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  pursuant  to Section  13 or 15(d) of the  Securities
         Exchange  Act of 1934 For the  quarterly  period  ended  June 30,  2000
                                                                  --------------

                                      or

[ ]      Transition  Report  pursuant  to Section 13 or 15(d) of the  Securities
         Exchange Act of 1934

For the transition period from                   to
                                     -----------     -----------

Commission file number                        2-54020
                                              --------

                      American Geological Enterprises, Inc.
--------------------------------------------------------------------------------
        (Exact name of small business issuer 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 offices)

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

                                      N/A
--------------------------------------------------------------------------------
(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 August 11, 2000, 1,380,997 shares of common stock were outstanding.


<PAGE>

<TABLE>
<CAPTION>

                      AMERICAN GEOLOGICAL ENTERPRISES, INC.

                      Condensed Consolidated Balance Sheets

                                                                                        June 30,
                                                                                          2000                   December 31,
                                                                                       (unaudited)                   1999
                                                                                       ----------                ----------
                                     Assets
                                     ------
<S>                                                                                    <C>                          <C>
Current assets:
   Cash and cash equivalents                                                           $1,027,615                   981,316
   Marketable securities held-for-sale                                                    201,451                   204,738
   Accounts receivable                                                                     20,930                    19,479
   Interest and dividends receivable                                                        1,276                     1,276
   Prepaid lease costs                                                                         24                        73
   Prepaid income taxes                                                                         -                    17,954
                                                                                       ----------                ----------
          Total current assets                                                          1,251,296                 1,224,836

Investment in geothermal power unit, at cost, less  accumulated
  amortization of $209,924 at June 30, 2000 and $194,929 at
  December 31,  1999

                                                                                          617,275                   632,270
Marketable securities held-to-maturity                                                     70,766                    70,833
                                                                                       ==========                ==========
                  Total assets                                                          1,939,337                 1,927,939
                                                                                       ==========                ==========

                     Liabilities and Stockholders' Equity
                     ------------------------------------

Current liabilities:
   Accounts payable                                                                    $    6,256                    10,275
   Income taxes payable                                                                    12,385                         -
   Accrued liabilities                                                                      1,684                       976
   Deferred income taxes                                                                    4,007                     5,233
                                                                                       ----------                ----------
                  Total current liabilities                                                24,332                    16,484

Deferred income taxes                                                                      73,379                    77,810
Deferred revenue                                                                          873,760                   894,985
Minority interest                                                                          12,001                    12,001
Stockholders' equity:
   Common stock, $.01 par value; authorized 2,500,000 shares;
     issued and and outstanding 1,380,997 shares at June 30, 2000 and
     December 31, 1999                                                                     13,810                    13,810
   Additional paid-in capital                                                             600,411                   600,411
   Accumulated other comprehensive income                                                   6,736                     8,797
   Retained earnings                                                                      334,908                   303,641
                                                                                       ----------                ----------
                  Total stockholders' equity                                              955,865                   926,659
                                                                                       ----------                ----------
                  Total liabilities and stockholders' equity                           $1,939,337                 1,927,939
                                                                                       ==========                ==========

</TABLE>

See accompanying notes to condensed consolidated financial statements.

                                       2
<PAGE>

<TABLE>
<CAPTION>

                      AMERICAN GEOLOGICAL ENTERPRISES, INC.

                   Condensed Consolidated Statements of Income
                                   (Unaudited)

                                                               Three months ended              Six months ended
                                                           ---------------------------    ---------------------------
                                                             June 30,       June 30,        June 30,     June 30,
                                                               2000           1999            2000          1999
                                                           ------------   ------------    ------------   ------------

<S>                                                            <C>            <C>             <C>            <C>
Revenues - geothermal power unit                               42,923         43,926          85,853         88,119
                                                           ------------   ------------    ------------   ------------
Expenses:
  Operating and maintenance of geothermal
    power unit                                                  7,897         14,650          28,032         29,014
  Amortization of geothermal power unit                         7,498          7,498          14,995         14,995
  General and administrative                                    8,721          8,832          18,477         24,848
  Lease costs                                                      24            744              48          1,905
                                                           ------------   ------------    ------------   ------------
         Total expenses                                        24,140         31,724          61,552         70,762
                                                           ------------   ------------    ------------   ------------
         Operating income                                      18,783         12,202          24,301         17,357


Other income:
  Interest  income                                              7,694          7,110          15,224         14,124
  Dividend income                                               1,998          1,681           2,856          2,546
  Royalties                                                         -             92              96             92
                                                           ------------   ------------    ------------   ------------
         Total other income                                     9,692          8,883          18,176         16,762
                                                           ------------   ------------    ------------   ------------

         Income before income taxes                            28,475         21,085          42,477         34,119
Income tax expense                                              3,933          5,182          11,210          7,593
                                                           ------------   ------------    ------------   ------------
         Net income                                       $    24,542         15,903          31,267         26,526
                                                           ============   ============    ============   ============



Basic net income per common share                         $       .02            .01             .02            .02
                                                           ============   ============    ============   ============
</TABLE>

See accompanying notes to condensed consolidated financial statements.

                                       3
<PAGE>

<TABLE>
<CAPTION>

                      AMERICAN GEOLOGICAL ENTERPRISES, INC.

                 Condensed Consolidated Statements of Cash Flows
                                   (Unaudited)

                                                                                         Six months ended
                                                                                    --------------------------
                                                                                      June 30,      June 30,
                                                                                       2000          1999
                                                                                    -----------    -----------
<S>                                                                                 <C>                 <C>
Cash flows from operating activities:
  Net income                                                                        $    31,267         26,526
  Adjustments to reconcile net income to net cash provided by
    operating  activities:
      Amortization of geothermal power unit                                              14,995         14,995
      Amortization on investments                                                            67             67
      Change in operating assets and liabilities:
         Accounts receivable                                                             (1,451)        (1,219)
         Prepaid lease costs                                                                 49          1,905
         Prepaid income taxes                                                            17,954         (2,497)
         Accounts payable and accrued liabilities                                        (3,311)           730
         Income taxes payable                                                            12,385         (7,636)
         Deferred income taxes                                                           (4,431)        (4,415)
         Deferred revenue                                                               (21,225)       (21,225)
                                                                                    -----------    -----------
         Net cash provided by operating activities                                       46,299          7,231
                                                                                    -----------    -----------
Cash flows from investing activities-
  purchase of marketable securities available-for-sale                                        -           (432)
                                                                                    -----------    -----------
         Net cash used in investing activities                                                -           (432)
                                                                                    -----------    -----------
Increase in cash and cash equivalents                                                    46,299          6,799
Cash and cash equivalents, beginning of period                                          981,316        945,212
                                                                                    -----------    -----------
Cash and cash equivalents, end of period                                            $ 1,027,615        952,011
                                                                                    ===========    ===========



Supplemental disclosure of cash flow information -
cash paid during the period for income taxes                                        $     3,960         22,143

</TABLE>


See accompanying notes to condensed consolidated financial statements.

                                       4
<PAGE>



                      AMERICAN GEOLOGICAL ENTERPRISES, INC.

              Notes to Condensed Consolidated Financial Statements
                                   (Unaudited)

1.       Basis of Presentation
         ---------------------
         The financial  statements  as of June 30, 2000,  and for the six 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.

                                       5
<PAGE>



                      AMERICAN GEOLOGICAL ENTERPRISES, INC.

                      Management's Discussion and Analysis
                              or Plan of Operation

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 June 30, 2000,  AGE's  financial  condition is  consistent  with December 31,
1999.  Income and  expenses  for the three months ended and the six months ended
June 30, 2000 and 1999 experienced some minor  variations.  Decreased  operating
and  maintenance  expenses  for the  geothermal  power unit for the three months
ended  June 30,  2000  compared  to the three  months  ended  June 30,  1999 are
considered  a  normal   fluctuation   in  operations.   Decreased   general  and
administrative  costs for the six months ended June 30, 2000 compared to the six
months ended June 30, 1999 is due to the fact that these expenses,  particularly
professional  fees,  are not incurred  ratably  during the year. The decrease in
income tax expense  for the three  months  ended June 30,  2000  compared to the
three months  ended June 30, 1999 is due to the change in deferred  income taxes
that is included  in income tax  expense.  All other  income and  expenses  were
consistent.

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

AGE's  liquidity at June 30, 2000,  is considered  adequate  with  $1,226,964 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 and royalties 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)


August 14, 2000                    /s/ Dominic Welch
----------------                   ----------------------------------
Date                               DOMINIC WELCH, President/Treasurer




August 14, 2000                    /s/ Peter W. G. Cayias
----------------                   --------------------------------
Date                                   PETER W.G. CAYIAS, Secretary

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