SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Amendment 1 to
FORM 10-QSB

[x]     Quarterly Report Pursuant to Section 13 or 15(d) Securities
Exchange Act of 1934 for Quarterly Period Ended March 31, 2007

-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, 2007:  Common Stock  -  10,777,000





<PAGE>2
PART I - FINANCIAL INFORMATION

EARTH ENERGY RESERVES, INC.
 (FORMERLY ASIAN AMERICAN BUSINESS DEVELOPMENT COMPANY)
 (AN EXPLORATION STAGE COMPANY)


ITEM 1. FINANCIAL STATEMENTS

Balance Sheets,
   December 31, 2006 and March 31, 2007 (unaudited)            F-1

   Statements of Operations for the Three Months
    ended March 31, 2006 and 2007 and February 12,
    2002 (inception) to March 31, 2007 (unaudited)             F-2

   Statements of Cash Flows for the Three Months
    ended March 31, 2006 and 2007 and February 12,
    2002 (inception) to March 31, 2007 (unaudited)             F-3

   Notes to Financial Statements                               F-4





<PAGE>3
EARTH ENERGY RESERVES, INC.

(FORMERLY ASIAN AMERICAN BUSINESS DEVELOPMENT COMPANY)
 (AN EXPLORATION STAGE COMPANY)
BALANCE SHEETS


ASSETS
<TABLE>
<CAPTION>
                                                       December 31      March 31,
                                                          2006            2007
                                                       -----------      ---------
                                                                       (Unaudited)

                                                         <c>             <c>
CURRENT ASSETS
  Cash                                                   $  291,752     $  242,774
                                                         ----------     ----------
      TOTAL CURRENT ASSETS                               $  291,752     $  242,774
                                                         ==========     ==========

LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES
  Notes Payable to Related Party                         $   44,700     $   48,624
  Advances from Majority Shareholder                         29,600         29,600
  Accrued Expenses                                           16,606         22,750
                                                         ----------     ----------
      TOTAL CURRENT LIABILITIES                              90,906        100,974
                                                         ----------     ----------
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 10,697,000 and 10,777,000 Respectively     1,070          1,078
  Additional Paid-In-Capital                              3,622,230      3,702,222
  Accumulated Deficit During
    Development Stage                                    (3,422,454)    (3,561,500)
                                                         ----------     ----------

      TOTAL STOCKHOLDERS' DEFICIT                           200,846        141,800
                                                         ----------     ----------
      TOTAL LIABILITIES AND
       STOCKHOLDERS' DEFICIT                             $  291,752     $  242,774
                                                         ==========     ==========
</TABLE>


The accompanying notes are an integral
part of these financial statements.
F-1



<PAGE>4

EARTH ENERGY RESERVES, INC.
 (FORMERLY ASIAN AMERICAN BUSINESS DEVELOPMENT COMPANY)
 (AN EXPLORATION COMPANY)

STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
                                              Three Months Ended       February 12,
                                                  March 31,                2002
                                              ------------------      (Inception) to
                                              2006          2007      March 31, 2007
                                              ----          ----      --------------

                                            <c>           <c>          <c>

EXPENSES
  General and Administrative Expenses        (18,860)     (138,330)     (3,595,759)
                                            --------     ---------     -----------
NET OPERATING LOSS                           (18,860)     (138,330)     (3,595,759)

OTHER INCOME (EXPENSE)
  Interest Income                                  -           208             208
  Interest Expense                              (823)         (924)        (14,989)
                                            --------     ---------     -----------
                                                (823)         (716)        (14,781)
                                            --------     ---------     -----------
LOSS BEFORE INCOME TAXES                     (19,683)     (139,046)     (3,610,540)
                                            --------     ---------     -----------
INCOME TAXES                                       -             -           7,356
                                            --------     ---------     -----------
NET LOSS FROM CONTINUING
  OPERATIONS                                 (19,683)     (139,046)     (3,603,184)
                                            --------     ---------     -----------
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                                    $(19,683)    $(139,046)    $(3,561,500)
                                            ========     =========     ===========
BASIC AND DILUTED LOSS
  PER SHARE                                 $  (0.00)     $  (0.00)
                                            ========      ========
WEIGHTED AVERAGE NUMBER OF
  COMMON SHARES OUTSTANDING
  BASIC AND DILUTED                        7,730,000    10,745,750
                                           =========    ==========
</TABLE>
The accompanying notes are an integral
part of these financial statements.
F-2
<PAGE>5

EARTH ENERGY RESERVES, INC.
 (FORMERLY ASIAN AMERICAN BUSINESS DEVELOPMENT COMPANY)
 (AN EXPLORATION STAGE COMPANY)

STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
                                              Three Months Ended          February 12,
                                                  March 31,                  2002
                                              ------------------        (Inception) to
                                              2006          2007        March 31, 2007
                                              ----          ----        --------------

                                            <c>           <c>             <c>
CASH FLOWS FROM OPERATING
  ACTIVITIES
Net Loss from Continuing Operations        $  (19,683)     $ (139,046)    $(3,603,184)
  Adjustment to Reconcile Net Loss
    To Net Cash Used By Continuing
  Operating Activities
    Deferred Tax Expense                            -               -          (7,356)
    Stock Issuance for Services                     -               -       3,223,000
Change in Current Liabilities
  Current Liabilities                           2,036           6,144          22,750
                                           ----------      ----------     -----------
      NET CASH FLOWS USED BY
       CONTINUING OPERATIONS                  (17,647)       (132,902)       (364,790)
      NET CASH FLOWS PROVIDED BY
        DISCONTINUED OPERATIONS                     -               -          50,000
                                           ----------      ----------     -----------
      NET CASH USED BY
        OPERATING ACTIVITIES                  (17,647)       (132,902)       (314,790)
                                           ----------      ----------     -----------
CASH FLOWS FROM
  FINANCING ACTIVITIES
    Note Payable to Related Party               3,822           3,924          47,764
    Common Stock Sold for Cash                      -          80,000         479,300
    Advances from Majority Shareholder         13,900               -          30,500
                                           ----------      ----------     -----------
      NET CASH FROM FINANCING ACTIVITIES       17,722          83,924         557,564
                                           ----------      ----------     -----------
NET INCREASE (DECREASE) IN CASH                    75         (48,978)        242,774
CASH AT BEGINNING OF PERIOD                     1,664         291,752               -
                                           ----------      ----------     -----------
CASH AT END PERIOD                         $    1,739      $  242,774     $   242,774
                                           ==========      ==========     ===========
SUPPLEMENTAL CASH FLOW DISCLOSURES
    Cash Paid During the Period for:
      Interest                             $      823      $        -     $    14,065
                                           ==========      ==========     ===========
      Income Taxes                         $        -      $        -     $         -
                                           ==========      ==========     ===========
</TABLE>
The accompanying notes are an integral
part of the financial statements.
F-3


<PAGE>6

EARTH ENERGY RESERVES, INC.
 (FORMERLY ASIAN AMERICAN BUSINESS DEVELOPMENT COMPANY)
 (AN EXPLORATION STAGE COMPANY)

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2007

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 year end.

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

Basis of Presentation
---------------------
The accompanying 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 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, 2006.
Operating results for the three months ended March 31, 2007 are not
necessarily indicative of the results that may be expected for the
fiscal year ending December 31, 2007.

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

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, 2007 and
2006, Earth Energy did not pursue any investing activities.

Financing Activities.  For the three months ended March 31, 2007, Earth
Energy had a note payable to a related party.  During the three months
ended March 31, 2007, Earth Energy sought equity financing through the
sale of its securities in a private offering.  As of March 31, 2007,
$80,000 has been received under the private placement memorandum.
As a result, Earth Energy had net cash from financing activities of
$83,924 for the three months ended March 31, 2007.

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, Earth Energy had a note payable to related party
of $3,822.  As a result, Earth Energy had net cash from financing
activities of $17,722 for the three months ended March 31, 2006.

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, 2007, Earth Energy did not earn
any revenues.  General and administrative expenses increased
substantially to $138,330 for the three months ended March 31, 2007
compared to only $18,860 for the three months ended March 31, 2006.
Expenses for the three months ended March 31, 2007 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 increased travel and legal expenses due to our fund raising
efforts.

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

<PAGE>8

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

Controls and Procedures.  James E. Hogue, the Chief Executive Officer
and John Malone, the Chief Financial Officer of the Corporation have
made an evaluation of the disclosure controls and procedures relating
to the quarterly report on Form 10QSB for the three months ended, March
31, 2007 as filed with the Securities and Exchange Commission and have
concluded such controls and procedures to be effective as of December
31, 2006 (the evaluation date).

During the three months ended March 31, 2007, there were no changes in
our internal controls over financial reporting (as defined in Rule 13a-
15(f) and 15d-15(f) under the Exchange Act) that have materially
affected, or are reasonably likely to materially affect, our internal
control over financial reporting.




<PAGE>9

PART II - OTHER INFORMATION

Item 1. Legal Proceedings. not applicable.


Item 2. Changes in Securities and Use of Proceeds.

For the three months ended March 31, 2007, Earth Energy sold 80,000
shares of its $0.0001 par value common stock for $1.00 per common
share.


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.

       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




<PAGE>10

                  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:  August 30, 2007

Earth Energy Reserves, Inc.

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