SECURITIES AND EXCHANGE COMMISSION
             WASHINGTON, D.C. 20549
                      FORM 10-QSB/A

[x]     Quarterly Report Pursuant to Section 13 or 15(d) Securities
Exchange Act of 1934 for Quarterly Period Ended March 31, 2006

-OR-

[ ]     Transition Report Pursuant to Section 13 or 15(d) of the
Securities And Exchange Act of 1934 for the transaction period from
_________  to________

Commission File Number             000-51489

            Earth Energy Reserves, Inc.
(formerly Asian American Business Development Company)
     (Exact name of Small Business Issuer in its charter)



Nevada                                         75-3000774
  (State or other jurisdiction of           (I.R.S. Employer
    incorporation or organization           Identification No.)

671 Heinz Parkway
Estes Park, CO                                           80517
 (Address of principal executive offices)            (Zip Code)

(970) 577-8325
Registrant's Telephone number, including area code:

Check whether the registrant (1) filed all reports required to be filed
by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 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 a shell company (as
defined in Rule 12b-2 of the Exchange Act).   Yes [   ]  No  [ x ]

The number of outstanding shares of the registrant's common stock,
March 31, 2006:  Common Stock  -  7,730,000






<PAGE>2



                     PART I - FINANCIAL INFORMATION

                      EARTH ENERGY RESERVES, INC.
        (FORMERLY ASIAN AMERICAN BUSINESS DEVELOPMENT COMPANY)
                    (A DEVELOPMENTAL STATE COMPANY)


ITEM 1.  FINANCIAL STATEMENTS

     Balance Sheets, December 31, 2005 and March 31, 2006
       (unaudited)                                             F-1

     Statements of Operations for the Three Months ended
       March 31, 2005 and 2006 and February 12, 2002
       (inception) to March 31, 2006 (unaudited)               F-2

     Statements of Cash Flows for the Three Months ended
       March 31, 2005 and 2006 and February 12, 2002
       (inception to March 31, 2006 (unaudited)                F-3

     Notes to Financial Statements                             F-4







<PAGE>3

                      EARTH ENERGY RESERVES, INC.
         (FORMERLY ASIAN AMERICAN BUSINESS DEVELOPMENT COMPANY)
                    (A DEVELOPMENTAL STAGE COMPANY)
                            BALANCE SHEETS


                                 ASSETS

                                             December 31,   March 31,
                                                 2005         2006
                                              ----------   ----------
                                              (Restated)   (Unaudited)
                                                            (Restated)
CURRENT ASSETS
  Cash                                        $    1,664   $    1,739
                                              ----------   ----------

    TOTAL CURRENT ASSETS                      $    1,664   $    1,739
                                              ==========   ==========


                 LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES
  Notes Payable to Related Party              $   29,349   $   33,171
  Advance From Major Shareholder                  17,500       31,400
  Accrued Expenses                                 2,678        4,714
                                              ----------   ----------

    TOTAL CURRENT LIABILITIES                     49,527       69,285

STOCKHOLDERS' (DEFICIT)
  Series A Preferred Stock $.0001 Par Value
   Authorized 10,000,000 Shares, None Issued           -            -
  Common Stock, $.0001 Par Value,
   Authorized, 90,000,000 Shares, Issued and
   Outstanding in 7,730,000                          773          773
  Additional Paid-In-Capital                     273,227      273,227
  Accumulated Deficit During
    Development Stage                           (321,863)    (341,546)
                                              ----------   ----------

     TOTAL STOCKHOLDERS' (DEFICIT)               (47,863)     (67,546)
                                              ----------   ----------
    TOTAL LIABILITIES AND
     STOCKHOLDERS' DEFICIT                    $    1,664   $    1,739
                                              ==========   ==========





See accompanying notes.

F-1


<PAGE>4

                      EARTH ENERGY RESERVES, INC.
         (FORMERLY ASIAN AMERICAN BUSINESS DEVELOPMENT COMPANY)
                    (A DEVELOPMENT STAGE COMPANY)
                      STATEMENTS OF OPERATIONS
                             (UNAUDITED)
<TABLE>

                                                                    Feb 12, 2002
                                             Three Months Ended      (Inception)
                                                  March 31,              to
                                              2005         2006     Mar 31, 2006
                                           ----------   ----------   ----------
                                                                      (Restated)

                                           <c>          <c>          <c>
EXPENSES
  Compensation and Services
   Paid in Common Stock                     $       -    $       -   $ (273,000)
  General and Administrative Expenses          (2,730)     (18,860)    (109,972)
  Interest Expense                               (336)        (823)      (7,794)
                                           ----------   ----------   ----------

    TOTAL OPERATING EXPENSES                   (3,066)     (19,683)    (390,586)

INCOME TAXES                                        -            -        7,356
                                           ----------   ----------   ----------

    NET LOSS FROM OPERATIONS                   (3,066)     (19,683)    (383,230)
                                           ----------   ----------   ----------

DISCOUNTED OPERATIONS
  Operating Loss From Discontinued
   Operations                                       -            -      (14,269)
  Gain on Sale of Discontinued Operations           -            -       63,309
  Income Tax Expense (Benefit)                      -            -       (7,356)
                                           ----------   ----------   ----------

    INCOME FROM DISCONTINUED OPERATIONS             -            -       41,684
                                           ----------   ----------   ----------

    NET LOSS                               $   (3,066)  $  (19,683)  $ (341,546)
                                           ==========   ==========   ==========

BASIC AND DILUTED LOSS PER SHARE           $     0.00   $     0.00
                                           ==========   ==========

WEIGHTED AVERAGE NUMBER OF COMMON SHARES
 OUTSTANDING BASIC AND DILUTED              5,000,000    7,730,000
                                           ==========   ==========
</TABLE>




See accompanying notes.
F-2
<PAGE>5

                      EARTH ENERGY RESERVES, INC.
         (FORMERLY ASIAN AMERICAN BUSINESS DEVELOPMENT COMPANY)
                    (A DEVELOPMENTAL STATE COMPANY)
                       STATEMENTS OF CASH FLOWS
                             (UNAUDITED)

<TABLE>
                                                                    Feb 12, 2002
                                             Three Months Ended      (Inception)
                                                  March 31,              to
                                              2005         2006     Mar 31, 2006
                                           ----------   ----------   ----------
                                                                      (Restated)

                                        <c>          <c>          <c>
CASH FLOWS FROM OPERATING ACTIVITIES
  Net Loss from Continuing Operations      $   (3,066)  $   19,683)  $ (383,230)
  Adjustment to Reconcile Net Loss To Net
   Cash Used By Continuing
  Operating Activities
    Deferred Tax Expense                            -            -       (7,356)
    Stock Issuance for Services                     -            -      273,000
   Change in Current Liabilities
     Accrued Expenses                               -        2,036        4,714

     NET CASH FLOWS USED BY CONTINUING
     OPERATIONS                                (3,066)     (17,647)    (112,872)
    NET CASH FLOWS PROVIDED BY
     DISCONTINUED OPERATIONS                        -            -       50,000
                                           ----------   ----------   ----------
    NET CASH USED BY OPERATING
     ACTIVITIES                                (3,066)     (17,647)     (62,872)
                                           ----------   ----------   ----------
CASH FLOWS FROM FINANCING ACTIVITIES
  Note Payable to Related Party                 3,066        3,822       33,211
  Advance From Related Party                        -       13,900       31,400
                                           ----------   ----------   ----------
    NET CASH FROM FINANCING ACTIVITIES          3,066       17,722       64,611
                                           ----------   ----------   ----------

NET INCREASE IN CASH                                -           75        1,739

CASH AT BEGINNING OF PERIOD                         -        1,664            -
                                           ----------   ----------   ----------
CASH AT END PERIOD                         $        -   $    1,739   $    1,739
                                           ==========   ==========   ==========
SUPPLEMENTAL CASH FLOW DISCLOSURES
  Cash Paid During the Period for:
    Interest                               $      336   $      823   $    7,794
                                           ==========   ==========   ==========
    Income Taxes                           $        -   $        -   $        -
                                           ==========   ==========   ==========
</TABLE>

See accompanying notes.
F-3
<PAGE>6

                      EARTH ENERGY RESERVES, INC.
         (FORMERLY ASIAN AMERICAN BUSINESS DEVELOPMENT COMPANY)
                    (A DEVELOPMENTAL STAGE COMPANY)
                     NOTES TO FINANCIAL STATEMENTS
                            MARCH 31, 2006


NOTE 1:  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization
------------
Earth Energy Reserves, Inc. (formerly Asian American Business
Development Company) ("Company") was incorporated in the State of
Nevada on February 12, 2002 as Wiltex First, Inc.  On March 10, 2005,
the Company filed a certificate of amendment with the State of Nevada
changing its name to Asian American Business Development Company and,
on March 13, 2006 the Company's name was changed to Earth Energy
Reserves, Inc.  The Company has elected to prepare its financial
statements in accordance with generally accepted accounting principles
(United States) and has selected December 31, as its yearend.

The financial statements include the accounts of the Company and its
majority owned subsidiary, Wiltex A, Inc. from inception to August 26,
2004 (date of sale).  All intercompany accounts and transactions have
been eliminated in consolidation.

Galaxy Partners, LTD Corp. (a company owned by the sole shareholder of
the Company) has managed and financed the Company since inception.

Basis of Presentation
---------------------
The accompany consolidated financial statements have been prepared in
accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and
Article 10 of Regulation S-X.  Accordingly, they do not include all of
the information and footnotes required by generally accepted accounting
principles for complete consolidated financial statements.  In the
opinion of management, all adjustments considered necessary for a fair
presentation have been included.  All such adjustments are of a normal
and recurring nature.  These financial statements should be read in
conjunction with the audited financial statements at December 31, 2005.
Operating results for the three months ended March 31, 2006 are not
necessarily indicative of the results that may be expected for the
fiscal year ending December 31, 2006.

Use of Estimates and Assumptions
--------------------------------
Management uses estimates and assumptions in preparing financial
statements in accordance with generally accepted accounting principles.
Those estimates and assumptions affect the reported amounts of assets
and liabilities, the disclosure of contingent assets and liabilities,
and the reported amounts of revenue and expenses.  Actual results could
vary from the estimates used.

F-4
<PAGE>7

                      EARTH ENERGY RESERVES, INC.
         (FORMERLY ASIAN AMERICAN BUSINESS DEVELOPMENT COMPANY)
                    (A DEVELOPMENTAL STAGE COMPANY)
                     NOTES TO FINANCIAL STATEMENTS
                            MARCH 31, 2006

NOTE 1:  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- continued

Restatement of 2005 Balance Sheet

Subsequent to the issuance of the December 31, 2005 financial
statements, the Company's management realized that the 2,730,000 shares
of the Company's common stock had been issued for non-employee services
but had not been recorded in the financial statements.  The Company's
financial statements included in Form 10-QSB for September 30, 2005 and
Form 10-KSB for December 31, 2005 have been restated to recognize the
issuance of common stock.

NOTE 2:  INVESTMENT IN WILTEX A, INC.

In exchange for the issuance of 10,000 shares of the Company's common
stock upon the initial stock issuance, the Company received 5,000,000
shares of common stock (representing 99.2 percent) of Wiltex A, Inc.
("Wiltex" another shell company) valued at $960 and a receivable from
Galaxy Partners LTD Corp. ("Galaxy") of $40.  The $960 value assigned
to Wiltex represented the Company's portion of the book value of Wiltex
on the date of contribution.  On August 26, 2004, the Company sold
4,200,000 shares of Wiltex for $50,000 and recognized a gain on the
sale in the amount of $63,309.  The $50,000 proceeds from the sale was
used to reduce the note payable to Galaxy.  At March 31, 2006, the
Company owns 800,000 shares of Wiltex (Wiltex has been renamed EMTA
Corporation ("EMTA")).  As a result of EMTA's accumulated losses, the
investment in EMTA has been reduced to zero in the accompanying balance
sheet at December 31, 2005 and March 31, 2006.


NOTE 3:  PRIVATE PLACEMENT

On May 3, 2006 the Company released a private Placement Memorandum,
whereby it is in the process of attempting to sell 1,000,000 units (a
unit consists of one share of common stock of the Company and one
warrant to purchase one share of the Company's common stock at $1.50
per share) at an offering price of $1.00.  As of May 19, 2006 no funds
have been received under the private placement memorandum.



F-5


<PAGE>8

ITEM 6.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.

Trends and Uncertainties.  We intend to be an independent oil and
natural gas company engaged in the acquisition, drilling and production
of oil and natural gas in the United States.  Our future operations may
be adversely affected by our competitors, fluctuating oil prices,
changing foreign political environments and any prolonged recessionary
periods.

Investing Activities.  For the three months ended March 31, 2006 and
2005, Earth Energy did not pursue any investing activities.

Financing Activities.  For the three months ended March 31, 2006, Earth
Energy received an advance of $13,900 from Galaxy Partners Ltd., a
company controlled by James Hogue, an officer, director and principal
shareholder of Earth Energy.  Additionally, for the three months ended
March 31, 2006, Earth Energy received $3,822 pursuant to a note payable
to related party.  As a result, Earth Energy had net cash from
financing activities of $17,722 for the three months ended March 31,
2006.

For the three months ended March 31, 2005, Additionally, for the three
months ended March 31, 2006, Earth Energy received $3,066 pursuant to a
note payable to related party resulting in net cash from financing
activities of $3,066.

On May 3, 2006, Earth Energy is seeking equity financing through the
sale of its securities in a private offering.  As of May 19, 2006, no
funds have been received under the private placement memorandum.

Results of Operations.  We have not had any revenue since inception.
All of our expenses have been paid by Galaxy Partners Ltd. Corp,

For the three months ended March 31, 2006, Earth Energy received no
revenues.  Expenses for the three months ended March 31, 2006 were
$19,683 compared to $3,066 for the three months ended March 31, 2005.
Expenses for the three months ended March 31, 2006 consisted of basic
operating expenses and expenses to no longer be a BDC under the
Investment Company Act of 1940.  The main reason for the increase was
due to increase in legal and professional fees from $1,080 to $15,856
and a decrease in other expenses from $14,931 to $11,766.  The increase
in legal and professional fees was due to the preparation of the
required documents with the Securities and Exchange Commission.



<PAGE>9

Recent Accounting Pronouncements

No new pronouncement issued by the Financial Accounting Standards
Board, the American Institute of Certified Public Accountants or the
Securities and Exchange Commission is expected to have a material
impact on Earth Energy's financial position or reported results of
operations.

Plan of Operation.  We have developed an operating strategy that is
based on our participation in exploration prospects as a non-operator
for the foreseeable future.  We intend to use the services of
independent consultants and contractors to perform various professional
services, including reservoir engineering, land, legal, environmental
and tax services.  We will also pursue alliances with partners in the
areas of geological and geophysical services and prospect generation,
evaluation and prospect leasing.  As a non-operator working interest
owner, we intend to rely on outside operators to drill, produce and
market our natural gas and oil.  We believe that by limiting our
management and employee costs, we may be able to better control total
costs and retain flexibility in terms of project management.

Earth Energy may experience problems; delays, expenses and difficulties
sometimes encountered by an enterprise in Earth Energy's stage, many of
which are beyond Earth Energy's control.  These include, but are not
limited to, unanticipated problems relating to additional costs and
expenses that may exceed current estimates and competition.

Earth Energy is not delinquent in any of its obligations even though
Earth Energy has generated no operating revenues.  Earth Energy intends
to pursue our business plan utilizing cash made available from the
additional advances from Galaxy, the private sale of our securities and
future operations.  Earth Energy's management is of the opinion that
the additional advances, proceeds of the sales of its securities and
future revenues will be sufficient to pay our expenses for the next
twelve months.

Earth Energy is pursuing financing for its operations and seeking
additional private investments.  In addition, Earth Energy is seeking to
expand its revenue base.  Failure to secure such financing or to raise
additional equity capital and to expand its revenue base may result in
Earth Energy not being able pay its obligations.

Item 3. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, under the supervision and with the participation of our
chief executive officer, conducted an evaluation of our "disclosure
controls and procedures" (as defined in Securities Exchange Act of 1934
(the "Exchange Act") Rules 13a-14(c)).  Based on his evaluation, our
chief executive officer and chief financial officer have concluded that
as of the Evaluation Date, our disclosure controls and procedures are
effective to ensure that all material information required to be filed
in this quarterly report on Form 10QSB has been made known to him in a
timely fashion.

<PAGE>10

Changes in Internal Controls

There have been no significant changes (including corrective actions
with regard to significant deficiencies or material weaknesses) in our
internal controls or in other factors that could significantly affect
these controls subsequent to the Evaluation Date set forth above.





<PAGE>11

PART II - OTHER INFORMATION

Item 1. Legal Proceedings. not applicable.

Item 2. Changes in Securities and Use of Proceeds.
        not applicable

Item 3. Defaults Upon Senior Securities.
        not applicable.

Item 4. Submission of Matters to a Vote of Security Holders.
         not applicable.

Item 5. Other Information. not applicable.

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

(a)   Reports on Form 8-K.   none
(b)   Exhibits.    none
       Exhibit 31 - Certifications pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
       Exhibit 32 - Certifications pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002


                  SIGNATURES

Pursuant to the requirements 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.

Dated:  January 10, 2007

Earth Energy Reserves, Inc.

By  /s/James E. Hogue
    ------------------------
    James E. Hogue
    President and Director