SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

(Mark One)

[X] Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of
    1934 for the quarterly period ended March 31, 2003.

[ ] Transition report under Section 13 or 15(d) of the Securities Exchange Act
    of 1934 for the transition period from __________ to __________.


COMMISSION FILE NUMBER: 0-20033
                        -------


                        AMERIRESOURCE TECHNOLOGIES, INC.
                        --------------------------------
        (Exact Name of Small Business Issuer as Specified in its Charter)


            DELAWARE                                      84-1084784
            --------                                   ----------------
      (State or other jurisdiction of                 (I.R.S. Employer
      incorporation or organization)                  Identification No.)

            3430 E. Russell Road, Suite 118, Las Vegas, Nevada 89120
            --------------------------------------------------------
               (Address of Principal Executive Offices) (Zip Code)

                                 (702) 214-4249
                                 --------------
                (Issuer's Telephone Number, Including Area Code)

      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 [   ]

      On May 14, 2003, there were 115,364,194 outstanding shares of the issuer's
common stock, par value $0.0001.







<PAGE>



                              TABLE OF CONTENTS





PART I-FINANCIAL INFORMATION...................................................3

      ITEM 1.  Financial Statements..........................................F-1

      ITEM 2.  Management's Discussion & Analysis of Financial Condition
               and Results of Operations.......................................4

      ITEM 3.  Controls and Procedures.........................................6

PART II-OTHER INFORMATION......................................................7

      ITEM 1.  Legal Proceedings...............................................7

      ITEM 6.  Exhibits and Reports on Form 8-K................................8

SIGNATURES.....................................................................9

INDEX TO EXHIBITS.............................................................12



                                       2
<PAGE>



                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS

      As used herein, the term "Company" refers to AmeriResource Technologies,
Inc., a Delaware corporation, and its subsidiaries and predecessors, unless
otherwise indicated. Consolidated, unedited, condensed interim financial
statements including a balance sheet for the Company as of the quarter ended
March 31, 2003, statement of operations, statement of shareholders equity and
statement of cash flows for the interim period up to the date of such balance
sheet and the comparable periods of the preceding year are attached hereto
beginning on Page F-1 and are incorporated herein by this reference.

      The consolidated financial statements for the Company included herein are
unaudited but reflect, in management's opinion, all adjustments, consisting only
of normal recurring adjustments, that are necessary for a fair presentation of
the Company's financial position and the results of its operations for the
interim periods presented. Because of the nature of the Company's business, the
results of operations for the three months ended March 31, 2003 are not
necessarily indicative of the results that may be expected for the full fiscal
year. The financial statements included herein should be read in conjunction
with the financial statements and notes thereto included in the Form 10-KSB for
the year ended December 31, 2002.



                                      3

<PAGE>
                        AMERIRESOURCE TECHNOLOGIES, INC.
                                AND SUBSIDIARIES
                           Consolidated Balance Sheets

                                   A S S E T S
                                  -------------

                                                       March 31,    December 31,
                                                         2003          2002
                                                       --------     -----------

Current Assets:
---------------
  Cash and Cash Equivalents                       $         0      $     9,583
  Accounts Receivable, net                             27,051           45,666
  Inventory                                           121,650          149,794
  Note Receivable - Related Party                           0           79,467
  Notes receivable                                     52,305           74,503
                                                   -----------      -----------
        Total Current Assets                          201,006          359,013

Fixed Assets:
-------------
  Leasehold Improvements                                6,230            6,230
  Website                                              11,400           11,400
  Building                                            173,053          173,053
  Land                                                 60,000           60,000
  Accumulated Depreciation                            (22,450)         (20,166)
                                                   -----------      -----------
        Net Fixed Assets                              228,233          230,517

Other Assets:
-------------
  Oil & Gas Property                                1,700,000        1,700,000
  Marketable securities                                   621              621
                                                  -----------       -----------
       Total Other Assets                           1,700,621        1,700,621
                                                  -----------       -----------
       Total Assets                               $ 2,129,860      $ 2,290,151
                                                  ===========      ===========









 The accompanying notes are integral part of Consolidated Financial Statements.
                                       F-1



<PAGE>
                        AMERIRESOURCE TECHNOLOGIES, INC.
                                AND SUBSIDIARIES
                      Consolidated Balance Sheets

        L I A B I L I T I E S and S T O C K H O L D E R S' D E F I C I T
        ----------------------------------------------------------------

                                                      March 31     December 31,
                                                        2003          2002
                                                      --------     ------------
Current Liabilities
-------------------
  Bank Overdraft                                    $    22,676      $       0
  Accounts payable:
    Trade                                               136,456         71,465
  Notes payable -related party                          775,820        758,007
  Notes payable -current portion                        350,000        350,000
  Unearned Income                                       125,713         30,598
  Accrued payroll and related expenses                        0              0
  Accrued interest:
    Related Party                                       283,217        360,583
    Other                                                29,692         29,692
  Income Tax Payable                                          0              0
                                                    -----------    -----------
       Total Current Liabilities                      1,723,574      1,600,345

Non-Current Liabilities:
------------------------
  Commitments and contingencies                         305,000        305,000
                                                    -----------    -----------
       Total Other Liabilities                          305,000        305,000
                                                    -----------    -----------
       Total Liabilities                              2,028,574      1,905,345
                                                    -----------    -----------
Stockholders' deficit
---------------------
  Preferred stock $.001 par value; authorized
  10,000,000 shares; Series A, issued and
  outstanding, 131,275 shares                        $     131      $     131

  Preferred stock $.001 par value; authorized
  10,000,000 shares; Series B, issued and
  outstanding 177,012 shares                               177            177

  Preferred stock $.001 par value; authorized
  1,0000,000 shares; Series C, issued and
  outstanding, 1,000,000 shares                          1,000          1,000

  Preferred stock $.001 par value; authorized
  750,000 shares; Series D, issued and
  outstanding, 250,000                                     250            250

  Common Stock, $.0001 par value; 1,000,000,000
  authorized shares; issued and outstanding,
  109,896,869 and 59,164,194 shares.                    10,990          5,916

  Additional paid-in capital                        14,608,492     14,427,420
  Accumulated deficit                              (14,516,646)   (14,046,980)
  Accumulated other comprehensive loss                  (3,108)        (3,108)
                                                  -------------   ------------
  Total Stockholders' Deficit                          101,286        384,806
                                                  -------------   ------------
  Total Liabilities and
  Stockholders' Equity                               2,129,860      2,290,151
                                                  ============    ============

 The accompanying notes are integral part of Consolidated Financial Statements.
                                       F-2

<PAGE>

                        AMERIRESOURCE TECHNOLOGIES, INC.
                                AND SUBSIDIARIES
                      Consolidated Statement of Operations

                                            For the quarter ended
                                                  March 31,
                                            ---------------------
                                               2003      2002
                                            ---------- ----------

Net service income                          $ 358,545   $ 467,761

Cost of Goods Sold                            260,164     275,564
                                            ---------- ----------
      Gross Profit                             98,381     192,197

Operating expenses
------------------
   General and administrative expenses         94,589     214,533
   Salaries                                    76,764      34,999
   Legal & Professional                        75,892      51,407
   Consulting                                 128,247      76,900
                                            ---------- ----------
      Operating loss                         (277,111)   (185,642)

Other Income (Expense):
-----------------------
   Interest expense                           (26,671)    (23,647)
   Other Gains and Losses                    (165,884)          0
   Gain on marketable securities                    0       1,156
                                            ---------- ----------
      Total other income (expense)           (192,555)    (22,491)

Net Income (loss) before income tax          (469,666)   (208,133)

Income Tax Provision (Note 7)                       0           0
                                            ---------- ----------
Net Income (loss)                            (469,666)   (208,133)
                                            ========== ==========
Earnings per share                             (0.009)     (0.021)
                                            ========== ==========
Weighted average common shares             54,948,435   9,903,203
outstanding                                 ========== ==========


 The accompanying notes are integral part of Consolidated Financial Statements.
                                       F-3


<PAGE>
                        AMERIRESOURCE TECHNOLOGIES, INC.
                                AND SUBSIDIARIES
                      Consolidated Statement of Cash Flows

                                                      For the three months ended
                                                               March 31
                                                      --------------------------
                                                          2003         2002
                                                      ------------   -----------

Reconciliation of net loss provided by
(used in) operating activities:

Net income (loss)                                       $(469,666)    $(208,133)

Non-cash items:
   Depreciation                                             2,286         5,613
   Non-cash services through issuance of stock            185,545        77,523

Changes in assets affecting operations (increase)/decrease
   Accounts Receivable                                     18,615       (12,422)
   Inventory                                               28,144       (36,526)
   Notes Receivables                                      101,665       (42,440)

Changes in liabilities affecting operations increase/(decrease)
   Accounts Payable                                        64,991        39,691
   Accrued Payroll and related expenses                         0       139,740
   Accrued Interest                                       (76,767)       23,647
   Other current liabilities                               95,115             0
                                                       ------------  -----------

Net cash provided by (used in) operating activities       (50,072)      (13,307)

Cash flows from investing activities:
   Purchase of Fixed Assets                                     0       (11,400)
   Proceeds from sale of marketable securities                  0         8,136
                                                       ------------  -----------

Net cash provided by (used in) investing activities             0        (3,264)

Cash flows from financing activities:
   Proceeds from borrowing                                 17,813             0
   Proceeds from the sale of common stock                       0             0
   Repayment of debt                                            0             0
                                                       ------------  -----------

Net cash provided by (used in) financing activities        17,813             0

Increase (decrease) in cash                              $(32,259)     $(16,571)
                                                       ============  ===========

Cash- beginning period                                  $   9,583      $ (9,464)
                                                       ============  ===========

Cash- end of period                                      $(22,676)     $(26,035)
                                                       ============  ===========

 The accompanying notes are integral part of Consolidated Financial Statements.
                                       F-4

<PAGE>
               AMERIRESOURCE TECHNOLOGIES, INC. AND SUBSIDIARIES
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2003
                                   (Unaudited)



NOTE 1 - DESCRIPTION OF DEVELOPMENT STAGE ACTIVITIES
----------------------------------------------------

AmeriResource Technologies, Inc., formerly known as KLH Engineering Group, Inc
(the Management Company), a Colorado corporation, was incorporated March 3, 1989
for the purpose of providing diversified civil engineering services throughout
the United States, to be accomplished through acquisitions of small to mid-size
engineering firms. On July 16, 1996, the Company changed its name to
AmeriResource Technologies, Inc.

On September 30, 2001, the Company acquired all the outstanding stock of Jim
Butler Performance, Inc. (Jim Butler) in exchange for 100,000,000 shares of
common stock valued at $450,000. Jim Butler manufactures custom high-end engines
for the racing industry specializing in Pontiac engines and distributes a line
of associated parts.

NOTE 2 - BASIS OF PRESENTATION
------------------------------

The unaudited financial statements included herein have been prepared in
accordance with generally accepted accounting principles for interim financial
information and with the instructions to Form 10-QSB and Item 301(b) of
Regulation S-B. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the three months ended March 31, 2003 and
2002 are not necessarily indicative of the results that may be expected for the
fiscal years ended December 31, 2003. For further information, the statements
should be read in conjunction with the financial statements and notes thereto
included in the Company's registration statement on Form 10-KSB.

Principles of consolidation

The consolidated financial statements include the combined accounts of
AmeriResource Technologies, Inc., Jim Butler Performance, Inc., West Texas Real
Estate & Resources', Inc. and Tomahawk Construction Company.  All material
intercompany transactions and accounts have been eliminated in consolidation.

Loss per common share

Loss per common share is based on the weighted average number of common shares
outstanding during the period. Options, warrants and convertible debt
outstanding are not included in the computation because the effect would be
antidilutive.

Note 3  - ACQUISITIONS
----------------------

On September 26, 2001, AmeriResource Technologies, Inc. (the "Company") executed
an acquisition agreement ("Acquisition Agreement") with Wasatch Business
Investors, Inc., a Utah corporation ("WBI") and Covah, LLC, a Utah limited
liability company ("Covah"). Pursuant to the Acquisition Agreement, WBI, as
agent for Covah, agreed to sell and transfer one hundred percent (100%) of Jim
Butler Performance, Inc., a Tennessee corporation ("JBP"), to the Company in
exchange for One Million (1,000,000) shares (the "Shares") of the Company's
common stock, par value $0.0001 ("Common Stock"), with Seven and Fifty Thousand
(750,000) Shares being issued to Covah and the remaining Two Hundred Five
Thousand (250,000) Shares being issued to WBI. The amount of Shares


                                      F-5
<PAGE>

                AMERIRESOURCE TECHNOLOGIES, INC. AND SUBSIDIARIES
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2003
                                   (Unaudited)


Note 3 - ACQUISITIONS (CON'T)
-----------------------------

was determined by the closing trading price of the Common Stock for September
25, 2001. Pursuant to a Stock Option Agreement ("Option Agreement") executed by
and between the Company and WBI on the same date, the Company granted an option
to WBI to purchase Five Hundred Thousand (500,000) shares of Common Stock at an
exercise price equal to the average closing trading price of the Common Stock
for thirty (30) days prior to the date of closing the acquisition of JBP. The
Company executed a promissory note ("Note") on the same date to pay WBI Three
Hundred Fifty Thousand dollars ($350,000) over a term of one year with interest
accruing at the annual rate of seven percent (7%). The promissory note can be
converted to stock upon mutual consent of both parties.

JBP was acquired by the Company on September 26, 2001 from Wasatch Business
Investors, Inc. ("WBI") and Covah, LLC ("Covah"). The Company recently learned
of a lien in the amount of $550,000 that was apparently executed by interim
management of JBP in the few days between WBI's purchase of JBP from Jim Butler,
and WBI's sale of JBP to the Company. This apparently has resulted in a lien
being placed on JBP's assets. As the agreement between WBI, Covah and the
Company required all assets of JBP from WBI and Covah were to be free and clear
of any encumbrances, the Company is currently evaluating the validity, terms and
facts behind the existence of the lien, as well as any recourse it may have
against WBI and Covah. Therefore, the lien has been noted as a contingent
liability.

Additionally, since the agreement between the Company, WBI and Covah for the
purchase of JBP provided that JBP's assets be free and clear of any liens and
encumbrances, the Company considers the promissory note to WBI in the amount of
$350,000 to be invalid and unenforceable. Therefore, the promissory note has
also been noted as a contingent liability.


The following table summarizes the estimated fair value of the assets of the
assets acquired and liabilities assumed at the date of acquisition:

            Accounts Receivable            $   82,146
            Inventory                         316,306
            Building                          172,900
            Land                               60,000
            Goodwill                           15,223
            Accounts Payable               (  196,575)
                                           -----------
            Net Assets Acquired             $ 450,000
                                           ===========

Of the $15,223 of acquired goodwill, all is being assigned to customer lists and
name identification. The goodwill will be reviewed annually and amortized over
an expected life of between 3 to 5 years.

NOTE 4 - STOCKHOLDERS' EQUITY
------------------------------

Options

      As part of the acquisition of Jim Butler Inc., the Company issued 500,000
      options with an exercise price of 75% of the average closing price over
      the preceding 90 days. These options expire on September 25, 2004. The
      Company also issued 1,500,000 options with an exercise price of 75% of the
      average closing price over the preceding 90 days. The options will be
      issued for every one million in gross sales added to the Company's gross
      revenue WBI would be granted thirty thousand in option shares. These

                                      F-6
<PAGE>


                AMERIRESOURCE TECHNOLOGIES, INC. AND SUBSIDIARIES
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2003
                                   (Unaudited)


      options expire on September 25, 2004. To date, none of the options have
      been exercised nor does the Company believe the options will be exercised.

Common stock

      The Company increased its authorized shares from 500,000,000 to
      1,000,000,000 during 1999. In February of 2002, the Company approved a 100
      for 1 reverse stock split. The shares are shown after the reverse stock
      split. During the first quarter of 2003, the Company issued the a total of
      50,732,675 shares of common stock:

      34,950,000 shares of common stock were issued for consulting services
      valued at $124,486. These shares were valued at $.004 per share.

NOTE 4 - STOCKHOLDERS' EQUITY (con't)
-------------------------------------

      4,200,000 shares of common stock were issued for legal services valued at
      $18,060. These shares were valued at $.004 per share.

      10,000,000 shares of common stock were issued for Director/Officer
      Services valued at $43,000. These shares were valued at $.004 per share.
      1,582,675 shares of common stock were issued for the extension of a note
      payable.

      Preferred stock

      The Company has currently designated 10,000,000 shares of their authorized
      preferred stock to Series A Convertible Preferred and an additional
      10,000,000 shares to Series B Convertible Preferred Stock.

Both Series A and B preferred stock bear a cumulative $.125 per share per annum
dividend, payable quarterly. The shareholders have a liquidation preference of
$1.25 per share, and in addition, all unpaid accumulated dividends are to be
paid before any distributions are made to common shareholders. These shares are
subject to redemption by the Company, at any time after the second anniversary
of the issue dates (ranging from August 1990 through December 1995) of such
shares and at a price of $1.25 plus all unpaid accumulated dividends. Each
preferred share is convertible, at any time prior to a notified redemption date,
to one common share. The preferred shares have equal voting rights with common
shares and no shares were converted in 1998. Dividends are not payable until
declared by the Company.

On February 22, 2002, the Company filed a "Certificate of Designation" with the
Secretary of State with the State of Delaware to designate 1,000,000 shares of
its Preferred Stock as "Series C Preferred Stock". Each share of the Series C
Stock shall be convertible into common stock of the Company based on the stated
value of the $2.00 divided by 50% of the average closing price of the Common
Stock on five business days preceding the date of conversion. Each share of the
outstanding Series C Preferred shall be redeemable by the Corporation at any
time at the redemption price. The redemption price shall equal $2.00 per share
with interest of 8% per annum. The holders of the Series C shall be entitled to
receive $2.00 per share before the holders of common stock or any junior
securities receive any amount as a result of liquidation.

On February 22, 2002, the Company filed a "Certificate of Designation" with the
Secretary of State with the State of Delaware to designate 750,000 shares of its
Preferred Stock as "Series D Preferred Stock". Each share of the Series D Stock
shall be convertible into one share of common stock of the Company. Each share

                                      F-7
<PAGE>


                 AMERIRESOURCE TECHNOLOGIES, INC. AND SUBSIDIARIES
                           NOTES TO FINANCIAL STATEMENTS
                                   March 31, 2003
                                     (Unaudited)


of the outstanding Series D Preferred shall be redeemable by the Corporation at
any time at the redemption price. The redemption price shall equal $.001 per
share with interest of 8% per annum. The holders of the Series D shall be
entitled to receive $.001 per share before the holders of common stock or any
junior securities receive any amount as a result of liquidation.

Delmar Janovec, President & CEO, exchanged the interest owed to him on the
dividends in the approximate amount of $2,000,000 for the new class of Series C
Preferred Stock that was approved by the Board of Directors on January 31, 2002.

NOTE 5 - NOTES RECEIVABLE
--------------------------

The Company had the following notes receivable:

  Notes receivable from Nevstar, bearing interest
  at 8%,due on demand.                                       16,650
  Other                                                      17,655
  Notes receivable from First Americans Mortgage
  Corp, bearing interest at the prime rate,
  principal and interest payments due December 31,
  starting December 31, 2000 through December 31, 2004.      18,000
                                                           ---------
  Total Notes Receivable - Other                             52,305

  Less current portion                                      (52,305)
                                                           ---------
  Total Notes Receivable                                $        -
                                                           =========


NOTE 6- NOTE PAYABLE
---------------------

  The Company had the following notes payable:

  Related Party:

      Note payable to David Butler, unsecured,
      bears interest at 8% and is due on demand              94,500
      Note payable to an officer, unsecured. Note
      bears interest at 8% and are due on demand.           681,320
                                                          -----------

      Total notes payable - related parties                 775,820

      Less current portion                                 (775,820)
                                                         -----------
  Long-term portion                                     $        -
                                                         ===========


                                      F-8
<PAGE>


                AMERIRESOURCE TECHNOLOGIES, INC. AND SUBSIDIARIES
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2003
                                   (Unaudited)

NOTE 6- NOTE PAYABLE
--------------------

Others:

          Note dated August 2, 2000, payable
          to American Factors, secured by 300,000
          shares of the Company's common stock.
          The note bears interest at 15%.                 350,000

                   Total notes payable                    350,000

                   Less current portion                  (350,000)

                   Long-term portion                   $      -
                                                        ============
       Maturities of notes payable at March 31, 2003, are as follows:

            2003                                      $ 1,125,820
            2004
            2005                                               0
            Thereafter                                         0
                                                        ------------
                                                      $ 1,125,820

NOTE 7 - GOING CONCERN UNCERTAINTY
-----------------------------------

The accompanying financial statements have been prepared in conformity with
principles of accounting applicable to a going concern, which contemplates the
realization of assets and the liquidation of liabilities in the normal course of
business. The Company has incurred continuing losses and has not yet generated
sufficient working capital to support its operations. The Company's ability to
continue as a going concern is dependent, among other things, on its ability to
reduce certain costs, obtain new contracts and additional financing and
eventually, attaining a profitable level of operations.

It is management's opinion that the going concern basis of reporting its
financial condition and results of operations is appropriate at this time. The
Company plans to increase cash flows and take steps towards achieving profitable
operations through the sale or closure of unprofitable operations, and through
the merger with or acquisition of profitable operations.


NOTE 8 - COMMITMENTS AND CONTINGENCIES
--------------------------------------

The Company, from time to time, may be subject to legal proceedings and claims
that arise in the ordinary course of its business. The Company is currently
covered adequately for general liability and workmen's compensation insurance
meeting the standard limits that are customary in the industry. However, due to
the nature of the Company's business, the Company has historically been able to
secure workmen's compensation and auto insurance meeting the standard limits
that are customary in the industry. The Company has not been able to secure
general liability insurance at this time, however, is continuing to look for
coverage and believes the coverage will be provided. Jim Butler provides for its
own coverage under a separate carrier and policy, which meets the standard
limits for its industry. Although the Company does not presently have a general
liability policy in effect, there are no operations performed by the Company
that would require such insurance.

Although there are some contingencies that exist with the Company and its
subsidiaries, there are no new contingencies that have occurred since the last
year-end.

                                      F-9
<PAGE>


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

Forward-Looking Information

      This report contains a number of forward-looking statements, which reflect
the Company's current views with respect to future events and financial
performance including statements regarding the Company's projections, and the
interactive gaming industry. These forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to differ
materially from historical results or those anticipated. In this report, the
words "anticipates", "believes", "expects", "intends", "future", "plans",
"targets" and similar expressions identify forward-looking statements. Readers
are cautioned to not place undue reliance on the forward-looking statements
contained herein, which speak only as of the date hereof. The Company makes no
obligation to publicly revise these forward-looking statements, to reflect
events or circumstances that may arise after the date hereof.

      Additionally, these statements are based on certain assumptions that may
prove to be erroneous and are subject to certain risks including, but not
limited to, the Company's dependence on limited cash resources, and its
dependence on certain key personnel within the Company. Accordingly, actual
results may differ, possibly materially, from the predictions contained herein.

General

      The Company's operations for the first quarter of 2003 were conducted
through its wholly owned subsidiaries Jim Butler Performance ("JBP") and West
Texas Real Estate & Resources, Inc. ("WTRER"). The Company continues to seek
viable business entities that are compatible to the Company's overall strategic
plan and are interested in going public or becoming an operating subsidiary of a
public company.

      The Company has established a website, www.ameriresourcetechnologies.com,
which will allow the Company to provide better communications to its
shareholders as well as providing information to the investment community.

MONTEL TECHNOLOGIES, MONTEL HOLDING GROUP, INC. AND MONTEL MANAGEMENT
CORPORATION

      On May 9, 2003, the Company executed a Letter of Intent with Ray
Montelongo, Marty Hubbard, Montel Technologies, (www.montel-technologies.com),
Montel Holding Group, Inc., and Montel Management Corporation whereby it agreed
to a stock for stock exchange of an unspecified amount of its common stock at a
stipulated stock price to be determined in the definitive agreement for 80% of
Montel Holding Group, Inc. and Montel Management Corporation. The Letter of
Intent requires that a Stock for Stock Exchange Agreement be executed prior to
May 30, 2003 unless mutually extended by the parties, with a final closing
anticipated to be within 60 days.

      Montel Technologies is in the business of providing IT information to the
hospitality industry and has developed a package system that combines voice,
video, data, and security on high-speed networks. Montel Technologies employs
technologies, which are among the best available, to provide low-cost solutions
that include in-room high-speed Internet connections with configuration-free
plug-and-play access, secure centralized printing and 24/7 professional
technical support. Its clients include a few of the top national hotel chains.
The two new business units, Montel Holding Group, Inc. and Montel Management
Corporation, would operate under the Company as 80% owned subsidiaries with Ray
Montelongo serving as the President and the day-to-day management.In the event


                                      4

<PAGE>

this transaction is consummated, which may not be assured, the new business
units are intended to focus initially on the hotel industry and then diversify
into other areas of the hospitality industry.

JIM BUTLER PERFORMANCE

      JBP's operations concentrated on its core business of manufacturing high
end racing engines and the research for the development of potential new product
lines as well as expanding the functionality of its existing website,
www.jbp-pontiac.com, which is still under minor construction. The website will
link to a full inventory of parts that can be purchased on line, as well as a
calendar of upcoming events and a technical section that will allow the
management of JBP to answer questions from the car enthusiasts and hobbyists.
The Company is currently exploring other areas of the United States to expand
JBP's distribution operation in an effort to increase revenues and reduce costs.
There is no guarantee the Company will be successful in locating another
distribution center for the expansion of JBP's operations.

      JBP was acquired by the Company on September 26, 2001 from Wasatch
Business Investors, Inc. ("WBI") and Covah, LLC ("Covah"). The Company recently
learned of a lien in the amount of $550,000 that was apparently executed by
interim management of JBP in the few days between WBI's purchase of JBP from Jim
Butler, and WBI's sale of JBP to the Company. This apparently has resulted in a
lien being placed on JBP's assets. As the agreement between WBI, Covah, and the
Company required all assets of JBP from WBI and Covah were to be free and clear
of any encumbrances, the Company is currently evaluating the validity, terms,
and facts behind the existence of the lien, as well as any recourse it may have
against WBI and Covah. Therefore, the lien has been noted as a contingent
liability.

      Additionally, since the agreement between the Company, WBI and Covah for
the purchase of JBP provided that JBP's assets be free and clear of any liens
and encumbrances, the Company considers a promissory note to WBI in the amount
of $350,000 to be invalid and unenforceable. Therefore, the promissory note has
also been noted as a contingent liability.

WEST TEXAS REAL ESTATE AND RESOURCES, INC.

      WTRER's business operations in the first quarter consisted primarily of
analyzing the viability of drilling additional wells, deepening the existing
wells on its oil, gas and mineral lease in Pecos County, Texas and preliminary
discussions with a potential joint-venture partner in the oil and gas industry
to develop the existing wells bringing them to full production.

      The Company continues to search for viable business operations to acquire
or merge with in order to increase the Company's revenues and profitability. The
Company continues to receive unsolicited offers concerning the sale of its
subsidiaries and has not received an offer on any of its subsidiaries, which the
Company deems acceptable. The Company will continue to entertain offers to sell
some or all of its subsidiaries in an attempt to reach a consistent level of
profitability.

Results of Operations

      The following discussion should be read in conjunction with the audited
financial statements and notes thereto included in our annual report on Form
10-KSB for the fiscal year ended December 31, 2002 and should further be read in
conjunction with the financial statements included in this report. Comparisons
made between reporting periods herein are for the three-month period ended March
31, 2003 as compared to the same period in 2002.


                                      5

<PAGE>

      Revenue from the operations of the Company's wholly owned subsidiary, JBP,
of $358,545 was realized during the first quarter of 2003. JBP's revenues for
the three-month period ending March 31, 2002 were $467,761. The cost to generate
these revenues, or the cost of goods sold, was $260,164 allowing a gross profit
of $98,381 for the three months ended March 31, 2003. The Company's net loss for
the three months ended March 31, 2003 increased to $469,666, from $208,133 for
the same period in 2002. This increase in net loss is attributable to an
increase in salaries to $76,764 in the first quarter of 2003 from $34,999 for
the same period in 2002, an increase in consulting fees from $76,900 for the
three months ended March 31, 2002 to $128,247 for the three months ended March
31, 2003, as well as other gains and losses in the amount of $165,884 for the
first quarter of 2003 as compared to $0 for the first quarter of 2002.

      Although consulting expenses as well as employee salaries and bonuses,
primarily related to the operations of JBP, increased in the first quarter of
2003, general and administrative expenses decreased from $214,533 for the
quarter ended March 31, 2002 to $94,589 for the same period in 2003. When JBP's
operating expenses are netted from JBP's revenues, the Company's total operating
loss for the quarter ended March 31, 2003 increased to $277,111 from $185,642
for the quarter ended March 31, 2002. As a result, the earnings per share
decreased to $0.009 per share for the three-months ended March 31, 2003 from
$0.021 per share for the three-months ended March 31, 2002.

      The Company's current assets as of March 31, 2003 were $201,006 as
compared to $359,013 as of March 31, 2002. This decrease in current assets is
due to a decrease in cash and cash equivalents from $9,583 as of March 31, 2002
to $0 in the first quarter of 2003, a decrease in accounts receivable from
$45,666 for the first quarter of 2002 to $27,051 for the first quarter of 2003,
a decrease in inventory by $28,144, a decrease in related party notes receivable
from $79,467 as of March 31, 2002 to $0 as March 31, 2003, and a decrease of
$22,198 in other notes receivable.

Liquidity and Capital Resources

      Although there was $17,813 in cash flow from financing activities for the
first quarter of 2003 as compared to $0 for the same period in 2002, the
Company's net cash used in operating activities for the three- months ended
March 31, 2003 increased to $50,072 from $13,307 for the same period in 2002.
This increase is mainly attributable to an increase in non-cash services through
the issuance of stock to $185,545 for the first quarter of 2003 from $77,523 for
the first quarter of 2002, and an increase in notes receivable from $42,440 for
the three months ended March 31, 2002 to $101,665 for the three months ended
March 31, 2003.

      The Company has relied upon its chief executive officer for its capital
requirements and liquidity. The Company's recurring losses raise substantial
doubt about the Company's ability to continue as a going concern. Management's
plans with respect to these matters include raising additional working capital
through equity or debt financing and acquisitions of ongoing concerns, which
generate profits, ultimately allowing the Company to achieve consistent
profitable operations. The accompanying financial statements do not include any
adjustments that might be necessary should the Company be unable to continue as
a going concern.

ITEM 3.     CONTROLS AND PROCEDURES

      Within the 90 days prior to the date of this report, the Company carried
out an evaluation, under the supervision and with the participation of the
Company's management, including the Company's Chief Executive Officer and the
person performing functions similar to that of a Principal Financial Officer of
the Company, of the effectiveness of the design and operation of the Company's
disclosure controls and procedures pursuant to Exchange Act Rule 13a-14. Based
upon the evaluation, the Company's Chief Executive Officer and the person


                                      6

<PAGE>

performing functions similar to that of a Principal Financial Officer of the
Company concluded that the Company's disclosure controls are effective in timely
alerting them to material information relating to the Company (including its
consolidated subsidiaries) required to be included in the Company's periodic SEC
filings. There have been no significant changes in the Company's internal
controls or in other factors which could significantly affect internal controls
subsequent to the date the Company conducted its evaluation.

                           PART II - OTHER INFORMATION

ITEM 1.     LEGAL PROCEEDINGS

      The following are material cases resolved during this period ended March
31, 2003 and/or pending issues involving the Company.

      ORIX Real Estate Capital Markets, LLC, as the Special Servicer for Finova
      -------------------------------------------------------------------------
Realty Capital, Inc. v. Magnolia Manors Properties, LLC, et al., Case No.
---------------------------------------------------------------
CV-01-3086-SH, was filed in the Montgomery Circuit Court in Montgomery County,
Alabama in May 2000 by Orix Real Estate Capital markets, LLC ("ORIX") as the
Special Servicer for Finova Realty Capital, Inc. alleging that Magnolia Manors
Properties, LLC defaulted on the provisions of a promissory note to Finova
Realty Capital, Inc. by which it promised to repay $9,280,000. This lawsuit
alleged that because the Company had been, between December 23, 1999 and
February 27, 2001, in negotiations to merge or acquire the assets of Magnolia
Manors Properties, LLC that it has bound itself to certain provisions of these
loan documents. On January 25, 2002, the Company and Delmar Janovec filed a
Motion for Summary Judgment asking the Court to enter and order granting
judgment in their favor on all claims asserted against them. The Circuit Court
granted summary judgment in favor of the Company and Delmar Janovec on March 29,
2002. Orix appealed this judgment to the Alabama Supreme Court on June 26, 2002.
The Alabama Supreme Court affirmed the Circuit Court's summary judgment on
January 14, 2003.

      American Factors Group, LLC. vs AmeriResource Technologies, Inc., et al.
      ------------------------------------------------------------------------
This case was filed in the United States District Court, District of New Jersey,
Case Number 3:97cv01094(GEB).

      In February 2000, the parties stipulated to the dismissal of certain
claims in this suite with prejudice. This stipulation dismissed all of the
claims in this suit pursuant to a Settlement Agreement, which has been
subsequently amended.

      The Settlement Agreement provided for the payment by the Company and
Delmar Janovec ("Janovec") of certain obligations and judgments entered against
the defendants. An Addendum dated August 10, 2000 was executed to modify certain
terms of the repayment schedule. As the Company and Janovec were unable to meet
the terms of repayment set forth in the Addendum, a Second Addendum was executed
in the first quarter of 2002 to modify the repayment conditions as follows:

      *     the interest rate and all other penalties and late charges assessed
            on the outstanding obligations of $308,692.08 owed by Janovec and
            the Company shall be fifteen percent (15%) until the obligation is
            paid in full on or before March 31, 2002

      *     the repayment schedule shall be weekly payment of not less than
            $2,500 with repay- ments increasing in the event the price of the
            Company's Common Stock increases;

      *     to the extent the Company secures a line of credit through VSource 1

                                        7

<PAGE>

            and receives any investor monies, American Factors Group, LLC.
            ("AFG") shall receive fifty percent (50%) of any such monies; and

      *     the Company shall issue to AFG ten million (10,000,000) shares of
            the Company's Common Stock in consideration of the modification of
            the repayment conditions on Pre-reverse condition.

      As the Company's Common Stock reaches the specific prices stated in the
repayment schedule, Delmar Janovec, the Company's President, has agreed to sell
his personal shares of the Company's Common Stock to make the scheduled payment.
In the event the obligation was not paid in full by March 31, 2002, AFG would be
entitled to proceed with any available proper legal action to collect on its
judgment. AFG has been paid in the approximate amount of $352,000, to date. AFG
and the Company have extended the terms of the Second Addendum until December
27, 2003.

      Internal Revenue Service Issue. The IRS and the Company had been trying to
resolve outstanding issues through an appointed agent during 2000 for the taxes
created by the previous engineering subsidiaries during the close down phases of
the offices and was not successful in reaching a resolution with the IRS. On or
about January 16, 2001, the IRS notified Rod Clawson, a director of the Company
and the former President of the Engineering subsidiaries, that the IRS was
filing a lien against him, personally, for the payment of taxes. Subsequently,
several meetings were held and an agreement was reached on or about March 22,
2001 with the IRS whereby, Clawson would pay $50,000 per month until
approximately $282,000 constituting principal an interest, is paid of in its
entirety. Mr. Clawson has made payments in excess of $100,000 to date.

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            (a) Exhibits required to be attached by Item 601 of Regulation S-B
are listed in the Index to Exhibits beginning on page 12 of this Form 10-QSB,
which is incorporated herein by reference.

            (b) No reports on Form 8-K were filed on the Company's behalf during
the quarter ended March 31, 2003.



                                      8

<PAGE>
                                   SIGNATURES

      Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, as amended, the Registrant has duly caused this Quarterly
Report on Form 10-QSB to be executed on its behalf by the undersigned, hereunto
duly authorized.

AmeriResource Technologies, Inc.

/s/ Delmar Janovec
-----------------------------------
Delmar Janovec
Chairman of the Board of Directors
and Chief Executive Officer

Dated: May 14, 2003




                                        9

<PAGE>


               CERTIFICATION PURSUANT TO 18 U.S.C. SECTIONS 1350,
                             AS ADOPTED PURSUANT TO
                 SECTION 906 OF THE SARBANES-OXLEY ACTS OF 2002


      Certification Pursuant to 18 U.S.C., Section 1350, as Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.

      In connection with the Quarterly Report of AmeriResource Technologies,
Inc. (the "Company") on Form 10- QSB for the quarter ended March 31, 2003 (the
"Report"), as filed with the Securities and Exchange Commission, on the date
hereof (the "Report), the undersigned, Delmar Janovec, Chief Executive Officer
and the person performing functions similar to that of a Principal Financial
Officer of the Company, hereby certifies, pursuant to 18 U.S.C. 1350, as adopted
pursuant to 18 U.S.C., Section 1350, that:

      (1) The Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

      (2) The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of the
Company.


Dated: May 14, 2003                 /s/ Delmar Janovec
                                    -------------------------------------
                                    Delmar Janovec
                                    Chief Executive Officer and Principal
                                    Financial Officer




                                       10

<PAGE>

                                 CERTIFICATIONS

      I, Delmar Janovec, as Chief Executive Officer and the person performing
functions similar to that of a Principal Financial Officer of AmeriResource
Technologies, Inc. (the "Company"), certify that:

      1. I have reviewed this quarterly report on Form 10-QSB of the Company;

      2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
quarterly report;

      3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
Company as of, and for, the periods presented in this quarterly report;

      4. The Company's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the Company and have:

            a) designed such disclosure controls and procedures to ensure that
            material information relating to the Company, including its
            consolidated subsidiaries, is made known to us by others within
            those entities, particularly during the period in which this
            quarterly report is being prepared;

            b) evaluated the effectiveness of the Company's disclosure controls
            and procedures as of a date within 90 days prior to the filing date
            of this quarterly report (the "Evaluation Date"); and

            c) presented in this quarterly report our conclusions about the
            effectiveness of the disclosure controls and procedures based on our
            evaluation as of the Evaluation Date;

      5. The Company's other certifying officers and I have disclosed, based on
our most recent evaluation, to the Company's auditors and the audit committee of
Company's board of directors (or persons performing the equivalent functions):

            a) all significant deficiencies in the design or operation of
            internal controls which could adversely affect the Company's ability
            to record, process, summarize and report financial data and have
            identified for the Company's auditors any material weaknesses in
            internal controls; and

            b) any fraud, whether or not material, that involves management or
            other employees who have a significant role in the Company's
            internal controls; and

      6. The Company's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: May 14th, 2003

/s/ Delmar Janovec
---------------------------------------
Delmar Janovec, Chief Executive Officer
And Principal Financial Officer


                                       11

<PAGE>

                                INDEX TO EXHIBITS

      Exhibits marked with an asterisk have been filed previously with the
Commission and are incorporated herein by reference.


EXHIBIT     PAGE
NO.         NO.         DESCRIPTION
-------     ----        -----------

3(i)        *           Articles of Incorporation.

3(ii)       *           Bylaws.






                                       12