Golconda Resources Ltd. filed its Annual on Apr 30, 2013 for the period ending Dec 31, 2012. In this report its auditor, KPMG LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

Golconda Resources Ltd. announced the successful drilling of its first vertical well of the 10 well program as previously announced on March 22, 2013, on Cold Lake First Nation lands with its joint venture partners, Tri-Rez Ebay Energy Ltd. and a Calgary-based private oil and gas company. Initial interpretation of this well is that it is analogous to producing wells in the immediate area based on open hole logs. The well was drilled to a total depth of 424 metres and the open hole logs indicate the potential of at least two productive zones with porosities ranging between 30-35%. The well is currently being equipped for production and the corporation expects to bring the well onto production by the end of April 2013, weather permitting.

Golconda Resources Ltd. announced that following consultations with members of the Cold Lake First Nation a land lease and a well license have been issued to the Corporation's joint venture with Tri-Rez Ebay Energy Ltd. and a Calgary-based private oil and gas company allowing for the drilling by the joint venture of its first well on Cold Lake First Nation lands. This well is expected to spud on March 23, 2013. A land lease for a second well has been issued and it is anticipated that the associated well license will be issued in the coming days so that a second well can be drilled prior to April 1, 2013.