| x   | Quarterly                report pursuant to Section 13 or 15 (d) of the Securities Exchange                Act of                1934 |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------|
| o   | Transition                report pursuant to Section 13 or 15 (d) of the Securities Exchange                Act of                1934 |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------|

**ADAMS        RESOURCES & ENERGY, INC.**

| Delaware                                                                                        |   | 74-1753147                                                            |
|-------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------|
| (State                  or other jurisdiction ofincorporation                  or organization) |   | (I.R.S.                  EmployerIdentification                  No.) |

| 4400                  Post Oak Pkwy Ste 2700 , Houston, Texas 77027                      |
|------------------------------------------------------------------------------------------|
| (Address                  of principal executive office & Zip                  Code) |

----

**PART        1 - FINANCIAL INFORMATION**

**Item        1. Financial Statements**

**ADAMS        RESOURCES & ENERGY, INC. AND SUBSIDIARIES**

**UNAUDITED        CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(In        thousands, except per share data)**

|                                                      |   | Three                  Months Ended |    |
|-----------------------------------------------------------|--------|-------------------------------------|---------|
|                                                      |   | March                  31,          |    |
|                                                      |   | 2007                                |    | 2006 |   |
| **REVENUES:**                                             |   |                                |    |   |   |   |   |
| Marketing                                            |   | $                                   | 469,141 |   | $ | 468,488 |   |
| Transportation                                       |   |                                | 13,802  |   |   | 14,941 |   |
| Oil                  and gas                         |   |                                | 3,423   |   |   | 4,599 |   |
|                                                      |   |                                | 486,366 |   |   | 488,028 |   |
| **COSTS                  AND EXPENSES:**                  |   |                                |    |   |   |   |   |
| Marketing                                       |   |                                | 465,649 |   |   | 464,530 |   |
| Transportation                                       |   |                                | 11,909  |   |   | 12,646 |   |
| Oil                  and gas                         |   |                                | 2,888   |   |   | 1,197 |   |
| General                  and administrative          |   |                                | 2,602   |   |   | 2,116 |   |
| Depreciation,                  depletion and amortization |   |                                | 2,491   |   |   | 2,042 |   |
|                                                      |   |                                | 485,539 |   |   | 482,531 |   |
|                                                      |   |                                |    |   |   |   |   |
| Operating                  earnings                  |   |                                | 827     |   |   | 5,497 |   |
| Other                  income (expense):                  |   |                                |    |   |   |   |   |
| Interest                  income                     |   |                                | 367     |   |   | 85 |   |
| Interest                  expense                    |   |                                | (31     | ) |   | (28 | ) |
| Earnings                  before income tax               |   |                                | 1,163   |   |   | 5,554 |   |
|                                                      |   |                                |    |   |   |   |   |
| Income                  tax provision                |   |                                | 251     |   |   | 1,910 |   |
|                                                      |   |                                |    |   |   |   |   |
| Net                  earnings                        |   | $                                   | 912     |   | $ | 3,644 |   |
|                                                      |   |                                |    |   |   |   |   |
| **EARNINGS                  PER SHARE:**                  |   |                                |    |   |   |   |   |
| Basic                  and diluted net earnings           |   |                                |    |   |   |   |   |
| per                  common share                    |   | $                                   | .22     |   | $ | .86 |   |
|                                                      |   |                                |    |   |   |   |   |
| **DIVIDENDS                  PER COMMON SHARE**      |   | $                                   | -       |   | $ | - |   |

*The        accompanying notes are an integral part of these financial        statements.*

----

**ADAMS        RESOURCES & ENERGY, INC. AND SUBSIDIARIES**

**UNAUDITED        CONDENSED CONSOLIDATED BALANCE SHEETS**

**(In        thousands)**

|                                                                |   | March                  31, |    | December                  31, |   |
|---------------------------------------------------------------------|--------|----------------------------|---------|-------------------------------|--------|
|                                                                |   | 2007                       |    | 2006                          |   |
| **ASSETS**                                                          |   |                       |    |                          |   |   |   |
|                                                                |   |                       |    |                          |   |   |   |
| Current                  assets:                                    |   |                       |    |                          |   |   |   |
| Cash                  and cash equivalents                     |   | $                          | 21,307  |                          | $      | 20,668 |   |
| Accounts                  receivable, net of allowance for doubtful |   |                       |    |                          |   |   |   |
| accounts                  of $239 and $225, respectively       |   |                       | 190,867 |                          |   | 194,097 |   |
| Inventories                                                    |   |                       | 9,287   |                          |   | 7,950 |   |
| Risk                  management receivables                   |   |                       | 7,416   |                          |   | 13,140 |   |
| Income                  tax receivable                         |   |                       | 2,150   |                          |   | 1,396 |   |
| Prepayments                                                    |   |                       | 8,140   |                          |   | 4,539 |   |
|                                                                |   |                       |    |                          |   |   |   |
| Total                  current assets                          |   |                       | 239,167 |                          |   | 241,790 |   |
|                                                                |   |                       |    |                          |   |   |   |
| Property                  and equipment                        |   |                       | 110,699 |                          |   | 107,221 |   |
| Less                  - accumulated depreciation,                   |   |                       |    |                          |   |   |   |
| depletion                  and amortization                    |   |                       | (66,301 | )                             |   | (63,905 | ) |
|                                                                |   |                       | 44,398  |                          |   | 43,316 |   |
| Other                  assets:                                      |   |                       |    |                          |   |   |   |
| Risk                  management assets                        |   |                       | 2,782   |                          |   | 644 |   |
| Other                  assets                                  |   |                       | 4,000   |                          |   | 3,537 |   |
|                                                                |   | $                          | 290,347 |                          | $      | 289,287 |   |
|                                                                |   |                       |    |                          |   |   |   |
| **LIABILITIES                  AND SHAREHOLDERS’ EQUITY**     |   |                       |    |                          |   |   |   |
|                                                                |   |                       |    |                          |   |   |   |
| Current                  liabilities:                               |   |                       |    |                          |   |   |   |
| Accounts                  payable                              |   | $                          | 193,652 |                          | $      | 185,735 |   |
| Risk                  management payables                      |   |                       | 6,278   |                          |   | 11,897 |   |
| Accrued                  and other liabilities                 |   |                       | 3,431   |                          |   | 7,897 |   |
| Current                  deferred income taxes                 |   |                       | 1,147   |                          |   | 1,053 |   |
| Total                  current liabilities                     |   |                       | 204,508 |                          |   | 206,582 |   |
|                                                                |   |                       |    |                          |   |   |   |
| Long-term                  debt                                |   |                       | 3,000   |                          |   | 3,000 |   |
|                                                                |   |                       |    |                          |   |   |   |
| Other                  liabilities:                                 |   |                       |    |                          |   |   |   |
| Asset                  retirement obligations                  |   |                       | 1,215   |                          |   | 1,152 |   |
| Deferred                  income taxes and other               |   |                       | 4,137   |                          |   | 3,762 |   |
| Risk                  management liabilities                   |   |                       | 2,207   |                          |   | 423 |   |
|                                                                |   |                       | 215,067 |                          |   | 214,919 |   |
| Commitments                  and contingencies (Note 5)             |   |                       |    |                          |   |   |   |
|                                                                |   |                       |    |                          |   |   |   |
| Shareholders’                  equity:                        |   |                       |    |                          |   |   |   |
| Preferred                  stock - $1.00 par value, 960,000 shares  |   |                       |    |                          |   |   |   |
| authorized,                  none outstanding                  |   |                       | -       |                          |   | - |   |
| Common                  stock - $.10 par value, 7,500,000 shares    |   |                       |    |                          |   |   |   |
| authorized,                  4,217,596 shares outstanding      |   |                       | 422     |                          |   | 422 |   |
| Contributed                  capital                           |   |                       | 11,693  |                          |   | 11,693 |   |
| Retained                  earnings                             |   |                       | 63,165  |                          |   | 62,253 |   |
| Total                  shareholders’ equity              |   |                       | 75,280  |                          |   | 74,368 |   |
|                                                                |   | $                          | 290,347 |                          | $      | 289,287 |   |

*The        accompanying notes are an integral part of these financial        statements.*

----

**ADAMS        RESOURCES & ENERGY, INC. AND SUBSIDIARIES**

**UNAUDITED        CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(In        thousands)**

|                                                                                                               |   | Three                  Months Ended |   |
|--------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|--------|
|                                                                                                               |   | March                  31,          |   |
|                                                                                                               |   | 2007                                |   | 2006 |   |
| CASH                  PROVIDED BY OPERATIONS:                                                                      |   |                                |   |   |   |   |   |
| Earnings                  from continuing operations                                                          |   | $                                   | 912    |   | $ | 3,644 |   |
| Adjustments                  to reconcile net earnings to net cash                                                 |   |                                |   |   |   |   |   |
| provided                  by operating activities -                                                                |   |                                |   |   |   |   |   |
| Depreciation,                  depletion and amortization                                                     |   |                                | 2,491  |   |   | 2,042 |   |
| Gains                  on property sales                                                                      |   |                                | -      |   |   | (32 | ) |
| Impairment                  on non-producing oil and gas properties                                           |   |                                | 219    |   |   | 259 |   |
| Other,                  net                                                                                   |   |                                | (18    | ) |   | (22 | ) |
|                          Decrease (increase) in accounts receivable   |   |                                | 3,230  |   |   | 12,916 |   |
|                          Decrease (increase) in inventories                |   |                                | (1,337 | ) |   | 1,123 |   |
|                          Risk management activities                        |   |                                | (249   | ) |   | 292 |   |
|                      Decrease (increase) in tax receivable                                     |   |                                | (754   | ) |   | 470 |   |
|                          Decrease (increase) in prepayments                |   |                                | (3,601 | ) |   | 2,791 |   |
|                      Increase (decrease) in accounts payable                                   |   |                                | 7,594  |   |   | (11,866 | ) |
|                          Increase (decrease) in accrued liabilities        |   |                                | (4,466 | ) |   | (1,276 | ) |
|                      Deferred income taxes                                                     |   |                                | 473    |   |   | 252 |   |
|                                                                                                               |   |                                |   |   |   |   |   |
| Net                  cash provided by operating activities                                                    |   |                                | 4,494  |   |   | 10,593 |   |
|                                                                                                               |   |                                |   |   |   |   |   |
| INVESTING                  ACTIVITIES:                                                                             |   |                                |   |   |   |   |   |
| Property                  and equipment additions                                                             |   |                                | (3,469 | ) |   | (4,631 | ) |
| Insurance                  deposits                                                                                |   |                                | (386   | ) |   | - |   |
| Proceeds                  from property sales                                                                 |   |                                | -      |   |   | 32 |   |
|                                                                                                               |   |                                |   |   |   |   |   |
| Net                  cash (used in) investing activities                                                      |   |                                | (3,855 | ) |   | (4,599 | ) |
|                                                                                                               |   |                                |   |   |   |   |   |
| FINANCING                  ACTIVITIES:                                                                             |   |                                |   |   |   |   |   |
| Net                  borrowings under credit agreements                                                       |   |                                | -      |   |   | - |   |
|                                                                                                               |   |                                |   |   |   |   |   |
| Net                  cash used in financing activities                                                        |   |                                | -      |   |   | - |   |
|                                                                                                               |   |                                |   |   |   |   |   |
| Increase                  in cash and cash equivalents                                                        |   |                                | 639    |   |   | 5,994 |   |
|                                                                                                               |   |                                |   |   |   |   |   |
| Cash                  at beginning of period                                                                  |   |                                | 20,668 |   |   | 18,817 |   |
|                                                                                                               |   |                                |   |   |   |   |   |
| Cash                  at end of period                                                                        |   | $                                   | 21,307 |   | $ | 24,811 |   |
|                                                                                                               |   |                                |   |   |   |   |   |
| Supplemental                  disclosure of cash flow information:                                                 |   |                                |   |   |   |   |   |
|                                                                                                               |   |                                |   |   |   |   |   |
| Interest                  paid during the period                                                              |   | $                                   | 32     |   | $ | 28 |   |
|                                                                                                               |   |                                |   |   |   |   |   |
| Income                  taxes paid during the period                                                          |   | $                                   | 535    |   | $ | 1,001 |   |

----

**ADAMS        RESOURCES & ENERGY, INC. AND SUBSIDIARIES**

**NOTES        TO UNAUDITED CONDENSED**

**CONSOLIDATED        FINANCIAL STATEMENTS**

*Principles        of Consolidation*

*Nature        of Operations*

*Cash        and Cash Equivalents*

*Inventories*

**in        thousands**

|                                      |   | March                  31, |   | December                  31, |   |
|-------------------------------------------|--------|----------------------------|--------|-------------------------------|--------|
|                                      |   | 2007                       |   | 2006                          |   |
|                                      |   |                       |   |                          |   |
| Crude                  oil           |   | $                          | 7,125  |                          | $      | 5,983 |   |
| Petroleum                  products  |   |                       | 2,162  |                          |   | 1,967 |   |
|                                      |   |                       |   |                          |   |   |   |
|                                      |   | $                          | 9,287  |                          | $      | 7,950 |   |

----

*Property        and Equipment*

*Other        Assets*

----

*Revenue        Recognition*

*Earnings        Per Share*

----

*Share-Based        Payments*

*Use        of Estimates*

*Price        Risk Management Activities*

----

**(in        thousands):**

|                                                                              |   | 2007   |   | 2006   |   |
|-----------------------------------------------------------------------------------|--------|--------|--------|--------|--------|
| Net                  fair value on January 1,                                |   | $      | 1,464  |   | $      | 1,781 |   |
| Activity                  during the period                                       |   |   |   |   |   |   |   |
| -Cash                  paid (received) from settled contracts                |   |   | (577   | )      |   | (894 | ) |
| -Net                  realized gain from prior years’ contracts        |   |   | -      |   |   | 107 |   |
| -Net                  realized (loss) from prior years’ contracts           |   |   | (144   | )      |   | - |   |
| **-**Net                  unrealized gain from prior years’ contracts  |   |   | 11     |   |   | - |   |
| -Net                  unrealized (loss) from prior years’ contracts         |   |   | -      |   |   | (57 | ) |
| -Net                  unrealized gain from current year contracts            |   |   | 959    |   |   | 552 |   |
| Net                  fair value on March 31,                                 |   | $      | 1,713  |   | $      | 1,489 |   |

*Asset        Retirement Obligations*

|                                           |   | 2007   |   | 2006   |   |
|------------------------------------------------|--------|--------|--------|--------|--------|
|                                           |   |   |   |   |   |
| Balance                  on January 1,    |   | $      | 1,152  |   | $      | 1,058 |   |
| -Liabilities                  incurred    |   |   | 13     |   |   | 10 |   |
| -Accretion                  of discount   |   |   | 50     |   |   | 27 |   |
| -Liabilities                  settled     |   |   | -      |   |   | - |   |
| -Revisions                  to estimates  |   |   | -      |   |   | - |   |
| Balance                  on March 31,     |   | $      | 1,215  |   | $      | 1,095 |   |

*New        Accounting Pronouncements*

* *

----

|                        |   | Earliest                  Open |   |
|-----------------------------|--------|--------------------------------|--------|
|                        |   | Tax                  Year      |   |
|                        |   |                           |   |
| Federal                     |   |                           | 2004   |   |
| Texas                       |   |                           | 2002   |   |
| Louisiana                   |   |                           | 1999   |   |
| Michigan                    |   |                           | 2002   |   |
| Mississippi                 |   |                           | 2002   |   |
| Alabama                     |   |                           | 2002   |   |
| New                  Mexico |   |                           | 2002   |   |

*,        *

*.        *

----

**in        thousands**

|                                        |   |     |    | Segment                          |   | Depreciation                   |   | Property                  and |   |
|---------------------------------------------|--------|----------|---------|----------------------------------|--------|--------------------------------|--------|-------------------------------|--------|
|                                        |   |     |    | Operating                        |   | Depletion                  and |   | Equipment                     |   |
|                                        |   | Revenues |    | Earnings                  (Loss) |   | Amortization                   |   | Additions                     |   |
| For                  the three months ended |   |     |    |                             |   |                           |   |                          |   |   |   |   |   |
| March                  31, 2007             |   |     |    |                             |   |                           |   |                          |   |   |   |   |   |
| Marketing                              |   |     |    |                             |   |                           |   |                          |   |   |   |   |   |
| -                  Crude oil                |   | $        | 430,436 |                             | $      | 1,784                          |   | $                             | 147    |   | $ | 228 |   |
| -                  Natural gas              |   |     | 3,436   |                             |   | 1,294                          |   |                          | 15     |   |   | 35 |   |
| -                  Refined products         |   |     | 35,269  |                             |   | 145                            |   |                          | 107    |   |   | 162 |   |
| Marketing                  Total            |   |     | 469,141 |                             |   | 3,223                          |   |                          | 269    |   |   | 425 |   |
| Transportation                              |   |     | 13,802  |                             |   | 726                            |   |                          | 1,167  |   |   | 38 |   |
| Oil                  and gas           |   |     | 3,423   |                             |   | (520                           | )      |                          | 1,055  |   |   | 3,006 |   |
|                                        |   | $        | 486,366 |                             | $      | 3,429                          |   | $                             | 2,491  |   | $ | 3,469 |   |
| For                  the three months ended |   |     |    |                             |   |                           |   |                          |   |   |   |   |   |
| March                  31, 2006             |   |     |    |                             |   |                           |   |                          |   |   |   |   |   |
| Marketing                              |   |     |    |                             |   |                           |   |                          |   |   |   |   |   |
| -                  Crude Oil                |   | $        | 427,154 |                             | $      | 1,461                          |   | $                             | 207    |   | $ | 1,085 |   |
| -                  Natural gas              |   |     | 3,089   |                             |   | 1,791                          |   |                          | 15     |   |   | - |   |
| -                  Refined Products         |   |     | 38,245  |                             |   | 385                            |   |                          | 99     |   |   | 16 |   |
| Marketing                  Total            |   |     | 468,488 |                             |   | 3,637                          |   |                          | 321    |   |   | 1,101 |   |
| Transportation                         |   |     | 14,941  |                             |   | 1,171                          |   |                          | 1,124  |   |   | 614 |   |
| Oil                  and gas           |   |     | 4,599   |                             |   | 2,805                          |   |                          | 597    |   |   | 2,916 |   |
|                                        |   | $        | 488,028 |                             | $      | 7,613                          |   | $                             | 2,042  |   | $ | 4,631 |   |

**(in        thousands)**

|                                |   | March                  31, |    | December                  31, |   |
|-------------------------------------|--------|----------------------------|---------|-------------------------------|--------|
|                                |   | 2007                       |    | 2006                          |   |
| Marketing                      |   |                       |    |                          |   |   |   |
| -                  Crude oil        |   | $                          | 119,029 |                          | $      | 116,917 |   |
| -                  Natural gas      |   |                       | 77,041  |                          |   | 80,346 |   |
| -                  Refined products |   |                       | 17,046  |                          |   | 16,286 |   |
| Marketing                  Total    |   |                       | 213,116 |                          |   | 213,549 |   |
| Transportation                 |   |                       | 22,116  |                          |   | 23,764 |   |
| Oil                  and gas   |   |                       | 27,622  |                          |   | 25,918 |   |
| Other                          |   |                       | 27,493  |                          |   | 26,056 |   |
|                                |   | $                          | 290,347 |                          | $      | 289,287 |   |

----

**(in        thousands)**

|                                          |   | Three                  months ended |   |
|-----------------------------------------------|--------|-------------------------------------|--------|
|                                          |   | March                  31,          |   |
|                                          |   | 2007                                |   | 2006 |   |
| Segment                  operating earnings   |   | $                                   | 3,429  |   | $ | 7,613 |   |
| -                  General and administrative |   |                                | (2,602 | ) |   | (2,116 | ) |
| Operating                  earnings           |   |                                | 827    |   |   | 5,497 |   |
| -                  Interest income            |   |                                | 367    |   |   | 85 |   |
| -                  Interest expense           |   |                                | (31    | ) |   | (28 | ) |
| Earnings                  before income tax   |   | $                                   | 1,163  |   | $ | 5,554 |   |

----

*Le        Petit Chateau De Luxe, et. al. vs Great Southern Oil &*
*Gas        Co., et. al*

**(in        thousands):**

|                                   |   | 2007 |   | 2008   |   | 2009 |   | 2010 |   | 2011   |   | Thereafter |   | Total |   |
|----------------------------------------|--------|------|--------|--------|--------|------|--------|------|--------|--------|--------|------------|--------|-------|--------|
| Lease                  residual values |   | $    | -      |   | $      | 304  |   | $    | 1,475  |   | $      | 217        |   | $     | 181    |   | $ | 288 |   | $ | 2,465 |   |

----

**(in        thousands):**

|                                         |   | 2007   |   | 2008   |   | 2009  |   | 2010   |   | 2011   |   | Thereafter |   | Total  |   |
|----------------------------------------------|--------|--------|--------|--------|--------|-------|--------|--------|--------|--------|--------|------------|--------|--------|--------|
| Bank                  debt              |   | $      | -      |   | $      | 375   |   | $      | 1,500  |   | $      | 1,125      |   | $      | -      |   | $ | - |   | $ | 3,000 |   |
| Operating                  leases       |   |   | 4,060  |   |   | 3,861 |   |   | 1,539  |   |   | 548        |   |   | 186    |   |   | 104 |   |   | 10,298 |   |
| Lease                  residual values  |   |   | -      |   |   | 304   |   |   | 1,475  |   |   | 217        |   |   | 181    |   |   | 288 |   |   | 2,465 |   |
| Commodity                  purchases    |   |   | 25,326 |   |   | -     |   |   | -      |   |   | -          |   |   | -      |   |   | - |   |   | 25,326 |   |
| Letters                  of credit      |   |   | 39,564 |   |   | -     |   |   | -      |   |   | -          |   |   | -      |   |   | - |   |   | 39,564 |   |
|                                         |   | $      | 68,950 |   | $      | 4,540 |   | $      | 4,514  |   | $      | 1,890      |   | $      | 367    |   | $ | 392 |   | $ | 80,653 |   |

----

|   | - | *Marketing* |
|--------|---|-------------|

**in        thousands**

|                                         |   |     |    | Segment   |   | Depreciation                   |   |
|----------------------------------------------|--------|----------|---------|-----------|--------|--------------------------------|--------|
|                                         |   |     |    | Operating |   | Depletion                  and |   |
|                                         |   | Revenues |    | Earnings  |   | Amortization                   |   |
| Period                  ended March 31, 2007 |   |     |    |      |   |                           |   |   |   |   |
|                                         |   |     |    |      |   |                           |   |   |   |   |
| -                  Crude oil                 |   | $        | 430,436 |      | $      | 1,784                          |   | $ | 147 |   |
| -                  Natural gas               |   |     | 3,436   |      |   | 1,294                          |   |   | 15 |   |
| -                  Refined products          |   |     | 35,269  |      |   | 145                            |   |   | 107 |   |
| Total                                        |   | $        | 469,141 |      | $      | 3,223                          |   | $ | 269 |   |
|                                         |   |     |    |      |   |                           |   |   |   |   |
| Period                  ended March 31, 2006 |   |     |    |      |   |                           |   |   |   |   |
|                                         |   |     |    |      |   |                           |   |   |   |   |
| -                  Crude Oil                 |   | $        | 427,154 |      | $      | 1,461                          |   | $ | 207 |   |
| -                  Natural gas               |   |     | 3,089   |      |   | 1,791                          |   |   | 15 |   |
| -                  Refined Products          |   |     | 38,245  |      |   | 385                            |   |   | 99 |   |
| Total                                        |   | $        | 468,488 |      | $      | 3,637                          |   | $ | 321 |   |

|                                                        |   | Three                  Months Ended |    |
|-------------------------------------------------------------|--------|-------------------------------------|---------|
|                                                        |   | March                  31,          |    |
|                                                        |   | 2007                                |    | 2006 |   |
|                                                        |   |                                |    |   |   |
| Field                  Level Purchase Volumes - Per day (1) |   |                                |    |   |   |   |   |
| Crude                  oil - barrels                   |   |                                | 58,145  |   |   | 66,250 |   |
| Natural                  gas - mmbtu’s           |   |                                | 455,200 |   |   | 343,000 |   |
|                                                        |   |                                |    |   |   |   |   |
| Average                  Purchase Price                     |   |                                |    |   |   |   |   |
| Crude                  Oil - per barrel                |   | $                                   | 54.43   |   | $ | 60.40 |   |
| Natural                  Gas - per mmbtu               |   | $                                   | 6.89    |   | $ | 7.63 |   |

----

*Transportation*

**in        thousands**

|                                      |   | Three                  Months Ended |   |     |   |
|-------------------------------------------|--------|-------------------------------------|--------|----------|--------|
|                                      |   | March                  31,          |   | Increase |   |
|                                      |   | 2007                                |   | 2006     |   | (Decrease) |   |
|                                      |   |                                |   |     |   |   |   |
| Revenues                             |   | $                                   | 13,802 |     | $      | 14,941 |   |   | (7.6 | )% |
|                                      |   |                                |   |     |   |   |   |   |   |   |
| Operating                  earnings  |   | $                                   | 726    |     | $      | 1,171 |   |   | (38.0 | )% |
|                                      |   |                                |   |     |   |   |   |   |   |   |
| Depreciation                         |   | $                                   | 1,167  |     | $      | 1,124 |   |   | 3.8 | % |

----

* *
*Oil        and Gas*

**in        thousands**
**:**

|                                              |   | Three                  Months Ended |   |   |   |
|---------------------------------------------------|--------|-------------------------------------|--------|--------|--------|
|                                              |   | March                  31,          |   |   |   |
|                                              |   | 2007                                |   | 2006   |   | Increase |   |
| Revenues                                     |   | $                                   | 3,423  |   | $      | 4,599 |   |   | (25.6 | )% |
|                                              |   |                                |   |   |   |   |   |   |   |   |
| Operating                  earnings (loss)   |   | $                                   | (520   | )      | $      | 2,805 |   |   | (118.5 | )% |
|                                              |   |                                |   |   |   |   |   |   |   |   |
| Depreciation                  and depletion  |   | $                                   | 1,055  |   | $      | 597 |   |   | 76.7 | % |

|                                            |   | Three                  Months Ended |    |
|-------------------------------------------------|--------|-------------------------------------|---------|
|                                            |   | March                  31,          |    |
|                                            |   | 2007                                |    | 2006 |   |
| Crude                  Oil                      |   |                                |    |   |   |   |   |
| Volume                  - barrels          |   |                                | 17,200  |   |   | 19,800 |   |
| Average                  price per barrel  |   | $                                   | 56.73   |   | $ | 61.20 |   |
|                                            |   |                                |    |   |   |   |   |
| Natural                  gas                    |   |                                |    |   |   |   |   |
| Volume                  - mcf              |   |                                | 335,000 |   |   | 396,000 |   |
| Average                  price per mcf     |   | $                                   | 7.30    |   | $ | 8.55 |   |

----

*-*
*Income        tax*

**(in        thousands):**

|                                                                         |   | Three                  Months Ended |   |
|------------------------------------------------------------------------------|--------|-------------------------------------|--------|
|                                                                         |   | March                  31,          |   |
|                                                                         |   | 2007                                |   | 2006 |   |
| Earnings                  from continuing operations                    |   | $                                   | 912    |   | $ | 3,644 |   |
|                      Depreciation, depletion and amortization |   |                                | 2,491  |   |   | 2,042 |   |
| Property                  and equipment additions                       |   |                                | (3,469 | ) |   | (4,631 | ) |
|                                                                         |   |                                |   |   |   |   |   |
| Cash                  available for (provided by) other uses            |   | $                                   | (66    | ) | $ | 1,055 |   |

----

*-        Banking Relationships*

----

*Fair        Value Accounting*

| 1.   | Gross                margins, derived from certain aspects of the Company’s ongoing business,                are front-ended into the period in which contracts are executed.                Meanwhile, personnel and other costs associated with servicing accounts                as                well as substantially all risks associated with the execution of                contracts                are expensed as incurred during the period of physical product flow                and                title passage. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.   | Mark-to-market                earnings are calculated based on stated contract volumes. A significant                risk associated with the Company’s business is the conversion of stated                contract or planned volumes into actual physical commodity movement                volumes without a loss of margin. Again the planned profit from such                commodity contracts is bunched and front-ended into one period while                the                risk of loss associated with the difference between actual versus                planned                production or usage volumes falls in a subsequent                period. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.   | Cash                flows, by their nature, match physical movements and passage of title.                Mark-to-market accounting, on the other hand, creates a divergence                between                reported earnings and cash flows. Management believes this complicates                and                confuses the picture of stated financial conditions and                liquidity. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*-*
*Trade        Accounts*

----

*-*
*Oil        and Gas Reserve Estimate*

*-*
*Contingencies*

*Le        Petit Chateau De Luxe, et. al. vs Great Southern Oil &*
*Gas        Co., et. al*

----

|   | *-* | *Interest                  Rate Risk* |
|--------|-----|---------------------------------------|

|   | *-* | *Commodity                  Price Risk* |
|--------|-----|-----------------------------------------|

----

**in        thousands**

|                                                                            |   | 2007   |   | 2006   |   |
|---------------------------------------------------------------------------------|--------|--------|--------|--------|--------|
| Net                  fair value on January 1,                              |   | $      | 1,464  |   | $      | 1,781 |   |
| Activity                  during the period                                     |   |   |   |   |   |   |   |
| -                  Cash received from settled contracts                    |   |   | (577   | )      |   | (894 | ) |
| -                  Net realized (loss) for prior years’ contracts         |   |   | (144   | )      |   | - |   |
| -                  Net realized gain from prior years’ contracts     |   |   | -      |   |   | 107 |   |
| -                  Net unrealized gain from prior years’ contracts   |   |   | 11     |   |   | - |   |
| -                  Net unrealized (loss) from prior years’ contracts      |   |   | -      |   |   | (57 | ) |
| -                  Net unrealized gain from current year contracts         |   |   | 959    |   |   | 552 |   |
| -                  Net fair value on September 30,                         |   | $      | 1,713  |   | $      | 1,489 |   |

----

----

**PART        II. OTHER INFORMATION**

*Le        Petit Chateau De Luxe, et. al. vs Great Southern Oil &*
*Gas        Co., et. al*

| 31.1   | Certification                  of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley                  Act of 2002 |
|--------|--------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                 |
| 31.2   | Certification                  of Chief Financial officer pursuant to Section 302 of the Sarbanes-Oxley                  Act of 2002 |
|   |                                                                                                                                 |
| 32.1   | Certification                  of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley                  of 2002     |
|   |                                                                                                                                 |
| 32.2   | Certification                  of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley                  Act of 2002 |
|   |                                                                                                                                 |

----

|                                | ADAMS                  RESOURCES & ENERGY, INC         |
|-------------------------------------|------------------------------------------------------------|
|                                | (Registrant)                                               |
|                                |                                                       |
|                                |                                                       |
|                                |                                                       |
| Date:                  May 15, 2007 | By                  /s/K.                  S. Adams, Jr.   |
|                                | K.                  S. Adams, Jr.                          |
|                                | Chief                  Executive Officer                   |
|                                |                                                       |
|                                |                                                       |
|                                | By                  /s/Frank                  T. Webster   |
|                                | Frank                  T. Webster                          |
|                                | President                  & Chief Operating Officer   |
|                                |                                                       |
|                                |                                                       |
|                                | By                  /s/Richard                  B. Abshire |
|                                | Richard                  B. Abshire                        |
|                                | Chief                  Financial Officer                   |

----

**EXHIBIT        INDEX**

| Exhibit |                                                                                                                               |
|---------|------------------------------------------------------------------------------------------------------------------------------------|
| Number  | Description                                                                                                                        |
|    |                                                                                                                               |
| 31.1    | Certificate                  of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley                  Act of 2002 |
|    |                                                                                                                               |
| 31.2    | Certificate                  of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley                  Act of 2002 |
|    |                                                                                                                               |
| 32.1    | Certificate                  of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley                  Act of 2002 |
|    |                                                                                                                               |
| 32.2    | Certificate                  of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley                  Act of 2002 |

----