows (unaudited)
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F-3
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Notes
to the Consolidated Financial Statements (unaudited)
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F-4
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AM
Oil Resources & Technology Inc.
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(Formerly
Aventerra Explorations Inc.)
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(An
Exploration Stage Company)
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Consolidated
Balance Sheets
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(unaudited)
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March
31,
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December
31,
|
|||
2009
|
2008
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|||
ASSETS
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||||
Current
Assets
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||||
Cash
and cash equivalents
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$
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–
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$ |
9,791
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Total
Current Assets
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–
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9,791
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||
Intangible
assets
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5,078,750
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–
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||
Total
Assets
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$
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5,078,750
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$
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9,791
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LIABILITIES
AND STOCKHOLDERS’ EQUITY (DEFICIT)
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||||
Current
Liabilities
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||||
Bank
overdraft
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$
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2,006
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$
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–
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Accounts
payable
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39,499
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24,891
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||
Accounts
payable – related party
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23,445
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22,810
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||
Accrued
liabilities
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6,578
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3,875
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Note
payable
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424,907
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–
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||
Total
Current Liabilities
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496,435
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51,576
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||
Stockholders’
Equity (Deficit)
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||||
Preferred
Stock, 100,000,000 shares authorized, $0.00001 par value,
No
shares issued and outstanding
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–
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–
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||
Common
Stock, 150,000,000 shares authorized, $0.00001 par value,
71,400,000
and 98,900,000 shares issued and outstanding
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714
|
989
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Additional
Paid-in Capital
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4,712,581
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50,511
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Deficit
Accumulated During the Exploration Stage
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(130,980)
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(93,285)
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Total
Stockholders’ Equity (Deficit)
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4,582,315
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(41,785)
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Total
Liabilities and Stockholders’ Equity (Deficit)
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$ |
5,078,750
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$
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9,791
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AM
Oil Resources & Technology Inc.
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(Formerly
Aventerra Explorations Inc.)
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(An
Exploration Stage Company)
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Consolidated
Statements of Expenses
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(unaudited)
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Period
from
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|||
February
27, 2007
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|||
(Inception)
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|||
Three
months ended March 31,
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To
March 31,
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||
2009
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2008
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2009
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Costs
and Expenses
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|||
General
and Administrative
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$ 14,815
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$ –
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$ 20,790
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Amortization
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21,250
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–
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21,250
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Total
costs and expenses
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36,065
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–
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42,040
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Interest
expense
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1,702
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–
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1,702
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Foreign
currency exchange loss
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(72)
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–
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(72)
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Net
Loss Before Discontinued Operations
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(37,695)
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–
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(43,670)
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Loss
from Discontinued Operations
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|||
Discontinued
Operations (Note 7)
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–
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(12,107)
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(87,310)
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Net
Loss
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$ (37,695)
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$ (12,107)
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$ (130,980)
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Net
Loss Per Share – Basic and Diluted:
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|||
Discontinued
Operations
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N/A
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$ 0.00
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N/A
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Net
Loss
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$ 0.00
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$ 0.00
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N/A
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Weighted
Average Shares Outstanding – Basic and Diluted
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87,594,000
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98,900,000
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81,072,000
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Period
from
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|||
February
27, 2007
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|||
(Date
of Inception)
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|||
Three
months ended March 31,
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To
March 31,
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||
2009
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2008
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2009
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Operating
Activities
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|||
Net
loss for the period
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$ (37,695)
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$ (12,107)
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$ (130,980)
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Adjustment
to reconcile net loss to cash
used
in operating activities:
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|||
Donated
services and expenses
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–
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1,500
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10,500
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Accretion
of discount on promissory note
|
1,702
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–
|
1,702
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Amortization
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21,250
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–
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21,250
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Changes
in operating assets and liabilities:
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|||
Prepaid
expenses
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–
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(1,224)
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–
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Account
payable
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243
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2,127
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25,134
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Accrued
liabilities
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2,703
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1,534
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6,578
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Net
Cash Used in Operating Activities
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(11,797)
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(8,170)
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(65,816)
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Financing
Activities
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|||
Bank
overdraft
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2,006
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–
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2,006
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Issuance
of common stock
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–
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–
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41,000
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Due
to related party
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–
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–
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22,810
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Net
Cash Provided by Financing Activities
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2,006
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–
|
65,816
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Decrease
In Cash
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(9,791)
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(8,170)
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–
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Cash
– Beginning of Period
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9,791
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30,841
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–
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Cash
– End of Period
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$ –
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$ 22,671
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$ –
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Supplemental
Disclosures
|
|||
Interest
paid
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$ –
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$ –
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$ –
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Income
taxes paid
|
–
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–
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–
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Non-Cash
Disclosures
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|||
Reclass
of related party debt to accounts payable
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$ –
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$ –
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$ 22,810
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Common
stock issued for intangible assets
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4,676,795
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–
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4,676,795
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Note
payable issued for intangible assets
|
500,000
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–
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500,000
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Discount
on note payable
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(76,795)
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–
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(76,795)
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Repurchase
of common stock
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15,000
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–
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15,000
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1.
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Nature
of Operations and Continuance of
Business
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2.
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Going
Concern
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3.
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Patents
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4.
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Note
Payable
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5.
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Related
Party Transactions
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a)
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During
the three month period ended March 31, 2008, the Company recognized
$1,500, respectively, for management services at $500 per month provided
by the former President of the Company. These services were terminated in
November 2008 and there were no charges for the period ended March 31,
2009.
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b)
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At
March 31, 2009 and December, 31, 2008, the Company owed to a former
director of the Company $23,445 and $22,810, respectively, representing
expenditures paid on behalf of the Company. The former director resigned
as director and officer on November 25, 2008, and amounts due to the
former director are now reflected in accounts
payable.
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c)
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On
February 22, 2009, 57,500,000 shares of common stock were cancelled and
returned to treasury by the former President of the Company in
consideration for $15,000. At March 31, 2009, the amount is included in
accounts payable.
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6.
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Common
Stock
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a)
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The
preferred stock may be divided into and issued in series by the Board of
Directors. The Board is authorized to fix and determine the designations,
rights, qualifications, preferences, limitations and terms, within legal
limitations. As of March 31, 2009 and December 31, 2008, there was no
preferred stock issued and
outstanding.
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b)
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On
February 18, 2009, the Company reduced the authorized shares of common
stock from 1,150,000,000 shares of common stock with a par value of
$0.00001 per share to 150,000,000 shares of common stock with a par value
of $0.00001 per share. The authorized shares of preferred stock will
remain unchanged.
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c)
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On
February 22, 2009, 57,500,000 shares of common stock were cancelled and
returned to treasury by the former President of the Company in
consideration for $15,000. As at March 31, 2009, the amount is included in
accounts payable.
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d)
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On
February 22, 2009, 30,000,000 common shares with a deemed fair value of
$4,676,795 were issued pursuant to the Asset Purchase Agreement with AM
Oil Resources & Technology Inc described in Note 3. Because the
Company’s common stock is not actively traded, the fair value of the stock
was determined as the residual value of the fair value of the patent less
the fair value of the note payable issued in the
transaction.
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7.
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Discontinued
Operations
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For
the
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For
the
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Period
from
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Three
months
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Three
Months
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February
27, 2007
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Ended
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Ended
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(Inception)
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March
31,
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March
31,
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To
March 31,
|
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2009
|
2008
|
2009
|
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Expenses
|
||||
General
and administrative
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$ –
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$ 3,573
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$ 20,041
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Mineral
property costs
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–
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16,000
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Professional
fees
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–
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8,534
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51,269
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Net
Loss from Discontinued Operations
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$ –
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$ (12,107)
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$ (87,310)
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ITEM
2.
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MANAGEMENT'S
DISCUSSION AND ANALYSIS OR PLAN OF
OPERATION.
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1.
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Thermal
recovery, which involves the introduction of heat such as the injection of
steam to lower the viscosity, or thin, the heavy viscous oil, and improve
its ability to flow through the reservoir. Thermal techniques account for
over 50 percent of U.S. EOR production, primarily in
California.
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2.
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Gas
injection, which uses gases such as natural gas, nitrogen, or carbon
dioxide that expand in a reservoir to push additional oil to a production
wellbore, or other gases that dissolve in the oil to lower its viscosity
and improves its flow rate. Gas injection accounts for nearly 50 percent
of EOR production in the United
States.
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3.
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Chemical
injection, which can involve the use of long-chained molecules called
polymers to increase the effectiveness of waterfloods, or the use of
detergent-like surfactants to help lower the surface tension that often
prevents oil droplets from moving through a reservoir. Chemical techniques
account for less than one percent of U.S. EOR
production.
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ITEM
3.
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QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.
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ITEM
4.
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CONTROLS
AND PROCEDURES.
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ITEM
1A.
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RISK
FACTORS
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ITEM
5.
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OTHER
EVENTS
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ii)
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issued
30,000,000 restricted common stock to the
Vendor;
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iii)
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issued
a $500,000 note to the Vendor, in the amount of $500,000 payable in 25
monthly payments of $20,000 beginning April 30, 2009, and ending on April
30, 2011. Each monthly payment is provided a 30 day grace period, though
the total $500,000 must be paid prior to April 30, 2011. The Company
failed to make the initial payment and subsequent payments. The note
holder granted a waiver until July 31, 2009. Because the waiver does not
cover the remaining 12-month period, the entire balance of the debt is
shown as a current liability.
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ITEM
6.
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EXHIBITS.
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Exhibit
No.
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Document
Description
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31.1
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Certification
of Principal Executive Officer and Principal Financial Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.
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32.1
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Certification
of Chief Executive Officer and Chief Financial Officer pursuant to section
906 of the Sarbanes-Oxley Act of
2002.
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AM
OIL RESOURCES & TECHNOLOGY INC.
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BY:
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KEITH A. JOHNSON | |
Keith
A. Johnson, President, Principal ExOfficer,
Treasurer, Principal Financial Officer, Principal
Accounting Officer and a memberof
the Board of Directors.
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Exhibit
No.
|
Document
Description
|
31.1
|
Certification
of Principal Executive Officer and Principal Financial Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
Certification
of Chief Executive Officer and Chief Financial Officer pursuant to section
906 of the Sarbanes-Oxley Act of
2002.
|