Notes to Accounts of NovaGold Petro-Resources Ltd.

Mar 31, 2014

(1) In the Opinion of the Board of Directors, Current Assets, Loans and Advances are realisable.

(2) No further information pursuant 4c and 4d of the part II of Schedule VI of the Companies Act, 1956 is given, as the same is not applicable to the company.

(3) Balance in respect of debtors, bank, creditors, Loans and Advances including Banks are subject to reconciliation and Confirmation.

(4) There is no contingent liability in the Company.

(5) There is no employee drawing remuneration exceeding 12,00,000/- per annum or 1,00,000/- per month as the case may be.

(6) The company has not made any payment to any related party as required by AS-18 of ICAI.

(7) The Company has not made any provision relating to the AS-15, Retirement Benefits. They shall be dealt on cash basis.

(8) The provision of Income Tax has been made considering current profit and any shortfall of earlier years.

(9) Previous year''s figures have been regrouped/rearranged wherever necessary so as to confirm to the balances of the current year.

(10) Payments to Auditors is as under :-

As Statutory Audit fee Rs. 15,000

As Tax Audit/Income Tax Rs. NIL

As Other Matter Rs. NIL

(11) Earning per share is calculated by dividing profit by no. of shares.

(12) There is no Additional information pursuant to para (3) & (4) of part II of Schedule VI of the Companies Act, 1956.

(13) The Company has not provided for impairment of assets as the company has discarded old assets and purchased new assets. The construction part is not yet completed, hence taken in to Capital-work-in-progress.

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Mar 31, 2013

(1) In the Opinion of the Board of Directors, Current Assets, Loans and Advances are realisable.

(2) No further information pursuant 4c and 4d of the part II of Schedule VI of the Companies Act, 1956 is given, as the same is not applicable to the company.

(3) Balance in respect of debtors, bank, creditors, Loans and Advances including Banks are subject to reconciliation and Confirmation.

(4) There is no contingent liability in the Company.

(5) There is no employee drawing remuneration exceeding 12,00,000/- per annum or 1,00,000/- per month as the case may be.

(6) The company has not made any payment to any related party as required by AS-18 of ICAI.

(7) The Company has not made any provision relating to the AS-15, Retirement Benefits. They shall be dealt on cash basis.

(8) The provision of Income Tax has been made considering current profit and any shortfall of earlier years.

(9) Previous year''s figures have been regrouped/rearranged wherever necessary so as to confirm to the balances of the current year.

(10) Earning per share is calculated by dividing profit by no. of shares.

(11) There is no Additional information pursuant to para (3) & (4) of part II of Schedule VI of the Companies Act, 1956.

(12) The Company has not provided for impairment of assets as the company has discarded old assets and purchased new assets. The construction part is not yet completed, hence taken in to Capital-work-in-progress.

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Mar 31, 2012

1) Pursuant to the Notification No.447 (E) dated February 28,2011 and Notification No.653 (E) dated March 30, 2011, issued by the Ministry of Corporate Affairs, the Company has prepared its financial statements for the year ended March 31, 2012 as per revised schedules VI to the Companies Act, 1956. Accordingly, the previous year's figures have been regrouped / reclassified, wherever required to align the financial statements

(1) In the Opinion of the Board of Directors, Current Assets, Loans and Advances are realisable.

(2) No further information pursuant 4c and 4d of the part II of Schedule VI of the Companies Act, 1956 is given, as the same is not applicable to the company.

(3) Balance in respect of debtors, bank, creditors, Loans and Advances including Banks are subject to reconciliation and Confirmation.

(4) There is no contingent liability in the Company.

(5) There is no employee drawing remuneration exceeding 12,00,000/- per annum or 1,00,000/- per month as the case may be.

(6) The company has not made any payment to any related party as required by AS-18 of ICAI.

(7) The Company has not made any provision relating to the AS-15, Retirement Benefits. They shall be dealt on cash basis.

(8) The provision of Income Tax has been made considering current profit and any shortfall of earlier years.

(9) Previous year's figures have been regrouped/rearranged wherever necessary so as to confirm to the balances of the current year.

(10) Payments to Auditors is as under :-

As Statutory Audit fee Rs.15,000

As Tax Audit/Income Tax Rs. NIL

As Other Matter Rs. NIL

(11) Earning per share is calculated by dividing profit by no. of shares.

(12) There is no Additional information pursuant to para (3) & (4) of part II of Schedule VI of the Companies Act, 1956.

(13) The Company has not provided for impairment of assets as the company has discarded old assets and purchased new assets. The construction part is not yet completed, hence taken in to Capital-work-in- progress.

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Mar 31, 2010

[1] Previous year figures have been regrouped and rearranged whenever necessary to make them comparable with those of the current years.

[2] No related party transactions were taken place during the year.

[3] Auditors Remuneration :-

As audit Fees :- Rs. 15000/- (Pr.Yr. Rs. 15000/-) As Income Tax :- NIL NIL

As Other Matter :- NIL NIL

[4] No Managerial Remuneration paid to any of the Directors.

[5] Additional information pursuant to the provisions of paragraph 3, 4, & 4D of part II of Schedule - VI of the Companies Act 1956 is not required to be given.