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| U.S. SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. |
|---------------------------------------------------------|
| Form 10-Q                                               |

| (Mark one) |
|------------|
| x          | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2009 |

| OR  |
|----------|
| o        | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |

| Commission File No. 0-29417 |
|-----------------------------|
|                        |

|   | ALL Fuels & Energy Company                         |   |
|--------|--------------------------------------------------------|--------|
|   | (Exact name of registrant as specified in its charter) |   |
|   |

|   | DELAWARE                                                      |   | 62-1581902                             |   |
|--------|---------------------------------------------------------------|--------|----------------------------------------|--------|
|   | (State or Other Jurisdiction ofincorporation or organization) |   | (I.R.S. EmployerIdentification Number) |   |

|   |
|--------|
|   | 6165 N.W. 86th Street, Johnston, Iowa 50131 |   |

|   | (Address of principal executive offices, including zip code)  |   |
|--------|--------------------------------------------------------------------|--------|
|   | (515) 331-6509                                                     |   |

|   | (Issuer’s telephone number, including area code) |   |
|--------|--------------------------------------------------------|--------|
|   |

| 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.Yes x No o  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):                                                                   |

| Large accelerated filer o                                        |   | Accelerated filer o    |
|----------------------------------------------------------------------------|--------|----------------------------------|
| Non-accelerated filer o (Do not check if a smaller reporting company) |   | Smaller reporting company x |

| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes o No x  |
|--------------------------------------------------------------------------------------------------------------------------------------------|
| As of May 7, 2009, there were 51,624,386 shares of the issuer’s common stock outstanding.                                            |

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| PART I - FINANCIAL INFORMATION |
|--------------------------------|
| Item 1. Financial Statements   |

| INDEX TO FINANCIAL STATEMENTS |
|-------------------------------|
|                          | Page |

| ALL Fuels & Energy Company                                                           |
|-----------------------------------------------------------------------------------------------|
| Consolidated Balance Sheets as of March 31, 2009 (unaudited), and December 31, 2008 (audited) | 3 |

| Consolidated Statements of Operations for the Three Months Ended March 31, 2009 (unaudited) and 2008 (unaudited), and the Period from Commencement of Development Stage (June 7, 2004) to March 31, 2009 (unaudited)  | 4 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---|
| Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2009 (unaudited) and 2008 (unaudited), and the Period from Commencement of Development Stage (June 7, 2004) to March 31, 2009 (unaudited)       | 5 |

| Notes to Consolidated Financial Statements | 7 |
|--------------------------------------------|---|

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|                                                                                                                |   |      |       |   |     |   |
|---------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|----------|--------|
|                                                                                                                |   | 3/31/09   |       |   |     |   |
|                                                                                                                |   | unaudited |       |   | 12/31/08 |   |
| ASSETS                                                                                                              |   |      |       |   |     |   |
| Current assets                                                                                                      |   |      |       |   |     |   |
| Cash and cash equivalents                                                                                           |   | $         | 170,484    |   |     | $      | 314,224 |   |
| Accounts receivable                                                                                                 |   |      | 5,000      |   |     |   | --- |   |
| Prepaid expenses                                                                                                    |   |      | 7,789      |   |     |   | 7,439 |   |
| Total current assets                                                                                                |   |      | 183,273    |   |     |   | 321,663 |   |
| Property and equipment - at cost                                                                                    |   |      |       |   |     |   |   |   |
| Equipment                                                                                                           |   |      | 1,729      |   |     |   | 1,729 |   |
|                                                                                                                |   |      | 1,729      |   |     |   | 1,729 |   |
| Less accumulated depreciation                                                                                       |   |      | (957       | )      |     |   | (815 | ) |
| Total property and equipment - net                                                                                  |   |      | 772        |   |     |   | 914 |   |
| Total assets                                                                                                        |   | $         | 184,045    |   |     | $      | 322,577 |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                          |   |      |       |   |     |   |   |   |
| Current liabilities                                                                                                 |   |      |       |   |     |   |   |   |
| Accounts payable and accrued expenses                                                                               |   | $         | 147,260    |   |     | $      | 140,458 |   |
| Total current liabilities                                                                                           |   |      | 147,260    |   |     |   | 140,458 |   |
| Stockholders’ equity                                                                                          |   |      |       |   |     |   |   |   |
| Common stock, $.01 par value; 80,000,000 shares authorized, 51,624,386 and 51,624,386 shares issued and outstanding |   |      | 516,245    |   |     |   | 516,245 |   |
| Additional paid-in capital                                                                                          |   |      | 16,103,834 |   |     |   | 16,053,072 |   |
| Treasury stock, at cost                                                                                             |   |      | (150,000   | )      |     |   | (150,000 | ) |
| Receivable from shareholder                                                                                         |   |      | (50,000    | )      |     |   | (50,000 | ) |
| Accumulated deficit                                                                                                 |   |      | (6,423,944 | )      |     |   | (6,423,944 | ) |
| Deficit accumulated during the development stage                                                                    |   |      | (9,959,350 | )      |     |   | (9,763,254 | ) |
| Total stockholders’ equity                                                                                    |   |      | 36,785     |   |     |   | 182,119 |   |
| Total liabilities and stockholders’ equity                                                                    |   | $         | 184,045    |   |     | $      | 322,577 |   |
| The accompanying notes are an integral part of these statements.                                                    |   |      |       |   |     |   |   |   |

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|                                                              |   | Three Months Ended March 31, |       |   |        |   |
|-------------------------------------------------------------------|--------|------------------------------|------------|--------|-------------|--------|
|                                                              |   |                         |       |   |        |   |   | Period from |   |
|                                                              |   |                         |       |   |        |   |   | Commence- |   |
|                                                              |   |                         |       |   |        |   |   | ment of |   |
|                                                              |   |                         |       |   |        |   |   | Development |   |
|                                                              |   |                         |       |   |        |   |   | Stage (June 7, |   |
|                                                              |   |  (2009)                 |       |   | 2008        |   |   | 2004) to 3/31/09 |   |
|                                                              |   | (unaudited)                  |       |   | (unaudited) |   |   | (unaudited) |   |
|                                                              |   |                         |       |   |        |   |   |   |   |   |   |
|                                                              |   |                         |       |   |        |   |   |   |   |   |   |
| Revenues                                                          |   | $                            | 5,000      |   |        | $      | --- |   |   | $ | 5,000 |   |
| Operating Costs and Expenses                                      |   |                         |       |   |        |   |   |   |   |   |   |   |
| Consulting                                                        |   |                         | 68,930     |   |        |   | 713,744 |   |   |   | 7,692,830 |   |
| Legal and professional                                            |   |                         | 16,636     |   |        |   | 61,756 |   |   |   | 1,135,202 |   |
| Impairment charge                                                 |   |                         | ---        |   |        |   | --- |   |   |   | 333,540 |   |
| General and administrative                                        |   |                         | 101,142    |   |        |   | 147,509 |   |   |   | 1,341,655 |   |
| Total operating expenses                                          |   |                         | 186,708    |   |        |   | 923,009 |   |   |   | 10,503,227 |   |
| Other income (expense)                                            |   |                         |       |   |        |   |   |   |   |   |   |   |
| Interest expense                                                  |   |                         | ---        |   |        |   | (7,737 | ) |   |   | (56,815 | ) |
| Interest income                                                   |   |                         | 98         |   |        |   | 2,856 |   |   |   | 51,292 |   |
| Rental income                                                     |   |                         | ---        |   |        |   | 10,000 |   |   |   | 66,250 |   |
| Loss on sale of land                                              |   |                         | ---        |   |        |   | --- |   |   |   | (1,278 | ) |
| Development expense                                               |   |                         | (14,486    | )      |        |   | --- |   |   |   | (14,486 | ) |
| Equity loss in subsidiary                                         |   |                         | ---        |   |        |   | --- |   |   |   | (218,855 | ) |
| Total other income (expense)                                      |   |                         | (14,388    | )      |        |   | 5,119 |   |   |   | (173,892 | ) |
| Net loss                                                          |   | $                            | (196,096   | )      |        | $      | (917,890 | ) |   | $ | (10,672,119 | ) |
| Income (loss) per share                                           |   | $                            | (0.00      | )      |        | $      | (0.02 | ) |   |   |   |   |
| Weighted average number of shares outstanding (basic and diluted) |   |                         | 51,624,386 |   |        |   | 51,110,107 |   |   |   |   |   |
| The accompanying notes are an integral part of these statements.  |

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|                                                                     |   | Three Months Ended March 31, |     |   |        |   |
|--------------------------------------------------------------------------|--------|------------------------------|----------|--------|-------------|--------|
|                                                                     |   |                         |     |   |        |   |   | Period from |   |
|                                                                     |   |                         |     |   |        |   |   | Commencement of |   |
|                                                                     |   |                         |     |   |        |   |   | Development |   |
|                                                                     |   |                         |     |   |        |   |   | Stage (June 7, |   |
|                                                                     |   |  (2009)                 |     |   |  2008  |   |   | 2004) to 3/31/09 |   |
|                                                                     |   | (unaudited)                  |     |   | (unaudited) |   |   | (unaudited) |   |
|                                                                     |   |                         |     |   |        |   |   |   |   |   |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                                     |   |                         |     |   |        |   |   |   |   |   |   |
| Net loss                                                                 |   | $                            | (196,096 | )      |        | $      | (917,890 | ) |   | $ | (10,672,119 | ) |
| Adjustments to reconcile net loss to cash used for operating activities: |   |                         |     |   |        |   |   |   |   |   |   |   |
| Loss on sale of land                                                     |   |                         | ---      |   |        |   | --- |   |   |   | 1,278 |   |
| Depreciation and amortization                                            |   |                         | 142      |   |        |   | 511 |   |   |   | 6,480 |   |
| Options issued for compensation                                          |   |                         | 50,762   |   |        |   | 156,223 |   |   |   | 6,993,155 |   |
| Stock issued for services and compensation                               |   |                         | ---      |   |        |   | 576,000 |   |   |   | 1,176,345 |   |
| Impairment charge                                                        |   |                         | ---      |   |        |   | --- |   |   |   | 333,540 |   |
| Accounts receivable                                                      |   |                         | (5,000   | )      |        |   | --- |   |   |   | (5,000 | ) |
| Increase (decrease) in prepaids                                          |   |                         | (350     | )      |        |   | 1,302 |   |   |   | (95,609 | ) |
| Increase in unearned rental income                                       |   |                         | ---      |   |        |   | 30,000 |   |   |   | --- |   |
| Increase in accounts payable                                             |   |                         | 6,802    |   |        |   | 19,223 |   |   |   | 89,629 |   |
| Net cash used for operating activities                                   |   |                         | (143,740 | )      |        |   | (134,631 | ) |   |   | (2,172,301 | ) |
| CASH FLOWS FROM INVESTING ACTIVITIES                                     |   |                         |     |   |        |   |   |   |   |   |   |   |
| Purchase of land                                                         |   |                         | ---      |   |        |   | --- |   |   |   | (951,238 | ) |
| Increase in accrued liabilities - related party                          |   |                         | ---      |   |        |   | --- |   |   |   | 40,056 |   |
| Proceeds from sale of land                                               |   |                         | ---      |   |        |   | --- |   |   |   | 461,960 |   |
| Purchase of office equipment                                             |   |                         | ---      |   |        |   | (636 | ) |   |   | (1,966 | ) |
| Payments on construction-in-progress                                     |   |                         | ---      |   |        |   | (2,852 | ) |   |   | (193,720 | ) |
| Net cash used for investing activities                                   |   |                         | ---      |   |        |   | (3,488 | ) |   |   | (644,908 | ) |
|                                                                     |   |                         |     |   |        |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these statements.         |

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|                                                                     |   | Three Months Ended March 31, |     |   |        |   |
|--------------------------------------------------------------------------|--------|------------------------------|----------|--------|-------------|--------|
|                                                                     |   |                         |     |   |        |   |   | Period from |   |
|                                                                     |   |                         |     |   |        |   |   | Commencement of |   |
|                                                                     |   |                         |     |   |        |   |   | Development |   |
|                                                                     |   |                         |     |   |        |   |   | Stage (June 7, |   |
|                                                                     |   | (2009)                       |     |   | 2008        |   |   | 2004) to 3/31/09 |   |
|                                                                     |   | (unaudited)                  |     |   | (unaudited) |   |   | (unaudited) |   |
|                                                                     |   |                         |     |   |        |   |   |   |   |   |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                                     |   |                         |     |   |        |   |   |   |   |   |   |
| Net loss                                                                 |   | $                            | (196,096 | )      |        | $      | (917,890 | ) |   | $ | (10,672,119 | ) |
| Adjustments to reconcile net loss to cash used for operating activities: |   |                         |     |   |        |   |   |   |   |   |   |   |
| Loss on sale of land                                                     |   |                         | ---      |   |        |   | --- |   |   |   | 1,278 |   |
| Depreciation and amortization                                            |   |                         | 142      |   |        |   | 511 |   |   |   | 6,480 |   |
| Options issued for compensation                                          |   |                         | 50,762   |   |        |   | 156,223 |   |   |   | 6,993,155 |   |
| Stock issued for services and compensation                               |   |                         | ---      |   |        |   | 576,000 |   |   |   | 1,176,345 |   |
| Impairment charge                                                        |   |                         | ---      |   |        |   | --- |   |   |   | 333,540 |   |
| Accounts receivable                                                      |   |                         | (5,000   | )      |        |   | --- |   |   |   | (5,000 | ) |
| Increase (decrease) in prepaids                                          |   |                         | (350     | )      |        |   | 1,302 |   |   |   | (95,609 | ) |
| Increase in unearned rental income                                       |   |                         | ---      |   |        |   | 30,000 |   |   |   | --- |   |
| Increase in accounts payable                                             |   |                         | 6,802    |   |        |   | 19,223 |   |   |   | 89,629 |   |
| Net cash used for operating activities                                   |   |                         | (143,740 | )      |        |   | (134,631 | ) |   |   | (2,172,301 | ) |
| CASH FLOWS FROM INVESTING ACTIVITIES                                     |   |                         |     |   |        |   |   |   |   |   |   |   |
| Purchase of land                                                         |   |                         | ---      |   |        |   | --- |   |   |   | (951,238 | ) |
| Increase in accrued liabilities - related party                          |   |                         | ---      |   |        |   | --- |   |   |   | 40,056 |   |
| Proceeds from sale of land                                               |   |                         | ---      |   |        |   | --- |   |   |   | 461,960 |   |
| Purchase of office equipment                                             |   |                         | ---      |   |        |   | (636 | ) |   |   | (1,966 | ) |
| Payments on construction-in-progress                                     |   |                         | ---      |   |        |   | (2,852 | ) |   |   | (193,720 | ) |
| Net cash used for investing activities                                   |   |                         | ---      |   |        |   | (3,488 | ) |   |   | (644,908 | ) |
|                                                                     |   |                         |     |   |        |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these statements.         |

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|                                                             |   | Three Months Ended March 31, |     |   |        |   |
|------------------------------------------------------------------|--------|------------------------------|----------|--------|-------------|--------|
|                                                             |   |                         |     |   |        |   |   | Period from |   |
|                                                             |   |                         |     |   |        |   |   | Commencement of |   |
|                                                             |   |                         |     |   |        |   |   | Development |   |
|                                                             |   |                         |     |   |        |   |   | Stage (June 7, |   |
|                                                             |   | (2009)                       |     |   | 2008        |   |   | 2004) to 3/31/09 |   |
|                                                             |   | (unaudited)                  |     |   | (unaudited) |   |   | (unaudited) |   |
|                                                             |   |                         |     |   |        |   |   |   |   |   |   |
|                                                             |   |                         |     |   |        |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                             |   |                         |     |   |        |   |   |   |   |   |   |
| Proceeds from sale of common stock for cash                      |   |                         | ---      |   |        |   | --- |   |   |   | 2,653,623 |   |
| Principal payments on related party advances                     |   |                         | ---      |   |        |   | --- |   |   |   | (3,988 | ) |
| Proceeds from long-term debt, net of deferred borrowing costs    |   |                         | ---      |   |        |   | --- |   |   |   | 483,120 |   |
| Purchase of treasury stock                                       |   |                         | ---      |   |        |   | --- |   |   |   | (150,000 | ) |
| Contributions from shareholders                                  |   |                         | ---      |   |        |   | --- |   |   |   | 950 |   |
| Net cash provided by financing activities                        |   |                         | ---      |   |        |   | --- |   |   |   | 2,983,705 |   |
|                                                             |   |                         |     |   |        |   |   |   |   |   |   |   |
| NET CHANGE IN CASH                                               |   |                         | (143,740 | )      |        |   | (138,119 | ) |   |   | 166,496 |   |
| Cash, beginning of period                                        |   |                         | 314,224  |   |        |   | 612,888 |   |   |   | 3,988 |   |
| Cash, end of period                                              |   | $                            | 170,484  |   |        | $      | 474,769 |   |   | $ | 170,484 |   |
|                                                             |   |                         |     |   |        |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these statements. |

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|   | Exhibit No.       |   | Description                                                                                                                                       |
|--------|-------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|
|   |              |   |                                                                                                                                              |
|   | 31.1 *            |   | Certification of Chief Executive Officer and Principal Financial and Accounting Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|   |              |   |                                                                                                                                              |
|   | 32.1 *            |   | Certification of Chief Executive Officer and Principal Financial and Accounting Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|   |              |   |                                                                                                                                              |
|   | * filed herewith. |   |                                                                                                                                              |

|                                          Date: May 13, 2009. | ALL FUELS & ENERGY COMPANY |                                                           |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|----------------------------------------------------------------|
|                                                                                                                                                                                                                                                                 |                           |                                                           |   |
|                                                                                                                                                                                                                                                                 | By:                            | /s/ DEAN E. SUKOWATEY                                          |   |
|                                                                                                                                                                                                                                                                 |                           | Dean E. Sukowatey, President and ActingChief Financial Officer |   |
|                                                                                                                                                                                                                                                                 |                           |                                                           |   |
|                                                                                                                                                                                                                                                                 |                           |                                                           |   |

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