<Page>


                       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 August 31, 2001

[ ]   TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT

                  For the transition period from _____ to _____

                         Commission file number 0-24819

                         AMERICAN ENERGY SERVICES, INC.
                         ------------------------------


            TEXAS                                         76-0279288
-------------------------------                ---------------------------------
(State or other jurisdiction of                (IRS Employer Identification No.)
incorporation or organization)


                        7224 LAWNDALE, HOUSTON, TX 77012
                    ----------------------------------------
                    (Address of principal executive offices)


                                  713-928-5311
                           ---------------------------
                           (Issuer's telephone number)


      Check whether the issuer (1) filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the past 12 months (or
for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days. Yes /X/ No / /

      As of October 30, 2001 there were 19,841,646 shares of Common Stock
outstanding.

<Page>

ITEM 1.    FINANCIAL STATEMENTS

                         AMERICAN ENERGY SERVICES, INC.
                                 BALANCE SHEETS
                                   (UNAUDITED)

                                     ASSETS

<Table>
<Caption>
                                                            August 31,       February 28,
                                                              2001               2001
                                                           -----------       -----------
<S>                                                        <C>               <C>
Current Assets:
 Cash and cash equivalents                                 $   (32,808)      $     9,763
 Certificates of deposit                                         6,130                --
 Accounts receivable - trade, net of $79,493 reserves          233,308           165,760
 Accounts receivable - other                                    46,311                --
 Income tax receivable                                          12,524            12,524
 Prepaids and other                                             16,252           118,278
 Costs in excess of billings on uncompleted
   contracts                                                   548,879           955,100
 Inventories                                                 1,994,111         2,012,056
 Notes recievable                                              465,300
                                                           -----------       -----------

   Total Current Assets                                      3,290,008         3,273,481

Property, Plant and Equipment:
  Machinery and equipment                                    1,351,626         1,351,225
  Furniture and fixtures                                       313,025           327,541
  Vehicles                                                      83,423            83,423
  Buildings and Improvements                                   226,510           226,510
  Land                                                          76,894            76,894
  Other                                                        204,542           208,489
                                                           -----------       -----------
                                                             2,256,018         2,274,082
Less: accumulated depreciation                              (1,090,181)       (1,013,180)
                                                           -----------       -----------
                                                             1,165,838         1,260,902

Trademarks, patents, and drawings                            1,473,517         1,455,462
Less: accumulated amortization                                (593,328)         (514,037)
                                                           -----------       -----------
                                                               880,188           941,425

Deferred tax asset                                                  --                --
                                                           -----------       -----------

   Total Assets                                            $ 5,336,034       $ 5,475,808
                                                           ===========       ===========
</Table>

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


                                       2
<Page>

                         AMERICAN ENERGY SERVICES, INC.

                            BALANCE SHEETS(CONTINUED)

                 LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY


<Table>
<Caption>
                                                                  August 31,       February 28,
                                                                    2001              2001
                                                                 -----------       -----------
<S>                                                              <C>               <C>
Current Liabilities:
   Notes payable                                                 $ 2,503,377       $ 2,589,885
   Current portion of long-term debt                               1,240,415         1,250,715
   Current portion of capital leases                                 105,490           102,130
   Accounts payable and accrued expenses                             478,746         1,057,644
   Federal payroll taxes due                                         495,520           833,566
   Accrued interest                                                  787,522           651,300
   Estimated litigation damages                                    1,253,353         1,204,083
   Billings in excess of costs and estimated
     earnings on uncompleted contracts                                79,602           265,000
   Advances from officers                                                 --                --
                                                                 -----------       -----------
       Total Current Liabilities                                   6,944,025         7,954,323
                                                                 -----------       -----------


Stockholders' (Deficit) :
   Common stock - $.001 par value, 100,000,000 shares
     authorized; 17,463,655 and 15,460,717 shares issued
     and outstanding at August 31, 2001 and
     February 28, 2001, respectively                                  17,598            15,461
   Paid-in capital                                                 6,644,291         4,648,380
   Accumulated other comprehensive loss
   Current year profit(loss)                                      (1,127,524)               --
   (Accumulated deficit)                                          (7,142,356)       (7,142,356)
                                                                 -----------       -----------
       Total Stockholders' (Deficit) Equity                       (1,607,992)       (2,478,515)
                                                                 -----------       -----------

       Total Liabilities and Stockholders' (Deficit) Equity      $ 5,336,034       $ 5,475,808
                                                                 ===========       ===========
</Table>


    The accompanying notes are an integral part of these financial statements


                                       3
<Page>

                         AMERICAN ENERGY SERVICES, INC.
                             STATEMENT OF OPERATIONS
                                   (UNAUDITED)

<Table>
<Caption>
                                                     Three Months Ended                 Six Months Ended
                                                         August 31,                         August 31,
                                                 ---------------------------       ---------------------------
                                                    2001             2000             2001             2000
                                                 ----------       ----------       ----------       ----------
<S>                                              <C>              <C>              <C>              <C>
Net Sales                                           450,515        1,368,411        1,520,733        3,304,381

Cost of sales                                       185,017          915,707        1,449,963        2,360,850
                                                 ----------       ----------       ----------       ----------

           Gross profit(loss)                       265,498          452,704           70,770          943,531

Operating expenses                                  241,244          393,439        1,058,814          745,075
                                                 ----------       ----------       ----------       ----------

           (loss) from operations                    24,255           59,265         (988,045)         198,456

Other expenses (income):
           Interest, net                            100,624            4,932          216,355          100,576
           Other, net                              (222,571)          (5,543)         (76,876)          (5,543)
                                                 ----------       ----------       ----------       ----------

                                                    146,201             (611)         139,479           95,033
                                                 ----------       ----------       ----------       ----------

           Net profit (loss) before taxes           146,201           59,877       (1,127,523)         103,424

Income tax (expense) benefit                              0          (17,963)               0          (30,963)
                                                 ----------       ----------       ----------       ----------

           Net profit (loss)                        146,201           41,914       (1,127,523)          72,461
                                                 ==========       ==========       ==========       ==========

Basic and diluted (loss) per share                     0.02             0.01            (0.14)            0.01
                                                 ==========       ==========       ==========       ==========

Basic weighted average shares outstanding
                                                 ==========       ==========       ==========       ==========

Diluted weighted average shares outstanding       8,339,260        8,339,260        8,339,260        8,339,260
                                                 ==========       ==========       ==========       ==========
</Table>

                         AMERICAN ENERGY SERVICES, INC.
                         STATEMENT OF COMPREHENSIVE LOSS

<Table>
<Caption>
                                                     Three Months Ended                 Six Months Ended
                                                         August 31,                         August 31,
                                                 ---------------------------       ---------------------------
                                                    2001             2000             2001             2000
                                                 ----------       ----------       ----------       ----------
<S>                                              <C>              <C>              <C>              <C>
Net profit (loss)                                   146,201           41,914       (1,127,523)          72,461
Other comprehensive income (loss)                       --                --               --               --
                                                 ----------       ----------       ----------       ----------
Comprehensive profit (loss)                         146,201           41,914       (1,127,523)          72,461
                                                 ==========       ==========       ==========       ==========
</Table>


                                       4
<Page>

             STATEMENTS OF CHANGES IN STOCKHOLDERS' (DEFICIT) EQUITY

             FOR THE QUARTER ENDED AUGUST 31, 2001 AND MAY 31, 2001

<Table>
<Caption>
                                            CAPITAL STOCK                                                     TOTAL
                                     ----------------------------        PAID-IN           (ACCUM.         STOCKHOLDERS'
                                       SHARES            AMOUNT          CAPITAL           DEFICIT)      (DEFICIT)EQUITY
                                     -----------      -----------      -----------       -----------     ---------------
<S>                                   <C>             <C>              <C>               <C>               <C>
Balance, February 28, 2001            15,460,717      $    15,461      $ 4,648,380       $(7,142,356)      $(2,478,515)
                                     ===========      ===========      ===========       ===========       ===========

Common Stock Issued for:

  Cash                                   150,000              150          107,425                --           107,575
  Officers and directors                 250,000              250          195,000                --           195,250
  Accounts payable and
    accrued liabilities                  402,948              403          316,408                --           316,811
  Financial consultants                1,200,000            1,200          573,800                --           575,000
  Replacement of Seahawk
     Shares                              134,990              134             (134)               --                --
Net Loss                                      --               --               --        (1,053,198)       (1,053,198)
                                     -----------      -----------      -----------       -----------       -----------
Balance, August 31, 2001              17,463,655      $    17,598      $ 5,840,879       $(8,195,555)      $(2,337,078)
                                     ===========      ===========      ===========       ===========       ===========



Common Stock Issued for:

  Cash
  Officers and directors                 990,000              990      $   465,000
  Accounts payable and
    accrued liabilities                  552,034              553                                              465,000
  Financial consultants                  835,957              836          171,000                --           171,000
  Replacement of Seahawk shares                                             51,000                --            51,000
Net income (loss)                                                                            146,201           146,201

Balance, August 31, 2001              19,841,646           19,926          687,000        (8,049,354)       (1,607,992)
                                     ===========      ===========      ===========       ===========       ===========
</Table>


    The accompanying notes are an integral part of these financial statements


                                       5
<Page>

                         AMERICAN ENERGY SERVICES, INC.
                            STATEMENTS OF CASH FLOWS

<Table>
<Caption>
                                                                                          Six Months Ended
                                                                                     -------------------------
                                                                                     August 31,     August 31,
                                                                                        2001           2000
                                                                                      --------       --------
<S>                                                                                   <C>            <C>
Cash Flows from Operating Activities:
   Net (loss)                                                                           (7,728)        72,461
   Adjustments to reconcile net income to
     cash provided by operating activities:
     Depreciation and amortization                                                      67,000         88,518
     Provision for bad debts
     Changes in operating assets and liabilities:
       (Increase) decrease in accounts receivable                                        4,127        429,787
       Decrease in other receivables
       Decrease in income tax receivable
       Decrease in costs and estimated earnings in excess
         of billings on uncompleted contracts                                          604,282       (870,101)
       (Decrease) increase in advances from officers
       (Increase) decrease in inventories
       Decrease (increase) in prepaids and other                                        (6,000)             0
       Decrease in deferred tax asset
       crease) decrease in other assets
       (Decrease) increase in accounts payable/accrued liabilities                    (864,572)      (368,303)
       (decrease) Increase in Federal payroll taxes due
       Increase in accrued interest payable
       Increase in estimated litigation damages
       Increase (decrease) in billings in excess of costs and
         estimated earnings on uncompleted contracts                                  (185,398)           (66)
       Net Cash Used by Operating Activities                                          (530,542)      (682,264)

Cash Flows from Investing Activities:
   Purchase of property, plant and equipment                                            18,465        (55,928)
   Purchase of certificates of deposit                                                  (6,130)
   Purchase of trademarks, patents and drawings                                         18,460       (120,000)
     Net Cash Used in Investing Activities                                              36,925
Cash Flows from Financing Activities:
   Proceeds from sale of common stock Proceeds from the sale of warrant Proceeds
   from long-term obligations, net Payments of long-term obligations Payments of
   notes payable Proceeds from note payable, net Payments of capital leases
   Other, net
         Net Cash Provided by Financing Activities                                     772,847       (182,058)
Net (decrease) increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
</Table>


    The accompanying notes are an integral part of these financial statements


                                       6
<Page>

                            AMERICAN ENERGY SERVICES

                          NOTES TO FINANCIAL STATEMENTS


NOTE 1 - GENERAL

      The foregoing financial statements have been prepared from the books and
records of American Energy Services, Inc. ("AES" or the "Company") without
audit. In the opinion of management all adjustments, consisting only of normal
recurring adjustments necessary for a fair statement of results for the interim
periods presented, are reflected in the financial statements.

      These statements should be read in conjunction with the financial
statements and related notes included in the Company's Annual Report of Form
10-KSB for the fiscal year ended February 28, 2001.

NOTE 2 - REVENUE RECOGNITION

      Revenues from the sale of flow control valves are recorded when the
products are shipped or when title passes. Title normally passes from seller to
buyer when goods are shipped.

      Revenues on long-term contracts involving a system of control flow valves
for a single installation are recorded using the percentage-of-completion method
commencing when progress reaches a point where experience is sufficient to
estimate final results with reasonable accuracy. The portion of the total
contract price accrued is based on the ratio of costs incurred to date to total
estimated costs on each contract. Losses, if any, to be incurred on contracts in
progress, are charged to income in full as soon as they become apparent.

NOTE 3  -- INCOME TAXES

      A pre-tax income or loss results in an income tax expense or benefit,
respectively. With pre-tax income, the tax expense is easily calculated and
accrued at the standard corporate rate

NOTE 4 -(LOSS) PER SHARE

      Basic loss per share is calculated by dividing net loss by the weighted
average number of common shares outstanding. Diluted earnings per share is
computed similarly, but also provides the effect to the impact of convertible
securities, such as common stock warrants, if dilutive, would have on net income
and average common shares outstanding if converted.

NOTE 5-GOING CONCERN

      Included in the above noted net current liabilities amount at August 31,
2001, are estimated litigation damages of $1,228,718 (including interest) and
$749,260 in delinquent federal payroll taxes (including penalties and interest).
Additionally, the Company was in default on substantially all of its notes
payable, long-term debt and capital lease agreements. No waivers have been
obtained for the defaults. There are significant uncertainties surrounding the
Company's ability to continue its operations and to satisfy its creditors on a
timely basis

      While the Company is seeking additional sources of capital, including
equity capital, there can be no assurance that the Company will be successful in
accomplishing its objectives. Management has not developed any definitive plans
for obtaining additional capital and restructuring operations. Disclosure of
management's plans to do so is required to conform with generally accepted
accounting principles. These financial statements do not include any adjustments
that might be necessary if the Company is unable to continue as a going concern.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS


                           FORWARD-LOOKING STATEMENTS

      This material contains "forward-looking" statements as defined in the
Securities and Exchange Acts of 1933 and 1934 that could involve substantial
risk and uncertainties. When expressions include words such as "anticipate",
"believe", "estimate", "intend", "expect", "plan", and when similar expressions
are used, they are intended to identify the


                                       7
<Page>

statements as forward-looking. American Energy Services, Inc. ("AES" or the
"Company") relies on a variety of internal and external information to develop
such statements. Due to the inherent risks and limitations in that development
process and the relatively volatile nature of the industry in which the Company
operates, actual results, performance and achievements may differ materially
from results suggested by these forward-looking statements.

                              RESULTS OF OPERATIONS

QUARTER ENDED AUGUST 31, 2001 VERSUS QUARTER ENDED AUGUST 31, 2000

      Revenues for the three months ended August 31, 2001 were $450,515 compared
to $1,368,411 for the same period in 2000. The decrease in revenues can be
attributed primarily to the significant flooding in Houston during June, 2001
which severely damaged key machining equipment, causing significant delay in the
manufacturing of product.

      Cost of sales decreased in second quarter ended August 31, 2001 to $
185,017 from $915,707 during the second quarter of 2000. Gross profit for the
August 31, 2001 quarter was $265,498, compared to $452,704 for second quarter
2000.

      Operating expenses for second quarter 2001 were $241,244 or $152,195 below
operating expenses for second quarter 2000 at $393,439. This decrease can be
attributed primarily to the cost cutting efforts put into effect by management
during the previous period.

      Interest and other expenses for second quarter ended August 31, 2001, was
$121,946, as compared to $(611) interest and other expenses for the same period
in 2000. This increase is due to the interest expense related to the litigation
damages incurred in the last quarter of fiscal 2000. Net income for the second
quarter 2001 was $146,201 or an improvement of $104,287 over the $41,914 for the
same period last year.

                         LIQUIDITY AND CAPITAL RESOURCES

      The primary sources of the Company's liquidity for the three months ended
August 31, 2001 was additional paid in capital of $ 772,847. These funds were
used for working capital and current expenses for consultants for the public
entity.

      The short term cash flows have been inadequate to overcome the working
capital deficit, thus hindering AES' ability to take advantage of slightly
improved economic conditions as well as it's ability to move forward more
aggressively with the Company's strategic plans. However, the Company has
successfully negotiated advance payments from many customers and has pledged
against letters of credit established by customers. Further, AES is aggressively
pursuing alternative sources of capital to overcome the working capital deficit.
The company has entered into a best- efforts agreement with an investment banker
to raise $ 8,000,000 to $ 11,000,000 in new equity.

      There were no capital expenditures during the quarter ended August 31,
2001, nor are any planned or expected in the near term. Only upon a very
significant improvement in the Company's financial position, will capital
expenditures be considered, and then only after diligent consideration and
within stringent guidelines.

                           PART II. OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

      The Company is a defendant in a lawsuit of which, in May 2001 the
plaintiff won a binding arbitration from the International Chamber of Commerce
in the amount of $1,204,000, including interest at a rate of 9% per annum from
December 16,1999.


                                       8
<Page>

      The Company's management is vigorously seeking a settlement with the
plaintiff and feels confident a settlement favorable to AES will be reached.

      AES is involved in various legal proceedings and claims arising in the
ordinary course of business. In the opinion of management, the amounts of
ultimate liability, if any, with respect to these actions may materially affect
the financial position or future results of operations of the Company.

ITEM 2.  EXHIBITS AND REPORTS ON FORM 8-K

      a)    Exhibits

            None

      b)    Reports of Form 8-K

            None


                                   SIGNATURES


      In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.



Date: November 6, 2001           /s/ Larry S. Elliot
                                 -----------------------------------------------
                                 Larry S. Elliot, Chairman of the Board, Senior
                                 Vice President and Principal Accounting Officer







                                       9