RESULTS OF OPERATIONS

Three months ended March 31, 2022, and 2021

Our net loss for the three months ended March 31, 2022, was $35,794 as compared to a loss of $1,532,598 the three months ended March 31, 2021.

Office and general expenses consisted of filing and transfer agent fees of $1,753 (March 2021 - $1,458) rent of $450 (March 2021 - $600), legal $nil (March 2021 - $1,000) for the three months ended March 31, 2022. Demographic analysis of $21,000 was incurred in consulting fees in the current quarter.

LIQUIDITY AND CAPITAL RESOURCES

If we are unsuccessful in obtaining financing and fail to achieve and sustain a profitable level of operations, we may be unable to fully implement our business plans or continue operations. Future financing through equity, debt or other sources could result in the dilution of Company equity, increase our liabilities, and/or restrict the future availability and use of cash resources. Additionally, there can be no assurance that adequate financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If we are not able to obtain the additional financing on a timely basis, we will be unable to execute our business plans, and will be required to scale back the pace and magnitude of our oil and gas prospects drilling and development initiatives. We also may not be able to meet our vendor and service provider obligations as they become due. In such event, we will be forced to cease our operations.

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