<PAGE>   1

                       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, 1999

[ ]  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, 2000, there were 6,948,966 shares of Common Stock
outstanding.

<PAGE>   2


                          PART 1. FINANCIAL STATEMENTS


ITEM 1.    FINANCIAL STATEMENTS

                         AMERICAN ENERGY SERVICES, INC.
                                 BALANCE SHEETS
                                   (UNAUDITED)

                                     ASSETS

<TABLE>
<CAPTION>
                                                                         November 30,      February 28,
                                                                             1999              1999
                                                                         ------------      ------------
<S>                                                                      <C>               <C>
Current Assets:
           Cash and cash equivalents                                     $    (75,853)     $    353,510
           Certificates of deposit                                             11,223            11,223
           Accounts receivable - trade, net of $4,387 and $0 reserves          83,352           153,191
           Accounts receivable - other                                        105,148            68,767
           Income tax receivable                                              147,543           147,543
           Prepaids and other                                                 117,776           103,834
           Costs in excess of billings on uncompleted
                   contracts                                                4,191,568         4,056,295
           Inventories                                                      1,854,198         1,337,095
                                                                         ------------      ------------

                   Total Current Assets                                     6,434,955         6,231,458

Property, Plant and Equipment:
           Machinery and equipment                                          1,307,682         1,307,682
           Furniture and fixtures                                             329,524           327,541
           Vehicles                                                            83,423            81,553
           Buildings and Improvements                                         221,241           221,241
           Land                                                                76,894            76,894
                                                                         ------------      ------------
                                                                            2,018,764         2,014,911
Less:      accumulated depreciation                                          (828,261)         (749,677)
                                                                         ------------      ------------
                                                                            1,190,503         1,265,234

Trademarks, patents, and drawings                                           1,050,774           992,086
Less:      accumulated amortization                                          (327,028)         (254,721)
                                                                         ------------      ------------
                                                                              723,746           737,365

Deferred tax asset                                                            473,371           473,371

Other assets                                                                  197,528           147,029
                                                                         ------------      ------------

           Total Assets                                                  $  9,020,103      $  8,854,457
                                                                         ============      ============
</TABLE>


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


<PAGE>   3


                         AMERICAN ENERGY SERVICES, INC.
                           BALANCE SHEETS (CONTINUED)
                                   (UNAUDITED)

                      LIABILITIES AND STOCKHOLDERS' EQUITY

<TABLE>
<CAPTION>
                                                                         November 30,      February 28,
                                                                             1999              1999
                                                                         ------------      ------------
<S>                                                                      <C>               <C>
Current Liabilities:
           Notes Payable                                                 $  2,585,064      $  2,393,763
           Current portion of long-term obligations                           175,825           168,313
           Current portion of capital leases                                   52,182            53,723
           Accounts payable and accrued expenses                            2,622,049         4,330,462
           Billings in excess of costs on uncompleted
                   contracts                                                1,044,926           145,153
                                                                         ------------      ------------

                   Total Current Liabilities                                6,480,046         7,091,414

Long-term obligation, net of current portion                                1,106,861         1,153,374
Capital leases, net of current portion                                        106,950            78,325
                                                                         ------------      ------------

                   Total Liabilities                                        7,693,857         8,323,113

Stockholders' Equity:
           Common stock, $0 par value, 10,000,000 shares authorized,
                   6,948,966 and 6,198,966 shares issued and outstanding        6,949             6,199
           Capital in excess of par value                                     964,633           212,384
           Comprehensive Income (Loss)                                              0                0
           Retained earnings                                                  354,664           312,761
                                                                         ------------      ------------

                   Total Stockholders' Equity                               1,326,246           531,344
                                                                         ------------      ------------

                   Total Liabilities and Stockholders' Equity            $  9,020,103      $  8,854,457
                                                                         ============      ============
</TABLE>


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


<PAGE>   4


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


<TABLE>
<CAPTION>
                                               Three Months Ended          Nine Months Ended
                                                   November 30,               November 30,
                                           --------------------------   -------------------------
                                               1999           1998         1999          1998
                                           -----------    -----------   -----------   -----------
<S>                                        <C>            <C>           <C>           <C>
Net Sales                                  $ 1,794,175    $ 3,108,235   $ 5,239,602   $ 8,114,889

Cost of sales                                1,273,251      2,405,698     3,758,660     6,136,148
                                           -----------    -----------   -----------   -----------

          Gross profit                         520,924        702,537     1,480,942     1,978,741

Operating expenses                             396,894        391,033     1,030,550     1,278,619
                                           -----------    -----------   -----------   -----------

          Income (loss) from operations        124,030        311,504       450,392       700,122

Other expenses (income):
          Interest, net                        134,686        128,551       407,162       370,425
          Other, net                             5,283           (979)        1,328        (1,393)
                                           -----------    -----------   -----------   -----------

                                               139,969        127,572       408,490       369,032
                                           -----------    -----------   -----------   -----------

          Net income (loss) before taxes       (15,939)       183,932        41,902       331,090

Income tax (expense) benefit                     4,781        (60,698)            0      (108,928)
                                           -----------    -----------   -----------   -----------

          Net income (loss)                $   (11,158)   $   123,234   $    41,902   $   222,162
                                           ===========    ===========   ===========   ===========

Basic earnings (loss) per common share     $     (0.00)   $      0.02   $      0.01   $      0.04
                                           ===========    ===========   ===========   ===========

Diluted earnings (loss) per common share   $     (0.00)   $      0.02   $      0.01   $      0.04
                                           ===========    ===========   ===========   ===========

Average shares outstanding                   6,528,636      6,198,966     6,764,034     6,198,966
                                           ===========    ===========   ===========   ===========

Average diluted shares outstanding           7,010,602      6,198,966     7,324,593     6,198,966
                                           ===========    ===========   ===========   ===========
</TABLE>


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


<TABLE>
<CAPTION>
                                                   Three Months Ended                     Nine Months Ended
                                                       November 30,                          November 30,
                                            ---------------------------------     -------------------------------
                                                1999               1998               1999              1998
                                            --------------     --------------     --------------     ------------
<S>                                         <C>                <C>                <C>                <C>
Net income (loss)                           $      (11,158)    $      123,234     $       41,902     $    222,162
Other comprehensive income (loss)                       --                 --                 --               --
                                            --------------     --------------     --------------     ------------
Comprehensive income (loss)                 $      (11,158)    $      123,234     $       41,902     $    222,162
                                            ==============     ==============     ==============     ============
</TABLE>


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


<PAGE>   5


                         AMERICAN ENERGY SERVICES, INC.
                             STATEMENT OF CASH FLOWS
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                              Three Months Ended             Nine Months Ended
                                                                                  November 30,                  November 30,
                                                                          --------------------------    --------------------------
                                                                             1999           1998           1999           1998
                                                                          -----------    -----------    -----------    -----------
<S>                                                                       <C>            <C>            <C>            <C>
Cash Flows from Operating Activities:
       Net income (loss)                                                  $   (11,158)   $   123,234    $    41,902    $   221,162
       Adjustments to reconcile net income (loss) to cash provided
       (used) by operating activities:
            Depreciation and amortization                                      55,723         57,020        150,891        168,591
       Changes in operating assets and liabilities:
            Decrease in receivables                                           323,470        605,542         69,839        271,624
            (Increase) decrease in inventories                                  5,390        (49,293)      (517,103)       152,152
            (Increase) in costs in excess of billings on uncompleted
                 contracts                                                   (294,510)    (3,751,342)      (135,273)    (5,291,360)
            (Decrease) increase in accounts payable and accrued expenses     (492,045)     1,890,857     (1,708,381)     1,899,189
            Increase in billings in excess of cost on uncompleted
                 contracts                                                    207,626        134,376        899,773        538,647
            Increase (decrease) in other assets/liabilities,net              (292,252)     1,397,541       (225,907)     2,478,723
                                                                          -----------    -----------    -----------    -----------
                      Net Cash Provided (Used) by Operating Activities       (497,756)       407,935     (1,424,259)       438,728

Cash Flows from Investing Activities:
       Retirement (purchase) of property, plant and equipment                  24,669       (102,145)         3,853       (110,452)
       Retirement (purchase) of trademarks, patents and drawings              116,830       (107,739)        58,688       (114,120)
       Redemption (purchase) of certificates of deposit                            --         34,358             --          3,710
                                                                          -----------    -----------    -----------    -----------
                      Net Cash Provided (Used) in Investing Activities        141,499       (175,526)        62,541       (220,862)

Cash Flows from Financing Activities:
       Capital contributions in excess of par                                       0              0        753,000              0
       Net (payments) on lines of credit                                       37,753       (283,519)       191,302       (223,092)
       Net (payments) on long-term obligations                                (13,546)        41,478        (11,947)        (5,055)
                                                                          -----------    -----------    -----------    -----------
                      Net Cash (Used) Provided by Financing Activities         24,207       (242,041)       932,355       (228,147)

Net (decrease) in cash and cash equivalents                                  (332,050)        (9,632)      (429,363)       (10,281)

Cash and cash equivalents at beginning of period                              256,197         13,137        353,510         13,786
                                                                          -----------    -----------    -----------    -----------

Cash and cash equivalents at end of period                                $   (75,853)   $     3,505    $   (75,853)   $     3,505
                                                                          ===========    ===========    ===========    ===========
</TABLE>


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


<PAGE>   6


                            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, 1999 and the Quarterly Reports on
Form 10-QSB for the fiscal quarters ended May 31, 1999 and August 31, 1999.

NOTE 2 - REVENUE RECOGNITION

           Revenues are recorded when flow control valves sold are shipped or
when title passes. Title usually passes from seller to buyer when goods are
shipped. However, in a few instances, the buyer will pay just prior to shipment.
In these relatively rare occasions, AES considers title to have passed to the
buyer.

           Generally AES sales involve a system of valves for a single
installation and require long-term contracts. When jobs on a long-term contract
progress to a point where final results can be estimated with reasonable
accuracy, the percentage-of-completion method is utilized. Based on the ratio of
costs incurred to date to the total estimated costs of the contracts, a portion
of the total contract price is accrued as revenue. If any losses on a
contract-in-progress become apparent, that loss is charged against the job in
the period in which it was recognized.


<PAGE>   7


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 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

Three Months Ended November 30, 1999 versus Three Months Ended November 30, 1998

           Revenues for the three months ended November 30, 1999 were $1,794,000
compared to $3,108,000 for the same period in 1998. The decline in revenues can
be largely attributed to the down-turn in oil pricing and many of the Company's
customers in the energy industry waiting out the decline before committing to
new orders.

           Cost of sales and gross profit for the fiscal quarter ended November
30, 1999 were down when compared to the same quarter in the prior year. This
too, can be attributed to the downturn in the energy industry. As a percentage
of revenues however, the gross profit for the three-month period ended November
30, 1999 was 29% compared to 23% gross profit experienced in the same three
months of the previous year.

           Operating expenses increased $6,000, or 1.5% from the same period in
prior fiscal year, largely attributable to increased legal and travel expenses
generally associated with raising working capital. These expenses were offset to
some degree by a reduction of headcount and employee hours.

           Interest and other expenses for the three months ended November 30,
1999 increased $12,000 compared to the same period of 1998. Management has
continued its efforts to reduce interest expense through the restructuring of
debt. This debt restructuring is expected to be in place by the end of the
fourth fiscal quarter, and is further addressed in the Liquidity and Capital
Resources section below.

Nine Months Ended November 30, 1999 versus Nine Months Ended November 30, 1998

           Revenues for the nine months ended November 30, 1999 were $5,240,000
or $2,875,000 or 35% below the same period of last year. Although significantly
off from prior year revenues, management is cautiously optimistic about the
upcoming year with oil pricing now reflecting an upward trend to levels that
generally increase order activity.

           Cost of sales for the nine month period ended November 30, 1999 was
down considerably when compared to the same period in 1998, as would be expected
with lower revenues. Gross profit dollars were also unfavorable when compared to
the previous year. However, gross profit as percentage of revenues was 28% in
the nine months ended November 30, 1999 compared to 24% in the nine months ended
November 30, 1998 primarily due to product mix and improved operating
efficiencies.

           Operating expenses were down $248,000 in the nine months ended
November 30, 1999 compared to the nine months ended November 30, 1998. This can
be attributed to the aforementioned efforts of AES to reduce these costs, which
has included, among other initiatives, a reduction in force.

           Interest and other expenses for the nine months of the current fiscal
year increased $39,000 compared to the same period of last year primarily due to
the interest expense associated with an increase in notes payable.


<PAGE>   8


                         LIQUIDITY AND CAPITAL RESOURCES

           The primary sources of the Company's liquidity for the nine months
ended November, 1999 included cash available at the beginning of the year, and
more significantly, capital contributed by private investors in a 506D equity
offering. These funds were primarily used for the reduction of accounts payable,
coupled with an increase in inventories.

           During the nine months ended November 30, 1999, the working capital
deficit improved to $45,000 when compared to the deficit at February 28, 1999 of
$860,000. In the past, short-term cash flows have been inadequate in the past to
overcome the working capital deficit. However, AES management's continuing
efforts to raise capital been benefited the Company's working capital position,
as well as it's ability to move forward with an aggressive five year strategic
plan. Management is continually striving to improve it working capital position
as well as grow the Company through a variety of alternatives. These
alternatives may include, but are not limited to, debt restructuring, debt and
equity offerings, cash flow reengineering, joint ventures, mergers and
acquisitions. Because of the aggressive pursuit of such alternatives, the
Company anticipates imminent improvement in its financial position. However,
there is no guarantee that such improvements will occur, nor that such capital
will be available when it is required or on terms that are acceptable to the
Company.

           Capital expenditures during the nine months ended November 30, 1999
included a note for a vehicle necessitated by the retirement of another. Only
upon a continued and significant improvement in the Company's financial
position, will capital expenditures be considered, and then only after diligent
consideration and within stringent guidelines.

                                    YEAR 2000

           The year 2000 ("Y2K") issue is the inability of computer systems to
recognize the change in year from 1999 to 2000. The issue affects both
information technology ("IT") and non-IT systems. Because non-IT systems are
typically embedded technology, these are more difficult to assess than IT
systems and often require replacement rather than repair.

           AES has recognized the significant uncertainty associated with the
Y2K issue and has tested its products for compliance. It is the Company's belief
that substantially all necessary modifications have been made to its products.

           However, the Company is still in the process of reviewing its
internal computer systems. An outside vendor has assessed the Company's internal
hardware and most of its software with regard to Y2K compliance. No "mission
critical" systems have required significant modification or replacement, other
than the management information system discussed below.

           The Company recently contracted with Global Solutions ("InFiSy") for
installation and implementation of a new management information system. The new
system will replace an obsolete legacy system. The decision during 1998 to
replace the existing system was influenced by the costs associated with making
the obsolete system Y2K compliant. However, the decision was made primarily due
to the need for a fully integrated MRP II (Material Resource Planning) system,
the efficiencies to be gained, and the reasonable, very favorable terms under
which InFiSy will be acquired. The cost of the InFiSy system, which will be
amortized over its expected useful life is approximately $50,000, exclusive of
some possible internal costs of installation.

           AES is also in the process of identifying and communicating with its
suppliers and vendors where failure by such third parties to achieve Y2K
compliance could have a material impact on the Company. For those suppliers or
vendors who may pose a material risk, contingency plans are in place.

           Other than the capital expenditure for the InFiSy system, which will
be spread over nine months, the Company has absorbed approximately $13,000 to
date for expenses related to the Y2K project. The additional cost estimated to
bring the project to completion is $5,000, which will be treated as a period
cost and expensed as incurred.


<PAGE>   9


                           PART II. OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

           The Company is subject to legal proceedings and claims that arise in
the ordinary course of business. In the opinion of management, the amount of
ultimate liability with respect to these actions will not have a materially
adverse affect on the Company's results of operations or financial position.

ITEM 5.  EXHIBITS AND REPORTS ON FORM 8-K

         a)   Exhibits

              27  --  Financial Data Schedule

         b)   Reports of Form 8-K

              None



<PAGE>   10


                                 EXHIBIT INDEX



<TABLE>
<CAPTION>
EXHIBIT
NUMBER            DESCRIPTION
-------           -----------
<S>               <C>
  27     --       Financial Data Schedule
</TABLE>