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 March 31, 2000

                                       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 March 31, 2000, 1,380,997 shares of common stock were outstanding.


<PAGE>


                      AMERICAN GEOLOGICAL ENTERPRISES, INC.

                                 Balance Sheets

                                                 March 31,
                                                    2000      December 31,
                                                (unaudited)       1999
                                                 ----------   ----------
                     Assets
                     ------
Current assets:
 Cash and cash equivalents                       $1,008,266   $  981,316
 Marketable securities held-for-sale                203,194      204,738
 Accounts receivable                                 10,214       19,479
 Interest receivable                                  1,723        1,276
 Prepaid lease costs                                     48           73
 Prepaid income taxes                                13,785       17,954
                                                 ----------   ----------
Total current assets                              1,237,230    1,224,836

Investment in geothermal power unit,
 at cost, less accumulated amortization
 of $202,427 in 2000 and $194,929 in 1999           624,772      632,270

Marketable securities held-to-maturity               70,799       70,833
                                                 ----------   ----------

                                                 $1,932,801   $1,927,939
                                                 ==========   ==========

         Liabilities and Stockholders' Equity
         ------------------------------------
Current liabilities:
  Accounts payable                               $   17,611   $   10,275
  Accrued liabilities                                 1,584          976
  Deferred income taxes                               4,658        5,233
                                                 ----------   ----------
         Total current liabilities                   23,853       16,484
Deferred income taxes                                80,159       77,810
Deferred revenue                                    884,372      894,985
Minority interest                                    12,001       12,001

Stockholders' equity:
  Common stock, $.01 par value; authorized
    2,500,000 shares; issued and outstanding
    1,380,997 and 1,260,997 shares in 2000 and
    1999, respectively                               13,810       13,810
  Additional paid-in capital                        600,411      600,411
  Accumulated other comprehensive income              7,829        8,797
  Retained earnings                                 310,366      303,641
                                                 ----------   ----------

                                                    932,416      926,659
                                                 ==========   ==========

                                                 $1,932,801   $1,927,939
                                                 ==========   ==========




                See accompanying notes to financial statements.




                                       2
<PAGE>




                      AMERICAN GEOLOGICAL ENTERPRISES, INC.

                            Statements of Operations
                                   (Unaudited)

                                                      Three months ended
                                                      ------------------
                                                      March 31,  March 31,
                                                        2000       1999
                                                       -------   -------

Revenues - gross revenues from geothermal power unit   $42,930   $44,193
                                                       -------   -------
Expenses:
  Operating expenses of geothermal power unit           20,135    14,364
  Amortization of geothermal power unit                  7,497     7,497
  Lease costs                                               24     1,161
  Other general and administrative                       9,756    16,016
                                                       -------   -------
                                                        37,412    39,038
                                                       -------   -------
            Income from operations                       5,518     5,155
Other income and expenses:
  Interest income                                        7,530     7,014
  Dividend income                                          858       865
  Royalties                                                 96      --
                                                       -------   -------
                                                         8,484     7,879
                                                       -------   -------


            Income before income taxes                  14,002    13,034
Income tax expense                                       7,277     2,411
                                                       -------   -------
            Net income                                 $ 6,725   $10,623
                                                       =======   =======

            Net income per share                       $   .01   $   .01
                                                       =======   =======



                See accompanying notes to financial statements.




                                       3
<PAGE>




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

                            Statements of Cash Flows
                                   (Unaudited)




                                                              Three months ended
                                                              ------------------
                                                           March 31,       March 31,
                                                             2000            1999
                                                          -----------    -----------
<S>                                                       <C>            <C>
Cash flows from operating activities:
 Net income                                               $     6,725    $    10,623
 Adjustments to reconcile net income to net cash
  provided by (used in) operating activities:
    Amortization of geothermal power unit                       7,497          7,497
    Accretion on marketable securities held to maturity            34             33
    Change in operating assets and liabilities:
        Accounts receivable                                     9,265         (2,243)
        Interest and dividends receivable                        (447)          (447)
        Prepaid lease costs                                        25          1,162
        Prepaid income taxes                                    4,169           --
        Accounts payable                                        7,336         (2,999)
        Income taxes payable                                     --            2,245
        Accrued liabilities                                       608            915
        Deferred income taxes                                   2,351         (2,177)
        Deferred revenue                                      (10,613)       (10,613)
                                                          -----------    -----------
        Net cash provided by operating activities              26,950          3,996
                                                          -----------    -----------

 Increase in cash and cash equivalents                         26,950          3,996

 Cash and cash equivalents at beginning of period             981,316        945,212
                                                          -----------    -----------
 Cash and cash equivalents at end of period               +$ 1,008,266    $   949,208
                                                          ===========    ===========
</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 March 31, 2000, and for the three 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 (SEC). 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, 1999
and 1998. 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 March 31, 2000,  AGE's  financial  condition is consistent  with December 31,
1999.  Income and expenses for the first  quarters of 2000 and 1999  experienced
some variations.  Increased  operating expenses during the first quarter of 2000
compared to the first quarter of 1999 were  considered a normal  fluctuation  in
operations.  Decreased lease costs were due to the fact that certain leases that
are no longer part of the  participating  area of the geothermal power unit were
not renewed this past year. The decrease in general and administrative  expenses
is due to the fact that these expenses,  particularly professional fees, are not
incurred  ratably  during the year. The increase in income tax expense is due to
the change in deferred income taxes that is included in income tax expense.  All
other income and expenses  were  consistent  for the first  quarters of 2000 and
1999.

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

AGE's  liquidity at March 31, 2000,  is considered  adequate with  $1,213,377 in
working  capital.  AGE is  committed  to  furnish  its  share of steam  from its
investment in a geothermal  power unit to PacifiCorp  under a 30-year  agreement
that commenced in 1991. Additionally,  AGE's future commitments consist of lease
payments on the land which lies within the participating  area of the geothermal
power unit.  There are no other  commitments  or anticipated  expenditures  of a
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
PacifiCorp.




                                       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.



                               S I G N A T U R E S


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)

May 15, 2000                        By: /s/ Dominic Welch
------------                        ---------------------
Date                                DOMINIC WELCH, President/Treasurer

May 15, 2000                        By: /s/ Peter W. G. Cayias
------------                        --------------------------
Date                                PETER W.G. CAYIAS, Secretary