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 June 30, 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,
June 30, 2006:  Common Stock  -  9,695,000






<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 June 30, 2006 (unaudited)         F-1

Statements of Operations for the Three Months and
  Six Months ended June 30, 2005 and 2006 and
  February 12, 2002 (inception) to
  June 30, 2006 (unaudited)                               F-2

Statements of Cash Flows for the Six Months ended
  June 30, 2005 and 2006 and February 12, 2002
  (inception) to June 30, 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
                                                Dec 31,     June 30,
                                                 2005         2006
                                              ----------   ----------
                                                           (Unaudited)
                                                            (Restated)
CURRENT ASSETS
  Cash                                        $    1,664   $   48,267
                                              ----------   ----------
    TOTAL CURRENT ASSETS                      $    1,664   $   48,267
                                              ==========   ==========

LIABILITIES AND STOCKHOLDERS' (DEFICIT)
CURRENT LIABILITIES
  Notes Payable to Related Party              $   29,349   $   37,096
  Advance from Major Shareholder                  17,500       30,500
  Accrued Expenses                                 2,678            -
                                              ----------   ----------
    TOTAL CURRENT LIABILITIES                     49,527       67,596

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
   7,730,000 and 9,695,000 shares in 2005 and
   2006, respectively                                773          970
  Additional Paid-In-Capital                     273,227    2,238,040
  Accumulated Deficit During
    Development Stage                           (321,863)  (2,258,329)
                                              ----------   ----------
    TOTAL STOCKHOLDERS' (DEFICIT)                (47,863)     (19,329)

TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) $    1,664   $   48,267
                                              ==========   ==========





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         Six Months Ended       (Inception)
                                 June 30,                  June 30,          to June 30,
                            2005         2006         2005         2006         2006
                         ----------   ----------   ----------   ----------   ----------
                                        (Restated)              (Restated)    (Restated)

                     <c>          <c>          <c>          <c>          <c>
EXPENSES
 Compensation and Services
  Paid in Common Stock  $        -   $(1,900,000)  $       -  $(1,900,000) $ (2,173,000)
 General and Admin
  Expenses                 (18,068)      (15,859)    (20,798)     (34,719)     (125,650)
 Interest Expense             (409)         (925)       (745)      (1,747)       (8,719)
                         ----------   ----------   ----------   ----------   ----------
   TOTAL OPERATING
     EXPENSES              (18,477)   (1,916,784)    (21,543)   (1,936,466)  (2,307,369)
INCOME TAXES                     -             -           -             -        7,356
                        ----------    ----------  ----------    ----------   ----------
   NET LOSS FROM
   OPERATIONS              (18,477)   (1,916,784)    (21,543)   (1,936,466)  (2,300,013)
                        ----------    ----------  ----------    ----------   ----------
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              $  (18,477) $(1,916,784)  $  (21,543) $(1,936,466) $(2,258,329)
                         ==========   ==========   ==========   ==========   ==========
NET (LOSS) PER SHARE
 From Continuing
  Operations             $     0.00   $    (0.21)   $     0.00  $    (0.23)
 From Discontinuing
  Operations                   0.00         0.00          0.00        0.00
                         ----------   ----------   ----------   ----------
                         $     0.00   $    (0.21)   $     0.00  $    (0.23)
                         ==========   ==========    ==========  ==========
WEIGHTED AVERAGE NUMBER
OF COMMON SHARES
OUTSTANDING               5,000,000    9,181,250    5,000,000    8,559,286
                         ==========   ==========   ==========   ==========
</TABLE>

See accompanying notes.
F-2
<PAGE>4

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

<TABLE>
                                                                    Feb 12, 2002
                                               Six Months Ended      (Inception)
                                                   June 30,          to June 30,
                                              2005         2006          2006
                                           ----------   ----------   ----------
                                                        (Restated)     (Restated)

                                          <c>            <c>          <c>
CASH FLOWS FROM OPERATING ACTIVITIES
  Net Loss from Continuing Operations      $  (21,543) $(1,936,466)  $ (2,300,013)
  Adjustment to Reconcile Net Loss To Net
  Cash Used By Continuing Operating Activities
   Deferred Tax Expense                             -            -         (7,356)
   Stock Issuances for Services                     -    1,900,000      2,173,000
  Change in Current Liabilities
     Accrued Expenses                               -       (2,678)             -
                                           ----------   ----------     ----------
    NET CASH FLOWS USED BY
    CONTINUING OPERATIONS                     (21,543)     (39,144)      (134,369)
    NET CASH FLOWS PROVIDED BY
    DISCONTINUED OPERATIONS                         -            -         50,000
                                           ----------   ----------     ----------
    NET CASH USED BY
    OPERATING ACTIVITIES                      (21,543)     (39,144)       (84,369)
                                           ----------   ----------     ----------
CASH FLOWS FROM FINANCING ACTIVITIES
  Note Payable to Related Party                 6,475        7,747         37,136
  Advance from Related Party                   17,500       13,000         30,500
  Proceeds from the issuance of Common Stock        -       65,000         65,000
                                           ----------   ----------     ----------
    NET CASH PROVIDED BY FINANCING ACTIVITIES  23,975       85,747        132,636
                                           ----------   ----------     ----------

CASH AT BEGINNING OF PERIOD                         -        1,664              -
                                           ----------   ----------     ----------
CASH AT END PERIOD                         $    2,432   $   48,267      $   48,267
                                           ==========   ==========      ==========

SUPPLEMENTAL CASH FLOW DISCLOSURES
  Cash Paid During the Period for:
    Interest                               $      745   $    1,747      $    8,719
                                           ==========   ==========      ==========
    Income Taxes                           $        -   $        -      $        -
                                           ==========   ==========      ==========
</TABLE>


See accompanying notes.
F-3
<PAGE>5

                      EARTH ENERGY RESERVES, INC.
         (FORMERLY ASIAN AMERICAN BUSINESS DEVELOPMENT COMPANY)
                    (A DEVELOPMENTAL STAGE COMPANY)
                     NOTES TO FINANCIAL STATEMENTS
                             JUNE 30, 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 year end.

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 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 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 six months ended June 30, 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
                             JUNE 30, 2006

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

Restatement of Financial Statements
-----------------------------------
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.

On April 1, 2006, the Company's Board of Directors approved the
employment of a President and a Chief Financial Officer and they were
given, collectively, 1,800,000 shares of the Company' common stock and
two non-employees were issued 100,000 shares of the Company's common
stock for services rendered.  These shares of common stock had a fair
value of $1,900,000 ($1.00 per share).  The fair value was determined
by using the value at which common stock was being sold to third
parties.

The June 30, 2006 financial statements have been restated as follows:

                                As previously
Financial Statement Caption       Reported     Difference   As Restated
---------------------------     -------------  ----------   -----------
Common Stock, Par Value          $     507    $     273(1) $         -
                                                    190(2)         970
Additional Paid-in-Capital          65,493      272,727(1)           -
                                              1,899,810(2)   2,238,030
Accumulated Deficit During the
  Development Stage                (85,329)    (273,000)(1)          -
                                             (1,900,000)(2) (2,258,329)
Compensation and Services
  Paid in Common Stock                   -   (1,900,000)(2) (1,900,000)
Net Loss From Operations           (36,466)  (1,900,000)(2) (1,936,466)
Net Loss Per Common Stock
   Three Months                      (0.00)       (0.21)         (0.21)
   Six Months                        (0.01)       (0.22)         (0.23)

(1)Correction of common shares issued July, 2005
(2)Correction of common shares issued April 1, 2006

F-5


<PAGE>8
                      EARTH ENERGY RESERVES, INC.
         (FORMERLY ASIAN AMERICAN BUSINESS DEVELOPMENT COMPANY)
                    (A DEVELOPMENTAL STAGE COMPANY)
                     NOTES TO FINANCIAL STATEMENTS
                             JUNE 30, 2006


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 were
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 June 30, 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.  During the second quarter of
2006, sales of 40,000 shares on May 16, 2006 and sales of 25,000 shares
on June 14, 2006 amounted to $65,000 in net cash for additional
financing activities.

F-6


<PAGE>9

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 six months ended June 30, 2006 and 2005,
Earth Energy did not pursue any investing activities.

Financing Activities.  For the six months ended June 30, 2006, Earth
Energy received an advance of $13,000 from Galaxy Partners Ltd., a
company controlled by James Hogue, an officer, director and principal
shareholder of Earth Energy and had a notes payable to a related party
of $7,747.

During the second quarter of 2006, Earth Energy sought equity financing
through the sale of its securities in a private offering.  As of June
30,000, $65,000 has been received under the private placement
memorandum.

As a result, Earth Energy had net cash from financing activities of
$85,747 for the six months ended June 30, 2006.

For the six months ended June 30, 2005, Earth Energy received an
advance of $17,500 from Galaxy Partners Ltd., a company controlled by
James Hogue, an officer, director and principal shareholder of Earth
Energy and a note payable to related party of $6,475.  As a result,
Earth Energy had net cash from financing activities of $23,975 for the
six months ended June 30, 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 June 30, 2006, Earth Energy did not earn any
revenues.  Compensation and services paid in common stock was
$1,900,000 (1,900,000 common shares valued at $1.00 per common share)
for the three months ended June 30, 2006 compared to no compensation
and services paid in common stock for the three months ended June 30,
2005.  General and administrative expenses for the three months ended
June 30, 2006 were $15,859 compared to $18,068 for the three months
ended June 30, 2005.  These expenses for the three months ended June
30, 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 decrease was due to a slight decrease in legal and
professional fees and a decrease in other expenses.  The decrease in
legal and professional fees was due to the reduction in required
documents with the Securities and Exchange Commission after Earth
Energy ceased to be a business development company under the Investment
Act of 1940.


<PAGE>10

For the six months ended June 30, 2006, Earth Energy did not earn any
revenues.  Compensation and services paid in common stock was
$1,900,000 (1,900,000 common shares valued at $1.00 per common share)
for the six months ended June 30, 2006 compared to no compensation and
services paid in common stock for the six months ended June 30, 2005.
General and administrative expenses for the six months ended June 30,
2006 were $20,709 compared to $34,719 for the six months ended June 30,
2005.  Expenses for the six months ended June 30, 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 decrease was
due to a slight decrease in legal and professional fees and a decrease
in other expenses.  The decrease in legal and professional fees was due
to the reduction in required documents with the Securities and Exchange
Commission after Earth Energy ceased to be a business development
company under the Investment Act of 1940.

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.



<PAGE>11

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.

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>12

PART II - OTHER INFORMATION

Item 1. Legal Proceedings. not applicable.

Item 2. Changes in Securities and Use of Proceeds.
     On April 1, 2006, the Company's Board of Directors approved the
employment of a President and a Chief Financial Officer and they were
given, collectively, 1,800,000 shares of the Company' common stock and
two non-employees were issued 100,000 shares of the Company's common
stock for services rendered.  These shares of common stock had a fair
value of $1,900,000 ($1.00 per share).  The fair value was determined
by using the value at which common stock was being sold to third
parties.

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.

       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