Turner Valley Oil & Gas (TVOG) 10QSB 2006 Q3 Quarterly report (small business)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.20549

FORM 10-QSB

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934 

For the First Quarter ended September 30, 2006

Commission File Number: 0-30891

 (Exact name of Registrant as specified in its charter)

Nevada                                   91-1980526

(Jurisdiction of Incorporation)     (I.R.S. Employer Identification No.)

604-700 West Pender Street, Vancouver, BC         V6C 1G8

(Address of principal executive offices)         (Zip Code)

Registrant's telephone number, including area code: (604) 602-1650

Securities registered pursuant to Section 12(g) of the Act: Common Stock

56,985,984 shares off common stock were outstanding as of September 30, 2006.

Transitional Small Business Disclosure Format (check one): yes [   ] no [X]

INTRODUCTION

This Registrant (Reporting Company) has elected to refer to itself, whenever possible, by normal English pronouns, such as "We", "Us" and "Our". This Form 8-K may contain forward-looking statements. Such statements include statements concerning plans, objectives, goals, strategies, future events, results or performances, and underlying assumptions that are not statements of historical fact. This document and any other written or oral statements made by us or on our behalf may include forward-looking statements which reflect our current views, with respect to future events or results and future financial performance. Certain words indicate forward-looking statements, words like "believe", "expect", "anticipate", "intends", "estimates", "forecast", "projects", and similar expressions.

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PART I: FINANCIAL INFORMATION

Item 1.Financial Statements.

The financial statements, for the three months ended September 30, 2006, included herein have been prepared by the us, without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnotes disclosure normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures are adequate to make the information not misleading.

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CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2006

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TURNER VALLEY OIL & GAS, INC.

(A Development Stage Company)

Consolidated Balance Sheets

ASSETS
			September 30,			December 31,
			2006			2005
			Unaudited
CURRENT ASSETS
Cash		$	2,052		$	78,848
Accounts receivable			1,252			2,546
Total Current Assets			3,304			81,394
OIL AND GAS PROPERTIES USING
FULL COST ACCOUNTING
Properties subject to amortization			674,486			212,996
Accumulated amortization			(18,267	)		(10,767	)
Net Oil and Gas Properties			656,219			202,229
OTHER ASSETS
Investments			1,013,053			155,651
Total Other Assets			1,013,053			155,651
TOTAL ASSETS		$	1,672,576		$	439,274
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable		$	114,449		$	5,958
Notes payable, related party			23,658			23,658
Total Current Liabilities			138,107			29,616
Total Liabilities			138,107			29,616
STOCKHOLDERS' EQUITY
	��
Common stock, 100,000,000 shares authorized of $0.001
par value, 56,985,984 and 53,385,984 shares issued
and outstanding, respectively			56,987			53,387
Capital in excess of par value			4,569,723			4,185,323
Subscription receivable			-			-
Accumulated other comprehensive income			(4,085	)		(4,810	)
Deficit accumulated during the development stage			(3,088,156	)		(3,824,242	)
Total Stockholders' Equity			1,534,469			409,658
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	1,672,576		$	439,274

The accompanying notes are an integral part of these consolidated financial statements.

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TURNER VALLEY OIL & GAS, INC.

(A Development Stage Company)

Consolidated Statements of Operations

													From
														Inception on
		For the						For the						April 21, 1999
		Three Months Ended						Nine Months Ended						Through
		September 30,						September 30,						September 30,
		2006			2005			2006			2005			2006
REVENUE
Royalties received	$	784		$	-		$	9,612		$	1,640		$	19,889
EXPENSES
Cost of production		-			-			-			2,565			51,753
Depletion		2,500			2,500			7,500			7,500			15,767
General and administrative		230,335			1,012			565,739			543,989			4,317,240
Total Expenses		232,835			3,512			573,239			554,054			4,384,760
NET OPERATING LOSS		(232,051	)		(3,512	)		(563,627	)		(552,414	)		(4,364,871	)
OTHER INCOME (EXPENSE)
Other income		336,702			237,825			396,863			237,825			272,505
Unrealised Gain on WIN Investment		902,851			-			902,851			-			902,851
Interest expense		-			-			-			-			(3,292	)
Total Other Income (Expense)		1,239,553			237,825			1,299,714			237,825			1,172,064
NET PROFIT/(LOSS) BEFORE INCOME TAX	$	1,007,502		$	234,313		$	736,088		$	(314,589	)	$	(3,192,807	)
Income tax	$	-		$	-		$	-		$	-		$	-
NET PROFIT/(LOSS)	$	1,007,502		$	234,313		$	736,088		$	(314,589	)	$	(3,192,807	)
BASIC LOSS PER COMMON SHARE	$	0.02		$	0.00		$	0.01		$	(0.01	)
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING		56,985,984			49,694,775			56,985,984			49,882,687
COMPREHENSIVE INCOME (LOSS)
NET LOSS	$	1,007,502		$	234,313		$	736,088		$	(314,589	)	$	(3,192,807	)
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign Currency Translation		-			-			(725	)		2,367			(4,085	)
COMPREHENSIVE INCOME (LOSS)	$	1,007,502		$	234,313		$	735,363		$	(312,222	)	$	(3,196,892	)

The accompanying notes are an integral part of these consolidated financial statements.

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TURNER VALLEY OIL & GAS, INC.

(A Development Stage Company)

Consolidated Statements of Cash Flows

							From
								Inception on
								April 21, 1999
		For the Nine months Ended						Through
		September 30,						September 30,
		2006			2005			2006
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	736,088		$	(314,589	)	$	(3,088,156	)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depletion		7,500			7,500			18,267
Loss on abandonment of property		-			-			25,481
Gain on sale of Investment		(1,239,553	)		-			(1,477,378	)
Common stock issued for services rendered		388,000			484,500			4,112,960
Non-cash Effect from Foreign Currency Translation		725			524			(4,080	)
Changes in operating assets and liabilities:
Increase (Decrease) in accounts receivable		1,294			(260,993	)		(9,843	)
Increase (Decrease) in accounts payable - related Party					-			23,659
Increase in accounts payable and accrued expenses		108,489			171,889			114,398
Net Cash Used in Operating Activities		2,543			88,831			(284,692	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of investments		382,151			25,936			702,615
Investing in new Oil & Gas working interests		(461,490	)		(164,054	)		(616,907	)
Expenditures for oil and gas property development					-			(312,714	)
Net Cash Used in Investing Activities		(79,339	)		(138,118	)		(227,006	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock		-			-			465,000
Receipt of subscription receivable		-			48,750			48,750
Net Cash Provided by Financing Activities		-			48,750			513,750
NET INCREASE (DECREASE) IN CASH		(76,796	)		(537	)		2,052
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		78,848			22,191			-
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	2,052		$	21,654		$	2,052

The accompanying notes are an integral part of these consolidated financial statements.

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TURNER VALLEY OIL & GAS, INC.

(A Development Stage Company)

Consolidated Statements of Cash Flow

(continued)

					From
						Inception on
						April 21, 1999
		For the Nine Months Ended				Through
		September 30,				September 30,
		2006		2005		2006
SUPPLEMENTAL CASH FLOW INFORMATION
CASH PAID FOR:
Interest	$	-	$	-	$	-
Income taxes	$	-	$	-	$	-
NON-CASH FINANCING ACTIVITIES
Common stock issued for services rendered	$	388,000	$	484,500	$	3,580,460
Common stock issued for retirement of payables	$	-	$	-	$	532,500

The accompanying notes are an integral part of these consolidated financial statements.

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TURNER VALLEY OIL & GAS, INC.

(A Development Stage Company)

Notes to the Consolidated Financial Statements

September 30, 2006

NOTE 1 - BASIS OF PRESENTATION

The financial information included herein is un-audited and has been prepared consistent with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB and Item 310(b) of Regulation S-B. Accordingly, these financial statements do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. These statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s annual report on Form 10-KSB for the year ended December 31, 2005. In the opinion of management, these financial statements contain all adjustments (consisting solely of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim period presented.

The results of operations for the nine months ended September 30, 2006 are not necessarily indicative of the results to be expected for the full year.

NOTE 2 - LOSS PER SHARE

Following is a reconciliation of the loss per share for the three months and nine months ended September 30, 2006 and 2005:

	For the
		Three Months Ended
		September 30,
		2006		2005
Net Profit/(loss) available to
common shareholders	$	$1,007,502	$	234,313
Weighted average shares		56,985,984		49,694,775
Basic income per share (based on weighted average shares)	$	$0.02	$	$0.00

	For the
		Nine Months Ended
		September 30,
		2006		2005
Net Profit/(loss) available to
common shareholders	$	$736,088	$	(314,589	)
Weighted average shares		56,985,984		49,882,687
Basic loss per share (based on weighted average shares)	$	$0.01	$	$(0.01	$)

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TURNER VALLEY OIL & GAS, INC.

(A Development Stage Company)

Notes to the Consolidated Financial Statements

September 30, 2006

NOTE 3 - OIL AND GAS PROPERTIES

The full cost method is used in accounting for oil and gas properties. Accordingly, all costs associated with acquisition, exploration, and development of oil and gas reserves, including directly related overhead costs, are capitalized. In addition, depreciation on property and equipment used in oil and gas exploration and interest costs incurred with respect to financing oil and gas acquisition, exploration and development activities are capitalized in accordance with full cost accounting. All capitalized costs of proved oil and gas properties subject to amortization are being amortized on the unit-of-production method using estimates of proved reserves. Investments in unproved properties and major development projects not subject to amortization are not amortized until proved reserves associated with the projects can be determined or until impairment occurs. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is added to the capitalized costs to be amortized. As of September 30, 2006 and December 31, 2005, proved oil and gas reserves had been identified on certain of the Company’s oil and gas properties. During the three months ended September 30, 2006 and 2005, the Company recorded depletion of $7,500 on its producing properties.

NOTE 4 -SIGNIFICANT TRANSACTIONS

During the three months ended March 31, 2006, the Company issued a total of 2,000,000 shares of common stock, pursuant to an S-8 registration, for consulting and other professional services rendered valued at $260,000. The shares were recorded at $0.13 per share, the market value of the shares on the date of issuance.

During the three months ended September 30, 2006, the Company issued a total of 1,600,000 share of common stock pursuant to an S-8 registration for consulting and other professional services rendered, valued at $128,000.

Pursuant to the S-8 registration filed with the Securities & Exchange Commission in January 2006, the Company registered a total of 5,000,000 common shares. After the issuance of 3,600,000 shares as described in the preceding paragraphs, a total of 1,400,000 of the registered shares remain un-issued at September 30, 2006.

On July 6^th, 2006, the Company purchased an additional 2% from its Chairman and CEO for $190,882 in the Strachan - Leduc region.

During the three months ended September 30, 2006, pursuant with the Company’s Farm-out agreement with Odin Capital, the Company paid $44,405 for costs on the completion of the exploration well. The costs to date are approximately $525,544 with further authorizations for expenditure expected to complete the exploration well and determine if the exploration well has discovered new formations. The Company will continue to review its commitment to this exploration well to determine if the well continues to satisfy the Company’s strategic objectives.

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TURNER VALLEY OIL & GAS, INC.

(A Development Stage Company)

Notes to the Consolidated Financial Statements

September 30, 2006

NOTE 5 -INVESTMENT IN WIN ENERGY

During the nine months ending September 30, 2006, the Company sold 50,000 shares of its investment in WIN Energy, realizing a gain of $66,328. The sale agreement includes a half warrant to enable the purchaser to purchase additional WIN shares at $1.75 per share until September 30, 2006.

During the quarter ended September 30, 2006, WIN Energy (WIN) listed its common shares on the Toronto Venture Exchange (TSX VE). The Company’s investment in WIN has been valued at a closing stock price on September 30, 2006 of $1.38 providing an unrealized gain of $902,851.

NOTE 6 - GOING CONCERN

The Company’s financial statements have been prepared assuming that the Company will continue as a going concern. The Company is dependent upon raising capital to execute its business plan. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. It is management's plan to raise capital in order to execute their business plan, thus creating necessary operating revenues.

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Item 2.Discussion and Analysis or Plan of Operation.

(A)   PLAN OF OPERATION.

The Company’s sole focus is on the exploration for, development drilling for, and transmission facilities for the production and sale of oil and gas. The Company has incorporated a wholly owned Canadian subsidiary named T.V Oil & Gas Canada Limited. This Company is a Federal Canadian Registered Company and complies with all applicable laws within Canada.

Our financial statements contain the following additional material notes:

(Note 6-Going Concern) The Company’s financial statements have been prepared assuming that the Company will continue as a going concern. The Company is dependent upon raising capital to execute its business plan. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. It is management's plan to raise capital in order to execute their business plan, thus creating necessary operating revenues.

(Note 3-Development Stage Company) The Company is a development stage company as defined in Financial Accounting Standards Board Statement 7. It is concentrating substantially all of its efforts in raising capital and developing its business operations in order to generate operating revenues.

(B) DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

During the three months ended September 30, 2006 the Company had royalty revenues of $784, from its working interest in the Strachan property as compared to $0 for the corresponding period ending September 30, 2005. The increase in royalties was caused by a resumptoin of production from this well.

The Company incurred further costs of $44,405 in its exploration well in the Strachan-Leduc working interest. This cost overrun was caused by unforeseen expenditures incurred by the operator due to anomalous geological formations. The Company expects further expenditures on this property to complete the well for testing. All the Company’s properties are geologically and physically independent of one another. They are all located in the Western Canadian Geologic Basin centred in Alberta, Canada.

The Strachan Property

On August 20, 2003, the Company entered into a purchase agreement to acquire 1% interest in a producing gas well, located at 2-2-38-9W5 Red Deer, Alberta, Canada. The gas production rate at the time of the acquisition fluctuated between 1.5 and 2

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MMCF/Day (million cubic feet of gas per day). The Company’s senior management has set out a rework program for this well. The rework program calls for an acid wash and acid stimulation of the producing formation. The Company has agreed to participate in the program. The program was completed on October 15, 2003 and as of October 20, 2003, the new production rates have stabilized at 2.66 MMCF/Day, representing a 40% increase over initial production rates.

In addition to the preceding acquisition, the Company entered into a purchase agreement to acquire 0.5% interest in 10 Sections (6,400 acres) of drilling rights offsetting Sct. 22-38-9W-5. These offsetting sections have identified seismic anomalies in multiple cretaceous pay zones. The purchase price of the property was $45,114

The Strachan Property - Leduc region

On September 23, 2005 Turner Valley Oil and Gas Inc. through its wholly owned subsidiary TV Oil and Gas Canada Limited, has entered into a farm-out agreement with Odin Capital Inc. of Calgary, Alberta.

The terms of the Farm-Out agreement are as follows:

In exchange for our paying 3.00% of all costs associated with drilling, testing and completing the test well (expected drilling cost - approx. $6.3 million Canadian to the 100% interest) on the property that is referred to as the Leduc Formation test well, we will have earned;

1)   In the spacing unit for the Earning Well, a 1.500% interest in the petroleum and natural gas below the base of the Mannville excluding natural gas in the Leduc formation, and a 3.00% interest in the natural gas in the Leduc formation before payout subject to payment of an Overriding Royalty which is convertible upon payout at the Royalty Owners option to 50% of our interest.

2)   A 1.200% interest in the rights below the base line of the Shunda formation in Section 10,Township 38, Range 9W5M

3)   A 0.966% interest in the rights below the base of the Shunda formation in sections 15 & 16,Township 38,Range 9W5M, down to the base of the deepest formation penetrated.

ON July 6^th, 2006, the Company purchased an additional 2% from its Chairman & CEO for a total cost of $190,882.

Additionally, the Company incurred $44,405 of further costs associated with the exploration of the well during the quarter.

The total costs are to date are $525,544 for our interest, under the terms of our agreement.

The Strachan Prospect is located 80 miles NW of Calgary, Alberta.

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Mississippi Prospect

On August 23^rd, 2006, the Company entered into a joint venture agreement with Griffin & Griffin Exploration, LLC. to acquire an interest in a drilling program comprising 50 natural gas and/or oil wells.  The area in which the proposed wells are to be drilled is comprised of approximately 300,000 gross acres of land located between Southwest Mississippi and North East Louisiana. The proposed wells will be targeting the Frio and Wilcox Geological formations. The first 20 proposed wells are located within tie-in range of existing pipeline infrastructures.  Turner Valley has agreed to pay 10% of all prospect fees, mineral leases, surface leases and drilling and completion costs to earn a net 8% share of all production zones to the base of the Frio formation and 7.5% of all production to the base of the Wilcox formation. Total Costs to date are $100,000. The joint venture agreement provides for the following payments;

1.   On or before October 1^st, 2006 $200,000 to be employed in the further development of prospects on lands in Mississippi and Louisiana.

2.   On or before November 1^st, 2006, $100,000 to be employed in the further development of prospects on lands in Mississippi and Louisiana.

General & Administrative Costs

General and administrative costs for the three months ended September 30, 2006 increased to $102,335, when compared to $1,012, excluding the charge for common stock issued for services of $128,000, for the same period last year after excluding common stock issued for services. The increase was caused by costs relating to executive relocation costs together with the associated executive compensation, rent and telephone expenditures for the period. The total costs including depletion for the three months ended September 30, 2006 was $232,835.

Net Income for the three months ended September 30, 2006 was $1,007,502 as compared to a Net Income of $234,313 for the corresponding period ending September 30, 2005. The increase in Net Income was caused by the partial sale of shares in the Company’s investment in Win Energy Corp. (‘WIN”), and the unrealized gain caused by revaluing the Company’s remaining shares at the share price prevailing at the end of the quarter.

Net Income for the nine month period ending September 30, 2006 was $736,088 as compared to a Net Loss of $(314,589) for the corresponding period ending September 30, 2005.

Liquidity

The Company’s net working capital for the quarter ended September 30, 2006 decreased to $(134,803), compared to $51,778 for the year ended December 31, 2005. The decrease in working capital was caused by increases in general overhead resulting from the opening of the Company’s new offices, costs associated with the relocation and compensation of an executive; costs relating to the Company’s new venture in the

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Mississippi and the costs in Strachan property - Leduc Formation, however, this was partially offset by the proceeds of sale in the partial sale of the Company’s investment in WIN.

To date, we have not invested in derivative securities or any other financial instruments that involve a high level of complexity or risk. We expect that in the future, any excess cash will continue to be invested in high credit quality, interest-bearing securities.

We believe cash from operating activities, and our existing cash resources may not be sufficient to meet our working capital requirements for the next 12 months. We will likely require additional funds to support the Company’s business plan. Management intends to raise additional working capital through debt and equity financing. There can be no assurance that additional financing will be available on acceptable terms, if at all. If adequate funds are not available, we may be unable to take advantage of future opportunities, respond to competitive pressures, and may have to curtail operations.

There are no legal or practical restrictions on the ability to transfer funds between parent and subsidiary companies.

There are no known trends or uncertainties excepting those herein disclosed, that will have a material impact on revenues.

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PART II: OTHER INFORMATION

Item 1.Legal Proceedings.None.

Item 2.Changes in Securities.None.

Item 3.Defaults on Senior Securities. None

Item 4.Submission of Matters to Vote of Security Holders.None.

Item 5.Other Information.None.

Item 6. Exhibits and Reports on Form 8-K. 

Exhibit 31. Section 302 Certification

Exhibit 32. Certification Pursuant TO 18 USC Section 1350

The Remainder of this Page is Intentionally left Blank

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, this Form 10-Q Report for the Second Quarter ended September 30, 2006, has been signed below by the following persons on behalf of the Registrant and in the capacity and on the date indicated.

Dated: November 14, 2006

by

/s/Kulwant Sandher	/s/Donald Jackson Wells	/s/Joseph Kane
Kulwant Sandher  President / CFO	Donald Jackson Wells director	Joseph Kane director

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Exhibit 31 

Section 302 Certification 

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CERTIFICATION PURSUANT TO SECTION 302 

I, Kulwant Sandher, certify that:

1. I have reviewed this Quarterly report on Form 10-QSB of Turner Valley Oil & Gas, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of circumstances under which such statements were made, nor misleading with respect to the period covered by this report;

3. Based on my knowledge,the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods represented in this report;

4. The small business issuer's registrant's sole certifying officer, I, am responsible for establishing and maintaining disclosure controls and procedures [as defined in Exchange Act Rules 13a-14 and 15d-14 13a-15(f) and 15d-15(f)] for the small business issuer and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

(b) Designed such internal control over financial reporting, or causes such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted acounting principles;

(c) Evaluated the effectiveness of the small bussiness issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the small business issuer's internal control over financial reporting that occurred during the small business issuer's most recent fiscal quarter (the small business issuer's fourth fiscal quarter in the case of an quarterly report) that has materially affected or is reasonably likely to materially affect, the small business issuer's internal control over financial reporting; and

5. The small business issuer's sole certifying officer, I, have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer's auditors and the audit committee of the small business issuer's auditors and the audit committee of small business issuer's board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the small business issuer's ability to record, process, summarize and report financial information;and identified for the registrant's auditors any material weaknesses in internal controls; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer's internal control over financial reporting.

Dated: November 14, 2006

By: 

/s/Kulwant Sandher

Kulwant Sandher

President / CFO 

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CERTIFICATION PURSUANT TO SECTION 302 

I, Christopher Paton-Gay, certify that:

1. I have reviewed this Quarterly report on Form 10-QSB of Turner Valley Oil & Gas, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of circumstances under which such statements were made, nor misleading with respect to the period covered by this report;

3. Based on my knowledge,the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods represented in this report;

4. The small business issuer's registrant's sole certifying officer, I, am responsible for establishing and maintaining disclosure controls and procedures [as defined in Exchange Act Rules 13a-14 and 15d-14 13a-15(f) and 15d-15(f)] for the small business issuer and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

(b) Designed such internal control over financial reporting, or causes such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted acounting principles;

(c) Evaluated the effectiveness of the small bussiness issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the small business issuer's internal control over financial reporting that occurred during the small business issuer's most recent fiscal quarter (the small business issuer's fourth fiscal quarter in the case of an quarterly report) that has materially affected or is reasonably likely to materially affect, the small business issuer's internal control over financial reporting; and

5. The small business issuer's sole certifying officer, I, have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer's auditors and the audit committee of the small business issuer's auditors and the audit committee of small business issuer's board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the small business issuer's ability to record, process, summarize and report financial information;and identified for the registrant's auditors any material weaknesses in internal controls; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer's internal control over financial reporting.

Dated: November 14, 2006

By: 

/s/Christopher Paton-Gay

Christopher Paton-Gay

CEO

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Exhibit 32 

CERTIFICATION PURSUANT TO 18 USC SECTION 1350 

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CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, 

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002 

In connection with the Quarterly Report of Turner Valley Oil & Gas, Inc., a Nevada corporation (the "Company"), on Form 10-QSB for the quarter ended September 30, 2006 as filed with the Securities and Exchange Commission (the "Report"), I, Kulwant Sandher, president/CFO of the Company, certify, pursuant to 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350), that to my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: November 14, 2006

/s/ Kulwant Sandher 

Kulwant Sandher 

President / CFO

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CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, 

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002 

In connection with the Quarterly Report of Turner Valley Oil & Gas, Inc., a Nevada corporation (the "Company"), on Form 10-QSB for the quarter ended September 30, 2006 as filed with the Securities and Exchange Commission (the "Report"), I, Christopher Paton-Gay, CEO of the Company, certify, pursuant to 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350), that to my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: November 14, 2006

/s/ Christopher Paton-Gay 

Christopher Paton-Gay

President / CEO

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