Oil and Gas Asset

12 Months Ended

Dec. 31, 2011

Note 4 – Oil and Gas Asset

Oil and gas asset consists of costs associated with the signing of OPL 2012 of $53,750 and $0 as of December 31, 2011. All oil and gas asset costs are excluded from amounts subject to amortization. The rights to OPL 2012 sign on by AsherXino are subject to our performance of the following obligations: (i) a signature bonus of $12,500,000 payable immediately to the Nigerian government and (ii) a $10,000,000 farm-in fee payable to a local partner. The status of the project is that we are seeking funding to fulfill these obligations and to conduct geological and geophysical work and a drilling program. We anticipate including the excluded costs into the amortization base during the next two (2) years.

The following tables provide certain information about our excluded costs.

Costs Excluded by Year Incurred

	Year ended December 31, 2011		Excluded at December 31, 2010
Property acquisition	$	53,750	$	53,750

Total	$	53,750	$	53,750

Costs Excluded by Country

		Nigeria		Total
Property acquisition		$	53,750	$	53,750

	Total	$	53,750	$	53,750

Changes in Costs Excluded by Country

		Nigeria		Total
Balance at December 31, 2008		$	-	$	-
	Additional costs incurred		53,750		53,750
	Costs transferred to amortization base		-		-

Balance at December 31, 2009		$	53,750	$	53,750


Balance at December 31, 2009 and 2010	$	53,750	$	53,750

AsherXino Corp 10-K