Verona Development Corp. (Verona) is principally engaged in oil and gas exploration. The Company is engaged in locating, acquiring, exploring, and if warranted, developing natural resource properties with a particular emphasis on properties, which may contain economic reserves of oil and gas. The Company has also entered into a participation agreement for an oil and gas property. The oil and gas property is producing oil. As of March 31, 2008, the Company’s property interests are in Saskatchewan and China. On August 30, 2007, Verona entered into a participation agreement with Strand Resources Ltd., to earn 60% operating interests (47.25% working interests) in two oil and gas exploration projects in Saskatchewan known as the Gainsborough South projects.