FORM:10-QSB.- QUARTERLY REPORT UNDER SECTION
                                       13
                 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
                     (Last amended by 34-32231, eff. 6/3/93)

                                  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  September   30,1999
                                                              ------------------

                                      or

[ ]      Transition Report Under Section 13 or 15(d) of the Exchange Act
         For the transition period from                to
                                       --------------     --------------
Commission file number 2-54020
                                --------

                           American Geological Enterprises, Inc.
                           -------------------------------------
                   (Exact name of registrant as specified in its charter)

            Utah                                        87-0273300
 -----------------------------                        ----------------
(State or other jurisdiction of                       (I.R.S. Employer

incorporation or organization)                        Identification No.)

            1730 South 1100 East, Salt Lake City, UT 84105
            ---------------------------------------------------------
                 (Address of principal executive officers)

                                 (801) 983-7002
                                 --------------
                         Registrant's telephone number)

(Former  name,  former  address,  and former  fiscal year, if changed since last
report)

Check  whether  the  registrant  (1) filed all  reports  required to be filed by
Section 13 or 15(d) of the Securities 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

As of September 30, 1999, 1,260,997 shares of common stock were outstanding.


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<TABLE>
<CAPTION>


                     AMERICAN GEOLOGICAL ENTERPRISES, INC.

                                 Balance Sheets

                                                                        September 30,
                                                                            1999       December 31,
                                   Assets                                (unaudited)      1998
                                   ------                                -----------   -----------
Current assets:
<S>                                                                      <C>             <C>
    Cash and cash equivalents                                            $  967,022      945,212
    Marketable securities held-for-sale                                    204,921      209,049
    Accounts receivable                                                      20,197       19,874
    Interest and dividends receivable                                         1,723        1,276
    Prepaid lease costs                                                          97        2,649
    Prepaid income taxes                                                      2,511         --
                                                                          ---------    ---------
            Total current assets                                          1,196,471    1,178,060
Investment in geothermal power unit, at cost, less accumulated
amortization of $187,432 in 1999 and $149,946 in 1998                       639,767      662,259
Marketable securities held-to-maturity                                       70,868       70,968
                                                                          ---------    ---------
                                                                         $1,907,106    1,911,287
                                                                         ==========    =========
                  Liabilities and Stockholders' Equity
                  ------------------------------------

Current liabilities:
    Accounts payable                                                     $   11,864       12,238
    Income taxes payable                                                       --          7,636
    Accrued liabilities                                                         896          416
    Deferred income taxes                                                     7,747        9,658
                                                                          ---------    ---------

            Total current liabilities                                        20,507       29,948
Deferred income taxes                                                        80,026       86,657
Deferred revenue                                                            905,597      937,435
Minority interest                                                            11,460       11,460

Stockholders' equity:
    Common stock, $.01 par value; authorized 2,500,000 shares.- issued
      and outstanding 1,260,997 shares                                       12,610       12,610
    Additional paid-in capital                                              557,211      557,211
    Unrealized gain on marketable securities, net of tax                     13,023       16,234
    Retained earnings                                                       306,672      259,732
                                                                          ---------    ---------
                                                                            889,516      845,787
                                                                          ---------    ---------
                                                                          1,907,106    1,911,287
                                                                          =========    =========
</TABLE>

                See accompanying notes to financial statements.

                                       2
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<TABLE>
<CAPTION>
                      AMERICAN GEOLOGICAL ENTERPRISES, INC.

                            Statements of Operations
                                   (Unaudited)

                                             Three months ended   Nine months ended
                                             ------------------   -----------------
                                            Sept. 30,  Sept. 30,  Sept. 30, Sept. 30,
                                              1999       1998      1999      1998
                                             ------     ------    ------    ------
Revenues - gross revenues from geothermal
<S>                                          <C>       <C>      <C>       <C>
  power unit                                 43,792    42,757   131,911   128,124

Expenses:
    Operating expenses of geothermal
      power unit                             14,362    11,746    43,376    38,020
    Amortization of geothermal power unit     7,497     7,497    22,492    22,492
    Lease costs                                 744     1,181     2,649     3,484
    General and administrative                2,343     2,613    27,191    26,684
                                             ------    ------    ------    ------
                                             24,946    23,037    95,708    90,680
                                             ------    ------    ------    ------
            Income from operations           18,846    19,720    36,203    37,444
Other income and expenses:
    Interest income                           7,314     8,194    21,438    24,487
    Dividend income                           1,810     1,889     4,356     4,482
    Royalty income                              115       112       207       330
                                             ------    ------    ------    ------
                                              9,239    10,195    26,001    29,299
                                             ------    ------    ------    ------
            Income before income taxes       28,085    29,915    62,204    66,743
Income tax expense                            7,671     8,742    15,264    16,490
                                             ------    ------    ------    ------
            Net income                      $20,414    21,173    46,940    50,253
                                            =======    ======    ======    ======
            Net income per share            $   .02       .02       .04       .04
                                            =======    ======    ======    ======
</TABLE>




                See accompanying notes to financial statements.


                                       3
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<TABLE>
<CAPTION>


                     AMERICAN GEOLOGICAL ENTERPRISES, INC.

                            Statements of Cash Flows
                                   (Unaudited)

                                                                       Nine months ended
                                                                    ------------------------

                                                                     Sept. 30,      Sept. 30,
                                                                       1999          1998
                                                                    ---------      --------

Cash flows from operating activities:
<S>                                                                <C>             <C>
    Net income                                                     $  46,940       50,253
    Adjustments to reconcile net income to net cash provided by
      operating activities
        Amortization of geothermal power unit                         22,492       22,492
        Accretion on marketable securities held to maturity              100          103
        Change in operating assets and liabilities:
            Accounts receivable                                         (323)        (365)
            Interest and dividends receivable                           (447)      (1,239)
            Prepaid lease costs                                        2,552       (1,161)
            Prepaid income taxes                                      (2,511)        --
            Accounts payable                                            (374)       2,216
            Income taxes payable                                      (7,636)     (17,453)
            Accrued liabilities                                          480      (24,373)
            Deferred income taxes                                     (6,629)      (6,953)
            Deferred revenue                                         (31,838)     (31,838)
                                                                    ---------      --------
            Net cash provided by/ (used in) operating activities      22,806       (8,318)
                                                                    ---------      --------
Cash flows from investing activities:
    Purchase of marketable securities                                   (996)        (573)
                                                                    ---------      --------
            Net cash used in investing activities                       (996)        (573)
                                                                    ---------      --------
Increase (decrease) in cash and cash equivalents                      21,810       (8,891)
Cash and cash equivalents at beginning of period                     945,212      935,431
                                                                    ---------      --------
Cash and cash equivalents at end of period                         $ 967,022      926,540
                                                                    =========     =========
</TABLE>


                See accompanying notes to financial statements.


                                       4
<PAGE>


AMERICAN GEOLOGICAL ENTERPRISES,
INC.

       Notes and Disclosures to Form 10-QSB

1.     Presentation
       ------------

The financial  statements as of September 30, 1999, and for the nine months then
ended were prepared by American Geological Enterprises, Inc. (AGE) without audit
pursuant to the rules and regulations of the Securities and Exchange  Commission
(SEQ.  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  such  rules  and
regulations.  In the opinion of  management,  all necessary  adjustments  to the
financial statements have been made to present fairly the financial position and
results of operations and cash flows.  The results of operations for the periods
presented  are not  necessarily  indicative  of the results  for the  respective
complete  years.  AGE has  previously  filed with the SEC a Form  10-KSB,  which
included audited financial statements for the two years ending December 31, 1998
and 1997. It is suggested that the financial statements contained in this filing
be read in conjunction with the statements and notes thereto  contained in AGE's
Form 10-KSB filing.

2.     Net Income Per Share
--     --------------------
Net income per share is computed by dividing net income by the weighted  average
number of shares outstanding during each period.
                                       5
<PAGE>


                      AMERICAN GEOLOGICAL ENTERPRISES, INC.

           Management's Discussion and Analysis of Financial Condition
                            and Results of Operations

AGE is engaged in the acquisition of geothermal and oil and gas leases.  Revenue
consists of royalties and  interest.  AGE's  financial  condition and results of
operations  fluctuate  from year to year,  depending  upon the  production  from
current leases,  the availability of leases to be acquired,  and the opportunity
to sell lease  rights.  AGE's  ability to obtain  future  leases or to  generate
revenues from the sale of lease rights is not determinable; hence, its financial
condition and operations may fluctuate widely in the future.

Financial condition & Results of Operations
-------------------------------------------

At September 30, 1999, AGE's financial condition is consistent with December 31,
1998. Income and expenses are consistent for both the three months ended and the
nine  months  ended  September  30, 1999 and 1998 except for a decrease in lease
costs. The  participating  area of the geothermal power unit in which AGE has an
interest has been reduced by the operator of the unit. Consequently,  it was not
necessary for AGE to renew certain leases this year.

Liquidity & Commitments
-----------------------

AGE's liquidity at September 30, 1999, is considered adequate with $1,175,964 in
working  capital.  AGE's future  commitments  consist of lease  payments on land
which  lies  within  the  participating  area  of  the  geothermal  power  unit.
Additionally, AGE is committed to furnish its share of steam from its investment
in the  geothermal  power  unit to Utah  Power & Light  (UP&L)  under a  30-year
agreement that commenced in 1991. There are no other  commitments or anticipated
expenditures of at capital nature.

AGE's economic  future will be dependent,  in major part,  upon the value of its
undeveloped   interests  in  the  geothermal  power  unit.  The  value  of  such
undeveloped  interests will, in turn, be dependent upon, among other matters (a)
the then  current  price of  energy;  (b)  governmental  incentives  to  develop
renewable resources; (c) regulatory incentives; and (d) the load needs of UP&L.


                                       6
<PAGE>




                                     Part II

                                Other Information

There is no  information  to be  submitted  under  Part II and no  reports  were
required to be filed under Form 8-K during the period.

                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                     AMERICAN GEOLOGICAL ENTERPRISES, INC.
(Registrant)

November 12,1999                          /s/ Dominic Welch
---------------                           ------------------
Date                                      DOMINIC WELCH, President/Treasurer

November 12,1999                          /s/ Peter W. G. Cayias
----------------                          ----------------------
Date                                      PETER W.G. CAYIAS, Secretary