Item 1. FINANCIAL STATEMENTS


MAVERICK MINERALS CORPORATION
(An Exploration Stage Company)
Consolidated Balance Sheets
Unaudited
(Expressed in U.S. Dollars)

    September 30     December 31  
    2007     2006  
             
             
             
Current Assets            
Cash $  15   $  29  
Prepaid expenses   -     3,186  
TOTAL ASSETS $  15   $  3,215  
             
             
Current Liabilities            
Accounts payable (Note 5) $  112,342   $  35,970  
Accrued liabilities   4,730     84,480  
Loans payable (Note 4)   1,143,540     1,039,040  
TOTAL LIABILITIES   1,260,612     1,159,490  
             
Capital Deficit            
Capital Stock            
  Authorized:            
       100,000,000 common shares at $0.001 par value            
 Issued and fully paid 27,407,208 (2006 - 27,407,208) common shares            
        Par value   27,407     27,407  
Share subscription receivable   (600 )   (600 )
Additional paid-in capital   536,204     536,204  
Deficit, accumulated during the exploration stage   (1,824,481 )   (1,720,159 )
Accumulated other comprehensive income   873     873  
TOTAL CAPITAL DEFICIT   (1,260,597 )   (1,156,275 )
TOTAL LIABILITIES AND CAPITAL DEFICIT $  15   $  3,215  

The accompanying notes are an integral part of these financial statements

- F-1 -

MAVERICK MINERALS CORPORATION
(An Exploration Stage Company)
Consolidated Statements of Operations and Comprehensive Income (Loss)
Unaudited
(Expressed in U.S. Dollars)

    Cumulative From                          
    Date of Inception                          
    (April 21, 2003)   Three Month Period Ended     Nine Month Period Ended  
    to September 30     September 30     September 30  
    2007     2007     2006     2007     2006  
                               
General and administration expenses                              
Audit fees $  151,429   $  9,024   $  (380 ) $  9,024   $  (380 )
Freight   7,601     -     -     -     -  
Insurance   186,297     -     -     -     -  
Accounting, legal, engineering & consulting,                              
    investor relations   186,496     4,410     710     18,327     12,536  
Management fees and stock based compensation (Notes 5 and 7)   711,018     22,500     22,500     67,500     78,901  
Office   55,501     183     225     932     1,298  
Telephone and utilities   83,059     -     -     -     -  
Transfer agent fees   7,075     -     -           435  
Travel   174,962     1,089     2,876     8,538     20,764  
Wages and benefits   86,588     -     -     -     -  
Gain on disposal of assets   (795,231 )   -     -     -     -  
Loss from continuing operations before other income   (854,796 )   (37,206 )   (25,931 )   (104,322 )   (113,554 )
Other income (expenses)                              
Interest expense   (49,357 )   -     -     -     (21,000 )
Loss on settlement of loan payable (Note 6)   (71,600 )   -     -     -     -  
Gain on liabilities write-off   300,973     -     -     -     -  
    (674,780 )   -     -     -     (21,000 )
                               
Loss from continuing operations   (674,780 )   (37,206 )   (25,931 )   (104,322 )   (134,554 )
                               
Income (loss) from discontinued operations (Note 3)   (1,149,701 )   -     138,764     -     138,764  
                               
Income (loss) for the period   (1,824,481 )   (37,206 )   112,833     (104,322 )   4,210  
Other Comprehensive Income                              
Foreign currency translation adjustments   873     -     -     -     -  
Comprehensive Income (loss) $  (1,823,608 ) $  (37,206 ) $  112,833   $  (104,322 ) $  4,210  
                               
Income (loss) per share - basic and diluted       $  (0.00 ) $  0.00   $  (0.00 ) $  0.00  
Weighted average shares outstanding         27,407,208     27,347,308     27,407,208     27,347,308  

The accompanying notes are an integral part of these financial statements

- F-2 -

MAVERICK MINERALS CORPORATION
(An Exploration Stage Company)
Consolidated Statements of Cash Flows
Unaudited
(Expressed in U.S. Dollars)

    Cumulative From              
    Date of Inception              
    (April 21, 2003)   Nine month period ended  
    to September 30     September 30  
    2007     2007     2006  
                   
Operating Activities                  
Net income (loss) for the period $  (1,824,481 ) $  (104,322 ) $  4,210  
Adjustments to reconcile net loss for the period                  
 to cash flows used in operating activities                  
 Impairment of investment in oil and gas leases   419,959     -     -  
 Gain on disposal of assets   (933,995 )   -     (138,764 )
 Gain on liabilities write-off   (300,973 )   -     -  
 Stock based compensation   196,559     -     11,401  
 Depreciation   277,578     -     -  
 Shares issued for services   105,000     -     -  
 Loss on settlement of loan payable   71,600     -     -  
Changes in non-cash working capital items                  
 Prepaid expenses   -     3,186     -  
 Accounts payable   1,572,701     76,372     (5,253 )
 Accrued liabilities   4,730     (79,750 )   (2,290 )
Cash used in operating activities   (411,322 )   (104,514 )   (130,696 )
                   
Investing Activities                  
Investment in oil and gas leases   (474,959 )   -     (55,000 )
Purchase of property and equipment   (311,367 )   -     -  
Cash used in investing activities   (786,326 )   -     (55,000 )
                   
Financing Activities                  
Shares issued for cash   53,250     -     -  
Proceeds from loans payable   1,143,540     104,500     185,540  
Cash provided by financing activities   1,196,790     104,500     185,540  
                   
Decrease in Cash during the period   (858 )   (14 )   (156 )
Effect of cumulative currency translation   873              
Cash, beginning of the period   -     29     196  
Cash, end of the period $  15   $  15   $  40  
                   
                   
Supplemental Cash Flow information                  
Interest paid $  56,000   $  -   $  21,000  
Non-cash investing and financing activities:                  
 Impairment in oil and gas leases   419,959     -     -  
 Investment in oil and gas leases in exchange                  
      for notes payable to Veneto   1,400,000     -     -  
 Transfer of leases in settlement of notes payable   1,400,000     -     1,400,000  
 Assignment of accounts payable from transfer of leases   193,764     -     193,764  
 Settlement of loan payable (Note 6)   53,700     -     -  
 Forgiveness of related party balances payable (Note 5)   1,027,791     -     -  

The accompanying notes are an integral part of these financial statements

- F-3 -


MAVERICK MINERALS CORPORATION
(An Exploration Stage Company)
Statement of Changes in Capital Deficit
For the Period From date of inception on April 21, 2003 to September 30, 2007
(Expressed in U.S. Dollars)
Unaudited

    Number of     Par Value     Additional     Share     Accumulated     Other     Total  
    Common     @$0.001     Paid-in     Subscription     Deficit     Comprehensive     Capital  
    Shares     Per Share     Capital     Receivable           Loss     Deficit  
Balance, April 21, 2003   100   $  -   $  -   $  -   $  -   $  -   $  -  
Adjustment for the issuance of                                          
 common stock on recapitalization   37,580,400     37,580     (37,580 )   -     -     -     -  
    37,580,500     37,580     (37,580 )   -     -     -     -  
Adjustment to capital deficit of the                                          
 Company at the recapitalization date   4,176,026     4,176     (949,065 )   -     -     -     (944,889 )
    41,756,526     41,756     (986,645 )   -     -     -     (944,889 )
Shares issued for management services (Note 6)   1,500,000     1,500     103,500     -     -     -     105,000  
Currency translation adjustment   -     -     -     -     -     873     873  
Net loss for the period   -     -     -     -     (626,985 )   -     (626,985 )
Balance, December 31, 2003   43,256,526     43,256     (883,145 )   -     (626,985 )   873     (1,466,001 )
Shares issued for cash (Note 6)   10,000,000     10,000     15,000     -     -     -     25,000  
Shares subscribed but unissued   -     27,500     -     -     -     -     27,500  
Forgiveness of related party balances payable   -     -     1,027,791     -     -     -     1,027,791  
Net income for the year   -     -     -     -     71,698     -     71,698  
Balance, December 31, 2004   53,256,526     80,756     159,646     -     (555,287 )   873     (314,012 )
Shares subscribed but unissued   -     (27,500 )   -     -     -     -     (27,500 )
Shares issued for cash (Note 6)   27,500,000     27,500     -     -     -     -     27,500  
Cancellation of shares (Note 6)   (54,379,318 )   (54,379 )   54,379     -     -     -     -  
Compensation expense on share cancellation (Note 6)   -     -     44,720     -     -     -     44,720  
Shares issued for loan payable settlement (Note 6)   895,000     895     124,405     -     -     -     125,300  
Shares issued for cash (Note 6)   75,000     75     675     -     -     -     750  
Stock based compensation   -     -     140,438     -     -     -     140,438  
Net loss for the year   -     -     -     -     (1,036,098 )   -     (1,036,098 )
Balance, December 31, 2005   27,347,208     27,347     524,263     -     (1,591,385 )   873     (1,038,902 )
Shares issued for cash (Note 6)   60,000     60     540     (600 )   -     -     -  
Stock based compensation (Note 7)   -     -     11,401     -     -     -     11,401  
Net loss for the year   -     -     -     -     (128,774 )   -     (128,774 )
Balance, December 31, 2006   27,407,208     27,407     536,204     (600 )   (1,720,159 )   873     (1,156,275 )
Net loss for the period   -     -     -     -     (104,322 )   -     (104,322 )
Balance, September 30, 2007   27,407,208   $  27,407   $  536,204   $  (600 ) $  (1,824,481 ) $  873   $  (1,260,597 )

The accompanying notes are an integral part of these financial statements

- F-4 -