UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                  FORM 10-QSB


 [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT
     OF 1934

           For the quarterly period ended March 31, 2006

 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

     	   For the transition period from ______ to _______

Commission File No. 000-05474

              NORTH AMERICAN GAMING AND ENTERTAINMENT CORPORATION

                    Delaware                           75-2571032
               -------------------------    -----------------------
       (State or other jurisdiction of     (IRS Employer Identification No.)
       incorporation or organization)

                13150 Coit Road, Suite 125, Dallas, Texas 75240
    ----------------------------------------------------------------------
                   (Address of principal executive offices)

                                (972) 671-1133
                          --------------------------
                          (Issuer's telephone number)

Check  whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the  Exchange Act during the past 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 shell company (as defined in
Rule 12b-2 of the Exchange Act.
                         [X]    YES  [ ] NO

                 APPLICABLE TO ISSUERS INVOLVED IN BANKRUPTCY
                  PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15 (d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court.
                 [ ]    YES    [ ] NO

                     APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding  of each of the issuer's classes of
common equity, as of the latest practicable date: March 31, 2006: 24,216,058

Transitional Small Business Disclosure Format (check one)   Yes [ ] No [X]


		NORTH AMERICAN GAMING AND ENTERTAINMENT
  			     CORPORATION
		      BALANCE SHEETS (UNAUDITED)
<TABLE>
<CAPTION>
								 March 31,	December 31,
								   2006	    	   2005
								(UNAUDITED)
								===========	===========
<S>								<C>		<C>
Current assets:

Cash								$     3,939	$     2,504
Interest receivable						     24,613	     21,620
								-----------	-----------

Total current assets						     28,552	     24,124

Property and equipment, net of accumulated deprecation		      2,832	      3,125
Note Receivable							    133,000	    133,000
								-----------	-----------

Total assets							$   164,384	$   160,249
								===========	===========

LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Notes payable							$   302,005	$   265,512
Accounts payable and accrued liabilities			     62,450	     65,578
Preferred stock dividends payable				     15,003	     15,003
								-----------	-----------

Total current liabilities					    379,458	    346,093
								-----------	-----------
Commitments and contingencies

Stockholders' Equity:

Common stock, $.01 par value, 100,000,000 shares
   authorized, 41,788,552 shares issued				    417,886	    417,886
Additional paid-in capital					    489,214	    489,214
Treasury stock, 17,572,494 shares, at cost			   (489,258)	   (489,258)
Accumulated deficit						   (632,916)	   (603,686)
								-----------	-----------

Total stockholders deficit					   (215,074)	   (185,844)
								-----------	-----------

Total liabilities and stockholders' deficit			$   164,384	$   160,249
								===========	===========
</TABLE>

The accompanying notes are an integral part of the financial statements.


    		NORTH AMERICAN GAMING AND ENTERTAINMENT
  			    CORPORATION
		 STATEMENTS OF OPERATIONS (UNAUDITED)

<TABLE>
<CAPTION>

						Three Months Ended March 31,
						---------------------------
						    2006	    2005
						===========	===========
<S>						<C>		<C>
Costs and expenses:

General and administrative expenses		$    25,445	$    34,106
						-----------	-----------
Operating loss					    (25,445)	    (34,106)

Interest expense				     (6,778)	     (5,957)
Interest income					      2,993	      2,993
						-----------	-----------

Loss before provision for income taxes		    (29,230)	    (37,070)

Provision for income taxes				  -		  -
						-----------	-----------

Net Loss					$   (29,230)	$   (37,070)
						===========	===========

Basic Net Loss Per Share				  *		  *
						===========	===========

Basic weighted average shares outstanding	 24,216,058	 24,216,058

*Less than $.01 per share

</TABLE>


The accompanying notes are an integral part of the financial statements.


		NORTH AMERICAN GAMING AND ENTERTAINMENT
			    CORPORATION
		  STATEMENTS OF CASH FLOWS (UNAUDITED)
<TABLE>
<CAPTION>


							Three Months Ended March 31,
							---------------------------
							    2006	    2005
							===========	===========
<S>							<C>		<C>
Cash Flows From Operating Activities:
Net loss						$   (29,230)	$   (37,070)
Adjustments to reconcile net loss to net cash used in
   operating activities:
      Depreciation expense					293		  -
Changes in operating assets and liabilities:
   (Increase) decrease in:
      Accounts receivable - other				  -		  -
      Interest receivable				     (2,993)	     (2,993)
   Increase (decrease) in:
      Accounts payable and accrued liabilities		      2,365	      2,031
							-----------	-----------

Net Cash Used In Operating Activities			    (29,565)	    (38,032)
							-----------	-----------

Cash Flows From Investing Activities:
   Purchase of furniture and fixtures				  -	       (539)
   Repayments on advances					  -	     49,156
							-----------	-----------

Net Cash Provided By Investing Activities			  -	     48,617
							-----------	-----------

Cash Flows From Financing Activities:
   Borrowings under note payable			     31,000	     17,500
   Payments on notes payable					  -	    (35,000)
							-----------	-----------

Net Cash Provided By (Used In) Financing Activities	     31,000	    (17,500)
							-----------	-----------

Net Increase (Decrease) In Cash				      1,435	     (6,915)

Cash, beginning of period				      2,504	     18,017
							-----------	-----------

Cash, end of period					$     3,939	$    11,102
							===========	===========

Cash paid during the period for:
   Interest						$	  -	$	  -
							===========	===========
</TABLE>


The accompanying notes are an integral part of the financial statements.


		      NORTH AMERICAN GAMING AND ENTERTAINMENT
  				   CORPORATION
		     NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
			THREE MONTHS ENDED MARCH 31, 2006

1.  OPINION OF MANAGEMENT

The preceding  financial  information has been prepared by the Company pursuant
to the rules and regulations  of the Securities and Exchange Commission ("SEC")
and,  in  the  opinion  of  the Company,  includes  all  normal  and  recurring
adjustments necessary for a fair statement of the results of each period shown.
Certain information and footnote disclosures normally included in the financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted  pursuant  to  SEC  rules  and regulations.  The
Company believes that the disclosures made are adequate to make the information
presented not misleading.

Results  for  the  three  months  ended  March  31,  2006  are  not necessarily
indicative of the results to be realized during the full year.  These financial
statements  should be read in conjunction with the Company's Annual  Report  on
Form 10-KSB for the year ended December 31, 2005.

The accompanying  financial  statements  have  been  prepared assuming that the
Company will continue as a going concern.  However, the  Company  currently has
no sources of revenue or cash flow.  Management plans to continue operating the
business and pursue various business, investment and financing opportunities.

2.  NOTE RECEIVABLE

In  March  2004, the Company entered into a loan agreement with US Daylighting,
L.L.C. (Daylighting).  Under the terms of the Note, the Company is to initially
advance up to  $150,000  to  Daylighting, with interest due monthly at 9%.  The
Company may advance an additional  $150,000  and  has the option to convert the
total of all advances ($300,000) into a 25% interest  in Daylighting.  Advances
under the note are due within six months of demand being  made  by the Company,
and  the  note  is  in  default  as of March 31, 2006.  The note is secured  by
various membership interests of Daylighting.  As of March 31, 2006, the Company
has advanced $133,000 under this note,  and accrued interest receivable on this
note is $24,613 as of March 31, 2006.  No  allowance  for  doubtful accounts is
considered  necessary, due to the terms of the note payable to  related  party,
discussed in Note 3.

3.  NOTES PAYABLE

In May 2004,  the Company issued a 12% promissory note to an unrelated party in
the amount of $110,000,  due in 90 days.  The note is unsecured, and guaranteed
by principal officer of the Company.  The note has been renewed in August 2004,
February 2005, and August  2005 and February 2006, and as of March 31, 2006 the
balance of the note is $193,012,  and  the  note  is  due August 2006.  At each
renewal date, the renewal amount included any outstanding principal and accrued
interest payable.  This note is guaranteed by an officer and stockholder of the
Company.

In July 2004, the Company issued an 8% promissory note  to a related party, due
in 180 days.  The note has been renewed in January 2005, July 2005, and January
2006, and as of March 31, 2006, the balance of the note is  $193,012,  and  the
note  is  due July 2006. The note is collateralized by the note receivable from
Daylighting.   Under  the  terms  of  the  current  renewal,  the related party
lender's  sole  remedy  for  collection  is  to  foreclose the collateral  note
receivable from Daylighting and seek recovery from  Daylighting.   The  related
party lender also agreed it had no claim against the Company for any deficiency
in  the  collection,  by  the Company, of the note receivable from Daylighting.
Interest expense on the note  payable  to  related party was $3,526 in 2006 and
$1,989 in 2005.

Other notes payable in the amount of $12,700  at  March  31,  2006,  consist of
amounts due to former preferred stockholders of the Company.  Those notes  bear
interest  at  9%  and were payable in 2001.  The notes are unsecured and are in
default at March 31, 2006.

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

LIQUIDITY AND CAPITAL RESOURCES

General: Until August  20,  2001,  the  Company was engaged in the video gaming
business through its partial ownership of  three  operating  companies.   These
companies  operated  video  poker machines located in truck stops in Louisiana.
Effective August 20, 2001, the Company sold its interests in these companies.

General Condition.  The Company  ended the quarter with $3,939 in cash, $24,613
in accrued interest receivable, $2,832  in  furniture  and  fixtures  (net) and
$133,000 in note receivable.  Total liabilities were $379,458 at March 31, 2006
and  consist  of  accounts  payable  and  accrued liabilities of $67,943, notes
payable  of $296,512 and preferred stock dividends  payable  of  $15,003.   The
Company's current liabilities increased from approximately $346,000 at December
31, 2005.   This increase was due primarily to the increase in accrued interest
payable and additional amounts borrowed  on notes payable.

Plan of Operations

Effective August  20,  2001,  the  Company  sold  its interests in video gaming
business for cash and notes receivable. During 2003, the Company sold the notes
receivable  for cash. As a result, the Company has no  on-going  operations  or
revenues.  The   Company's  plan  is  to  continue  exploring  for  acquisition
opportunities and  the  financing  required  to  buy  and  support an operating
business. There is no assurance that we will be able to do so,  and during 2006
we  will have to continue to rely on advances from management and  shareholders
to pay our basic level of operating expense.


Our independent  accountants have expressed substantial doubt about our ability
to continue as a going concern.


RESULTS OF OPERATIONS

Comparison of the  three months ended March 31, 2006, to the three months ended
March 31, 2005.

Operating Income (Expense)

The Company recorded  an  operating  loss  of  $29,230  comprised  primarily of
general and administrative costs during the three months ended March  31, 2006,
compared  to  an  operating loss of $37,070 also comprised primarily of general
and administrative  costs  for  the  three  months  ended  March 31, 2005.  The
decrease in the loss from operations for the three months ended  March 31, 2006
as  compared to the loss from operations for the three months ended  March  31,
2005 is due to the reduction in general and administrative costs during 2006.

Interest Expense

The Company  incurred  interest  expense  of  $6,778 for the three months ended
March 31, 2006, compared to $5,957 for the three  months  ended March 31, 2005.
The increase in interest expense is due to additional borrowings  from  related
and unrelated parties.

Interest Income and Miscellaneous Income

The Company recorded interest income of $2,993 for the three months ended March
31, 2006, related to interest income on the convertible secured promissory note
with  U.S.  Daylighting, L.L.C., compared to interest income of $2,993 for  the
three months ended March 31, 2005.

ITEM 3.  CONTROLS AND PROCEDURES

a)  Within the  90-day  period prior to the date of this report, we carried out
   an evaluation, under the  supervision  and  with  the  participation  of our
   management,  including  the  Chief  Executive  Officer  and  Chief Financial
   Officer, of the effectiveness of the design and operation of our  disclosure
   controls  and  procedures pursuant to Rule 13a-14 of the Securities Exchange
   Act of 1934 (the  "Exchange  Act").  Based  upon  that evaluation, the Chief
   Executive officer and Chief Financial Officer concluded  that our disclosure
   controls  and procedures are effective in timely alerting them  to  material
   information  relating to the Company required to be included in our Exchange
   Act filings.   The  two  Executive  Officers  responsible  for the financial
   reporting and disclosure are in direct control of the books  and  records of
   the  Company and are involved first-hand in the decision making process  for
   material transactions.

b)  There have been no significant changes in our internal controls or in other
   factors,  which  could  significantly affect internal controls subsequent to
   the date we carried out our evaluation.



		      NORTH AMERICAN GAMING AND ENTERTAINMENT
  				   CORPORATION
		     NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
			THREE MONTHS ENDED MARCH 31, 2006

Forward Looking Statements

Certain  statements  contained   in  this  Report  on  Form  10-QSB,  including
statements  of  the  Company's  current  expectations,  intentions,  plans  and
beliefs,  and  statements  containing   the  words  "believes",  "anticipates,"
"estimates," "expects," or "may," are forward-looking statements, as defined in
Section  21D  of the Securities Exchange Act  of  1934.   Such  forward-looking
statements involve  known  and  unknown  risk,  uncertainties and other factors
which may cause the actual results, performance,  timing or achievements of the
Company  to be materially different from any results,  performance,  timing  or
achievements expressed or implied by such forward-looking statements.



PART II - OTHER INFORMATION

Items 1 through 5 not applicable.

ITEM 6.    EXHIBITS

(a)   Exhibits required to be filed by Item 601 of Regulation S-B:

31.1  Certification  of  Chief  Executive  Officer  and Chief Financial Officer
      Under Section 302 of the Sarbanes-Oxley Act of 2002

32.1  Certification  pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
      Section 906 of the Sarbanes-Oxley Act of 2002.




                                  SIGNATURES

In accordance with Section  13 or 15(d) of the Securities Exchange Act of 1934,
the Company has duly caused this  report  to  be  signed  on  its behalf by the
undersigned, thereunto duly authorized.

                                         NORTH AMERICAN GAMING AND
                                         ENTERTAINMENT CORPORATION


May 22, 2006
                                        /s/ E. H. Hawes, II, President
                                        ------------------------------
                                        E. H. Hawes,  II,  President
                                        and Chief Executive Officer
                                        (Principal Executive Officer
                                        and Principal Financial and
                                        Accounting Officer)