NOTES
TO CONDENSED FINANCIAL STATEMENTS
July
31, 2020
(Unaudited)
NOTE
1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
Black
Rock Petroleum Company, (“Black Rock” or “The Company”) located at 1361 Peltier Drive, Point Roberts WA,
98281, was formed on April 24, 2013 under the laws of the State of Nevada. We have not commenced our planned operations. The Company’s
fiscal year end is April 30.
We are a start-up, oil and gas exploration stage corporation and distributor of oil field equipment. We have not yet generated
or realized any revenues from our business operations. We do not own any interest in any oil and gas leases or properties.
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.
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of presentation
The
Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements
reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair
presentation of the results of operations for the periods shown and are not necessarily indicative of the results to be expected
for the full year ending April 30, 2021. These unaudited condensed financial statements should be read in conjunction with the
financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended April 30,
2020.
Use
of estimates
The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual
results may differ from those estimates.
Recently
issued accounting pronouncements
The
Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact
on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting
pronouncements that have been issued that might have a material impact on its financial position or results of operations.
NOTE
3 – GOING CONCERN
As
reflected in the accompanying unaudited condensed financial statements, the Company has an accumulated deficit of $125,640 at
July 31, 2020, has no current operations and has generated no income to date. These factors raise substantial doubt about its
ability to continue as a going concern. The financial statements have been prepared assuming that the Company will continue
as a going concern. These financial statements do not include any adjustments relating to the recoverability and
classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the
Company be unable to continue as a going concern.
NOTE
4 – RELATED PARTY TRANSACTIONS
Since
the fiscal year ended April 30, 2016, Zoltan Nagy, CEO and Director, has advanced the Company funds to pay for general
operating expenses. As of July 31, 2020 and April 30, 2020, $71,114 and $65,604, respectively, is due to Mr. Nagy. The amount
due is unsecured, non-interest bearing and due on demand.
NOTE
5 – LOAN PAYABLE
During
the year ended April 30, 2020, Walter Weeks (Note 6) advanced the Company $5,000 that was used for professional fees. The advance
is unsecured, non-interest bearing and due on demand.
NOTE
6 – CONTRIBUTED CAPITAL
During
the year ended April 30, 2020, Mr. Weeks contributed $17,125 to the Company as part of a planned merger agreement that was not
completed. The contributed capital was also used to pay for professional fees.
NOTE
7 – SUBSEQUENT EVENTS
Management
has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date the
financial statements were available to be issued and has determined that there are no material subsequent events that require
disclosure in these financial statements other than the following.
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’s
core 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.