Diversified Resources Inc. - FORM 10-Q

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EXCEL - IDEA: XBRL DOCUMENT - Diversified Resources Inc.	Financial_Report.xls
EX-33.1 - DIVERSIFIED RESOURCES 10Q, CERTIFICATION 906 - Diversified Resources Inc.	diversifiedexh32_1.htm
EX-31.1 - DIVERSIFIED RESOURCES 10Q, CERTIFICATION 302 - Diversified Resources Inc.	diversifiedexh31_1.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x Quarterly Report Pursuant To Section 13 Or 15(D) Of The Securities Exchange Act Of 1934

For the quarterly period ended July 31, 2013

o Transition Report Under Section 13 Or 15(D) Of The Securities Exchange Act Of 1934

For the transition period from _______________ to _______________

COMMISSION FILE NUMBER 333-175183

DIVERSIFIED RESOURCES INC.

(Exact name of registrant as specified in its charter)

NEVADA	98-0687026
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

2114 Ridge Plaza Drive, Castle Rock, CO 80108

(Address of principal executive offices, including zip code)

951-255-9100

(Issuer’s telephone number, including area code)

Check whether the issuer (1) filed all reports required to be filed by section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

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,” “non-accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

	Large accelerated filer	o	Accelerated filer	o
	Non-accelerated filer	o	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 o

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date. 5,250,000 shares of common stock as of September 13, 2013.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

The following interim unaudited financial statements of Diversified Resources Inc. (the “Company”) for the three month period ended July 31, 2013 are included with this Quarterly Report on Form 10-Q:

	(a)	Balance Sheets as at July 31, 2013 and October 31, 2012.

	(b)	Statement of Operations for the three months ended July 31, 2013 and 2012, for the nine months ended July 31, 2013 and 2012 and for the cumulative period from inception (March 19, 2009) through July 31, 2013.

	(c)	Statements of Cash Flows for the nine months ended July 31, 2013 and 2012 and for the cumulative period from inception (March 19, 2009) through July 31, 2013.

	(d)	Notes to Financial Statements.

DIVERSIFIED RESOURCES, INC.
(An Exploration Stage Company)
Balance Sheet
as at July 31, 2013 (unaudited) and October 31, 2012


	July 31,			October 31,
	2013			2012
	(Unaudited)

ASSETS

CURRENT ASSETS
Cash and Cash Equivalents	$	1,671		$	4,631

TOTAL ASSETS	$	1,671		$	4,631

LIABILITIES & STOCKHOLDERS' EQUITY

LIABILITIES
Mineral Lease Payable		230,533			215,780
Stockholder Loan		14,000			-

Total Current Liabilities		244,533			215,780

STOCKHOLDERS' EQUITY
Common Stock, par value $0.001; authorized 450,000,000 shares;
issued and outstanding: 5,250,000 shares as of July 31, 2013
issued and outstanding: 5,250,000 shares as of October 31, 2012		5,250			5,250
Additional paid-in capital		74,750			74,750
Deficit accumulated in the development stage		(322,862	)		(291,149	)

Total Stockholders' Equity		(242,862	)		(211,149	)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,671		$	4,631

DIVERSIFIED RESOURCES, INC.
(An Exploration Stage Company)
Statement of Operations
(Unaudited)


													For the period
													from Inception,
													March 19, 2009
	For the three months ended						For the nine minths ended						through
	July 31,						July 31,						July 31,
	2013			2012			2013			2012			2013

REVENUES	$	-		$	-		$	-		$	-		$	-

COSTS AND EXPENSES
Professional Fees		6,141			-			10,150			1,225			31,695
Filing Fees		2,234			-			4,285			10,360			31,125
Mineral Lease		-			-			14,753			-			191,792
General and Administrative		81			215			2,525			97			68,250
TOTAL EXPENSES		8,456			215			31,713			11,682			322,862


NET INCOME (LOSS)	$	(8,456	)	$	(215	)	$	(31,713	)	$	(11,682	)	$	(322,862	)

Net Income (Loss) per share, basic and diluted	$	(0.00	)	$	(0.00	)	$	(0.01	)	$	(0.00	)

Weighted Average number of common shares outstanding, basic and diluted		5,250,000			5,250,000			5,250,000			5,250,000

DIVERSIFIED RESOURCES, INC.
(An Exploration Stage Company)
Statements of Cash Flows
(Unaudited)


							For the period
							from Inception,
							March 19, 2009
	For the nine months ended						through
	July 31						July 31,
	2013			2012			2013

CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$	(31,713	)	$	(11,682	)	$	(322,862	)
Adjustments to reconcile net loss to net cash
used by operating activities:
Change in operating assets and liabilities:
Mineral Lease Payable		14,753			-			230,533
Net Cash provided by Operating Activities		(16,960	)		(11,682	)		(92,329	)

CASH FLOWS FROM INVESTING ACTIVITIES
Net Cash provided by Investing Activities		-			-			-

CASH FLOWS FROM FINANCING ACTIVITIES
Sale of common stock		-			-			60,000
Proceeds from related party		14,000			5,000			34,000
Net Cash provided by Financing Activities		14,000			5,000			94,000

NET INCREASE/ ( DECREASE) IN CASH		(2,960	)		(6,682	)		1,671

CASH AT BEGINNING OF PERIOD		4,631			6,843			-

CASH AT END OF PERIOD	$	1,671		$	161		$	1,671


CASH PAID FOR:
Interest	$	-		$	-
Income Taxes	$	-		$	-

DIVERSIFIED RESOURCES INC.

(A Development Stage Company)

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

July 31, 2013

(Unaudited)

NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

Current Operations and Background

Diversified Resources Inc. (“the Company”) was incorporated in the State of Nevada on March 19, 2009 to pursue mineral extraction in the United States.

On May 22, 2009, the Company leased two mining claims in Esmerelda County, Nevada, in the Dunfee Mine Area. The lease includes all additional claims within one mile of these claims. The area was the subject of a geological report on September 11, 2009. The lease required an initial payment of $5,000, plus $275 Federal and State maintenance fees. Minimum annual payments are required, beginning with $5,000 at the 2nd anniversary year, and escalating after the 3rd year. The Company is responsible for taxes and maintenance fees imposed on the claims. The Company defaulted on the third anniversary year payment due in 2012. The Company is negotiating with the lessor to change the terms of the lease.

Basis of Presentation

The accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”).

These interim condensed financial statements as of and for the nine months ended July 31, 2013 reflect all adjustments which, in the opinion of management, are necessary to fairly state the Company’s financial position and the results of its operations for the periods presented in accordance with the accounting principles generally accepted in the United States of America. All adjustments are of a normal recurring nature.

These interim condensed financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s fiscal year end October 31, 2012 report on Form 10-K. The Company assumes that the users of the interim financial information herein have read, or have access to, the audited financial statements for the preceding period, and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context. The results of operations for the nine month period ended July 30, 2013 are not necessarily indicative of results for the entire year ending October 31, 2013.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Cash and Cash Equivalents

The Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents.

Going Concern

The Company sustained operating losses during the nine months ended July 31, 2013. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtaining additional financing from its shareholders or other sources, as may be required.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.

Use of Estimates

The preparation of financial statements in conformity with 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. Actual results could differ from those estimates.

Income Taxes

We account for income taxes in accordance with ASC Topic 740, Income Taxes. Under this standard, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using the enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when we cannot make the determination that it is more likely than not that some portion or all of the related tax asset will be realized. Interest and penalties on tax deficiencies recognized in accordance with ACS accounting standards are classified as income taxes in accordance with ASC Topic 740-10-50-19.

Mineral Rights

We have determined that our mining rights meet the definition of mineral rights, as defined by accounting standards, and are tangible assets. As a result, our direct costs to acquire or lease mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with: leasing or acquiring patented and unpatented mining claims; leasing mining rights including lease signature bonuses, lease rental payments and advance minimum royalty payments; and options to purchase or lease mineral properties.

If we establish proven and probable reserves for a mineral property and establish that the mineral property can be economically developed, mineral rights will be amortized over the estimated useful life of the property following the commencement of commercial production or expensed if it is determined that the mineral property has no future economic value or if the property is sold or abandoned. For mineral rights in which proven and probable reserves have not yet been established, we assess the carrying values for impairment at the end of each reporting period and whenever events or changes in circumstances indicate that the carrying value may not be recoverable.

As of July 31, 2013, the Company has accrued $230,533 in unpaid mining lease fees related to the claims and no costs have been capitalized. The mining lease is deemed enforceable as neither party has terminated the lease as of July 31, 2013.

Development Stage Company

All of our operating results and cash flows reported in the accompanying financial statements from March 19, 2009 (inception) through April 30, 2013 are considered to be those related to development stage activities and represent the ‘cumulative from inception' amounts from our development stage activities required to be reported pursuant to Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 915, Development Stage Entities.

Fair Value of Financial Instruments

The Financial Accounting Standards Board issued ASC 820-10 (SFAS No. 157), “Fair Value Measurements and Disclosures" for financial assets and liabilities. ASC 820-10 provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. FASB ASC 820-10 defines fair value as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. FASB ASC 820-10 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required by the standard that the Company uses to measure fair value:

	-	Level 1: Quoted prices in active markets for identical assets or liabilities

	-	Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

	-	Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Net Loss Per Share

The Company computes net loss per share in accordance with FASB ASC Topic 260, “Earnings per Share,” Under the provisions of the standard, basic and diluted net loss per share is computed by dividing the net loss available to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period.

Recent Accounting Pronouncements

In April 2013, the FASB issued ASU No. 2013-07, “Presentation of Financial Statements” (Topic 205): Liquidation Basis of Accounting. The objective of ASU No. 2013-07 is to clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities under the liquidation basis of accounting, as well as any required disclosures. The amendments in this standard are effective prospectively for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. We are evaluating the effect, if any, adoption of ASU No. 2013-07 will have on our financial statements.

NOTE 3 – RELATED PARTY TRANSACTIONS

The president of the Company advanced $14,000 to the Company in a series of working capital loans between February 2 and July 9 of 2013. The loan bears no interest, is payable on demand and has no terms of repayment or maturity date.

NOTE 4 – STOCKHOLDERS’ DEFICIT

The Company is authorized to issue 450,000,000 common shares of par value at $0.001 and 50,000,000 preferred shares of par value at $0.001. As of July 31, 2013, 5,250,000 shares of common stock and no preferred shares were issued and outstanding.

On May 12, 2009, 3,000,000 shares were issued for cash at $0.0005 per share for a total of $15,000.

On September 30, 2010, 2,250,000 shares were issued for cash at $0.02 per share for a total of $45,000.

On July 25, 2012 Philip F. Grey acquired control of 3,000,000 shares of the Company’s common stock, representing 57% of the Company’s issued and outstanding common stock, from Mr. Gordon Smith. A purchase price of $80,000 was paid to Mr. Smith for the shares.

On July 24, 2012 Mr. Smith resigned as President, Treasurer, Chief Executive Officer, Chief Financial Officer, and director of the Company. On the same date, Gordon Cormie resigned as the Company’s Secretary and Richard O’Hara resigned as a Company director. The positions of President, Chief Executive Officer, Chief Financial Officer, Secretary and Director were filled by Philip F. Grey.

On October 23, 2012 the Company filed amended Articles of Incorporation with the Secretary of State of Nevada. The articles were amended to reduce the types of authorized shares to common and preferred and to set the number of authorized common shares and preferred shares at 450,000,000 and 50,000,000 respectively. The Articles were further amended to (1) eliminate any restrictions on the transfer of shares, (2) allow the number of Directors to be fixed by the Board of Directors, and (3) eliminate any restrictions on the number of shareholders.

NOTE 5 – COMMITMENTS AND CONTINGENCIES

On June 15, 2009 the Company leased two mining claims in Esmerelda County, Nevada, in the Dunfee Mine Area. The lease includes all additional claims within one mile of these claims. The area was the subject of a geological report on September 11, 2009. The term of the lease is for 20 years and renewable for additional 20 years assuming all conditions of the lease are met. The lease required an initial payment of $5,000, plus $275 Federal and State maintenance fees. Minimum annual payments are required, beginning with $5,000 down payment at the execution of the lease agreement, $5,000 on or before the first anniversary year, $10,000 on or before the second and third anniversaries years, $25,000 on or before the fourth anniversary year, and $75,000 at the fifth anniversary and subsequent years which are subject to increase or decrease equivalent to the rate of inflation designated by the Consumer Price Index for that year. The Company is responsible for taxes and maintenance fees imposed on the claims. The lease grants the Company the right to purchase 2 ½ percent of the royalty on the claims for $5,000,000, reduced by minimum payments made. Lessor is entitled to a royalty of one percent of net smelter returns.

The Company has failed to make lease payments; however, the agreement is deemed enforceable as neither party has terminated the lease as of July 31, 2013.

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

THE FOLLOWING DISCUSSION OF THE RESULTS OF OUR OPERATIONS AND FINANCIAL CONDITION SHOULD BE READ IN CONJUNCTION WITH OUR FINANCIAL STATEMENTS AND THE NOTES THERETO INCLUDED ELSEWHERE IN THIS REPORT.

Forward-Looking Statements and Associated Risks.

This report contains forward-looking statements. Forward-looking statements are projections of events, revenues, income, future economic performance or management’s plans and objectives for future operations. In some cases, you can identify forward-looking statements by the use of terminology such as “may”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or “continue” or the negative of these terms or other comparable terminology. Examples of forward-looking statements made in this report include statements about:

	●	our plan of operations;
	●	our future exploration programs and results;
	●	our expectations regarding the impact of various accounting policies;
	●	our future capital expenditures; and
	●	our future investments in and acquisitions of mineral resource properties.

These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including:

	●	risks and uncertainties relating to the interpretation of sampling results, the geology, grade and continuity of mineral deposits;
	●	risks and uncertainties that results of initial sampling and mapping will not be consistent with our expectations;
	●	mining and development risks, including risks related to accidents, equipment breakdowns, labor disputes or other unanticipated difficulties with or interruptions in production;
	●	the potential for delays in exploration activities; risks related to the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses;
	●	risks related to commodity price fluctuations;
	●	the uncertainty of profitability based upon our limited history;
	●	risks related to failure to obtain adequate financing on a timely basis and on acceptable terms for our planned exploration project;
	●	risks related to environmental regulation and liability;
	●	risks that the amounts reserved or allocated for environmental compliance, reclamation, post- closure control measures, monitoring and on-going maintenance may not be sufficient to cover such costs;
	●	risks related to tax assessments; and
	●	political and regulatory risks associated with mining development and exploration.

Any of these risks could cause our Company’s 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 the forward-looking statements contained in this quarterly report.

While these forward-looking statements and any assumptions upon which they are based are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. 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.

In this 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.

Plan Of Operation

We are an exploration stage company engaged in the acquisition and exploration of mineral properties. We currently hold a lease on twenty two (22) unpatented lode mineral claims that we refer to as the Dunfee Property. Further exploration of these mineral claims is required before a final determination as to their viability can be made. Although exploratory work on the claims conducted prior to our obtaining a lease on the property has indicated some potential showings of mineralization, we are uncertain as to the potential existence of a commercially viable mineral deposit existing in these claims.

Our plan of operations is to carry out exploration work on these claims in order to ascertain whether they possess commercially exploitable quantities of gold, silver, copper or any other valuable minerals. We will not be able to determine whether or not our mineral claims contain a commercially exploitable mineral deposit, or reserve, until appropriate exploratory work is done and an economic evaluation based on that work concludes economic viability. As of the date of this Report, the Company has not paid the minimum agreed royalty advances of $10,000 and $25,000 which were due on June 15, 2012 and June 15, 2013 respectively . Due to our lack of capital, we were unable to make these payments.

Neither Timberwolf Minerals, LTD or the Company has given legal notice under the terms of the lease agreement to officially terminate the lease. As of the date of this filing, we are still attempting to renegotiate the terms of the mineral lease agreements with Timberwolf Minerals, LTD. However, there is no guarantee that we will be successful at renegotiation and may be required to relinquish our rights in the mineral leases currently leased by us.

Results of Operations

We have generated no revenues since inception and have incurred $322,862 in operating expenses from inception through July 31, 2013. These expenses were comprised of $31,695 in Professional Fees, $31,125 in Filing Fees, $191,792 in Mineral Lease Maintenance and $68,250 in general and administrative costs. We incurred net loss of $8,456 for the three months ending July 31, 2013. Our net loss since inception (March 19, 2009) through July 31, 2013 was $322,862.

During the fiscal quarter ending July 31, 2013, our President and Director advanced the Company a total of $6,000 for working capital. The loans bear no interest, is payable on demand and has no terms of repayment or maturity date.

Going Concern

Diversified Resources, Inc. is an exploration stage company and currently has no operations. Our independent auditor has issued an audit opinion for Diversified Resources which includes a statement raising substantial doubt as to our ability to continue as a going concern.

Liquidity and Capital Resources

Our cash balance at July 31, 2013 was $1,671 with $244,533 in outstanding liabilities. Total expenditures over the next 12 months are expected to be approximately $90,000. Our current cash balance will not be sufficient to fund our operations for the next twelve months. Accordingly, we may utilize funds from our directors, who have informally agreed to advance funds to allow us to pay for operating costs, however they have no formal commitment, arrangement or legal obligation to advance or loan funds to us.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

As a “smaller reporting company,” as defined in Rule 12b-2 of the Exchange Act, we are not required to provide the information called for by this Item.

Item 4. Controls and Procedures.

As of the end of the period covered by this Report, the Company’s President, and principal financial officer (the “Certifying Officer”), evaluated the effectiveness of the Company’s “disclosure controls and procedures,” as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934. Based on that evaluation, the officer concluded that, as of the date of the evaluation, the Company’s disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed in the Company’s periodic filings under the Securities Exchange Act of 1934 is accumulated and communicated to management to allow timely decisions regarding required disclosure.

The Certifying Officer has also indicated that there were no changes in internal controls over financial reporting during the Company’s last fiscal quarter, and no significant changes in our internal controls or other factors that could significantly affect such controls subsequent to the date of their evaluation and there were no corrective actions with regard to significant deficiencies and material weaknesses.

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

Item 4(t). Controls and Procedures.

The information required pursuant to item 4(t) has been provided in Item 4.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1(a). Risk Factors

There have been no changes to our risk factors from those disclosed in our Amendment No. 4 to Form S-1 filed on November 22, 2011.

Item 2. Unregistered Sales of Equity Securities

We did not issue any securities without registration pursuant to the Securities Act of 1933 during the three months ended July 31, 2013.

Item 3. Defaults Upon Senior Securities

None.

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

No matters were submitted to our security holders for a vote during the three months ending July 31, 2013.

Item 5. Other Information

None.

Item 6. Exhibits

Exhibit Number	Description of Exhibit
31.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements 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.

DIVERSIFIED RESOURCES INC.

Date:	September 20, 2013	DIVERSIFIED RESOURCES, INC.

		By:	/s/ Philip F. Grey
			Philip F. Grey President, Treasurer, Chief Executive Officer and Chief Financial Officer (Principal Executive Officer, Principal Accounting Officer And Principal Financial Officer)

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