<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 November 30, 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 January 14, 2002 there were 19,841,646 shares of Common Stock
outstanding.
<Page>

                          PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                         AMERICAN ENERGY SERVICES, INC.
                                 BALANCE SHEETS
                                   (UNAUDITED)

                                     ASSETS

<Table>
<Caption>
                                                                  November 30    February 28,
                                                                     2001           2001
                                                                  -----------    -----------
<S>                                                               <C>            <C>
Current Assets:
           Cash and cash equivalents                              $  (108,049)   $     9,763
           Certificates of deposit                                      6,130           --
           Accounts receivable - trade, net of $79,493 reserves       678,469        165,760
           Accounts receivable - other                                 59,120           --
           Income tax receivable                                       12,524         12,524
           Prepaids and other                                          12,927        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                             3,669,411      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                                           $ 5,715,437    $ 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>
                                                              November 30,   February 28,
                                                                 2001           2001
                                                              -----------    -----------
<S>                                                           <C>            <C>
Current Liabilities:
   Notes payable                                              $ 2,507,838    $ 2,589,885
   Current portion of long-term debt                            1,234,887      1,250,715
   Current portion of capital leases                               86,041        102,130
   Accounts payable and accrued expenses                          479,069      1,057,644
   Federal payroll taxes due                                      519,110        833,566
   Accrued interest                                               838,957        651,300
   Estimated litigation damages                                 1,270,275      1,204,083
   Billings in excess of costs and estimated
     earnings on uncompleted contracts                             79,602        265,000
   Advances from officers                                            --             --
                                                              -----------    -----------
       Total Current Liabilities                                7,015,778      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 November 30, 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)                                     (933,074)          --
   (Accumulated deficit)                                       (7,142,356)    (7,142,356)
                                                              -----------    -----------
       Total Stockholders' (Deficit) Equity                    (1,413,541)    (2,478,515)
                                                              -----------    -----------

       Total Liabilities and Stockholders' (Deficit) Equity   $ 5,602,237    $ 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          Nine Months Ended
                                                    November 30,                November 30,
                                              ------------------------    ------------------------
                                                 2001          2000          2001          2000
                                              ----------    ----------    ----------    ----------
<S>                                            <C>           <C>           <C>           <C>
Net Sales                                      1,196,443     1,350,862     2,717,176     4,655,243

Cost of sales                                    637,767     1,233,583     2,087,730     3,594,433
                                              ----------    ----------    ----------    ----------

           Gross profit(loss)                    558,676       117,279       629,446     1,060,810

Operating expenses                               266,381       174,133     1,325,195       919,208
                                              ----------    ----------    ----------    ----------

           (loss) from operations                292,295       (56,854)     (695,749)      141,602

Other expenses (income):
           Interest, net                          73,741       (89,699)      289,958        10,877
           Other, net                              9,103        (3,508)      (53,870)       (9,051)
                                              ----------    ----------    ----------    ----------

                                                 209,451       (93,207)      236,087         1,826
                                              ----------    ----------    ----------    ----------

           Net profit (loss) before taxes        209,451        36,354      (931,836)      139,776

Income tax (expense) benefit                           0       (10,906)            0       (41,933)
                                              ----------    ----------    ----------    ----------

           Net profit (loss)                     209,451        25,448      (931,836)       97,843
                                              ==========    ==========    ==========    ==========

Basic and diluted (loss) per share                  0.03          0.00         (0.11)         0.01
                                              ==========    ==========    ==========    ==========

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

Diluted weighted average shares outstanding    8,339,260     7,437,583     8,339,260     7,437,583
                                              ==========    ==========    ==========    ==========
</Table>

                         AMERICAN ENERGY SERVICES, INC.
                         STATEMENT OF COMPREHENSIVE LOSS

<Table>
<Caption>
                                    Three Months Ended     Nine Months Ended
                                       November 30,           November 30,
                                    -------------------   --------------------
                                      2001       2000       2001        2000
                                    --------   --------   --------    --------
<S>                                  <C>         <C>      <C>           <C>
Net profit (loss)                    209,451     25,448   (931,836)     97,843
Other comprehensive income (loss)       --         --         --          --
                                    --------   --------   --------    --------
Comprehensive profit (loss)          209,451     25,448   (931,836)     97,843
                                    ========   ========   ========    ========
</Table>

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


                                       4
<Page>

             STATEMENTS OF CHANGES IN STOCKHOLDERS' (DEFICIT) EQUITY

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

<Table>
<Caption>
                                                                                                                 Total
                                           Capital Stock                 Paid-in         (Accum.             Stockholders'
                                             Shares           Amount     Capital         Deficit)           (Deficit)equity
                                             ------           ------     -------         --------           ---------------
<S>               <C> <C>                  <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, May 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)
                                           ==========          ======        =======     ===========          ===========

Common Stock Issued for:

  Cash
  Officers and directors
  Accounts payable and
    accrued liabilities
  Financial consultants
  Replacement of Seahawk
          shares
Net income (loss)                                                                            209,451              209,451

Balance, November30, 2001                  19,841,646          19,926        687,000      (7,839,903)          (1,390,451)
                                           ==========          ======        =======     ===========          ===========
</Table>

    The accompanying notes are an integral part of these financial statements


                                       5
<Page>

                         AMERICAN ENERGY SERVICES, INC.
                            STATEMENTS OF CASH FLOWS

<Table>
<Caption>
                                                                             NINE MONTHS ENDED
                                                                             -----------------
                                                                         November 30,  November 30,
                                                                            2001          2000
                                                                         ----------    ----------
<S>                                                                      <C>           <C>
Cash Flows from Operating Activities:
   Net (loss)                                                               209,451        97,843
   Adjustments to reconcile net income to
     cash provided by operating activities:
     Depreciation and amortization                                                        200,619
     Provision for bad debts
     Changes in operating assets and liabilities:
       (Increase) decrease in accounts receivable                            12,809       561,006
       Decrease in other receivables                                                        2,176
       Decrease in income tax receivable
       Decrease in inventories
       Decrease in costs and estimated earnings in excess
         of billings on uncompleted contracts                                               2,434
       (Decrease) increase in accounts payable and accrued expenses          47,060      (778,330)
       Decrease in deferred taxes                                                        (625,150)
       (Increase) in prepaids and other                                       3,325      (418,349)
       (Decrease) increase in advances from officers
       (Increase) decrease in inventories
       Decrease in deferred tax asset
       (Increase) decrease in other assets/liabilities, net                               (40,823)

       (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                                      530,934
       Net Cash Used by Operating Activities                                247,027      (467,640)

Cash Flows from Investing Activities:
   Retirement (Purchase) of property, plant and equipment                                 (56,528)
   Purchase of certificates of deposit
   Purchase of trademarks, patents and drawings                                          (180,000)
   Redemption (purchase) of certificate of deposit                                         (6,130)
     Net Cash Used in Investing Activities                                               (242,658)
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
Cash Flows from Financing Activities:
Capital contribution in excess of par                                                   1,376,091
Net increase (payments) on lines of credit
Net (payments) on long-term obligations                                       6,343      (390,155)

Net cash (used) provided by financing activities                              6,343       985,936
Prior year adjustment to retained earnings                                               (341,419)
Net (decrease) in cash and cash equivalents                                               (65,781)
Cash and cash equivalents at beginning of period                                           75,778

Cash and cash equivalents at end of period                                                  9,997
</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

Of the above noted net current liabilities amount at November 30, 2001, it
should be noted that 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. 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


                                       7
<Page>

                           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 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 NOVEMBER 30, 2001 VERSUS QUARTER ENDED NOVEMBER 30, 2000

         Revenues for the three months November 30, 2001 were $1,196,443
compared to $1,350,862 for the same period in 2000.

         Cost of sales decreased in the third quarter ended November 30, 2001 to
$ 637,767 from $1,233,583 during the third quarter of 2000. Gross profit for the
November 30, 2001 quarter was $558,676, compared to $117,279 for second quarter
2000.

         Operating expenses for the third quarter 2001 were $266,381 or $92,248
above operating expenses for the third quarter 2000 at $174,133.

         Interest and other expenses for the third quarter ended November 30,
2001, was $82,844, as compared to $(93,207) interest and other expenses for the
same period in 2000. Net income for the third quarter 2001 was $209,451 or an
improvement of $184,003 over the $25,448 for the same period last year.



                         LIQUIDITY AND CAPITAL RESOURCES

         The primary sources of the Company's liquidity for the three months
ended November 30, 2001 was accounts receivable. These funds were used for
working capital and current expenses.

         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 November
30, 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.


                                       8
<Page>

                           PART II. OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

         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 6.  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: JANUARY 14, 2002              /s/ LARRY S. ELLIOT
                                 -----------------------------------------------
                                 LARRY S. ELLIOT, CHAIRMAN OF THE BOARD, SENIOR
                                 VICE PRESIDENT AND PRINCIPAL ACCOUNTING OFFICER


                                       9