UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-KSB


                   Annual Report Under Section 13 or 15 (d) of
                       the Securities Exchange Act of 1934


                  For the fiscal year ended September 30, 2007

                         Commission file number: 0-12809


                      AMERICAN RESOURCE TECHNOLOGIES, INC.
                     (Formerly Golden Chief Resources, Inc.)
                 (Name of small business issuer in its charter)


            State of Kansas                                  48-0846635
     (State or other jurisdiction of                     (I.R.S. Employer
     incorporation or organization)                      Identification #)

             896 N. Mill Street, Suite 203, Lewisville, Texas 75057
               (Address of principal executive offices)(Zip code)

                    Issuer's telephone number: (972) 219-8585


Securities registered under Section 12 (g) of the Exchange Act: Common stock, no
par value.

The issuer (1) has 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 [ ]

Check if disclosure of delinquent filers in response to Item 405 of Regulation
S-B is not contained in this form, and no disclosure will be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any amendment to
this Form 10-KSB. [X]

Indicate by check mark whether the registrant is a shell company Yes [ ] No [X]
(as defined in Rule 12b-2 of the Exchange Act).


        State issuer's revenues for its most recent fiscal year $18,550.

The aggregate market value of the voting stock held by non-affiliates of the
registrant on September 30, 2007, was $1,366,334. The number of shares
outstanding of the registrant's common stock on September 30, 2007, was
10,492,985 shares.

<PAGE>

PART I

Item 1. Description of Business

(a) Business Development

American Resource Technologies, Inc. ("American Resources or the Company") was
originally incorporated as Arts Antique Autos, Ltd., and changed its name to
Golden Chief Resources, Inc. on August 5, 1981. On April 4, 2007 the Company
changed its name from Golden Chief Resources, Inc. to American Resource
Technologies, Inc. During the early 1980s, the Company engaged in oil and gas
operating, mining, real estate operations. During the mid-1980s, the Company
lost its asset and revenue base due to economic conditions, and liquidated
assets and ceased operations in 1986, and the Company operated briefly again in
1999 - 2002 after a change in control. Accordingly, the Company remained dormant
with no activity from 1987 - 1999 and again from 2002 until December 2004. Since
that date the Company has through the use of farm-outs received carried working
interests in several wells and has been able to move non-producing properties
into the producing category.

During its fiscal year ended September 30, 2007, the Company was not involved in
any bankruptcy, receivership, or similar proceeding and underwent no material
reclassification, merger, or consolidation. We do not anticipate involvement or
participation in any of the above proceedings.

(b) Business of Issuer

On a very small scale the Company has re-entered the oil and gas industry as a
producer but the prospect of growth is limited by the availability of sufficient
funds to pursue this on a more active basis. The Company currently has three
employees.

(c) Reports to Security Holders

The Company does not intend to deliver an annual report to our security holders.
The public may read and copy any materials filed with the SEC, such as this Form
10-KSB and Form 10-QSB reports. We are an electronic filer under the SEC's EDGAR
filing program. Accordingly, our filings are maintained by the SEC in a database
at www.sec.gov and are available to all security holders.

Item 2. Description of Property

As of September 30, 2007, the assets consisted of only the Montgomery County
Pipeline, the Lindley lease, the Noll lease, and the Ownbey and Troyer leases
which produce oil.

Oil and gas operations are and will be subject to federal, state and local laws
and regulations and political developments. The domestic production and sale of
oil and gas are subject to federal regulation by the Department of Energy and
the Federal Energy Regulation Commission. Rates of production of oil and gas
have for many years been subject to federal and state conservation laws and
regulations. In addition, oil and gas operations are subject to extensive
federal and state regulations concerning exploration, development, production,
transportation and pricing, and to interruption or termination by governmental
authorities.

The term "working interest" as used herein means all or a fractional part of the
ownership rights granted by a concession or lease. The working interest or a
part thereof, pays all costs of operation and is entitled to the gross
production less royalties retained by the grantor or lessor and less other
royalties or non-operating interests created and assigned from the working
interest.

There are currently 4 oil wells on the Lindley lease in which the Company owns a
100% working interest, and 4 oil wells on the Ownbey/Troyer Lease in which the
Company owns a 25% working interest and 5 oil wells on the Ownbey/Troyer Lease
in which the Company owns a 12.5% working interest, and one oil well on the Noll
Lease in which the Company owns a 25% working interest.

                                       2
<PAGE>

Market for Oil and Gas Production

The market for oil and gas production is regulated by both the state and Federal
governments. The overall market is mature, and, with the exception of gas, all
producers in a producing region will receive the same price. Purchasers or
gatherers will typically purchase all crude oil offered for sale at posted field
prices which are adjusted for quality difference from the "Benchmark". Benchmark
is the price of Saudi Arabian light crude oil employed as the standard on which
OPEC price changes have been based. Oil pumped from wells is stored in tanks on
site where the purchaser normally picks up the oil at the well site, but in some
instances there may be deductions for transportation from the well-head to the
sales point. Either the Company, the operator, or the purchaser handles payment
disbursements to both the working interest owners and the royalty interest
owners.

During the year ended September 30, 2007, the following customers accounted for
greater than 10% of our oil and gas sales:

         Plains Marketing LP                      100%

American Resources has no other relationship with this customer. This
concentration is a matter of convenience for us rather than necessity since
these customers are active buyers in the areas where our wells are located, and
prices between potential customers vary little or not at all as prices are tied
to the going market rate for the commodity. If the Company lost its largest
customer, management believes the Company could quickly replace the lost
customer with other buyers paying comparable prices. Consequently, management
does not believe the loss of one or more of American Resources's major customers
would have a material adverse effect on its business.

Oil and Gas Reserves

The following table summarizes certain information regarding the estimated
proved oil reserves and estimated future net revenues of the Company and
attributable to the Company's net revenue interests in the Lindley lease in
Montgomery County, Kansas. Such estimated reserves are based upon an evaluation
report prepared by William W. Jackson, Petroleum Engineer of Richardson, Texas.
More information is located in Note 12 to the Financial Statements attached
hereto.

PROVED OIL RESERVES
September 30, 2007

                                                              (Barrels)
         Proved developed reserves:
                  Beginning of year                            10,530
                  Purchases of reserves in place                  -0-
                  Adjustments                                  (5,027)
                  Production                                     (183)
                           End of year                          5,320


All of the Company's reserves are located within the United States and consist
of crude oil. No estimates of reserves have been reported to or filed with any
other Federal authority or agency during the year presented.

The reserve data herein represent only estimates that are based on subjective
determinations. Accordingly, the estimates are expected to change, as additional
information becomes available. Further, estimates of gas reserves, of necessity,
are projections based on engineering and economic data. There are uncertainties
inherent in the interpretation of such data, and there can be no assurance that
the proved reserves set forth herein will ultimately be produced.

                                       3
<PAGE>

Proved developed producing reserves are those expected to be recovered from
currently producing zones under continuation of present operating methods.
Proved developed non-producing reserves consist of (i) reserves from wells which
have been completed and tested but are not yet producing due to lack of market
or minor completion problems which are expected to be corrected, and (ii)
reserves currently behind the pipe in existing wells and which are expected to
be productive due to both the well log characteristics and analogous production
in the immediate vicinity of the well. Proved undeveloped reserves are those
reserves which may be expected either from existing wells that will require
major expenditure to develop or from undrilled acreage adjacent to productive
units, which are reasonably certain of production when, drilled.

Impairment

American Resources has adopted SFAS No. 144, "Accounting for the Impairment or
Disposal of Long-Lived Assets" and periodically evaluates, using independent
appraisals and projected undiscounted cash flows, the carrying value of its
long-lived assets and proved oil and gas properties whenever events or changes
in circumstances indicate that the carrying amount of an asset may not be
recoverable. In addition, long-lived assets to be disposed of are reported at
the lower of carrying value or fair value less cost to sell. Fair values used
for impairment identification are based on undiscounted cash flow amounts
determined by the reserve reports. During the fiscal year ended September 30,
2007, Golden Chief did not identify any properties requiring impairment.
Unproved oil and gas properties are periodically assessed for impairment
following the guidance provided in SFAS No. 19, "Financial Accounting and
Reporting by Oil and Gas Producing Companies".

Oil and Gas Property and Equipment

The Company uses the successful efforts method of accounting for its oil and gas
producing activities, which are located in Kansas. Costs to acquire mineral
interests in oil and gas properties, to drill and equip exploratory wells that
find proved reserves, and costs to drill and equip development wells are
capitalized. Costs to drill exploratory wells that do not find proved reserves
and geological and geophysical costs and costs of carrying and retaining
undeveloped properties are expensed.

Unproved oil and gas properties that are individually significant are
periodically assessed for impairment of value, and a loss is recognized at the
time of impairment by providing an impairment allowance. Other unproved
properties are amortized based on American Resource's experience of successful
drilling and average holding period. Capitalized costs of producing oil and gas
properties, after considering estimated residual salvage values, are depreciated
and depleted by the unit of production method. Support equipment and other
property and equipment are depreciated over their estimated useful lives.

On the sale or retirement of a complete or partial unit of a proved property,
the cost and related accumulated depreciation, depletion, and amortization are
eliminated from the property accounts, and the resultant gain or loss is
recognized.

On the sale of an entire interest in an unproved property for cash or cash
equivalent, gain or loss on the sale is recognized, taking into consideration
the amount of any recorded impairment if the property had been assessed
individually. If a partial interest in an unproved property is sold, the amount
received is treated as a reduction of the cost of the interest retained.

Accounting for Asset Retirement Obligations

American Resources accounts for the asset retirement obligations under the
provisions of FASB No. 143, which requires the fair value of the liability for
an asset retirement obligation be recognized in the period in which it is
incurred. When the liability is initially recorded, the offset is capitalized by
increasing the carrying amount of the long-lived asset. Over time, the liability
is accreted to its present value each period, and the capitalized cost is
depreciated over the useful life of the related asset. To settle the liability,
the obligation is paid, and to the extent there is a difference between the

                                       4
<PAGE>

liability and the amount of cash paid, a gain or loss upon settlement is
recognized. No accretion expense is included in "Depreciation, depletion, and
amortization" in the accompanying statement of operations for the year ended
September 30, 2007 since the Company's estimates reflect that the remaining
salvage value of recoverable property exceeds the liability of the potential
retirement obligations.


Item 3. Legal Proceedings

As of January 10, 2008 there were no legal proceedings to which we were a party,
and no litigation is known to be pending.

Item 4. Submission of Matters to a Vote of Securities Holders

On December 21, 2006 the Company held a special shareholders meeting at which
the shareholders approved a resolution authorizing the Board of Directors to
evaluate the necessity of a reverse stock split and also to implement a reverse
stock split if they determine it to be necessary. The shareholders also ratified
the actions of the officers and directors since the last special shareholders
meeting on December 17, 2001.


                                     PART II

Item 5. Market for Common Equity and Related Stockholder Matters

(a) Market Information

The shares have been traded on the over the counter bulletin board since late
November of 2006. Based on information available directly from the Over the
Counter Bulletin Board data center, share prices have ranged from an annual low
of $0.054545 per share to a high of $0.327273 per share. Our shares have been
trading sporadically, in the Pink Sheet market since late August of 2003. Our
shares are traded on both markets under the symbol ARUR.

As of September 30, 2007, certain options have been granted to investors as
follows: 100,000 shares at an exercise price of $0.10 per share expiring In
January of 2012; 100,000 shares at an exercise price of $0.15 per share expiring
in January of 2012; and 240,000 shares with an exercise price of $0.125 per
share expiring in August of 2008.

(b) Holders

As of September 30, 2007, there were approximately 1,300 stockholders of record
of our common stock. Additional stockholders hold stock in street names; the
number of street name holders is not available to us.

(c) Dividends

The Company has not declared or paid dividends in the past, and does not
anticipate doing so in the immediate future. (See subsequent events)

Item 6. Management's Discussion and Analysis or Plan of Operations

In fiscal year 2007 the Company participated in the drilling of several wells
receiving a "carried working interest" in these wells on the Ownbey/Troyer lease
in Chautauqua County, Kansas. These wells began producing late in the fiscal
year and the operator was continuing to adjust the production methods to
maximize daily production at year-end. The Company plans to participate in the
additional drilling and re-working of several wells on our leases in southeast
Kansas during the upcoming fiscal year.

During the fiscal year ended September 30, 2006 the Company began operating the
Lindley lease located in Montgomery County, Kansas. While production has been
minimal, the Company believes that additional development work on the lease can
be advantageous. The Company also entered into farmout agreements on leases
located in Jefferson County, Kansas and Chautauqua County, Kansas. At year-end a
test well had been drilled on the Jefferson County lease (the Noll lease) and
production casing has been set, and further completion procedures are planned.

                                       5
<PAGE>

The Company continues to seek additional working capital which will allow the
Company to retain larger interests in the properties. Until we acquire this
additional working capital, the Company will be forced to operate using the
farmout method which results in a lower working and net revenue interest to the
Company.

During the current fiscal year the Company continued to raise needed funds
through the sale of common stock to existing shareholders. During the year we
sold 663,456 shares and received $91,600 in proceeds from these sales. In order
to continue operations the Company will need to continue to raise additional
funds from common stock sales or other sources.

As shown in the accompanying financial statements, American Resources incurred
recurring net losses of $394,907 and $182,483 in years ended September 30, 2007
and 2006, respectively, has an accumulated deficit of $5,358,826 and has minimal
working capital. These conditions raise substantial doubt as to American
Resource's ability to continue as a going concern. Management is trying to raise
additional capital through sales of common stock. The financial statements do
not include any adjustments that might be necessary if American Resources is
unable to continue as a going concern.

As of September 30, 2007 the Company has been able to place $50,000 in long-term
debt with a maturity of three years bearing interest at ten per cent per annum.
These notes are convertible into shares of the Company's stock which
collateralizes the notes. The Company continues to seek these and other sources
of financing.

Subsequent Events

On November 1, 2007 the Company's Board of Directors elected to declare a 10%
stock dividend effective for shareholders of record as of November 30, 2007. The
dividend shares are scheduled to be issued shortly.

In October of 2007 the Company sold 160,000 of its common shares for $25,000 to
an investor. The investor received options exercisable at $0.15625 per share for
160,000 shares expiring in April 2008. Additionally an additional 403,500 shares
were issued for consulting services. An additional $10,000 in long-term debt was
incurred with the same parameters as the above discussed long-term debt.

Income Taxes

See Note 6 to the Financial Statements.

Disclosure Regarding Forward-Looking Statements

This Form 10-KSB includes "forward-looking" statements within the meaning of
Section 27A of the Securities Act and the Company desires to take advantage of
the "safe harbor" provisions thereof. Therefore, the Company is including this
statement for the express purpose of availing itself of the protections of such
safe harbor provisions with respect to all of such forward-looking statements.
The forward-looking statements in this Form 10-KSB reflect the Company's current
views with respect to future events and financial performance. These
forward-looking statements are subject to certain risks and uncertainties that
could cause actual results to differ from those anticipated. In the Form 10-KSB,
the words "anticipates", "believes", "expects", "intends", "future" and similar
expressions identify forward-looking statements. The Company undertakes no
obligation to publicly revise these forward-looking statements to reflect events
or circumstances that may arise after the date hereof. All subsequent written
and oral forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by this section.

                                       6
<PAGE>

Item 7. Financial Statements

The financial statement information for the Company is set forth immediately
following the signature page of this Form 10-KSB. See the Index to Financial
Statements on page F-1.

Item 8. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure

In August of 2006 the Company dismissed Malone-Bailey, PC, of Houston, Texas as
its independent auditor and appointed Turner, Stone, & Company LLP of Dallas,
Texas as its independent auditor. The Company made the change because of the
proximity of Turner, Stone & Company, LLP's location.

In August of 2005 the Company dismissed Bateman & Co., Inc., PC of Houston,
Texas as its independent auditor and appointed Malone-Bailey, PC as its
independent auditor. In March of 2005 Clyde Bailey, P.C. resigned as the firm's
independent auditor. Therefore the Company engaged Bateman & Co., Inc. P. C. of
Houston, Texas to perform the audit of the Company's financial statements as of
September 30, 2004. The Company has had no disagreements on accounting and
financial disclosure with its auditor or the previous auditors.

Item 8A. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures.

The Company maintains disclosure controls and procedures that are designed to
ensure that information required to be disclosed in its Exchange Act reports is
recorded, processed, summarized and reported within the time periods specified
in the SEC's rules and forms, and that such information is accumulated and
communicated to its management, including its Chief Executive Officer, to allow
timely decisions regarding required disclosure based closely on the definition
of "disclosure controls and procedures" in Rule 13a-15(e). In designing and
evaluating the disclosure controls and procedures, management recognized that
any controls and procedures, no matter how well designed and operated, can
provide only reasonable assurance of achieving the desired control objectives,
and management necessarily was required to apply its judgment in evaluating the
cost-benefit relationship of possible controls and procedures.

At the end of the period covered by this Annual Report, we carried out an
evaluation, under the supervision and with the participation of our management,
including its Chief Financial Officer, of the effectiveness of the design and
operation of our disclosure controls and procedures. Based upon the foregoing,
our Chief Executive Officer concluded that, as of September 30, 2006, our
disclosure controls and procedures were not effective to ensure that the
information required to be disclosed in the Company's Exchange Act reports was
recorded, processed, summarized and reported on a timely basis.

In connection with the completion of its audit of, and the issuance of its
report on the financial statements of American Resources for the year ended
September 30, 2005, Malone & Bailey, PC identified deficiencies in our internal
controls related to the failure to record the value of common stock issued for
services disclosure controls relating to such transactions during the interim
periods of 2005. The adjustments to these accounts and the footnote disclosure
deficiencies were detected in the audit process and have been appropriately
recorded and disclosed in this Form 10-KSB. We are in the process of improving
our internal controls by training our new bookkeeper in an effort to remediate
these deficiencies. Additional effort is needed to fully remedy these
deficiencies and we are continuing our efforts to improve and strengthen our
control processes and procedures. Our management and directors will continue to
work with our auditors and other outside advisors to ensure that our controls
and procedures are adequate and effective.

Item 8B. Other Information.

     None.

                                       7
<PAGE>

                                    PART III

Item 9. Directors, Executive Officers, Promoters and Control Persons

Each of the officers and directors hold office for one year terms. None of the
officers or directors have been involved in any material legal proceedings. The
following are the officers and directors of the Company as of September 30,
2007:

         Name              Age             Position               Director Since
         ----              ---             --------               --------------
B. Fred Oden, III          52    President and Director                  2004
Michael H. McIlvain        61    Executive Vice President and Director   1999
Hugh Fowler                51    Secretary and Director                  2004

Management.

B. Fred Oden III, age 52, Lewisville, Texas, has been President since August 1,
2006 and a director of the Company since November 15, 2004. He is also President
and Chief Executive Officer of Sabine Operating Services, Inc., Westminster,
Texas which is a Texas and Kansas licensed petroleum operator. Mr. Oden has more
than twenty years experience in the oil and gas industry. A sociology and law
enforcement graduate of Lamar State University, Beaumont, Texas, Mr. Oden is a
Texas certified peace officer.

Michael H. McIlvain, age 61, Trophy Club, Texas is Executive Vice President and
a director of the Company. Mr. McIlvain holds BS and MBA degrees from the
University of Kansas. He has more than 20 years of experience in the oil and gas
business, mainly with Clinton Oil Co., Wichita, Kansas, and Rickelson Oil and
Gas Company, Tulsa, Oklahoma. Between 1994 and 1997, he was executive vice
president of BeneFund, Inc., a publicly held telecommunications company based in
Tulsa.

Hugh W. Fowler, age 51, Richardson, Texas has been a Vice-President and a
director of the Company since November 15, 2004. He is a business administration
graduate of Stephen F. Austin University, Nacogdoches, Texas and since 1977 has
worked in the oil and gas industry, primarily in Southeastern, Kansas.

Item 10. Executive Compensation

None

Item 11. Security Ownership of Certain Beneficial Owners and Management

The following is certain information regarding the Company's common stock as of
September 30, 2007 with respect to (a) security ownership of each person known
by the Company to own beneficially more than 5% of the Company's common stock,
and (b) security ownership of management.


                         Ownership at September 30, 2007

                Name and Address       Number of        Percent
Title of Class  of Beneficial Owner    Shares Owned     of Class      Notes
-------------   -------------------    ------------     --------      -----

Common Stock     M. H. McIlvain             766,872         7.31%   See 1 below.
No Par Value     110 Seminole
                 Trophy Club, TX  76262

Common Stock     B. Fred Oden               480,000         4.57%   See 2 below.
No Par Value

Common Stock     Hugh Fowler                137,219         1.31%   See 3 below.
No Par Value     505 Tiffany Trail
                 Richardson, Texas

All directors and officers
as a group (3 persons)                    1,384,091        13.19%


                                       8
<PAGE>

There are no family relationships between the officers and directors.

     1.   Of Mr. McIlvain's shares 8,000 are held by Elizabeth L. McIlvain, his
          wife; 2,000 held by Elizabeth L. McIlvain as custodian for a minor
          child; and the remaining 756,872 shares are held directly.

     2.   140,000 of Mr. Oden's shares are held by Sabine Operating Services,
          Inc. of which he is the President and majority shareholder.

     3.   43,120 shares are held as tenants in common with Mr. Fowler's wife,
          Ruthye, and 40,000 shares are held by Mr. Fowler's minor children.

     4.   The directors include M. H. McIlvain, B. Fred Oden, and Hugh Fowler.

(c) Changes in Control

None.

Item 12. Certain Relationships and Related Transactions

Sabine Operating Services, Inc. (Sabine), a company of which Mr. Oden is the
majority owner, operates the Kansas properties for the Company pursuant to a
joint operating agreement.

Item 13. Exhibits and Reports on Form 8-K

On November 1, 2007 a filing on Form 8-K was made informing that the directors
had declared a 10% stock dividend to shareholders of record as of November 30,
2007.

On April 4, 2007 a filing on Form 8-K was made informing that the directors,
acting upon shareholder approval had declared a reverse stock split of 1 for 50
effective April 16, 2007. Additionally, the Company's was changed from Golden
Chief Resources, Inc. to American Resource Technologies, Inc.

On February 15, 2007 a filing on Form 8-K was made informing that an amended
filing of the Company's 10-KSB dated September 30, 2005 was inadvertently made
without the consent of the then independent auditor, and that the financial
statements contained therein should not be relied upon.










                                        9

<PAGE>

                                   SIGNATURES

In accordance with Section 13 or 15 (d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                            AMERICAN RESOURCE TECHNOLOGIES, INC.


Date:  January 15, 2008                     /s/  B. FRED ODEN, III
                                            --------------------------
                                            By: B. Fred Oden, III, President,
                                            Chief Executive Officer

Date:  January 15, 2008                     /s/  M. H. MCILVAIN
                                            --------------------------
                                            By: M. H. McIlvain, Executive
                                            Vice President, and Principal
                                            Accounting Officer

In accordance with the Exchange Act, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated:

      Signature                    Title                             Date
      ---------                    -----                             ----

/s/ B. FRED ODEN, III       President & Director               January 15, 2008
-----------------------
B. Fred Oden, III


/s/ M. H. MCILVAIN          Exec. Vice President & Director    January 15, 2008
-----------------------
M. H. McIlvain


/s/ HUGH FOWLER             Secretary & Director               January 15, 2008
-----------------------
Hugh Fowler







                                       10
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>

                               American Resource Technologies, Inc.
                                         Balance Sheets


                                                                          September 30,      September 30,
                                                                               2007              2006
A S S E T S
-----------
Current assets
--------------
             Cash                                                                $ 25,280             $ 191
             Accounts receivable                                                    2,117                 -
             Advances to related parties                                           64,225                 4
                                                                         -----------------  ----------------
             Total current assets                                                  91,622               195
                                                                         -----------------  ----------------

Property & equipment
--------------------
             Producing oil & gas property, net of depletion                       243,310           155,991
                                                                         -----------------  ----------------
             Furniture & fixtures, net of depreciation                             20,250            23,250
                                                                         -----------------  ----------------
                  Total                                                           263,560           179,241
                                                                         -----------------  ----------------

Other assets
------------
             Non-producing oil & gas properties                                         -            95,000
             Montgomery pipeline                                                   34,789            34,789
                                                                         -----------------  ----------------
             Total                                                                 34,789           129,789
                                                                         -----------------  ----------------

             Total assets                                                       $ 389,971         $ 309,225
                                                                         =================  ================


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

Current liabilities
-------------------
             Accounts payable                                                    $ 50,157          $ 19,863
                                                                         -----------------  ----------------
             Total current liabilities                                             50,157            19,863

Long-term liabilities
---------------------
             Long-term notes payable                                               50,000                 -
                                                                         -----------------  ----------------
             Total long-term liabilities                                           50,000                 -


Stockholders' equity
--------------------
             Common stock, no par value
             authorized 500,000,000 shares;  10,492,985
             and 5,508,727 issued and outstanding                                       -                 -
             Additional paid-in capital                                         5,648,640         5,253,281
             Accumulated deficit                                               (5,358,826)       (4,963,919)
                                                                         -----------------  ----------------

             Total stockholders' equity                                           289,814           289,362
                                                                         -----------------  ----------------

             Total liabilities and stockholders' equity                         $ 389,971         $ 309,225
                                                                         =================  ================

                                     See accompanying notes.

                                              F-1
<PAGE>

                      American Resource Technologies, Inc.
                            Statements of Operations

                                                           For the Years Ended
                                                               September 30
                                                         2007               2006



Revenue
  Oil and gas                                             $ 18,550           $ 11,218
                                                   ----------------   ----------------
  Total revenue                                             18,550             11,218

Cost of revenues:
  Lease operating expenses                                  76,652             51,937
  Depletion                                                  7,681              3,313
                                                   ----------------   ----------------
              Total cost of revenues                        84,333             55,250

                                                           (65,783)           (44,032)

Operating expenses:
  Consulting fees                                          245,500             24,500
  Depreciation                                               3,000              1,750
  Professional fees                                         35,470             35,243
  Public relations                                             250              4,721
  Travel                                                     4,861              6,368
  Rent                                                      17,100             15,725
  Other                                                     22,943             50,144
                                                   ----------------   ----------------
       Total operating expenses                            329,124            138,451
                                                   ----------------   ----------------

Loss from operations                                      (394,907)          (182,483)

Other income/(expenses)                                          -                  -
                                                   ----------------   ----------------

                                                                 -                  -

Net loss                                                 $(394,907)         $(182,483)

Basic loss per share                                       $ (0.06)           $ (0.03)
                                                   ================   ================

Weighted average shares outstanding                      6,786,281          5,363,104
                                                   ================   ================


                              See accompanying notes.

                                        F-2
<PAGE>


                                      American Resource Technologies, Inc.
                                 Statement of Changes in Stockholders' Equity
                               For the Years Ended September 30, 2007 and 2006


                                        Common Stock        Additional                               Total
                                           Shares             Paid in          Accumulated       Stockholders'
                                        No par value          Capital            Deficit            Equity
                                      -----------------   ----------------   -----------------   --------------
Balances September 30, 2005                  5,207,887        $ 5,079,281        $ (4,781,436)       $ 297,845
                                      -----------------   ----------------   -----------------   --------------

Shares issued for:
  Cash                                         250,840            149,000                              149,000
  Assets                                        50,000             25,000                               25,000


Net loss                                                                             (182,483)        (182,483)

Balance September 30, 2006                   5,508,727        $ 5,253,281        $ (4,963,919)       $ 289,362
                                     -----------------   ----------------   -----------------   --------------

Shares issued for:
  Cash                                         663,456             91,600                               91,600
  Services                                   3,340,090            245,674                              245,674
  Payables                                     580,845             58,085                               58,085
  Note collateral                              400,000                  -                                    -
  Adjust for reverse split                        (133)                 -                                    -

Net loss                                                                             (394,907)        (394,907)
                                      -----------------   ----------------   -----------------   --------------

Balances September 30, 2007                 10,492,985        $ 5,648,640        $ (5,358,826)       $ 289,814
                                      =================   ================   =================   ==============



                                                  See accompanying notes.

                                                           F-3
<PAGE>

                      American Resource Technologies, Inc.
                            Statements of Cash Flows
                 For the Years Ended September 30, 2007 and 2006

Cash Flows from Operating Activities:                         2007         2006
-------------------------------------                      ---------    ---------

           Net Loss                                        $(394,907)   $(182,483)
           Adjustments to reconcile net loss to net cash
             used in operating activities:
             Depreciation                                      3,000        1,750
             Depletion                                         7,681        3,313
             Stock issued for services                       245,674         --
           Changes in:
             Accounts receivable                              (2,117)        --
             Accounts payable                                  1,812       (6,382)


Net Cash Used in Operating Activities                       (138,857)    (183,802)
                                                           ---------    ---------

Cash Flows from Investing Activities:
-------------------------------------
           Advances to related parties                        22,346      (91,918)
           Repayments from related parties                      --        119,818
                                                           ---------    ---------
Net Cash Provided by Investing Activities                     22,346       27,900

Cash Flows from Financing Activities:
-------------------------------------

           Proceeds from long term notes payable              50,000         --
           Proceeds of stock sales                            91,600      149,000
                                                           ---------    ---------

Net Cash Provided By Financing Activities                    141,600      149,000

Net Increase (Decrease) in Cash                               25,089       (6,902)

Cash and cash equivalents
           Beginning of year                                     191        7,093
                                                           ---------    ---------

End of year                                                $  25,280    $     191
                                                           =========    =========

Supplementary Disclosure:
-------------------------
           Cash Paid for Interest                          $    --      $    --
           Cash Paid for Taxes                                  --           --

Non-cash transactions:
----------------------
           Shares issued:
             For services                                    245,674         --
             For furniture and equipment                        --         25,000


                             See accompanying notes.

                                       F-4
</TABLE>
<PAGE>

                      American Resource Technologies, Inc.
                          Notes to Financial Statements


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NATURE OF BUSINESS

The Company was incorporated as Arts Antique Autos, Ltd. in November 1976 in
Kansas. During the early 1980's the Company engaged in oil and gas operating,
mining, real estate operations. During the mid 1980's, economic conditions
caused the Company to lose its asset and revenue base. Management decided to
discontinue any further business operations and completed the liquidation of the
few remaining assets during 1986. The Company did not operate a line of business
until the year ended September 30, 2000. During the fiscal year ended September
30, 1998, new assets were contributed in an attempt to revive the Company. In
October 1999, interests in oil and gas properties were contributed by third
parties in exchange for newly issued stock. This resulted in a change in control
of the Company. In July of 2002, the Company abandoned the oil assets by
transferring the assets to one of the shareholders in exchange for the debt
associated with the property. Management's plans include efforts to raise
operating and development capital followed by further acquisition and
development of oil and gas properties.

USE OF ESTIMATES

The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect reported amounts of assets and liabilities, the disclosure of contingent
assets and liabilities at the date of the financial statements, and the reported
amounts of revenues and expenses during the reporting period. Actual results
could differ from those estimates.

CASH AND CASH EQUIVALENTS

American Resources considers all highly liquid investments with an original
maturity of three months or less to be cash equivalents for purposes of
preparing its Statement of Cash Flows.

PROPERTY & EQUIPMENT

Property and equipment are carried at cost. Depreciation of property and
equipment is provided using the straight-line method for financial reporting
purposes at rates based on their estimated useful lives. The cost of asset
additions and improvements that extend the useful lives of property and
equipment are capitalized. Routine maintenance and repair items are charged to
current operations. The original cost and accumulated depreciation of asset
dispositions are removed from the accounts and any gain or loss is reflected in
the statement of operations in the period of disposition.

American Resources follows the policy of beginning to depreciate property and
equipment on the date the asset is available for use, which is when the asset is
in the location and condition necessary to operate as intended. The Montgomery
pipeline is not in condition to operate as intended as it requires testing and
inspection before it will be available for use. Accordingly, no depreciation has
been recorded on this asset as of September 30, 2007.

OIL AND GAS PROPERTIES

Method of Accounting for Oil and Gas Properties

The Company uses the successful efforts method of accounting for oil and gas
producing activities, as set forth in the Statement of Financial Accounting
Standards (SFAS) No. 19 "Financial Accounting and Reporting by Oil and Gas
Producing Companies." Costs to acquire mineral interests in oil and gas
properties, to drill and equip exploratory wells that find proved reserves, and
to drill and equip development wells are capitalized. Costs to drill exploratory
wells that do not find proved reserves, geological and geophysical costs and
costs of carrying and retaining unproved properties are expensed as incurred.

                                      F-5
<PAGE>

Unproved oil and gas properties that are individually significant are assessed
annually for impairment of value, and a loss is recognized at the time of
impairment (See "Impairment" below). Other unproved properties are amortized
based on the Company's experience of successful drilling and average holding
period. Capitalized costs of producing oil and gas properties, after considering
estimated dismantlement and abandonment costs and estimated residual salvage
values, are depreciated and depleted by the units-of-production method. For the
year ended September 30, 2007, the Company recorded depletion expense totaling
$7,681 and in the year ended September 30, 2006 totaled $3,313. All of the
Company's reserves are located within the United States.

On the sale or retirement of a complete unit of proved property, the cost and
related accumulated depreciation, depletion, and amortization are eliminated
from the property accounts, and the resultant gain or loss is recognized. On the
retirement or sale of a partial unit of proved property, the cost is charged to
accumulated depreciation, depletion, and amortization with a resulting gain or
loss recognized in income.

On the sale of an entire interest in an unproved property for cash or cash
equivalent, gain or loss on the sale is recognized, taking into consideration
the amount of any recorded impairment if the property had been assessed
individually. If a partial interest in an unproved property is sold, the amount
received is treated as a reduction of the cost of the interest retained.

LONG-LIVED ASSETS

Long-lived assets consist primarily of property and equipment. The
recoverability of long-lived assets is evaluated at the operating unit level by
an analysis of operating results and consideration of other significant events
or changes in the business environment. If an operating unit has indications of
impairment, such as current operating losses, the Company will evaluate whether
impairment exists on the basis of undiscounted expected future cash flows from
operations for the remaining amortization period. If impairment exists, the
carrying amount of the long-lived asset is reduced to its estimated fair value,
less any costs associated with any final settlement. As of September 30, 2007,
there was no impairment of the Company's long-lived assets.

Impairment

The Company has adopted SFAS No. 144, "Accounting for the Impairment or Disposal
of Long-Lived Assets" and periodically evaluates, using independent appraisals
and projected undiscounted cash flows, the carrying value of its long-lived
assets and proved oil and gas properties whenever events or changes in
circumstances indicate that the carrying amount of an asset may not be
recoverable. In addition, long-lived assets to be disposed of are reported at
the lower of carrying value or fair value less cost to sell. Fair values used
for impairment identification are based on discounted cash flow amounts
determined by the reserve reports. There were no impairment charges for the
years ended September 30, 2007 and 2006. Unproved oil and gas properties are
periodically assessed for impairment following the guidance provided in SFAS No.
19, "Financial Accounting and Reporting by Oil and Gas Producing Companies".

INCOME TAXES

American Resources recognizes deferred tax assets and liabilities based on
differences between the financial reporting and tax bases of assets and
liabilities using the enacted tax rates and laws that are expected to be in
effect when the differences are expected to be recovered. American Resources
provides a valuation allowance for deferred tax assets for which it does not
consider realization of such assets to be more likely than not.

American Resource's differences arise principally from the difference in the way
oil and gas assets are deducted for tax purposes.

                                      F-6
<PAGE>

EARNINGS PER SHARE

Generally accepted accounting principles provide for the calculation of "Basic"
and "Diluted" earnings per share. Basic earnings per common share excludes
dilutive securities and is computed by dividing net income available to common
stockholders by the weighted average number of common shares outstanding for the
period. Diluted earnings per common share reflect the potential dilution of
securities that could share in the earnings of the entity on an "as if"
converted basis. This is done by dividing net income available to common
shareholders, as adjusted if necessary, by the weighted average number of common
shares outstanding plus potential dilutive securities. American Resources had no
dilutive securities during 2006 or 2007.

CONCENTRATIONS

American Resource's operations are all in the oil and gas industry. As such,
revenues, costs, etc. are subject to changes due to national and international
inventory levels, variations in consumption, and other factors. The Company
currently owns interests in only two properties and deals with a single operator
on each property. Should anything happen to the operator of either property, it
is believed that a substitute operator would be available.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

American Resources does not expect the adoption of recently issued accounting
pronouncements to have a significant impact on its results of operations,
financial position or cash flow.

STOCK-BASED COMPENSATION

In December 2004 the FASB issued Statement of Financial Accounting Standards No.
123 (revised 2004), "Share-Based Payment" ("SFAS 123(R)") which requires
companies to recognize in the statement of operations all share-based payments
to employees, including grants of employee stock options based on their fair
values. The Company has not granted any options to employees in the past two
fiscal years.

GOING CONCERN

As shown in the accompanying financial statements, American Resources incurred
recurring net losses of $394,907 and $182,483 in years ended September 30, 2007
and 2006, respectively, has an accumulated deficit of $5,358,826 and has minimal
working capital. These conditions raise substantial doubt as to American
Resource's ability to continue as a going concern. Management is trying to raise
additional capital through sales of common stock and debt. The financial
statements do not include any adjustments that might be necessary if American
Resources is unable to continue as a going concern.


NOTE 2 - RECLASSIFICATIONS OF ITEMS IN PREVIOUSLY ISSUED FINANCIAL STATEMENTS

These financial statements include reclassifications from previously issued
financial statements as of September 30, 2005. These reclassifications had no
effect on net income, or the calculation of earnings per share. Non-producing
oil & gas properties were detailed by property in the revised balance sheet. The
previously issued financial statements included a typing error which reflected
the accumulated deficit in the balance sheet as ($781,436) when in fact the
amount should have been reflected as (4,781,436).

Another typing error in the statement of operations reflected the net loss from
operations and the net loss as ($1,090,883) when in fact both amounts should
have been presented as ($1,083,878). Additionally, the statement of operations
presented herein includes a reclassification of $935,000 of expense resulting
from the issuance of stock for services of which $230,206 was previously
presented as compensation and $704,794 was previously presented as other
expense.

American Resources elected to provide more detail of the individual changes
presented in the statement of changes in stockholders' deficit in these
financial statements. Additionally, typing errors in the original filing were
corrected including changing the presentation of total stockholders deficit as
of September 30, 2004 from ($15,640) to the correct amount of ($38,826) and
changing the presentation of total stockholders deficit as of September 30, 2005
from $1,039,185 to the correct amount of ($67,879).

                                      F-7
<PAGE>

NOTE 3:   OIL AND GAS PROPERTIES

The Company acquired an interest in a non-producing lease during fiscal year
2005, and put it in production late in calendar year 2005. Disclosures of
unaudited information regarding reserves are presented at Note 11.

Asset Retirement Obligations

Effective January 1, 2003, the Company adopted SFAS No. 143, "Accounting for
Asset Retirement Obligations". Pursuant to this accounting standard, the Company
did not recognize additional net liabilities at September 30, 2006, for asset
retirement obligations related to the future costs of plugging and abandoning
its oil and gas properties, the removal of equipment and facilities from lease
acreage and returning such land to its original condition. These costs reflect
the legal obligations associated with the normal operation of oil and gas
properties and were capitalized by increasing the carrying amounts of the
related long-lived assets by the fair value of these obligations, discounted to
their present value.

No accretion expense is included in "Depreciation, depletion, and amortization"
in the accompanying statement of operations for the years ended September 30,
2007 and 2006 since the Company's estimates reflect that the remaining salvage
value of recoverable property exceeds the liability of the potential retirement
obligations.

NOTE 4 - STOCK TRANSACTIONS

During the fiscal year ended September 30, 2007 we sold 663,456 shares and
received $91,600 in proceeds from these sales.

At September 30, 2007, American Resources reserved 440,000 shares of its
authorized but un-issued common stock for possible future issuance in connection
with the potential exercise of stock options.

NOTE 5 - LONG TERM DEBT

As of September 30, 2007 the Company has been able to place $50,000 in long-term
debt with a maturity of three years bearing interest at ten per cent per annum.
These notes are convertible into shares of the Company's stock which
collateralizes the notes. The Company continues to seek these and other sources
of financing.


NOTE 6 - STOCK OPTIONS
<TABLE>
<CAPTION>
<S> <C> <C>

The following table lists the options outstanding at September 30, 2007.

                                     Date of
Grantee                               Grant         Exp. Date        Price      # Shares
-------                               -----         ---------        -----      --------
Pinnacle Consulting Group, Inc.     8/10/2007       1/10/2012       $ 0.10       100,000
Pinnacle Consulting Group, Inc.     8/10/2007       1/10/2012       $ 0.15       100,000
Gary Hartstein                      8/15/2007       8/15/2008       $ 0.125      100,000
William Becker                      8/15/2007       8/15/2008       $ 0.125      100,000
Becker 1987 Trust                   8/15/2007       8/15/2008       $ 0.125       40,000


                                       F-8
<PAGE>

The following table is an analysis of options for the purchase of American
Resources's common stock outstanding as of September 30, 2007 & 2006.

                                    2007                       2006
                         --------------------------  ------------------------
                                         Weighted                  Weighted
                                          Average                   Average
                                         Exercise                  Exercise
                            Shares         Price        Shares       Price
                         ------------  ------------  -----------  -----------
Outstanding, beginning
  of year                     50,000   $      0.05      250,000   $     0.12
Granted                      440,000          0.125      50,000          .05
Expired/Cancelled            (50,000)         0.05          -            -
Exercised                       -              -            -            -
                         ------------  ------------  -----------  -----------
Outstanding end of year      440,000   $      0.125      50,000   $     0.05
                         ============  ============  ===========  ===========
Exercisable                  440,000   $      0.125      50,000   $     0.05
                         ============  ============  ===========  ===========


                             Outstanding                     Exercisable
                   --------------------------------     ---------------------
                                  Weighted
                     Number        Average    Weighted     Number      Weighted
                   Outstanding    Remaining    Average   Exercisable    Average
Range of           at Sept. 30,  Contractual  Exercise   at Sept. 30,  Exercise
Exercise Prices       2007          Life       Price         2007       Price
-----------------  ----------    ----------   --------   -----------   --------
  $0.05              100,000       5 years    $  0.10       100,000     $ 0.10
  $0.15              100,000       5 years    $  0.15       100,000     $ 0.15
  $0.125             240,000      11 months   $  0.125      240,000     $ 0.125
                   ----------    ----------   --------   -----------   --------
   Total             440,000      33 Months   $  0.125      440,000     $ 0.125
                   ==========    ==========   ========   ===========   ========

</TABLE>

The outstanding options were purchased by the holders as part of their purchase
of restricted common shares on or about the issue date of the options.

In December 2004 FASB issued Statement of Financial Accounting Standards No. 123
(revised 2004), "Share-Based Payment" ("SFAS 123(R)") which requires companies
to recognize in the statement of operations all share-based payments to
employees, including grants of employee stock options based on their fair
values.

NOTE 7 - INCOME TAXES

American Resources uses the liability method, where deferred tax assets and
liabilities are determined based on the expected future tax consequences of
temporary differences between the carrying amounts of assets and liabilities for
financial and income tax reporting purposes. During fiscal 2007 and 2006,
American Resources incurred net losses and, therefore, has no tax liability. The
net deferred tax asset generated by the loss carry-forward has been fully
reserved. The cumulative net operating loss carry-forward is approximately
$4,452,790 at September 30, 2007, and will expire in the years 2014 through
2026.

At September 30, 2007, deferred tax assets, calculated at 34%, consisted of the
following:

     Deferred tax assets:
       Net operating losses                      $ 1,513,900
       Less:  valuation allowance                 (1,513,900)
                                                 -----------

     Net deferred tax asset                      $         0
                                                 ===========


NOTE 8 - RELATED PARTY TRANSACTIONS

Sabine Operating Services, Inc. (Sabine) a company controlled by the Company's
president is the operator of record for all of its oil and gas properties
located in Kansas. Consequently all lease operating expense and all charges
relating to the properties are originated by Sabine. The Company is satisfied
that Sabine's charges are based on industry standards and are at most equivalent

                                       F-9
<PAGE>

to those that would be charged by third-party unrelated operators. The Company's
related parties are Sabine Operating Services, Inc. M. H. McIlvain, and Striker
One Resources, Inc., owned by Hugh Fowler. These parties' transactions are shown
on the balance sheet as "Advances to related parties." At September 30, 2007
Sabine Operating Services, Inc. balance was $53,031.45 with Mr. McIlvain and
Striker One making up the balance for a total of $64,225.

In September 2005, American Resources purchased a non-producing oil and gas
property located in Montgomery County, Kansas from a related party for 5,000,000
shares. The previous owner had a carrying value of $155,114 which approximates
the fair market value of the shares issued and is the recorded purchase amount.

NOTE 9 - LEASE OBLIGATION

American Resources leased its office space under a six-month lease ending
December 31, 2005. Rent expense totaled $17,100 for the year ended September 30,
2007. The Company continues to lease the space on a month to month basis.

NOTE 10 - SUBSEQUENT EVENTS

On November 1, 2007 the Company's Board of Directors elected to declare a 10%
stock dividend effective for shareholders of record as of November 30, 2007. The
dividend shares are scheduled to be issued shortly.

In October of 2007 the Company sold 160,000 of its common shares for $25,000 to
an investor. The investor received options exercisable at $0.15625 per share for
160,000 shares expiring in April 2008. Additionally an additional 403,500 shares
were issued for consulting services. An additional $10,000 in long-term debt was
incurred with the same parameters as the above discussed long-term debt.

NOTE 11:   DISCLOSURES REGARDING OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED)

The Company acquired its main oil producing interest during the year ended
September 30, 2007.

         Reserve Quantities of Oil

                                                          (Barrels)
         Proved developed reserves:
                  Beginning of year                        10,530
                  Purchases of reserves in place             -0-
                  Adjustments                              (5,027)
                  Production                                 (183)
                           End of year                      5,320

All of the Company's reserves are located within the United States. No estimates
of reserves have been reported to or filed with any other Federal authority or
agency during the year presented.




                                      F-10