PINX:EDNE Eden Energy Corp Quarterly Report 10-Q Filing - 3/31/2012

Effective Date 3/31/2012

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2012

or

[   ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ______________

Commission File Number 000-31503

EDEN ENERGY CORP.
(Exact name of registrant as specified in its charter)

Nevada N/A
(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)

Suite 1660 – 1055 West Hastings St, Vancouver, British Columbia V6E 2E9
(Address of principal executive offices) (Zip Code)

604-568-4700
(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 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.
[ X ] YES [   ] NO

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
[   ] YES [   ] NO

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

Large accelerated filer [   ] Accelerated filer [   ]
Non-accelerated filer [   ]
(Do not check if a smaller reporting company)
Smaller reporting company [ X ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act
[   ] YES [ X ] NO

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). 
[   ] YES [   ] NO

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court.
[   ] YES [   ] NO

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
6,629,528 common shares issued and outstanding as of May 10, 2012


PART 1 – FINANCIAL INFORMATION

Item 1. Financial Statements.

Our unaudited interim consolidated financial statements for the three month period ended March 31, 2012 form part of this quarterly report. They are stated in United States Dollars (US$) and are prepared in accordance with United States generally accepted accounting principles.


EDEN ENERGY CORP.

Consolidated Financial Statements
(Expressed in United States dollars)

March 31, 2012

(Unaudited)



Eden Energy Corp.
Consolidated Balance Sheets

    March 31,     December 31,  
    2012     2011  
    (Unaudited)        
Assets            
Current Assets            
     Cash $  5,459   $  23,270  
     Restricted cash (Note 9)   -     500,000  
     Other receivables   4,861     6,637  
     Prepaid expenses   35,553     31,068  
Total Current Assets   45,873     560,975  
Oil and gas properties (Note 3)   1     1  
Equipment, net of depreciation of $72,045 (December 31, 2011 - $70,916)   3,886     5,015  
Total Assets $  49,760   $  565,991  
             
Liabilities and Stockholders’ (Deficit) Equity            
Current Liabilities            
     Accounts payable $  657,750   $  628,049  
     Loan payable (Note 6)   693,562     1,167,260  
Total Liabilities   1,351,312     1,795,309  
Contingencies and Commitments (Notes 1 and 7)            
Stockholders’ (Deficit) Equity            
Preferred Stock:
   10,000,000 preferred shares authorized, $0.001 par value
   None issued
 

   

 
Common Stock: (Note 8)
   40,000,000 shares authorized, $0.001 par value
   6,629,528 shares issued and outstanding (December 31, 2011 – 6,629,528)
 

6,630
   

6,630
 
     Additional paid-in capital   50,956,760     50,956,760  
     Deficit   (52,264,942 )   (52,192,708 )
Total Stockholders’ (Deficit) Equity   (1,301,552 )   (1,229,318 )
Total Liabilities and Stockholders’ (Deficit) Equity $  49,760   $  565,991  

The accompanying notes are an integral part of these consolidated statements
F-1



Eden Energy Corp.
Consolidated Statement of Operations
(Unaudited)

    Three Months     Three Months  
    Ended     Ended  
    March 31,     March 31,  
    2012     2011  
             
Expenses            
 Depreciation and amortization $  1,129   $  3,168  
 General and administrative   15,528     64,784  
 Interest expense   26,699     25,115  
 Management fees   15,000     51,335  
 Professional fees   5,420     43,612  
Operating expenses   63,776     188,014  
Loss before other items   (63,776 )   (188,014 )
Other items            
 Loss on foreign exchange   (8,483 )   (4,588 )
 Interest income   25     42  
Loss from continuing operations   (72,234 )   (192,560 )
             
Discontinued operations (Note 11)            
 Loss from discontinued operations       (88,943 )
             
Net loss and comprehensive loss $  (72,234 ) $  (281,503 )
             
             
Basic and diluted loss per share – continuing operations $  (0.01 ) $  (0.10 )
Basic and diluted loss per share – discontinued operations $  (0.01 ) $  (0.14 )
Weighted average number of common shares outstanding – basic and diluted   6,630,000     1,979,000  

The accompanying notes are an integral part of these consolidated statements
F-2



Eden Energy Corp.
Consolidated Statement of Cash Flows
(Unaudited)

    Three Months     Three Months  
    Ended     Ended  
    March 31,     March 31,  
    2012     2011  
Cash provided by (used in):            
Operating Activities:            
 Net loss for the period $  (72,234 ) $  (281,503 )
 Non-cash items:            
         Depletion, depreciation and amortization   1,129     28,235  
         Accrued interest on loan payable   26,302     (1,096 )
 Changes in non-cash operating assets and liabilities:            
         Accrued petroleum revenues       45,821  
         Other receivables   1,776     (368 )
         Prepaid expenses and other   (4,485 )   2,408  
         Accounts payable and accrued liabilities   29,701     (50,915 )
    (17,811 )   (257,418 )
Investing Activities:            
 Restricted cash   500,000      
    500,000      
Financing Activities:            
   Repayment on loan payables   (500,000 )    
    (500,000 )    
Effect of exchange rate changes on cash       1,752  
Decrease in cash   (17,811 )   (255,666 )
Cash, beginning   23,270     281,664  
Cash, ending $  5,459   $  25,998  
Supplementary disclosure:            
 Interest paid $  –   $  50,411  
 Income taxes paid $  –   $  –  

The accompanying notes are an integral part of these consolidated statements
F-3



Eden Energy Corp.
March 31, 2012
Notes to the Interim Consolidated Financial Statements
(Unaudited)

1.

Basis of Presentation

   

The unaudited interim consolidated financial statements of Eden Energy Corp. (the “Company”) have been prepared by management in accordance with generally accepted accounting principles in the United States for interim financial information and conforms with the rules and regulations of the Security and Exchange Commission and reflects all adjustments (all of which are normal and recurring in nature) that, in the opinion of management, are necessary for fair presentation of the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the entire year ending December 31, 2012. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted. These unaudited interim consolidated financial statements and notes included herein should be read in conjunction with the Company’s audited consolidated financial statements and notes for the year ended December 31, 2011, included in the Company’s Annual Report on Form 10-K. The accounting principles applied in the preparation of these interim consolidated financial statements are consistent with those applied for the year ended December 31, 2011.

   

The Company’s interim consolidated financial statements are prepared on a going concern basis in accordance with generally accepted accounting principles in the United States which contemplates the realization of assets and discharge of liabilities and commitments in the normal course of business. The Company has experienced negative cash flows from operations to date and has accumulated losses of $52,264,942 since inception including a loss for the current period of $72,234. To date the Company has funded operations through the issuance of capital stock and debt. Management’s plan is to continue raising additional funds through future equity or debt financings, if available, as needed until it achieves profitable operations from its oil and gas activities. Given the Company’s focus of operations in natural gas production and the related supply and pricing challenges, there may be difficulty in raising further funding. The ability of the Company to continue its operations as a going concern is dependent on continuing to raise sufficient new capital to fund its exploration and development commitments and to fund ongoing losses if, as and when needed, and ultimately on generating profitable operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. See also Notes 6, 7 and 11.

   
2.

Recently Issued Accounting Pronouncements

   

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

   
3.

Oil and Gas Properties

   

During the year ended December 31, 2011, the Company sold its interest in its remaining oil and gas property in the United States for $500,000, but retained 50% of the interest in and to all mineral rights below the base of the Iles formation in 640 acres in Rio Blanco County. The Company left a nominal value of $1 to reflect this remaining interest based on the uncertainty of realization. The disposal of its interest in the prior year ended December 31, 2011 resulted in an impairment loss of $790,759 charged to discontinued operations.

   

Depletion expense

   

Depletion expense for the three months ended March 31, 2012 of $nil (2011 - $19,657) was recorded.

F-4



Eden Energy Corp.
March 31, 2012
Notes to the Interim Consolidated Financial Statements
(Unaudited)

4.

Asset Retirement Obligations

   

Asset retirement obligations consists of estimated final well closure and associated ground reclamation costs estimated to be incurred by the Company in the future once the economical life of its oil and gas wells are reached. The Company has no remaining asset retirement obligations after the sale of its oil and gas wells. A reconciliation between the estimated opening and closing asset retirement obligations balance is provided below:


      March 31,     December 31,  
      2012     2011  
       
  Beginning balance       269,005  
  Liabilities incurred        
  Accretion       16,657  
  Assets disposed of       (285,662 )
               
  Ending balance        

5.

Related Party Transactions

     
(a)

Under the terms of a management agreement with a private company wholly-owned by the President of the Company effective September 1, 2011, the Company accrued a fee of CDN$5,000 per month. During the three months ended March 31, 2012, management fees of $15,000 (2011 - $64,171) were incurred. At March 31, 2012, the Company owed $51,334 to the President, which is included in accounts payable.

     
(b)

During the prior three month period ended March 31, 2011, the Company incurred management fees of $42,779 to a former director and officer.

     
(c)

During the prior three month period ended March 31, 2011, the Company incurred salaries of $37,761 to a former officer and it was recorded under general and administrative expenses, now reclassified as discontinued operations.

     

Refer to Note 6.

   

Related party transactions are measured at the exchange amount which is the amount of consideration established and agreed to by the related parties.

     
6.

Loan Payable

     

On October 2, 2009, the Company entered into a loan agreement to borrow the principal sum of up to $1,000,000 (the “Loan”) from a company owned and controlled by the President and director. The Loan is secured pursuant to a general security agreement over all of the Company’s assets. Funds drawn on the loan bear interest at 20% per annum, payable quarterly, commencing three months after receiving the funds. Repayment of the principal amount of the Loan and any accrued and unpaid amounts and interest was to be made on the earlier of October 5, 2010, subject to extension upon mutual agreement, and an Event of Default, as that term is defined in the Loan agreement. The Company entered into various amendments to extend the due date to July 4, 2011 and thereafter on a month to month basis unless notice was given by either party at least one month in advance. As at March 31, 2012 $193,562 (December 31, 2011 - $167,260) in accrued interest is owing on this loan. During the three months ended March 31, 2012, the Company paid $Nil in interest (three months ended March 31, 2011 - $50,411). A portion of interest accrued during the prior three month period ended March 31, 2011 has been included in discontinued operations as interest on debt that is required to be repaid as a result of a disposal transaction is allocated to discontinued operations.

     

On October 4, 2011 the loan was called by the lender and was in default and due immediately. As per Clause 7(a) of the Security Agreement relating to this loan, the Company was required to hold in trust and transfer to the loan holder any funds received from the Security Interest until all principle and accrued interest has been paid. Upon the sale of the oil and gas interests as discussed in Note 3, the $500,000 received on the sale was classified as restricted cash as at December 31, 2011. The $500,000 was paid to the loan holder in January, 2012.

F-5



Eden Energy Corp.
March 31, 2012
Notes to the Interim Consolidated Financial Statements
(Unaudited)

7.

Contingency

     
a)

On January 5, 2010 the Company received a Writ of Notice, a Statement of Claim, and a Garnishing Order Before Judgement relating to its past office premises and lease termination made on September 9, 2009 claiming arrears rent and accelerated rent overdue of $109,273 plus damages. The Company filed a statement of defence disputing the claims on February 1, 2010. On May 13, 2011, the plaintiff was awarded judgement against the Company and during the year ended December 31, 2011, the Company recognized an additional charge of $338,936 relating primarily to damages awarded. The total amount owing of $412,201 is included in accounts payable.

     
b)

The Company entered into an Indemnity Agreement dated December 1, 2010, whereby the Company agreed to indemnify a private company wholly-owned by the President of the Company, for rental and related expenses that may be incurred in relation to a lease for office premises. The lease expires December, 2012 and payments consist of CDN$5,270 per month.

     
8.

Common Stock

     

On January 7, 2010, the Company effected a 1:5 reverse stock-split of the authorized, issued and outstanding common stock. As a result, the authorized share capital decreased from 100,000,000 shares of common stock with a par value of $0.001 to 20,000,000 shares of common stock with a par value of $0.001. The issued and outstanding share capital decreased from 49,467,856 shares of common stock to 9,893,563 shares of common stock. On August 31, 2010, the Company increased the authorized share capital to 200,000,000 shares of common stock with a par value of $0.001. On March 8, 2011, the Company effected a 1:5 reverse stock-split of the authorized, issued and outstanding common stock. As a result, the authorized share capital decreased from 200,000,000 shares of common stock with a par value of $0.001 to 40,000,000 shares of common stock with a par value of $0.001. The issued and outstanding share capital decreased from 9,893,563 shares of common stock to 1,978,894 shares of common stock.

     

All share amounts have been retroactively adjusted for all periods presented in the financial statements reflecting the above reverse stock splits.

     

During the three month period ended March 31, 2012, the Company did not issue any shares of common stock.

     

During the prior year ended December 31, 2011, the Company issued the following:

     
a)

On May 30, 2011, the Company issued an aggregate of 300,000 units at a price of $0.35 per unit pursuant to a private placement for total proceeds of $105,000. Each unit consists of one share of common stock and one warrant. One warrant is exercisable at $0.60 for a period of 24 months from the date of issuance.

     
b)

On June 9, 2011, the Company issued 47,000 units at a price of $0.35 per unit pursuant to a debt settlement and subscription agreement with an officer of the Company to settle $16,450 debt outstanding to the officer. Each unit consists of one share of common stock and one warrant. One warrant is exercisable at $0.60 for a period of 24 months from the date of issuance.

     
c)

On November 10, 2011, the Company issued 4,303,590 shares of common stock with a market value of $284,881 pursuant to debt settlement and subscription agreements with officers and directors of the Company to settle $215,180 of debt outstanding. As a result the Company recorded a loss on debt settlement of $69,701.

     

Stock Options

     

Effective May 1, 2005 and amended December 20, 2007, the Company adopted an amended stock option plan to issue up to 171,053 shares of common stock.

     

On May 17, 2011, the Company adopted a 2011 Stock Option Plan (the “2011 Stock Option Plan”) to issue up to 395,778 shares of common stock. The adoption of the 2011 Stock Option Plan terminates the previous Amended 2004 Stock Option Plan. The plan allows for the granting of share purchase options at a price of not less than fair value of the stock and for a term not to exceed ten years. The total number of options granted to any person shall not exceed 5% of the issued and outstanding common stock of the Company.

     

During the year ended December 31, 2011, the Company granted 280,000 stock options with immediate vesting terms to officers and directors to acquire 280,000 common shares exercisable at $0.30 per share on or before May 17, 2016. The Company recorded stock based compensation of $83,498, as management fee expense.

F-6



Eden Energy Corp.
March 31, 2012
Notes to the Interim Consolidated Financial Statements
(Unaudited)

8.

Capital Stock (continued)

   

Stock Options (continued)

   

The fair value for stock options granted during the year ended December 31, 2011 was estimated at the grant date using the Black-Scholes option-pricing model. The weighted average assumptions used are as follows:


    Year Ended  
    December 31, 2011  
       
Expected dividend yield   0%  
Risk-free interest rate   1.80%  
Expected volatility   245%  
Expected option life (in years)   5  

During the year ended December 31, 2011, 202,000 stock options expired and/or were cancelled with exercise prices ranging between $0.30 and $62.50 per share. During the three month period ended March 31, 2012, 80,000 stock options expired and/or were cancelled with an exercise price of $0.30 per share.

A summary of the Company’s stock option activity is as follows:

                  Weighted  
            Weighted     Average  
      Number of     Average     Remaining  
      Options     Exercise Price     Contractual Life  
  Outstanding, December 31, 2011   180,000   $  0.30     4.38  
  Expired/Cancelled   (80,000 )   0.30        
  Granted   -     -        
  Outstanding, March 31, 2012   100,000   $  0.30     4.13  

There were no unvested stock options at March 31, 2012. As at March 31, 2012, the intrinsic value of the outstanding and exercisable stock options was $nil.

Share Purchase Warrants

A summary of the changes in the Company’s common share purchase warrants is presented below:

          Weighted Average  
    Number     Exercise Price  
             
Balance, December 31, 2011 and March 31, 2012   347,000   $  0.60  

Additional information regarding warrants as at March 31, 2012 is as follows:

Number of Warrants Exercise Price Expiry Date
300,000 $ 0.60 May 30, 2013
47,000 $ 0.60 June 9, 2013
347,000    

9.

Restricted Cash

   

As at March 31, 2012 restricted cash consists of $nil (December 31, 2011 - $500,000). The balance of restricted cash as at December 31, 2011 related to the sale of oil and gas properties as described in Note 3, and during the three month period ended March 31, 2012, was used to repay a portion of the loan further described in Note 6.

F-7



Eden Energy Corp.
March 31, 2012
Notes to the Interim Consolidated Financial Statements
(Unaudited)

10.

Reclassifications

   

Certain items presented for comparative purposes have been reclassified to conform to the presentation adopted in the current period.

   
11.

Discontinued Operations

   

During the year ended December 31, 2011 the Company sold its remaining oil and gas assets and as a result has disclosed the results of its oil and gas asset group as discontinued operations. The results of discontinued operations are summarized below:


    Three months ended  
    March 31, 2011  
   
       
Revenue   159,536  
       
Expenses      
         Depletion and depreciation   25,067  
         General and administrative costs   44,545  
         Interest   24,658  
         Management fees   55,615  
         Oil and gas operating expenses   89,847  
         Taxes   8,747  
       
Total Expenses   248,479  
       
    (88,943 )

F-8


Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled “Risk Factors”, that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Our financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles.

In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to “common shares” refer to the common shares in our capital stock.

As used in this current report and unless otherwise indicated, the terms "we", "us", "our", "our company” and "Eden" mean Eden Energy Corp. and/or our subsidiaries, unless otherwise indicated.

General Overview

Our company, Eden Energy Corp., was incorporated in the State of Nevada on January 29, 1999, under the name E-Com Technologies Corp. On June 16, 2004 we effected a 2 for 1 stock split of our common stock and our preferred stock. On August 6, 2004 we changed our name to Eden Energy Corp. and increased our authorized capital to 100,000,000 shares of common stock having a $0.001 par value and 10,000,000 shares of preferred stock having a $0.001 par value. On January 7, 2010 we effected a share consolidation of our authorized and issued and outstanding shares of common stock on a 5 old for 1 new basis, such that our authorized capital decreased from 100,000,000 shares of common stock with a par value of $0.001 to 20,000,000 shares of common stock with a par value of $0.001 and, correspondingly, our issued and outstanding shares of common stock decreased from 49,467,856 shares of common stock to 9,893,563 shares of common stock. On May 20, 2010, our board of directors approved an amendment to our Articles to increase our authorized share capital to 200,000,000 common shares with a par value of $0.001 per share. This increase in authorized capital received approval of the requisite stockholders of our shares at our annual and special meeting held in Vancouver BC, Canada on August 3, 2010. Our authorized capital increased to 200,000,000 shares of common stock having a $0.001 par value and 10,000,000 shares of preferred stock having a $0.001 par value. On March 8, 2011, our company effected a 5 old for 1 new reverse stock-split of the authorized, issued and outstanding common stock. As a result, the authorized share capital decreased from 200,000,000 shares of common stock with a par value of $0.001 to 40,000,000 shares of common stock with a par value of $0.001. The issued and outstanding share capital decreased from 9,893,563 shares of common stock to 1,978,894 shares of common stock.

During the year ended December 31, 2011, the Company issued the following shares: 300,000 shares by way of private placement, 47,000 shares by way of debt settlement, and 4,303,590 shares by way of debt settlement.

3


From mid 2004 through to mid 2008 we were an exploration stage oil and gas company engaged in the exploration for petroleum and natural gas in the State of Nevada and in the Province of Alberta, Canada. Effective September 2006 we commenced with a natural gas development-drilling program in the White River Dome, Ant Hill Unit located in the Piceance Basin in Colorado. The White River Dome project became our primary focus of activity mid 2008 due to the belief it represented the combination of good commercial returns while providing a large number of low risk development locations. We commenced receiving revenues from our White River Dome project during 2008 and have moved from an exploration stage company to an operating company. Due to the sale of the remaining oil and gas asset during the year ended December 31, 2011, the Company had no production or revenues for the three months ended March 31, 2012. Net production from continuing operations for the three months ended March 31, 2011 was 27,530 Mcfe.

The decline in natural gas prices over the past two years impaired the valuation of our Colorado assets and eroded our access to reserve based financing for continued drilling in Colorado. The commencement date for our continuous drilling program in Colorado was extended to no later than July 1, 2010. On June 30, 2010 we provided notice to EnCana we would not drill additional earning wells nor continue the drilling program in Colorado thus terminating our drilling and development agreement effective July 1, 2010. Management plans to continue to review other potential exploration projects, which may be presented to them from time to time.

In order to continue operating we entered into a loan agreement whereby under certain terms and conditions we could borrow up to $1,000,000 from a company owned and controlled by our president. As of December 31, 2009 we had borrowed the full amount. During the three months ended March 31, 2012, the Company repaid $500,000 of this loan. Additional funds to meet loan retirement obligations and to cover future costs of company operations will be required as the loan is in default. There is uncertainty that further funding can be raised when necessary or that the loan can be extended upon maturity. Effectively the loan holder, who is also the sole remaining director and officer, has security over all of the assets of the Company and the Company is reliant upon his continued direction and support.

On May 17, 2011 our directors approved the adoption of the 2011 Stock Option Plan which permits our company to issue up to 395,778 shares of our common stock to directors, officers, employees and consultants of our company upon the exercise of stock options granted under the 2011 Plan.

Awards under our 2011 Plan will vest as determined by our board of directors and as established in stock option agreements to be entered into between our company and each participant receiving an award.

Additional funds to meet loan retirement obligations and to cover future costs of company operations will be required. There is uncertainty that further funding can be raised when necessary.

Due to the implementation of British Columbia Instrument 51-509 on September 30, 2008 by the British Columbia Securities Commission, we have been deemed to be a British Columbia based reporting issuer. As such, we are required to file certain information and documents at www.sedar.com.

4


Our Current Business

We were primarily focused and engaged in managing the White River Dome, Ant Hill Unit Project in Colorado. During the prior year ended December 31, 2011 we sold our interest in this asset, but retained 50% of our interest in and to all rights below the base of the Iles formation. We expect to monitor industry activity in formations below the Iles formation and may pursue exploration of these rights if we deem them attractive. We will also continue to monitor new exploration projects that may be attractive, subject to financing.

White River Dome, Ant Hill Unit Drilling and Development Project – Colorado

The White River Dome, Ant Hill Project is a natural gas development-drilling program located in the Piceance Basin of western Colorado. Through agreements entered into September 1, 2006 and August 31, 2007 we had an 85% working interest in these prospective lands, and Eden carried the Unit Operator for 15% of the total well cost in each new well drilled on 40-acre drill site quarter/quarter section. For each well drilled, Eden earned a 100% interest in a diagonal 40-acre tract, located in the same 160-acre quarter section. The Unit Operator retains its 100% interest in the two remaining offset locations in each 160-acre drilling block. On July 26, 2010 Koch Exploration Company LLC was designated Unit Operator of the Ant Hill Unit assuming all rights, duties and obligations of the resigning Unit Operator, EnCana.

After the initial four locations were drilled, Eden elected to develop 4 additional 160-acre drilling blocks on acreage outside the existing Participating Areas under the same terms, which initiated Eden’s continuing drilling commitment. On June 30, 2010 we provided notice to EnCana that we would not drill additional earning wells nor continue the drilling program in Colorado thus terminating our Drilling and Development Agreement effective July 1, 2010.

Ant Hill Unit – Colorado

The primary targets are the Cameo Coal and Williams Fork Sandstones of the Cretaceous Mesaverde Group, found at an average depth of 8,100 feet. As of January 1, 2011 cumulative production from the field is in excess of approximately 85 Bcfe from 162 wells, with current production averaging 6.08 MMcf/d from 79 active wells. Typical well life in the field is in the range of 25-30 years. Gas from the Ant Hill unit typically contains about 25% carbon dioxide, which is removed at a local natural gas treatment plant. Drilling and completion costs have historically been in the $2,000,000 range per well throughout the field, though with service costs declining due to general economic conditions, we estimate costs now to be in the $1,500,000 range. Lease operating and gas gathering costs have increased in the unit with recent amendments to our agreements and the change in Unit operator. Operations in the White River Dome Field are largely prohibited in the winter months.

Effective March 1, 2011 we entered into an Amendment to Gas Marketing Agreement with Koch Exploration Company, LLC which provides that the Operator shall charge and deduct from production proceeds a fee for the processing and treating of Eden’s gas in an amount equal to Eden’s allocated share, on a volume basis, of the Operator’s actual gas plant costs, inclusive.

On February 28, 2011 we received an independent reserve report from MHA Petroleum Consultants Inc., of Lakewood, Colorado, which was effective January 1, 2011. Using an average of 2010 monthly actual received oil and gas prices in accordance with SEC criteria, net to Eden, the report assigned our eight proved developed producing wells net reserves of approximately 1.03 Bcfe with a pre tax PV10 value of $1.70 million. Our eight associated proved and undeveloped well locations were not included in the SEC report as they are uneconomical to develop using the current SEC reserve criteria. As an alternative evaluation, effective December 31, 2010 in accordance with the current Canadian Oil and Gas Handbook NI 51-101 reserve evaluation criteria, which uses the Sproule December 31, 2010 oil and gas price forecast, MHA Petroleum Consultants Inc. assigned Eden net proved reserves of approximately 5.47 Bcfe with a pre tax PV 10 value of $3.20 million.

5


In December 2011, the Company completed the sale of its oil and gas asset in Colorado, USA for $500,000 in cash. The Company’s revenues from discontinued operations were $459,385. In total, the Company’s loss from discontinued operations was $984,408. The Company has no remaining oil and gas assets, except for a nominal interest in the underlying mineral rights.

Noah Project - Nevada

From August 2004 to July 2008 we conducted an exploration program in Nevada, which cumulated in the drilling of the Noah Federal #1 well in the spring of 2008. Though the well encountered its target formation, log analysis and the lack of oil or gas shows did not support further testing and our project in Nevada was terminated. Accordingly, we recognized total impairment of $8,398,382 related to the Noah project during the year ended December 31, 2008. Subsequently, we assigned all our rights, title, and interests to our partners in the project area.

On September 20, 2010 we received a refund of $332,150 from our joint venture partner relating to road and site reclamation costs which we had prepaid by AFE when drilling was initially scheduled to commence. A remaining $25,000 has been held by our partner to cover final site reclamation costs, which all or some may be refunded if final costs are less than $25,000. More detailed information on this project is available in our 2008 and 2009 year end filings.

Cherry Creek Project - Nevada

On October 21, 2005, we commenced with a second exploration project in Nevada called Cherry Creek. On July 28, 2008, subsequent to the Noah well drilling and after a careful review of the technical aspects involved, we terminated the project. Accordingly, we recognized total impairment of $876,195 related to the Cherry Creek project during the year ended December 31, 2008. Subsequently, we assigned all our rights, title, and interests to our partner in the project area. More detailed information on this project is available in our 2008 and 2009 year end filings.

Chinchaga Project – Alberta

From March 13, 2006 to February 2007 in conjunction with our partners, we conducted an exploration program in Alberta, which cumulated with drilling two exploratory wells. Both wells were plugged and abandoned in early 2007 and we recognized total impairment of $1,462,214 relating to the dry wells. By drilling these wells we have earned an interest in certain lands for potential future exploration. In the year ended December 31, 2010 we recognized additional impairment on these properties of $647,915 and unless there is a significant improvement in natural gas prices in the near future, management is unlikely to focus further in this area. More detailed information on this project is available in our 2008 and 2009 year end filings.

6


Cash Requirements

Due to the Company’s current financial situation, it is challenging for management to comment on plans for the next twelve-month period.

In Colorado, we currently hold an interest in the mineral rights below the Iles formation in 640 gross acres in Rio Blanco county. Our current focus of activity is seeking out new business opportunities.

We anticipate we will not have adequate operating cash flow for the next twelve month period. Additional funds to meet obligations and to cover the costs of company operations will be required in future and there is uncertainty that further funding can be raised.

Our net cash used in financing activities during the three month period ended March 31, 2012 was $500,000 as compared to $Nil used during the three months ended March 31, 2011.

We will require additional funds in the future to maintain operations and further funds to implement our growth strategy in our gas development operations. These funds may be raised through equity financing, debt financing, or other sources, which may result in further dilution in the equity ownership of our shares. There is still no assurance that we will be able to maintain operations at a level sufficient for an investor to obtain a return on his investment in our common stock. Further, we may continue to be unprofitable.

In order to continue operating on October 2, 2009 we entered into a loan agreement whereby under certain terms and conditions we could borrow up to $1,000,000 from D. Sharpe Management Inc., a company owned and controlled by our president and director. As of December 31, 2009 we had borrowed the full amount. On October 14, 2010 we disclosed that we had entered into an amendment to the loan agreement with D. Sharpe Management Inc., extending the due date for the loan to April 5, 2011.

On April 1, 2011, we entered into an amending agreement with D. Sharpe Management Inc., wherein the loan was further extended to May 5, 2011. All other terms of the loan agreement remain unchanged. The maturity date of the loan payable was extended to July 4, 2011, and thereafter on a month to month basis unless notice is given by either party at least one month in advance.

On October 4, 2011, the loan went into default. During the three month period ended March 31, 2012, the Company repaid $500,000 of this loan.

7


Estimated Net Expenditures During the Next Twelve Months

Over the next twelve months we expect to expend funds as follows:

   
General, Administrative, and Corporate Expenses   150,000  
Interim Loan Interest Expense   50,000  
Interim Loan Retirement   500,000  
Total   700,000  

We have recurring losses from operations. The continuation of our company is dependent upon our company attaining and maintaining profitable operations and raising additional capital as needed.

The continuation of our business is dependent upon obtaining further financing, a successful program of exploration and/or development, and, finally, achieving a profitable level of operations. The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.

There are no assurances that we will be able to obtain further funds required for our continued operations. As noted herein, we are pursuing various financing alternatives to meet our immediate and long-term financial requirements. There can be no assurance that additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If we are not able to obtain the additional financing on a timely basis, we will be unable to conduct our operations as planned, and we will not be able to meet our other obligations as they become due. In such event, we will be forced to scale down or perhaps even cease our operations.

Purchase of Significant Equipment

We do not intend to purchase any significant equipment (excluding oil and gas activities) over the twelve months ending March 31, 2013 other than office computers, furnishings, and communication equipment as required.

Research and Development

We have incurred $Nil in research and development expenditures over the last two fiscal years.

Employees

Currently our only employees are our directors and officers. We do and will continue to outsource contract employment as needed. With project advancement and if we are successful in any exploration or drilling programs, we may retain additional employees.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders.

8


Critical Accounting Policies

The discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with the accounting principles generally accepted in the United States of America. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by management’s application of accounting policies. We believe that understanding the basis and nature of the estimates and assumptions involved with the following aspects of our financial statements is critical to an understanding of our financial statements.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current information and markets, historical experience and various other factors including forward looking assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. The most significant estimates with regard to these financial statements relate to recoverable values of oil and gas properties, the provision for income taxes, depreciation, depletion and asset retirement obligations.

Oil and Gas Properties

The Company utilizes the full cost method to account for its investment in oil and gas properties. Accordingly, all costs associated with acquisition, exploration and development of oil and gas reserves, including such costs as leasehold acquisition costs, capitalized interest costs relating to unproved properties, geological expenditures, tangible, and intangible development costs including direct internal costs are capitalized to the full cost pool. When the Company commences production from established proven oil and gas reserves, capitalized costs, including estimated future costs to develop the reserves and estimated abandonment costs, net of salvage, will be depleted on the units-of-production method using estimates of proved reserves. Investments in unproved properties and major development projects including capitalized interest, if any, are not depleted until proved reserves associated with the projects can be determined. Unproved properties are evaluated annually for impairment, and if the future exploration of unproved properties are determined uneconomical the amount of such properties are added to the capitalized cost to be depleted, while if the unproved properties are abandoned completely the amount of such properties is written off.

The capitalized costs included in the full cost pool are subject to a "ceiling test", which limits such costs to the aggregate of the estimated present value, using a ten percent discount rate, of the future net revenues from proved reserves, based on current economic and operating conditions plus the lower of cost and estimated net realizable value of unproven properties.

Sales of proved and unproved properties are accounted for as adjustments of capitalized costs with no gain or loss recognized, unless such adjustments would significantly alter the relationship between capitalized costs and proved reserves of oil and gas, in which case the gain or loss is recognized in the statement of operations.

Long-Lived Assets

In accordance with ASC 360, Property Plant and Equipment, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the discounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.

9


Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, accrued petroleum revenues, other receivables, accounts payable, and loan payable. Pursuant to ASC 820, Fair Value Measurements and Disclosures and ASC 825, Financial Instruments the fair value of cash equivalents is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. Management believes that the recorded values of all of the Company’s other financial instruments approximate their current fair values because of their nature and respective relatively short maturity dates or durations.

Revenue Recognition

Oil and natural gas revenues are recorded using the sales method whereby the Company recognizes oil and natural gas revenue based on the amount of oil and gas sold to purchasers when title passes, the amount is determinable and collection is reasonably assured. Actual sales of oil and gas are based on sales, net of the associated volume charges for processing fees and for costs associated with delivery, transportation, marketing, and royalties in accordance with industry standards. Operating costs and taxes are recognized in the same period in which revenue is earned.

Recent Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Going Concern

The Company has experienced negative cash flows from operations and has accumulated losses of $52,192,708 since inception including a loss for the current period of $72,234.

In December 2011, the Company completed the sale of substantially all of its oil and gas asset in Colorado, USA for $500,000 in cash. The Company has no remaining oil and gas assets, except for a nominal interest in the underlying mineral rights.

The Company, in prior years had provided specific and general security agreements for a borrowing facility from a company controlled by the President of the Company. During the current year the security holder demanded payment under the loan security agreement and as a consequence $500,000 of proceeds on sale of assets was restricted for payment to the security holder. This amount was paid in January 2012.

The Board of directors has resigned and the President and security holder became the sole director and officer of the Company and remains as such to date.

Due to the Company’s loan being in default and the continuing charge on assets under the security agreement, there is substantial doubt as to the Company’s ability to continue as a going concern. The Company is wholly dependant on the support of the President and security holder for continued support financially and for future operations of the Company.

To date the Company has funded operations through the issuance of capital stock and debt. Management’s plan, which is subject to the support of the President and security holder, is to continue to fund operational cash needs by related party loans and support until such time as new business opportunities arise that warrant raising equity capital.

10


Results of Operations – Three Months Ended March 31, 2012 and 2011

The following summary of our results of operations should be read in conjunction with our financial statements for the quarter ended March 31, 2012, which are included herein.

Our operating results for the three months ended March 31, 2012, for the three months ended March 31, 2011 and the changes between those periods for the respective items are summarized as follows:











Three Months Ended
March 31, 2012
$




Three Months Ended
March 31, 2011
$
Change Between
Three Month Period
Ended
March 31, 2012 and
March
31, 2011
$
Revenue - (159,536) (159,536)
Depletion, depreciation and amortization 1,129 28,235 27,106
General and administrative 15,528 109,329 93,801
Interest expense 26,699 49,773 23,074
Management fees 15,000 106,950 91,950
Oil and gas operating expenses - 89,847 89,847
Production taxes - 8,747 8,747
Professional Fees 5,420 43,612 38,192
Loss on foreign exchange 8,483 4,588 (3,895)
Interest income (25) (42) (17)
Net loss 72,234 281,503 209,266

Our accumulated losses increased to $52,264,942 as of March 31, 2012. Our financial statements report a net loss of $72,234 for the three month period ended March 31, 2012 compared to a net loss of $281,503 for the three month period ended March 31, 2011. Our company recognized depletion, depreciation and amortization of its capitalized assets of $1,129 during the three months ended March 31, 2012, compared to $28,235 for the three months ended March 31, 2011. The depletion rate for Colorado production for the three months ended March 31, 2012 was approximately $Nil/mcfe (March 31, 2011 - $0.71/mcfe) .

Our total liabilities as of March 31, 2012 were $1,351,312 as compared to total liabilities of $1,795,309 as of December 31, 2011. The $443,997 decrease was largely due to a repayment of $500,000 on a loan, offset by an increase in accounts payable.

During the three month period ended March 31, 2012 we expended $Nil on exploration, development and acquisition of oil and gas properties as compared to $Nil expended during the three month period ended March 31, 2011.

11


Liquidity and Financial Condition

Working Capital

    At     At  
    March 31,     December 31,  
    2012     2011  
Current assets $  45,873     560,975  
Current liabilities   1,351,312     1,795,309  
Working capital deficiency $  (1,305,439 )   (1,234,334 )

Cash Flows

    Three Months Ended  
    March 31        
    2012     2011  
Cash flows provided by (used in) operating activities $  (17,811 )   (257,418 )
Cash flows provided by (used in) investing activities   500,000     Nil  
Cash flows provided by (used in) financing activities   (500,000 )   Nil  
Effect of exchange rate changes on cash   -     1,752  
Net increase (decrease) in cash during period $  (17,811 )   (255,666 )

Operating Activities

Net cash used in operating activities was $17,811 in the three months ended March 31, 2012 compared with net cash used in operating activities of $257,418 in the same period in 2011. The decrease in net cash used in operating activities of $239,607 is mainly because of a decrease in payments on accounts payable and accrued liabilities, as well as a decrease in oil and gas revenue received during the three month period ended March 31, 2012 compared to the three months ended March 31, 2011.

Investing Activities

Net cash provided by investing activities was $500,000 in the three months ended March 31, 2012 compared to net cash provided by investing activities of $Nil in the same period in 2011. The increase in cash provided by of $500,000 in investing activities is due to the change in restricted cash in the three month period ended March 31, 2012.

Financing Activities

Net cash used in financing activities was $500,000 in the three months ended March 31, 2012 compared to net cash used in financing of $Nil in the same period in 2011. The difference in cash used of $500,000 in financing activities is due to a repayment of $500,000 on a loan from a related party.

Oil and gas sales volume comparisons for the three months ended March 31, 2012 compared to the three months ended March 31, 2011

Due to the sale of the Company’s only producing asset in the year ended December 31, 2011, we had no oil and gas sales or net production for the three months ended March 31, 2012 as compared to oil and gas sales of $159,536 and approximately 27,530 Mcfe net production in the same period in 2011.

12


Item 3. Quantitative and Qualitative Disclosures About Market Risk

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Item 4. Controls and Procedures

Management’s Report on Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, consisting of our president and chief executive officer (who is acting as our principal executive officer, our principal financial officer and our principle accounting officer) to allow for timely decisions regarding required disclosure.

As of March 31, 2012, the end of the quarter covered by this report, we carried out an evaluation, under the supervision and with the participation of our president, of the effectiveness of the design and operation of our disclosure controls and procedures. Our president believes that our disclosure controls and procedures were still effective as of the end of the period covered by this quarterly report in providing reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance’s with US generally accepted accounting principles.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal controls over financial reporting that occurred during our quarter ended March 31, 2012 that have materially or are reasonably likely to materially affect, our internal controls over financial reporting.

PART II

OTHER INFORMATION

Item 1. Legal Proceedings

On December 21, 2009 Ontrea Inc. filed an action in the courts of British Columbia, Canada against Eden Canada Holdings Ltd., a registered name of Eden Energy Corp. in Canada, claiming arrears rent and accelerated rent overdue of $109,273 plus damages. Eden Canada Holdings Ltd. filed its Statement of Defense on February 1, 2010. On May 13, 2011, Ontrea was awarded judgement against our company and during the year ended December 31, 2011, our company recognized a loss of $338,936 which was included in our statement of operations.

Other than this, we know of no material, existing or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our company.

13


Item 1A. Risk Factors

Our business operations are subject to a number of risks and uncertainties, including, but not limited to those set forth below:

We have had negative cash flows from operations If we are unable to obtain financing in the amounts and on terms deemed acceptable to us, we may be unable to continue our business and as a result may be required to scale back or cease operations for our business, the result of which would be that our stockholders would lose some or all of their investment.

To date we have had negative cash flows from operations and we have been dependent on sales of our equity securities and debt financing to meet our cash requirements. We have incurred losses totaling approximately $72,234 for the three months ended March 31, 2012, and cumulative losses of $52,264,942 to March 31, 2012. As of March 31, 2012 we had a working capital deficit of $1,305,439. We do not expect positive cash flow from operations in the next twelve month period and there is no assurance that actual cash requirements will not exceed our estimates, or that our sales projections will be realized as estimated.

We will depend almost exclusively on outside capital to pay for the continued exploration and development of our properties. Such outside capital may include the sale of additional stock and/or commercial borrowing. Capital may not continue to be available if necessary to meet these continuing development costs or, if the capital is available, that it will be on terms acceptable to us. The issuance of additional equity securities by us would result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.

If we are unable to obtain financing in the amounts and on terms deemed acceptable to us, we may be unable to continue our business and as a result may be required to scale back or cease operations for our business, the result of which would be that our stockholders would lose some or all of their investment.

A decline in the price of our common stock could affect our ability to raise further working capital and adversely impact our operations.

A prolonged decline in the price of our common stock could result in a reduction in the liquidity of our common stock and a reduction in our ability to raise capital. Because our operations have been primarily financed through the sale of equity securities, a decline in the price of our common stock could be especially detrimental to our liquidity and our continued operations. Any reduction in our ability to raise equity capital in the future would force us to reallocate funds from other planned uses and would have a significant negative effect on our business plans and operations, including our ability to develop new products and continue our current operations. If our stock price declines, we may not be able to raise additional capital or generate funds from operations sufficient to meet our obligations.

We have a history of losses and fluctuating operating results. We expect to continue to incur operating losses and negative cash flow until we receive significant commercial production from our properties

From inception through to March 31, 2012, we have incurred aggregate losses of approximately $52,264,942. Our loss from operations for the three months ended March 31, 2012 was $72,234. There is no assurance that we will operate profitably or will generate positive cash flow in the future. In addition, our operating results in the future may be subject to significant fluctuations due to many factors not within our control, such as the unpredictability of when customers will purchase our production and/or services, the size of customers’ purchases, the demand for our production and/or services, and the level of competition and general economic conditions. If we cannot generate positive cash flows in the future, or raise sufficient financing to continue our normal operations, then we may be forced to scale down or even close our operations. Until such time as we generate significant revenues, we expect an increase in development costs and operating costs. Consequently, we expect to continue to incur operating losses and negative cash flow until we receive significant commercial production from our properties.

14


We have a limited operating history and if we are not successful in continuing to grow our business, then we may have to scale back or even cease our ongoing business operations.

We have limited history of revenues from operations and have limited significant tangible assets. We have yet to generate positive earnings and there can be no assurance that we will ever operate profitably. Our company has a limited operating history and must still be considered in the early development stage. The success of our company is significantly dependent on a successful acquisition, drilling, completion and production program. Our company’s operations will be subject to all the risks inherent in the establishment of a developing enterprise and the uncertainties arising from the absence of a significant operating history. We may be unable to locate recoverable reserves, extract the reserves economically, and/or operate on a profitable basis. We are in the early development stage of an operating company and potential investors should be aware of the difficulties normally encountered by enterprises in the development stage. If our business plan is not successful, and we are not able to operate profitably, investors may lose some or all of their investment in our company.

Trading of our stock may be restricted by the SEC's "Penny Stock" regulations, which may limit a stockholder's ability to buy and sell our stock.

The U.S. Securities and Exchange Commission has adopted regulations which generally define "penny stock" to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions. Our securities are covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and "accredited investors." The term "accredited investor" refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouse. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared by the SEC, which provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customer's account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer's confirmation. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's written agreement to the transaction. These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to these penny stock rules. Consequently, these penny stock rules may affect the ability of broker-dealers to trade our securities. We believe that the penny stock rules discourage investor interest in and limit the marketability of, our common stock.

The Financial Industry Regulatory Authority, or FINRA, has adopted sales practice requirements which may also limit a stockholder's ability to buy and sell our stock.

In addition to the "penny stock" rules described above, FINRA has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer's financial status, tax status, investment objectives and other information. Under interpretations of these rules, FINRA believes that there is a high probability that speculative low priced securities will not be suitable for at least some customers. FINRA requirements make it more difficult for broker-dealers to recommend that their customers buy our common stock, which may limit your ability to buy and sell our stock and have an adverse effect on the market for our shares.

15


Trading in our common shares on the OTC Bulletin Board is limited and sporadic making it difficult for our shareholders to sell their shares or liquidate their investments.

Our common shares are currently listed for public trading on the OTC Bulletin Board. The trading price of our common shares has been subject to wide fluctuations. Trading prices of our common shares may fluctuate in response to a number of factors, many of which will be beyond our control. The stock market has generally experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of companies with no current business operation. There can be no assurance that trading prices and price earnings ratios previously experienced by our common shares will be matched or maintained. These broad market and industry factors may adversely affect the market price of our common shares, regardless of our operating performance.

In the past, following periods of volatility in the market price of a company's securities, securities class-action litigation has often been instituted. Such litigation, if instituted, could result in substantial costs for us and a diversion of management's attention and resources.

Because of the early stage of development and the nature of our business, our securities are considered highly speculative.

Our securities must be considered highly speculative, generally because of the nature of our business and the early stage of our development. We have largely been engaged in the business of exploring and until only recently attempting to develop commercial reserves of oil and gas. Our Alberta property is in the exploration stage and without known reserves of oil and gas. Only our Colorado properties have commenced production and due to depressed natural gas prices are proving uneconomical to develop. We have not generated significant revenues nor have we realized a profit from our operations to date and there is little likelihood that we will generate significant revenues or realize any profits in the short term. Any profitability in the future from our business will be dependent upon attaining adequate levels of internally generated revenues through locating and developing economic reserves of oil and gas, which itself is subject to numerous risk factors as set forth herein. Since we have not generated adequate revenues, we will have to raise additional monies through either securing industry reserve based debt financing, or the sale of our equity securities or debt, or combinations of the above in order to continue our business operations.

As our properties are in the exploration and early development stage there can be no assurance that we will establish commercial discoveries and/or profitable production programs on these properties.

Exploration for economic reserves of oil and gas is subject to a number of risk factors. Few properties that are explored are ultimately developed into producing oil and/or gas wells. Our past Nevada properties and our Alberta properties have been fully impaired and are without proven reserves of oil and gas. We may not establish commercial discoveries on these properties. Our Colorado property is in early stage development drilling and is proving uneconomical for us to continue drilling.

The potential profitability of oil and gas ventures depends upon factors beyond the control of our company.

The potential profitability of oil and gas properties is dependent upon many factors beyond our control. For instance, world prices and markets for oil and gas are unpredictable, highly volatile, potentially subject to governmental fixing, pegging, controls, or any combination of these and other factors, and respond to changes in domestic, international, political, social, and economic environments. Additionally, due to worldwide economic uncertainty, the availability and cost of funds for production and other expenses have become increasingly difficult, if not impossible, to project. These changes and events may materially affect our financial performance.

16


Adverse weather conditions can also hinder drilling operations. A productive well may become uneconomic in the event water or other deleterious substances are encountered which impair or prevent the production of oil and/or gas from the well. In addition, production from any well may be unmarketable if it is impregnated with water or other deleterious substances. The marketability of oil and gas, which may be acquired or discovered, will be affected by numerous factors beyond our control. These factors include the proximity and capacity of oil and gas pipelines and processing equipment, market fluctuations of prices, taxes, royalties, land tenure, allowable production and environmental protection. These factors cannot be accurately predicted and the combination of these factors may result in our company not receiving an adequate return on invested capital.

Competition in the oil and gas industry is highly competitive and there is no assurance that we will be successful in acquiring the leases.

The oil and gas industry is intensely competitive. We compete with numerous individuals and companies, including many major oil and gas companies, which have substantially greater technical, financial and operational resources and staff. Accordingly, there is a high degree of competition for desirable oil and gas leases, suitable properties for drilling operations and necessary drilling equipment, as well as for access to funds. We cannot predict if the necessary funds can be raised or that any projected work will be completed. Our budget does not anticipate the potential acquisition of additional acreage in Alberta although this may change at any time without notice. This acreage may not become available or if it is available for leasing, that we may not be successful in acquiring the leases. There are other competitors that have operations in these areas and the presence of these competitors could adversely affect our ability to acquire additional leases.

The marketability of natural resources will be affected by numerous factors beyond our control, which may result in us not receiving an adequate return on invested capital to be profitable or viable.

The marketability of natural resources, which may be acquired or discovered by us, will be affected by numerous factors beyond our control. These factors include market fluctuations in oil and gas pricing and demand, the proximity and capacity of natural resource markets and processing equipment, governmental regulations, land tenure, land use, regulation concerning the importing and exporting of oil and gas and environmental protection regulations. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may result in us not receiving an adequate return on invested capital to be profitable or viable.

Oil and gas operations are subject to comprehensive regulation, which may cause substantial delays or require capital outlays in excess of those anticipated causing an adverse effect on our company.

Oil and gas operations are subject to federal, state, and local laws relating to the protection of the environment, including laws regulating removal of natural resources from the ground and the discharge of materials into the environment. Oil and gas operations are also subject to federal, state, and local laws and regulations, which seek to maintain health and safety standards by regulating the design and use of drilling methods and equipment. Various permits from government bodies are required for drilling operations to be conducted; no assurance can be given that such permits will be received. Environmental standards imposed by federal, provincial, or local authorities may be changed and any such changes may have material adverse effects on our activities. Moreover, compliance with such laws may cause substantial delays or require capital outlays in excess of those anticipated, thus causing an adverse effect on us. Additionally, we may be subject to liability for pollution or other environmental damages, which it may elect not to insure against due to prohibitive premium costs and other reasons. To date we have not been required to spend any material amount on compliance with environmental regulations. However, we may be required to do so in future and this may affect our ability to expand or maintain our operations.

17


Governmental Regulations

Our oil and gas operations are subject to various United States and Canadian federal, state/provincial and local governmental regulations. Matters subject to regulation include discharge permits for drilling operations, drilling and abandonment bonds, reports concerning operations, the spacing of wells, and pooling of properties and taxation. From time to time, regulatory agencies have imposed price controls and limitations on production by restricting the rate of flow of oil and gas wells below actual production capacity in order to conserve supplies of oil and gas. The production, handling, storage, transportation and disposal of oil and gas, by-products thereof, and other substances and materials produced or used in connection with oil and gas operations are also subject to regulation under federal, state, provincial and local laws and regulations relating primarily to the protection of human health and the environment. To date, expenditures related to complying with these laws, and for remediation of existing environmental contamination, have not been significant in relation to the results of operations of our company. The requirements imposed by such laws and regulations are frequently changed and subject to interpretation, and we are unable to predict the ultimate cost of compliance with these requirements or their effect on our operations.

Exploration and production activities are subject to certain environmental regulations, which may prevent or delay the commencement or continuance of our operations.

In general, our exploration and production activities are subject to certain federal, state and local laws and regulations relating to environmental quality and pollution control. Such laws and regulations increase the costs of these activities and may prevent or delay the commencement or continuance of a given operation. Compliance with these laws and regulations has not had a material effect on our operations or financial condition to date. Specifically, we are subject to legislation regarding emissions into the environment, water discharges and storage and disposition of hazardous wastes. In addition, legislation has been enacted which requires well and facility sites to be abandoned and reclaimed to the satisfaction of state authorities. However, such laws and regulations are frequently changed and we are unable to predict the ultimate cost of compliance. Generally, environmental requirements do not appear to affect us any differently or to any greater or lesser extent than other companies in the industry.

We believe that our operations comply, in all material respects, with all applicable environmental regulations.

Our operating partners maintain insurance coverage customary to the industry; however, we are not fully insured against all possible environmental risks.

Exploratory and development drilling involves many risks and we may become liable for pollution or other liabilities, which may have an adverse effect on our financial position.

Drilling operations generally involve a high degree of risk. Hazards such as unusual or unexpected geological formations, power outages, labor disruptions, blow-outs, sour gas leakage, fire, inability to obtain suitable or adequate machinery, equipment or labor, and other risks are involved. We may become subject to liability for pollution or hazards against which it cannot adequately insure or which it may elect not to insure. Incurring any such liability may have a material adverse effect on our financial position and operations.

Any change to government regulation/administrative practices may have a negative impact on our ability to operate and our profitability.

The laws, regulations, policies or current administrative practices of any government body, organization or regulatory agency in the United States, Canada, or any other jurisdiction, may be changed, applied or interpreted in a manner which will fundamentally alter the ability of our company to carry on our business.

The actions, policies or regulations, or changes thereto, of any government body or regulatory agency, or other special interest groups, may have a detrimental effect on us. Any or all of these situations may have a negative impact on our ability to operate and/or our profitably.

18


Our By-laws contain provisions indemnifying our officers and directors against all costs, charges and expenses incurred by them.

Our By-laws contain provisions with respect to the indemnification of our officers and directors against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, actually and reasonably incurred by him, including an amount paid to settle an action or satisfy a judgment in a civil, criminal or administrative action or proceeding to which he is made a party by reason of his being or having been one of our directors or officers.

Investors' interests in our company will be diluted and investors may suffer dilution in their net book value per share if we issue additional shares or raise funds through the sale of equity securities.

Our constating documents authorize the issuance of 40,000,000 shares of common stock with a par value of $0.001 and 10,000,000 shares of preferred stock with a par value of $0.001. In the event that we are required to issue any additional shares or enter into private placements to raise financing through the sale of equity securities, investors' interests in our company will be diluted and investors may suffer dilution in their net book value per share depending on the price at which such securities are sold. If we issue any such additional shares, such issuances also will cause a reduction in the proportionate ownership and voting power of all other shareholders. Further, any such issuance may result in a change in our control.

Our By-laws do not contain anti-takeover provisions, which could result in a change of our management and directors if there is a take-over of our company.

We do not currently have a shareholder rights plan or any anti-takeover provisions in our By-laws. Without any anti-takeover provisions, there is no deterrent for a take-over of our company, which may result in a change in our management and directors.

As a result of a majority of our directors and officers are residents of other countries other than the United States, investors may find it difficult to enforce, within the United States, any judgments obtained against our company or our directors and officers.

We do not currently maintain a permanent place of business within the United States. In addition, a majority of our directors and officers are nationals and/or residents of countries other than the United States, and all or a substantial portion of such persons' assets are located outside the United States. As a result, it may be difficult for investors to enforce within the United States any judgments obtained against our company or our officers or directors, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state thereof.

Other Risks

Trends, Risks and Uncertainties

We have sought to identify what we believe to be the most significant risks to our business, but we cannot predict whether, or to what extent, any of such risks may be realized nor can we guarantee that we have identified all possible risks that might arise. Investors should carefully consider all of such risk factors before making an investment decision with respect to our common stock.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On May 30, 2011, we issued an aggregate of 300,000 units at a price of $0.35 per unit pursuant to a private placement for total proceeds of $105,000. Each unit consists of one share of common stock and one warrant. One warrant is exercisable at $0.60 for a period of 24 months from the date of issuance. We issued the securities to three non-U.S. persons in an offshore transaction relying upon Regulation S and/or Section 4(2) of the Securities Act of 1933.

19


On June 9, 2011, we issued 47,000 units at a price of $0.35 per unit pursuant to a debt settlement with an officer of our company. Each unit consists of one share of common stock and one warrant. One warrant is exercisable at $0.60 for a period of 24 months from the date of issuance. We issued the securities to one U.S. person relying upon Rule 506 of Regulation D of the Securities Act of 1933.

On November 10, 2011, the Company issued 4,303,590 shares of common stock with a market value of $284,881 pursuant to debt settlement and subscription agreements with officers and directors of the Company to settle $215,180 of debt outstanding. As a result the Company recorded a loss on debt settlement of $69,701 in the prior year ended December 31, 2011.

Item 3. Defaults Upon Senior Securities

None.

Item 4. [Removed and Reserved]

Item 5. Other Information

None.

Item 6. Exhibits

Exhibit Description
Number  
(3) (i) Articles of Incorporation; and (ii) Bylaws
3.1 Articles of Incorporation (incorporated by reference from our Registration Statement on Form 10-SB, filed on September 11, 2000).
3.2 Bylaws (incorporated by reference from our Registration Statement on Form 10-SB, filed on September 11, 2000).
3.3 Certificate of Amendment filed with the Secretary of State of Nevada on June 16, 2004 (incorporated by reference from our Quarterly Report on Form 10-QSB filed on November 22, 2004).
3.4 Certificate of Amendment filed with the Secretary of State of Nevada on August 6, 2004 (incorporated by reference from our Quarterly Report on Form 10-QSB filed on November 22, 2004).
3.5 Certificate of Change filed with the Secretary of State of Nevada on December 8, 2009 (incorporated by reference from our Current Report on Form 8-K filed on January 29, 2010).
3.6 Certificate of Amendment filed with the Secretary of State of Nevada on August 6, 2010 (incorporated by reference from our Current Report on Form 8-K filed on August 9, 2010).
3.7 Certificate of Change filed with the Secretary of State of Nevada on February 25, 2011 (incorporated by reference from our Current Report on Form 8-K filed on March 9, 2011).
(4) Instruments defining rights of security holders, including indentures
4.1 2004 Stock Option Plan (incorporated by reference from our Form S-8, filed on October 8, 2004).
4.2 Amended 2004 Stock Option Plan (incorporated by reference from our Current Report filed on Form 8-K filed on January 23, 2008)
(10) Material Contracts
10.1 Participation Agreement with Merganser Limited (incorporated by reference from our Current Report on Form 8-K filed on November 10, 2005).

20



Exhibit Description
Number  
10.2**

Joint Participating Agreement with Chamberlain Exploration Development and Research Stratigraphic Corporation dba Cedar Strat Corporation (incorporated by reference from our Current Report on Form 8-K filed on February 21, 2006).

10.3

Amended Management Consulting Agreement dated February 28, 2006 and made effective February 1, 2006 with Donald Sharpe (incorporated by reference from our Current Report on Form 8-K filed on March 10, 2006).

10.4**

Farmout and Option Agreement with Suncor dated March 7, 2006 (incorporated by reference from our Current Report on Form 8-K filed on March 17, 2006).

10.5

Management Agreement with Freestone Energy LLC dated May 1, 2006 (incorporated by reference from our Current Report on Form 8-K filed on May 2, 2006).

10.6

Stock Option Agreement with Larry Kellison dated May 1, 2006 (incorporated by reference from our Current Report on Form 8-K filed on May 2, 2006).

10.7

Amended Management Consulting Agreement dated December 21, 2006 and made effective January 1, 2007 with D. Sharpe Management Inc. (incorporated by reference from our Current Report on Form 8-K filed on December 22, 2006).

10.8

Form of Stock Option Agreement with Donald Sharpe, John Martin and Larry Kellison (incorporated by reference from our Current Report on Form 8-K filed on December 22, 2006).

10.9

Form of Stock Option Agreement with Paul Mitchell, Kim Lloyd and Olga Bespalaja (incorporated by reference from our Current Report on Form 8-K filed on December 22, 2006).

10.10

Participation Agreement dated February 14, 2007 with Suncor Energy Inc., Grand Banks Energy Corporation and Dejour Energy (Alberta) Ltd. (incorporated by reference from our Current Report on Form 8-K filed on February 23, 2007).

10.11

Amended Management Consulting Agreement dated December 21, 2006 and made effective January 1, 2007 with Freestone Energy LLC (incorporated by reference from our Current Report on Form 8-K filed on February 23, 2007).

10.12

Form of Stock Option Agreement with Ralph Stensaker (incorporated by reference from our Current Report on Form 8-K filed on December 22, 2006).

10.13

Amended Management Consulting Agreement dated December 21, 2007 and made effective January 1, 2008 with D. Sharpe Management Inc. (incorporated by reference from our Current Report on Form 8-K filed on December 28, 2007).

10.14

Amended Management Consulting Agreement dated December 21, 2007 and made effective January 1, 2008 with Larry Kellison. (incorporated by reference from our Current Report on Form 8-K filed on December 28, 2007).

10.15

Form of Note and Warrant Amendment Agreement dated January 17, 2008 (incorporated by reference from our Current Report on Form 8-K filed on January 23, 2008).

10.16

Form of Stock Option Agreement with Donald Sharpe, John Martin, Ralph Stensaker, Larry Kellison, Kim Lloyd, Olga Bespalaja and Paul Mitchell (incorporated by reference from our Current Report on Form 8-K filed on January 23, 2008).

10.17

Note and Warrant Amendment Agreement dated February 8, 2008 with RAB Special Situations (Master) Fund Limited (incorporated by reference from our Current Report on Form 8-K filed on February 14, 2008).

10.18

Form of Note and Warrant Amendment Agreement dated April 2, 2008 (incorporated by reference from our Current Report on Form 8-K filed on April 4, 2008).

21



Exhibit Description
Number  
10.19

Executive Employment Agreement between our company and Larry Kellison executed July 18, 2008 and dated effective January 1, 2008 (incorporated by reference from our Current Report on Form 8-K filed on July 22, 2008).

10.20

First Amendment of Agent Operator Agreement 2008 (incorporated by reference from our Quarterly Report on Form 10-Q filed on August 14, 2009).

10.21

Fourth Amendment of Drilling and Development Agreement (incorporated by reference from our Quarterly Report on Form 10-Q filed on August 14, 2009).

10.22

Letter Agreement with En Cana Oil and Gas (USA) Inc (incorporated by reference from our Quarterly Report on Form 10-Q filed on August 14, 2009).

10.23

Loan Agreement between Eden Energy Corp. and D Sharpe Management Inc., dated effective October 2, 2009 (incorporated by reference from our Quarterly Report on Form 10-Q filed on October 16, 2009).

10.24

General Security Agreement between Eden Energy Corp. and D Sharpe Management Inc., dated effective October 2, 2009 (incorporated by reference from our Quarterly Report on Form 10-Q filed on October 16, 2009).

10.25

Amending Agreement with D. Sharpe Management Inc. dated effective October 14, 2010 (incorporated by reference from our Current Report on Form 8-K filed on October 18, 2010).

10.26

Amending Agreement with D. Sharpe Management Inc. dated effective April 1, 2011 (incorporated by reference from our Current Report on Form 8-K filed on April 13, 2011).

10.27

Management and Consulting Agreement with KDC Services Inc. dated May 1, 2011 2008 (incorporated by reference from our Current Report on Form 8-K filed on April 27, 2011).

10.28

2011 Stock Option Plan

 (14)

Code of Ethics

14.1

Code of Business Conduct and Ethics (incorporated by reference from our Annual Report on Form 10- KSB filed on April 14, 2004).

 21

Subsidiaries of the Registrant

21.1


Frontier Exploration Ltd., a Nevada corporation
Southern Frontier Explorations Ltd., a Nevada corporation
Eden Energy (North) Ltd., an Alberta, Canada corporation
Eden Energy Colorado LLC, a Colorado corporation

 (31)

Rule 13a-14(a)/15d-14(a) Certifications

 31.1*

Section 302 Certification under Sarbanes-Oxley Act of 2002 of Donald Sharpe

 (32)

Section 1350 Certifications

 32.1*

Section 906 Certification under Sarbanes-Oxley Act of 2002 of Donald Sharpe

22



Exhibit Description
Number  
 101 Interactive Data File
 101*** Interactive Data File (Form 10-K for the year ended January 31, 2012 furnished in XBRL).
 101.INS XBRL Instance Document
 101.SCH XBRL Taxonomy Extension Schema Document
 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document
 101.DEF XBRL Taxonomy Extension Definition Linkbase Document
 101.LAB XBRL Taxonomy Extension Label Linkbase Document
 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document

*

Filed herewith.

   
**

Certain parts of this document have not been disclosed and have been filed separately with the Secretary, Securities and Exchange Commission, and are subject to a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934.

   
***

Furnished herewith. Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of any registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, and otherwise are not subject to liability under those sections.

23


SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

  EDEN ENERGY CORP.
                                           (Registrant)
   
Dated: May 15, 2012 /s/ Donald Sharpe
  Donald Sharpe
  President, Secretary, Chief Financial Officer and Director
  (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

24


PINX:EDNE Eden Energy Corp Quarterly Report 10-Q Filling

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PINX:EDNE Eden Energy Corp Quarterly Report 10-Q Filing - 3/31/2012
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