Uniontown Energy 10QSB 2008 Q1 Quarterly report (small business)

Washington, D.C. 20549

FORM 10-QSB

QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For Quarter Ended January 31, 2008

Commission File Number 333-132236

LODGE BAY OIL & GAS CORP.
(Exact name of small business issuer as specified in its charter)

Nevada		98-0441419
(State or other jurisdiction of		(IRS Employer
incorporation or organization)		Identification No.)

314 – 837 West Hastings St, Vancouver, BC		V6C 2T5
(Address of Principal Executive Offices)		(Zip Code)

(604) 908-4925
(Issuer's telephone number)

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X No

Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act).

Yes No X

Applicable only to issuers involved in bankruptcy proceedings during the preceding five years

Check whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court.

Yes No

Applicable only to corporate issuers

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date. As of January 31, 2008 the Company had 1,600,000 shares of Common Stock outstanding.

Transitional Small Business Disclosure Format:

Yes No X

Table of Contents

PART I FINANCIAL INFORMATION
Item 1	Financial Statements............................................................................................	3
Item 2.	Plan of Operation................................................................................................	8
Item 3.	Controls and Procedures.....................................................................................	8
Part II OTHER INFORMATION
Item 1.	Legal Proceedings...............................................................................................	10
Item 2.	Changes in Securities and Use of Proceeds..........................................................	10
Item 3.	Defaults Upon Senior Securities...........................................................................	10
Item 4.	Submission of Matters to a Vote of Securities Holders.........................................	10
Item 5.	Other Matters......................................................................................................	10
Item 6.	Exhibits................................................................................................................	10
	Signatures.............................................................................................................	11

Item 1. Financial Statements

Lodge Bay Oil and Gas Corp.
(An Exploration Stage Company)

FINANCIAL STATEMENTS

January 31, 2008

BALANCE SHEETS

STATEMENTS OF OPERATIONS

STATEMENTS OF CASH FLOWS

NOTE TO THE FINANCIAL STATEMENTS

Lodge Bay Oil and Gas Corp.
(An Exploration Stage Company)

BALANCE SHEETS
(Unaudited)

		January 31,		October 31,
		2008		2007

ASSETS
Current
Cash	$	-	$	5

	$	-	$	5
========================================================================


LIABILITIES

Current
Accounts payable and accrued liabilities	$	12,528	$	8,142
Due to related party		229,056		236,338

		241,584		244,480


STOCKHOLDERS’ DEFICIT

Common Stock
Authorized:
90,000,000 common shares with a par value of $0.001 and 10,000,000 preferred shares with $0.001 par value

Issued and Outstanding:
1,600,000 common shares (October 31, 2007: 1,600,000)		1,600		1,600
Additional paid-in capital		59,400		59,400
Deficit Accumulated During the Exploration Stage		(302,584)		(305,475)


		(241,584)		(244,475)


	$	-	$	5
========================================================================

The accompanying note is an integral part of these financial statements

4

Lodge Bay Oil and Gas Corp.
(An Exploration Stage Company)

STATEMENTS OF OPERATIONS
(Unaudited)

						Cumulative from
		Three monthsended		Three monthsEnded		November 22, 2004 (Inception)
		January 31, 2008		January 31, 2007		to January 31, 2008

EXPENSES
Foreign exchange (gain) loss	$	(11,254)	$	-	$	33,545
Impairment of oil and gas property		-		-		202,603
Office and general		89		480		8,097
Professional fees		8,274		5,477		58,339


NET (INCOME) LOSS	$	(2,891)	$	5,957	$	302,584
===============================================================================


BASIC AND DILUTED EARNINGS (LOSS) PER SHARE	$	(0.00)	$	0.00
================================================================


WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING		1,600,000		1,600,000
================================================================

The accompanying note is an integral part of these financial statements

5

Lodge Bay Oil and Gas Corp.
(An Exploration Stage Company)

STATEMENTS OF CASH FLOWS
(Unaudited)

		Three months ended		Three months ended		Cumulative from November 22, 2004 (Inception)
		January 31, 2008		January 31, 2007		to January 31, 2008

Cash Flows from Operating Activities
Net income (loss)	$	2,891	$	(5,957)	$	(302,584)
Adjusted for items not affecting cash: Foreign exchange (gain)loss for due to related party		(11,254)		-		33,545
Impairment of oil and gas property						202,603
Change in non-cash working capital balance related to operations:
Accounts payable and accrued liabilities		4,386		(2,636)		12,528

Net cash used in operations		(3,977)		(8,593)		(53,908)


Cash Flows from Investing Activities
Oil and Gas Property		-		-		(247,402)

Net cash used in investing activities		-		-		(247,402)


Cash Flows from Financing Activities
Capital stock issued		-		-		61,000
Due to related party		3,972		7,977		240,310

Net cash provided by financing activities		3,972		7,977		301,310


Decrease In Cash		(5)		(616)		-

Cash, Beginning		5		720		-


Cash, Ending	$	-	$	104	$	-
================================================================================


Supplementary Cash Flow Information
Cash paid for:
Interest	$	-	$	-	$	-
Income taxes	$	-	$	-	$	-
================================================================================

The accompanying note is an integral part of these financial statements

6

1. Basis of Presentation

Unaudited Interim Financial Statements

The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principals for interim financial information and with the instructions to Form 10-QSB of Regulation S-B. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there have been no material changes in the information disclosed in the notes to financial statements for the year ended October 31, 2007 included in the Company’s Report on Form 10-KSB filed with the Securities and Exchange Commission. The interim unaudited financial statements should be read in conjunction with those financial statements included in the Form 10-KSB. In the opinion of management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three month s ended January 31, 2008 are not necessarily indicative of the results that may be expected for the year ended October 31, 2008.

Item 2. Management's Discussion and Analysis or Plan of Operations

Cautionary Statement Regarding Forward-looking Statements

This report may contain "forward-looking" statements. Examples of forward-looking statements include, but are not limited to: (a) projections of our revenues, capital expenditures, growth, prospects, dividends, capital structure and other financial matters; (b) statements of our plans and objectives; (c) statements of our future economic performance; (d) statements of assumptions underlying other statements and statements about us and our business relating to the future; and (e) any statements using the words "anticipate," "expect," "may," "project," "intend" or similar expressions.

This section must be read in conjunction with the financial statements included in this Quarterly Report.

Plan of Operation

Lodge Bay Oil & Gas Corp., a Nevada corporation, was incorporated on November 22, 2004. The Company has been engaged in the exploration, development, acquisition and operation of oil and gas properties. Because these activities are capital intensive and because the assets and financial resources of the Company are limited, we are conducting our business by purchasing small interests in oil and gas exploration and production ventures. Currently we are not involved in any projects.

For the three months ending January 31, 2008 the Company had no revenue, as was the case for the three months ending January 31, 2007.

Our net cash used by operating activities for the three months ended January 31, 2008 was $(3,977) compared with $8,593 for the three months ended January 31, 2007. Our management believes that to continue to conduct our business beyond the next financial quarter and to acquire additional interests in oil and gas projects, we will need additional funding from:

the offer and sale of our capital stock;
loans in addition to the $229,056 already borrowed from the Company’s president, Mr. Barry Swanson;
revenues from our working interests, if they ever materialize.

Funding from any or all of these sources will have to be sufficient to pay our day to day operational needs and then, in addition, supply necessary funds for acquisitions. There is no guarantee that required funds will be available to us for these purposes. The Company may participate in an additional Farmout agreement with Odin Capital in the next 12 months and additional funds would need to be raised through one of the methods listed above. Furthermore, the Company is researching and evaluating other business opportunities in North America.

The Company does not expect to purchase or sell any plant or significant equipment, nor increase our number of employees (currently the Company has no employees), during the next 12 months.

Off Balance Sheet Arrangements

N/A

Item 3. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures.

The Company's chief executive officer and chief financial officer have evaluated the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) as of the end of the period covered by this quarterly report. Based on that evaluation, the chief executive officer and chief financial officer have concluded that the

Company’s disclosures and procedures are effective. Also, based on that evaluation, the chief executive officer and chief financial officer have concluded that the Company's disclosure controls and procedures are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934 is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) Changes in Internal Controls.

The Company’s chief executive officer and chief financial officer have concluded that there were not significant changes in the Company’s internal controls or other factors that could significantly affect those controls subsequent to the date of their evaluation. There were no control actions with regard to significant deficiencies and material weaknesses. There has been no material change in the Company’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 that occurred during the Company’s fiscal quarter for which this report is filed that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Part II   OTHER INFORMATION

Item 1.  Legal Proceedings

N/A

Item 2.  Changes in Securities and Use of Proceeds

N/A

Item 3.  Defaults Upon Senior Securities

N/A

Item 4.  Submission of Matters to a Vote of Securities Holders

N/A

Item 5.  Other Matters

N/A

Item 6.  Exhibits

31.1		Certificate pursuant to Rule 13a-14(a)
32.1		Certificate pursuant to 18 U.S.C. Section 1350

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SIGNATURE TITLE DATE

/s/ BARRY SWANSON President and Director March 12, 2008
(Principal Executive Officer,
Chief Financial Officer and
Chief Accounting Officer)

Uniontown Energy Inactive 10QSB2008 Q1 Quarterly report (small business)