UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   FORM 10-Q

[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
    ACT OF 1934

    FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2008

                                  OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
    ACT OF 1934

                        COMMISSION FILE NUMBER: 001-32574

                              JK ACQUISITION CORP.
             (Exact name of registrant as specified in its charter)

         DELAWARE                                   87-0745202
(State or other jurisdiction of          (I.R.S. Employer Identification No.)
 incorporation or organization)

  4400 POST OAK PARKWAY, SUITE 2530
         HOUSTON, TEXAS                               77027
   (Address of principal executive                 (Zip Code)
           offices)

                                 (713) 978-7557
               Registrant's telephone number, including area code

Indicate by check mark whether the Registrant (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 [ ]

Indicate by check mark whether the registrant is large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check
one):
  Large accelerated filer [ ]  Accelerated filer [X]  Non-accelerated filer [ ]

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

As of May 8, 2008, 16,516,667 shares of the registrant's common stock, par value
$0.001 per share, were outstanding.




<PAGE>

                              JK ACQUISITION CORP.
                               TABLE OF CONTENTS

                                                                           Page
PART I - FINANCIAL INFORMATION

Item 1. Financial Statements                                                1

Balance Sheets (Unaudited)                                                  1

Statements ofOperations (Unaudited)                                         2

Statements of Cash Flows (Unaudited)                                        3

Notes to Unaudited Financial Statements                                     4

Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations                                                   6

Item 3. Quantitative and Qualitative Disclosures about Market Risk          7

Item 4. Controls and Procedures                                             7

PART II - OTHER INFORMATION

Item 1. Legal Proceedings                                                   8

Item 5. Other Information                                                   8

Item 6. Exhibits                                                            8

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

INDEX TO EXHIBITS                                                          10

Certification Pursuant to Section 302

Certification Pursuant to Section 302

Certification Pursuant to Section 906


<PAGE>


                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                              JK ACQUISITION CORP.
                         (A DEVELOPMENT STAGE COMPANY)
                                 BALANCE SHEETS
                   AS OF MARCH 31, 2008 AND DECEMBER 31, 2007
                                  (UNAUDITED)

                                                     March 31,     December 31,
                                                       2008            2007

ASSETS

Current assets:
Cash                                                 $     53,972  $    109,917
Trust fund                                             80,974,707    80,402,166
                                                     --------------------------

Total current assets                                   81,028,679    80,512,083
                                                     --------------------------
           Total Assets                              $ 81,028,679  $ 80,512,083
                                                     ==========================

                      LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses                $   873,215   $   866,387
Advances from Shareholders                               825,000       825,000
                                                     -------------------------

  Total Current Liabilities                            1,698,215     1,691,387

Commitments and Contingencies:
Liquidation of trust fund                             80,974,707             -
Common stock subject to redemption, 2,710,311 shares           -    15,928,705
                                                      ------------------------

     Total Commitments and Contingencies              80,974,707    15,928,705
                                                      ------------------------

Stockholders' equity:
Preferred stock, $0.0001 par value, 1,000,000
   shares authorized, none issued and outstanding              -             -
Common stock, $0.0001 par value, 50,000,000 shares
   authorized, 16,516,667 shares issued and
   outstanding at March 31,2008 and December 31,
   2007 (including 2,710,311 shares subject to
   redemption at December 31, 2007)                       1,652          1,652
Paid-in capital                                      (4,541,711)    60,504,291
Earnings accumulated during the development stage     2,895,816      2,386,048
                                                     -------------------------
      Total Stockholders' Equity                     (1,644,243)    62,891,991
                                                     -------------------------
Total Liabilities and Stockholders' Equity         $ 81,028,679   $ 80,512,083
                                                   ===========================

                      See notes to financial statements.

                                       1
<PAGE>

                              JK ACQUISITION CORP.
                         (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF OPERATIONS
                   THREE MONTHS ENDED MARCH 31, 2008 AND 2007
                                      AND
             PERIOD FROM MAY 11, 2005 (INCEPTION) TO MARCH 31, 2008
                                  (UNAUDITED)

                                                                    Period from
                                                                    Inception to
                                    Three Months Ended March 31,     March 31,
                                       2008             2007            2008

Operating Expenses:
General & administrative            $     62,773     $  64,944      $  822,993
Impairment of deferred transaction
   costs                                       -             -       1,828,626
                                    ------------------------------------------
Operating Loss                            62,773        64,944       2,651,619


Other income:
Interest income                          572,541       668,538       5,349,531
Gain on derivative liabilities                 -     1,468,600         203,596
                                    ------------------------------------------
Total other income                       572,541     2,137,138       5,553,127


Net income before income tax expense     509,768     2,072,194       2,901,508
                                    ------------------------------------------
Income tax expense                             -             -           5,692
                                    ------------------------------------------
Net income                          $    509,768   $ 2,072,194     $ 2,895,816
                                    ==========================================

Net income per share
Basic                               $       0.03   $      0.13
                                    ==========================

Diluted                             $       0.03   $      0.11
                                    ==========================

Weighted average number of common
   shares outstanding:
Basic                                 16,516,667    16,516,667
                                    ==========================

Diluted                               20,165,053    19,711,246
                                    ==========================

                       See notes to financial statements.

                                       2

<PAGE>

                              JK ACQUISITION CORP.
                         (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF CASH FLOWS
                 THREE MONTHS ENDED MARCH 31, 2008 AND 2007 AND
             PERIOD FROM MAY 11, 2005 (INCEPTION) TO MARCH 31, 2008
                                  (UNAUDITED)

                                                                   Period from
                                                                   Inception to
                                  Three Months Ended March 31,       March 31,
                                         2008          2007            2008

CASH FLOWS FROM OPERATING ACTIVITIES
Net income                        $     509,768   $  2,072,194     $  2,895,816
Adjustments to reconcile net
  income to net cash used in
  operating activities:
Investment income                      (572,541)      (668,538)      (5,349,531)
Gain on derivative liabilities                -     (1,468,600)        (203,596)
Change in:
  Accrued liabilities and accounts
    payable                               6,828         63,217          873,215
                                   --------------------------------------------
Net cash used  in operating
  activities                            (55,945)        (1,727)      (1,784,096)

CASH FLOWS FROM INVESTING ACTIVITIES
Deferred transaction costs                    -        (90,862)               -
Payment to trust account                      -              -      (76,532,404)
Disbursements from trust account              -              -          907,228
                                   --------------------------------------------
Net cash used in investing activities         -        (90,862)     (75,625,176)

CASH FLOWS FROM FINANCING ACTIVITIES
Gross proceeds from public offering           -              -       79,350,000
Gross proceeds from private placement         -              -        2,000,004
Proceeds from sale of stock                   -              -           31,250
Proceeds from sale of underwriter
  option                                      -              -              100
Proceeds from advances from
  stockholders                                -              -        1,154,000
Payments on advances from
  stockholders                                -              -         (329,000)
Cash paid for offering costs                  -              -       (4,743,110)
                                   --------------------------------------------
Net cash provided by financing
  activities                                  -              -       77,463,244
                                   --------------------------------------------

Net change in cash                      (55,945)        (92,589)         53,972
Cash at beginning of period             109,917         220,104               -
                                   --------------------------------------------
Cash at end of period              $     53,972    $    127,515     $    53,972
                                   ============================================

Supplemental disclosures:
Cash paid for interest             $          -    $          -     $         -
Cash paid for income taxes                    -               -           7,228

Non-cash transactions:
Common stock subject to redemption $(15,299,099)              -               -
Increase(Decrease)  in value of
  common stock subject to
  redemption                           (629,606)        133,641               -
Adjustment for elimination of
  derivatives at fair value -
  warrants                                    -      14,168,233               -

                       See notes to financial statements.

                                       3

<PAGE>

                              JK ACQUISITION CORP.
                         (A DEVELOPMENT STAGE COMPANY)

                         NOTES TO FINANCIAL STATEMENTS
                                  (UNAUDITED)

NOTE 1 - BASIS OF PRESENTATION

         The  accompanying  unaudited  interim  financial  statements  of  JK
Acquisition  Corp.  (also  hereinafter  referred  to  as "JK Acquisition" or the
"Company") have been prepared in accordance with accounting principles generally
accepted  in  the  United  States of America and the rules of the Securities and
Exchange  Commission ("SEC"), and should be read in conjunction with the audited
financial  statements  and  notes  thereto  contained in JK Acquisition's annual
report  filed with the SEC on Form 10-K for the year ended December 31, 2007. In
the  opinion  of  management,  all  adjustments,  consisting of normal recurring
adjustments,  necessary  for  a  fair presentation of financial position and the
results  of  operations  for  the  interim periods presented have been reflected
herein.  The  results  of  operations  for  interim  periods are not necessarily
indicative  of  the  results  to  be  expected  for  the full year. Notes to the
financial  statements  which  would  substantially  duplicate  the  disclosures
contained  in  the  audited financial statements for the year ended December 31,
2007  and  the  period  from  May  11,  2005 (inception) to December 31, 2007 as
reported  in  the  Form  10-K  have  been  omitted.

DEVELOPMENT STAGE COMPANY
JK Acquisition Corp. has had no operations since inception and is a development
stage company.

USE OF ESTIMATES
In preparing financial statements, management makes estimates and assumptions
that affect the reported amounts of assets and liabilities in the balance sheet
and revenue and expenses in the income statement. Actual results could differ
from those estimates.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
JK Acquisition Corp. 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.

NOTE 2 - TRUST FUND

          Investment  securities  in  the  Trust  Fund  are  held  in tax exempt
municipal  obligations  and are classified as trading securities. Such funds are
carried at fair value, with gains or losses resulting from changes in fair value
recognized currently in earnings.  See Note 7 regarding the proposed liquidation
of  the  Trust  Fund.

NOTE 3 - ADVANCES FROM SHAREHOLDERS

          On  May  18,  2005  and  December 20, 2005, JK Acquisition received an
aggregate  of  $329,000  as  advances  for expenses from two shareholders. These
advances  did  not  bear  any  interest and were repaid from the proceeds of the
Company's  initial  public  offering.

     On  May  23,  2007,  June  14, 2007, July 19, 2007 and September 6, 2007 JK
Acquisition  received an aggregate of $500,000 in advances for expenses from two
shareholders, Messrs. Wilson and Spickelmier. On October 9, 2007, JK Acquisition
received  an additional $200,000 in advances from the two shareholders. Proceeds
from  each  of  the  advances  will  fund  JK  Acquisition's  ongoing continuing
operating  expenses.  Under  the terms of the advances, JK Acquisition will: (i)
pay  no  interest  and (ii) the amounts of the advances are due to be reimbursed
upon  the  consummation  of  a business combination. In the event JK Acquisition
fails to complete a business combination with any entity (I) by October 10, 2007
or,  (II)  if a letter of intent, agreement in principle or definitive agreement
is  executed,  but not consummated, by October 10, 2007, then by April 10, 2008,
then  JK  Acquisition  shall  not  be  required  to  repay the advances. The two
shareholders who advanced such funds, Messrs. Wilson and Spickelmier have waived
any recourse against JK Acquisition's trust account with respect to the advances
in the event that a business combination is not consummated by JK Acquisition in
a  timely  manner  as  described  above.

NOTE 4 - DERIVATIVE LIABILITY

          On  January  10,  2007,  JK  Acquisition  entered  into  a  Warrant
Clarification  Agreement to clarify the terms of the Warrant Agreement, dated as
of  April 10, 2006 (the ''Warrant Agreement'') by and between JK Acquisition and
Continental  Stock  Transfer  &  Trust  Company,  as  Warrant Agent. The Warrant
Clarification  Agreement  clarified,  consistent  with  the terms of the Warrant
Agreement  and  the  disclosure  contained in JK Acquisition's Prospectus, dated
April  11, 2006, that if JK Acquisition is unable to deliver securities pursuant
to  the  exercise  of  a  warrant  because  a  registration  statement under the
Securities  Act  of  1933,  as  amended, with respect to the common stock is not
effective,  then  in  no  event would JK Acquisition be obligated to pay cash or
other  consideration to the holders of warrants or otherwise ''net-cash settle''
any  warrant exercise.    As of January 10, 2007, JK Acquisition determined that
net  cash settlement of the warrants could no longer be required; therefore, the
warrants  should  not  be  treated as derivative liabilities.  The fair value of
these  warrants  was  marked to market on January 10, 2007 and a derivative gain
was  recorded.  The  balance  of the derivative liability was then recorded as a
contribution  to paid-in capital on that date. The fair value of the warrants as
of  January  10,  2007  was determined by the trading value of the securities on
that  date.

                                       4

<PAGE>

          Gain on derivative liability reported in the accompanying statement of
operations  through  January  10, 2007 resulting from the change in valuation of
the  derivative liability related to these warrants was $1,468,600 for the three
months  ended  March  31,  2007.

NOTE 5 - STOCK OPTION

          JK  Acquisition  sold to Ferris Baker, Watts, Inc. for $100, an option
to  purchase up to a total of 700,000 units. This option was issued upon closing
of  the initial public offering. The units that would be issued upon exercise of
this  option  are identical to those sold in the initial public offering, except
that each of the warrants underlying this option entitles the holder to purchase
one  share  of our common stock at a price of $6.25. This Underwriter's Purchase
Option  ("UPO")  is exercisable at $7.50 per unit at the latter of one year from
the  effective  date,  or  the consummation of a business combination and may be
exercised  on  a  cashless  basis.  The  UPO  has  a life of four years from the
effective  date.

NOTE 6 - RELATED PARTY TRANSACTION

          JK Acquisition has agreed to pay 4350 Management, LLC, a related party
and privately-held company owned by JK Acquisition's chief executive officer, an
administrative  fee  of  $7,500  per  month for office space and administrative,
technology  and  secretarial  services  from  the  effective date of the initial
public  offering  through  the  acquisition  date of a target business.  For the
three months ended March 31, 2008, $22,500 has been accrued but not paid for the
administrative  fee.  Also  see  Note  3  regarding  advances from shareholders.

NOTE 7- TERMINATION OF PROPOSED MERGER AGREEMENT

     On  September  6,  2006,  the  Company,  Multi-Shot, LLC ("Multi-Shot") and
various  other  parties  entered  into the Agreement and Plan of Merger ("Merger
Agreement")  and  related  agreements.  Over the course of this transaction, the
parties  twice  amended the terms of the Merger Agreement and twice extended the
transaction. On January 31, 2008, the Company announced that the special meeting
of  its  stockholders  to  vote  on the proposed merger with Multi-Shot had been
cancelled.  The  Company  determined  and  informed Multi-Shot that the proposed
merger  would  not  receive the votes of its stockholders required for approval.
The  agreement  and  plan  of  merger  governing  the proposed merger expired on
January 31, 2008, and the proposed merger with Multi-Shot was abandoned. In view
of  the  preceding,  the  board of directors has determined that it is no longer
possible  for  the Company to consummate a qualifying business combination prior
to  the  Termination  Date  (as defined in the Trust Agreement). Based upon this
determination,  the obligation related to redemption of stock was eliminated and
reclassified  to  paid  in  capital.  The  board  of  directors  is  evaluating
alternatives  to  return  to the holders of our common stock the amounts held in
the  Trust Fund with interest (net of applicable taxes, if any) and alternatives
for  preserving value for stockholders. One alternative for preserving value for
stockholders  that  is  presently under consideration is the continuation of the
Company  as  a  corporate entity (rather than dissolution) and the pursuit of an
acquisition of one or more operating companies in one or more industries not now
identified.  Based  upon  management's  plans  to  liquidate  the Trust Fund and
distribute  the  amounts  to  the  stockholders,  management has reclassified an
amount  equal  to  the  Trust  Fund balance from additional paid in capital to a
liability  for  the  related  commitment.

NOTE 8-LIQUIDITY

          JK  Acquisition's  cash  position as of March 31, 2008 is $53,972.  JK
Acquisition  has  outstanding payables of  $873,215 as of March 31, 2008.  As of
March  31, 2008, advances from shareholders were $825,000.  As described in Note
3,  such  shareholders  have  waived any recourse against JK Acquisition's trust
account with respect to the advances in the event that a business combination is
not  consummated  by  JK  Acquisition  in  a  timely  manner as described above.
Approximately  $756,800  of  the  outstanding  payables represents legal expense
incurred in conjunction with the terminated proposed merger described in Note 7.
If  we  liquidate before the completion of a business combination and distribute
the  proceeds  of  the  trust  to  our  public  stockholders, Messrs. Wilson and
Spickelmier  have  agreed  to  indemnify  us against any claims by any vendor or
other  entities that are owed money by us for services rendered or products sold
to  us  that  would  otherwise  reduce  the  amounts  of the funds in the trust.
However,  we  cannot assure you that Messrs. Wilson and Spickelmier will be able
to  satisfy  those  obligations.

Because  of  the  abandonment  of  the  merger discussed above and the Company's
current  cash  position  versus  its outstanding payables and accruals, there is
substantial  doubt  about  the Company's ability to continue as a going concern.
The  accompanying  financial  statements have been prepared assuming the Company
will  continue  as  a going concern. The future of the Company is dependent upon
the  development  of  new  business  opportunities. Management may need to raise
additional  funds  via  a  combination  of  equity  and/or debt offerings. These
financial  statements  do not include any adjustments that might arise from this
uncertainty.

JK  Acquisition  believes  it  will not have sufficient funds to operate through
May,  2008  unless  we  receive  additional  advances  from  Messrs.  Wilson and
Spickelmier,  or  other  interested  parties  sufficient to continue operations.

                                       5

<PAGE>

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

This Quarterly Report on Form 10-Q includes forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section  21E  of  the Securities Exchange Act of 1934, as amended. We have based
these  forward-looking  statements  on  our current expectations and projections
about  future  events,  and  we  assume  no  obligation  to  update  any  such
forward-looking  statements.  These  forward-looking  statements  are subject to
known  and  unknown risks, uncertainties and assumptions about us that may cause
our  actual results to be materially different from any future results expressed
or  implied  by such forward-looking statements. In some cases, you can identify
forward-looking  statements  by  terminology  such  as "may," "should," "could,"
"would,"  "expect,"  "plan," "anticipate," "believe," "estimate," "continue," or
the  negative  of  such  terms  or other similar expressions. Factors that might
cause  our  future  results to differ from those statements include, but are not
limited  to,  those  described  in  the  section  entitled "Risk Factors" of the
prospectus  filed with the Securities and Exchange Commission in connection with
our  initial  public  offering.  The  following  discussion  should  be  read in
conjunction  with  our  condensed financial statements and related notes thereto
included  elsewhere  in this report and with the section entitled "Risk Factors"
of  the  prospectus  filed  with  the  Securities  and  Exchange  Commission  in
connection  with  our  initial  public  offering.

On  September  6,  2006, the Company, Multi-Shot, LLC ("Multi-Shot") and various
other parties entered into the Agreement and Plan of Merger ("Merger Agreement")
and  related agreements.  Over the course of this transaction, the parties twice
amended  the  terms  of the Merger Agreement and twice extended the transaction.
On  January  31,  2008,  the  Company  announced that the special meeting of its
stockholders  to vote on the proposed merger with Multi-Shot had been cancelled.
The  Company  determined  and informed Multi-Shot that the proposed merger would
not  receive the votes of its stockholders required for approval.  The agreement
and  plan  of  merger governing the proposed merger expired on January 31, 2008,
and  the  proposed  merger  with  Multi-Shot  was  abandoned.  In  view  of  the
preceding,  the  board of directors has determined that it is no longer possible
for  the  Company  to  consummate a qualifying business combination prior to the
Termination  Date  (as  defined  in  the  Trust  Agreement).  Based  upon  this
determination,  the  board  of directors is evaluating alternatives to return to
the holders of our common stock the amounts held in the Trust Fund with interest
(net  of  applicable  taxes,  if  any) and alternatives for preserving value for
stockholders.  One  alternative  for  preserving  value for stockholders that is
presently  under consideration is the continuation of the Company as a corporate
entity  (rather  than  dissolution)  and the pursuit of an acquisition of one or
more  operating  companies  in one or more industries not now identified.  Based
upon  management's  plans to liquidate the Trust Fund and distribute the amounts
to  the  stockholders,  management has reclassified an amount equal to the Trust
Fund  balance  from  additional  paid  in capital to a liability for the related
commitment.

RESULTS OF OPERATIONS

Comparison of Three Months Ended March 31, 2008 and 2007

          For  the  three  months  ended  March  31,  2008, we had net income of
$509,768,  compared to net income of $2,072,194 for the three months ended March
31,  2007.  For  the  three  months ended March 31, 2008, we incurred $62,773 of
general and administrative expenses, offset by interest income on the trust fund
investments  of  $572,541  as compared to the three months ended March 31, 2007,
when  we incurred $64,944 of general and administrative expenses, offset by gain
on  derivative  liabilities  of $1,468,600 and interest income on the trust fund
investments  of  $668,538.

CHANGES IN FINANCIAL CONDITION

Liquidity and Capital Resources

          JK  Acquisition's  cash  position as of March 31, 2008 is $53,972.  JK
Acquisition  has  outstanding  payables of $873,215 as of March 31, 2008.  As of
March  31, 2008, advances from shareholders were $825,000.  As described in Note
4,  such  shareholders  have  waived any recourse against JK Acquisition's trust
account with respect to the advances in the event that a business combination is
not  consummated  by  JK  Acquisition  in  a  timely  manner as described above.
Approximately  $756,800  of  the  outstanding  payables represents legal expense
incurred in conjunction with the terminated proposed merger described above.  If
we  liquidate before the completion of a business combination and distribute the
proceeds of the trust to our public stockholders, Messrs. Wilson and Spickelmier
have  agreed  to indemnify us against any claims by any vendor or other entities
that  are  owed  money  by  us for services rendered or products sold to us that
would  otherwise  reduce  the  amounts  of  the funds in the trust.  However, we
cannot  assure  you  that Messrs. Wilson and Spickelmier will be able to satisfy
those  obligations.

Because  of the abandonment of the merger discussed above, the Company's current
cash position versus its outstanding payables and accruals, there is substantial
doubt  about  the  Company's  ability  to  continue  as  a  going  concern.  The
accompanying  financial  statements have been prepared assuming the Company will
continue  as  a  going  concern. The future of the Company is dependent upon the
development  of  new  business  opportunities.  Management  may  need  to  raise
additional  funds  via  a  combination  of  equity  and/or debt offerings. These
financial  statements  do not include any adjustments that might arise from this
uncertainty

JK  Acquisition  believes  it  will not have sufficient funds to operate through
May,  2008  unless  we  receive  additional  advances  from  Messrs.  Wilson and
Spickelmier,  or  other  interested  parties  sufficient to continue operations.

On May 23, 2007, June 14, 2007, July 19, 2007, and September 6, 2007 we received
an aggregate of $500,000 in advances for expenses from two shareholders, Messrs.
Wilson and Spickelmier.  On October 9, 2007 we received and additional aggregate
of  $200,000  in advances for expenses from two shareholders, Messrs. Wilson and
Spickelmier.  Proceeds from each of the advances will fund the Company's ongoing
continuing  operating  expenses.  Under  the  terms of the advances, the Company
will:  (i) pay no interest on such advances and (ii) the amounts of the advances
are  due  to  be reimbursed upon the consummation of a business combination.  In
the  event  the Company fails to complete a business combination with any entity
(I)  by  October 10, 2007 or, (II) if a letter of intent, agreement in principle
or  definitive  agreement is executed, but not consummated, by October 10, 2007,
then  by  April  10,  2008,  then the Company shall not be required to repay the
advances.  The  two  shareholders  who  advanced  such funds, Messrs. Wilson and
Spickelmier,  have  waived any recourse against the Company's trust account with
respect  to  the  advances  in  the  event  that  a  business combination is not
consummated  by  the  Company  in  a  timely  manner  as described herein above.

                                       6
<PAGE>

Off-Balance  Sheet  Arrangements

          Other  than  contractual  obligations incurred in the normal course of
business,  we  do  not  have  any  off-balance  sheet  financing arrangements or
liabilities,  guarantee  contracts,  retained  or  contingent  interests  in
transferred assets or any obligation arising out of a material variable interest
in  an  unconsolidated  entity.  We do not have any majority-owned subsidiaries.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

          Market  risk  is  a  broad  term  for the risk of economic loss due to
adverse  changes  in the fair value of a financial instrument. These changes may
be  the  result  of  various factors, including interest rates, foreign exchange
rates,  commodity  prices  and/or  equity prices. Our exposure to market risk is
limited  to  interest income sensitivity with respect to the funds placed in the
trust  account.  However, the funds held in our trust account have been invested
only in U.S. "government securities," defined as any Treasury Bill issued by the
United  States  having  a  maturity of one hundred and eighty days or less or in
money  market funds meeting certain conditions under Rule 2a-7 promulgated under
the  Investment  Company  Act  of 1940, so we are not deemed to be an investment
company  under  the  Investment Company Act. Thus, we are subject to market risk
primarily  through  the  effect  of  changes  in  interest  rates  on government
securities.  The  effect  of  other  changes,  such  as  foreign exchange rates,
commodity  prices and/or equity prices, does not pose significant market risk to
us.

ITEM 4. CONTROLS AND PROCEDURES.

Evaluation  of  Disclosure Controls and Procedures We carried out an evaluation,
under  the  supervision  of  our  Chief  Executive  Officer  and Chief Financial
Officer, of the effectiveness of our disclosure controls and procedures pursuant
to  Rule  13a-15  under the Securities Exchange Act of 1934 as of the end of the
period  covered  by this quarterly report. In the course of this evaluation, our
management  considered  the  material  weaknesses  in  our internal control over
financial  reporting  discussed  below.  Based  on  that  evaluation,  our Chief
Executive  Officer  and  Chief  Financial Officer concluded that, as a result of
this  material  weakness, our disclosure controls and procedures as of March 31,
2008,  were  not  effective  in  ensuring  that  the  information required to be
disclosed  by  us  in reports filed under the Securities Exchange Act of 1934 is
recorded,  processed,  summarized and reported within the time periods specified
in  the  rules  and  forms  of  the  SEC.

In  connection  with  the preparation of our Annual Report on Form 10-K, for the
year  ended  December  31,  2007  ("Annual  Report"),  management  assessed  the
effectiveness  of  our  disclosure  controls and procedures and internal control
over financial reporting as of December 31, 2007 as more fully described in Item
9A  of  our  Annual  Report. Based on that assessment, management identified the
following  material  weakness in our internal controls. Because of this material
weakness,  management  concluded  that  we  did  not maintain effective internal
control  over  financial  reporting  as  of  December  31,  2007.

Deficiencies  in  the  Segregation  of  Duties.
The  role  and  duties  of  Chief  Executive  Officer,  Chairman of the Board of
Directors,  Secretary  ,Principal  Financial and Accounting Officer are held and
performed  by  one individual who is actively involved in the preparation of the
financial  statements,  and  therefore  cannot provide an independent review and
quality  assurance function within the accounting and financial reporting group.
Furthermore,  that  individual has wide-spread access to create and post entries
in  the  Company's  financial accounting system. There is a risk that a material
misstatement  of  the  financial  statements could be caused, or at least not be
detected  in  a  timely  manner,  due  to  insufficient  segregation  of duties.

To  address  the  material  weakness, we performed additional analysis and other
post-closing  procedures  in  an  effort  to  ensure  our consolidated financial
statements included in this interim report have been prepared in accordance with
generally  accepted accounting principles. Accordingly, management believes that
the  financial statements included in this report fairly present in all material
respects  our  financial condition, results of operations and cash flows for the
periods  presented.


Changes  in  Internal  Control  over  Financial  Reporting

          There  were  no  changes  in  our  internal  controls  over  financial
reporting in connection with the evaluation required by Rule 13a-15(d) under the
Exchange Act that occurred during the period covered by this Quarterly Report on
Form  10-Q that have materially affected, or are reasonably likely to materially
affect,  our  internal  controls  over  financial  reporting.

                                       7

<PAGE>

                          PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

          On  July  16, 2007, we filed suit in the 234th Judicial District Court
of  Harris  County, Texas (the "Court") against Multi-Shot, LLC and twelve other
named defendants. We were seeking injunctive relief and other damages related to
various  claims  of  breach of contract in connection with the First Amended and
Restated  Agreement  and Plan of Merger previously entered into with Multi-Shot,
LLC  and other parties on February 14, 2007. Pursuant to a Settlement Agreement,
JKA,  Multi-Shot  and  the  other  parties  thereto  agreed to abate the current
lawsuit  among  the  parties  pending  in the Court in exchange for, among other
consideration,  entering  into  the Amended Merger Agreement. The parties to the
Settlement  Agreement  have  also  agreed  to waive any prior claims the parties
have,  or  may  have had, on the date of the Settlement Agreement against any of
the  other parties to the Settlement Agreement.    The parties to the Settlement
Agreement  have  agreed  that the Court will retain continuing jurisdiction over
any  dispute filed regarding the Settlement Agreement, and that any such dispute
will  be  submitted  to  the Court for resolution. In addition, the parties have
agreed  that any dispute regarding the Amended Merger Agreement will be tried in
the  district  courts  in  Harris  County,  Texas.  None  of  the parties to the
Settlement  Agreement  have  admitted  any  liability  or  violation.

 ITEM  1A.  RISK  FACTORS

     There  have  been  no  material  changes  to  the  risk  factors previously
disclosed  in the registration statement on Form S-1 (File No. 333-133197) filed
in connection with our initial public offering, which the SEC declared effective
on  April  10,  2006.

ITEM  5.  OTHER  INFORMATION

     Not  Applicable.

ITEM 6. EXHIBITS.

NUMBER          DESCRIPTION

31.1          Certification by Principal Executive Officer pursuant to Section
              302 of the Sarbanes-Oxley Act of 2002

31.2          Certification by Principal Financial Officer pursuant to Section
              302 of the Sarbanes-Oxley Act of 2002

32.1          Certification by Principal Executive Officer and Principal
              Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted
              pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

                                       8

<PAGE>
                                   SIGNATURES
          Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                          JK ACQUISITION CORP.

Date: May 12, 2008        By:     /s/ James P. Wilson
                                  James P. Wilson
                                  ---------------
                                  Chairman of the Board of Directors, Chief
                                  Executive Officer and Secretary
                                  (Principal Executive Officer)
                                  (Principal Financial and Accounting Officer)

                                       9

<PAGE>


                               INDEX TO EXHIBITS

NUMBER          DESCRIPTION

31.1          Certification by Principal Executive Officer pursuant to Section
              302 of the Sarbanes-Oxley Act of 2002

31.2          Certification by Principal Financial Officer pursuant to Section
              302 of the Sarbanes-Oxley Act of 2002

32.1          Certification by Principal Executive Officer and Principal
              Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted
              pursuant to Section 906 of the Sarbanes-Oxley Act of 2002


                                       10