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

[x]     Quarterly Report Pursuant to Section 13 or 15(d) Securities
Exchange Act of 1934 for Quarterly Period Ended September 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,
September 30, 2006:  Common Stock  -  5,000,000






<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 September 30, 2006 (unaudited)        F-1

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

Statements of Cash Flows for the Nine Months ended
  September 30, 2005 and 2006 and February 12, 2002
  (inception) to September 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
<TABLE>
<CAPTION>
                                               September 30,            December 31,
                                                    2006                    2005
                                               -------------            ------------
                                                (Unaudited)

                                                 <c>                      <c>
CURRENT ASSETS
  Cash                                             $    74,945            $     1,664
                                                   -----------            -----------
      TOTAL CURRENT ASSETS                         $    74,945            $     1,664
                                                   ===========            ===========

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES
  Notes Payable to Related Party                   $    37,096            $    29,349
  Advances from Majority Shareholder                    30,500                 17,500
  Accrued Expenses                                       7,308                  2,678
                                                   -----------            -----------
      TOTAL CURRENT LIABILITIES                         74,904                 49,527
                                                   -----------            -----------

STOCKHOLDERS' EQUITY (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 10,420,000 and 7,730,000,
    respectively                                          1,042                   773
  Additional Paid-In-Capital                          2,962,958               273,227
  Accumulated Deficit during the
    Development Stage                                (2,963,959)             (321,863)
                                                   -----------              ----------
-

         TOTAL STOCKHOLDERS' EQUITY (DEFICIT)                41               (47,863)
                                                   -----------             -----------
         TOTAL LIABILITIES AND
           STOCKHOLDERS' EQUITY (DEFICIT)            $    74,945           $     1,664
                                                     ===========           ===========
</TABLE>




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>
                               Three Months Ended     Nine Months Ended   February 12,
                                   September 30,       September 30,         2002
                              -------------------    -----------------  (Inception) to
                              2006       2005   2006          2005  September 30, 2006
                             ----------------   ------------------  ------------------
                                      (Restated)           (Restated)    (Restated)

                            <c>          <c>    <c>         <c>            <c>
EXPENSES
  Compensation and Services
   Paid In Common Stock      $ 650,000   $ 273,000   $2,550,000   $273,000
$2,823,000
  General and Administrative
    Expenses                    55,630       3,759       90,349     24,557   180,610
  Interest Expense                   -         469        1,747      1,214     9,389
                             ---------   ---------   ----------   --------   -------
      TOTAL OPERATING
        EXPENSES              (705,630)   (277,228)  (2,642,096)  (298,771)(3,012,999)
                             ---------   ---------    ---------   --------  ---------
INCOME TAXES                         -           -            -          -      7,356
                             ---------   ---------   ----------   --------   --------
      NET LOSS FROM CONTINUING
        OPERATIONS            (705,630)   (277,228)  (2,642,096)  (298,771)(3,005,643)
                             ---------   ---------   ----------   --------  ---------
DISCOUNTED OPERATIONS
  Operating Loss From
   Discontinued Operations           -           -            -          -   (14,269)
  Gain on Sale of
   Discontinued Operations           -           -            -          -    63,309
  Income Tax Expense (Benefit)       -           -            -          -    (7,356)
                             ---------   ---------   ----------   --------   -------
      INCOME (LOSS) FROM
        DISCONTINUED
        OPERATIONS                   -           -            -          -    41,684
                             ---------   ---------  -----------   --------   -------
          NET (LOSS)         $(705,630) $(277,228) $(2,642,096) $(298,771)$(2,963,959)
                             =========  =========  ===========  =========  ==========
NET (LOSS) PER SHARE
  From Continuing operations $   (0.07)  $   (0.04) $     (0.29)  $   (0.05)
  From Discontinuing
   Operations                     0.00        0.00         0.00        0.00
                             ---------   ---------  -----------   ---------
                             $   (0.07)  $   (0.04) $     (0.29)  $   (0.05)
                             =========   =========  ===========   =========
WEIGHTED AVERAGE NUMBER
  OF COMMON SHARES
  OUTSTANDING               10,038,750   7,047,500    9,037,500   5,819,000
                            ==========   =========   ==========   =========
</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>
                                       Nine Months Ended          February 12,
                                         September 30,                2002
                                      -----------------          (Inception) to
                                      2006          2005      September 30, 2006
                                      ------------------      ------------------
                                                 (Restated)        (Restated)

                                    <c>            <c>              <c>
CASH FLOWS FROM OPERATING
  ACTIVITIES
  Net Loss from Continuing
    Operations                        $(2,642,096) $ (298,771)     $ (3,005,643)
  Adjustment to Reconcile Net Loss
    To Net Cash Used by Continuing
    Operating Activities                2,550,000     273,000         2,823,000
      Stock Issuances for Services
      Deferred Tax Expense                      -           -            (7,356)
    Change in Current Liabilities               -           -                 -
      Accrued Expenses                      4,630           -             7,308
                                        ---------   ---------       -----------
        NET CASH USED BY CONTINUING
          OPERATIONS                      (87,466)    (25,771)         (182,691)

        NET CASH FLOW PROVIDED BY
          DISCONTINUED OPERATIONS               -           -            50,000
                                        ---------   ---------       -----------

        NET CASH USED BY OPERATING
          ACTIVITIES                      (87,466)    (25,771)         (132,691)
                                        ---------   ---------       -----------
CASH FLOWS FROM
  FINANCING ACTIVITIES
    Note Payable to Related Party           7,747       9,944            37,136
    Advances from Majority Shareholder     13,000      17,500            30,500
    Sale of Common Stock                  140,000           -           140,000
                                        ---------   ---------       -----------

        NET CASH PROVIDED BY
          FINANCING ACTIVITIES            160,747      27,444           207,636
                                        ---------   ---------       -----------
NET INCREASE IN CASH                       73,281       1,673            74,945

CASH AT BEGINNING OF PERIOD                 1,664           -                 -
                                        ---------   ---------       -----------
CASH AT END PERIOD                      $  74,945     $ 1,673          $ 74,945
                                        =========     =======          ========
F-3



<PAGE>6
EARTH ENERGY RESERVES, INC.
(FORMERLY ASIAN AMERICAN BUSINESS DEVELOPMENT COMPANY)
(A DEVELOPMENTAL STATE COMPANY)
STATEMENTS OF CASH FLOWS
(UNAUDITED)

                                       Nine Months Ended          February 12,
                                         September 30,                2002
                                      -----------------          (Inception) to
                                      2006          2005      September 30, 2006
                                      ------------------      ------------------
                                                 (Restated)        (Restated)

SUPPLEMENTAL CASH
  FLOW DISCHARGES
    Cash Paid During the Period for:
      Interest                          $   1,747     $ 1,214          $  8,719
                                        =========     =======          ========
      Income                            $       -     $     -          $      -
                                        =========     =======          ========
</TABLE>
See accompany notes.
F-4



<PAGE>7
EARTH ENERGY RESERVES, INC.
(FORMERLY ASIAN AMERICAN BUSINESS DEVELOPMENT COMPANY)
(A DEVELOPMENTAL STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 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 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 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 and nine months ended September 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-5

<PAGE>8

EARTH ENERGY RESERVES, INC.
(FORMERLY ASIAN AMERICAN BUSINESS DEVELOPMENT COMPANY)
(A DEVELOPMENTAL STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 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%) 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 September 30, 2006.

NOTE 3: COMMON STOCK ISSUANCE

The Company has sold 140,000 shares of its $0.0001 par value common
stock as follows:

      Number of                           Per Share
        Date                Shares          Value         Amount
------------------------------------------------------------------
   May 16, 2006               40,000       $  1.00      $  40,000
   June 14, 2006              25,000          1.00         25,000
   September 26, 2006         75,000          1.00
75,000
                            --------                    ---------
  Total                      140,000                    $ 140,000
                            ========                    =========

The Company has issued an aggregated of 2,550,000 shares
of the Company's common stock for services rendered as
follows:

      Number of                           Per Share
        Date                Shares          Value         Amount
------------------------------------------------------------------

   April 1, 2006           1,900,000       $  1.00      $ 1,900,000
   August 26, 2006           650,000          1.00          650,000
                           ---------       -------      -----------
                           2,550,000                    $ 2,550,000
                           =========                    ===========

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

Financing Activities.  For the nine months ended September 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.  Additionally, Earth Energy had a note
payable to a related party of $7,747.

During the second and third quarter of 2006, Earth Energy sought equity
financing through the sale of its securities in a private offering.  As
of September 30, 2006, $140,000 has been received under the private
placement memorandum.

As a result, Earth Energy had net cash from financing activities of
$160,747 for the nine months ended September 30, 2006.

For the nine months ended September 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.  Additionally, Earth Energy received proceeds from a note
payable of $9,944 from a related party.  As a result, Earth Energy had
net cash from financing activities of $27,444 for the nine months ended
September 30, 2005.

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 September 30, 2006, Earth Energy did not
earn any revenues.  Expenses for the three months ended September 30,
2006 were $705,630 compared to $277,228 for the three months ended
September 30, 2005.  The large increase in expenses was primarily due
to compensation and services paid in common stock of $650,000 valued at
$1.00 per common share for 650,000 common shares.  Comparatively,
compensation and services paid in 273,000 common stock valued at $1.00
per common share or $273,000.  General and administrative expenses
increase substantially to $55,630 for the three months ended September
30, 2006 compared to only $3,759 for the three months ended September
30, 2005.  Expenses for the three months ended September 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
increase was due to increased travel and legal expenses due to our fund
raising efforts.



<PAGE>10

For the nine months ended September 30, 2006, Earth Energy did not earn
any revenues.  Expenses for the nine months ended September 30, 2006
were $2,642,096 compared to $298,771 for the nine months ended
September 30, 2005.  The large increase in expenses was primarily due
to compensation and services paid in common stock of $2,550,000 valued
at $1.00 per common share for 2,550,000 common shares.  Comparatively,
for the nine months ended September 30, 2005, compensation and services
paid in common stock were 273,000 common share valued at $1.00 per
common share or $273,000.  General and administrative expenses
increased substantially to $90,349 for the nine months ended September
30, 2006 compared to $24,557 for the nine months ended September 30,
2005.  Expenses for the nine months ended September 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 increase
was increased travel expenses and legal expenses due to our fund
raising activities.

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.

Earth Energy has sold 140,000 shares of its $0.0001 par value common
stock as follows:

      Number of                           Per Share
        Date                Shares          Value         Amount
------------------------------------------------------------------
   May 16, 2006               40,000       $  1.00      $  40,000
   June 14, 2006              25,000          1.00         25,000
   September 26, 2006         75,000          1.00
75,000
                            --------                    ---------
  Total                      140,000                    $ 140,000
                            ========                    =========

Earth Energy has issued an aggregated of 2,550,000 shares
of Earth Energy's common stock for services rendered as
follows:

      Number of                           Per Share
        Date                Shares          Value         Amount
------------------------------------------------------------------

   April 1, 2006           1,900,000       $  1.00      $ 1,900,000
   August 26, 2006           650,000          1.00          650,000
                           ---------       -------      -----------
                           2,550,000                    $ 2,550,000
                           =========                    ===========

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




<PAGE>13

                  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