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, 2007

[ ] 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)

                   3300 Oak Lawn Avenue, Dallas, Texas 75219
    		   -----------------------------------------
                   (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, 2007: 24,216,058

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

<PAGE>

<TABLE>
<CAPTION>

<S>							<C>		<C>

NORTH AMERICAN GAMING AND ENTERTAINMENT
  CORPORATION
BALANCE SHEETS (UNAUDITED)
                                                       March 31,    December 31,
                                                         2007          2006
                                            	      (UNAUDITED)
						       ---------    -----------
ASSETS
Current assets:

Cash                                                   $   2,843    $       784
Interest receivable                                       36,582         33,590
						       ---------    -----------
Total current assets                                      39,425         33,590

Property and equipment, net of
   accumulated deprecation				   2,449          2,831
Note receivable                                          133,000        133,000
						       ---------    -----------

Total assets                                           $ 174,874    $   170,205
						       =========    ===========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Notes payable                                          $ 468,907    $   419,704
Accounts payable and accrued liabilities                 100,930         96,037
Preferred stock dividends payable                         15,003         15,003
						       ---------    -----------
Total current liabilities                                584,840        530,744

Commitments and contingencies

Stockholders' Deficit:

Common stock, $.01 par value, 100,000,000 shares
   authorized, 41,788,552 shares issued                  417,886        417,886
Additional paid-in capital                               517,214        517,214
Treasury stock, 17,572,494 shares, at cost              (489,258)      (489,258)
Accumulated deficit                                     (855,808)      (806,381)
						       ---------    -----------
Total stockholders' deficit                             (409,966)      (360,539)
						       ---------    -----------
Total liabilities and stockholders' deficit            $ 174,874    $   170,205
						       =========    ===========

                                       1
The accompanying notes are an integral part of the financial statements.

</TABLE>


<PAGE>

<TABLE>
<CAPTION>

<S>					<C>		<C>

NORTH AMERICAN GAMING AND ENTERTAINMENT
  CORPORATION
STATEMENTS OF OPERATIONS (UNAUDITED)
                                             Three Months Ended March 31,
					     ---------------------------
                                                2007             2006
					     ----------	      ----------
Costs and expenses:

General and administrative expenses          $   42,046       $   25,445
					     ----------	      ----------
Operating loss                                  (42,046)         (25,445)

Interest expense                                (10,374)          (6,778)
Interest income                                   2,993            2,993
					     ----------	      ----------
Loss before provision for income taxes          (49,427)         (29,230)

Provision for income taxes                            -                -
					     ----------	      ----------
Net Loss                                     $  (49,427)      $  (29,230)
					     ==========       ==========
Basic Net Loss Per Share                              *                *
					     ==========       ==========
Basic weighted average shares outstanding    24,216,058       24,216,058

*Less than $.01 per share



                                       2
The accompanying notes are an integral part of the financial statements.

</TABLE>


<PAGE>

<TABLE>
<CAPTION>

<S>							<C>		<C>

NORTH AMERICAN GAMING AND ENTERTAINMENT
  CORPORATION
STATEMENTS OF CASH FLOWS (UNAUDITED)
                                                    Three Months Ended March
						   --------------------------
                                                      2007             2006
						   ---------	    ---------

Cash Flows From Operating Activities:
Net loss                                           $ (49,427)       $ (29,230)
Adjustments to reconcile net loss
to net cash used in
   operating activities:
      Depreciation expense                               382              293
Changes in operating assets and liabilities:
   (Increase) decrease in:
      Interest receivable                             (2,992)          (2,993)
   Increase (decrease) in:
      Accounts payable and accrued liabilities        11,096            2,365
						   ---------	    ---------
Net Cash Used In Operating Activities                (40,941)         (29,565)
						   ---------	    ---------
Net Cash Provided By Investing Activities            	   -                -
						   ---------	    ---------
Cash Flows From Financing Activities:
   Borrowings under note payable                      43,000           31,000
						   ---------	    ---------
Net Cash Provided By Financing Activities             43,000           31,000
						   ---------	    ---------
Net Increase In Cash                                   2,059            1,435

Cash, beginning of period                                784            2,504
						   ---------	    ---------
Cash, end of period                                   $2,843        $   3,939
						   ========= 	    =========
Cash paid during the period for:
   Interest                                        $     398        $       -
						   =========	    =========


                                       3
The accompanying notes are an integral part of the financial statements.

</TABLE>

<PAGE>
NORTH AMERICAN GAMING AND ENTERTAINMENT
  CORPORATION
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
THREE MONTHS ENDED MARCH 31, 2007

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, 2007  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, 2006.

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, 2007.   The  note  is  secured  by
various membership interests of Daylighting.  As of March 31, 2007, the Company
has advanced  $133,000 under this note, and accrued interest receivable on this
note is $36,582  as  of  March 31, 2007.  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.  The note is unsecured, and guaranteed by an officer of
the Company.  The note has been renewed  repeatedly  and  in now due August 18,
2007.    As  of March 31, 2007, the balance of the note is $108,195.   At  each
renewal date,  the  renewal  amount  has included the outstanding principal and
accrued interest payable.

                                       4

NORTH AMERICAN GAMING AND ENTERTAINMENT
  CORPORATION
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
THREE MONTHS ENDED MARCH 31, 2007



In July 2004, the Company issued an 8% promissory note to a related party.  The
note has been renewed repeatedly and is now due June 30, 2007.  As of March 31,
2007, the balance of the note is $348,012.   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 $6,577
and $3,526 for the three months ended March 31, 2007 and 2006, respectively.

Other notes payable in the  amount  of  $12,700  at  March  31, 2007 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, 2007.

4.  NEW ACCOUNTING PRONOUNCEMENTS

In  September 2006,  the  Financial  Accounting  Standards  Board (FASB) issued
Statement  of  Financial  Accounting  Standards  (SFAS)  No.  157, "Fair  Value
Measurements".  The statement defines fair value, establishes a  framework  for
measuring  fair  value,  expands  disclosures about fair value measurements and
does not require any new fair value measurements. SFAS No. 157 is effective for
fiscal years beginning after November 15, 2007. We are currently evaluating the
impact  of  the  adoption  of  SFAS No. 157  on  our  consolidated  results  of
operations and financial condition.

In February 2007, the FASB issued  SFAS  No. 159,  "The  Fair  Value Option for
Financial Assets and Financial Liabilities". SFAS No. 159 permits  entities  to
choose  to  measure  many financial instruments and certain other items at fair
value that are not currently  required  to  be  measured  at  fair  value. SFAS
No. 197 is effective for fiscal years beginning after November 15, 2007. We are
currently  evaluating  the  impact  of  the  adoption  of   SFAS No. 159 on our
consolidated results of operations and financial condition.


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.

                                       5


General Condition.  The Company ended the quarter with $2,843  in cash, $36,582
in  accrued  interest  receivable, $2,449 in furniture and fixtures  (net)  and
$133,000 in note receivable.  Total liabilities were $584,840 at March 31, 2007
and consist of accounts  payable  and  accrued  liabilities  of $100,930, notes
payable  of  $468,907  and  preferred stock dividends payable of $15,003.   The
Company's current liabilities increased from approximately $530,744 at December
31, 2006.  This increase was  due  primarily  to  an increase in unpaid accrued
interest and additional borrowings from a related party.

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, 2007, to the three months  ended
March 31, 2006.

Operating Expense

The  Company  recorded  an  operating loss of $42,046, comprised of general and
administrative costs during the  three months ended March 31, 2007, compared to
an operating loss of $25,445 also comprised of general and administrative costs
for the three months ended March 31,  2006.   The  increase  in  the  loss from
operations  for  the three months ended March 31, 2007 as compared to the  loss
from operations for  the  three months ended March 31, 2006 is due primarily to
acceleration in timing and  related  accrual  of  our  external  audit  and  an
increase in legal fees during the three months ended March 31, 2007 as compared
to last year.

Interest Expense

The  Company  incurred  interest  expense of $10,374 for the three months ended
March 31, 2007, compared to $6,778  for  the three months ended March 31, 2006.
The increase in interest expense is due to  additional  borrowings from related
and unrelated parties.

Interest Income

The Company recorded interest income of $2,992 for the three months ended March
31, 2007, 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, 2006.


                                       6

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.




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.



                                       7


<PAGE>

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.





                                       8


                                  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 18, 2007

/s/ E. H. Hawes, II, President

------------------------------
E. H. Hawes,  II,  President
and Chief Executive Officer
(Principal Executive Officer
and Principal Financial and
Accounting Officer)






                                       9