0001144204-10-041979.txt : 20100806 0001144204-10-041979.hdr.sgml : 20100806 20100806170730 ACCESSION NUMBER: 0001144204-10-041979 CONFORMED SUBMISSION TYPE: 20-F PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20091231 FILED AS OF DATE: 20100806 DATE AS OF CHANGE: 20100806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAPITAL RESERVE CANADA LTD CENTRAL INDEX KEY: 0001230622 STANDARD INDUSTRIAL CLASSIFICATION: HAZARDOUS WASTE MANAGEMENT [4955] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 20-F SEC ACT: 1934 Act SEC FILE NUMBER: 000-50339 FILM NUMBER: 10999132 BUSINESS ADDRESS: STREET 1: 1530 9 AVENUE SE CITY: CALGARY ALBERTA STATE: A0 ZIP: 00000 BUSINESS PHONE: 4036938003 MAIL ADDRESS: STREET 1: 1530 9 AVENUE SE CITY: CALGARY ALBERTA STATE: A0 ZIP: 00000 20-F 1 v192876_20f.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

¨	REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

x	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2009

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

¨	SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report:

For the transition period from _____________________ to ______________________

Commission file number 000-50339

CAPITAL RESERVE CANADA LIMITED

(Exact name of Registrant as specified in its charter)

N/A

(Translation of Registrant's name into English)

Alberta, Canada

(Jurisdiction of incorporation or organization)

18104 – 102 Avenue

Edmonton, Alberta T5S-1S7

(Address of principal executive offices)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Title of each class		Name of each exchange on which registered

Class A Common Stock

Securities registered or to be registered pursuant to Section 12(g) of the Act.

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

None

(Title of Class)

Indicate the number of outstanding shares of each of the issuer's capital or common stock as of the close of the period covered by the annual report:

207,594,302 Class A common shares as at December 31, 2009.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities

Act. ¨ Yes x No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

¨ Yes x No

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 is a large accelerated filer, an accelerated filer\, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ¨

Accelerated filer ¨

Non-accelerated filer x

Indicate by check mark which financial statement item the registrant has elected to follow.

¨ Item 17 x Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

¨ Yes x No

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

¨ Yes ¨ No

TABLE OF CONTENTS

PART I		2

Item 1.	Identity of Directors, Senior Management and Advisors	2

Item 2.	Offer Statistics and Expected Timetable	2

Item 3.	Key Information	2

Item 4.	Information on the Company	14

Item 5.	Operating and Financial Review and Prospects	19

Item 6.	Directors, Senior Management and Employees	21

Item 7.	Major Shareholders and Related Party Transaction	24

Item 8.	Financial Information	26

Item 9.	The Offering and Listing	26

Item 10.	Additional Information	26

Item 11.	Quantitative and Qualitative Disclosures about Market Risk	29

Item 12.	Description of Securities Other than Equity Securities	29

PART II		29

Item 13.	Defaults, Dividends Arrearages and Delinquencies	29

Item 14.	Material Modifications to the Rights of Security Holders and use of proceeds	29

Item 15.	Controls and Procedures	29

Item 16A.	Audit Committee financial Expert	30

Item 16B.	Code of Ethics	30

Item 16C.	Principal Accountant Fees and Services	30

Item 16D.	Exemptions from the Listing Standards for Audit Committees	30

PART III		30

Item 17.	Financial Statements	30

Item 18.	Financial Statements	30

Item 19.	Exhibits	31

PART I

ITEM 1.

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Not Applicable

ITEM 2.

OFFER STATISTICS AND EXPECTED TIMETABLE

Not Applicable

ITEM 3.

KEY INFORMATION

SELECTED FINANCIAL DATA

Exchange Rates

Financial statements are presented in Canadian dollars and all dollar amounts in this document are in Canadian Dollars unless otherwise indicated.

The host country is the United States of America and therefore the Company provides disclosure of the exchange rate between its financial reporting currency which is in Canadian dollars and United States dollars (“US$”) of the host country based upon the exchange rate in effect at the end of the month or of the calendar year to which the amount relates, or the exchange rate on the date specified. For such purposes, the exchange rate means the noon buying rate for United States dollars from the bank of Canada (the “Noon Buying Rate”). These translations should not be construed as representations that the Canadian dollar amounts actually represent such U.S. dollar amounts or that Canadian dollars could be converted into U.S. dollars at the rate indicated or at any other rate. The Noon Buying Rate at the end of each of the five years ended December 31, the average of the Noon Buying Rates on the last day of each month during each of such fiscal years and the high and low Noon Buying Rate for each of such fiscal years were as follows:

	2005		2006		2007		2008		2009
At the end of period		0.858		0.862		1.020		0.817		0.9555
Average for period		0.825		0.882		0.930		0.938		0.8757
High for period		0.869		0.909		1.0905		1.029		0.9716
Low for period		0.787		0.853		0.844		0.771		0.7602

Following is a table of the Noon Buying Rates on the last day of each month for the last four months ended April 30, 2010:

	January		February		March		April
At the end of period		0.9390		0.9596		0.9846		0.9885
Average for period		0.9579		0.9469		0.9775		0.9950
High for period		0.9755		0.9597		0.9888		1.0039
Low for period		0.9784		0.9316		0.9596		0.9803

The Noon Buying Rate as at June 30, 2010 was 0.9429

Change of Control

On August 8, 2005, the Company acquired 78.2% of KCP Innovative Services Inc. for the issuance of 17,335,814 Class A common shares for the Company bringing the total number of Class A shares issued and outstanding at that time to 19,335,814. This effected a change in control of the Company. Based on the acquisition of the controlling interest in KCP Innovative Services Inc. as of August 8, 2005, and reverse merger accounting applied to the transaction, the following financial information reflects the financial information of KCP Innovative Services Inc. for the fiscal years ended August 31, 2002 to December 31, 2005. KCP Innovative Services there after changed its fiscal year end to the fiscal year end of the Company, which is December 31.

This date of writing this report is June 30, 2010.

	Aug 31			Dec 31			Dec 31			Dec 31			Dec 31			Dec 31
Year End	2005			2005 (4 mos)			2006			2007			2008			2009
	CAD			CAD			CAD			CAD			CAD			CAD
Operating Revenues		933,441			355,017			1,714,925			18,000			24,000			10,167
Income (loss) from Operations		(862,266	)		(399,830	)		(188,745	)		(195,414	)		(7,004,583	)		(963,001	)
Net Income (loss)		(643,469	)		(258,114	)		(188,745	)		(854,288	)		(6,912,734	)		(1,101,073	)
Net Income (loss) from Operations Per Share		(.037	)		(.015	)		(.0004	)		(0.00	)		(0.07	)		(0.01	)
Total Assets		2,003,032			1,698,171			7,128,648			6,460,892			993,536			780,328
Net Assets		291,726			883,308			5,818,271			5,912,304			689,758			(88,483	)
Capital Stock		2,320,783			3,242,434			8,381,142			9,314,463			11,004,651			11,327,483
Number of Shares		19,335,814			34,810,814			58,396,421			65,566,421			118,621,359			207,594,302

CAPITALIZATION AND INDEBTEDNESS

Not Applicable

REASONS FOR THE OFFER AND USE OF PROCEEDS

Not Applicable

RISK FACTORS

Our business will be subject to numerous risk factors, as more particularly described below.

Risk Factors Related Directly to Our Business

Investing in Waste Storage May Expose the Company to Specific Risks.

Investments in waste disposal and management are exposed to a wide variety of risks including nationwide and local social conditions, the supply of, and demand for, specific types of waste properties. The Cavern Storage Terminal segment of the project comes along with standard engineering, construction and development risks. Through discussion with engineering partners, engaged to examine this project, it does not appear that any of the technological problems cannot be solved through the implementation of “off-the-shelf” equipment in standard configurations. While the scale of the project is quite large, Albertan engineering and construction firms possess the knowledge and resources to design and build the suggested infrastructure. CO2 leakage due to fracture or mechanical failure is also a risk, however, CRC feels as though these risks can be managed through careful understanding and development of the caverns and the constant monitoring of the caverns and mechanical infrastructure.

The larger risk in the proposed project is of the biological conversion of CO2, due to the early stage of development of the technology and the risks that come along with scaling up any technology. However, CRC is seeking to develop a partnership with a clear global leader in the development of biological conversion processes in order to mitigate these risks as much as is possible. The intellectual property and unique capacities that will be developed en-route to the ultimate applications will all provide value to the province of Alberta.

Our business operations are speculative. The failure of our plans could ultimately force us to reduce or suspend operations and even liquidate our assets and wind-up and dissolve our company.

Our shares should be considered highly speculative due to the proposed nature of our business and the current stage of our development.

The construction and operation of waste disposal facilities may involve unanticipated changes or delays that could negatively impact the Company's business and its results of operations.

The construction and operation of waste disposal facilities involves many risks, including start-up risks, breakdown or failure of equipment, competition, inability to obtain required governmental permits and approvals, and inability to negotiate acceptable acquisition, construction, waste supply, transmission or other material agreements, as well as the risk of performance below expected efficiency. Such unanticipated events could negatively impact the Company's business and its results of operations.

Seasonality may affect our performance.

In general, the level of activity in the oilfield service industry is influenced by seasonal weather patterns. Wet weather and the spring thaw may make the ground unstable. Consequently, municipalities and provincial transportation departments enforce road bans that restrict the movement of rigs and other heavy equipment, thereby reducing activity levels. Additionally, certain oil and gas producing areas are located in areas that are inaccessible other than during the winter months because the ground surrounding the drilling sites in these areas consists of swampy terrain. Seasonal factors and unexpected weather patterns may lead to declines in the activity levels of exploration and production companies and corresponding declines in the demand for our storage and waste recycling services.

Our business may be adversely impacted by unforeseen changes in environmental and safety requirements.

Environmental and safety regulations are extensive in the industry and subject to change at any time. This may affect the development of our business. Environmental and Safety matters are more completely described in Item 4 of this document.

The industry in which we operate is marked by rapid technological change. Our inability to adapt to such change(s) may have a material adverse impact on our business and ability to continue as a going concern.

Our industry is subject to rapid change, and any inability on our part to adapt to such change may have an adverse affect on our business, results of operations and financial condition. The effect of new developments and technological changes on the business sector in which we will compete cannot be predicted. Our failure to adapt to any of the above could have a material adverse effect on our business, results of operations, and financial condition.

Some of the Company's operations are subject to extensive environmental laws and regulations that may increase costs of operations, impact or limit business plans, or expose the Company to environmental liabilities.

The Company is subject to extensive environmental laws and regulations affecting many aspects of its present and future operations including air quality, water quality, waste management and other environmental considerations. These laws and regulations can result in increased capital, operating and other costs, and delays as a result of ongoing litigation and compliance, remediation, containment and monitoring obligations. These laws and regulations generally require the Company to obtain and comply with a wide variety of environmental licenses, permits, inspections and other approvals. Public officials and entities, as well as private individuals and organizations, may seek injunctive relief or other remedies to enforce applicable environmental laws and regulations. The Company cannot predict the outcome (financial or operational) of any related litigation that may arise.

Existing environmental regulations may be revised and new regulations seeking to protect the environment may be adopted or become applicable to the Company. Revised or additional regulations, which result in increased compliance costs or additional operating restrictions, particularly if those costs are not fully recoverable from customers, could have a material effect on the Company's results of operations.

We compete directly with independent, technology-driven services companies. Our inability to effectively compete with these companies could have a material adverse impact on our business.

We expect to face significant competition from other organizations and there can be no assurance that we will be able to compete effectively in our target markets. In addition, new technologies may emerge that are competitive with our services. Advances in measurement tools as well as changes in the market place and the regulatory and legislative environment are constantly occurring and any such change could have a material adverse impact on us. We expect that competition will intensify in the future, as our services, and the opportunities presented thereby, become better known.

Unpredictable events could cause fluctuations in our operating results, which could cause unanticipated losses and adversely impact our business.

We expect to be exposed to significant fluctuations in operating results caused by many factors, including changes in the demand for our services, the introduction of competing services, delays in the introduction of such enhancements or products, changes in our pricing policies or those of our competitors, the mix of services sold, foreign currency exchange rates and general economic conditions.

Our future operating results may fluctuate significantly depending upon a number of factors, including industry conditions, prices of oil and natural gas, rate of drilling success, rates of production from completed wells and the timing of capital expenditures.

This variability makes it very difficult to predict when we might reach profitability and hence would have a serious impact on the value of an investor’s investment in our company. In addition, any failure or delay in the realization of expected cash flows from initial operating activities could limit our future ability to continue exploration and to participate in an economically attractive project.

The price of oil and natural gas is determined based on world demand and supply. It is impossible to predict future oil and natural gas price movements with any certainty, as they have historically been subject to wide fluctuations in response to a variety of market conditions, including relatively minor changes in the supply and demand for oil and natural gas, economic, political and regulatory developments, and competition from other sources of energy.

Any extended or substantial decline in oil and natural gas prices would have a material adverse effect on our ability to negotiate favorable joint ventures with viable industry participants, our cash flow and our access to capital. The Kyoto Protocol and/or unforeseen changing government regulations may adversely impact our business.

Canada is a signatory to the United Nations Framework Convention on Climate Change and has ratified the Kyoto Protocol established hereunder. Canada, as an Annex B party to the Kyoto Protocol, is required to set legally binding targets to reduce nation-wide emissions of carbon dioxide, methane, nitrous oxide and other so-called “greenhouse gases”.

The direct or indirect costs of complying with emissions regulations may adversely affect the oil and gas business in Canada, which in turn may adversely affect the oil and gas services industry in which we will participate.

Other government regulations are subject to change at any time and are beyond our control.

Risk Factors Relating to Business Operations

We may be unable to continue as a going concern if we are unable to raise additional capital.

The cost associated with further development of our business and our ability to generate revenue will depend on a variety of factors, including our ability to meet our development schedule and customer needs, changes in technology, and the availability of additional funds that may be required to advance and expand our business. Additional funds, whether through additional equity financing, debt financing or other sources, may not be available on terms acceptable to us or at all, or may result in significant dilution to our shareholders and/or a change of control of the Company. The inability to obtain additional funds may have a material adverse affect on our business, results of operations, and financial condition.

There is no guarantee that we will generate profit. We have incurred losses and anticipate losses will continue. This could have an impact on stockholders’ investments in our common stock.

Our business is capital intensive and we have no history of profit. Accordingly, there can be no assurance that our future business activities will be profitable. We have incurred costs to develop and enhance our services, to establish strategic relationships and to build an administrative organization. Our ability to operate profitably and generate positive cash flow in the future will be affected by a variety of factors, including our ability to further develop and test our technology on schedule and on budget, the pace of our entry into our target markets, consumer acceptance of our products, the intensity of the competition experienced by us, the availability of additional capital to pursue our business plans, including development of new products. An inability to generate sufficient funds from operations will have a materially adverse affect on our business, results of operations and financial condition.

Our ability to grow our business and meet our commitments to our customers is dependent upon the availability of suppliers upon which we rely.

While the Company presently has no operations, once the Company is operational we will have to rely on suppliers for additional gauges, trucks and equipment in order to expand, or to replace existing equipment. The availability of suppliers could affect our ability to expand or to meet our commitment to existing customers.

We are in an early stage of development and there are no guarantees that we will be able to achieve our business objectives. This may have a material adverse impact on our business and ability to continue as a going concern.

Our business prospects are subject to all of the risks inherent to a new business. There can be no assurance that we will obtain market acceptance as contemplated in our business objectives and any failure to sell our services may have a material adverse effect on our business, results of operations, and financial condition.

There is continual need for innovative solutions. Our ability to develop new solutions or refine our existing solutions could have a material adverse impact on our business.

To achieve our business objectives and obtain market share and profitability, we will need to continually research, develop and refine our services. Many factors may limit our ability to develop and refine existing services. We may also be exposed to marketplace resistance to new services. Any failure to develop or refine our services, or create or offer new services could have a material adverse effect on our business, results of operations, and financial condition.

A small number of stockholders own a significant number of our shares that could make it difficult for other investors to make changes in our operations or management, and therefore, shareholders would be subject to decisions made by management and the majority stockholders.

One (1) stockholder, Steven Claussen, our CEO / President and a Director of the Company owns a significant number of our outstanding shares. In total, this stockholder owns 42,833,495 shares of the total amount of 207,594,302 Class A common shares issued and outstanding, which is approximately 20.6%. This stockholder has the power to significantly influence our affairs and may be able to influence the outcome of matters required to be submitted to stockholders for approval, including the election of directors and the amendment of our articles of incorporation and bylaws. Conversely, it may be difficult for the remaining stockholders to influence the outcome of such matters.

Our business may attract uninsured liabilities that may have an adverse impact on us.

We are insured in accordance with industry standards to address certain types of risks; however, such insurance has limitations on liability that may not be sufficient to cover the full extent of such liabilities. In addition, such risks may not in all circumstances be insurable. The payment of such uninsured liabilities would have an adverse effect on our business, results of operations and financial condition.

There may be environmental liability from our services. In the event that losses or damages result from the operation of the assets that are not covered by the operator’s insurance, these losses or damages would become a liability for us. It is possible that uncovered losses and damages could be insured which could cause us to have to file for bankruptcy protection from the courts.

Our inability to effectively manage our planned growth could have a material adverse impact on our business.

Responding to consumer demands, expanding into other geographical markets and targeting growth in our business is likely to place significant strains on our administrative and operational resources and increased demands on our internal systems, procedures and controls. If we experience rapid acceptance of our services, the need to manage such growth will add to the demands on our management, resources, systems, procedures and controls. There have been no operations since the sale of KCP’s assets. There can be no assurance that our administrative infrastructure, systems, procedures and control will be adequate to support our operations or that our officers and personnel will be able to manage any significant expansion of operations. If we are unable to manage growth effectively, our business, operating results, and financial condition will be materially adversely affected.

We are currently understaffed in our management. If our current essential officers leave prior to securing their replacements, we will be left without adequate management and our business operations would cease.

We will be reliant upon company management personnel to anticipate and address consumer demands and hire technical employees and contractors to provide our service. There can be no assurance that qualified management or technical personnel will be available to us in the future. The success of our operations and activities will depend to a significant extent on the efforts and abilities of our management and technical personnel. The loss of services of any of our management or technical personnel could have a material adverse effect on our business, results of operations, and financial condition.

Prospective investors are hereby advised that the success of previous projects undertaken by the company's management and affiliates cannot be construed as a guarantee of the success of the ventures outlined herein.

Our day–to-day management and operations are dependent on the expertise of Steve Claussen, our President. If he was no longer able to provide services, our operations could be threatened.

Currently, we are dependent on the expertise of Steve Claussen, who has an in-depth knowledge of our technology and operations. He is also responsible for the day-to-day management of our wholly-owned subsidiaries. Our ability to operate would be severely curtailed if he were to be unavailable.

US investors face the risk that their investment may be subject to special US Federal income tax rules.

For any of our taxable years, if at least seventy-five percent (75%) of our gross income is “Passive income” (as defined in the Internal Revenue Code of 1986, as amended (the “Code”)), or if at least fifty percent (50%) of our assets, by average fair market value, are assets that produce or are held for the production of passive income, we will be a Passive Foreign Investment Corporation (“PFIC”).

If we are a PFIC for any taxable year during which an individual who is a citizen or resident of the United States or a domestic corporation (a “US Taxpayer”) owns any common stock, the US Taxpayer will be subject to US federal income tax rules, set forth in Sections 1291 to 1297 of the Code, with respect to all of such US Taxpayers’ common stock. For example, gifts and exchanges pursuant to corporate reorganizations and use of the common stock as security for a loan may be treated as a taxable disposition, and a stepped-up basis upon the death of such US Taxpayer may be not available. Furthermore, in the absence of an election by such US Taxpayer to treat us as a “qualified electing fund” (the “QEF election”), as discussed below, the US Taxpayer would be required to (i) report any gain on disposition of any common stock as ordinary income rather than capital gain, (ii) to compute the tax liability on such gain and on certain distributions as if the share had been earned pro rata over the US Taxpayer’s holding period (or a certain portion thereof) for the common stock, and (iii) would be subject to the highest ordinary income tax rate for each taxable year of the US Taxpayer in which the shares were treated as having been earned. Such US Taxpayer would also be liable for interest (which may be non-deductible by certain US Taxpayers) on the foregoing tax liability as if such liability had been due with respect to each prior year.

US Taxpayers are strongly urged to consult his or her own tax advisor in this regard.

The foregoing discussion of United States taxation is of a general and summary nature only and is not intended to be, nor should it be considered to be, legal or tax consequences of receiving dividends from us or disposing of their common stock, and thus, any investment in our common stock could be illiquid for an indefinite period of time.

You should not expect to receive dividends on your investment.

We have never paid any cash dividends on shares of our capital stock, and we do not anticipate that we will pay any dividends in the foreseeable future. Our current business plan is to retain any future earnings to finance the expansion of our business. Any further determination to pay cash dividends will be at the discretion of our board of directors, and will be dependent upon our financial condition, results of operations, capital requirements and other factors as our board of directors may deem relevant at that time. Should we decide to pay dividends at any time in the future, there is no guarantee that they will be paid on a timely basis. If in buying our stock you anticipate income from dividends, you should not buy our stock. Even if cash distributions are made, The Company may not be profitable or be successful in generating or earning revenues. The Company's management, in its discretion, may retain Corporation funds for working capital purposes.

You may be unable to sell your common stock at or above your purchase price, which may result in substantial losses to you.

The following factors may add to the volatility in the price of our common stock: actual or anticipated variations in our quarterly or annual operating results; government regulations, announcements of significant acquisitions, strategic partnerships or joint ventures; our capital commitments; and additions or departures of our key personnel. Many of these factors are beyond our control and may decrease the market price of our common stock, regardless of our operating performance. We cannot make any predictions or projections as to what the prevailing market price for our common stock will be at any time, including as to whether our common stock will sustain its current market price, or as to what effect that the sale of shares or the availability of common stock for sale at any time will have on the prevailing market price.

Volatility in our common stock price may subject the Company to securities litigation.

The market for our common stock is characterized by significant price volatility when compared to seasoned issuers, and we expect that our share price will continue to be more volatile than a seasoned issuer for the indefinite future. In the past, plaintiffs have often initiated securities class action litigation against a company following periods of volatility in the market price of its securities. We may in the future be the target of similar litigation. Securities litigation could result in substantial costs and liabilities and could divert management’s attention and resources.

We may need to raise additional capital. If we are unable to raise necessary additional capital, our business may fail or our operating results and our stock price may be materially adversely affected.

Because we are a newly operational company, we need to secure adequate funding. If we are unable to obtain adequate funding, we may not be able to execute on our business plan and our business will most likely fail. We do not have commitments for additional financing. To secure additional financing, we may need to borrow money or sell more securities, which may reduce the value of our outstanding securities. We may be unable to secure additional financing on favorable terms or at all.

Selling additional stock, either privately or publicly, would dilute the equity interests of our stockholders. If we borrow more money, we will have to pay interest and may also have to agree to restrictions that limit our operating flexibility. If we are unable to obtain adequate financing, we may have to curtail business operations, which would have a material negative effect on operating results and most likely result in a lower stock price.

Our issuance of additional common stock in exchange for services or to repay debt would dilute your proportionate ownership and voting rights and could have a negative impact on the market price of our common stock.

Our board of directors may generally issue shares of common stock to pay for debt or services, without further approval by our stockholders based upon such factors as our board of directors may deem relevant at that time. The Company has in the past issued common stock shares in payment for debt and services, and it is likely that we will issue additional securities to pay for services and reduce debt in the future. It is possible that we will issue additional shares of common stock under circumstances we may deem appropriate at the time.

Our directors have the right to authorize the issuance of shares of our preferred stock and additional shares of our common stock.

Our directors, within the limitations and restrictions contained in our articles of incorporation and without further action by our stockholders, have the authority to issue shares of preferred stock from time to time in one or more series and to fix the number of shares and the relative rights, conversion rights, voting rights, and terms of redemption, liquidation preferences and any other preferences, special rights and qualifications of any such series. We have no intention of issuing shares of preferred stock at the present time. Any issuance of shares of preferred stock could adversely affect the rights of holders of our common stock. Should we issue additional shares of our common stock at a later time, each investor’s ownership interest in our stock would be proportionally reduced. No investor will have any preemptive right to acquire additional shares of our common stock, or any of our other securities.

If we fail to remain current on our reporting requirements, we could be removed from the OTC Bulletin Board, which would limit the ability of broker-dealers to sell our securities and the ability of stockholders to sell their securities in the secondary market. Companies trading on the OTC Bulletin Board must be reporting issuers under Section 12 of the Exchange Act, and must be current in their reports under Section 13 of the Exchange Act, in order to maintain price quotation privileges on the OTC Bulletin Board. If we fail to remain current on our reporting requirements, we could be removed from the OTC Bulletin Board. As a result, the market liquidity for our securities could be adversely affected by limiting the ability of broker-dealers to sell our securities and the ability of stockholders to sell their securities in the secondary market.

Our common stock is subject to the “penny stock” rules of the Securities and Exchange Commission, and the trading market in our common stock is limited, which makes transactions in our stock cumbersome and may reduce the investment value of our stock.

Our shares of common stock are “penny stocks” because they are not registered on a national securities exchange or listed on an automated quotation system sponsored by a registered national securities association, pursuant to Rule 3a51-1(a) under the Exchange Act. For any transaction involving a penny stock, unless exempt, the rules require that a broker or dealer approve a person’s account for transactions in penny stocks; and that the broker or dealer receives from the investor a written agreement to the transaction, setting forth the identity and quantity of the penny stock to be purchased.

The broker or dealer must also deliver, prior to any transaction in a penny stock, a disclosure schedule prescribed by the Securities and Exchange Commission relating to the penny stock market, which, for example, sets forth the basis on which the broker or dealer made the suitability determination; and that the broker or dealer received a signed, written agreement from the investor prior to the transaction.

Generally, brokers may be less willing to execute transactions in securities subject to the “penny stock” rules. This may make it more difficult for investors to dispose of our common stock and cause a decline in the market value of our stock.

Disclosure also has to be made about the risks of investing in penny stocks in both public offerings and in secondary trading and about the commissions payable to both the broker-dealer and the registered representative, current quotations for the securities and the rights and remedies available to an investor in cases of fraud in penny stock transactions. Finally, monthly statements have to be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks.

The market for penny stocks has suffered in recent years from patterns of fraud and abuse.

Stockholders should be aware that, according to SEC Release No. 34-29093, the market for penny stocks has suffered in recent years from patterns of fraud and abuse. Such patterns include:

1. Control of the market for the security by one or a few broker-dealers that are often related to the promoter or issuer;

2. Manipulation of prices through prearranged matching of purchases and sales and false and misleading press releases;

3. Boiler room practices involving high-pressure sales tactics and unrealistic price projections by inexperienced salespersons;

4. Excessive and undisclosed bid-ask differential and markups by selling broker-dealers; and

5. The wholesale dumping of the same securities by promoters and broker-dealers after prices have been manipulated to a desired level, along with the resulting inevitable collapse of those prices and with consequential investor losses.

Our management is aware of the abuses that have occurred historically in the penny stock market. Although we do not expect to be in a position to dictate the behavior of the market or of broker-dealers who participate in the market, management will strive within the confines of practical limitations to prevent the described patterns from being established with respect to our securities. The occurrence of these patterns or practices could increase the volatility of our share price.

Shares eligible for future sale by our current stockholders may adversely affect our stock price.

To date, we have had a very limited trading volume in our common stock. As long as this condition continues, the sale of a significant number of shares of common stock at any particular time could be difficult to achieve at the market prices prevailing immediately before such shares are offered. In addition, sales of substantial amounts of common stock, including shares issued upon the exercise of outstanding options and warrants, under Securities and Exchange Commission Rule 144 or otherwise could adversely affect the prevailing market price of our common stock and could impair our ability to raise capital at that time through the sale of our securities.

We have a limitation of liability against our directors, where permitted by law, possibly limiting certain claims by investors should our business fail.

There are limits of liability of our directors for monetary damages for breach of director's fiduciary duty except for liability in certain instances. As a result you as a stockholder will have limited rights to recover against directors for breach of fiduciary duty.

Additional capital requirements and future dilution.

The long-term growth plans of the Company may require additional capital.

The Company may be desirous of raising additional capital, which may be accomplished, among other options, through an offering There can be no assurance that additional capital from any source will be available when needed or on terms acceptable to the Company. The availability of additional financing may be dependent on the relative success and progress of the Company. In order to obtain additional financing, the Company may be required to dilute the equity investment of its then current shareholders.

The Company may also obtain additional financing through certain government subsidies or tax incentives available in certain geographic areas, if available, at the Company's discretion. Failure to obtain such additional capital on terms acceptable to the Company could restrict its ability to implement its growth plans.

No assurance of profit.

There is no assurance as to whether the Company will be profitable or earn revenues, or will be able to return any investment funds, to make cash distributions or to meet its operating expenses and debt service, if any.

Financial projections.

The Company’s management may prepare financial projections concerning the estimated operating results of the Company. These projections would be based on certain assumptions that may prove to be inaccurate and which are subject to future conditions beyond the control of the Company, such as changes in the condition of the marketplace, changes in interest rates, and changes in the costs of developing and providing products and services. The Company may experience unanticipated costs, or anticipated sales may not materialize, resulting in lower revenues than forecasted. Due to the fact that the Company has a limited operating history the Company may experience unanticipated costs, or, among other things, anticipated contracts may not materialize, resulting in lower revenues than forecasted. There is no assurance that the Company would in fact realize the results that may be illustrated in financial projections. The financial projections would be prepared by management of the Company and would not be examined or compiled by independent certified public accountants. Accordingly, neither the independent certified public accountants nor counsel to the Company could provide any level of assurance on the financial projections.

Potential conflicts of interest.

The Company’s management may be or in the future become associated with or employed by other companies, which are engaged, or may become engaged, in operations similar to the operations engaged in by the Company. Conflicts of interest between the Company’s managers and officers and the Company may arise by reason of such relationships.

Achievement of investment goals and objectives.

All investments in the Company risk the loss of capital. While the Company's management believes that its experience and relationships will moderate this risk to some degree, no representation is made that the Company's projects will be successful.

Changes in applicable law.

The Company must comply with various legal requirements, including but not limited to requirements imposed by the state and federal securities laws. Should any of those laws change over the scheduled term of the Company, the legal requirements to which the Company and its shareholders may be subject could differ materially from current requirements.

Possibility of audit.

The IRS could audit the Company's information and adjustments to the Company's tax returns could occur as a result. Any such adjustment could subject the shareholders to additional tax, interest and penalties, as well as incremental accounting and legal expenses. In addition, an audit of the Company's tax returns could lead to audits of the individual tax returns of the shareholders, resulting in adjustments and additional tax with respect to non-Corporation items.

Government regulation.

In addition to environmental regulations, the Company may be subject to regulation by county, state and federal governments, and governmental agencies. Failure to obtain regulatory approvals or delays in obtaining regulatory approvals by the Company, its contractors, or other persons or entities employed by the Company, could adversely affect the Company's ability to complete development, marketing and/or promotion on time or at all, which could adversely impact the Company's ability to generate revenues or profits. Although the Company does not anticipate problems satisfying any of the regulations involved, the Company cannot foresee the possibility of new regulations, which could adversely affect the business of the Company. The Company anticipates that all regulatory approvals required will be granted. Violations by the Company and/or its contractors, and/or non-compliance with such regulations and approvals, may adversely affect the Company's ability to complete its projects, may subject the Company to fines and or other monetary penalties, and could adversely affect the Company's ability to conduct its business as intended.

Indemnification of shareholders, officers and managers.

The Company's Shareholder Agreement provides that the Company will, within the limits of capital contributions and retained assets, hold its shareholders, manager(s) and officers harmless against certain claims arising from Corporation activities, other than losses or damages incurred by it as a result of gross negligence, fraud or bad faith. If the Company were called upon to perform under its indemnification agreements, then the portion of its assets expended for such purpose would reduce the amount otherwise available for the implementation of its business model, or for distributions to its shareholders.

Uninsured losses.

The Company may obtain comprehensive insurance coverage, including liability, fire and extended coverage, as is customarily obtained for businesses similar to the Company. Certain types of losses of a catastrophic nature, such as losses resulting from floods, tornadoes, thunderstorms, earthquakes, and acts of terrorism are uninsurable or not economically insurable to the full extent of potential loss. Such Acts of God, work stoppages, regulatory actions or other causes, could interrupt or delay the Company's development or renovation undertakings, and would adversely affect the Company's business, results of operations, and profitability.

Success dependent on market conditions.

The Company's success is dependent on market conditions. Even if the Company's services are successfully developed and marketed, the Company is unable to predict how quickly, if at all, the marketplace will grow. The inability of the Company's operations to achieve a significant level of acquisition opportunities and marketplace placement could force the Company to cease operations.

Performance estimates dependent on varying factors.

Estimates of performance depend on many assumptions that may turn out to be inconclusive, subject to varying interpretations, or inaccurate. The process of estimating the total market is complex. It requires interpretations of available advertising and economic data for the future. Therefore, estimates of prospective opportunities are inherently imprecise. Such factors as actual opportunities, future market growth, market penetration, revenues, operating expenses, and development expenditures will vary and are beyond the Company’s control, and any significant variance could materially affect the estimated value of future revenues.

Force Majeure.

The business is uniquely susceptible to unforeseen delays or failures that are caused by market trends and related circumstances. These factors are outside and beyond the control of the Company and may render it impossible to complete production of its project. The delay or failure to render certain services may be due to any act of God, fire, war, terrorism, flood, strike, labor dispute, disaster, transportation or laboratory difficulties or any similar or dissimilar event beyond the control of the Company. Neither the Company nor its management shall be held liable to any Member in the event of such failure. The Company will endeavor to prospectively cure such failure immediately following the expiration of such Force Majeure event should such event occur.

Unanticipated obstacles to execution of the business plan.

The Company’s business plan may change significantly. Many of the Company’s potential business endeavors are capital intensive and may be subject to statutory or regulatory requirements. Management believes that the Company’s chosen activities and strategies are achievable in light of current economic and legal conditions with the skills, background, and knowledge of the Company’s principals and advisors. Management reserves the right to make significant modifications to the Company’s stated strategies depending on future events.

Future capital needs; uncertainty of additional funding.

Future capital may be required to expand where logistical hurdles will need to be overcome. The Company believes that it can fund the majority of the planned expansion through retained earnings, but there is no guarantee that additional funding will not be needed. Therefore, the Company may need to raise additional funds to sustain and expand its sales, marketing research and development activities, particularly if a well-financed competitor emerges or if there is a major shift in marketplace. Adequate funds may not be available on terms favorable to the Company, if at all, to deal with such issues.

The market for the Company’s acquisition plans is competitive. The Company’s future success will depend on its ability to adapt to rapidly changing industry developments and evolving demands of the marketplace.

Some of the Company’s competitors have:

· longer operating histories;

· larger customer bases;

· greater name recognition and longer relationships with clients; and

· significantly greater financial, technical, marketing, public relations and managerial resources than the Company.

Competitors may develop or offer products and services that provide significant performance, price or other advantages over the services offered by the Company. If the Company fails to gain market Share or loses existing market Share, its financial condition, operating results and business could be adversely affected and the value of the investment in the Company could be reduced significantly. The Company may not have the financial resources, marketing, or support capabilities to compete successfully.

Long-term nature of investment.

An investment in the Shares may be long-term and illiquid.. Prospective investors must be willing and able to bear the economic risk of their investment for an indefinite period of time. It is likely that investors will not be able to liquidate their investment in the event of an emergency.

Potential future projects.

Management may serve in the future as an officer, director or investor in other entities. Neither the Company nor any Corporation would have any interest in these projects. Management and its affiliates believe that they have sufficient resources to fully discharge their responsibilities to all projects they have organized or will organize in the future, if any. Management will devote only so much of its time to the business of the Company as in its judgment is reasonably required.

Competition and constant change in the marketplace.

The Company is in a highly competitive business and will face competition from other competitors within the industry as well as companies in other areas related to the industry. Some of these competitors have significantly greater financial and other resources than the Company. The waste storage industry is continuing to undergo significant changes, primarily due to new technological developments and economic conditions. While these developments may result in additional revenue streams for the Company, they also may result in new and difficult risks. Due to shifting options and the general economic conditions, it is impossible to predict or estimate the overall effect these factors may have on the potential revenues from and profitability of the Company.

ITEM 4.

INFORMATION ON THE COMPANY

HISTORY AND DEVELOPMENT OF THE COMPANY

Capital Reserve Canada Limited (“Capital Canada,” the “Company”, “we”, “us” or “our”) was incorporated on December 8, 1999 as a private corporation under the Business Corporations Act (Alberta, Canada). On January 15, 2003, we amended our articles of incorporation to enable us to be a public company under the laws of the Province of Alberta. On May 28, 2003, we amended our Articles of Incorporation to forward split issued and outstanding shares of class A common stock on the basis of 2,000 shares for every one (1) share held. From the date of incorporation to November 1, 2004, we were a wholly-owned subsidiary of FACT Corporation. On November 1, 2004, FACT Corporation distributed our shares to FACT Corporation’s shareholders and to a creditor and we ceased to be a subsidiary of FACT Corporation.

Our principal place of business is located at 18104-102 Ave., Edmonton, Alberta, T5S 1S7. Our telephone number is 780-701-4447.

On July 1, 2005, we entered in two (2) convertible loan agreements with FACT Corporation in the principal amount of $533,527 USD and $152,997 CDN (approx $126,222 USD). The loan agreements were to mature on June 30, 2007 and interest calculated at US prime plus one percent (1%). The loans were converted into our Class A common shares at $0.05 USD per share. On November 22, 2005, FACT Corporation advised us that it had assigned all of its rights and interest in the convertible loan agreements. On November 23, 2005, we received notice of election to convert a total of $772,550 USD owing for interest and principal and issued a total of 15,451,000 Class A common shares pursuant to the conversion. Also, on November 23, 2005, 24,000 Class A common shares were issued when options were exercised. On February 15, 2006, we received notification of the conversion of the remaining balance of the convertible loans in the amount of $226,065 USD and issued a total of 4,521,307 Class A common shares. This constituted full and final settlement of all outstanding debt under the convertible notes.

On August 2, 2005, we incorporated a wholly-owned subsidiary, Capital Reserve Canada Projects Ltd., to effect the acquisition of an operating business in the oil and gas services industry. On August 8, 2005, we issued a total of 17,335,814 of our Class A common shares and Capital Reserve Canada Projects Ltd. acquired a 78.2% interest in KCP Innovative Services Inc. (“KCP”). After this issuance, we had a total of 19,335,814 Class A common shares outstanding which resulted in a change in control of the Company.

On February 3, 2006, we issued an additional 4,834,300 shares of Class A common stock for the remaining 21.8% of the shares of KCP and Capital Reserve Canada Projects Ltd. This effected an amalgamation with KCP, with KCP being the surviving entity. KCP is now a wholly-owned subsidiary of us. All of our operations are currently carried on by KCP. As all of our operations are undertaken by KCP, management has applied reverse merger accounting for the reporting of financial information. Unless otherwise stated, all of the financial information included in this annual report is the financial information of KCP, our wholly-owned subsidiary, except for the shareholders’ equity which includes information for both us and KCP.

On June 13, 2006, we incorporated Two Hills Environmental Inc. in the Province of Alberta, Canada as a wholly-owned subsidiary to acquire the assets of Southbend Power Ltd. (“Southbend”). On June 16, 2006, as amended July 5, 2006, Two Hills Environmental Inc. and Southbend entered into an asset purchase agreement for the purpose of acquiring a water diversion permit, 147 acres of surface rights with water pumping station, and certain mineral rights from Southbend, in exchange for 13,200,000 of our Class A common restricted shares.

On August 11, 2006, we, through a newly formed subsidiary, Suncone Technologies Ltd (“SUN”), entered into an agreement with Southbend whereby Southbend agreed to sell to SUN an Infratronic Soil Sterilization Unit for $50,000 on the condition that the unit passed a start-up and operational test to the sole satisfaction of SUN no later than September 30, 2006. This was later extended to November 30, 2006 after which the contract was cancelled by SUN. Southbend was given until March 31, 2007 to repay the $50,000. On December 11, 2006, both parties agreed to apply the $50,000 against work done by Southbend on the Two Hills site. This work consisted of cleaning debris from the Two Hills site. SUN was subsequently dissolved on Dec 18, 2006. The $50,000 was offset by work done by Southbend on the site during the 2007 fiscal year.

On October 20, 2006, we purchased salt rights to about four (4) sections of adjacent land from Rich Resources Investment Ltd. in exchange for 1,000,000 of our Class A common restricted shares.

On February 4, 2008 we issued 23,500,000 shares to purchase the shares of Behral Canada Ltd. Behral owns the patents to a blowout preventer valve, stack control system and portable blowout controller. Behral also owns a floating offshore drilling vessel, a blow out preventer stack control system as well as a subsea blowout stack control system. Pursuant to the agreement, the CEO of Behral became our CEO.

On February 8, 2008, KCP Innovative Services Ltd. sold one of the slickline trucks for $300,000. The proceeds were used to retire the equipment loan with Canadian Western Bank of about $236,000 and the remainder was used for working capital.

In June 2008, the remaining slickline truck in KCP and tools were transferred to CRC and subsequently, the truck was sold for $290,000 and the tools for $100,000. With the assets being sold, KCP has become an inactive company.

Principal Capital Expenditures and Divestitures

The financial statements presented in this annual report relate to our consolidated operations of our wholly-owned subsidiaries, KCP, Two Hills Environmental Inc. and Behral Canada Ltd. We have included the information as to capital expenditures and divestitures in this section.

We were previously in the oil and gas industry by way of the ownership of certain producing and non-producing oil and gas properties. On May 15, 2003, we sold certain oil and gas producing properties to Hornet Energy Ltd. for $150,000 CDN or approximately $113,920 USD. The funds received paid off certain loans with Alberta Treasury Branches in full, funded the drilling of an exploration well in Montana and paid down a total of $57,526 USD of debt with FACT Corporation.

On June 10, 2003, we executed an agreement with FACT Corporation and Terra Nostra Technology Ltd. whereby we acquired an interest in certain oil and gas leases held in Rosebud and Garfield Counties, Montana for $10, 000 USD. As part of such agreement, we also took ownership of small producing oil and gas wells in Colorado, known as the Kejr leases. We expended a total of $6,181 for the drilling of an exploration well on the Montana leases during July, 2003. The well was a dry hole. Our management determined to divest itself of the Kejr leases and the Montana leases. On December 23, 2004 we entered into an agreement with Stone Canyon Resources Inc. (“Stone Canyon”) whereby we transferred to Stone Canyon all rights and interest in and to the Kejr and Montana leases in exchange for Stone Canyon assuming all current liabilities and any future liabilities for the Kejr and Montana leases.

Effective January 1, 2004, KCP acquired from a group of individuals a computer modeling system to analyze the underground formations that contain natural gas and oil by way of the issuance of a total of 14,966,270 common shares of KCP.

On June 11, 2004, KCP acquired 100% of the issued and outstanding shares of Zone Technologies Ltd. (“Zone”) from an existing shareholder and an unrelated party. Consideration for the acquisition was $782,500 which was paid by the way of 1,294,444 shares of KCP and $200,000 cash.

Vendor	Percent Ownership			Cash Consideration		Share Consideration
Darren Klassen		50	%	$	200,000	425,000 KCP Shares
Ken Pearson		50	%		-	869,444 KCP Shares
Total		100	%	$	200,000	1,294,444 KCP Shares

On September 26, 2005, Zone Technologies Ltd. was dissolved and the assets were transferred directly to KCP.

During February and March 2005, KCP purchased two Slick Line Units at a cost of approximately $650,000 for use in field operations.

On June 13, 2006, we incorporated Two Hills Environmental Inc. in the Province of Alberta, Canada as a wholly-owned subsidiary to acquire the assets of Southbend Powers Ltd. On June 16, 2006, Two Hills Environmental Inc. and Southbend entered into an asset purchase agreement for the purchase of acquiring certain surface and mineral rights from Southbend in exchange for 13,200,000 of our Class A common restricted shares.

On October 20, 2006, we purchased salt rights from Rich Resources Investments Ltd. for 1,000,000 of our Class A common restricted shares.

On August 19, 2007 we issued 4,500,000 shares for the retirement of a $800,000 lien on the Two Hills property. The shares were issued to Southbend Powers Ltd.

In June 2008, the remaining slickline truck in KCP and tools were transferred to CRC and subsequently, the truck was sold for $290,000 and the tools for $100,000 to a Calgary company and the proceeds were used for working capital.. With the assets being sold, KCP has become an inactive company.

Principal Capital Expenditures and Divestitures in Progress

On May 3, 2009, we entered into Drawdown Equity Finance Agreement and A Registration Rights Agreement with Auctus Private Equity Fund, LLC in order to establish a possible source of funding for us. The equity line of credit agreement establishes what is sometimes also referred to as an equity drawdown facility.

Under the equity line of credit agreement, Auctus has agreed to provide us with up to $10,000,000 of funding over a thirty-six month period;, and shares of our common stock covering $10,000,000 of the agreement are being registered. During this period, we may request a drawdown under the equity line of credit by selling shares of our common stock to Auctus and Auctus will be obligated to purchase the shares. We may request a drawdown once every five trading days, although we are under no obligation to request any drawdowns under the equity line of credit. There must be a minimum of five trading days between each drawdown request.

On September 3, 2009 the Company signed a Registration Rights Agreement with Auctus requiring, among other things, that CRC prepare and file with the SEC Form S-1, or on such other form as is available no later than one hundred twenty (120) calendar days after the Company's Annual Report on Form 20-F for its fiscal year ended December 31 2008 is filed with the SEC. In addition, the Company shall use all commercially reasonable efforts to have the Registration Statement(s) declared effective by the SEC within one hundred and twenty (120) calendar days from the date that the Registration Statement is filed with the SEC. There was a non-refundable origination fee of Fifteen Thousand Dollars ($15,000) cash.

On November 12, 2009 the Company submitted a Form S-1 Registration Statement to the SEC

On December 9, 2009 the Company submitted an Amendment to Form S-1/A Registration Statement to the SEC

On December 30, 2009 the Company received comments from the SEC in relation to the S-1/A Registration Statement

On May 14, 2010 the Company made amendments to the Drawdown Equity Finance Agreement and A Registration Rights Agreement with Auctus Private Equity Fund, LLC to become compliant with SEC comments pursuant to SEC Act of 1934.

On May 25, 2010 the Company filed a Request for Withdrawal of Registration Statement or Form RW on the S-1/A so that it may file a new Registration Statement under the different designation of F-1 for a foreign Issuer.

On July 8, 2010 the Company submitted a Form F-1 Registration Statement to the SEC.

BUSINESS OVERVIEW

We are an Alberta, Canada Corporation formed in December 1999 to locate and acquire producing oil and gas assets in Canada. We disposed of our Canadian oil and gas production on May 15, 2003, which consisted of a five percent (5%) interest in an Alberta field. We divested of our interests in oil and gas exploration and development leases in Montana and a producing oil and gas property located in Colorado effective as of December 1, 2004. On August 12, 2005, we acquired a controlling interest in KCP, an oil and gas services company, and we acquired a further interest in KCP on February 3, 2006, making KCP our wholly-owned subsidiary which has since became inactive as of 2008.

On June 13, 2006, we acquired the assets of Southbend to assist the oil and gas industry with problem waste and to provide underground storage. These assets include the property and water diversion permit at the Two Hills site in Alberta.

On February 4, 2008 we purchased the shares of Behral Canada Ltd. Behral owns the patents to a blowout preventer valve, stack control system and portable blowout controller. Behral also owns a floating offshore drilling vessel, a blow out preventer stack control system as well as a subsea blowout stack control system. Pursuant to the agreement, the CEO of Behral became our CEO. Until the purchase of Behral, all of our operations were undertaken by KCP.

Operations and Principal Activities

Since August 2000, we have been operating in the oil and gas services industry. All of our present business is conducted in Alberta, Canada through wholly-owned subsidiaries KCP, Two Hills Environmental Inc. (“Two Hills”), and Behral Canada Ltd.

Our lead product is the Split Ball Blowout Preventer (SBOP). The SBOP has been built and tested to withstand up to 20,000 psi and is the next generation of blowout preventers for the oil and gas industry. It provides the highest level of safety when a blowout occurs and may be the only environmentally safe technology equipment available on the market. The SBOP virtually eliminates all the hazards associated with the event by using the well’s own pressure to assist in the valve closure. The SBOP’s size and weight is less than half of that of current industry BOPs.

On June 13, 2006, we acquired the assets of Southbend Power to assist the oil and gas industry with problem waste and to provide underground storage. These assets include the property and water diversion permit at the Two Hills site in Alberta.

September 2, 2008 CRC submitted to the Government of Alberta at their request an Expression of Interest (EOI) for the “Carbon Capture and Storage Projects in Alberta” mandate. A second EOI will be submitted to the Federal Government for the “Clean Energy Fund” mandate in which the Government plans to support a cleaner and more sustainable environment and help meet Canada's climate change objectives.

Two Hills Environmental a wholly-owned subsidiary of CRC is in the process of developing a CO2 Cavern Storage Terminal and a CO2 conversion process in the province of Alberta in order to assist the Government in meeting its stated goals of reducing CO2 emissions by at least 50Mt by the year 2020. CRC’s core strategy revolves around the standpoint that CO2 is a valuable feedstock as opposed to a disposable liability. In accordance with this core consideration, CRC seeks to develop the most secure, predictable and quantifiable means of CO2 storage in order to both enhance the safety and security of the provincial CO2 infrastructure and safely consume this CO2 in a proprietary process for converting CO2 into fuel products. Through this substantial value-add, CRC will be able to help close the gap on the province’s proposed CCS targets.

Operations and Principal Activities

KCP Innovative Services Inc. (KCP)

KCP was a corporation that developed tools for and provided services using such tools to businesses engaged in the exploration for energy. Specifically, KCP’s tools were used for measuring the flow and quantity of production of oil and gas wells. KCP’s measurement tools were used by oil and gas companies to measure pressure and temperature of a well, which enables improved production information on development life to assist the Alberta Energy and Utilities Board to determine royalty payments and gas reserves. During 2008, the tools and equipment were sold and KCP has become inactive.

TWO HILLS ENVIRONMENTAL INC, (THI) Cavern Storage Terminal and Processing Facility

Problem Waste and Underground Storage

Our subsidiary, Two Hills Environmental Inc, (THI), owns approximately 147 acres of industrial land, 2500 acres of salt rights, and a water diversion permit on the North Saskatchewan River, near Two Hills, Alberta, Canada. THI seeks to function as a CO2, Natural Gas and Waste Management Storage Facility, serving the Fort McMurray, Cold Lake and Riley, AB regions. This will be accomplished through the solution-mining of caverns into the Lotsberg Salt formation on its property and the development of the required surface infrastructure capacities (transport, compression, purification, etc.). The 1,200 meters of rock and overburden lying over the Lotsberg contains 3 other salt-based, impenetrable layers as well as several laterally-spanning, porous formations (adding several levels of safety in the unlikely event of a fissure). Formal scientific studies of the Lotsberg have concluded that salt caverns created in the Lotsberg present the safest means for the permanent sequestration of C02 as well as other materials.

Waste Disposal:

With our Phase 1 Engineering complete, THI seeks to break ground in mid-late 2010 on our Cavern Storage Terminal and Processing Facility. Cavern waste disposal is seen as the safest method of hazardous waste disposal due to the caverns’ ability to seal wastes off from all other formations (including aquifers) permanently. Cavern disposal also presents the unique opportunity to recycle and reclaim waste streams such as hydrocarbons and other chemical solutions;

With the strategic location of the Two Hills site above the Nisku Fault, THI plans to start Phase 1 of the deepwell disposal business to get to revenue within the next 6 - 12 months, pending permit and funding approval. The Nisku Fault is the most commonly used formation for deep-well disposal of industrial wastes; several such wells have been successfully drilled, utilized and sealed on the property in the past, sufficiently demonstrating this capacity.

Natural Gas Storage and Cycling

The THI facility would also be able to accommodate Albertan energy industry with natural gas storage. Salt caverns in North America have been used for decades to securely store natural gas. The natural gas is stored during the low demand summer months and stockpiled to accommodate the peak demands during winter months. When demand is more than what the natural gas system is able to deliver, the stored natural gas is added to the system to ensure reliability for their customers.

The storage of natural gas in caverns would also offer industry cost savings. The caverns would be able to be accessed and refilled three or four times during the winter months, where as the depleted oil reserve could only be turned over once during the same time period, leaving the industry to search for other storage means. THI facilities would provide the Alberta energy industry with a type of storage that is secure, easily monitored, and would allow for quick withdrawals during peak demand times.

BEHRAL Canada

BEHRAL holds the patents on 3 next generation oilfield products. The SBOP has been built and tested to withstand up to 20,000 psi and is the next generation of Blowout Preventers for the oil and gas industry. It provides the highest level of safety when a blowout occurs. The SBOP virtually eliminates all the hazards associated with a Blow-Out by using the well’s own pressure to assist in the valve closure. With the size and weight less than half of that of current industry BOPs; the SBOP aims to be the new standard in Blowout Preventers worldwide.

Products that BEHRAL seeks to bring to market in the years to come;

Subsea BOP Stack Control System

An improvement is provided in a system for controlling a subsea blowout preventer in which blowout preventer functions are operated by a hydraulic control system. The improvement resides in a control system, which has at least two elements and at least one back up control system. The control system includes a subsea pressure compensated reservoir for replenishing the supply of hydraulic fluid, and an electric motor, supplied with electrical command energy from the surface, to operate a hydraulic pump which operates in conjunction with the BOP hydraulic control system. One back up control system is a standby second electric motor, supplied with electrical command energy from the surface, to operate a hydraulic pump, which operates in conjunction with the BOP hydraulic control system. A second back up control system is an acoustical unit including a transducer and a subsea acoustic receiver to operate the BOP hydraulic control system drawing hydraulic fluid from the subsea hydraulic accumulators associated with the hydraulic control system. Having two back up, standby systems, enhances the reliability of the BOP control. The total hydraulic control system is housed in a pressure compensated reservoir located at the usual pod locations. Two pods are used for additional redundancy.

Portable Blow Out Controller

A blowout controller is provided which is functional to effect stoppage of the high-pressure gases and/or fluids flowing from a wild well. The controller includes a mechanism for simultaneously sealing and gripping the outside wall of the well pipe.

Blowout Preventer Valve and BOP Stack

A novel blowout preventer valve is provided herein for connection between a riser connector and a wellhead connector of a sub-sea well. The valve includes a generally cylindrical body connectable in a riser string as a replacement for a riser, the generally cylindrical body being provided with an access opening through the wall thereof, the access opening being closed by cover plate. Two segments of a hollow sphere are rotationally mounted within the generally cylindrical body, each such segment having a driven shaft projecting outwardly from the generally cylindrical body. Positively actuatable means, e.g. a rotary hydraulic actuator, is provided for rotating the segments towards and away from one another between an open position, where there is free access to the borehole of the well, and a closed position, where a sealed closure is provided on the drill pipe. The valve so provided is smaller in size and lighter in weight than conventional BOP valves, and has less assemblage components.

REGULATORY MATTERS AFFECTING OUR BUSINESS

Environment and Safety

Our operations will be subject to numerous federal, provincial and local laws and regulations relating to environmental protection. These laws and regulations govern, among other things, the amounts and types of substances and materials that may be released into the environment, the issuance of permits in connection with exploration, drilling and production activities, the release of emissions into the atmosphere, the discharge and disposition of generated waste materials, offshore oil and gas operations, the reclamation and abandonment of wells and facility sites and the remediation of contaminated sites. In addition, these laws and regulations may impose substantial liabilities for the failure to comply with them or for any contamination resulting from the operations associated with our assets. Laws and regulations protecting the environment have become more stringent in recent years, and may in certain circumstances impose "strict liability," rendering a person liable for environmental damage without regard to negligence or fault on the part of such person. Such laws and regulations may expose us to liability for the conduct of or conditions caused by others, or for our acts which were in compliance with all applicable laws at the time such acts were performed. The application of these requirements or the adoption of new requirements could have a material adverse effect on our financial position and results of operations.

The Oil Pollution Act of 1990 ("OPA") and regulations promulgated pursuant thereto impose a variety of requirements on "responsible parties" related to the prevention of oil spills and liability for damages resulting from such spills. Few defenses exist to the liability imposed by the OPA, and such liability could be substantial. A failure to comply with ongoing requirements or inadequate cooperation in a spill event could subject a responsible party to civil or criminal enforcement action.

We take the issue of environmental stewardship very seriously and work diligently with our operators to ensure that compliance with applicable environmental and safety rules and regulations. Compliance with such laws and regulations has not had a material effect on our operations or financial condition in the past. However, because environmental laws and regulations are becoming increasingly more stringent, there can be no assurances that such laws and regulations or any environmental law or regulation enacted in the future will not have a material effect on our operations or financial condition.

ORGANIZATIONAL STRUCTURE

Our subsidiaries, as of the year ended December 31, 2009, were KCP, Two Hills and Behral. All three of these companies are incorporated pursuant to the laws of the Province of Alberta, Canada.

PROPERTY, PLANT AND EQUIPMENT

Our principal corporate and administrative offices are located at 18102-102 Ave., Edmonton, Alberta, Canada. KCP’s office is located at 4403-68 Ave. in Edmonton.

Until June 1, 2006, administrative space was provided free of charge by LFC Corporation (“LFC”), one of our shareholders. On June 1, 2006, we agreed to pay LFC Corporation rent of $2,000 per month which includes telephone, computers, photocopier, fax and reception. There was no formal rental agreement and the rental was a verbal agreement on a month-to-month basis and is cancelable at any time. We concluded our lease with LFC on December 31, 2006.

KCP leased 6,500 square feet of office space in Edmonton, Alberta, Canada at 4304-74 Ave, Edmonton, Alberta. The lease was a three (3) year term commencing on October 15, 2004, and expired on October 14, 2007. The base rent was $3,500 per month net of taxes. Under the lease agreement, KCP was responsible for the costs of all utilities, property taxes and business taxes. On November 1, 2007, KCP leased new space at 4403-68 Ave for a five (5) year term which expires on October 31, 2012, at a cost of $11,845 per month.

KCP had a financing agreement with Canadian Western Bank for $423,500 dated March 22, 2005 for the financing of two (2) PID trucks. The loan was a sixty (60) month term bearing interest at 6.375% per annum. The monthly payment was $8,313.29. The balance of the loan on was paid in full February 8, 2008.

ITEM 4A.

UNRESOLVED STAFF COMMENTS

Not Applicable

ITEM 5.

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

OPERATING RESULTS

The financial information as presented herein relates to our consolidated financial statements.

Pursuant to a share exchange agreement dated August 12, 2005, we indirectly, through our wholly-owned subsidiary, Capital Reserve Projects Ltd., acquired a 78.2% interest in KCP. Because the shareholders of KCP became our controlling shareholders, this transaction was accounted for as a reverse merger whereby KCP is deemed to be the parent company and Capital Reserve Projects Ltd. is deemed to be the subsidiary company for accounting purposes. The financial statements of the combined entity are issued under our name, but are considered a continuation of the financial statements of KCP.

We have provided financial information for the fiscal years ended December 31, 2007, 2008 and 2009.

Comparison of 2009, 2008 and 2007

Revenues for the fiscal year ended December 31, 2009 were $10,167 and showed a decrease over revenues from the previous fiscal years ended December 31, 2008 of $24,000 and a decrease over December 31, 2007 of $18,000. The decrease in revenue in 2009 can be attributed to the termination of a rental lease agreement during 2009. The increase in revenues for 2008 can be predominantly attributed to more months of a lease than 2007.

For the year ended December 31, 2009, we incurred operating losses of $963,001 as compared to operating losses of $7,004,415 for the fiscal year ended December 31, 2008 and operating losses of $195,414 for the fiscal year ended December 31, 2007. Expenses for the year ended December 31, 2009 decreased to $973,168 as compared to expenses of $7,028,415 for the year ended December 31, 2008 and $213,414 in the fiscal year ended in December 31, 2007, mainly due to the recording of impairment charges of $162,000 in 2009 as compared to $5,759,690 in 2008. Consulting, salaries and benefits decreased to $693,665 in 2009 from $986,332 in 2008 and $nil in 2007, respectively, due to less consultants in Capital Reserve. General and administrative expenses decreased to $115,313 in 2009 from $139,536 in 2008 and $213,414 in 2007. This is due to lower administrative costs to maintain the public listing. Amortization decreased to $2,190 in 2009 from $3,445 in 2008 and increased from $nil in 2007 due to the assets sold in 2008 no longer being amortized.

On August 19, 2007 the $800,000 lien on the Two Hills property and a BDC loan for approximately $39,000 was paid with 5,000,000 of shares of common stock. The lien on the Two Hills property has subsequently been discharged.

During the fiscal year ended December 31, 2008, we issued 23,500,000 common shares in exchange for the shares in Behral Canada . This transaction was valued at $940,000, and then fully impaired.

LIQUIDITY AND CAPITAL RESOURCES

Summary of Working Capital and Stockholders’ Equity

Using current assets minus current liabilities, as of December 31, 2009, we had negative working capital of $(698,912) compared to negative working capital of $(243,147) on December 31, 2008, and compared with negative working capital of $(101,061) on December 31, 2007.

As of December 31, 2009, stockholders' equity was $(159,731) compared to $689,758 at December 31, 2008 and compared to $5,912,304 at December 31, 2007. The decrease is largely due to the recording of the impairment on the Two Hills property and the increase in the accounts payable and accrued liabilities

Liquidity

We expect that we can meet our monthly overhead requirements from our current cash and cash equivalents for the next twelve months. We expect to be able to generate sufficient amounts of cash and cash equivalents, both in the short and long term, to maintain our capacity, meet our planned growth and development activities. Cash and cash equivalents are expected to come from offerings of the Company’s securities to the public and joint ventures along with our Drawdown Equity Finance Agreement.

Sources of Working Capital

During 2007, our primary sources of working capital have come from revenues generated from our operations in KCP. During 2008, our primary sources of working capital came from the sale of assets. During 2009, our primary source of working capital came from a lease on the Two Hills Property. As at December 31, 2009, we had cash equivalents of $556 and accounts receivable of $9,203. To develop the Two Hills site, the company will be looking for capital from either a mortgage, joint venture arrangement and/or our Drawdown Equity Finance Agreement.

Borrowings

KCP has an operating line of credit in the maximum amount of $95,000. Interest is charged monthly on the outstanding balance at the rate of Bank of Canada prime plus one percent (1%). As at December 31, 2009, the amount outstanding was $17,000.

KCP had a demand bank loan repayable over sixty (60) months maturing February 2010. The loan had monthly blended payments of principal and interest of $8,313. The interest rate on the loan was 6.375%. The loan was secured by two Sterling Slick Line units. On February 8, 2008 the loan was paid in full.

Two Hills assumed a $50,000 (maximum) loan, and a lien of $800,000 from Southbend. The loan had monthly payments of interest and an interest rate of two percent (2%) per month and was due March 5, 2011. The balance of the loan on December 31, 2007 was $0. The lien and the loan were settled with 5,000,000 shares on August 19, 2007.

Neither we nor our subsidiaries are in arrears on the payment of interest or principal payments on borrowing. We are not, nor have we been during the fiscal year ended 2009, in default on any debt covenants.

On April 7, 2009, the Company borrowed $40,000 from an Alberta corporation. This note was for 65 days and carried a 25% per quarter interest rate. The note has been extended until August 1, 2010. The balance of the note was $40,000 with $25,429 in accrued interest at December 31, 2009.

Material Capital Commitments

KCP had taken delivery of the two (2) PID trucks. One was delivered on February 18, 2005 and the other was delivered on March 29, 2005. KCP has arranged capital lease financing for the trucks totaling $494,614 including interest. The balance of the loan was paid off on February 8, 2008 leaving a loan balance of zero.

KCP leases space in Edmonton at 4403-68 Ave. The lease is for a period of five (5) years commencing on November 1, 2007 at $11,845 per month.

RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC.

KCP no longer invests in research and development, in previous years, they had invested in research and development, not only to refine its existing products but to develop new products.

Two Hills has initiated a phase one engineering study on its property in 2009, with plans to complete in 2010 along side a geotechnical study to gain a full and complete understanding of the source water, cap rock, salt strength for use in building its Salt Cavern Storage Terminal. Two Hills has not conducted research and development in 2008 or 2007.

The Company has no licenses but has the following patents held in Behral Canada Ltd:

Serial # 472,497, filed Jan. 21, 1985 - Floating Offshore Drilling Vessel

Serial # 472,498, filed Jan. 21, 1985 - Riser Handling & B.O.P. Stack Handling System

Serial # 472,499, filed Jan. 21, 1985 - Sub-Sea B.O.P. Stack Control System

Serial # 472,500, filed Jan. 21, 1985 - Blow-Out Preventer

Canadian patent, number 1239091 -Blowout preventer valve and BOP stack

Canadian patent number 1239090 - Subsea BOP stack control system

Patent application no. 2088794 -portable blowout contrail

TREND INFORMATION

We are not aware as of the filing of this annual report of any known trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on our financial condition.

OFF-BALANCE SHEET ARRANGEMENTS

We have no off-balance sheet arrangements.

DISCLOSURE OF CONTRACTUAL OBLIGATIONS

CAPITAL RESERVE CANADA

AS AT DECEMBER 31, 2009

DISCLOSURE OF CONTRACTUAL OBLIGATIONS

	Payments due by period
CONTRACTUAL OBLIGATIONS	Total		Less than one year		1-2 years		3-5 years		More than 5 years
KCP Lease Obligations (Office Space)(1)		402,730		142,140		142,140		118,450		0

Total		402,730		142,140		142,140		118,450		0

(1) Based on rent of $11,845 per month net of any taxes or operating costs.

ITEM 6.

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

DIRECTORS AND SENIOR MANAGEMENT

The following table sets forth at the date of writing this report the names and ages of our current directors and executive officers, the principal offices and positions held by each person and the date such person became a director or executive officer. Our executive officers are elected annually by our Board of Directors. The directors serve one-year terms until their successors are elected. The executive officers serve terms of one (1) year or until their death, resignation or removal by the Board of Directors. Unless described below, there are no family relationships among any of the directors and officers, and no persons have been elected as a director or officer at the request of any shareholders, customers, suppliers or others.

Name	Age	Date of Initial Appointment	Title

Donald Getty	75	April 13, 2006	Chairman of the Board and Director

Michael Dolinski	61	December 12, 2008	Director

Steve Claussen	37	December 19, 2007	Director, President and CEO

Nicole Wood	42	July 22, 2008	CFO

Donald Getty - Chairman of the Board, Director of Capital Reserve Canada Ltd. and Director of KCP Innovative Services Inc.

Mr. Getty earned his Business Administration degree from the University of Western Ontario with honours in 1954. His position with the Alberta Government included two terms as Premier of Alberta, position of Energy Minister and the position of Minister of Federal and Intergovernmental Affairs. In his business career, Mr. Getty has served on the Boards of distinguished companies such as Royal Bank of Canada, Nova Company, Genstar Company and Interprovincial Pipe and Steel Corp. Mr Getty is retired and currently sits on the Board of three private companies in addition to the Chairman of the board position he holds with Capital Reserve Canada.

Steven Claussen - Director, President and CEO of Capital Reserve Canada Ltd.

Mr. Claussen has been the President and CEO of Capital Reserve Canada for the last 2.5 years, previous to that he has amassed 10 years experience as a CEO, and an entrepreneur, and he has built successful companies in the retail, publishing and oil and gas industries. Mr. Claussen was the CEO and Founder of Behral Canada Inc. from its inception in September 2006 to its acquisition by CRC in Feb 2007. Prior to that he was the CEO and President of Solus Interactive Media for 18 months ending in August 2006.

Michael G. Dolinski M.Sc., M.P.M. - Director

Mr. Dolinski was trained as an entomologist and held the position of Provincial Entomologist during most of his 32-year career with Alberta Agriculture, Food, and Rural Development. He has chaired many Provincial and National Committees during his career, and the first World Organic Conference in London U.K. in 2000. Since his retirement from the Alberta Government in 2004, Mr. Dolinski has provided ongoing consulting and training services in pest management and organic agriculture production across Canada and the Northern US through Agri-Trend Agrology, the largest agricultural consulting company in North America, which has also developed a system to measure carbon sequestration and market carbon credits to large carbon dioxide emitters.

Nicole Wood - CFO of Capital Reserve Canada Ltd.

Mrs. Wood holds an Honours of Commerce Degree and is a Certified General Accountant. For the past five years, she has been the Controller/ CFO of the publically traded company UC Resources listed on the Canadian Venture Exchange. She has previously held various positions including Chief Financial Officer, Director of Finance and Vice President of Accounting, with public and private sector companies.

COMPENSATION

The following table sets forth the compensation paid to our directors and members of our management group for the last fiscal year.

	Annual Compensation			Long Term Compensation
						Securities Under
						Options to be		Long Term
Name and Principal		Salary		Bonus		Granted		Incentive Plan		All other Compensation
Position	Year	(CDN$)		(CDN$)		(#)		Payouts (CDN$)		(CDN$)

Donald Getty	2009		0		-		-		-		-
Chairman of the	2008		0
Board and Director	2007		0

Steve Claussen	2009		360,000		-		-		-		-
Director and	2008		360,000
CEO of CRC and	2007		0
KCP

Michael Dolinski	2009		0		-		-		-		-
Director	2008		0
	2007		0

Nicole Wood	2009		84,000		-		-		-		-
Chief Financial	2008		21,000
Officer	2007		0

A balance of $132,194 is owed to the CEO and $58,550 is owed to the CFO as at December 31, 2009

MANAGEMENT CONTRACTS

KCP had a management contract with Projex Corporation Ltd., a company of which James Baker is the sole officer and director, for the provision of Mr. Baker’s services as CEO for $5,000 per month on a part-time basis, commencing Feb 1, 2005. Mr. Baker devoted approximately fifty percent (50%) of his time to us and KCP. The other fifty percent (50%) of his time was devoted to his consulting business. The contract concluded on December 31, 2006.

KCP had an employment agreement with Ken Pearson, as President of KCP, for $14,166 per month. The agreement commenced on February 1, 2005. The contract has no specific term of employment and no specific termination clause. Any termination would be subject to the employment laws of the Province of Alberta, Canada. Employment includes a company health plan covering healthcare supplemental coverage, dental care, vision care, life insurance and disability. The cost of the plan for Ken Pearson is $98.20 per month. This contract was terminated in June 2008.

KCP had an employment agreement with Faye Pearson for Office Management Services for $5,833 per month. The contract has no specific term of employment and no specific termination clause. Any termination would be subject to the employment laws of the Province of Alberta, Canada. Employment includes a company health plan covering healthcare supplemental coverage dental care, vision care, life insurance and disability. The cost of the plan for Faye Pearson is $168.40 per month. This contract was terminated in June 2008.

Capital Reserve has a management contract with 1406172 Alberta Inc, a company of which Steve Claussen is the sole officer and director, for the provision of Mr. Claussen’s services as CEO for $30,000 per month, commencing in December 2007. The term of the contract is two years.

Capital Reserve has a consulting contract with 544686 BC Ltd., a company of which Nicole Wood is the sole officer and director, for the provision of Mrs. Wood’s services as CFO for $4,000 per month, commencing in August 2008. In July 2009, the contract was replaced with an employment contract of $10,000 per month.

Compensation of Directors

No directors received any form of compensation in their capacity as our directors to December 31, 2009. However, on March 13, 2008, our CEO approved the issuance of 1,000,000 shares each to the three existing directors as compensation for being on the Board. This issuance is subject to stockholders’ approval at the next Annual General Meeting.

BOARD PRACTICES

Members of our Board of Directors are elected annually at the Annual Shareholders’ Meeting and hold their positions until the next Annual Shareholders’ Meeting. We have not entered into any formal service contracts with any of our directors for their service as directors.

We do not have any standing audit, nominating or compensation committees of the Board of Directors. Our Board of Directors undertakes the role of audit and compensation committees at this time. Our executive officers are elected annually by our Board of Directors and hold such positions until the following year or until his her successor is duly elected by our Board of Directors.

EMPLOYEES

As at December 31, 2009, CRC had 1 employee, and two (2) consultants.

SHARE OWNERSHIP

The following table sets forth information, as of December 31, 2009, with respect to the beneficial ownership of Capital Reserve Canada Limited's Class A common stock by each of our officers and directors, and by our officers and directors as a group. Information is also provided regarding beneficial ownership of Class A common stock if all outstanding options, warrants, rights and conversion privileges are exercised, and additional shares of our Class A common stock are issued.

TITLE OFCLASS	BENEFICIAL OWNER	AMOUNT AND NATURE OF BENEFICIAL OWNER	PERCENT OF CLASS (1)

Class A Common	Steve Claussen, CEO, Director and President of Capital Reserve Canada; St. Albert, Alberta T8N 5M1	42,833,495 common shares held directly and indirectly.(3)		20.6	%
Class A Common	Donald Getty, Director and Chairman of the Board of Capital Reserve Canada Limited c/o 1273 Potter Greens Dr Edmonton, Alberta T5T 5Y8	6,234,429 common shares held indirectly.(2)		3.0	%
Class A Common	Jeff Leslie, Director of Behral Canada 9521 180A Street Edmonton Alberta T5T2Z4	5,486,334 common shares held directly		2.6	%
Class A Common	Nicole Wood, C.F.O. 1014 Dory Street Coquitlam, BC V3C 4L2	1,500,000 common shares held indirectly		0.7	%
Class A Common	Michael Dolinski, Director 4416 – 29 Street Edmonton Alberta	1,000,000 common shares held directly		0.5	%
		57,054,258 common shares		27.5	%

(1) Based on 207,594,302 shares of Class A Common Stock. As of December 31, 2009

(2) Held in Sunnybank Investments Ltd., a company of which Mr. Getty is the sole shareholder.

(3) Held in 1406172 Alberta Ltd (Steve Claussen)

(4) 544686 BC Ltd. (Nicole Wood)

ITEM 7. MAJOR STOCKHOLDERS AND RELATED PARTY TRANSACTIONS

MAJOR STOCKHOLDERS

The following table sets forth information, as of December 31, 2009, with respect to the beneficial ownership of Capital Reserve Canada Limited's Class A common stock by each person known to be the beneficial owner of more than five percent (5%) of the outstanding Class A common stock. As at December 31, 2009 there were a total of 856 stockholders holding 207,594,302 of our Class A common shares.

Information is provided regarding beneficial ownership of Class A common stock if all outstanding options, warrants, rights and conversion privileges are exercised and additional shares of Class A common stock are issued.

TITLE OF CLASS	BENEFICIAL OWNER	AMOUNT AND NATURE OF BENEFICIAL OWNER	PERCENT OF CLASS (1)

Class A Common	(1) Steve Claussen, CEO, Director and President of Capital Reserve Canada; St. Albert, Alberta T8N 5M1	42,833,495 common shares held directly and indirectly.(2)		20.6	%

(1) Based on 207,594,302 shares outstanding as of December 31, 2009..

(2) Held in 1406172 Alberta Ltd (Steve Claussen)

RELATED PARTY TRANSACTIONS

On August 8, 2005, we issued a total of 7,585,814 Class A common shares to Ken Pearson, a member of the Company’s and KCP’s Boards of Directors, and 4,000,000 Class A common shares to Projex Corporation Ltd., a company controlled by James Baker, at that time, an officer and a member of the Company’s and KCP’s Boards of Directors. The shares were issued as part of the acquisition transaction of KCP.

On November 24, 2005, we issued a total of 1,000,000 Class A common shares to Ken Pearson in settlement of $50,000 USD debt owed by the Company and a total of 500,000 Class A common shares to Sunnybank Investments Ltd., a company controlled by Don Getty, a director of us and KCP, for settlement of $25,000 USD debt.

KCP borrows funds from its stockholders, directors and employees from time to time in order to meet working capital requirements and to ensure payment of liabilities as they come due. As at December 31, 2007, the amount outstanding under these loans was nil.

On January 28, 2004, KCP appointed an employee of one of KCP’s customers as a director, Mr. Robert Hawkes, who is an employee of BJ Services Company Ltd. During the fiscal year ended December 31, 2007, KCP earned $184,046 of revenues from this customer in the normal course of operations.

On February 1, 2005, KCP entered into a consulting management contract with Projex Corporation Ltd., a company controlled by a stockholder, and at the time, an officer and director of KCP. During the twelve (12) month period ended December 31, 2006, we paid $60,000 (for the fiscal year ended August 31, 2005 - $63,880), in consulting fees pursuant to this contract. Pursuant to the terms of the contract, Projex Corporation Ltd. receives $5,000 per month and has been paid up to date to December 31, 2006 at which time the contract was concluded.

On February 1, 2005, KCP entered into an employment agreement with Ken Pearson. During the twelve (12) month period ended December 31, 2007 we paid Mr. Pearson $170,000. During the twelve (12) month period ended December 31, 2006, we paid Mr. Pearson $120,000 (for the fiscal year ended August 31, 2005 - $ 108,000) for services rendered under this employment agreement. Pursuant to the terms of this agreement, Mr. Pearson receives $14,166 per month and has been paid up to date as of the date of writing of this report.

On February 1, 2005, KCP entered into an employment agreement with the wife of Mr. Pearson. During the twelve (12) month period ended December 31, 2007 we paid Mrs. Pearson $70,000. During the twelve (12) month period ended December 31, 2006, we paid Mrs. Pearson $48,000 (for the fiscal year ended August 31, 2005 - $ 44,000) for office management services. Pursuant to the terms of this agreement, Mrs. Pearson receives $5,833 per month and has been paid up to date as of the date of writing of this report.

During the fiscal year 2006, KCP obtained key man insurance on Mr. Pearson in the amount of $2,000,000 payable to KCP. The cost of this insurance is $477.90/month and is paid for by KCP.

On December 1, 2006, we entered into an agreement with Southbend, a company owned by two (2) of our stockholders, Fergus Ismond and Steven Hoof, for the provision of services at the Two Hills site. The contract was for $150,000 and is subject to financing. To date, $60,500 has been paid and payments are up to date as of the date of writing of this report.

On August 11, 2006, we entered into an agreement with Southbend for the sale of an infrared sterilization unit for $50,000 subject to the sole satisfaction of the Company. We cancelled the contract on November 30, 2006. Southbend was given until March 31, 2007 to refund the $50,000 payment. Both parties agreed later to apply the $50,000 purchase price to work performed on the Two Hills’ site by Southbend.

On July 19, 2007 we issued 700,000 shares for consulting services with two stockholders.

On August 19, 2007 we issued 5,000,000 shares for the retirement of an $800,000 lien held by Southbend Powers Ltd. on the Two Hills property and the assumption of approximately a $39,000 loan, and 1,500,000 shares for $49,634 in accumulated debt held by a stockholder.

On February 4, 2008 we issued 3,500,000 shares in lieu of payment for work done on the site at the Two Hills site by a stockholder.

On March 12, 2008 we issued 1,000,000 shares for consulting services with two stockholders.

On March 12, 2008, our CEO approved the issuance of 3,000,000 shares, 1,000,000 each to the three existing directors as compensation for being on the Board. This issuance is subject to stockholders’ approval at the next Annual General Meeting.

On May 7, 2008 we issued 6,749,933 shares for consulting services with two stockholders.

On July 7, 2008 we issued 3,660,643 shares for consulting services with two stockholders.

On July 31, 2008 we issued 1,020,833 shares for consulting services.

On August 13, 2008 we issued 2,300,000 shares for consulting services to three consultants.

On November 3, 2008 we issued 3,323,529 shares for consulting services.

On December 16, 2008 we issued 4,500,000 shares for consulting services to three stockholders.

On Mar 11, 2009 we issued 8,571,428 shares for (in lieu of pay and per contract) @$0.0035.

On Mar 3, 2009 we issued 11,818,182 shares for (in lieu of pay and per contract) @ $0.0055 and 4,000,000 shares for debt settlement.

On Apr 28, 2009 we issued 2,500,000 shares in lieu of pay @ $0.014.

On Apr 28, 2009 we issued 750,000 shares per loan agreement for debt settlement.

On July 20, 2009 we issued 40,000,000 shares for private placement @ $0.011.

On Aug 11, 2009 we issued 21,333,333 shares in lieu of pay @ $0.003.

INTERESTS OF EXPERTS AND COUNSEL

Not applicable

ITEM 8. FINANCIAL INFORMATION

CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION

The required financial statements are provided at the end of this Annual Report starting on Page F-1.

SIGNIFICANT CHANGES

ITEM 9. THE OFFER AND LISTING

OFFER AND LISTING DETAILS

Not Applicable

PLAN OF DISTRIBUTION

Not Applicable

MARKETS

Our Class A common shares trade on the NASDAQ Over-the-Counter Bulletin Board Market under the symbol “CRSVF”.

SELLING SHAREHOLDERS

Not Applicable

DILUTION

Not Applicable

EXPENSES OF THE ISSUE

Not Applicable

ITEM 10. ADDITIONAL INFORMATION

SHARE CAPITAL

Not Applicable

MEMORANDUM AND ARTICLES OF ASSOCIATION

We incorporate by reference herein the information set forth under the heading “MEMORANDUM AND ARTICLES OF ASSOCIATION” located in our Amendment No. 4 to Form 20F/A filed with the Securities and Exchange Commission on March 16, 2004.

MATERIAL CONTRACTS

For the last two fiscal years, we have not entered into any contracts material to investors in the normal course of business other than the following:

1. KCP’s Office Leases

KCP’s principal corporate and administrative offices are located at 4403-68 Avenue, Edmonton, Alberta, Canada. The lease payment is $11,845 per month and provides for a five year term ending October 31, 2012.

2. Management and Employment Agreements with Steve Claussen, and Nicole Wood

CRC has a management agreement with 1406172 Alberta Inc on behalf of Steve Claussen, as CEO and President of CRC, for $30,000 per month.

CRC has an employment agreement with Nicole Wood as CFO services for $10,000 per month.

3. The Purchase of the shares of Behral Canada Ltd.

On February 4, 2008 we issued 23,500,000 shares to purchase all the shares of Behral Canada Ltd. Behral owns the patents to a blowout preventer valve, stack control system and portable blowout controller. Behral also owns a floating offshore drilling vessel, a blow out preventer stack control system as well as a subsea blowout stack control system. Pursuant to the agreement, the CEO of Behral became our CEO.

EXCHANGE CONTROLS

There are no governmental laws, decrees, regulations or other legislation of Canada that may affect the import or export of capital for our use.

Other than the withholding of any taxes due under the terms of specific treaties between countries on dividends paid to our stockholders, there are no restrictions on the remittance of dividends, interest or other payments.

TAXATION

The discussions below summarize the material tax considerations relevant to an investment in common shares by individuals and corporations who, for income tax purposes, are residents in the U.S. for purposes of the Convention (as hereinafter defined) and are not residents of Canada, who hold common shares as a capital asset, and who do not hold the common shares in carrying on a business through a permanent establishment in Canada or in connection with a fixed base in Canada (collectively, "Unconnected U.S. Shareholders," "Holder" or "Holders"). The tax consequences of an investment in common shares by investors who are not Unconnected U.S. Shareholders may differ substantially from the tax consequences discussed herein. The discussion of U.S. tax considerations is addressed only to Unconnected U.S. Shareholders whose "functional currency" within the meaning of Section 985 of the Internal Revenue Code of 1986, as amended (the "Code"), is the U.S. dollar, and to U.S. citizens who are not residents in the U.S. for purposes of the Convention, but who otherwise meet the definition of Unconnected U.S. Shareholders. Furthermore, the discussion of U.S. tax considerations does not address the tax treatment of Unconnected U.S. Shareholders that own, or are deemed for U.S. federal income tax purposes to own, 10% or more of the total combined voting power of all classes of voting stock of Capital Reserve Canada Limited. The discussion of Canadian tax considerations does not address the tax treatment of a trust, company, organization or other arrangement that is a resident of the U.S. and that is generally exempt from U.S. tax.

This discussion does not address all of the income tax consequences that may be applicable to any Holder subject to special treatment under the U.S. federal income tax law or to any particular Holder in light of such Holder's particular facts and circumstances. Some Holders, including tax exempt entities, banks, insurance companies and persons who hold common shares as part of a hedging transaction may be subject to special or different rules not discussed below. The discussion of U.S. tax considerations is based on the provisions of the Code.

The discussion of Canadian tax consideration is based upon the provisions of the Income Tax Act (Canada), as amended from time to time (the "Tax Act"), the Convention between Canada and the U.S. with Respect to Taxes on Income and Capital, as amended from time to time (the "Convention"), and our understanding of published administrative practices of Canada Customs and the Revenue Agency and judicial decision, all of which are subject to change. The discussion does not take into account the tax laws of the various provinces or territories of Canada or the tax laws of the various state and local jurisdictions in the U.S.

U.S. Federal Income Tax Considerations

Unconnected U.S. Shareholders generally will treat the gross amount of the distributions paid by us, including the amount of any Canadian tax withheld, as foreign source dividend income for U.S. federal income tax purposes to the extent of our current or accumulated earnings and profits, as computed for U.S. federal income tax purposes. Distribution in excess of that amount will reduce an Unconnected U.S. Shareholder's tax basis in the common shares, but not below zero, and the remainder, if any, will be treated as taxable capital gains. In general, in computing its U.S. federal income tax liability, an Unconnected U.S. Shareholder may elect for each taxable year whether to claim a deduction or, subject to the limitations described below, a credit for Canadian taxes withheld from dividends paid on its common shares. If the Unconnected U.S. Shareholder elects to claim a credit for such Canadian taxes, the election will be binding for all foreign taxes paid or accrued by the Shareholder for such taxable year. The Code applies various limitations on the amount of foreign tax credit that may be available to a U.S. taxpayer based upon the segregation of foreign source income into separate categories of income. The amount of credit which may be claimed with respect to the category of income to which the dividend is allocated, and to which the foreign taxes are attributable generally may not exceed the same portion of the U.S. tax on worldwide taxable income, before applying the foreign tax credit as the U.S. holder's foreign source taxable income allocation to such category bears to such U.S. holder's entire taxable income. The foreign tax credit is disallowed for dividends on stock unless a minimum holding period is satisfied and additional limitations may restrict the ability of some individuals to claim the foreign tax credit. Accordingly, we urge investors to consult their own tax advisors with respect to the potential consequences to them of the foreign tax credit limitations.

For U.S. federal income tax purposes, the amount of any distributions made on a common share to an Unconnected U.S. Shareholder in Canadian dollars will equal the U.S. dollar value of the Canadian dollars calculated by reference to the appropriate exchange rate in effect on the date of receipt of the distribution, regardless of whether the Canadian dollars are actually converted into U.S. dollars upon receipt. Unconnected U.S. Shareholders are urged to consult their own tax advisors regarding the treatment of foreign currency gain or loss, if any, on any Canadian dollars which are converted into U.S. dollars subsequent to receipt by the shareholder.

The sale of common shares generally will result in a gain or loss to the Holder in an amount equal to the difference between the amount realized and the Holder's adjusted cost basis in the shares. Provided that the Holder is not considered a "dealer" in the shares sold, gain or loss on the sale of the common shares will generally be capital gain or loss.

Capital losses are used to offset capital gains. Individual taxpayers may deduct the excess of capital losses over capital gains of up to $3,000 USD a year, $1,500 USD in the case of a married individual filing separately, from ordinary income. Non-corporate taxpayers may carry forward unused capital losses indefinitely. Unused capital losses of a corporation may be carried back three (3) years and carried forward five (5) years.

Canadian Tax Considerations

Dividends received or deemed to be received, on the common shares by Unconnected U.S. Shareholders will be subject to Canadian withholding tax at the rate of twenty-five percent (25%), subject to reduction under the Convention. Under the Convention, the maximum rate of withholding tax on such dividends is reduced to fifteen percent (15%) if the beneficial owner of such dividends is an Unconnected U.S. Shareholder. However, that rate is reduced to five percent (5%) under the Convention if the beneficial owner of such dividends is an Unconnected U.S. Shareholder that is a corporation that owns at least ten percent (10%) of the voting stock of the company.

An Unconnected U.S. Shareholder will not be subject to tax in Canada on any capital gain realized upon the disposition or deemed disposition of the common shares, provided that the common shares do not constitute "taxable Canadian property" of the shareholder within the meaning of the Tax Act.

Canada does not currently impose any estate taxes or succession duties.

DIVIDENDS AND PAYING AGENTS

Not applicable

STATEMENTS BY EXPERTS

Not Applicable

DOCUMENTS ON DISPLAY

All documents filed in connection with this registration statement have been filed with the Securities and Exchange Commission using the EDGAR (Electronic Data Gathering, Analysis and Retrieval) system. The Securities and Exchange Commission maintains a web site on the Internet at the address http://www.sec.gov that contains reports, proxy information statements and other information regarding registrants that file electronically with the Securities and Exchange Commission.

SUBSIDIARY INFORMATION

At December 31, 2009, we had three (3) subsidiaries, KCP and Two Hills, which was formed on June 16, 2006, to receive the assets from Southbend and Behral, which was acquired on February 4, 2008.

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not Applicable

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

Not applicable

This annual report contains forward-looking statements as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the United States Securities Exchange Act of 1934. 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 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.

PART II

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

None

ITEM 14.

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS.

None

ITEM 15. CONTROLS AND PROCEDURES

i. Disclosure Controls and Procedures

As of December 31, 2009, the Company’s chief executive officer, Steve Claussen, has evaluated and reviewed our disclosure controls and procedures as of the end of the period covered by this Annual Report. Based upon this evaluation and review, the officer has concluded that the Company’s disclosure controls and procedures are effective and sufficient to comply with Rules 13a-15(c) and 15d-15(c) of the Securities Exchange Act of 1934.

Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

ii.	Management’s Annual Report on Internal Control Over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting. All internal control systems, no matter how well designed, have inherent limitations and may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management’s framework for evaluating the effectiveness of its internal controls is based upon the criteria established in Internal Control— Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

As at December 31, 2009, management assessed the effectiveness of our internal control over financial reporting and concluded that such internal control over financial reporting are effective and that there were no material weaknesses in our internal control over financial reporting.

iii	Attestation Report of Independent Registered Public Accounting Firm

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

iv.	Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting during the year ended December 31, 2009, that have materially affected, or are reasonably likely to affect our internal control over financial reporting.

During Fiscal 2009, the Company used the assistance of one external Chartered Accountant firm in various aspects of its internal controls.

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT

We do not presently have an audit committee.

ITEM 16B. CODE OF ETHICS

As of the date of this report, we have not adopted a code of ethics that applies to our principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. As we have gone through a recent change of control, we did not finalize our adoption of the Code of Ethics. Our present Board of Directors is presently preparing a Code of Ethics for review and adoption. Upon adoption, we will file a copy of our Code of Ethics with the Securities and Exchange Commission as an exhibit to our annual report for the year ending December 31, 2009 and post it on our website.

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES

The following table sets forth the approximate fees billed to us and our subsidiary KCP for professional services rendered by our principal accountant:

Services	2009		2008
Audit Fees	$	20,000	$	20,000
Audit related Fees		0		0
Tax Fees		0		0
Total Fees	$	20,000	$	20,000

Audit fees consist of fees for the audit of our annual financial statements or the financial statements of our subsidiaries or services that are normally provided in connection with the statutory and regulatory filings of the annual financial statements.

Audit-related services include the review of our financial statements and quarterly reports that are not reported as Audit fees.

Tax fees included tax planning and various taxation matters.

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

Not applicable

ITEM 16E.

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

Not applicable

PART III

ITEM 17. FINANCIAL STATEMENTS

See Item 18 below.

ITEM 18. FINANCIAL STATEMENTS

The required financial statements are provided herein starting on page F-1.

ITEM 19. EXHIBITS

Exhibit No.		Exhibit
1.1		Certificate of Incorporation of the company consisting of the Articles of Incorporation filed with the Alberta Registries on December 8, 1999, filed with the Registrant’s Form 20-F filed on July 11, 2003 (file # 000-50339)
1.2		Amendment to Articles of Incorporation of the company filed with Alberta Registries on January 15, 2003, incorporated by reference to the Exhibits filed with the Registrant's Form 20-F filed on July 11, 2003 (file # 000-50339)
1.3		By-Laws of the company, dated December 8, 1999, incorporated by reference to the Registrant's Form 20-F filed on July 11, 2003 (file # 000-50339)
4.1		Petroleum, Natural Gas, and General Rights Conveyance between Capital Reserve Canada Limited and Stone Canyon Resources Ltd. dated December 23, 2004, incorporated by reference to the Exhibits filed with the Company’s 20-F filed Annual Return for the year ended December 31, 2004 (file # 000-50339)
4.2		Share Exchange Agreement between Capital Reserve Canada Ltd., Capital Reserve Canada Projects Ltd., KCP Innovative Services In., and Ken Pearson, 966358 Alberta Ltd., 989320 Alberta Ltd., 332601 Alberta Ltd. and Ben Marshall dated August 8, 2005, incorporated by reference to the Exhibit filed with the Company’s 8K filed on August 12, 2005 (file # 000-50339)
4.3		Proxy and Information Circular of KCP Innovative Services Inc. with respect to the Amalgamation with Capital Reserve Canada Projects Ltd. and Capital Reserve Canada Ltd. and Notice of Annual and Special Meeting of Shareholders of KCP Innovative Services Inc., dated December 22, 2005, incorporated by reference to the Exhibit filed with the Company’s 6-K filed on February 8, 2006 (file # 000-50339)
4.4		Offer to lease office space entered into between Sabo Bros. and KCP Innovative Services Inc. dated August 24, 2004 and affected October 15, 2004, incorporated by reference to the exhibits filed with the Registrant’s Form 20-F filed on July 17, 2006 (file #000-50039).
4.5		Management Agreement between KCP Innovative Services Inc. and Projex Corporation dated February 1, 2005, incorporated by reference to the exhibits filed with the Registrant’s Form 20-F filed on July 17, 2006 (file #000-50039).
4.6		Employment Agreement between KCP Innovative Services Inc. and Ken Pearson dated February 1, 2005, incorporated by reference to the exhibits filed with the Registrant’s Form 20-F filed on July 17, 2006 (file #000-50039).
4.7		Employment Agreement between KCP Innovative Services Inc. and Faye Pearson dated February 1, 2005, incorporated by reference to the exhibits filed with the Registrant’s Form 20-F filed on July 17, 2006 (file #000-50039).
4.8		Loan agreement between Canadian Western Bank and KCP Innovative Services Inc. dated March 22, 2005, incorporated by reference to the exhibits filed with the Registrant’s Form 20-F filed on July 17, 2006 (file #000-50039).
4.9		Asset Purchase Agreement between Two Hills Environmental Inc. and South Bend Powers Ltd. dated June 16, 2006 and amendment dated July 5, 2006, incorporated by reference to the exhibits filed with the Registrant’s Form 20-F filed on July 17, 2006 (file #000-50039).
12		Certifications required by Rule 13a-14(a) or Rule 15d-14(a), filed as an exhibit to this filing.
13		Certifications required by Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States code (18 U.S.C. 1350), filed as an exhibit to this filing.
4-10		Share Purchase Agreement between Steve Claussen and Barbara Troisin dated February 5, 2008, filed as an exhibit to this filing.
4-11		Office lease agreement between Sabo Bros. and KCP dated August 9, 2007, filed as an exhibit to this filing.

SIGNATURES

The registrant hereby certifies that it meets all the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

CAPITAL RESERVE CANADA LIMITED

/s/ Steven Claussen
Steven Claussen
Chief Executive Officer, principal executive officer

Date: August 6, 2010

CAPITAL RESERVE CANADA LIMITED

Audited Consolidated Financial Statements

For the Years ended December 31, 2009, 2008 and 2007

CAPITAL RESERVE CANADA LIMITED

Audited Consolidated Financial Statements

For the Years ended December 31, 2009, 2008 and 2007

Contents

Report of Independent Registered Public Accounting Firm	2

Audited Financial Statements

Consolidated Balance Sheets	3
Consolidated Statements of Operations	4
Consolidated Statements of Changes in Shareholders’ Equity (Deficit)	5
Consolidated Statements of Cash Flows	6
Notes to the Consolidated Financial Statements	7-14

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders

Capital Reserve Canada Limited

Edmonton, Alberta, Canada

We have audited the accompanying consolidated balance sheets of Capital Reserve Canada Limited (the Company) as of December 31, 2009, 2008 and 2007, and the related consolidated statements of operations, changes in shareholders’ equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

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

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Capital Reserve Canada Limited as of December 31, 2009, 2008 and 2007, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 4 to the consolidated financial statements, the Company currently has cash flow constraints and an accumulated deficit. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 4. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/ Child, Van Wagoner & Bradshaw, PLLC

Child, Van Wagoner & Bradshaw, PLLC

Salt Lake City, Utah

August 6, 2010

CAPITAL RESERVE CANADA LIMITED

Consolidated Balance Sheets

As of December 31, 2009, 2008 and 2007

	2009			2008			2007
ASSETS
Current assets
Cash and cash equivalents	$	556		$	5,385		$	7,895
Term deposits (Note 6)		22,911			22,291			21,884
Accounts receivable		9,203			12,386			250,871
Prepaid expenses		4,396			20,569			13,647
Total current assets		37,066			60,631			294,297

Property, plant and equipment (Note 7)		743,261			921,059			5,977,989
Intangible assets (Note 8)		1			1			51,259
Goodwill		-			-			125,502
Other assets		-			11,845			11,845
Total assets	$	780,328		$	993,536		$	6,460,892

LIABILITIES
Current liabilities
Accounts payable and accrued liabilities	$	621,039		$	256,834		$	234,244
Bank indebtedness		-			6,137			16,367
Income and commodity taxes payable		19,510			19,807			517
Deferred income – current portion		10,000			6,000			30,000
Line of credit (Note 9)		17,000			15,000			14,000
Note payable		65,429			-			-
Current portion of long-term debt		-			-			100,230
Total current liabilities		732,978			303,778			395,358

Long-term liabilities
Long-term debt (Notes 10 & 11)		-			-			153,230
Deferred income – long-term portion		135,833			-			-
Future tax liability (Note 13)		-			-			-

Total long-term liabilities		135,833			-			153,230
Total liabilities		868,811			303,778			548,588

STOCKHOLDERS’ EQUITY (DEFICIT)
Share Capital		11,327,483			11,004,651			9,314,463
Retained earnings (Deficit)		(11,415,966	)		(10,314,893	)		(3,402,159	)
Total stockholders' equity (deficit)		(88,483	)		689,758			5,912,304
Total liabilities and stockholders' equity (deficit)	$	780,328		$	993,536		$	6,460,892

The Accompanying Notes are an Integral Part of these Financial Statements

CAPITAL RESERVE CANADA LIMITED

Consolidated Statements of Operations

For the Years ended December 31, 2009, 2008 and 2007

	2009			2008			2007
Revenue	$	10,167		$	24,000		$	18,000
Cost of sales		-			-			-
Gross profit		10,167			24,000			18,000

Expenses
Consulting, salaries and benefits		693,665			986,332			-
General and administrative		115,313			139,536			213,414
Impairment charges		162,000			5,759,690			-
Restoration costs		-			139,412			-
Amortization		2,190			3,445			-
Total expenses		973,168			7,028,415			213,414

Operating loss		(963,001	)		(7,004,415	)		(195,414	)

Other income (expenses)
Gain on sale of equipment		-			261,549			-
Interest expense		(30,987	)		(168	)		(2,047	)
Total other income (expenses)		(30,987	)		261,381			(2,047	)
Net loss before discontinued operations		(993,988	)		(6,743,034	)		(197,461	)
Discontinued operations		(107,085	)		(169,700	)		(656,827	)
Net loss	$	(1,101,073	)	$	(6,912,734	)	$	(854,288	)

Basic and diluted earnings(loss) per share
Continuing operations	$	(0.01	)	$	(0.07	)	$	(0.00	)
Discontinued operations	$	(0.00	)	$	(0.00	)	$	(0.01	)
Net Loss	$	(0.01	)	$	(0.07	)	$	(0.01	)

Weighted average number of shares outstanding		172,916,054			101,178,060			61,072,284

The Accompanying Notes are an Integral Part of these Financial Statements

CAPITAL RESERVE CANADA LIMITED

Consolidated Statements of Changes in Shareholders’ Equity (Deficit)

For the Years ended December 31, 2009, 2008 and 2007

	Common Stock						Stock Subscription						Total Stockholder’s
	Shares			Amount			Receivable			Retained Deficit			Equity (Deficit)
Balance at December 31, 2006		58,396,421		$	8,381,142		$	(15,000	)	$	(2,547,871	)	$	5,818,271

Stock cancelled per contract		(30,000	)		(15,000	)		15,000			-			-
Shares issued for consulting services		700,000			59,500			-			-			59,500
Shares issued for debt settlement		5,000,000			839,187			-			-			839,187
Shares issued for debt settlement		1,500,000			49,634			-			-			49,634
Net Loss for year 2007		-			-			-			(854,288	)		(854,288	)
Balance at December 31, 2007		65,566,421			9,314,463			-			(3,402,159	)		5,912,304

Shares issued to acquire subsidiary		23,500,000			940,000			-			-			940,000
Shares issued to debt settlement		3,500,000			139,412			-			-			139,412
Shares issued for consulting services		25,554,938			601,776			-			-			601,776
Shares issued for cash		500,000			9,000			-			-			9,000
Net Loss for year 2008		-			-			-			(6,912,734	)		(6,912,734	)
Balance at December 31, 2008		118,621,359			11,004,651			-			(10,314,893	)		689,758

Shares issued to debt settlement		4,750,000			40,957			-			-			40,957
Shares issued for services		44,222,943			239,168			-			-			239,168
Shares issued for cash		40,000,000			42,707			-			-			42,707
Net Loss for year 2009		-			-			-			(1,101,073	)		(1,101,073	)
Balance at December 31, 2009		207,594,302		$	11,327,483		$	-			(11,415,966	)	$	(88,483	)

The Accompanying Notes are an Integral Part of these Financial Statements

CAPITAL RESERVE CANADA LIMITED

Consolidated Statements of Cash Flows

For the Years ended December 31, 2009, 2008 and 2007

	2009			2008			2007
Operating Activities
Net Loss	$	(1,101,073	)	$	(6,912,734	)	$	(854,288	)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Amortization		2,190			3,445			-
Impairment charges		162,000			5,759,690			-
Gain on sale of equipment		-			(261,549	)		-
Stock issued for services		239,168			741,188			109,134
Changes in operating assets and liabilities:
Accounts receivable		(9,202	)		1,195			50,000
Prepaid expenses and deposits		12,273			(16,669	)		3,910
Accounts payable and accrued liabilities		345,618			155,257			196,436
Deferred revenue		139,833			(24,000	)		30,000
Cash provided (used) by operating activities – continuing operations		(209,193	)		(554,177	)		(464,808	)
Cash provided (used) by discontinued operations		112,456			140,242			118,429
Cash provided (used) by operating activities		(96,737	)		(413,935	)		(346,379	)

Investing Activities
Purchase of property, plant and equipment		-			(7,401	)		(1,623	)
Proceeds from sale of fixed assets		-			390,000			-
Proceeds from purchase of subsidiary		-			2,057			-
Cash provided (used) by investing activities – continuing operations		-			384,656			(1,623	)
Cash provided (used) by discontinued operations		-			280,459			(2,233	)
Cash provided (used) by investing activities		-			665,115			(3,856	)

Financing Activities
Proceeds from note payable		47,201			-			-
Proceeds from sale of common stock		42,707			9,000			-
Cash provided by financing activities – continuing operations		89,908			9,000			-
Cash used by discontinued operations		2,000			(262,690	)		(33,398	)
Cash used by financing activities		91,908			(253,690	)		(33,398	)

Increase (decrease) in cash during the year		(4,829	)		(2,510	)		(383,633	)
Cash and cash equivalents, beginning of year		5,385			7,895			391,528
Cash and cash equivalents, end of year	$	556		$	5,385		$	7,895

Supplemental Information
Cash paid for interest	$	-		$	9,642		$	20,600
Shares issued for subsidiary	$	-		$	940,000		$	-
Shares issued for debt settlement and expenses	$	40,957		$	-		$	779,687

The Accompanying Notes are an Integral Part of these Financial Statements

CAPITAL RESERVE CANADA LIMITED

1. Description of the Company

KCP Innovative Services Inc. was incorporated as a private corporation named K C Pearson Consulting Inc. in the Province of Alberta on February 20, 1996. The name was changed to KCP Innovative Services Inc. on May 22, 2003. KCP has developed a series of devices that are used to diagnose the pay zone in oil or gas wells. The diagnostic information collected from these devices is used by production engineers to complete the well at the most efficient level. KCP's customers are oil and gas companies.

Capital Reserve Canada Ltd. (“CRC") was incorporated as a private corporation in the Province of Alberta on December 8, 1999, and is a reporting company registered with the U.S. Securities and Exchange Commission. CRC provides minimal equipment and related rental services. Pursuant to the share exchange agreement dated August 12, 2005, the Company effected a share exchange indirectly with the shareholders of KCP Innovative Services Ltd. ("KCP"), resulting in the Company acquiring 78.2% of the outstanding shares of KCP through exchanging shares with the Company's wholly-owned subsidiary, Capital Reserve Canada Projects Ltd ("Project"). Subsequent to the Annual General Meeting of the company on January 12, 2006, the minority interest shareholders signed off and all minority interest shares were exchanged for CRC shares. Because the shareholders of KCP became the controlling shareholders of the Company, this transaction was accounted for as a reverse takeover whereby KCP was deemed to be the acquirer as described more fully in Note 2.

Capital Reserve Canada Projects Ltd. was incorporated as a private corporation in the Province of Alberta on August 2, 2005, and it has been inactive since inception except for the share exchange as described. Effectively on February 3, 2006 Capital Reserve Canada Projects Ltd. amalgamated with KCP Innovative Services Inc.

Effective January 22, 2006, KCP Innovative Services Inc. became directly a wholly-owned subsidiary of Capital Reserve Canada Ltd.

2. Share exchange

On August 12, 2005, Project issued 17,335,814 common shares to exchange for 17,335,814 common shares (78.2%) from the shareholders of KCP Innovative Services. CRC then issued 17,335,814 common shares in exchange for 17,335,814 common shares from Project.

Subsequent to January 12, 2006, minority interest shareholders of KCP signed off to exchange for shares in CRC. Minority interest of 21.8% (4,833,085 shares) was exchanged for CRC shares. Project and KCP were amalgamated on February 3, 2006. Following the transactions, CRC directly owns 100% of KCP.

During 2006, CRC issued 896,264 common shares to FACT Corp. in exchange for the debt of $258,426.

These share exchange transactions between CRC (legal parent) and KCP (legal subsidiary) were accounted for as a reverse takeover as a capital transaction in accordance with accounting principles generally accepted in the United States of America. As a result, no goodwill is accounted for in this transaction.

The reverse takeover accounting reports result in the following:

(a) KCP is deemed to be the parent company and CRC is deemed to be the subsidiary company for accounting purposes;

(b) The financial statements of the combined entity are issued under the name of the legal parent, CRC, but are considered a continuation of the financial statements of the legal subsidiary, KCP; and

(c) Since KCP is deemed to be the acquirer for accounting purposes, its assets and liabilities are included in its consolidated balance sheet at their historical carrying values.

The Accompanying Notes are an Integral Part of these Financial Statements

CAPITAL RESERVE CANADA LIMITED

3. Summary of significant accounting policies

These consolidated financial statements include the accounts of the company and its legal subsidiary, KCP Innovative Services Inc., its wholly-owned subsidiary, Two Hills Environmental Inc and Behral Canada Ltd. and have been prepared in accordance with accounting principles generally accepted in United States of America. All significant inter-company transactions and balances are eliminated in the preparation of these consolidated financial statements.

(a) Cash and cash equivalents

Cash and cash equivalents consist of cash on deposit and short-term investments with original maturities of 90 days or less and are recorded at the lower of cost or market value.

(b) Leases

Leases are classified as either capital or operating. Leases which transfer substantially all of the benefits and risks of ownership of property to the Company are accounted for as capital leases. The capitalized lease obligation reflects the present value of future rental payments, discounted at the appropriate interest rates. The amount capitalized as the cost of the asset is amortized as set out below under property, plant and equipment. Rental payments under operating leases are expenses as incurred.

Property, plant and equipment are recorded at cost and are being amortized using the following method at the rates set out below which are estimated to be sufficient to amortize the cost of the assets to residual value by the expiration of their useful lives:

Building		4% diminishing balance
Equipment		20% diminishing balance
Furniture and Fixtures		20% diminishing balance
Vehicles		30% diminishing balance
Computer and Software		30% diminishing balance
Mineral Rights		0% diminishing balance
Water Permit		0% diminishing balance

(d) Goodwill and intangible assets

The cost of intangible assets is amortized over the period in which the benefits of such assets are expected to be realized, principally on a straight-line basis. The Company's policy is to amortize client relationships with determinable lives over four years. Contract backlog is amortized over the estimated period of completion, generally less than one year. Technology is being amortized over an estimated life of four years. Goodwill is not amortized but is evaluated annually for impairment by comparing the fair value of the reporting unit, determined on a discounted after tax cash flow basis, to the carrying value. An impairment loss would be recognized if the carrying value of the goodwill exceeds its fair value.

(e) Future income taxes

The Company uses the liability method of accounting for income taxes. Under this method, future income tax assets and liabilities are determined based on differences between financial reporting and the tax bases of assets and liabilities and measured using the substantively enacted rates and laws that will be in effect when these differences are expected to reverse.

(f) Revenue recognition

The Company's services are generally sold based upon purchase orders or contracts with customers that include fixed or determinable prices based upon daily, hourly or job rates. Customer contract terms do not include provisions for significant past service delivery obligations. Revenue is recognized when services and equipment rentals are rendered and only when collectability is reasonably assured.

The Accompanying Notes are an Integral Part of these Financial Statements

CAPITAL RESERVE CANADA LIMITED

3. Summary of significant accounting policies (continued)

(g) Statement of cash flows

The statement of cash flows has been prepared using the indirect method.

4. Basis of presentation and going concern

These financial statements have been prepared on the basis of accounting principles applicable to a going concern which assumes the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations.

Because of the operating losses of the past two periods, the Company's continuance as a going concern is dependent upon its ability to obtain adequate financing and to reach profitable levels of operation. Management believes actions planned and presently being taken provides the opportunity for the Company to continue as a going concern.

5. Acquisition of Zone Technologies Ltd.

On June 11, 2004, KCP acquired 100% of the issued and outstanding shares of Zone Technologies Ltd. ("Zone") from an existing stockholder and an unrelated party. The transaction was recorded at the exchange amount, as the change in ownership interests in Zone was substantive.

Consideration for the acquisition was $782,500 and it consisted of 1,294,444 common shares of KCP, at a fair value of $0.45 per share and cash of $200,000. Zone is an Alberta based company focused on providing diagnostic and consulting services to customers exploring for coal based methane gas. The fair value of the acquisition was determined through an independent third party appraisal of Zone as at the date of acquisition.

The acquisition was accounted for using the purchase method and the results of operations from June 11, 2004. The fair value of the net assets acquired is summarized as follows:

Cash	$	43,954
Accounts receivable		21,414
Property, plant and equipment		48,000
Zone Technology (Note 8)		277,000
Backlog		196,600
Customer relationships		184,000
Goodwill		138,155
		909,123
Accounts payable and accrued liabilities		4,407
Income and commodity taxes payable		36,016
Future income tax liability		86,200
		126,623
Net assets acquired	$	782,500

Cash consideration	$	200,000
Share consideration		582,500
Purchase price	$	782,500

The goodwill is non-deductible for income tax purposes. Subsequent to September 2005, Zone Technologies Ltd. was dissolved as a corporate entity.

6. Term deposits

The term deposit of $22,911 matures on March 14, 2010 and bears interest at 2.65% per annum.

The Accompanying Notes are an Integral Part of these Financial Statements

CAPITAL RESERVE CANADA LIMITED

7. Property, plant and equipment

	Cost		Accumulated Amortization		Net December 31, 2009
Land	$	738,000	$	-	$	738,000
Furniture and fixtures		18,239		18,239		-
Computer and software		48,130		42,869		5,261

	$	804,369	$	61,108	$	743,261

During 2008, it was determined that the water permit and salt lease, as well as the mineral rights should be written off as an impairment charge due to the uncertainty of future economic value. The impairment charge amounts to $4,802,079. During 2009, the Company also evaluated the value of the land and determined that an impairment of $162,000 should be recognized against the land.

Southbend Power Ltd.

On June 16, 2006, Two Hills Environmental Inc., a wholly-owned subsidiary of CRC purchased 147 acres of land together with certain salt lease and water permit rights from Southbend Power Ltd. for the consideration of CRC to issue 13,200,000 common shares to Southbend Power Ltd. and the assumption of certain liabilities. The transaction was completed on July 28, 2006. The company recorded the value of the purchase based on the market share trading value of July 28, 2006 at US$ 0.32 per share. The company recorded the land at its fair market value of $900,000 and the value of the water permits and salt leases to be $4,677,679, the trading value of the exchanged shares. These 147 acres sit on the Nisku Fault and the Lotsburg salt formation has 3 large existing salt caverns. The Lotsburg salt formation contains salt deposits that average 122m in thickness and spans a total area of 390,000 sq. km. The Nisku Fault resides approximately 1000m underground and extends downwards and can be used for certain liquid waste disposal. Caverns are formed through solution mining, during which water is pumped into the formation to dissolve large pockets of salt in the formation. These caverns are especially important in the oilfield waste disposal industry, where wastes from oil production are stored in these caverns. The 147 acres are strategically located in terms of proximity to sources of oilfield wastes being generated in the Cold Lake Region. The companies currently producing oil wastes are discouraged from the duopoly in the oil waste disposal industry due to prices and lack of customer service. Currently, 7 million cubic meters of oilfield wastes are being produced annually. At the going rate of $100/m for disposal of oilfield wastes that require deep disposal, the revenue potential for disposal of current volumes is estimated to be $1,900,000 per day. Two Hills estimates in capturing 545 cubic meters per day which would equate to approximately $55,000 per day in revenues and annual cash flow exceeding $5,300,000. Due to the projections of these estimates and the time that it would take Two Hills to have their site ready for oilfield waste disposal, the Company has decided to take a conservative approach in valuing these salt caverns and have recorded them at the original cost at acquisition. The numbers represented in this paragraph concerning the amount of oilfield waste production and revenue generated per day were received through two third party consultants.

In addition to the salt caverns, this site has a water pumping station and water rights to pump from the North Saskatchewan River running along it. Future water rights are not being easily given for the North Saskatchewan River due to the scarcity of water there. This site is now held at a premium due to the water pump located there and the rights already owned.

The Company has leased a portion of the land to another company for $2,000 per month for storage of trailers and other equipment. The lease was renegotiated during 2009, and the annual rent was lowered to $10,000 per year for a 15 year lease. The entire amount was prepaid and has been recorded in deferred revenue. It is being amortized over the 15 year lease at $10,000 per year.

The Company is currently seeking opportunities to further expand the operations of this site by either raising money or forming a joint venture to be able to prepare the site for waste disposal storage and commence operations in this area.

The Accompanying Notes are an Integral Part of these Financial Statements

CAPITAL RESERVE CANADA LIMITED

7. Property, plant and equipment (continued)

Rich Resources Limited

On October 20, 2006, Two Hills Environmental Inc., wholly-owned subsidiary of CRC purchased certain mineral rights from Rich Resources Limited. CRC issued 1,000,000 common shares for the consideration. The company recorded the transaction at the market trading value of US$0.12 per shares at the exchange rate of C$1.12 for a total of $134,000.

8. Intangible assets

	Cost		Accumulated Amortization		Net December 31, 2009
PID Technology	$	1	$	-	$	1
Zone Technology		277,000		277,000		0
Backlog		196,600		196,600		0
Customer relationships		184,000		184,000		0
Patents in Behral		-		-

	$	657,601	$	657,600	$	1

Perforation Inflow Diagnostics ("PID")

Effective January 1, 2004, KCP acquired from a group of individuals, one of which was a stockholder of KCP, a computer modeling system to analyze the underground formations that contain natural gas and oil. Consideration consisted of 14,966,270 common shares of KCP. As this related party transaction did not result in a substantive change in the ownership interest of the technology, the technology has been recorded at the nominal carrying value of $1.

Zone Technology

Effective June 11, 2004, KCP acquired 100% of the outstanding shares of Zone Technologies Ltd. Zone Technologies Ltd. has developed a computer modeling system to explore the underground formations that contain coal based methane gas. Zone Technologies Ltd. was dissolved on September 26, 2005.

Suncone Technologies Ltd.

The company was formed to purchase the Infratronic Soil Sterilization Unit in exchange for CRC shares and cash. $50,000 was paid to Southbend Powers Ltd. for the unit for testing and evaluation. However, it was determined that the unit was not consistent with the overall business objectives. Suncone Technologies Ltd. was dissolved and the funds were returned to CRC through a follow-on transaction during the 2007 fiscal year.

Patents

Patents were acquired with the acquisition of Behral. As none of the patents are in production, the economic value is uncertain and thus written off to impairment charges during 2008. ($947,611)

9. Operating line of credit

The Company has an operating line of credit to a maximum of $95,000. Interest is charged monthly on the outstanding balance at the rate of prime plus 1%. It is secured by General Security Agreement. There was an outstanding amount as of December 31, 2009, of $17,000.

10. Demand bank loan

The bank loan is repayable over 60 months commencing March 2005 and ending in February 2010. Monthly blended payments of principal and interest are $8,313 with an interest rate of 6.375%. The first payment was $4,130 and was made on March 18, 2005. One half of the loan was drawn on February 18, 2005 upon completion of unit 101. The balance was drawn on March 31, 2005 upon completion of unit 102. Two Sterline Slick Line units, included in property, plant and equipment, are pledged as collateral for this loan. The Loan was paid in full on February 8, 2008 when one of the slick line trucks was sold.

The Accompanying Notes are an Integral Part of these Financial Statements

CAPITAL RESERVE CANADA LIMITED

11. Long-term debt

The vehicle loan is repayable over 72 months commencing in August 2003 and ending in July 2009. The blended payments of principal and interest are $1,027 per month with an interest rate of 7.99% per annum. A 2003 Dodge truck, included in property, plant and equipment, is pledged as collateral for this loan. The truck was sold as part of the KCP assets and this loan was assumed by the purchaser of the assets. The loan was paid in full in July 2009.

12. Share capital

Authorized

The authorized share capital of the Company consists of an unlimited number of common shares without par value: Shares issued are as follows:

Shares already issued in CRC as at December 31, 2006			58,396,421
Cancelled Feb 7, 2007 pursuant to contract			-30,000
Issued July 19, 2007 for consulting services @$.085			700,000
Issued Aug 19, 2007 for $839,187 debt			5,000,000
Issued Aug 19, 2007 for $49,634 debt			1,500,000
Issued Feb 4, 2008 for purchase of Behral Canada			23,500,000
Issued Feb 5, 2008 as a Debt Settlement			3,500,000
Issued Mar 13, 2008 for directors compensation @ $0.04			4,000,000
Issued Aug 19, 2008 for (in lieu of pay and per contract) @ $0.014 to $0.053			14,231,409
Issued Dec 1, 2008 for consulting services @ $0.021			3,323,529
Issued Dec 15, 2008 for consulting services @ $0.017			4,500,000
Issued Mar 3, 2009 for Debt Settlement			8,571,428
Issue Mar 11, 2009 for (in lieu of pay and per contract) @ $0.0055			15,818,182
Issued Apr 28, 2009 in lieu of pay @ $0.014			2,500,000
Issued Apr 28, 2009 per loan agreement			750,000
Issued July 20, 2009 private placement @ $0.011			40,000,000
Issued Aug 11, 2009 in lieu of pay @ $0.003			21,333,333
TOTAL on December 31, 2009			207,594,302

On March 3, 2009 we issued 8,571,428 shares for debt settlement to the company president.

On March 11, 2009 we issued 15,818,182 shares for consulting services to three stockholders.

On April 28, 2009 we issued 2,500,000 shares for consulting services to two consultants.

On April 28, 2009 we issued 750,000 shares to one stockholder as per an interim loan agreement. (note 9)

On July 20, 2009 we closed a non-brokered private placement, 40,000,000 shares were issued and received net proceeds of $42,707.

On August 11, 2009 we issued 21,333,333 shares for consulting services to one employee and four consultants.

The Accompanying Notes are an Integral Part of these Financial Statements

CAPITAL RESERVE CANADA LIMITED

13. Income taxes

The income tax effect of the significant components of the Company's future tax assets and liabilities is as follows:

In assessing the valuation of future tax assets, management considers whether it is more likely than not that some portion or all of the future tax assets will be realized. The ultimate realization of future tax assets is dependent upon the generation of future taxable income and tax planning strategies.

Due to KCP's stage of development and operation, the Company believes there is significant uncertainty over the amount of and timing when non-capital losses may be claimed against future taxable income. Consequently, a valuation allowance has been provided against the value of the future tax asset. The valuation allowance is reviewed periodically and when and if the more likely than not criterion is met for accounting purposes, the valuation allowance will be adjusted by a credit or charge to earnings in that period.

The Company has non-capital losses carried forward for income tax purposes in the amount of approximately $8,456,480 at December 31, 2009 that may be applied against future taxable income. Losses expire as follows: $380,730 on December 31, 2015, $195,850 on December 31, 2016, $850,000 on December 31, 2027, an estimated $6,912,700 on December 31, 2028 and an estimated $1,172,000 on December 31, 2029. The potential benefits relating to these amounts have not been recognized in the financial statements.

14. Related party transactions

The amounts due to the shareholders are non-interest bearing, unsecured and due on demand and are nil.

15. Commitment

KCP leased shop and office space under a five year operating lease that ends in October 2012. The Company has not been paying the lease and the leassor has filed suit to collect the balance of the rent remaining on the contract. Since the outcome of the action is uncertain, the Company has accrued for the minimum rent due during the year 2009. The balance of this accrual is $64,828 at December 31, 2009. The future office and shop lease payments are as follows:

2010	$	142,140
2011		142,140
2012		118,450

Total	$	402,730

An individual has filed suit against the Company for services rendered in regards to site remediation services provided on the land owned by the Company. The Company feels that this suit is without merit. However, the Company can’t know for certain regarding the outcome of this case. There are no accruals made in the financials for this item as of December 31, 2009.

The entity, which sold the Company the land with the associated mineral rights and water permits has filed suit claiming that the shares given in trade for the land and other assets was worthless. They desire to have the agreement nullified and the land and other assets returned to them. The Company feels that this suit is without merit. However, the Company can’t know for certain regarding the outcome of this case. There are no accruals made in the financials for this item as of December 31, 2009.

The Accompanying Notes are an Integral Part of these Financial Statements

CAPITAL RESERVE CANADA LIMITED

16. Financial instruments

Credit risk

Credit risk is the risk that one party to a financial instrument will fail to fulfill an obligation and causes the other party to incur a financial loss. The Company’s credit risk consists primarily of cash and cash equivalents and short-term investments. The credit risk is minimized by placing cash and cash equivalents and investing in short-term investments with major Canadian financial institutions. The Company’s receivables consist of GST due from the Federal Government of Canada. Management believes that the credit risk concentration with respect to amounts receivable is remote. The Company does not invest in asset–backed commercial papers.

Interest rate risk

The Company is exposed to interest rate risk to the extent that it has bank indebtedness that carries a variable rate of interest. Notwithstanding this, unless otherwise indicated, it is management's opinion that the Company's exposure to interest rate risk arising from these financial instruments is insignificant.

Fair value of financial assets and liabilities

The Company has estimated the fair value of its financial instruments, which include cash and cash equivalents, cash restricted, term deposit, accounts receivable, bank indebtedness, accounts payable, accrued liabilities, due to stockholder and long-term debt. The Company used valuation methodologies and market information available at December 31, 2009 and has determined that the carrying amounts of such financial instruments approximate fair value in all cases.

17. Comparative figures

Certain comparative figures have been reclassified to conform to the current year’s presentation. Such reclassification is for presentation purposes only and has no effect on previously reported results.

18. Segmented information

The Company operates in one geographic segment within one industry segment. Oilfield services are provided in Canada.

19. Sale of KCP Assets

20. Subsequent event

The Company has evaluated subsequent events from the balance sheet date, December 31, 2009, through the date these financial statements were issued and has determined that there are no events that would require disclosure in these financial statements.

The Accompanying Notes are an Integral Part of these Financial Statements

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M*UK7THQM![,U8)P)+^,K/*EXV0#LD:3]2]U]WK:WD_TZ?`K*;K>E6)HB:(FB)HB M:(FB)HB:(FB)HB:(FB)HB:(FB)HBQ>8G3-4_=P(-LG<<\19$03VV!PZ MJS]O2W*I>GU'`RAQ-U_76C6`_3]>WT639[.*3VEAT*RE[^UQ.XMDM MY5:FB)HB:(FB)HB:(FB)HB:(FB)HB:(FB)HB:(FB+&):=_\`Q7G_+7Z_9YG=^E 363?_`.J=7_C"GPQ63O6[JM7_V3\_ ` end EX-12 3 v192876_ex12.htm

Exhibit 12

CERTIFICATION

I, Steve Claussen, certify that:

1.

I have reviewed this annual report of Capital Reserve Canada Ltd. (the “Registrant”).

2.

Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report.

3.

Based on my knowledge, the financial statement, and other financial information included in this annual report, fairly presents in all material respects the financial condition, results of operations and cash flow of the registrant as of, and for, the periods presented in this annual report.

4.

As the Registrant’s certifying officer, I am responsible for establishing and maintaining disclosure controls and procedures ( as defined in the Securities Exchange Act of 1934 ( the “Exchange Act”), Rules 13a-15(e) and 15d-15(e)) internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d- 15(f) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.

I have disclosed, based on my recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonable likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:    August 6, 2010

By:

Name:  Steve Claussen

Title:    President (Principal Executive

Officer and Principal Accounting Officer)

EX-13 4 v192876_ex13.htm

Exhibit 13

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Capital Reserve Canada Ltd. (the “Company”) on Form 20-F for the period ended December 31, 2008 as filed with the Securities and Exchange Commission on the date hereof (the” Report”),  Steve Claussen, President and Principal Accounting Officer, and  Nicole Wood, Chief Financial Officer,  certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 202, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15 (d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly present, in all material respects, the financial condition and results of operations of the Company.



Date:

August 6, 2010

Name:

Steve Claussen

Title:

President (Principal

Executive Officer and Principal

Accounting Officer)



Date:

August 6, 2010

Name:

Nicole Wood

Title:

Chief Financial Officer

Date: August 6, 2010	By:
Name: Steve Claussen
Title: President (Principal Executive
Officer and Principal Accounting Officer)


Date:	August 6, 2010
Name:	Steve Claussen
Title:	President (Principal
Executive Officer and Principal
Accounting Officer)


Date:	August 6, 2010
Name:	Nicole Wood
Title:	Chief Financial Officer