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| | Business Summary: Western Standard Energy Corp., an exploration stage company, engages in the acquisition and exploration of prospective oil and gas properties in the United States. | | | Address
2 Sheraton Street
London
, England W1K 3AJ
Phone: 44-207-479-4800
Website: http://www.western-standard.com
| | Auditor |
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Dale Matheson Carr-Hilton Labonte
| | Transfer Agent |
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Nevada Agency & Trust Co.
| | ShareHolders: 23 | Founded: 2005
Domicile: Nevada | | | |
| | Western Standard Energy Corp., an exploration stage company, engages in the acquisition and exploration of prospective oil and gas properties in the United States. The company owns interest in the Starbuck shallow gas prospects covering approximately 42,000 acres located in the Valley County, Montana. It also holds interests in the Lodgepole Reef oil prospects located in Stark County and Slope County, North Dakota. The company was founded in 2003 and is headquartered in London, the United Kingdom. | | History: INCORPORATED in Nevada Feb. 2, 2005 as Comtrix Inc.; and on June 23, 2006, merged Lusora Corp. (a Nevada corporation incorporated on May 10, 2006), and changed its name to Lusora Healthcare Systems Inc. Name changed to Western Standard Energy Corp. Sept. 7, 2007, through merger of a subsidiary.
November 29, 2006, issued 28.2 million Common shares to acquire 93.8% of Lusora Inc. in a share-for-share exchange. Privately owned Lusora Inc. was incorporated in Nevada Oct. 16, 2003 as Cellular Security & Surveillance Inc., and changed its name to Lusora Inc. on Mar. 3, 2006. | | | | Subsidiaries: |
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Western Standard Energy Limited
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Management
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| Officers | Position |
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| Dan Bauer | President, Secretary, Treasurer, Chief Executive Officer & Investor Relations Contact | | Julian Lee | Chief Financial Officer & Chief Accounting Officer | | Derek James Victor Barber | Chief Technology Officer | | Gary Countryman | SR VP |
| | Directors |
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| Dan Bauer | | Julian Lee | | | |
| | | | Capitalization as of 08/31/2007: | | | | | Authorized Shares | Outstanding Shares |
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| Common $0.001 par | 2,812,500,000 | 88,360,133so1 |
| | | | LONG TERM DEBT: None. | | | | Common $0.001 par | | | |
Stockholders:
12/13/2007,
23.
| | PRINCIPAL STOCKHOLDERS: December 13, 2007, Dan Bauer owned or controlled 32.5% of the Common and Joseph Bauer 13.3%. | | | |
Transfer Agent: Nevada Agency & Trust Co.
Reno
, NV | | | | OTC Bulletin Board( Primary): WSEG | | | | Exchange | Year | High | Low |
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| OTC Bulletin Board | 2007 | 0.7000 | 0.3000 | | OTC Bulletin Board | 2006 | 2.4800 | 0.9850 |
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| | | | DIVIDENDS: Common $0.001 par: No cash.
Common split 25-for-1, June 23, 2006.
Common split 1.5-for-1, Sept. 7, 2007.
Common $0.001 par was split 3-for-2, ex-Sep. 7, 2007. | | | | | |
so1Adjtd. for 1.5-for-1 split Sept. 7, 2007. | |
| | Annual Report |
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| | | Income Statement | |
| 2007 | 2006 |
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| OPERATING EXPENSES |
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| | Audit and accounting fees | $64,906 | $10,405 | | Depreciation | 3,869 | 2,776 | | Foreign exchange loss | 1,063 | 1,141 | | Interest expense | 7,069 | 10,157 | | Interest income | (2,528) | (281) | | Investor relations and transfer agent | 134,629 | 359 | | Legal fees | 66,393 | 30,513 | | Write-off of equipment | 5,860 | -- | | Marketing and product promotion | 8,500 | 1,966 | | Office and general administration | 94,107 | 13,129 | | Product development | 281,783 | 159,657 | | Salaries and management fees | 399,001 | 106,954 | | Travel and entertainment | 66,474 | -- | | Web and graphic design | 32,552 | -- | | NET LOSS | ($1,163,678) | ($336,776) | | BASIC AND DILUTED NET LOSS PER SHARE | ($0.03) | ($0.01) | | WEIGHTED AVERAGE COMMON SHARES | 45,543,931 | 45,112,500 |
| | | | Balance Sheet | |
| 2007 | 2006 |
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| ASSETS |
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| | CURRENT ASSETS |
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| | Cash | $3,475 | $90,994 | | Other receivables | -- | 4,400 | | Prepaid expenses | 3,551 | 220 | | TOTAL CURRENT ASSETS | 7,026 | 95,614 | | RESTRICTED CASH | -- | 9,561 | | OIL AND GAS PROPERTY, unproven | 450,000 | -- | | EQUIPMENT, net | 1,325 | 5,553 | | TOTAL ASSETS | $458,351 | $110,728 | | LIABILITIES |
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| | CURRENT LIABILITIES |
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| | Accounts payable and accrued liabilities | $130,475 | $69,442 | | Due to related parties | -- | 118,680 | | TOTAL CURRENT LIABILITIES | 130,475 | 188,122 | | STOCKHOLDERS' EQUITY (DEFICIT) |
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| | COMMON STOCK |
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| | Common stock, par value $0.001 | 88,360 | 31,000 | | ADDITIONAL PAID IN CAPITAL | 2,381,805 | 870,217 | | DEFICIT ACCUMULATED DURING DEVELOPMENT STAGE | (2,142,289) | (978,611) | | TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | 327,876 | (77,394) | | TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $458,351 | $110,728 | | Common Shares Issued | 88,360,133 | 45,112,500 |
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| | Interim Report
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| | | Data Not Available | | | | | | | | | |
| | Pro Forma Report
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| | | Data Not Available | | | | | | | | | |
| | Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | Nil | | 2008 |
2 | Nil | | 2008 |
3 | Nil | | 2007 |
Full Year
| Nil |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | (230,000) | | 2008 |
2 | (190,000) | | 2008 |
3 | (430,000) | | 2007 |
Full Year
| (1,160,000) | | 2006 |
Full Year
| (340,000) | | 2005 |
Full Year
| (490,000) |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | Nil | | 2008 |
2 | Nil | | 2008 |
3 | Nil | | 2007 |
Full Year
| (.02) | | 2005 |
Full Year
| (.01) |
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