UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

x ANNUAL REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the year ended March 31, ~~2012~~2013

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE PERIOD FROM __________ to __________

TAMM OIL AND GAS CORP .

(Exact name of the Company as specified in its charter)

Nevada

(State or other jurisdiction of incorporation or organization)

333-137174		20-3773508
(Commission File Number)		(I.R.S. Employer Identification No.)

~~Suite~~Hochwachstrass ~~110, 10~~4 ~~Sierra~~Steinhausen ~~Morena~~6312 ~~Mews SW, Calgary, AB, Canada T3H 3Ka5~~ ch

(Address of principal executive offices) (Zip Code)

403 ~~513~~680-~~2663~~ 9441

(Registrant's telephone number, including zip code)

Securities registered pursuant to Section 12(b) of the Exchange Act:

(None)

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

(None)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 13(d) of the Act. Yes ~~oNo~~o No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 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 o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained in this form, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. To the best of registrants' knowledge, there are no disclosures of delinquent filers required in response to Item 405 of Regulation S-K. Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of "large accelerated filer", "accelerated filer" and "small reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x

As of ~~March~~September 3130, 2012, the aggregate market value of the voting and nonvoting common equity held by non-affiliates of TAMM Oil and Gas Corp. was approximately $126,~~139~~936,~~050~~600. This estimate is based on the last sale price per share of $.~~225~~12 on ~~March~~September 3130, 2012 on the OTCBB, and 57,805,000 shares estimated to be held by non-affiliates.

Issuer's revenues for its most recent fiscal year: $0

The number of shares of the registrant’s $0.001 par value common stock outstanding as of June 0128, ~~2012~~2013 was 92,582,524.

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		Page No.
PART I
Item 1.	Business	4
Item 1A.	Risk Factors	6
Item 1B	Unresolved Staff Comments	10
Item 2.	Properties	10
Item 3.	Legal Proceedings	13
Item 4.	Submission of Matters to a Vote of Security Holders	13
PART II
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	13
Item 6.	Selected Financial Data	16
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operation	16
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	24
Item 8.	Financial Statements and Supplementary Data	F-1
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	25
Item 9A.	Controls and Procedures	25
Item 9B.	Other Information	26
PART III
Item 10.	Directors and Executive Officers of the Company and Compliance with Section 16(a) of the Exchange Act	26
Item 11.	Executive Compensation	30
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	32
Item 13.	Certain Relationships and Related Transactions	33
Item 14.	Principal Accountant Fees and Services	33
PART IV
Item 15.	Exhibits, Financial Statement Schedules	33
	Signatures	37

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Table of Contents

		Page No.
PART I

Item 1.	Business	4
Item 1A.	Risk Factors	6
Item 1B	Unresolved Staff Comments	10
Item 2.	Properties	10
Item 3.	Legal Proceedings	13
Item 4.	Submission of Matters to a Vote of Security Holders	13

PART II

Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	14
Item 6.	Selected Financial Data	16
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operation	16
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	22
Item 8.	Financial Statements and Supplementary Data	F-1
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	23
Item 9A.	Controls and Procedures	23
Item 9B.	Other Information	24

PART III

Item 10.	Directors and Executive Officers of the Company and Compliance with Section 16(a) of the Exchange Act	25
Item 11.	Executive Compensation	28
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	30
Item 13.	Certain Relationships and Related Transactions	31
Item 14.	Principal Accountant Fees and Services	31

PART IV

Item 15.	Exhibits, Financial Statement Schedules	32
	Signatures	35

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Forward-Looking Statements

This Annual Report on Form 10-K, including our “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on page 14, contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause the results of TAMM Oil and Gas Corp. to differ materially from those expressed or implied by such forward-looking statements. The words or phrases “would be,” “will allow,” “intends to,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” or similar expressions are intended to identify “forward-looking statements.” Our operations are subject to significant risks and uncertainties, including, but not limited to, certain risk factors, which are described in more detail under “Risk Factors” beginning on page 6. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including any revenue projections, gross margin, expenses, earnings or losses from operations, synergies or other financial items, any statements of management’s plans, strategies and objectives for future operations, and any statement concerning developments, plans, or performance. Unless otherwise required by applicable law, we do not undertake, and we specifically disclaim any obligation to update, any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.

TAMM Oil and Gas Corp. is referred to herein as “we”, “our”, or “us”. Information in this filing contains the terms prospective resources. The Company advises investors that although these terms are recognized and required by Canadian securities regulations (under National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities), the US Securities and Exchange Commission (SEC) does not recognize these terms. Investors are cautioned not to assume that any part or all of the resources in this category will ever be converted into reserves. In addition, “prospective resources” have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that any part of a prospective resource will ever be upgraded to a higher category. Under Canadian rules, estimates of prospective resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for a “preliminary assessment” as defined under National Instrument 51-101. CAUTIONARY NOTE TO U.S. INVESTORS - The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms on this press release, such as prospective resource or Original Oil in Place, that the SECs guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10K. You can also obtain this form from the SEC by calling 1-800-SEC-0330.

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PART 1

Item 1. Business

Organizational

We were originally formed on October 10, 2005 as Hola Communications, Inc. in the State of Nevada. We were formed to provide wireless broadband access in Northern Mexico and Southwestern California. In October 2007, we redirected our business focus to the oil and gas industry. In November 2007, the Company created a wholly owned Nevada subsidiary for the purpose of affecting a name change from Hola Communications, Inc. to TAMM Oil and Gas Corp.

Business Overview

Our corporate headquarters are located in Calgary, Canada.

We are an exploration stage company that has not yet commenced significant operations in the heavy oil exploration business. Our activities have been limited to organizational matters and:

	·	Acquiring oil sands leases;
	·	Developing our business plan; and
	·	Raising capital to conduct our operations.

Our heavy oil exploration activities will be conducted on properties located in Alberta Canada. We have acquired a 100% interest in 24 sections of Oil Sands leases ~~and~~with a15 ~~100%~~year ~~interest in 24 sections of Petroleum and Natural Gas (P&NG) which are contiguous to our major block of Oil Sands leases and are situated in the Peace River Oil Sands area of northwestern Alberta.~~terms

None of our properties are currently in the production stage.

For the years ended March 31, ~~2012~~2013 and ~~2011~~2012, and from October 10, 2005 (date of inception) through March 31, ~~2012~~2013, we reported net losses of $~~388~~10,~~592~~961,229, $4388,~~837,401~~592 and $7081,~~595~~556,~~268~~497 respectively.

Description of Business

Principal Product.

We intend to produce only a single product, heavy oil, which we intend to extract from the above properties depending upon our exploration test results and activities. Any additional Petroleum and Natural Gas production that may be found will be an added byproduct. To date, we have not engaged in any production activities.

Distribution Methods.

Should we be successful in producing oil, it will be sold to other companies with downstream processing capabilities.

Status of Publicly Announced Products or Services.

We have not announced any products or services. Since our business is limited to conducting exploration activities, we do not anticipate any such development.

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Competitive business conditions.

We compete with oil and natural gas companies and other individual producers and operators, many of which have longer operating histories and substantially greater financial and other resources than we do. Additionally, many of our competitors have the following competitive advantages: (a) recruitment of qualified personnel; (b) absorbing changes in laws and regulation in the jurisdictions in which we do business and ability to handle longer periods of reduced prices of gas and oil more easily than we can; and (c) paying more for productive oil and natural gas properties and being able to define, evaluate, bid for and purchase a greater number of properties and prospects than we can. Our ability to compete will be contingent upon our ability to acquire additional properties in the future, conduct efficient operations, evaluate and select suitable properties, and implement advanced technologies and consummate transactions in a highly competitive environment.

Sources and Availability of Raw Materials.

We do not use significant quantities of raw materials in our operations at this time.

Dependence on one or a few major customers.

We do not anticipate becoming dependent upon one or a few customers since there are several companies that conduct business in downstream heavy oil processing – however typically once production starts, it is sold to one marketing company for resale.

Patents, trademarks, licenses, franchises and concessions.

We have no patents, trademarks, licenses, franchises or concessions.

Research and Development Expenditures.

We have spent no funds on research and development activities nor do we anticipate any such future expenditure in the next 2-5 years – should an enhanced recovery project be identified, a certain amount of the capital will be assigned to research at the early stages of such a project to identify the most economic technical model.

Need for governmental approval.

Development and production, and sale of oil and natural gas in Canada are subject to complex laws and regulations, which require government approval, and can adversely affect the cost, manner, or feasibility of doing business. We may be required to make significant expenditures to comply with environmental and other governmental regulations, including the following matters that are subject to regulation:

	·	location and density of wells;
	·	surface access;
	·	drilling approvals;
	·	wildlife approvals;

	·	native and trapper approvals;
	·	handling of drilling fluids and obtaining discharge permits for drilling operations;
	·	bonds for ownership, development and production of natural gas and oil properties;
	·	transportation of natural gas and oil by pipelines;
	·	operation of wells and reports concerning operations; and
	·	taxation

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Effect of existing or probable governmental regulations.

We are subject to existing and revisions to governmental regulations, including accounting for and payment of royalties on production from Provincial, Federal and Native lands. We are also subject to Provincial and Federal environmental, health, safety and transportation, and employer regulations.

Effect of compliance with federal, state, and local provisions for the protection of the environment.

We are subject to extensive environmental regulations. If we experience any leakage of crude oil and/or gas from the subsurface portions of a well, our gathering system could cause degradation of fresh groundwater resources, as well as surface damage, potentially resulting in suspension of operation of a well, fines and penalties from governmental agencies, expenditures for remediation of the affected resource, and liabilities to third parties for property damages and personal injuries. In addition, any sale of crude oil or gas collected as part of the drilling and recovery process could impose liability in accordance with applicable environmental health, transportation, and safety laws.

Employees.

We hire geologists, geophysicists, accountants; land management, legal and general management advisory personnel on a contract consulting basis. There are not permanent or part time employees.

Reports to Security Holders and Available Information

Our principal executive offices are located at Hochwachstrass ~~Suite~~4 ~~110,~~Steinhausen !06312 ~~Sierra Morena Mews SW, Calgary AB T3H 3K5~~ch. Our telephone number is (403) ~~513~~680-~~2663~~9441. Our annual, quarterly, and current reports with the Securities and Exchange Commission (SEC), copies of which are available on our website at www.tammoilandgas.com or from the SEC free of charge at www.sec.gov . The public may also read and copy any materials, which we have filed with the SEC at the SEC’s Public Reference Room at 100 F Street N.E., Washington, DC 20549. Information on the Public Reference Room may be obtained by calling: 1-800-SEC-0330.

Item 1A. Risk Factors

The following risks and uncertainties, along with other information contained in this Form 10-K, should be carefully considered by anyone considering an investment in our securities. The occurrence of any of the following risks could negatively affect our business, financial condition and operating results.

Our financial condition raises substantial doubt about our ability to continue as a going concern.

During the period from our inception of October 10, 2005 to our year end at March 31, ~~2012~~2013, we have an accumulated deficit of $7081,~~595~~556,~~268~~497. Our auditors have issued a going concern opinion indicating that our significant operating losses, working capital deficit and inability to generate any revenues, cause substantial doubt about our ability to continue as a going concern, and that there is uncertainty as to whether we have the capability to continue our operations without additional funding. Accordingly, we anticipate that we will need additional funding during the next 12 months, which we plan to seek through public or private equity financing, bank debt financing, or from other sources; however, adequate funds may not be available when needed, and even if we raise additional funds through sales of our equity securities, existing stockholder interests will be diluted.

We lack an operating history in our current business plan, which makes it difficult to evaluate whether we will be able to continue our operations or ever be profitable.

In October 2007, we began our current business plan of conducting exploration for heavy oil. Our short operating history has consisted of preliminary acquisition and exploration activities and non-income-producing activities. Accordingly, we have no adequate operating history to evaluate our future success or failure.

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Because we are an exploration stage company, we currently have no significant operations, and our future operations are subject to substantial risks, we may be unsuccessful in conducting our operations.

We are an early stage oil exploration company and have not commenced oil production. We will be unable to generate revenues or make profits, unless we actually commence significant production.

We are subject to substantial regulation of our business, including requirements to obtain numerous licenses and permits in the operation of our business; if we are denied needed government licenses and permits or otherwise fail to comply with federal and state requirements, we may be subject to increased compliance costs and fines or penalties.

Exploration and Production

Our operations are subject to various types of regulation at federal, state, provincial, territorial and local levels. These types of regulations may include requiring permits for the drilling of wells, drilling bonds and reports concerning operations. Most provinces, states, territories and some municipalities in which we operate also regulate one or more of the following:

	·	the location of wells;
	·	the method of drilling and casing wells;
	·	the surface use and restoration of properties upon which wells are drilled;
	·	the plugging and abandoning of wells; and
	·	notice to surface owners and other third parties.

Our future exploration activities will require licenses, permits, or compliance with other state and federal requirements, including:

	·	Acquiring permits before commencing drilling;
	·	Restricting substances that can be released into the environment with drilling and production activities;
	·	Limiting or prohibiting drilling activities on protected areas such as wetlands or wilderness areas;
	·	Requiring that reclamation measures be taken to prevent pollution from former operations;
	·	Requiring remedial measures to mitigate pollution from former operations, such as plugging abandoned wells and remediation of contaminated soil and groundwater; and
	·	Requiring remedial measures to be taken with respect to property designated as a contaminated site.

Additionally, we could be liable for personal injury, clean-up costs and other environmental and property damages, as well as administrative, civil and criminal penalties. Although we maintain limited insurance coverage for sudden and accidental environmental damages as well as environmental damage that occurs over time, we have not obtained coverage for the full potential liability of environmental damages since we do not believe that we can obtain insurance coverage for the full potential liability of environmental damages is available at a reasonable cost. Accordingly, we could be liable, or could be required to cease production on properties, if environmental damage occurs. Delays or failures to acquire required licenses or permits or successfully comply with the pertinent federal and state regulations will negatively impact our operations.

Although the regulatory burden on the oil and gas industry increases our cost of doing business and, consequently, affects our profitability, these burdens generally do not affect us any differently or to any greater or lesser extent than they affect other companies in the industry with similar types, quantities and locations of production.

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The successful implementation of our plan of operations is subject to risks inherent in the oil and gas business.

Our oil and gas operations are subject to the economic risks associated with exploration, development and production activities, including substantial expenditures to locate and acquire properties and to drill exploratory wells. Additionally, the cost and timing of drilling, completing and operating wells may be uncertain. The presence of unanticipated pressure or irregularities in formations, miscalculations or accidents may cause our exploration, development and production activities to be delayed or unsuccessful, and may result in the total loss of our investment in a particular property. The technology required to economically produce this prospect is not well developed at this time, and thus additional time, costs may be incurred to fully develop the technology to aan economic stage.

Trends and Uncertainties

Our ability to produce sufficient quantities of oil and gas from our properties may be adversely affected by factors outside of our control.

We are an early stage oil exploration company and have not commenced significant oil production. We will be unable to generate revenues or make profits, unless we actually commence significant oil production. Drilling, exploring and producing oil and gas involves various substantial risks beyond our control, including:

	·	unproductive wells;
	·	productive wells that are unable to produce oil or gas in economically feasible quantities;
	·	hazards, such as unusual or unexpected geological formations, pressures, fires, blowouts, loss of circulation of drilling fluids or other conditions that may substantially delay or prevent completion of any well;
	·	adverse weather conditions hindering drilling operations;
	·	a productive well becoming uneconomic due to pressure depletion, water encroachment, mechanical difficulties, or other factors, which impair or prevent the production of oil and/or gas from the well;
	·	operations being adversely affected by the proximity and capacity of oil and gas pipelines and processing equipment;
	·	market fluctuations of taxes, royalties, land tenure; and
	·	allowable production and environmental protection.

Government and Environmental Regulation

Our business is governed by numerous laws and regulations at various levels of government. These laws and regulations govern the operation and maintenance of our facilities, the discharge of materials into the environment and other environmental protection issues. The laws and regulations may, among other potential consequences, require that we acquire permits before commencing drilling, restrict the substances that can be released into the environment with drilling and production activities, limit or prohibit drilling activities on protected areas such as wetlands or wilderness areas, require that reclamation measures be taken to prevent pollution from former operations, require remedial measures to mitigate pollution from former operations, such as plugging abandoned wells and remediation of contaminated soil and groundwater, and require remedial measures to be taken with respect to property designated as a contaminated site.

Under these laws and regulations, we could be liable for personal injury, clean-up costs and other environmental and property damages, as well as administrative, civil and criminal penalties. We maintain limited insurance coverage for sudden and accidental environmental damages as well as environmental damage that occurs over time. However, we do not believe that insurance coverage for the full potential liability of environmental damages is available at a reasonable cost. Accordingly, we could be liable, or could be required to cease production on properties, if environmental damage occurs.

The costs of complying with environmental laws and regulations in the future may harm our business. Furthermore, future changes in environmental laws and regulations could occur that may result in stricter standards and enforcement, larger fines and liability, and increased capital expenditures and operating costs, any of which could have a material adverse effect on our financial condition or results of operations.

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We rely upon third parties in our business which could adversely affect our business.

We rely upon third parties, including: (a) those that assist us in identifying desirable oil and gas prospects to acquire and to provide us with technical assistance and services; (b) the services of geologists, geophysicists, chemists, engineers and other scientists to explore and analyze oil prospects to determine a method in which the oil prospects may be developed in a cost-effective manner; and (c) owners and operators of oil drilling equipment to drill and develop our prospects to production. Although we have developed relationships with a number of third-party service providers, we cannot assure that we will be able to continue to rely on such persons. If any of these relationships with third-party service providers are terminated or are unavailable on commercially acceptable terms, we may be unable to execute our operational plan.

Market fluctuations in the prices of oil & gas could adversely affect our business.

Prices for oil and natural gas tend to fluctuate significantly in response to factors beyond our control, including:

	·	actions of the Organization of Petroleum Exporting Countries and its production constraints;
	·	United States and global economic environment;
	·	weather conditions;
	·	availability of alternate fuel sources;
	·	transportation interruption;
	·	the impact of drilling levels on crude oil and natural gas supply; and
	·	the environmental and access issues that could limit future drilling activities industry wide.

Additionally, changes in commodity prices affect our capital resources, liquidity and expected operating results. Price changes directly affect revenues and can indirectly impact expected production by changing the amount of funds available to reinvest in exploration and development activities. Reductions in oil and gas prices not only reduce revenues and profits, but could also reduce the quantities of reserves that are commercially recoverable. Significant declines in prices could result in charges to earnings due to impairment. Changes in commodity prices may also significantly affect our ability to estimate the value of producing properties for acquisition and divestiture, and often cause disruption in the market for oil producing properties, as buyers and sellers have difficulty agreeing on the value of the properties. Price volatility also makes it difficult to budget for and project the return on acquisitions, development and exploitation of projects. We expect that commodity prices will continue to fluctuate significantly in the future.

Oil and Natural Gas Properties

We believe that we have satisfactory title to our producing properties in accordance with standards generally accepted in the oil and natural gas industry and specific to the jurisdiction that the properties reside.

Although title to these properties is subject to encumbrances, in some cases, such as customary interests generally retained in connection with the acquisition of real property, customary royalty interests and contract terms and restrictions, liens under operating agreements, liens related to environmental liabilities associated with historical operations, liens for current taxes and other burdens, easements, restrictions and minor encumbrances customary in the oil and natural gas industry; we believe that none of these liens, restrictions, easements, burdens and encumbrances will materially detract from the value of these properties or from our interest in these properties or will materially interfere with our use in the operation of our business. In some cases, lands over which leases have been obtained may be subject to prior liens that have not been subordinated to the leases. In addition, we believe we have obtained sufficient rights-of-way grants and permits from public authorities and private parties for us to operate our business in all material respects.

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Our President devotes less than full time to our business, which may negatively impact our operations.

~~Guido~~William ~~Hilekes~~Tighe, our ~~President~~Chief Executive Officer, devotes only 2 hours per week to our business. Because our President may be unable to devote the time necessary to our business, we may be unsuccessful in implementing our operational plan.

The services of our President, Chairman of the Board and other Board Members are essential to the success of our business; the loss of any of these personnel will adversely affect our business.

Our business depends upon the continued involvement of our Chairman of the Board, and other board members who collectively have oil related experience of at least 30 years. The loss, individually or cumulatively, of these personnel would adversely affect our business, prospects, and our ability to successfully conduct our exploration activities. Before you decide whether to invest in our common stock, you should carefully consider that the loss of their expertise, may negatively impact your investment in our common stock.

Item 1B. Unresolved Staff Comments

None

Item 2. Properties

We rent our ~~principal~~mailing ~~executive~~ offices from Sicamous Oil and Gas Consultants Ltd. ~~We pay Sicamous $1,000 on a month to month basis~~ for ~~office~~one ~~space,~~hundred ~~infrastructure~~dollars ~~and~~per ~~support services~~month. Our ~~space~~principal isoffices ~~sufficient for our needs. At the present time, we have no real estate holdings nor~~ are ~~there~~in ~~plans~~Steinhausen ~~to acquire any real property interests.~~Switzerland

~~Oil~~Our ~~Sands~~space ~~and~~is ~~Petroleum~~sufficient ~~and~~for ~~Natural~~our ~~Gas~~needs. ~~(P&NG)~~At ~~Leases~~the present time, we have no real estate holdings nor are there plans to acquire any real property interests.

Oil Sands Leases

Our leases are situated near Manning in the Peace River area of Northern Alberta, Canada, as follows:

	·	We have a 100% interest in 23 sections of Oil Sands leases, amounting to approximately 14,780 gross and net acres. Oil Sands leases have a 15 year term for exploration. Our Oil Sands leases expire in 2023; and
	·	We have a 100% interest in 24 sections of Petroleum and Natural Gas (P&NG) leases, amounting to approximately gross and net 15,299 acres . P&NG leases provide that we have 5 years to explore on the leased lands. Our P&NG leases expire in 2013. Based on successful exploration programs these leases can be then extended as long as production is maintained.

We have a 100% interest in 24 sections of Oil Sands leases, amounting to approximately 14,780 gross and net acres. Oil Sands leases have a 15 year term for exploration. Our Oil Sands leases expire in 2023.

The majority of lands associated with our Oil Sands leases ~~and P&NG leases~~ are ~~contiguous, and~~ situated in the Peace River Oil Sands area of northwestern Alberta. If economic production is proven on our lease parcels, we will automatically be given the right to extend the leases as they expire.

During the year ended March 31, 2012, the Company management performed an evaluation of its unproved properties for purposes of determining the implied fair value of the assets at March 31, 2012. The test indicated that the recorded remaining book value of its royalty agreement exceeded its fair value for the year ended March 31, 2012. As a result, upon completion of the assessment, management recorded a non-cash impairment charge of $372,721, net of tax, or $0.0 per share during the year ended March 31, 2012 to reduce the carrying value of 14 sections of Peace River leases to $-0-. Considerable management judgment is necessary to estimate the fair value. Accordingly, actual results could vary significantly from management’s estimates.

OnSawn May 31, 2012 the Company entered binding letter of intent as combination of Oilsands leases in the Manning area consisting of 23 sections of Oilsand leases with CEC North Star Energy Ltd. The remaining 10 sections of P&NG leases part of the farm in with CEC North Star Energy Ltd. Tamm will transfer in escrow the tittle and leases to the Manning area properties it holds and the escrow forms part of the put and call agreement issued to Tamm by North Star and will be concluded within one year.Lake

~~Annual~~The ~~fee~~Company ~~rentals~~had ofa ~~$3.50/ha~~royalty ~~(CDN)~~agreement ~~are~~applicable ~~paid~~ to ~~the~~32 ~~government~~sections of ~~Alberta~~oil tosands ~~maintain rights to the~~ leases. WeThe ~~acquired~~subject ~~the~~royalties ~~leases~~are in2% ~~2008 in mulitple Alberta public offerings~~ of ~~crown~~gross ~~Oil~~revenue ~~Sands~~prior ~~rights~~to ~~and~~any ~~crown~~expenses ~~P&NG rights. And in aquisitions~~ from ~~Asperago, Elestone in third party agreements. The corporation acquired the assets of Union Oil consisting of 8 sections of~~ oil ~~sands~~sand ~~in a corporate transaction~~production.

On or about June 30, 2012, the Company exchanged this agreement for the outstanding debt owed to Asperago Holdings SA and recorded a loss on settlement of debt of $612,514. The Company no longer has any interests in the Sawn Lake area.

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Alberta Crown

On September 24, 2009, the Company acquired a 100% working interest in 1,280 acres of oil sands leases with a 2% gross overriding royalty retained by the seller in exchange for 2,428,000 shares of the Company’s common stock. The value of these rights is recorded at $1,626,760. In addition, the Company acquired 100% working interest in 6,400 acres of petroleum and natural gas leases with a 2% gross overriding royalty retained by the seller in exchange for 14,572,000 shares of the Company’s common stock. These rights were recorded at $9,763,240.

On May 31, 2012 the Company entered binding letter of intent as combination of Oil sands leases in the Manning area consisting of 23 sections of Oil sand leases with CEC North Star Energy Ltd. The remaining 10 sections of P&NG leases part of the farm in with CEC North Star Energy Ltd. Tamm will transfer in escrow the tittle and leases to the Manning area properties it holds and the escrow forms part of the put and call agreement issued to Tamm by North Star and will be concluded within one year.

On or about August 1, 2012 the Company in review of the development plans decided to release 10 sections of P&NG leases back to the Province of Alberta. Those leases were then terminated by the Province of Alberta on September 4, 2012 and accordingly, the Company recorded an impairment of $10,259,918 to current period operations.

Summary of all Leases

Offering Date	~~Lease Type~~	Lease Type	~~Term ( yrs)~~	Term ( yrs)		~~Area (Sections)~~	Area (Sections)		~~Acquisition cost ($)~~	Acquisition cost ($)		~~Annual Rental ($)~~	Annual Rental ($)
Jan 10 2008	~~Oil Sands~~	Oil Sands		15	15		4	4	$	~~164,126~~$	164,126	$	~~3,584~~$	3,584
Jan 10 2008	~~Oil Sands~~	Oil Sands		15	15		3	3		~~108,510~~	108,510		~~2,688~~	2,688
Jan 10 2008	~~Oil Sands~~	Oil Sands		15	15		2	2		~~72,340~~	72,340		~~1,792~~	1,792
May 15 2008	~~P&NG~~	Oil Sands		5	15		5	4		~~161,676~~	124,512		~~4,480~~	3,584
May 15 2008	~~P&NG~~	Oil Sands		5	15		5	4		~~136,051~~	124,512		~~4,480~~	3,584
May 29 2008	P&NG			5			6			246,974			5,376
May 1 2008		Oil Sands			15			2			97,879			1,792
May 15 2008	Oil Sands			15			4			124,512			3,584
Jan 10 2008		Oil Sands			15			4			134,430			3,584
May 15 2008	Oil Sands			15			4			124,512			3,584
Jan 10 2008		Oil Sands			15			2			17,704			1,792
May 1 2008	Oil Sands			15			2			97,879			1,792
Jan 10 2008		Oil Sands			15			1			6,364			896
Jan 10 2008	~~Oil Sands~~	Oil Sands		15	15		4	5		~~134,430~~	206,438		~~3,584~~	4,480
Jan 10 2008	Oil Sands			15			2			17,704			1,792
Total								31		$	1,056,815		$	27,776
May 29 2008	P&NG			5			8			124,497			7,168
Jan 10 2008	Oil Sands			15			1			6,364			896
Jan 10 2008	Oil Sands			15			5			206,438			4,480
Total							55		$	1,726,013		$	49,280

OnUnion ~~March 15~~Energy, ~~2011 the Company reached an agreement for a conventional industry farm in on the Manning properties with Cougar Oil and Gas Canada, Inc. (“Cougar”); a Company under common control.~~LLC

Under the terms of the agreement – Cougar has two work commitments to earn working interest in the Manning properties. The first work commitment of $2.5 million Cdn for the first year to perform certain activities consisting of drilling, seismic, coring and geologic reviews – including 3rd party engineering reports - to support an application to convert the P&NG leases to oil sands leases. After the first earning program, Cougar will earn 30% of the overall working interest and be designated operator on the Manning Project. The second work commitment of $6.5 million Cdn for the subsequent 24 months consisting of drilling, seismic, coring, and geologic reviews and updates to the various reports. Post the second earning program, Cougar will earn an additional 20% working interest.

On May 11, 2012, the Court of Queen’s Bench granted an order ceasing Cougar Oil and Gas’s proceedings under the CCAA and an order (the “Appointment Order”) appointing Ernst & Young Inc. as receiver and manger (the “Receiver”) of the property, assets and undertakings (the “Property”) of Cougar . The farm in’s where Cougar earned rights as operator were terminated prior to this with no rights earned by Cougar.

On June 12, 2009, we acquired a 100% working interest in 5,120 acres of oil sands leases in the Province of Alberta, in exchange for 1,000,000 shares of our common stock valued at $800,000. During the year ended March 31, 2011, the oil sands leases expired, therefore incurred an impairment charge of $800,000 in prior period operations.

OnPeace September 27, 2009, we acquired a 100% working interest in 1,280 acres of oil sands leases with a 2% gross overriding royalty retained by the seller in exchange for 2,428,000 shares of the Company’s common stock. The value of these rights was recorded at $1,626,760. In addition, we acquired 100% working interest in 6,400 acres of petroleum and natural gas leases with a 2% gross overriding royalty retained by the seller in exchange for 14,572,000 shares of the Company’s common stock. The value of these rights was recorded at $9,763,240.River

~~During~~The ~~the~~Company ~~year~~leases ~~ended~~24 ~~March~~sections ~~31, 2010, we performed an evaluation~~ of ~~our~~oil ~~royalty~~sands ~~agreement~~leases ~~for~~in ~~purposes of determining~~ the ~~implied~~Peace ~~fair~~River ~~value~~region ofheld ~~the assets~~ at March 31, 2010. The test indicated that the recorded remaining book value of its royalty agreement exceeded its fair value for the year ended March 31, 2010. As a result, upon completion of the assessment, we recorded a non-cash impairment charge of $2718,~~929,868, net of tax, or $0~~903.~~04 per share during the year ended March 31, 2010 to reduce the carrying value of the royalty~~

~~Subsequent~~During tothe ~~this~~year ~~write~~ended ~~down~~March 31, an2012, ~~independent~~the Company management performed an evaluation of ~~the~~its ~~GORR~~unproved onproperties for purposes of determining the ~~Sawn~~implied ~~Lake~~fair ~~project~~value ~~was~~of ~~completed~~the byassets ~~Ryder~~at ~~Scott~~March ~~Engineering~~31, ~~for~~2012. ~~August~~The ~~2010~~test –indicated that ~~evaluation~~the ~~placed~~recorded aremaining book value of ~~1.4~~its ~~million~~royalty agreement exceeded its fair value for the ~~GORR~~year asended March 31, 2012. As a ~~current~~result, ~~market~~upon ~~value.~~completion ~~This~~of ~~value~~the isassessment, management recorded a non-cash impairment charge of $~~500~~372,~~000~~721, ~~higher~~net ~~than~~of ~~value~~tax, ~~currently~~or ~~carried~~$0.0 ~~and~~per asshare aduring ~~result~~the year ended March 31, 2012 to reduce the ~~Corporation~~carrying value of 14 sections of Peace River leases to $-0-. Considerable management judgment is ~~not~~necessary ~~considering~~to ~~any~~estimate ~~further~~the ~~impairment~~fair value. Accordingly, actual results could vary significantly from management’s estimates.

~~Our decision to acquire these undeveloped properties at a combined cost of $~~11~~,390,000 was based on the following:~~

~~June~~Table ~~23, 2008 – Chapman Petroleum Engineering determined that the Mississippian-aged Lower Debolt and Elkton member zones for our 35 sections~~ of ~~land contain 2.33 billion barrels of original total heavy oil in place.~~Contents

~~Based~~Farm onIn publically available geological information from government records, based on drilling results through the many wells which are also publically available, and the competitive bidding for the lands that occurred in 2008 to 2009, the corporation is confident that after the planned work programs for this winter, that the properties will be shown to have substantially more value than the accounted value as per US GAAP.Agreement

~~Subsequent~~The toCompany ~~our~~reached ~~acquisition,~~ an ~~updated~~Joint ~~Chapman~~Venture ~~report~~agreement ~~dated~~for ~~November~~a 1,conventional ~~2009~~industry ~~shows~~farm ~~there~~in ison anthe ~~incremental~~Manning ~~810~~properties ~~million~~with ~~barrels~~a ofprivate ~~heavy~~UK based Company with 61 sections of oil insands ~~place~~lease onholdings ~~our~~in ~~newly~~the ~~acquired~~Manning ~~lands~~prospect ~~for~~area aadjacent ~~combined~~to ~~total~~the ofCompany 3holdings.14 ~~billion~~The ~~barrels~~agreements were ratified by the Board of ~~original~~Directors ~~total~~of ~~heavy~~TAMM ~~oil~~on inNovember ~~place~~28, 2011.

~~Subsequent~~The toCompany ~~this~~and aCougar ~~January~~Oil 1,and ~~2011~~Gas ~~effective date~~Canada, ~~released~~Inc. ~~May~~("Cougar") ~~25,~~terminated ~~2011~~their ~~Chapman~~previously ~~Petroleum~~announced ~~Engineering~~farm-in ~~report~~agreement ~~evaluated~~to ~~all~~negotiate 47a ~~sections~~new ~~under~~agreement with the ~~new~~private ~~guidelines~~Corporation. ~~for~~The ~~Petroleum~~private ~~(heavy~~corporation ~~oil)~~has ~~Initial~~signed –a Inmulti-phase farm-in ~~Place~~agreement towith ~~identify 2.7 billion barrels PIIP in~~ the ~~combined~~Company ~~Elkton~~to define and ~~lower~~develop ~~Debolt sections. The report did not evaluate~~ the ~~other~~Company's ~~structures. The~~47 ~~report~~section ~~also~~Manning ~~completed~~area aheavy ~~feasibility~~oil ~~study~~prospect onin aparallel ~~typical~~with 4the ~~sections~~development of the ~~property~~private ~~for~~corporations a61 ~~steam~~sections ~~drive project. That report provided a risked NPV 10%~~ of ~~$130,000,000~~land ~~for~~in the 4Manning ~~sections based on the proposed development scheme~~area.

8The ~~sections which~~first ~~were~~phase ~~acquired~~of in the ~~Union~~farm-in ~~transaction~~consists ~~were~~of ~~not~~the ~~considered~~private ~~core~~corporation ~~assets~~performing ~~for~~a ~~TAMM – as they are 30 miles from the Manning properties~~$2. ~~The~~5million ~~Corporation~~work ~~chose~~program to ~~take~~earn a ~~writedown~~30% onworking ~~these~~interest ~~properties for year ended March 31, 2011. There was substantial land auction activity~~ in the ~~area at the time of renewal and Cougar however chose to extend the leases on TAMM’~~Company's ~~behalf~~heavy ~~through~~oil ~~the~~prospect. ~~farm~~Subsequent inyear –programs ~~and~~of ~~thus the leases were extended for another year~~$6. ~~About~~5 7 million dollars ofwill ~~land~~earn ~~actions~~an ~~were~~additional ~~completed~~20% inworking ~~the~~interest ~~area,~~– inthis ~~April~~agreement ~~2011~~has ~~just~~been ~~before~~assigned ~~the renewal date. TAMM management chose~~ to ~~not~~CEC ~~make~~North ~~any~~Star ~~changes~~Energy toInc by the ~~financials~~private ~~at this time~~corporation.

~~Subsequent~~Cougar towas ~~this at~~ the ~~April~~designated ~~2011~~operator ~~land sale, extensive bidding resulted~~ in ~~most~~this ofagreement, ~~the~~however ~~adjacent~~due ~~lands being purchased at higher or equal~~ to ~~prices than~~ the ~~prices~~Cougar ~~TAMM~~receivership, ~~paid. The~~Cougar ~~majority~~has ofceased ~~the~~operations ~~lands~~and ~~were~~will ~~bought~~not inearn ~~large~~under ~~blocks~~this ofagreement aand ~~township~~is ~~(36~~no ~~sections~~longer ~~or 23,404 acres) at~~ a ~~time~~participant ~~with~~in athe ~~range of $15~~agreement.~~50 to $171.50 per hectare.~~

12The private corporation has a related party relationship to the Company due to family members serving on the board of directors of each company and a common director was added to both Board of Directors.

This agreement has expired and has been terminated

Our approach to exploiting the properties is as follows:

Our geologist has identified target zones which we are presently evaluating with the goal of two drill locations. The goal for these locations is to drill, core and drill stem test the target formations followed by running a 30 day evaluation test for product deliverability and for engineering purposes. Once completed and dependent on the results of the testing, we will evaluate our overall position.

We commissioned a prospective resource/feasibility study report to assist us in moving forward in the development of the all the TAMM leases. An updated report was released May 25, 2011 to reflect new information available on adjacent lands. See subsequent event notes.

Property Geology

Well logs, cores and drill cutting sample reports of drilled wells on and around our leased lands suggest that heavy oil enrichment occurs in the Cretaceous Bluesky and Gething Formations, and especially in the Mississippian-aged Debolt Formation which includes the porous Elkton Member. High grade heavy oil intervals predominantly occur in the lower most Elkton Member and Lower Debolt Formation. Porosity in these intervals ranges up to 28%, and the lithology is comprised of both limestones and dolomites which were deposited in a shoaling upward environment.

Gross thickness of the Debolt Formation, including the Elkton Member over our leases, averages approximately 90 feet. These carbonates are relatively homogeneous, thinning in an easterly direction. Porosity has been enhanced by dolomitization, particularly in the Elkton Member and Lower Debolt Formation.

Oil analyses of these zones are sparse in the area, but the few measurements available from a local well indicate an API oil gravity of 14 ~~to 18~~plus. Gas production occurs in the area from the Cretaceous Bluesky and Gething Formations plus the Mississippian Debolt and Shunda horizons.

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Item 3. Legal proceedings

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. We are currently not aware of any such legal proceedings that we believe will have, individually or in the aggregate, a material adverse ~~affect~~effect on our business, financial condition or operating results.

Item 4. Submission of matters to a vote of security holders

To date, we have not conducted an annual meeting of shareholders.

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PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information

Our common stock is quoted on the Over-the-Counter (“OTC”) Bulletin Board under the Symbol "TAMO". The following table shows the high and low bid for our common stock during the last two years and the current fiscal year. Our common stock was not OTC Bulletin Board quoted until the third quarter of 2007. These prices represent inter-dealer prices, without retail mark-up, markdown, or commission, and may not represent actual transactions, and were derived from Quotestream.

2011	Low Bid		High Bid
2012	Low Bid		High Bid
First Quarter	$	0.1518	$	0.~~505~~38
Second Quarter	$	0.20	$	0.64
Third Quarter	$	0.16	$	0.35
Fourth Quarter	$	0.091	$	0.34
2012
First Quarter	$	0.184	$	0.38
Second Quarter	$	0.18	$	0.35
Third Quarter	$	0.~~125~~13	$	0.~~023~~02
Fourth Quarter	$	0.~~128~~13	$	0.25
2013
First Quarter	$	0.17	$	0.26
Second Quarter	$	0.12	$	0.20
Third Quarter	$	0.05	$	0.22
Fourth Quarter	$	0.08	$	0.19

Holders

As of March 31, ~~2012~~2013, there were 32 shareholders of record of our common stock.

Authorized Shares

We are authorized to issue 750,000,000 shares of common stock. We are also authorized to issue 1,000,000 shares of preferred stock.

Outstanding shares

As of March 31, ~~2012~~2013, we had 92,582,524 common shares issued and outstanding.

As of March 31, ~~2012~~2013, we have no shares of preferred stock issued and outstanding.

Dividends

We have never paid a cash dividend on our common stock and have no present intention to declare or pay cash dividends on our common stock in the foreseeable future. We intend to retain any earnings that we may realize in the foreseeable future to finance our operations and otherwise develop our business. Our future dividend policy will be determined from time to time by our board of directors.

Securities authorized for issuance under equity compensation plans

Equity compensation plans approved by security holders

None

Equity compensation plans not approved by security holders

None

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Unregistered sales of equity securities and use of proceeds

On November 7, 2007, we completed a 15:1 forward stock split and our outstanding common stock increased from 6,100,000 to 91,500,000 shares of common stock and our authorized capital increased from 50,000,000 to 750,000,000. Accordingly, all share and per share amounts have been restated from inception.

In October 2005, we issued 45,000,000 shares of common stock to Carlos Alfonso Bustamante, our then President/Chief Executive Officer/Director, at a price of $0.0001 per share for aggregate proceeds of $3,000. The offer and sale were made pursuant to Regulation D of the Securities Act of 1933.

In October 2005, we sold 15,000,000 shares of common stock to Jose Carlos Davalos Cerda, our then Secretary/Treasurer/Director at a price of $0.0001 per share for aggregate proceeds of $1,000. The offer and sale was made by us in reliance on of Regulation S of the Securities Act of 1933.

In March 2006, we completed a private placement offering of 30,000,000 shares of common stock to thirty five (35) investors at a price of $0.0033 per share, for aggregate proceeds of $100,000. The private placement offering was made to foreign investors in offshore transactions in accordance with Regulation S of the Securities Act of 1933.

In August 2007, we closed a private placement consisting of 1,500,000 shares of our common stocks at a price of $.07 per share for the aggregate proceeds of $100,000. The shares were issued to a non-U.S. person in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933.

On November 23, 2007, we closed the first tranche of a private placement consisting of 800,000 units at a price of $1.25 per unit for aggregate proceeds of $1,000,000. Each unit consists of one common share and one share purchase warrant. Each Warrant was exercisable into one common share at a price of $1.75 per Warrant Share until November 23, 2009, at which date they expired.

On December 20, 2007, we closed the second tranche of a private placement consisting of 400,000 units at a price of $1.25 per Unit for aggregate proceeds of $500,000. Each Unit consists of one common share and one share purchase warrant. Each Warrant was exercisable into one common share at a price of $1.75 per Warrant Share until December 20, 2009, at which date they expired.

On November 26, 2007, the Company entered into an agreement to purchase interests in certain royalty agreements in exchange for 4,000,000 shares of common stock. The market price of the common stock on the date of the agreement was $2.55 per share. Accordingly, the purchase was recorded at $10,200,000 for the value of the shares issued. However, subsequent information obtained yielded an estimated recoverable value of $4,000,000, which resulted in a charge to impairment expense of $6,200,000.

On December 27, 2007, we exchanged 21,533,000 shares of our common stock with 3 shareholders of Deep Well and we received 21,533,000 shares of Deep Well Oil & Gas Corp., a publicly traded company, in that exchange. As more fully disclosed in our Form 8-K filed with the Securities and Exchange Commission on July 2, 2008, on July 1, 2008 we rescinded the December 27, 2007 issuance of 21,533,000 shares of our common stock with those 3 Deep Well shareholders. We have affected the necessary acts to cancel the 21,533,000 shares that were issued to the 3 Deep Well shareholders.

On March 5, 2008, we closed the third tranche of a private placement to nine individuals consisting of 80,000 units at a price of $1.25 per Unit for aggregate proceeds of $100,000. Each Unit consists of one common share and one share purchase warrant. Each Warrant was exercisable into one common share at a price of $1.75 per Warrant Share until March 5, 2010, at which date they expired.

On June 5, 2008 we acquired 100 percent ownership of an additional 14 sections of Crown leases in the Peace River region of Northern Alberta. This acquisition of Petroleum and Natural Gas leases, which are contiguous to previously acquired lands, expands TAMM's holdings in the region to a land base of approximately 22,400 acres.

In July 2008, 34,000,000 shares of the Company’s common stock previously issued to founders in October 2005 were returned for cancellation.

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In September 2008, 21,533,000 shares of the Company’s common stock previously issued in exchange for common shares of Deep Well Oil & Gas, Inc were returned to the Company and cancelled.

In June 2009, we issued 1,000,000 shares of its common stock to acquire Union Energy, LLC, valued at $800,000.

In September 2009, we issued an aggregate of 17,000,000 shares of its common stock to acquire working interests in oil sands and petroleum and gas properties, valued at $11,390,000.

In May 26, 2011 we completed a series of 7 agreements to issue 11,667,282 shares in settlement of debt agreements. A portion of this was completed prior to year end March 31, 2011 and thus are reflected in this filing. As of The total value of the agreements including interest was $1,750,093. The settlement was based on the 30 day weighted average of the stock prior at the date of the agreements and board approval of March 25, 2011. The shares are being issued restricted under the 144 rule.

During the year ended March 31, 2012, the Company issued an aggregate of 10,602,524 shares of its common stock in settlement of outstanding notes and other obligations previously recorded as to be issued at March 31, 2011 (see above).

In June 2011, the Company issued 1,200,000 shares of common stock for $50,000 cash and $100,000 of accrued liabilities.

Use of Proceeds

Not applicable. Although we received proceeds from the sale of units or shares of our common stock in 2007, as described above, we did not file a Registration Statement during our Fiscal Year 2007, whereby we would receive proceeds from the sale of our securities by us to the public.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Not applicable. We made no repurchases of our equity securities during our Fiscal Year ~~2012~~2013.

Item 6. Selected Financial Data

Not applicable.

Item 7. Management’s discussion and analysis of financial condition and results of operations

Overview

We are a petroleum exploration company in the development stage that seeks to identify, acquire and develop working interests in Canada based oil sands prospects. Oil sands properties are characterized by deposits of bitumen, a form of viscous (relatively high resistance to flow) crude oil. We have generated no revenues since our inception and from our inception, we have not been profitable. We have financed our operations to date through equity placements to accredited investors and borrowings from related parties.

Uncertainties and Trends

Our revenues are dependent in the future, upon the following factors:

	·	price volatility in worldwide oil prices, which is affected by: (a) interest rates; (b)currency exchange rates (c) inflation or deflation; (d) speculation and (e) production levels;
	·	global and regional supply and demand for oil;
	·	political and economic conditions;
	·	changes in the regulatory environment, which may lead to increased costs of doing business;
	·	our ability to raise adequate working capital;
	·	success of our development and exploration;
	·	level of our competition;
	·	our ability to attract and maintain key management and employees; and
	·	our ability to efficiently explore, develop and produce sufficient quantities of marketable natural gas or oil in a highly competitive and speculative environment while maintaining quality and controlling costs.

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The following discussion and analysis should be read in conjunction with our Financial Statements and notes thereto.

(a) Liquidity and capital resources – ~~2012~~2013 and ~~2011~~2012

(a) (1) Continuing working capital deficit

Our working capital deficit has limited our ability to expand our operations and pursue our business plan. The following table sets forth our continuing working capital at March 31.

	2012			2011
	2013			2012
Current Assets	$	1564,~~202~~114		$	1215,~~696~~202
Current Liabilities		~~578~~430,~~958~~026			~~717~~578,~~275~~958
Working Capital (Deficit)	$	(~~563~~365,~~756~~912	)	$	(~~704~~563,~~579~~756	)

Our current assets increased by $248,~~506~~912 from $1215,~~696~~202 as of March 31, ~~2011~~2012 to $1564,~~202~~114 at March 31, ~~2012~~2013. The increase was primarily from anin ~~increase~~accounts inreceivable, ~~GST~~related ~~receivables~~party, ~~net~~which ~~with~~represents afunds ~~decrease~~held on the Company’s behalf from the proceeds of the sale of our 113 assets in ~~cash~~Sawn Lake.

Our working capital deficit decreased by $~~140~~197,~~823~~844 to a $~~563~~365,~~756~~912 as of March 31, ~~2012~~2013, from $~~704~~563,~~579~~756 at March 31, ~~2011~~2012. Accounts payable and accrued expenses decreased from $~~546~~519,~~476~~461 as of March 31, ~~2011~~2012 to $~~519~~430,~~461~~026 as of March 31, ~~2012~~2013 primarily due cancellation of debt due to creditor bankruptcy and debt forgiveness. ~~In addition, we settled an outstanding deposit of $100,000 with the issuance of common stock during the year ended March 31, 2012.~~

Related party advances decreased to ~~$59,497~~nil as of March 31, ~~2012~~2013 from $7059,~~799~~497 as of March 31, ~~2011~~2012 ~~solely~~ due to ~~foreign~~pay ~~currency~~offs ~~translations~~from proceeds from the sale of Sawn Lake.

We continue to focus on conserving cash, setting priorities for our most important obligations and seeking other means to pay or defer any obligations as necessary.

(a) (2) Property and equipment ~~2012~~2013 and ~~2011~~2012.

During ~~2012~~2013, there were no material changes to our property and equipment.

March 31	2013		2012
Office equipment	$	-	$	77
Fixed assets net	$	-	$	77

March 31	2012		2011
Office equipment	$	77	$	184
Fixed assets net	$	77	$	184

(a) (3) Capital commitments

We do not have any long term debt, capital lease obligations, operating or purchase obligations at March 31, ~~2012~~2013.

(a) (4) Derivative liability – Not applicable.

(a) (5) Equity

Stockholders’ equity decreased to $132,~~789~~304,~~702~~596 as of March 31, ~~2012~~2013, from $1413,~~436~~789,~~369~~702 as of March 31, ~~2011~~2012. The primary reasons for the decrease our net incurred loss of $~~388~~10,~~592~~961,229, ~~combined~~net with a foreign currency translation ~~loss~~gain of $~~408~~193,~~076,~~802 ~~net~~and ~~with~~common ~~sale~~stock ofobligation ~~our~~exchanged ~~common~~for ~~stock~~oil ofand gas properties $~~150~~330,~~000~~075.

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(a) (6) Off-balance sheet arrangements.

We have not entered into any transaction, agreement or other contractual arrangement with an entity unconsolidated with us under whom we have;

	loan obligation under a guarantee contract,

	loan retained or contingent interest in assets transferred to the unconsolidated entity or similar arrangement that serves as credit, liquidity or market risk support to such entity for such assets,

	loan obligation, including a contingent obligation, under a contract that would be accounted for as a derivative instrument, or

	loan obligation, including a contingent obligation, arising out of a variable interest in an unconsolidated entity that is held by us and material to us where such entity provides financing, liquidity, market risk or credit risk support to, or engages in leasing, hedging or research and development services with us.

We do not have any off-balance sheet arrangements or commitments that have a current or future effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources that is material, other than those which may be disclosed in this Management’s Discussion and Analysis of Financial Condition and the audited Consolidated Financial Statements and related notes.

(a) (7) Results of operations. The following sets forth certain information regarding our results of operations as of March 31, ~~2012~~2013 and ~~2011~~2012.

Years ended March 31	~~2012~~2013			~~2011~~2012
General and administrative	$	(~~148~~88,~~154~~390	)	$	(~~636~~148,~~273~~153	)
Asset impairments		(~~372~~10,~~721~~259,918	)		(~~800~~372,~~000~~721	)
Operating loss		(~~520~~10,~~874~~348,308	)		(1520,~~436,273~~874	)
Gain (loss) on settlement of debt		134,932			(3,340,183	)
(Loss) gain on settlement of debt		(545,338	)		134,932
Other income (loss)		(267,~~650~~583	)		(602,~~955~~650	)
Net loss		(~~388~~10,~~592~~961,229	)		(4388,~~837,401~~592	)
Net loss per share - basic and diluted		(0.0012	)		(0.0600	)
Weighted average shares - basic and diluted		9092,~~915~~582,~~522~~523			8090,~~780~~915,~~000~~522

Our operations have resulted in significant losses and negative cash flow as we have invested in our property lease interests.

Revenue. During both ~~2012~~2013 and ~~2011~~2012, our revenues were $0.

Production costs. Production costs remained $0 during ~~2012~~2013 and ~~2011~~2012.

Exploration & development. Exploration and mine development costs was $0 during ~~2012~~2013 and ~~2011~~2012.

General and administrative expenses. Our general and administrative expenses decreased by $~~488~~59,~~121~~763, or 7640.73%, to $~~148~~88,~~052~~390 during ~~2012~~2013 from $~~636~~148,~~173~~153 during ~~2011~~2012. We attribute the decrease in our general and administrative expenses to professional and legal fees. ~~During the year ended March 31, 2011, we reimbursed other parties incurred costs associated with the Company's legal activities dated to prior years.~~

Depreciation. Depreciation was $~~102~~77 in ~~2012~~2013, $~~100~~102 in ~~2011~~2012.

Impairment. During the year ended March 31, 2012, we impaired 14 sections of our Peace River P&NG leases. As such, we incurred an impairment of our investment of $372,721 during the year ended March 31, 2012.18

~~During~~Table ~~the year ended March 31, 2011, our oil sand leases we previously acquired with issuance~~ of ~~common stock expired. As such, we incurred an impairment of our investment of $800,000 during the year ended March 31, 2011.~~Contents

~~Gain (loss) on settlement of debt~~Impairment. During the year ended March 31, 2012, we recorded a gain on settlement of debt of $134,932 primarily from a related party bankruptcy proceedings and secondarily forgiveness of credit balance due. During the year ended March 31, 2011, we agreed to issue 11,667,282 shares of our common stock and three year warrants to purchase our common stock at an exercise price of $0.30 for settlement of an aggregate of $1,750,093 of outstanding obligations. The excess of fair value of the stock and warrants to be issued over the carrying value of the debt of $3,340,173 was charged to prior period operations.

~~Net~~During ~~loss.~~the ~~Our~~year ~~net~~ended ~~loss~~March in31, ~~2012 was ($388~~2013,~~592)~~ ~~compared~~our tooil ~~($4,837,401)~~sand inleases ~~2011,~~we ~~resulting~~previously inacquired awith ~~basic~~issuance ~~per-share~~of ~~loss~~common ofstock ~~$(0~~expired.~~00)~~ As insuch, ~~2012~~we ~~and~~incurred ~~$(0.06)~~an inimpairment ~~2011~~of ~~based~~our oninvestment ~~weighted~~of ~~average~~$10,259,918 ~~shares~~during ~~outstanding~~the year ended March 31, 2013.

During the year ended March 31, 2012, we impaired 14 sections of our Peace River P&NG leases. As such, we incurred an impairment of our investment of $372,721 during the year ended March 31, 2012.

(Loss) gain on settlement of debt.

During the year ended March 31, 2013, we exchanged our interest in Sawn Lake for the outstanding debt we owed Asperago Holdings SA and accordingly recorded a loss on settlement of debt of $612,514, net with cancellation of debt due to vendor bankruptcies of $67,176.

During the year ended March 31, 2012, we recorded a gain on settlement of debt of $134,932 primarily from a related party bankruptcy proceedings and secondarily forgiveness of credit balance due.

Net loss.

Our net loss in 2013 was ($10,961,229) compared to ($388,592) in 2012, resulting in a basic per-share loss of $(0.12) in 2013 and $(0.00) in 2012 based on weighted average shares outstanding.

Since inception we have not generated any revenues, therefore our general, administrative and other costs have exceeded the resources we have generated through operations. As described above in “Liquidity and Capital Resources,” we have been dependent on debt/equity financing, to meet our working capital obligations and to finance our continuing operating losses. Our current lack of production further complicates our ability to raise cash from these sources. There can be no assurance that we will be able to continue to finance our operating losses in such a manner. We have, however, been able to raise additional funds in the past and we believe that we will be able to do so in the future.

(a) (8) Cash flow

We have been able to meet our working capital obligations and cover our net loss through the ~~collection~~proceeds from the sale of our ~~receivable~~Shawn ~~from~~Lake ~~related party~~leases, net of repayments of related party notes. Net cash flows provided by our financing activities totaled ~~$40,613~~nil in ~~2012,~~2013 ~~primarily from the sale of our common stock, net with repayments of related party loans and~~ compared to $~~Nil~~40,613 provided in ~~2011~~2012. Cash decreased to ~~$2,871~~nil as of March 31, ~~2012~~2013 from $32,~~150~~871 at March 31, ~~2011~~2012.

Net cash flows for the years ended	2013			2012
Net (loss)	$	(10,961,229	)	$	(388,592	)
Net cash flows used in operating activities		(2,871	)		(31,458	)
Cash flows used in investing activities		-			-
Net cash flows provided by financing activities		-			40,613
Effect of currency change on cash					(9,434	)
Net decrease in cash		(2,871	)		(279	)
Cash beginning of year		2,871			3,150
Cash end of year		-			2,871

Net cash flows for the years ended	2012			2011
Net (loss)	$	(388,592	)	$	(4,837,401	)
Net cash flows used in operating activities		(31,458	)		(26,013	)
Cash flows used in investing activities					(825	)
Net cash flows provided (used in)by financing activities		40,613			-
Effect of currency change on cash		(9,434	)		21,415
Net decrease in cash		(279	)		(5,423	)
Cash beginning of year		3,150			8,573
Cash end of year		2,871			3,150

We have used our equity to raise cash necessary to acquire property leases, expenses, and for payment of services. Our ability to continue to use our equity for those purposes is dependent on the price and trading volume of our common stock, both of which are volatile, and our ability to comply with federal and applicable state securities laws.

Although we have been successful in obtaining funds to date, there can be no assurance that we will be able to continue to be successful in doing so. Our ability to finance our operations will, in the end, be dependent on our ability to generate cash flow from operations, of which there can be no assurance.

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(b) Special non-cash impact due to options

No options have been issued during the past three years. No options are currently outstanding.

Our Plan of Operations to Date

To date, we have accomplished the following in our Plan of Operations:

(a) Peace River Oil Sands Area - Manning, Alberta, Canada

On January 9, 2008, we acquired a 100% interest in 21 sections of oil sands leases in the Peace River Oil Sands Area at an Alberta Crown Land Sale for $718,903. On May 28, 2008, we acquired a 100% interest in 14 sections of the P&NG leases in the Peace River Oil Sands Area at an Alberta Crown Land Sale for $372,721.

(b) Sawn Lake Oil Sands Area - Alberta, Canada

We entered into a letter agreement with Vendors, 1004731 Alberta Ltd. and Muzz Investments Inc., dated November 7, 2007, whereby the Vendors agreed to sell, assign and transfer to us, their entire right, title and interest in a royalty agreement made between Mikwec Energy Canada Ltd. and Nearshore Petroleum Corporation dated December 12, 2003 in consideration of the issuance of 4,000,000 shares of our common stock.

~~Closing~~During the year ended March 31, 2010, the Company management performed an evaluation of its royalty agreement for purposes of determining the ~~transactions~~implied infair value of the ~~letter~~assets at March 31, 2010. The test indicated that the recorded remaining book value of its royalty agreement ~~was~~exceeded ~~subject~~its fair value for the year ended March 31, 2010. As a result, upon completion of the assessment, management recorded a non-cash impairment charge of $2,929,868, net of tax, or $0.04 per share during the year ended March 31, 2010 to reduce the ~~following~~carrying ~~conditions:~~value of the royalty agreement to $945,068. Considerable management judgment is necessary to estimate the fair value. Accordingly, actual results could vary significantly from management’s estimates.

20On or about June 30, 2012, the Company exchanged this agreement for the outstanding debt owed to Asperago Holdings SA and recorded a loss on settlement of debt of $612,514. The Company no longer has any interests in the Sawn Lake area.

(i)	our completion of a private placement financing of up to 2,600,000 units at a price of $1.25 per unit. The transaction was completed on November 26, 2007;
(ii)	our affecting a 15:1 forward stock split, which occurred in November 2007. This transaction closed and the shares were issued.

During the year ended March 31, 2008, we completed the sale of 1,280,000 shares of our common stock for net proceeds of $1,600,000 and therefore met the requirement to complete a private placement financing of up to 2,600,000 units at a price of $1.25 per unit.

The royalty agreement is applicable to 32 sections of oil sands leases on the Sawn lake property in Northern Alberta operated by Deep Well Oil and Gas, Inc. There are approximately 10 years remaining on these leases if not developed, however 6 wells have been drilled to date which will convert upon the expiry date or before the core areas of these leases to long term leased for production. This will typically convert 1-6 sections per well depending upon depth, under current regulations, however as the operator has responsibility in this matter; there are no firm guarantees that the properties will be fully converted.

The royalties are 3% of gross revenue prior to any expenses from oil sands production on these properties.

Costs associated with the Company’s acquired royalty agreement are amortized from the date of production over the estimated total expected recovery, not to exceed the term of the agreement.

In accordance with Accounting Standards Codification subtopic 360-10, Property, plant and equipment (“ASC 360-10”), the Company tests its intangible assets for impairment on an annual basis and when there is reason to suspect that their values have been diminished or impaired. Any write-downs will be included in results from operations.

Alberta Crown

On May 31, 2012 the Company entered binding letter of intent as combination of Oilsands leases in the Manning area consisting of 2324 sections of Oilsand leases with CEC North Star Energy Ltd. The remaining 10 sections of P&NG leases part of the farm in with CEC North Star Energy Ltd. Tamm will transfer in escrow the tittle and leases to the Manning area properties it holds and the escrow forms part of the put and call agreement issued to Tamm by North Star and will be concluded within one year.

~~(c) Sawn Lake Oil Sands Area - Alberta, Canada~~20

AsTable ~~previously reported, on September 5, 2008, we entered into an agreement with two corporations formed according to the laws~~ of Alberta Canada: (a) 1384482 Alberta Ltd (“138 Alberta”); and (b) 1132559 Alberta Ltd. (“113 Alberta”). The Agreement provided that 113 Alberta’s shareholders would sell their respective common shares to 138 Alberta, which would equal in the aggregate 108 common shares. Further, the Agreement provided that we would issue one (1) share of our preferred stock (the “Preferred Share”) to 138 Alberta and fifteen million restricted shares of our common stock ("15,000,000 shares") to all of the shareholders of 113 Alberta, ten million eight hundred thirty three thousand three hundred and thirty three (10,833,333) restricted shares of which were issued to certain shareholders of 113 Alberta on September 5, 2008. The remaining 4,166,667 shares (15,000,000 - 10,833,333) were to be issued upon conversion of the Preferred Share.Contents

21On or about August 1, 2012 the Company in review of the development plans decided to release 10 sections of P&NG leases back to the Province of Alberta. Those leases were then terminated by the Province of Alberta on September 4, 2012 and accordingly, the Company recorded an impairment of $10,259,918 to current period operations.

The 15,000,000 shares and the Preferred Share were to be held in an escrow account until such time that certain remaining conditions were met as provided for in the Agreement.

Certain of the conditions precedent set out in the Share Exchange Agreement have not been satisfied, and the Parties have rescinded the Agreement due to the failure to meet such conditions. The related escrowed shares were cancelled in June 2009.

Additionally, we are continuing to shift our focus and business objectives away from the Sawn Lake Region to pursue other valuable oil and gas projects.

Accordingly, as of March 31, 2009, we entered into a termination and rescission agreement with the 113 Alberta Stockholders (collectively the “Termination and Rescission Agreements”) pursuant to which we and the 113 Alberta Stockholders have agreed to rescind the transactions consummated under the Exchange Agreements with the same effect as if the Exchange Agreements had never been executed and delivered and such transactions had never been consummated. TAMM shares issued pending the transaction have been cancelled effective April 17, 2009 and returned to Treasury. The rescission was undertaken voluntarily by both parties. As a result of the Termination and Rescission Agreements, our entire ownership interest in the Sawn Lake Region now consists of (1) a gross overriding royalty right on 36.5 sections of Sawn Lake Oil Sands leases providing us with 2% of the revenue of oil sold from those sections. We currently have no other interest in or right to any asset in the Sawn Lake Region.

Our Plan of Operations Going Forward

Our primary operational focus is the Manning project. On May 28, 2008, we purchased 14 sections of the P&NG leases at an Alberta Crown land sale that are adjacent to our existing 21 sections of oil sands leases in the Peace River region of northern Alberta. With this latest acquisition, we now have a 100% working interest in 35 sections, or approximately 22,400 acres. An independent engineering report by Chapman Engineering of Calgary Alberta was completed and filed on SEDAR in 2008 on the newly acquired adjacent 14 sections of leases for the determination of heavy oil in place for the 35 sections.

We intend to further expand our interests in oil sands properties through Alberta Crown Land Sales and/or purchasing interests from other companies that currently hold interests in oil sands properties. To assess our prospects and acquisitions, we will contractually engage geologists and geophysicists to provide geological evaluations.

Presently, our costs are uncertain because they are contingent upon the results of our information and data/collection to confirm whether we have a viable prospect, which will be determined by: (a) our contracted geologists and geophysicists that provide geological evaluations; (b) geological data results and related information/data that we obtain through: (i) the public domain; (ii) our acquisition of data from private firms; and (c) field activities, for example, seismic surveys and a core drilling program, that we may execute to gather specific information, for the purpose of modeling the underlying geological structure.

We will continually adjust our Plan of Operations based on this comprehensive analysis, the extent and quality of the available data, additions to our land base, and other factors, such as applying risk assessment and cost analyses, to determine which of the following activities we will engage in:

Geological Studies

Geological study of the earth’s crust in search for structural features or the age, deposition and distribution of underground sedimentary rocks that are favorable for the accumulation of hydrocarbons and ultimately determine locations for drilling.

Geophysical Surveys

The accurate measurement and recording of certain physical quantities of the Earth’s crust and buried layers of rock, using geophysical methods such as seismic, is necessary to locate probable reservoir structures capable of producing commercial quantities of natural gas and/or crude oil.

Seismic Surveys

Surveys to gather and record the patterns of induced shock wave reflections from underground layers of rock. Seismic surveys are used to create detailed models of the underlying geological structure used in the exploration and development of hydrocarbons.

Core Drilling Programs

A drilling operation to obtain continuous cylinders of rock, usually from two to four inches in diameter, cut from the bottom of a wellbore; cores are cut during the drilling of a well and are used in the study of underground formations.

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Exploratory Well Drilling

A well drilled either in search of new and yet undiscovered accumulations of oil and gas, or in an attempt to significantly extend the limits of a known reservoir.

Farm ~~Out~~In agreement

The Company reached an Joint Venture agreement for a conventional industry farm in on the Manning properties with a private UK based Company with 61 sections of oil sands lease holdings in the Manning prospect area adjacent to the Company holdings. The agreements were ratified by the Board of Directors of TAMM on November 28, 2011.

The Company and Cougar Oil and Gas Canada, Inc. ("Cougar") terminated their previously announced farm-in agreement to negotiate a new agreement with the private Corporation. The private corporation has signed a multi-phase farm-in agreement with the Company to define and develop the Company's 47 section Manning area heavy oil prospect in parallel with the development of the private corporations 61 sections of land in the Manning area.

The first phase of the farm-in consists of the private corporation performing a $2.5million work program to earn a 30% working interest in the Company's heavy oil prospect. Subsequent year programs of $6.5 million dollars will earn an additional 20% working interest – this agreement has been assigned to CEC North Star Energy Inc by the private corporation.

~~The~~Cougar ~~first~~was ~~phase~~the ofdesignated ~~the~~operator ~~farm-~~in ~~consists~~this ofagreement, ~~the~~however ~~private~~due ~~corporation performing a $2.5million work program~~ to ~~earn~~the aCougar ~~30%~~receivership, ~~working~~Cougar ~~interest~~has inceased ~~the~~operations ~~Company's~~and ~~heavy~~will ~~oil~~not ~~prospect.~~earn ~~Subsequent~~under ~~year~~this ~~programs~~agreement ofand ~~$6.5~~is ~~million~~no ~~dollars~~longer ~~will~~a ~~earn~~participant anin ~~additional~~the ~~20% working interest~~agreement.

The private corporation has a related party relationship to the Company due to family members serving on the board of directors of each company and a common director was added to both Board of Directors. ~~See subsequent event notes.~~

~~Cougar~~CEC ~~was~~North Star Energy Ltd. (“CEC”) the ~~designated~~joint venture partner and operator of the Manning Projects – has surveyed and licensed three (3) wells for coring in ~~this~~Q1,2013. ~~agreement~~Those wells are on the CEC lands and two of the wells share the same geologic prospect as the TAMM Oil and Gas Corporation mineral rights. Two of the wells were cored by March 31, ~~however~~2013 ~~due~~- one of which shared the same geologic prospect as the TAMM Oil and Gas Corporation. The results were published by CEC and a summary provided to the ~~Cougar~~Company. The ~~receivership~~results were filed as an 8K as well as managements interpretation of those results. The joint venture partners are currently evaluating the next steps to develop the property. Those steps may include additional seismic over the joint lands, ~~Cougar~~a ~~has~~horizontal ~~ceased~~test ~~operations~~well ~~and~~in ~~will~~Q3/Q4 ~~not~~2013. ~~earn~~Additional ~~under~~coring ~~this~~on ~~agreement~~the company’s mineral rights during the same program is also contemplated.

(e) Accounting policies

(e) (1) Critical accounting policies

A summary of our significant accounting policies is contained in Note 1 to our Notes to consolidated financial statements.

Item 7A. Quantitative and Qualitative disclosures about Market Risk

Not applicable. We do not presently or otherwise engage in market risk sensitive instruments.

2422

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Item 8. Financial Statements and Supplementary Data

TAMM OIL AND GAS CORP.

(An Exploration Stage Company)

Index to Financial Statements

		Page
Report of Independent Registered Public Accounting Firm		F-2
Consolidated Balance Sheets as of March 31, 2012 and 2011		F-3
Consolidated Balance Sheets as of March 31, 2013 and 2012		F-3
Consolidated Statements of Operations For The Years Ended March 31, 2012 and 2011 and For the Period from October 10, 2005 (date of inception) Through March 31, 2012		F-4
Consolidated Statements of Operations For The Years Ended March 31, 2013 and 2012 and For the Period from October 10, 2005 (date of inception) Through March 31, 2013		F-4
Consolidated Statement of Stockholders’ Equity For The Period From October 10, 2005 (date of inception) Through March 31, 2012		F-5
Consolidated Statement of Stockholders’ Equity For The Period From October 10, 2005 (date of inception) Through March 31, 2013		F-5
Consolidated Statements of Cash Flows For The Years Ended March 31, 2012 and 2011 and For the Period From October 10, 2005 (date of inception) Through March 31, 2012		F-6
Consolidated Statements of Cash Flows For The Years Ended March 31, 2013 and 2012 and For the Period From October 10, 2005 (date of inception) Through March 31, 2013		F-6
Notes To Consolidated Financial Statements		F-7 ~ F-2018

F - 1

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors and Stockholders of

Tamm Oil and Gas Corp.

Calgary, Canada

We have audited the accompanying consolidated balance sheets of Tamm Oil and Gas Corp. and its subsidiary (the “Company”) an exploration stage company, as of March 31, ~~2012~~2013 and ~~2011~~2012, and the related consolidated statements of operations, deficiency in stockholders’ equity and cash flows for each of the two years in the period ended March 31, ~~2012~~2013 and for the period from October 10, 2005 (date of inception) through March 31, ~~2012~~2013. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We have conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States of America). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Tamm Oil and Gas Corp. and its subsidiary as of March 31, ~~2012~~2013 and ~~2011~~2012, and the consolidated results of its operations and its cash flows for each of the two years in the period ended March 31, ~~2012~~2013 and for the period from October 10, 2005 (date of inception) through March 31, ~~2012~~2013, in conformity with accounting principles generally accepted in the United States of America.

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 2 to the accompanying consolidated financial statements, the Company has not commenced its planned principal operations and has suffered recurring losses since inception, which raises substantial doubt about its ability to continue as a going concern. Management's plans in regard to this matter are described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/ RBSM LLP

New York, New York

June 2628, ~~2012~~2013

F - 2

TAMM OIL AND GAS CORP.
(An Exploration Stage Company)
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2012 AND 2011
	2012			2011
ASSETS
Current assets:
Cash	$	2,871		$	3,150
Accounts receivable		11,522			8,737
Other current assets		809			809
Total current assets		15,202			12,696
Property, plant and equipment:
Oil sands properties, unevaluated		14,037,887			14,825,270
Furniture and equipment, net		77			184
Total property, plant and equipment		14,037,964			14,825,454
Other assets:
Investment in affiliated entity		315,494			-
Receivable from affiliated entity		-			315,494
Total other assets		315,494			315,494
Total assets	$	14,368,660		$	15,153,644
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	519,461		$	546,476
Deposits		-			100,000
Advances from related parties		59,497			70,799
Total current liabilities		578,958			717,275
Commitments and contingencies
Stockholders' equity:
Preferred stock; $0.001 par value; 1,000,000 shares authorized, none issued and outstanding		-			-
Common stock; $0.001 par value; 750,000,000 shares authorized, 92,582,524 and 80,780,000 shares issued and outstanding as of March 31, 2012 and 2011, respectively		92,583			80,780
Common stock to be issued		330,075			3,616,857
Additional paid in capital		83,288,291			79,863,311
Deficit accumulated during exploration stage		(70,595,268	)		(70,206,676	)
Accumulated other comprehensive income		674,021			1,082,097
Total stockholders' equity		13,789,702			14,436,369
Total liabilities and stockholders' equity	$	14,368,660		$	15,153,644

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TAMM OIL AND GAS CORP.

(An Exploration Stage Company)

CONSOLIDATED BALANCE SHEETS

MARCH 31, 2013 AND 2012

	2013			2012
ASSETS
Current assets:
Cash	$	-		$	2,871
Accounts receivable		-			11,522
Accounts receivable, related party		63,267			-
Other current assets		847			809
Total current assets		64,114			15,202

Property, plant and equipment:
Oil sands properties, unevaluated		2,670,508			14,037,887
Furniture and equipment, net		-			77
Total property, plant and equipment		2,670,508			14,037,964

Other assets:
Investment in affiliated entity		-			315,494

Total assets	$	2,734,622		$	14,368,660

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	430,026		$	519,461
Deposits		-			59,497
Total current liabilities		430,026			578,958

Commitments and contingencies		-			-

Stockholders' equity:
Preferred stock; $0.001 par value; 1,000,000 shares authorized, none issued and outstanding		-			-
Common stock; $0.001 par value; 750,000,000 shares authorized, 92,582,524 shares issued and outstanding as of March 31, 2013 and 2012		92,583			92,583
Common stock to be issued		-			330,075
Additional paid in capital		83,288,291			83,288,291
(Deficit) accumulated during exploration stage		(81,556,497	)		(70,595,268	)
Accumulated other comprehensive Income		480,219			674,021
Total stockholders' equity		2,304,596			13,789,702

Total liabilities and stockholders' equity	$	2,734,622		$	14,368,660

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

F - 3

TAMM OIL AND GAS CORP
(An Exploration Stage Company)
CONSOLIDATED STATEMENTS OF OPERATIONS
							For the period
							October 10, 2005
							(date of inception)
	Year ended March 31,						through
	2012			2011			March 31, 2012
OPERATING EXPENSES:
Selling, general and administrative	$	148,051		$	636,173		$	2,618,325
Loss on impairment of oil and gas properties		372,721			800,000			64,565,749
Depreciation		102			100			1,089
Total operating expenses		520,874			1,436,273			67,185,163
Loss from operations		(520,874	)		(1,436,273	)		(67,185,163	)
OTHER INCOME (EXPENSE)
Foreign exchange expense		-			-			(115	)
Interest expense		(2,650	)		(60,955	)		(165,208	)
Gain (loss) on forgiveness & settlement of debt		134,932			(3,340,173	)		(3,205,241	)
Loss on impairment of fixed assets		-			-			(37,032	)
Loss before provision for income taxes		(388,592	)		(4,837,401	)		(70,592,759	)
Provision for income taxes:
Current		-			-			2,509
Deferred		-			-			-
Total income taxes		-			-			2,509
NET LOSS	$	(388,592	)	$	(4,837,401	)	$	(70,595,268	)
Net loss per common share (basic and diluted)	$	(0.00	)	$	(0.06	)
Weighted average number of common shares outstanding, basic and diluted		90,915,522			80,780,000
Comprehensive (loss) income:
Net loss	$	(388,592	)	$	(4,837,401	)	$	(70,595,268	)
Foreign currency translation (loss) gain		(408,076	)		647,597			674,021
Comprehensive loss:	$	(796,668	)	$	(4,189,804	)	$	(69,921,247	)

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TAMM OIL AND GAS CORP

(An Exploration Stage Company)

CONSOLIDATED STATEMENTS OF OPERATIONS

							For the period
							October 10, 2005
							(date of inception)
	Year ended March 31,						through
	2013			2012			March 31, 2013
OPERATING EXPENSES:
Selling, general and administrative	$	88,313		$	148,051		$	2,706,638
Loss on impairment of oil and gas properties		10,259,918			372,721			74,825,667
Depreciation		77			102			1,166
Total operating expenses		10,348,308			520,874			77,533,471

Loss from operations		(10,348,308	)		(520,874	)		(77,533,471	)

OTHER INCOME (EXPENSE)
Foreign exchange (expense) gain		-			-			(115	)
Interest (expense)		(2,160	)		(2,650	)		(167,368	)
(Loss) gain on settlement and forgiveness of debt		(545,338	)		134,932			(3,750,579	)
Loss on disposal of investment		(65,423	)		-			(65,423	)
Loss on impairment of fixed assets		-			-			(37,032	)

Loss before provision for income taxes		(10,961,229	)		(388,592	)		(81,553,988	)

Provision for income taxes:
Current		-			-			2,509
Deferred		-			-			-
Total income taxes		-			-			2,509

NET LOSS	$	(10,961,229	)	$	(388,592	)	$	(81,556,497	)

Net (loss) per common share (basic and diluted)	$	(0.12	)	$	(0.00	)

Weighted average number of common shares outstanding, basic and diluted		92,582,523			90,915,522

Comprehensive loss:
Net loss	$	(10,961,229	)	$	(388,592	)	$	(81,556,497	)
Foreign currency translation (loss) gain		(193,802	)		(408,076	)		480,219

Comprehensive loss:	$	(11,155,031	)	$	(796,668	)	$	(81,076,278	)

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

F - 4

TAMM OIL AND GAS CORP.
(An Exploration Stage Company)
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
For the period October 10, 2005 (date of Inception) through March 31, 2012
													Other			(Deficit) Accumulated
	Common stock						Additional			Common Stock			Comprehensive			During Exploration
	Shares			Amount			Paid in Capital			To be issued			Income (loss)			Stage			Total
Balance, October 10, 2005	$	-		$	-		$	-					$	-		$	-		$	-
Sale of common stock in October 2005 to founders at $0.0001 per share		60,000,000			60,000			(56,000	)		-			-			-			4,000
Sale of common stock in March 2006 at $0.003 per share		30,000,000			30,000			70,000			-			-			-			100,000
Net (loss)		-			-			-			-			-			(2,134	)		(2,134	)
Balance, March 31, 2006		90,000,000			90,000			14,000			-			-			(2,134	)		101,866
Net (loss)		-			-			-			-			-			(69,346	)		(69,346	)
Balance, March 31, 2007		90,000,000			90,000			14,000			-			-			(71,480	)		32,520
Sale of common stock in August 2007 at $0.07 per share		1,500,000			1,500			98,500			-			-			-			100,000
Sale of common stock at various dates during the year at $1.25 per share		1,280,000			1,280			1,598,720			-			-			-			1,600,000
Common stock issued in exchange for investment		21,533,000			21,533			54,241,627			-			-			-			54,263,160
Common stock issued in exchange for royalty agreement		4,000,000			4,000			10,196,000			-			-			-			10,200,000
Net (loss)		-			-			-			-			-			(60,737,189	)		(60,737,189	)
Balance, March 31, 2008		118,313,000			118,313			66,148,847			-			-			(60,808,669	)		5,458,491
Cancellation of common stock previously issued as investment		(21,533,000	)		(21,533	)		21,533			-			-			-			-
Cancellation of common stock previously issued to founders		(34,000,000	)		(34,000	)		34,000			-			-			-			-
Foreign currency translation loss		-			-			-			-			(1,086,645	)		-			(1,086,645	)
Net loss		-			-			-			-			-			(1,232,139	)		(1,232,139	)
Balance, March 31, 2009		62,780,000			62,780			66,204,380			-			(1,086,645	)		(62,040,808	)		3,139,707
Common stock issued in exchange for Union Energy, LLC		1,000,000			1,000			799,000			-			-			-			800,000
Common stock issued in exchange for investments		17,000,000			17,000			11,373,000			-			-			-			11,390,000
Foreign currency translation gain		-			-			-			-			1,521,145			-			1,521,145
Net loss		-			-			-			-			-			(3,328,467	)		(3,328,467	)
Balance, March 31, 2010		80,780,000			80,780			78,376,380			-			434,500			(65,369,275	)		13,522,385
Common stock to be issued in settlement of debt		-			-			-			3,616,857			-			-			3,616,857
Fair value of warrants issued in settlement of debt		-			-			1,486,931			-			-			-			1,486,931
Foreign currency translation gain		-			-			-			-			647,597			-			647,597
Net loss		-			-			-			-			-			(4,837,401	)		(4,837,401	)
Balance, March 31, 2011		80,780,000			80,780			79,863,311			3,616,857			1,082,097			(70,206,676	)		14,436,369
Common stock issued in settlement of debt		10,602,524			10,603			3,276,180			(3,286,783	)		-			-			-
Sale of common stock		1,200,000			1,200			148,800			-			-			-			150,000
Foreign currency translation loss		-			-			-			-			(408,076	)		-			(408,076	)
Net loss		-			-			-			-			-			(388,592	)		(388,592	)
Balance, March 31, 2012		92,582,524		$	92,583		$	83,288,291		$	330,075		$	674,021		$	(70,595,268	)	$	13,789,702

Table of Contents

TAMM OIL AND GAS CORP.

(An Exploration Stage Company)

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

For the period October 10, 2005 (date of Inception) through March 31, 2013

													Other			(Deficit) Accumulated
	Common stock						Additional			Common Stock			Comprehensive			During Exploration
	Shares			Amount			Paid in Capital			To be issued			Income (loss)			Stage			Total
Balance, October 10, 2005	$	-		$	-		$	-					$	-		$	-		$	-
Sale of common stock in October 2005 to founders at $0.0001 per share		60,000,000			60,000			(56,000	)		-			-			-			4,000
Sale of common stock in March 2006 at $0.003 per share		30,000,000			30,000			70,000			-			-			-			100,000
Net loss		-			-			-			-			-			(2,134	)		(2,134	)
Balance, March 31, 2006		90,000,000			90,000			14,000			-			-			(2,134	)		101,866
Net (loss)		-			-			-			-			-			(69,346	)		(69,346	)
Balance, March 31, 2007		90,000,000			90,000			14,000			-			-			(71,480	)		32,520
Sale of common stock in August 2007 at $0.07 per share		1,500,000			1,500			98,500			-			-			-			100,000
Sale of common stock at various dates during the year at $1.25 per share		1,280,000			1,280			1,598,720			-			-			-			1,600,000
Common stock issued in exchange for investment		21,533,000			21,533			54,241,627			-			-			-			54,263,160
Common stock issued in exchange for royalty agreement		4,000,000			4,000			10,196,000			-			-			-			10,200,000
Net loss		-			-			-			-			-			(60,737,189	)		(60,737,189	)
Balance, March 31, 2008		118,313,000			118,313			66,148,847			-			-			(60,808,669	)		5,458,491
Cancellation of common stock previously issued as investment		(21,533,000	)		(21,533	)		21,533			-			-			-			-
Cancellation of common stock previously issued to founders		(34,000,000	)		(34,000	)		34,000			-			-			-			-
Foreign currency translation loss		-			-			-			-			(1,086,645	)		-			(1,086,645	)
Net loss		-			-			-			-			-			(1,232,139	)		(1,232,139	)
Balance, March 31, 2009		62,780,000			62,780			66,204,380			-			(1,086,645	)		(62,040,808	)		3,139,707
Common stock issued in exchange for Union Energy, LLC		1,000,000			1,000			799,000			-			-			-			800,000
Common stock issued in exchange for investments		17,000,000			17,000			11,373,000			-			-			-			11,390,000
Foreign currency translation gain		-			-			-			-			1,521,145			-			1,521,145
Net loss		-			-			-			-			-			(3,328,467	)		(3,328,467	)
Balance, March 31, 2010		80,780,000			80,780			78,376,380			-			434,500			(65,369,275	)		13,522,385
Common stock to be issued in settlement of debt		-			-			-			3,616,857			-			-			3,616,857
Fair value of warrants issued in settlement of debt		-			-			1,486,931			-			-			-			1,486,931
Foreign currency translation loss		-			-			-			-			647,597			-			647,597
Net loss		-			-			-			-			-			(4,837,401	)		(4,837,401	)
Balance, March 31, 2011		80,780,000			80,780			79,863,311			3,616,857			1,082,097			(70,206,676	)		14,436,369
Common stock issued in settlement of debt		10,602,524			10,603			3,276,180			(3,286,783	)		-			-			-
Sale of common stock		1,200,000			1,200			148,800			-			-			-			150,000
Foreign currency translation gain		-			-			-			-			(408,076	)		-			(408,076	)
Net loss		-			-			-			-			-			(388,592	)		(388,592	)
Balance, March 31, 2012		92,582,524			92,583			83,288,291			330,075			674,021			(70,595,268	)		13,789,702
Foreign currency translation gain		-			-			-			-			(193,802	)		-			(193,802	)
Common stock obligation exchanged for oil and gas properties		-			-			-			(330,075	)		-			-			(330,075	)
Net loss		-			-			-			-			-			(10,961,229	)		(10,961,229	)
Balance, March 31, 2013		92,582,524		$	92,583		$	83,288,291		$	-		$	480,219		$	(81,556,497	)	$	2,304,596

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

F - 5

TAMM OIL AND GAS CORP.
(An Exploration Stage Company)
CONSOLIDATED STATEMENTS OF CASH FLOWS
							For the period
							October 10, 2005
	For the year ended March 31,						(date of inception)
	2012			2011			through March 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(388,592	)	$	(4,837,401	)	$	(70,595,268	)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Depreciation		102			100			1,089
Impairment of property and equipment		-			-			37,032
Impairment of investments in stock and royalty agreements		372,721			800,000			64,565,749
Common stock to be issued in settlement of assumed debt		-			433,164			433,164
(Gain) loss on forgiveness & settlement of debt		(134,932	)		3,340,173			3,205,241
Increase in accounts receivable		(3,051	)		(4,350	)		(8,571	)
(Increase) Decrease in prepaid expenses		(23	)		(809	)		232
Decrease in accounts payable		122,317			243,110			1,175,873
Net cash used in operating activities		(31,458	)		(26,013	)		(1,185,459	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of oil and gas properties		-			(50,825	)		(1,201,439	)
Decrease in receivables, affiliates		-			50,000			228,570
Purchase of investment		-			-			(576,252	)
Purchases of property and equipment		-			-			(38,223	)
Net cash used in investing activities		-			(825	)		(1,587,344	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common stock		50,000			-			1,854,000
Proceeds from notes payable		-			-			1,307,295
Repayments of notes payable		(9,387	)		-			(535,376	)
Net cash provided by financing activities		40,613			-			2,625,919
Effect of currency rate change on cash		(9,434	)		21,415			149,755
Net (decrease) increase in cash and cash equivalents		(279	)		(5,423	)		2,871
Cash and cash equivalents at beginning of period		3,150			8,573			-
Cash and cash equivalents at end of period	$	2,871		$	3,150		$	2,871
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for interest	$	-		$	-		$	-
Cash paid during the period for taxes	$	-		$	-		$	2,509
NONCASH INVESTING AND FINANCING ACTIVITIES:
Issuance of common stock for royalty agreements	$	-		$	-		$	10,200,000
Issuance of common stock for undeveloped property	$	-		$	-		$	11,390,000
Issuance of common stock in exchange for common stock of an unaffiliated entity	$	-		$	-		$	54,263,160
Issuance of common stock in exchange for acquisition of Union Energy, LLC.	$	-		$	-		$	800,000
Fair value of warrants issued in settlement of debt	$	-		$	1,486,931		$	1,486,931
Common stock issued in settlement of debt	$	-		$	3,616,857		$	3,616,857

Table of Contents

TAMM OIL AND GAS CORP.

(An Exploration Stage Company)

CONSOLIDATED STATEMENTS OF CASH FLOWS

							For the period
							October 10, 2005
	For the year ended March 31,						(date of inception)
	2013			2012			through March 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(10,961,229	)	$	(388,592	)	$	(81,556,497	)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Depreciation		77			102			1,166
Non-cash expenses paid by related party on behalf of company		17,220						17,220
Accounts balance write off		11,213						11,213
Impairment of property and equipment		-			-			37,032
Impairment of investments in stock and royalty agreements		10,259,918			372,721			74,825,667
Loss on sale of investment		65,423			-			65,423
Common stock to be issued in settlement of assumed debt		-			-			433,164
(Loss) gain on settlement and forgiveness of debt		545,338			(134,932	)		3,750,579
Decrease (increase) in accounts receivable		-			(3,051	)		(8,571	)
Decrease (increase) in prepaid expenses		-			(23	)		232
(Decrease) increase in accounts payable		59,169			122,317			1,235,042
Net cash used in operating activities		(2,871	)		(31,458	)		(1,188,330	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of oil and gas properties		-			-			(1,201,439	)
Decrease in receivables, affiliates		-			-			228,570
Purchase of investment		-			-			(576,252	)
Purchases of property and equipment		-			-			(38,223	)
Net cash used in investing activities		-			-			(1,587,344	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common stock		-			50,000			1,854,000
Proceeds from notes payable		-			-			1,307,295
Repayments of notes payable		-			(9,387	)		(535,376	)
Net cash provided by financing activities		-			40,613			2,625,919

Effect of currency rate change on cash		-			(9,434	)		149,755

Net decrease in cash and cash equivalents		(2,871	)		(279	)		-
Cash and cash equivalents at beginning of period		2,871			3,150			-
Cash and cash equivalents at end of period	$	-		$	2,871		$	-

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for interest	$	-		$	-		$	-
Cash paid during the period for taxes	$	-		$	-		$	2,509

NONCASH INVESTING AND FINANCING ACTIVITIES:
Issuance of common stock for royalty agreements	$	-		$	-		$	10,200,000
Issuance of common stock for undeveloped property	$	-		$	-		$	11,390,000
Issuance of common stock in exchange for common stock of an unaffiliated entity	$	-		$	-		$	54,263,160
Issuance of common stock in exchange for acquisition of Union Energy, LLC.	$	-		$	-		$	800,000
Fair value of warrants issued in settlement of debt	$	-		$	-		$	1,486,931
Common stock to be issued in settlement of debt	$	-		$	-		$	3,616,857
Sale proceeds received by related party on behalf of the Company from sale of investment	$	250,071		$	-		$	250,071
Repayment of notes payable by related party on behalf of the Company	$	60,251		$	-		$	60,251
Repayment of accounts payable by related party on behalf of the Company	$	91,923		$	-		$	91,923
Purchase of oil and gas properties/non-producing lease rentals by related party on behalf of the Company	$	28,611		$	-		$	28,611

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

F - 6

Table of Contents

TAMM OIL AND GAS CORP.

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, ~~2012~~2013

NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES

A summary of the significant accounting policies applied in the presentation of the accompanying consolidated financial statements follows:

Business and Basis of Presentation

TAMM Oil and Gas Corp., formerly Hola Communications, Inc. (the “Company”) was incorporated under the laws of the State of Nevada on October 10, 2005. The Company was formed to provide wireless broadband access. In October 2007, the Company decided to discontinue its efforts to develop its original business plan in the telecom industry and to re-direct its focus to the oil and gas Industry. In November 2007, the Company created a wholly owned Nevada subsidiary for the purpose of affecting a name change from Hola Communications, Inc. to TAMM Oil and Gas Corporation. To implement its current business plan, significant additional financing will be required and the Company will need to be successful in its efforts to identify, acquire and develop oil and gas reserves that are economically recoverable.

The Company is in the development (exploration) stage as defined by Accounting Standards Codification subtopic 915-10 Development Stage Entities (“ASC 915-10”) with its efforts principally devoted to developing oil and gas reserves. To date, the Company, has not generated sales revenues, has incurred expenses and has sustained losses. Consequently, its operations are subject to all the risks inherent in the establishment of a new business enterprise. For the period from inception through March 31, ~~2012~~2013, the Company has accumulated losses of $7081,~~595~~556,~~268~~497.

The consolidated financial statements include the accounts of the Company, including TAMM Oil and Gas Corp., its wholly-owned subsidiary, Union Energy, LLC (see below). All significant intercompany balances and transactions have been eliminated in consolidation.

Acquisition of Union Energy, LLC

On June 12, 2009, the Company acquired Union Energy LLC, a Colorado limited liability corporation, in exchange for 1,000,000 shares of the Company’s common stock valued at $.80 per share, the fair market value of the stock on that date, for a total investment of $800,000. As part of the acquisition, the Company acquired a 100% working interest in 5,120 acres of oil sands leases in the Province of Alberta.

The total consideration paid was $800,000 and the significant components of the transaction are as follows:

Assets acquired:
Undeveloped oil sands property lease	$	800,000
Liabilities assumed:		( -	)
Net:	$	800,000

During the year ended March 31, 2011, the acquired leases expired, therefore the Company recorded an impairment loss of $800,000 into ~~prior~~the ~~period~~ operations for the year ended March 31, 2011.

FRevenue ~~- 7~~Recognition

Revenues from the sale of petroleum and natural gas are recorded when title passes from the Company to its petroleum and/or natural gas purchaser and collectability is reasonably assured. The Company will begin recording revenue once it is determined there are proved reserves and production commences.

F-7

Table of Contents

TAMM OIL AND GAS CORP.

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, ~~2012~~2013

NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES (continued)

Revenue Recognition

Estimates

The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Property and Equipment

Property and equipment is recorded at cost. Depreciation of assets is provided by use of a declining balance method over the estimated useful lives of the related assets. Expenditures for replacements, renewals, and betterments are capitalized. Maintenance and repairs are charged to operations as incurred.

The Company evaluates the carrying value of items of property, plant and equipment to be held and used whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The carrying value of an item of property, plant and equipment is considered impaired when the projected undiscounted future cash flows related to the asset are less than its carrying value. The Company measures impairment based on the amount by which the carrying value of the respective asset exceeds its fair value. Fair value is determined primarily using the projected future cash flows discounted at a rate commensurate with the risk involved.

Unconventional Oil Sands Properties

Acquisition, exploration and development of oil sands mining activities are capitalized when costs are recoverable and directly result in an identifiable future benefit, following the full cost method of accounting. Improvements that increase capacity or extend the useful lives of assets are capitalized. Maintenance and turnaround costs are expensed as incurred.

Oil sands properties are assessed, at minimum annually, or as economic events dictate, for potential impairment. Impairment is assessed by comparing the estimated net undiscounted future cash flows to the carrying value of the asset. If required, the impairment recorded is the amount by which the carrying value of the asset exceeds its fair value.

Capitalized costs are depleted and depreciated on the unit-of-production method based on the estimated gross proved reserves once determined by the independent petroleum engineers. Depletion and depreciation is calculated using the capitalized costs, including estimated asset retirement costs, plus the estimated future costs to be incurred in developing proved reserves, net of estimated salvage value.

FCosts -of 8acquiring and evaluating unproved properties and major development projects are excluded from the depletion and depreciation calculation if and until it is determined whether or not proved reserves can be assigned to such properties. Costs of unproved properties and major development projects are transferred to depletable costs based on the percentage of reserves assigned to each project over the expected total reserves when the project was initiated. These costs are assessed periodically to ascertain whether impairment has occurred.

F-8

Table of Contents

TAMM OIL AND GAS CORP.

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, ~~2012~~2013

NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES (continued)

Costs of acquiring and evaluating unproved properties and major development projects are excluded from the depletion and depreciation calculation if and until it is determined whether or not proved reserves can be assigned to such properties. Costs of unproved properties and major development projects are transferred to depletable costs based on the percentage of reserves assigned to each project over the expected total reserves when the project was initiated. These costs are assessed periodically to ascertain whether impairment has occurred.

Depletion and Amortization of Oil and Gas Properties

The Company follows the full cost method of accounting for oil and gas properties. Under this method, all direct costs and certain indirect costs associated with acquisition of properties and successful as well as unsuccessful exploration and development activities are capitalized. Depreciation, depletion, and amortization of capitalized oil and gas properties and estimated future development costs, excluding unproved properties, are based on the unit-of-production method based on proved reserves.

The Company periodically evaluates the carrying value of long-lived assets, including unproved properties, to be held and used in accordance with Accounting Standards Codification subtopic 360-10, Property, Plant and Equipment (“ASC 360-10”). ASC 360-10 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair market values are reduced for the cost of disposal.

~~During~~On ~~the~~or ~~year~~about ~~ended~~August ~~March 31~~1, ~~2010,~~2012 the Company ~~management~~in ~~performed~~review ~~an evaluation~~ of ~~its~~the ~~royalty~~development ~~agreement~~plans ~~for~~decided ~~purposes~~to ofrelease ~~determining~~10 ~~the~~sections ~~implied fair value~~ of ~~the~~P&NG ~~assets~~leases atback ~~March~~to ~~31, 2010. The test indicated that~~ the ~~recorded~~Province ~~remaining book value~~ of ~~its~~Alberta. Those ~~royalty~~leases ~~agreement~~were ~~exceeded~~then ~~its~~terminated ~~fair~~by ~~value for~~ the ~~year~~Province ~~ended~~of ~~March~~Alberta ~~31,~~on ~~2010. As~~September ~~a result~~4, ~~upon~~2012 ~~completion~~and ofaccordingly the ~~assessment,~~Company ~~management~~ recorded aan ~~non-cash~~ impairment ~~charge~~ of $210,~~929~~259,~~868,~~918 ~~net of tax, or $0.04 per share during the year ended March 31, 2010~~ to ~~reduce~~current ~~the~~period ~~carrying value of the royalty agreement to $945,068~~operations. ~~Considerable management judgment is necessary to estimate the fair value. Accordingly, actual results could vary significantly from management’s estimates.~~

F - 9

TAMM OIL AND GAS CORP.

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2012

NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES (continued)

Foreign Currency Translation

The Company translates the foreign currency financial statements into US Dollars using the year or reporting period end or average exchange rates in accordance with the requirements of Accounting Standards Codification subtopic 830-10, Foreign Currency Matters (“ASC 830-10”). Assets and liabilities of these subsidiaries were translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average rates in effect for the periods presented. The cumulative translation adjustment is included in the accumulated other comprehensive gain (loss) within shareholders’ equity (deficit). Foreign currency transaction gains and losses arising from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the consolidated results of operations.

Functional Currency

The functional currency of the Companies is the Canadian dollar and the financial statements are reported as US dollar. When a transaction is executed in a foreign currency, it is re-measured into Canadian dollars based on appropriate rates of exchange in effect at the time of the transaction. At each balance sheet date, recorded balances that are denominated in a currency other than the functional currency of the Companies are adjusted to reflect the current exchange rate. The resulting foreign currency transactions gains (losses) are included in general and administrative expenses in the accompanying consolidated statements of operations.

Comprehensive Income (Loss)

The Company adopted Accounting Standards Codification subtopic 220-10, Comprehensive Income (“ASC 220-10”) which establishes standards for the reporting and displaying of comprehensive income and its components. Comprehensive income is defined as the change in equity of a business during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. ASC 220-10 requires other comprehensive income (loss) to include foreign currency translation adjustments and unrealized gains and losses on available for sale securities.

~~Income Taxes~~F-9

~~Accounting~~Table Standards Codification subtopic 740-10, Income Taxes (“ASC 740-10”) clarifies the accounting for uncertainty in tax positions and requires that a Company recognize in its financial statements the impact of a tax position, if that position is more likely than not of being sustained on audit, based on the technical merits of the position. The adoption of this standard did not have a material impact on the Company's financial position, results of operations, or cash flows.Contents

F - 10

TAMM OIL AND GAS CORP.

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, ~~2012~~2013

~~NOTE~~Income ~~1 – SIGNIFICANT ACCOUNTING POLICIES (continued)~~Taxes

Accounting Standards Codification subtopic 740-10, Income Taxes (“ASC 740-10”) clarifies the accounting for uncertainty in tax positions and requires that a Company recognize in its financial statements the impact of a tax position, if that position is more likely than not of being sustained on audit, based on the technical merits of the position. The adoption of this standard did not have a material impact on the Company's financial position, results of operations, or cash flows.

Net Income (Loss) per Share

The Company computes earnings per share under Accounting Standards Codification subtopic 260-10, Earnings Per Share (“ASC 260-10”). Net earnings (losses) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and dilutive common stock equivalents outstanding during the period. Dilutive common stock equivalents consist of shares issuable upon the exercise of the Company's outstanding warrants (calculated using the treasury stock method). During the years ended March 31, ~~2012~~2013 and ~~2011~~2012, outstanding warrants were not considered because the exercise prices exceeded the weighted average common stock price of the Company for the period because they would be anti-dilutive, thereby decreasing the net loss per common share.

Fair Value of Financial Instruments

Accounting Standards Codification subtopic 825-10, Financial Instruments (“ASC 825-10”) requires disclosure of the fair value of certain financial instruments. The carrying value of cash and cash equivalents, accounts payable and accrued liabilities, and short-term borrowings, as reflected in the balance sheets, approximate fair value because of the short-term maturity of these instruments. All other significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the consolidated financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where practicable the fair values of financial assets and financial liabilities have been determined and disclosed; otherwise only available information pertinent to fair value has been disclosed.

Stock Based Compensation

Effective for the year beginning January 1, 2006, the Company has adopted Accounting Standards Codification subtopic 718-10, Compensation (“ASC 718-10”) This requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors, including employee stock options and employee stock purchases related to aan Employee Stock Purchase Plan based on the estimated fair values.

As of March 31, 2013 and 2012, there were no outstanding employee stock options.

Reclassifications

Certain amounts reported in the Company’s consolidated financial statements for the prior periods may have been reclassified to conform to the current period presentation.

Reliance on Key Personnel and Consultants

The Company has no full-time employees and no part-time employees. There are approximately 3 consultants performing various specialized services. The Company is heavily dependent on the continued active participation of these current executive officers, employees and key consultants. The loss of any of the senior management or key consultants could significantly and negatively impact the business until adequate replacements can be identified and put in place.

F - 1110

Table of Contents

TAMM OIL AND GAS CORP.

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, ~~2012~~2013

NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES (continued)

Recent Accounting Pronouncements

There were various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

NOTE 2 – GOING CONCERN MATTERS

The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying consolidated financial statements for the year and inception to date periods ended March 31, ~~2012~~2013, the Company has incurred losses of $~~388~~10,~~592~~961,229 and $7081,~~595~~556,~~268~~497, respectively. In addition, as of March 31, ~~2012~~2013, the Company had a working capital deficit of $~~563~~365,~~756~~912, and no revenue generating operations. These factors, among others, indicate that the Company may be unable to continue as a going concern.

The Company's existence is dependent upon management's ability to generate business opportunities, evaluate existing properties and surrounding lands, and initiate commercial production to develop profitable operations which will resolve its liquidity problems. The accompanying consolidated financial statements do not include any adjustments that may result should the Company be unable to continue as a going concern.

The Company is attempting to obtain financing for its operations. There can be no assurance that the Company will be successful in its effort to secure additional equity financing. If operations and cash flows continue to improve through these efforts, management believes that the Company can continue to successfully maintain operations. However, no assurance can be given that management's actions will result in profitable operations or the resolution of its liquidity problems.

NOTE 3 – ~~RECEIVABLE~~INVESTMENT ~~FROM~~IN AN AFFILIATED ENTITY

In connection with the October 2007 Letter of Intent to acquire all of the issued and outstanding shares of 1132559 Alberta Ltd. (“Alberta”), the Company purchased advances due to shareholders of Alberta, directly from the shareholders for $548,500 (during the year ended March 31, 2011, there were repayments of $88,905). The amount is recorded was receivable from an affiliated entity, as Alberta and TAMM have officers and/or directors in common. These advances were purchased for their face amounts, and they have no terms of repayment. As of March 31, ~~2011~~2012, the balance outstanding was $315,494.

On December 5, 2011, the Company exchanged ~~the~~an outstanding receivable from an affiliated entity (Alberta) for 16 shares ~~(10.46% interest)~~ of Alberta and a non -interest bearing obligation of $315,494. ~~(see~~ ~~Note~~The 4obligation ~~below)~~is payable only upon the dissolution of Alberta. Alberta and the Company have officers and/or directors in common.

~~NOTE~~The 416 –shares ~~INVESTMENT~~of INAlberta, ~~AFFILIATED~~representing ~~ENTITY~~a 10.46% interest, are recorded at cost. On December 10, 2012, the Company sold its interest in 1132559 Alberta for $250,071 (USD) and recorded a $65,423 loss on disposal of investment in current period operations.

AsNOTE ~~described~~4 ~~Note~~– 3,OIL ~~above,~~SANDS the Company exchanged an outstanding receivable from an affiliated entity (Alberta) for 16 shares of Alberta and a non interest bearing obligation of $315,494. The obligation is payable only upon the dissolution of Alberta. Alberta and the Company have officers and/or directors in common.PROPERTIES

The 16 shares of Alberta, representing a 10.46% interest, are recorded at cost. From December 5, 2011 to March 31, 2012, the Company did not evaluate for impairment the fair value of the above cost-method investment, since there are no identified events or changes in circumstances that may have a significant adverse effect on the fair value.

F - 12

TAMM OIL AND GAS CORP.

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2012

NOTE 5 – OIL SANDS PROPERTIES

Union Energy, LLC

On June 12, 2009, the Company acquired Union Energy, LLC, a Colorado limited liability corporation, the sole asset of which was a 100% working interest in 5,120 acres of Oil Sands leases in the Province of Alberta in exchange for 1,000,000 shares of the Company’s common stock valued at $.80 per share, the fair market value on the date of acquisition, for a total investment of $800,000.

During the year ended March 31, 2011, the Company recorded an impairment loss of $800,000.

F-11

Table of Contents

TAMM OIL AND GAS CORP.

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2013

Peace River

The Company leases 21 sections of oil sands leases in the Peace River region held at $718,903.

Sawn Lake

The Company ~~has~~had a royalty agreement applicable to 32 sections of oil sands leases. The subject royalties are 2% of gross revenue prior to any expenses from oil sand production. The value of these rights iswere recorded at $945,068, net of impairment adjustment of $2,929,868, as discussed below.

During the year ended March 31, 2010, the Company management performed an evaluation of its royalty agreement for purposes of determining the implied fair value of the assets at March 31, 2010. The test indicated that the recorded remaining book value of its royalty agreement exceeded its fair value for the year ended March 31, 2010. As a result, upon completion of the assessment, management recorded a non-cash impairment charge of $2,929,868, net of tax, or $0.04 per share during the year ended March 31, 2010 to reduce the carrying value of the royalty agreement to $945,068. Considerable management judgment is necessary to estimate the fair value. Accordingly, actual results could vary significantly from management’s estimates.

Alberta Crown

FOn -May 1331, 2012 the Company entered binding letter of intent as combination of Oil sands leases in the Manning area consisting of 23 sections of Oilsand leases with CEC North Star Energy Ltd. The remaining 10 sections of P&NG leases part of the farm in with CEC North Star Energy Ltd. Tamm will transfer in escrow the tittle and leases to the Manning area properties it holds and the escrow forms part of the put and call agreement issued to Tamm by North Star and will be concluded within one year.

~~TAMM~~On ~~OIL~~or ~~AND~~about ~~GAS~~August ~~CORP~~1, 2012 the Company in review of the development plans decided to release 10 sections of P&NG leases back to the Province of Alberta. Those leases were then terminated by the Province of Alberta on September 4, 2012 and accordingly, the Company recorded an impairment of $10,259,918 to current period operations.

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2012

NOTE 5 – OIL SANDS PROPERTIES (continued)

On May 31, 2012 the Company entered binding letter of intent as combination of Oilsands leases in the Manning area consisting of 23 sections of Oilsand leases with CEC North Star Energy Ltd. The remaining 10 sections of P&NG leases part of the farm in with CEC North Star Energy Ltd. Tamm will transfer in escrow the tittle and leases to the Manning area properties it holds and the escrow forms part of the put and call agreement issued to Tamm by North Star and will be concluded within one year.

Farm In Agreement

~~The Company and Cougar Oil and Gas Canada, Inc. ("Cougar") terminated their previously announced farm~~F-in agreement to negotiate a new agreement with the private Corporation. The private corporation has signed a multi-phase farm-in agreement with the Company to define and develop the Company's 47 section Manning area heavy oil prospect in parallel with the development of the private corporations 61 sections of land in the Manning area.12

~~The~~Table ~~first phase~~ of the farm-in consists of the private corporation performing a $2.5million work program to earn a 30% working interest in the Company's heavy oil prospect. Subsequent year programs of $6.5 million dollars will earn an additional 20% working interest.Contents

Cougar was the designated operator in this agreement, however due to the Cougar receivership, Cougar has ceased operations and will not earn under this agreement.

NOTE 6 – NOTES PAYABLE TO AFFILIATED ENTITY

During the year ended March 31, 2009, the Company issued $1,250,000 of demand notes payable with an interest rate of prime plus 2% per annum. The Company repaid $500,000 of these demand notes during the year ended March 31, 2009. As of March 31, 2010, outstanding notes payable on the demand notes totaled $750,000.

The note holder is a shareholder of 1132559 Alberta, Ltd., an affiliated entity, as Alberta and TAMM have officers and/or directors in common.

In March, 2011, the Company entered into a subscription agreement whereby the Company agreed to issue an aggregate of 11,667,282 shares of the Company's common stock and 5,833,643 warrants to purchase the Company's common stock at an exercise price of $0.30 for three years from the date of issuance in settlement of an aggregate of $1,750,093 in outstanding related party advances, expense reimbursements, notes payable and related accrued interest. In connection with the transaction, the Company recorded a loss on settlement of debt of $3,340,173 in prior period operations. As of March 31, 2012, the 10,602,524 common shares has been issued with 1,064,758 remaining as unissued and are therefore shown as to be issued in the Company's balance sheet.

F - 14

TAMM OIL AND GAS CORP.

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, ~~2012~~2013

~~NOTE~~The 6Company –and ~~NOTES~~Cougar ~~PAYABLE~~Oil TOand ~~AFFILIATED~~Gas ~~ENTITY~~ Canada, Inc. (~~continued~~"Cougar") terminated their previously announced farm-in agreement to negotiate a new agreement with the private Corporation. The private corporation has signed a multi-phase farm-in agreement with the Company to define and develop the Company's 47 section Manning area heavy oil prospect in parallel with the development of the private corporations 61 sections of land in the Manning area.

~~During~~The first phase of the ~~year~~farm-in ~~ended~~consists ~~March~~of ~~31,~~the ~~2011~~private ~~and~~corporation ~~2012,~~performing ~~the~~a ~~Company~~$2.5million ~~did~~work ~~not~~program ~~receive~~to ~~advances~~earn ~~from~~a ~~related~~30% ~~parties. Total~~working ~~advances~~interest atin ~~March~~the ~~31,~~Company's ~~2012~~heavy ~~amount~~oil toprospect. Subsequent year programs of $~~59,497~~6. ~~Changes~~5 inmillion ~~the~~dollars ~~balance~~will ~~from~~earn ~~March~~an ~~31,~~additional ~~2011~~20% ~~represent~~working ~~payments~~interest in– ~~aggregate~~this ~~of $9,387~~agreement ~~during~~has ~~the~~been ~~year~~assigned ~~ended~~to ~~March~~CEC ~~31,~~North ~~2012~~Star Energy Inc by the private corporation.

~~NOTE~~Cougar 7was –the ~~CAPITAL~~designated ~~STOCK~~operator in this agreement, however due to the Cougar receivership, Cougar has ceased operations and will not earn under this agreement and is no longer a participant in the agreement.

NOTE 5 – CAPITAL STOCK

Preferred Stock

The Company has authorized the issuance of 1,000,000 shares of preferred stock, with a par value of $.001 per share. The Company’s Board of Directors has broad discretion to create one or more series of preferred stock and to determine the rights, preferences, and privileges of any such series.

Common stock

The Company initially authorized the issuance of 50,000,000 shares of common stock, par value $.001. On November 13, 2007, the Company declared a 15:1 forward split, and concurrently increased its authorized shares to 750,000,000 shares of common stock, par value $.001 per share. All share amounts have been restated as if the split had occurred October 10, 2005.

As of March 31, ~~2012~~2013 and ~~2011~~2012, there were 92,582,524 ~~and 80,780,000~~ shares of common stock issued and outstanding~~, respectively~~.

In October 2005, the Company issued an aggregate of 60,000,000 shares of common stock, at a price of $.0067 per share to the founding shareholders for aggregate proceeds to the Company of $4,000 cash. In March 2006, the Company completed a private placement offering of 30,000,000 shares of common stock to private investors at a price of $.003 per share, for aggregate proceeds to the Company of $100,000 cash.

In August 2007, the Company closed a private placement consisting of 1,500,000 shares of the Company’s common stock at a price of $.067 per share, for the aggregate proceeds of $100,000 cash.

On November 23, 2007, the Company closed the first tranche of a private placement consisting of 800,000 units at a price of $1.25 per unit for aggregate proceeds of $1,000,000. Each unit consists of one common share and one share purchase warrant. Each Warrant was exercisable into one common share at a price of $1.75 per Warrant Share until November 23, 2009, at which date they expired.

On November 26, 2007, the Company entered into an agreement to purchase interests in certain royalty agreements in exchange for 4,000,000 shares of common stock. The market price of the common stock on the date of the agreement was $2.55 per share. Accordingly, the purchase was recorded at $10,200,000 for the value of shares issued. However, subsequent information obtained yielded an estimated recoverable value of $4,000,000, which resulted in a charge to impairment expense of $6,200,000.

On December 20, 2007, the Company closed the second tranche of a private placement consisting of 400,000 units at a price of $1.25 per Unit for aggregate proceeds of $500,000. Each Unit consists of one common share and one share purchase warrant. Each Warrant was exercisable into one common share at a price of $1.75 per Warrant Share until December 20, 2009, at which date they expired.F-13

FTable -of 15Contents

TAMM OIL AND GAS CORP.

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, ~~2012~~2013

~~NOTE~~On 7December –20, ~~CAPITAL~~2007, ~~STOCK~~the ~~(continued)~~Company closed the second tranche of a private placement consisting of 400,000 units at a price of $1.25 per Unit for aggregate proceeds of $500,000. Each Unit consists of one common share and one share purchase warrant. Each Warrant was exercisable into one common share at a price of $1.75 per Warrant Share until December 20, 2009, at which date they expired.

Common stock (continued)

During the year ended March 31, 2008, the Company sold a total of 1,280,000 units, at the rate of $1.25 per unit, in private placement transactions for $1,600,000. Each unit consists of one common share of the Company and one warrant. Each warrant entitles the warrant holder to exchange one warrant for one common share at a price of $1.75 per share for a period of two years.

On December 27, 2007, the Company issued 21,533,000 shares of common stock to individual shareholders of Deep Well Oil & Gas, Inc. (DWOG) in exchange for 21,533,000 shares of DWOG common stock. The trading price of TAMM common stock on the date of the transaction was $2.52 per share, resulting in a value of $54,263,160 for the shares issued. Under the provisions of SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” an impairment reserve of $54,263,160 was recorded as it was determined the shares of DWOG had nominal value. During the year ended March 31, 2009, the common stock issued was returned to the Company in exchange for the return of the shares of DWOG. The shares were retired at par value. Accordingly, the impairment reserve has been recognized as a permanent difference for income tax purposes.

In July 2008, 34,000,000 shares of the Company’s common stock previously issued to founders in October 2005 were returned for cancellation.

In September 2008, 21,533,000 shares of the Company’s common stock previously issued in exchange for common shares of Deep Well Oil & Gas, Inc were returned to the Company and cancelled.

In June 2009, the Company issued 1,000,000 shares of its common stock to acquire Union Energy, LLC (see Note 4).

In September 2009, the Company issued an aggregate of 17,000,000 shares of its common stock to acquire working interests in oil sands and petroleum and gas properties (see Note 4).

~~NOTE 8 – OPTIONS AND WARRANTS~~F-14

~~Warrants~~Table of Contents

The following table summarizes the changes in warrants outstanding and related prices for the shares of the Company’s common stock issued to shareholders at March 31, 2012:

F - 16

TAMM OIL AND GAS CORP.

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, ~~2012~~2013

NOTE 86 – OPTIONS AND WARRANTS ~~(continued)~~

Exercise Price		Number Outstanding	Warrants Outstanding Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise price		Number Exercisable	Warrants Exercisable Weighted Average Exercise Price
$	0.25	1,200,000	2.15	$	0.25	1,200,000	$	0.25
$	0.30	5,833,643	1.98	$	0.30	5,833,643	$	0.30
		7,033,643	2.01			7,033,643	$	0.29

Warrants

The following table summarizes the changes in warrants outstanding and related prices for the shares of the Company’s common stock issued to shareholders at March 31, 2013:

Exercise Price		Number Outstanding		Warrants Outstanding Weighted Average Remaining Contractual Life (years)		Weighted Average Exercise Price		Number Exercisable		Warrants Exercisable Weighted Average Exercise Price
$	0.25		1,200,000		1.15	$	0.25		1,200,000	$	0.25
$	0.30		5,301,264		0.98	$	0.30		5,301,264	$	0.30
			6,501,264		1.01				6,501,264	$	0.29

Transactions involving the Company’s warrant issuance are summarized as follows:

	Stock Warrants
				Weighted
				Exercise
	Shares			Price
Outstanding at March 31, 2010		—		$	—
Outstanding at March 31, 2011		5,833,643		$	0.30
Granted		51,~~833~~200,~~643~~000			0.3025
Canceled		—			—
Expired		—			—
Exercised		—			—
Outstanding at March 31, 2011		5,833,643			0.30
Outstanding at March 31, 2012		7,033,643			0.29
Granted		~~1,200,000~~—			~~0.25~~—
Canceled		—(532,379	)		—(0.30	)
Expired		—			—
Exercised		—			—
Outstanding at March 31, 2012		7,033,643		$	0.29
Outstanding at March 31, 2013		6,501,264		$	0.29

In connection with the ~~sale~~settlement of ~~common~~debt ~~stock,~~as ~~the~~described ~~Company~~in ~~issued~~Note ~~warrants~~4 toabove, ~~purchase~~an ~~1,200,000~~aggregate of ~~the~~532,379 ~~Company's~~outstanding ~~common~~warrants ~~stock~~were ~~at $0~~canceled.~~25 per share expiring three years from the date of issuance.~~

Options

As of March 31, ~~2012~~2013 and ~~2011~~ 2012, the Company had no outstanding options.

NOTE 97 - CONTINGENCIES

Operating leases

The Company is provided operating facilities from an affiliated entity at no cost.

Consulting agreements

The Company has consulting agreements with outside contractors, certain of whom are also Company stockholders. The Agreements are generally month to month.

F - 1715

Table of Contents

TAMM OIL AND GAS CORP.

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, ~~2012~~2013

~~NOTE~~Material ~~9 - CONTINGENCIES (continued)~~Contracts

On May 31, 2012, the Company reached a binding agreement with CEC North Star Energy Ltd (ÇEC North Star”) of Calgary Alberta to transfer the oilsands leases it holds in the Manning Area in escrow pending a series of events being completed. CEC North Star will issue shares in escrow North Star common voting shares at the agreed value per shares issued from Treasury of Thirty Two Dollars ($32.00) Cdn. for a total of 5,062,500 shares. Due to family relationships between CEC North Star Energy and the Company, Mr. Tighe abstained from voting on the transaction. Due to a common board position on both companies, Mr. Hilekes abstained from voting on the transaction. North Star will be responsible for rental costs of the Manning lands going forward. Tamm acknowledges and consents to CEC transferring the balance of the farm in agreement that would apply to the P&NG leases, to North Star. The GORR in place on the Tamm leases will remain the obligation of Tamm under this arrangement The transaction has two key requirements to close – the put/call – 1. TAMM is to re-domicile to Alberta based on a shareholder vote at the next AGM and required documentation, regulatory requirements being completed. 2. Post the re-domicile, approval of the majority of the TAMM shareholders of the transaction at the same AGM would be required. Upon signing this agreement, Mr. Hilekes is appointed to the Board of Directors of CEC North Star and Mr. Tighe is appointed as COO of CEC North Star.

Litigation

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. Except as described below, we are currently not aware of any such legal proceedings that we believe will have, individually or in the aggregate, a material adverse ~~affect~~effect on our business, financial condition or operating results.

NOTE 10 8 – RELATED PARTY TRANSACTIONS

~~The~~Other ~~Company~~receivable, ~~leases~~related ~~office~~party ~~space~~is ~~under~~held anby ~~operating~~CEC ~~lease for its corporate use at $1~~Northstar,~~000~~ ~~per~~a ~~month~~Company onwith a ~~month~~board tomember ~~month~~and ~~basis~~officer ~~from~~whom analso ~~entity~~are ~~with~~board ~~common~~members ~~senior~~of ~~management~~the Company.

~~During the year ended March 31, 2012, the Company paid back $9,387 in advances from related parties.~~ Total advances at March 31, 2012 ~~amounted~~were topaid ~~$59,497~~during ~~excluding~~the ~~discussion~~current ~~below~~period. ~~The advances are due on demand with interest of 5% per annum~~. The Company incurred $2,~~650~~160 as interest for the year ended March 31, ~~2012~~2013.

During the year ended March 31, 2011, the Company agreed to issue 1,770,511 shares of its common stock to reimburse a related party for legal expenses and other costs incurred on the Company's behalf totally $265,577. The Common stock was issued during the year ended March 31, 2012.

Farm In Agreement

The Company and Cougar Oil and Gas Canada, Inc. ("Cougar"), a Company under common control, terminated their previously announced farm-in agreement to negotiate a new agreement with the private Corporation. The private corporation has signed a multi-phase farm-in agreement with the Company to define and develop the Company's 47 section Manning area heavy oil prospect in parallel with the development of the private corporations 61 sections of land in the Manning area.

FThis -agreement 18expired and has been terminated.

F-16

Table of Contents

TAMM OIL AND GAS CORP.

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, ~~2012~~2013

NOTE 10 – RELATED PARTY TRANSACTIONS (continued)

Investment

As described Note 43, above, the Company exchanged an outstanding receivable from an affiliated entity, 1132559 Alberta Ltd. ("Alberta") for 16 shares of Alberta and a non -interest bearing demand obligation of $~~308~~315,~~868~~494. Alberta and the Company have officers and/or directors in common. On December 10, 2012, the Company sold its interest in 1132559 Alberta for $250,071 (USD) and recorded a $65,423 loss on disposal of investment in current period operations.

~~The~~NOTE 169 ~~shares~~– ofINCOME ~~Alberta, representing a 10.46% interest, are recorded at cost.~~TAXES

~~NOTE~~Deferred 11income –taxes ~~INCOME~~reflect ~~TAXES~~the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting and tax purposes. Significant components of the Company’s deferred tax assets as of March 31, 2013 and 2012 are as follows:

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting and tax purposes. Significant components of the Company’s deferred tax assets as of March 31, 2012 and 2011 are as follows:

	2013			2012
Deferred tax assets:
Net operating losses	$	3,726,818		$	1,295,694
Total gross deferred tax assets		3,726,818			1,295,694
Less valuation allowance		(3,726,818	)		(1,295,694	)
Net deferred tax asset	$	—		$	—

	2012			2011
Deferred tax assets:
Net operating losses	$	1,295,694		$	1,163,573
Total gross deferred tax assets		1,295,694			1,163,573
Less valuation allowance		(1,295,694	)		(1,163,573	)
Net deferred tax asset	$	—		$	—

The ultimate realization of deferred tax assets depends upon the generation of future taxable income during the periods in which those temporary differences become deductible. At March 31, 2013, the Company has available net operating loss carry forwards of approximately $16,115,000 for federal and state income tax purposes. The net operating losses will expire through 2033 and 2023 for federal and state income tax purposes, respectively. The ultimate realization of the net operating losses may be limited if an ownership change occurs under Internal Revenue Code section 382. The Company has fully reserved the tax benefit of the temporary differences as the likelihood of realization of the benefit cannot be established.

~~The ultimate realization of deferred tax assets depends upon the generation of future taxable income during the periods in which those temporary differences become deductible.~~ At March 31, ~~2012,~~2013 ~~the Company has available net operating loss carry forwards of approximately $5,153,000 for federal~~ and ~~state income tax purposes. The net operating losses will expire through 2032 and 2022 for federal and state income tax purposes~~2012, ~~respectively. The ultimate realization of~~ the ~~net operating losses may be limited if an ownership change occurs under Internal Revenue Code section 382. The~~ Company’s ~~has fully reserved the~~ tax ~~benefit~~provision ofconsists ~~the temporary differences as the likelihood~~ of ~~realization of the benefit cannot be established.~~:

At March 31, 2012 and 2011, the Company’s tax provision consists of:

	2013		2012
Current
Federal	$	—	$	—
State		—		—
		—		—
Deferred
Federal		—		—
State		—		—
		—		—
Total	$	—	$	—

	2012		2011
Current
Federal	$	—	$	—
State		—		—
		—		—
Deferred
Federal		—		—
State		—		—
		—		—
Total	$	—	$	—

F-17

~~For~~Table ~~the~~of years ended March 31, 2012 and 2011, the provision (benefit) for income taxes reconciles to the amount computed by applying the federal statutory rate to (loss) before provision for income taxes as follows:Contents

F - 19

TAMM OIL AND GAS CORP.

(An Exploration Stage Company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, ~~2012~~2013

~~NOTE~~For 11the –years ~~INCOME~~ended ~~TAXES~~March 31, 2013 and 2012, the provision (~~continued~~benefit) for income taxes reconciles to the amount computed by applying the federal statutory rate to (loss) before provision for income taxes as follows:

	2012			2011
	2013			2012
Computed expected federal tax benefits	$	(2531,~~596~~075,~~114~~065	)	$	(2325,~~843~~596,~~290~~114	)
Permanent difference, impairment of certain investments		2426,~~305~~057,~~319~~452			2224,~~821~~305,~~784~~319
State and local income taxes, net of federal benefit		—			-
Change in valuation reserve		15,~~290~~017,~~795~~613			1,~~021~~290,~~505~~795
Provision for income taxes	$	-0-		$	-0-

NOTE 1210 – SUBSEQUENT EVENTS

~~Effective~~CEC ~~April~~North ~~17,~~Star ~~2012~~Energy -Ltd. ~~The~~(“CEC”) ~~Company~~the ~~announced~~joint ~~that~~venture ~~Mr.~~partner ~~Stephen~~and ~~Andrew~~operator ~~Fogle~~of the Manning Projects – has ~~been~~surveyed ~~nominated~~and licensed three (3) wells for coring in Q1,2013. Those wells are on the CEC lands and ~~elected~~two toof the ~~Board~~wells share the same geologic prospect as the TAMM Oil and Gas Corporation mineral rights. Two of ~~Directors~~the wells were cored by March 31, 2013 - one of which shared the same geologic prospect as the TAMM Oil and Gas Corporation. The ~~effective~~results ~~April~~were ~~17,~~published ~~2012~~by CEC and a summary provided to the Company. The Mrresults were filed as an 8K as well as managements interpretation of those results. ~~Fogle~~The ~~brings~~joint ~~investment~~venture ~~management~~partners ~~experience~~are ~~from~~currently ~~USA,~~evaluating ~~Europe,~~the ~~Africa~~next ~~and~~steps ~~South~~to ~~America~~develop ~~with~~the ~~specific~~property. Those ~~expertise~~steps inmay ~~Mining~~include ~~and~~additional ~~Natural~~seismic ~~resources~~over the joint lands, a horizontal test well in Q3/Q4 2013. HeAdditional ~~has~~coring ~~Operational~~on ~~and~~the ~~Management~~company’s ~~experiences~~mineral atrights during the ~~CEO~~same ~~and~~program ~~board~~is ~~level~~also contemplated.

OnThe ~~May 31, 2012, the~~ Company ~~reached~~announced athat binding agreement with CEC North Star Energy Ltd (ÇEC North Star”) of Calgary Alberta to transfer the oilsands leases it holds in the Manning Area in escrow pending a series of events being completed. CEC North Star will issue shares in escrow North Star common voting shares at the agreed value per shares issued from Treasury of Thirty Two Dollars ($32.00) Cdn. for a total of 5,062,500 shares. Due to family relationships between CEC North Star Energy and the Company, Mr. ~~Tighe~~Harri ~~abstained~~Huuskonen ~~from~~has ~~voting~~resigned ~~on the transaction. Due to a common board position on both companies, Mr. Hilekes abstained~~ from ~~voting on~~ the ~~transaction. North~~Board ~~Star will be responsible for rental costs~~ of ~~the~~Directors ~~Manning lands going forward. Tamm acknowledges and consents to CEC transferring the balance~~ of the ~~farm~~Corporation ineffective ~~agreement~~June ~~that would apply to the P&NG leases~~20, ~~to North Star~~2013. ~~The GORR in place on the Tamm leases will remain the obligation of Tamm under this arrangement~~

The transaction has two key requirements to close – the put/call – 1. TAMM is to re-domicile to Alberta based on a shareholder vote at the next AGM and required documentation, regulatory requirements being completed. 2. Post the re-domicile, approval of the majority of the TAMM shareholders of the transaction at the same AGM would be required. Upon signing this agreement, Mr. Hilekes is appointed to the Board of Directors of CEC North Star and Mr. Tighe is appointed as COO of CEC North Star. The agreement is attached as an exhibit.

Management evaluated all activities of the Company through the issuance date of the Company’s consolidated financial statements and concluded that no subsequent events have occurred that would require adjustments or disclosures into the consolidated financial statements.

F - 2018

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Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

None

Item 9A. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that material information required to be disclosed in our periodic reports filed under the Securities Exchange Act of 1934, as amended, or 1934 Act, is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and to ensure that such information is accumulated and communicated to our management, including our chief executive officer/chief financial officer (principal financial officer) as appropriate, to allow timely decisions regarding required disclosure. During the year ended March 31, ~~2012~~2013 we carried out an evaluation, under the supervision and with the participation of our management, including the principal executive officer and the principal financial officer (principal financial officer), of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rule 13(a)-15(e) under the 1934 Act. Based on this evaluation, because of the Company’s limited resources and limited number of employees, management concluded that our disclosure controls and procedures were ineffective as of March 31, ~~2012~~2013.

Management’s Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company’s internal control over financial reporting is designed to provide reasonable assurances regarding the reliability of financial reporting and the preparation of the financial statements of the Company in accordance with U.S. generally accepted accounting principles, or GAAP. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree or compliance with the policies or procedures may deteriorate.

With the participation of our Chief Executive Officer/ Chief Financial Officer (principal financial officer), our management conducted an evaluation of the effectiveness of our internal control over financial reporting as of March 31, ~~2012~~2013 based on the framework in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). Based on our evaluation and the material weaknesses described below, management concluded that the Company did not maintain effective internal control over financial reporting as of March 31, ~~2012~~2013 based on the COSO framework criteria. Management has identified control deficiencies regarding the lack of segregation of duties and the need for a stronger internal control environment. Management of the Company believes that these material weaknesses are due to the small size of the Company’s accounting staff. The small size of the Company’s accounting staff may prevent adequate controls in the future, such as segregation of duties, due to the cost/benefit of such remediation. To mitigate the current limited resources and limited employees, we rely heavily on direct management oversight of transactions, along with the use of legal and accounting professionals. As we grow, we expect to increase our number of employees, which will enable us to implement adequate segregation of duties within the internal control framework.

These control deficiencies could result in a misstatement of account balances that would result in a reasonable possibility that a material misstatement to our consolidated financial statements may not be prevented or detected on a timely basis. Accordingly, we have determined that these control deficiencies as described above together constitute a material weakness.

25In light of this material weakness, we performed additional analyses and procedures in order to conclude that our consolidated financial statements for the year ended March 31, 2013 included in this Annual Report on Form 10-K were fairly stated in accordance with US GAAP. Accordingly, management believes that despite our material weaknesses, our consolidated financial statements for the year ended March 31, 2013 are fairly stated, in all material respects, in accordance with US GAAP.

In light of this material weakness, we performed additional analyses and procedures in order to conclude that our consolidated financial statements for the year ended March 31, 2012 included in this Annual Report on Form 10-K were fairly stated in accordance with US GAAP. Accordingly, management believes that despite our material weaknesses, our consolidated financial statements for the year ended March 31, 2012 are fairly stated, in all material respects, in accordance with US GAAP.23

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This annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit us to provide only management’s report in this Annual Report on Form 10-K.

Limitations on Effectiveness of Controls and Procedures

Our management, including our Chief Executive Officer and Chief Financial Officer (principal financial officer), does not expect that our disclosure controls and procedures or our internal controls will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include, but are not limited to, the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

Changes in Internal Controls

During the fiscal quarter ended March 31, ~~2012~~2013, there have been no changes in our internal control over financial reporting that have materially affected or are reasonably likely to materially affect our internal controls over financial reporting.

Item 9B. Other Information.

We do not have any information required to be disclosed in a report on Form 8-K during the first quarter of fiscal ~~2013~~2014 that was not reported.

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PART III

Item 10. Directors and executive officers of the Company and compliance with Section 16(a) of the Exchange Act

(a) Identification of directors and executive officers

The following table sets forth certain information concerning our directors and executive officers (including of our subsidiaries) as of the filing of this Form 10-K.

Name	Age	Position	Term of Office Since
William Tighe	63	Chairman of Board, Director	11/27/07
Harri Huuskonen	50	Director	8/6/10 resigned June 20, 2013
Guido Hilekes	57	Ex-Chief Excutive Officer, Director	3/3/11, resigned February 2, 2013
Stephen Andrew Fogle		Ex-Chief Excutive Officer, Director	4/17/12, resigned January 16, 2013

Name	Age	Position	Term of Office Since
William Tighe	62	Chairman of Board, Director	11/27/07
Stephen A Flogle	44	Director	4/17/12
Harri Huuskonen	49	Director	8/6/10
Guido Hilekes	56	Director and CEO/President	3/3/11

Executive officers are elected at annual meetings of the shareholders or are appointed by the board of directors. Each such officer holds office for one year or until a successor has been duly appointed, elected and qualified or until death, resignation or removal.

No arrangement exists between any of the above officers and directors pursuant to which any one of those persons was elected to such office or position.

Directors hold office until the next meeting of shareholders and until a successor is elected and qualified, or until their resignation.

Business experience

A summary of the business experience of each of our officers or directors appears below:

William Tighe, Chairman of Board, Director

On November 27, 2007 we appointed William Tighe to our board of directors as Chairman. Mr. Tighe is the Chief Operating Officer, President, ~~Director~~Chief ~~and~~Executive ~~acting~~Officer ~~CEO~~and ~~of Kodiak Energy, Inc~~Director. For more than 30 years, Mr. Tighe has been employed and/or consulted on operational, project management, design and construction matters for Canadian and international oil and gas companies in roles that included operations, operations development, maintenance, commissioning and start-up and management. Since 2005, Mr. Tighe has primarily focused on developing Kodiak’s business interests. During 2004, Mr. Tighe worked for Suncor Energy Ltd as a business services manager in Growth Planning and Development. From 2000-2004 Mr. Tighe worked for Petro China International as operations development and commissioning manager. Mr. Tighe attended the University of Calgary where he studied general science and computer science. He holds an inter-provincial power engineering certification II class.

Harri Huuskonen, Director

On August 6, 2010, we appointed Mr. Harri Huuskonen as a Director of the Company effective immediately. Mr. Huuskonen has extensive experience in the financial and investment industries. Mr Huuskonen resigned June 20, 2013.

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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On November 27, 2007, we appointed William Tighe as our Chairman of the Board of our Board of Directors.

On January 7, 2008, Sean Dickenson resigned as our President, Secretary, and Treasurer. Mr. Dickenson was appointed as our Director on May 3, 2007 and resigned on July 16, 2008.

On January 7, 2008, our Board of Directors appointed Gerald Vikse, as a member of our board of directors, and as our Vice President of Operations. Gerald resigned on April 1, 2009.

On January 7, 2008, our Board of Directors appointed Wiktor Musial, as our President/Secretary/Treasurer and as a member of our Board of Directors.

On August 29, 2008, we appointed Mr. Donald W. Hryhor to our board of directors. Mr. Hryhor has over 35 years’ experience in various aspects of the oil exploration industry.

On April 10, 2009, Mr. Gerald Vikse submitted his resignation as an Director and a Officer of the company to pursue his other professional interests.

On July 29, 2010, we announced that Mr. Wictor Musial is retiring as President, and will continue to serve as a member of the Company’s Board of Directors. Mr. Musial will continue to sit on the Company’s Audit Committee of the Board of Directors. Also, we announced that Mr. William S. Tighe, will advance to the Chairman of the Board of Directors. We also announced the appointment of Donald W. Hryhor, a current member of the Company’s Board of Directors will advance to the role of President and Chief Executive Officer and we also appointed Mr. Trevor M. Countryman as Secretary Treasurer effective immediately.

On August 6, 2010, we appointed Mr. Harri Huuskonen as a Director of the Company effective immediately. Mr. Huuskonen has extensive experience in the financial and investment industries.

On March 2, 2011, we announced that Mr. Wictor Musial has submitted his resignation from the Company’s Board of Directors.

On March 3, 2011, We appointed of Mr. Guido Hilekes to the Board of Directors of the Company.

Mr. Hilekes has been a long term private equity advisor to several start-up companies. Currently, Mr. Hilekes sits on the Boards of Directors of various Swiss equity financed companies. He holds an MBA in International Business Studies from Thunderbird, School of Global Management in Arizona.

On March 10, 2011, the Company announces the appointment of Mr. William Tighe as President and CEO of TAMM Oil and Gas Corp. and Mr Donald Hryhor resigned from those positions

On March 21, 2011, the Company announced that Mr. Donald Hryhor has submitted his resignation from the Company’s Board of Directors effective March 21, 2011.

On April 17, 2012, we appointed Mr. Stephen Andrew Fogle as a Director of the Company effective immediately. Mr. Fogle has extensive operational and management experiences at the CEO and board level.

On January 16, 2013, Mr. Stephen Andrew Fogle had resigned from the Board of Directors and Chief Executive Officer of the Corporation. Mr. William Tighe has been appointed as Chief Executive Officer.

On February 2, 2013, Mr. Guido Hilekes has resigned from the Board of Directors of the Corporation. Mr. Wm. Tighe has been appointed as Chief Executive Oficer.

On June 20, 2013 Mr. Harri Huuskonen has resigned from the Board of Directors of the Corporation.

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Family relationships

There are no family relationships between or amongst any of our directors or executive officers.

Involvement in certain legal proceedings

None of our executive officers or directors has been involved in or is subject to any of the following legal proceedings:

(1) A petition under the Federal bankruptcy laws or any state insolvency law that was filed by or against, or a receiver, fiscal agent or similar officer was appointed by a court for the business or property of such person, or any partnership in which he was a general partner at or within two years before the time of such filing, or any corporation or business association of which he was an executive officer at or within two years before the time of such filing;

(2) No such person was convicted in a criminal proceeding or is a named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses);

(3) No such person was the subject of any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him from, or otherwise limiting, the following activities: Acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with such activity; engaging in any type of business practice; or engaging in any activity in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of Federal or State securities laws or Federal commodities laws;

(4) No such person was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State authority barring, suspending or otherwise limiting for more than 60 days the right of such person to engage in any activity described in paragraph (f)(3)(i) of this section, or to be associated with persons engaged in any such activity;

(5) No such person was found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated; or

(6) No such person was found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any Federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated.

Corporate Governance:

(a) Director Independence

See our disclosure at page 32 under Item 13.

(b) Committees

We do not have audit, nominating, or compensation committees or committees performing similar functions nor a written nominating, compensation of audit committee charter. Our Board of Directors as a whole decides such matters, including those that would be performed by a standing nominating committee. Our Board of Directors has not adopted any processes or procedures for considering executive and director compensation. We have not yet adopted an audit, compensation, or nominating committees because we have not sufficiently developed our operations and have generated no revenues during the past three years. Additionally, we do not currently have any specific or minimum criteria for the election of nominees to our Board of Directors nor do we have any process or procedure for evaluating such nominees.

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Our Board of Directors does not have any defined policy or procedure requirements for our stockholders to send communications to our Board of Directors, including submission of recommendations for nominating directors. We have not yet adopted a process for our security holders to communicate with our Board of Directors because we have not sufficiently developed our operations and corporate governance structure.

(d) Board of Director Meetings.

During our fiscal year ended March 31, ~~2012~~2013, we did not conduct a Shareholder or Board of Directors meeting.

(e) Annual Shareholder Meetings

During our Fiscal Year ~~2012~~2013, we did not conduct an annual shareholder meeting.

(f) Code of ethics

We have not yet adopted a Code of Ethics.

Section 16(a) beneficial ownership reporting compliance

Section 16(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), requires our officers and directors, and persons who own more than 10% of a registered class of our equity securities, to file reports of ownership and changes in ownership of our equity securities with the Securities and Exchange Commission. Officers, directors and greater-than-ten-percent shareholders are required by Securities and Exchange Commission regulations to furnish us with copies of all Section 16(a) filings.

Based solely on our review of Forms 3, 4 and 5 available to us and, where applicable, written representations from directors, officers and 10% stockholders that no form is required to be filed, we believe that no director, officer or beneficial owner of more than 10% of its common stock failed to file such reports required pursuant to Section 16(a) of the Exchange Act with respect to fiscal year ended March 31, ~~2012~~2013.

Item 11. Executive compensation

(a) and (b) Summary compensation table

The following table sets forth information regarding compensation paid to our Executive Officers which received in excess of $100,000 in compensation for the years ended March 31, ~~2012~~2013 and ~~2011~~2012. No other person who currently is one of our executive officers, earned salary and bonus compensation exceeding $100,000 during any of the last three years.

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The table below includes all compensation paid to them during the years stated.

Long Term Compensation
		Annual Compensation				Awards
Name & Title	Year	Salary		Bonus		Restricted Stock		Securities Underlying Options & SARS		All other compensation
Sean Dickenson	~~2010~~2011	$	0	$	0	$	0	$	0	$	0
Director	~~2011~~2012	$	0	$	0	$	0	$	0	$	0
	2012	$	0	$	0	$	0	$	0	$	0
	2013	$	0	$	0	$	0	$	0	$	0
Gerald Vikse	~~2010~~2011	$	0	$	0	$	0	$	0	$	0
VP-Operations	~~2011~~2012	$	0	$	0	$	0	$	0	$	0
Director (resigned)	2013	$	0	$	0	$	0	$	0	$	0
Wiktor Musial	2011	$	0	$	0	$	0	$	0	$	0
President/Secretary	2012	$	0	$	0	$	0	$	0	$	0
Treasurer (resigned)	2013	$	0	$	0	$	0	$	0	$	0
Donald Hryhor	2011	$	0	$	0	$	0	$	0	$	0
Director (resigned)	2012	$	0	$	0	$	0	$	0	$	0
Wiktor Musial	2010	$	0	$	0	$	0	$	0	$	0
	2013	$	0	$	0	$	0	$	0	$	0
President/Secretary	2011	$	0	$	0	$	0	$	0	$	0
Treasurer (resigned)	2012	$	0	$	0	$	0	$	0	$	0
Donald Hryhor	2010	$	0	$	0	$	0	$	0	$	0
Director (resigned)	2011	$	0	$	0	$	0	$	0	$	0
	2012	$	0	$	0	$	0	$	0	$	0

30(c) Options/SAR granted during year-ended March 31, 2013

Long Term Compensation
		Annual Compensation				Awards
Name & Title	Year	Salary		Bonus		Restricted Stock		Securities Underlying Options & SARS		All other compensation
William Tighe	2010	$	0	$	0	$	0	$	0	$	0
Chairman of the Board	2011	$	0	$	0	$	0	$	0	$	0
	2012	$	0	$	0	$	0	$	0	$	0
Guido Hilekes	2011	$	0	$	0	$	0	$	0	$	0
Director	2012	$	0	$	0	$	0	$	0	$	0
.
Harri Huuskonen	2011	$	0	$	0	$	0	$	0	$	0
Director	2012	$	0	$	0	$	0	$	0	$	0
Trevor M. Countryman	2011	$	0	$	0	$	0	$	0	$	0
Secretary/Treasurer	2012	$	0	$	0	$	0	$	0	$	0
Stephen A Fogle	2012	$	0	$	0	$	0	$	0	$	0
Director

None

(d) Aggregated option/SAR exercises and fiscal year-end option/SAR value table

There were no stock options exercised during the year ended March 31, ~~2012~~2013.

(e) Long term incentive plan — awards in last fiscal year

None

(f) Defined benefit or actuarial plan disclosure

We do not pay medical insurance premiums for our employees. We currently have no stock ownership or other profit sharing, defined benefit, actuarial or pension plans, nor life insurance or any other benefit plan for our employees. We have no retirement plans, and therefore, have made no contributions to any such plan on behalf of names officers.

(g) Compensation of directors

Except as described herein, none of our officers or directors has been or is being paid any cash compensation, or is otherwise subject to any deferred compensation plan, bonus plan or any other arrangement and understanding whereby such person would obtain any cash compensation for his services for and on our behalf.

(h) Employment contracts and termination of employment and change-in-control arrangements

We have no such contracts or arrangements. We have no compensatory plan or arrangement regarding any executive officer which plan or arrangement results or will result from the resignation, retirement or any other termination of such individual’s employment with us, or from a change in control of us or a change in the individual’s responsibilities following a change in control.

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(i) Report on re-pricing of options/SARs

We did not re-price any options previously granted during the year ended March 31, ~~2012~~2013.

Item 12. Security ownership of certain beneficial owners and management and related stockholder matters

(a) and (b) Security ownership of certain beneficial owners and management

We have only two classes of outstanding voting securities, our common stock and preferred stock.

The following tables set forth information regarding the ownership of our outstanding common stock as of the filing of this report by: (a) each person known by management to own, beneficially or of record, more than five percent (5%) of our common stock; (b) each director; (c) each executive officer named in the Compensation Table set forth later in this report; and (d) all of our directors and executive officers as a group.

The following tables assume, based on our stock records, that there are 92,582,524 shares of our common stock, $0.001 par value, currently issued and outstanding. As noted on page 15 of this Form 10-K, we rescinded our December 27, 2007 share issuance of 21,533,000 shares of our common stock to 3 Deep Well shareholders in connection with the December 27, 2007 exchange of shares between us and those 3 Deep Well shareholders. In addition, in July 2008, 34,000,000 shares of the Company’s common stock previously issued to founders in October 2005 were returned for cancellation.

SECURITY OWNERSHIP OF BENEFICIAL OWNERS

Name and Address of Beneficial Owner	Shares of Common Stock Beneficially Owned		Percent of Common Stock Outstanding
1141577 Alberta Ltd		19,375,000		20.9.	%
Zentrum Energie Trust AG
William Tighe		5,100,000		5.5	%
Asperago Holdings SA		6,245,143		6.75	%
Dianella Ltd		6,594,333		7.12	%

The following table sets forth information as of the date of this filing, with respect to the ownership of our common stock for all directors, individually; all executive officers named in the compensation table; all executive officers and directors as a group.

SECURITY OWNERSHIP OF MANAGEMENT

Name and Address of Director or Executive Officer	Shares of Common Stock Beneficially Owned		Percent of Common Stock Outstanding
William Tighe Chairman of the Board Suite 110, 10 Sierra Morena Mews , S.W. Calgary, Alberta, Canada		5,100,000		5.5	%
Guido Hilekes Director Calgary, Alberta, Canada		358,937		0.39	%
Officers/ Directors as a Group		5,100,000		5.5	%
Officers/ Directors as a Group		5,458,937		5.9	%

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Item 13. Certain relationships and related transactions, and director independence

Director Independence

Our common stock is quoted on the OTC Bulletin Board; that trading medium does not have director independence requirements. Under Item 407(a) of Regulation S-K, we have adopted the definition of independence used by the American Stock Exchange, which may be found in the American Stock Exchange Company guide at (s) 121(A)(2) (2007). Under this definition, none of our directors are independent, because our Board of Directors cannot affirmatively determine that any of our directors do not have a relationship that would interfere with the exercise of independent judgment in carrying out their responsibilities of a director.

Item 14. Principal accountants’ fees and services

	Fiscal year ended March 31,
Description	~~2011~~2012		~~2012~~2013
Year end audit and review of quarterly interim financial statements	$	1040,000	$	40,000
Other audit related fees not included above		Nil		nil
Tax compliance, tax advice and tax planning		Nil		nil
Total	$	1040,000	$	40,000

Notes:

Our Board of Directors has considered the information described in “ Financial Information Systems Design and Implementation Fees ” and “ All Other Fees ” above and believes that it is compatible with maintaining the principal accountant’s independence. In each case (commencing after August 1, 2002), the board of directors pre-approved all such services.

Our principal accountant (through its full time employees) performed all work regarding the audit of our financial statements for the most recent two fiscal years.

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PART IV

Item 15. Exhibits and financial statement schedules

(a) Financial statements change dates and include inception to date

The following documents are filed as part of this report:

		Page
Report of Independent Registered Public Accounting Firm		F-2
Consolidated Balance Sheets as of March 31, 2013 and 2012		F-3
Consolidated Statements of Operations For The Years Ended March 31, 2013 and 2012 and For the Period from October 10, 2005 (date of inception) Through March 31, 2013		F-4
Consolidated Statement of Stockholders’ Equity For The Period From October 10, 2005 (date of inception) Through March 31, 2013		F-5
Consolidated Statements of Cash Flows For The Years Ended March 31, 2013 and 2012 and For the Period From October 10, 2005 (date of inception) Through March 31, 2013		F-6
Notes To Consolidated Financial Statements		F-7 ~ F-18

		Page
Report of Independent Registered Public Accounting Firm		F-2
Consolidated Balance Sheets as of March 31, 2012 and 2011		F-3
Consolidated Statements of Operations For The Years Ended March 31, 2012 and 2011 and For the Period from October 10, 2005 (date of inception) Through March 31, 2012		F-4
Consolidated Statement of Stockholders’ Equity For The Period From October 10, 2005 (date of inception) Through March 31, 2012		F-5
Consolidated Statements of Cash Flows For The Years Ended March 31, 2012 and 2011 and For the Period From October 10, 2005 (date of inception) Through March 31, 2012		F-6
Notes To Consolidated Financial Statements		F-7 ~ F-20

(b) Exhibits

The following exhibits are filed with this Form 10-K or incorporated herein by the following references.

Exhibit Number	Description

2	Articles of Merger dated November 6, 2007, incorporated by reference as filed with the SEC on November 14, 2008 on Form 10Q for the quarterly period ended September 30, 2007.

3(i)	Articles of Incorporation incorporated by reference, filed with the SEC on September 7, 2006 on Form SB-2.

2	Articles of Merger dated November 6, 2007, incorporated by reference as filed with the SEC on November 14, 2008 on Form 10Q for the quarterly period ended September 30, 2007.

3(i)	Articles of Incorporation incorporated by reference, filed with the SEC on September 7, 2006 on Form SB-2.

3(ii)	Bylaws incorporated by reference, filed with the SEC on September 7, 2006 on Form SB-2 .

10.1	Termination and Rescission Agreement dated as of July 1, 2008, between TAMM Oil and Gas Corp. and LB (Swiss) Private Bank Ltd., incorporated by reference as filed with SEC on Form 8-K on July 2, 2008

10.2	Termination and Rescission Agreement dated as of July 1, 2008, between TAMM Oil and Gas Corp. and Arthur Sulzer, incorporated by reference as filed with SEC on Form 8-K on July 2, 2008.

10.3	Termination and Rescission Agreement dated as of July 1, 2008, between TAMM Oil and Gas Corp. and Rahn & Bodmer, incorporated by reference as filed with the SEC on Form 8-K on July 1, 2008.

10.4	Letter Agreement dated November 7, 2007 with 1004731 Alberta Ltd and Muzz Investments, incorporated by reference as filed with the SEC on November 27, 2008 on Form 8-K.

10.5	Share Exchange Agreement between TAMM Oil and Gas Corp. and Rahn & Bodmer, incorporated by reference as filed with the SEC on January 9, 2008 on Form 8-K

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10.6	Share Exchange Agreement between TAMM Oil and Gas Corp. and Arthur Sulzer, incorporated by reference as filed with the SEC on December 31, 2008 on Form 8-K

10.7	Share Exchange Agreement between TAMM Oil and Gas Corp. and LB (Swiss) Private Bank, Ltd, incorporated by reference as filed with the SEC on December 31, 2008 on Form 8-K

10.8	November 26, 2007 Agreement between TAMM Oil and Gas Corp., 1004731 Alberta Ltd. and Muzz Investments Inc., incorporated by reference as filed with the SEC on January 9, 2008.

10.9	December 12, 2003 Royalty Agreement between Mikwec Energy and Nearshore Petroleum Corporation, incorporated by reference as filed with the SEC on January 9, 2008.

10.10	May 31, Letter of Intent between TAMM Oil and Gas Corporation and CEC North Star Energy Ltd

16.1	Letter from Square Milner, Independent Registered Public Accounting Firm, as filed with the SEC on February 4, 2008 on Form 8-K, incorporated as reference

31.1	Certification by the Principal Executive Officer/Principal Financial Officer pursuant to Rule 13a-14(a) 15d-14(a)

32.1	Certification by the Principal Executive Officer/Principal Financial Officer pursuant to Section 1350

99.1	April 1, 2008 Report by Chapman Petroleum Engineering Ltd, incorporated by reference as filed with the SEC on May 12, 2008 on Form 8-K

99.2	Updated Report by Chapman Petroleum Engineering Ltd, incorporated by reference as filed with the SEC on June 24, 2008 on Form 8-K

99.3	Updated Report by Chapman Petroleum Engineering Ltc, incorporated by reference as filed with the SEC on May 26, 2011 on Form 8-K

101 INS	XBRL Instance Document*

101 SCH	XBRL Schema Document*

101 CAL	XBRL Calculation Linkbase Document*

101 DEF	XBRL Definition Linkbase Document*

101 LAB	XBRL Labels Linkbase Document*

101 PRE	XBRL Presentation Linkbase Document*

* The XBRL related information in Exhibit 101 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section and shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

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April 7 – Section 8 – Other events – Deep Well legal action – incorporated by reference as 8K filed with the SEC on April 7, 2008

June 3, 2008 - Item 1.01 Entry into a Material Definitive Agreement- acquisition of 14 sections of P&NG leases – incorporated by reference as 8k filed with the SEC on June 3, 2008.

July 16, 2008, item 5.02 – Departure of Directors or Certain Officers – incorporated by reference as 8K filed with the SEC on July 16, 2008.

August 11, 2008 - Item 3.02 Unregistered Sales of Equity Securities cancellation of 34,000,000 shares – incorporated by reference as 8K filed with the SEC on August 11, 2008

August 29, Item 5.02 Election of Directors – incorporated by reference as 8K filed with the SEC on Aug 29, 2008.

September 5, 2008 Item 1.01 Entry into a Material Definitive Agreement for acquisition of 1132559 Alberta incorporated by reference as 8K filed with the SEC on September 5, 2008.

September 19, 2008 Section 8 -Other Events recession agreements with LB Private Band, Arthur Sulzer and Rahn and Bodmer incorporated by reference as 8K filed with the SEC on September 19, 2008

June 18, 2009 Item 1.01 Entry into a Material Definitive Agreement for the acquisition of Union Energy (Alberta), LLC incorporated by reference as 8K filed with the SEC on June 18, 2009.

July 29, 2010 Item 5.02-Departure/ Appointment of Directors or Certain Officers -incorporated by reference as 8K filed with SEC on July 29, 2010.

August 6, 2010 Item 5.02- Appointment of Directors or Certain Officers -incorporated by reference as 8K filed with SEC on August 6, 2010.

February 23, 2011 Item 4.01 -Changes in Registrant's Certifying Accountant - incorporated by reference as 8K filed with SEC on March 2, 2011.

March 3, 2011 Item 5.02- Departure /Appointment of Directors or Certain Officers -incorporated by reference as 8K filed with SEC on March 3, 2011.

March 10, 2011 Item 5.02- Departure /Appointment of Directors or Certain Officers -incorporated by reference as 8K filed with SEC on March 15, 2011.

March 16, 2011 Item 8.01 - Other Events - agreement for conventional farm in on Manning properties-incorporated by reference as 8K filed with SEC on March 16, 2011.

March 22, 2011 Item 5.02-Departure of Directors or Certain Officers -incorporated by reference as 8K filed with SEC on March 22, 2011.

36December 1, 2011 - Current report, items 8.01 and 9.01

February 2, 2012 - Current report, items 5.02 Departure of Directors or Certain Officers -incorporated by reference as 8K filed with SEC on February 2, 2013

and 9.01

January 22, 2013 - Current report, item 5.02 Departure of Directors or Certain Officers -incorporated by reference as 8K filed with SEC on January 22, 2013

February 5, 2013 - Current report, items 5.02 and 8.01

April 16, 2013 Current report, items 8.01 and 9.01

June 25, 2013 Item 5.02-Departure of Directors or Certain Officers -incorporated by reference as 8K filed with SEC on June 25, 2013

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SIGNATURES

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

TAMM OIL AND GAS

By: /s/ William S. Tighe

William S. Tighe,

Chief Executive Officer/Chairman of the Board/Principal Financial Officer

Date: June 28, ~~2012~~2013

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