This section of this quarterly report includes a number of forward-looking
statements that reflect our current views with respect to future events and
financial performance. Forward-looking statements are often identified by words
like: believe, expect, estimate, anticipate, intend, project and similar
expressions, or words which, by their nature, refer to future events. You should
not place undue certainty on these forward-looking statements, which apply only
as of the date of this report. These forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to differ
materially from historical results or our predictions.
Plan of Operation
We are a start-up, oil and gas exploration stage corporation and distributor of
oil field equipment. An exploration stage corporation is one engaged in the
search for oil and gas reserves which are not in either the development or
production stage. We have only recently acquired an entity with an oilfield on
its property. We have not yet generated or realized any revenues from our
business operations.
On December 3, 2020, the Company announced it has executed a contract to acquire
100% ownership of Torrance Petroleum Co, a Wyoming entity that holds a 520 Acre
California Oilfield in the Monterey Shale. Torrance Petroleum will become a
wholly owned subsidiary the Company, via a transaction that has been structured
as a stock-for-stock exchange. The oil field will now be the Company'score
focus. Philip Andrews a Irish Citizen and experienced oil and gas executive has
been named Managing Director, and he will oversee the permitting and drilling
plans of the 520 acre development with plans for ten initial wells to be drilled
to bring the field into production, he will also be seeking additional potential
oil and gas opportunities in the USA and internationally for the Company to
acquire as part of its rapid expansion plans.
Results of Operations
We have not yet recognized any revenue as of July 31, 2022
For the three months ended July 31, 2022 our net loss was $1,135 compared to
$8,564 for the three months ended July 31, 2020. During the current period we
incurred $1,135 for audit, accounting and filing expense and $0 of interest
expense. In the prior period we incurred $8,564 for audit and accounting expense
and $1,432 of interest expense.
Liquidity and Capital Resources
As of July 31, 2022, we have no available cash, liabilities of $134,688 and an
accumulated deficit of $136,298. During the three months ended July 31, 2022 we
used $1,025 of cash in operations and received $1,025 from our CEO to pay for
operating expenses.
Our sole officer and director is willing to advance funds to us on an as needed
basis until such time as we can sustain our operations without his assistance.
At the present time, we have not made any arrangements to raise additional
cash, other than through as described herein. If we need additional cash and
can't raise it, or Mr. Nagy will not advance the same, we will either have to
suspend operations until we do raise the cash or cease operations entirely.
Other than as described in this paragraph, we have no other financing plans.
2
© Edgar Online, source Glimpses