U.S.
      SECURITIES AND EXCHANGE COMMISSION


WASHINGTON,
      D.C. 20549





FORM
      10-Q





QUARTERLY
      REPORT UNDER SECTION 13 OR 15(d)


OF
      THE
      SECURITIES EXCHANGE ACT OF 1934





For
      the
      quarterly period ended: July 31, 2008





File
      No.
      000-52522





North
      American Energy Resources, Inc.


(Name
      of
      small business issuer in our charter)





Nevada
            98-0550352(State or other jurisdiction of
            (IRS Employerincorporation or organization)
            Identification No.)





11005
      Anderson Mill Road, Austin, Texas 78750


(Address
      of principal executive offices) (Zip Code)





Registrant's
      telephone number: (512) 944-9115





Indicate
      by check mark whether the registrant: (1) filed all reports required to be
      filed
      by Section 13 or 15(d) of the Exchange Act 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 large accelerated filer, an
      accelerated filer, a non-accelerated filer, or a smaller reporting company.
      See
      the definitions of “large accelerated filer,” “accelerated filer” and “smaller
      reporting company” in Rule 12b-2 of the Exchange Act. (Check one):





Large
      accelerated filer  ̈ Accelerated filer  ̈ Non-accelerated filer  ̈ Smaller
      reporting company x


(Do
      not
      check if a smaller reporting company)





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





State
      the
      number of shares outstanding of each of the issuer's classes of common equity,
      as of the latest practicable date: 29,850,000 shares of common stock outstanding
      as of August 31, 2008.








The
      accompanying unaudited financial statements have been prepared in accordance
      with generally accepted accounting principles for interim financial reporting
      and pursuant to the rules and regulations of the Securities and Exchange
      Commission ("Commission"). While these statements reflect all normal recurring
      adjustments which are, in the opinion of management, necessary for fair
      presentation of the results of the interim period, they do not include all
      of
      the information and footnotes required by generally accepted accounting
      principles for complete financial statements. For further information, refer
      to
      the financial statements and footnotes thereto, contained in Mar Ked Mineral
      Exploration, Inc.’s Form 10-KSB dated November 30, 2007 and the Form 8-K dated
      July 28, 2008 covering the acquisition of North American Exploration, Inc.
      by
      the Company.





TABLE
      OF
      CONTENTS





PagePART
                I – FINANCIAL INFORMATIONItem
                1:
            Financial
                Statements
            3Item
                2:
            Management's
                Discussion and Analysis of Financial Condition and Results of
                Operations
            16Item
                3:
            Quantitative
                and Qualitative Disclosures About Market Risk
            18Item
                4T:
            Controls
                and Procedures
            18PART
                II - OTHER INFORMATION
            19Item
                1:
            Legal
                Proceedings
            19Item
                1A:
            Risk
                Factors
            19Item
                2:
            Unregistered
                Sales of Equity Securities and Use of Proceeds
            19Item
                3:
            Defaults
                upon Senior Securities
            19Item
                4:
            Submission
                of Matters to a Vote of Security Holders
            19Item
                5:
            Other
                Information
            19Item
                6:
            Exhibits
            19




2


**PART
      I - FINANCIAL INFORMATION**





**ITEM
      1: FINANCIAL STATEMENTS**





**NORTH
      AMERICAN ENERGY RESOURCES, INC.**


**(Formerly
      Mar Ked Mineral Exploration, Inc.)**


**(An
      Exploration Stage Company)**


**Consolidated
      Balance Sheets**


**July
      31, 2008 (unaudited) and April 30, 2008**





**July 31,**
            
            **April 30,****2008**
            
            **2008****ASSETS**Current
                assets:Cash
                and cash equivalents
            
            $
            194,929
            
            $
            185,023Accounts
                receivable
            
            
            32,927
            
            
            56,745Total
                current assets
            
            
            227,856
            
            
            241,768Properties
                and equipment, at cost, net
            
            
            556,383
            
            
            523,008Note
                receivable
            
            
            76,000
            
            
            76,000Total
                assets
            
            $
            860,239
            
            $
            840,776**LIABILITIES
                AND STOCKHOLDERS' EQUITY**Current
                liabilities:Accounts
                payableTrade
            
            $
            41,290
            
            $
            23,294Oil
                and gas proceeds due others
            
            
            224
            
            
            571Loans
                from related parties
            
            
            501,000
            
            
            501,000Advances
                received from joint interest participants
            
            
            67,702
            
            
            189,471Accrued
                expenses
            
            
            -
            
            
            1,374Notes
                payable
            
            
            -
            
            
            35,250Total
                current liabilities
            
            
            610,216
            
            
            750,960Commitments
                and contingenciesStockholders'
                equity:Preferred
                stock: $0.001 par value; authorized 100,000,000 shares; no shares
                issued
                and outstandingCommon
                stock: $0.001 par value; 100,000,000 shares authorized; 29,850,000
                shares
                and 21,000,000 issued and outstanding at July 31, 2008 and April
                30, 2008,
                respectively
            
            
            29,850
            
            
            21,000Additional
                paid in capital
            
            
            275,680
            
            
            99,000Deficit
                accumulated during the exploration stage
            
            
            (55,507
            )
            
            (30,184
            )Total
                stockholders' equity
            
            
            250,023
            
            
            89,816Total
                liabilities and stockholders' equity
            
            $
            860,239
            
            $
            840,776





See
      accompanying notes to consolidated financial statements


3




**NORTH
      AMERICAN ENERGY RESOURCES, INC.**


**(Formerly
      Mar Ked Mineral Exploration, Inc.)**


**(An
      Exploration Stage Company)**


**Statements
      of Consolidated Operations**


**(Unaudited)**


**For
      the three months ended July 31, 2008 and 2007**


**and
      the period from inception (August 18, 2006) through July 31,
      2008**





**Inception****(August 18, 2006)****through****July 31,****2008**
            
            **2007**
            
            **2008****Oil
                and natural gas sales**
            
            $
            1,266
            
            $
            -
            
            $
            19,378**Costs
                and expenses**Oil
                and natural gas production taxes
            
            
            91
            
            
            -
            
            
            1,396Oil
                and natural gas production expenses
            
            
            9,146
            
            
            5,105
            
            
            47,987Depreciation
                and amortization
            
            
            1,123
            
            
            -
            
            
            2,967General
                and administrative expense, net of operator's overhead
                fees
            
            
            15,804
            
            
            520
            
            
            20,79126,164
            
            
            5,625
            
            
            73,141**Loss
                from operations**
            
            
            (24,898
            )
            
            (5,625
            )
            
            (53,763
            )**Other
                income (expense):**Other
                income
            
            
            -
            
            
            -
            
            
            54Interest
                expense
            
            
            (425
            )
            
            -
            
            
            (1,798
            )Total
                other income (expense)
            
            
            (425
            )
            
            -
            
            
            (1,744
            )**Loss
                before income taxes**
            
            
            (25,323
            )
            
            (5,625
            )
            
            (55,507
            )Provision
                for income taxes
            
            
            -
            
            
            -
            
            
            -**Net
                loss**
            
            $
            (25,323
            )
            $
            (5,625
            )
            $
            (55,507
            )**Net
                loss per common share, basic and diluted**
            
            $
            (0.00
            )
            $
            (0.00
            )
            $
            (0.00
            )**Weighted
                average common shares outstanding**
            
            
            21,288,587
            
            
            21,000,000
            
            
            21,037,237




See
      accompanying notes to consolidated financial statements.


4


**NORTH
      AMERICAN ENERGY RESOURCES, INC.**


**(Formerly
      Mar Ked Mineral Exploration, Inc.)**


**(An
      Exploration Stage Company)**


**Statements
      of Consolidated Cash Flows**


**(Unaudited)**


**For
      the three months ended July 31, 2008 and 2007**


**and
      the period from inception (August 18, 2006) through July 31,
      2008**





**Inception****(August 18, 2006)****through****July 31,****2008**
            
            **2007**
            
            **2008****Operating
                activities**Net
                loss
            
            $
            (25,323
            )
            $
            (5,625
            )
            $
            (55,507
            )Adjustments
                to reconcile net loss to net cash used in operating
                activities:Depreciation
                and amortization
            
            
            1,123
            
            
            -
            
            
            2,967Accounts
                receivable
            
            
            (9,514
            )
            
            (765
            )
            
            (66,259
            )Accounts
                payable
            
            
            17,996
            
            
            8,947
            
            
            41,290Accrued
                expenses
            
            
            (1,094
            )
            
            -
            
            
            280Oil
                and gas proceeds due others
            
            
            (347
            )
            
            -
            
            
            224Advances
                from joint interest owners
            
            
            (121,769
            )
            
            (8,359
            )
            
            59,032Net
                cash used in operating activities
            
            
            (138,928
            )
            
            (5,802
            )
            
            (17,973
            )**Investing
                activities**Payments
                for oil and natural gas properties and equipment
            
            
            (1,166
            )
            
            (23,817
            )
            
            (122,348
            )Cash
                received in excess of cash paid in reverse acquisition of North American
                Energy Resources, Inc.
            
            
            150,000
            
            
            -
            
            
            150,000Proceeds
                from sale of oil and gas properties
            
            
            -
            
            
            -
            
            
            7,500Payments
                for pipeline
            
            
            -
            
            
            -
            
            
            (7,500
            )Net
                cash used in investing activities
            
            
            148,834
            
            
            (23,817
            )
            
            27,652**Financing
                activities**Loan
                proceeds
            
            
            -
            
            
            -
            
            
            35,250Loans
                from related parties
            
            
            -
            
            
            30,500
            
            
            130,000Sale
                of common stock
            
            
            -
            
            
            -
            
            
            20,000Net
                cash provided by financing activities
            
            
            -
            
            
            30,500
            
            
            185,250Net
                increase in cash and cash equivalents
            
            
            9,906
            
            
            881
            
            
            194,929Cash
                and cash equivalents, beginning of period
            
            
            185,023
            
            
            765
            
            
            -Cash
                and cash equivalents, end of period
            
            $
            194,929
            
            $
            1,646
            
            $
            194,929





See
      accompanying notes to consolidated financial statements.


5





**NORTH
      AMERICAN ENERGY RESOURCES, INC.**


**(Formerly
      Mar Ked Mineral Exploration, Inc.)**


**(An
      Exploration Stage Company)**


**Statements
      of Consolidated Cash Flows, Continued**


**(Unaudited)**


**For
      the three months ended July 31, 2008 and 2007**


**and
      the period from inception (August 18, 2006) through July 31,
      2008**





**Inception****(August 18, 2006)****through****July 31,****2008**
            
            **2007**
            
            **2008****Supplemental
                cash flow information****Cash
                paid for interest and income taxes:**Interest
            
            $
            1,094
            
            $
            -
            
            $
            -Income
                taxes
            
            
            -
            
            
            -
            
            
            -**Non-cash
                investing and financing activities:**Common
                stock issued for:Notes
                receivable
            
            $
            -
            
            $
            -
            
            $
            76,000Oil
                and gas properties
            
            
            -
            
            
            -
            
            
            303,670Interest
                in pipeline
            
            
            -
            
            
            -
            
            
            100,000Loans
                to shareholders assumed
            
            
            -
            
            
            -
            
            
            (371,000
            )Advance
                from joint interest participant assumed
            
            
            -
            
            
            -
            
            
            (8,670
            )$
            100,000Acquisition
                of North American Energy Resources, Inc. in reverse
                acquisition:Assets
                acquired, other than cash
            
            $
            -
            
            $
            -
            
            $
            -Liabilities
                assumed
            
            
            -
            
            
            -
            
            
            -Common
                stock issued
            
            
            (150,000
            )
            
            -
            
            
            -Cash
                received in excess of cash paid
            
            $
            150,000Exchange
                of joint interest receivable for oil and natural gas
                properties
            
            $
            33,332
            
            
            -
            
            
            -Convertible
                  note payable and accrued interest exchanged for 1,000 shares of
                  North
                  American Exploration, Inc. common stock
            
            
            35,530
            
            
            -
            
            
            -





See
      accompanying notes to consolidated financial statements.


6


**NORTH
      AMERICAN ENERGY RESOURCES, INC.**


**(Formerly
      Mar Ked Mineral Exploration, Inc.)**


**(An
      Exploration Stage Company)**


**Notes
      to Consolidated Financial Statements**





**NOTE
              1:**
            **ORGANIZATION
                AND SUMMARY OF SIGNIFICANT ACCOUNTING
                POLICIES**





**Organization**




The
      financial statements include the accounts of North American Energy Resources,
      Inc. (formerly Mar Ked Mineral Exploration, Inc.) (“NAER”) and its wholly owned
      subsidiary, North American Exploration, Inc. (“NAE”) (formerly Signature Energy,
      Inc.) (collectively the “Company”).





NAER
      was
      incorporated in Nevada on August 22, 2006 as mar Ked Mineral Exploration, Inc.
      and changed its name to North American Energy Resources, Inc. on August 11,
      2008. NAE was incorporated in Nevada on August 18, 2006 as Signature Energy,
      Inc. and changed its name to North American Exploration, Inc. on June 2,
      2008.





The
      consolidated financial statements included in this report have been prepared
      by
      the Company pursuant to the rules and regulations of the Securities and Exchange
      Commission for interim reporting and include all adjustments (consisting only
      of
      normal recurring adjustments) that are, in the opinion of management, necessary
      for a fair presentation. These consolidated financial statements have not been
      audited.





Certain
      information and footnote disclosures normally included in financial statements
      prepared in accordance with accounting principles generally accepted in the
      United States have been condensed or omitted pursuant to such rules and
      regulations for interim reporting. The Company believes that the disclosures
      contained herein are adequate to make the information presented not misleading.
      However, these consolidated financial statements should be read in conjunction
      with the consolidated financial statements and notes thereto included in the
      Company’s Annual Report for the year ended April 30, 2008, which is included in
      the Company’s Form 8-K/A dated July 28, 2008 and filed on September 12, 2008.
      The financial data for the interim periods presented may not necessarily reflect
      the results to be anticipated for the complete year.





**Acquisition**




On
      July
      28, 2008, the shareholders of NAE entered into a stock purchase agreement with
      NAER. NAER issued 21,000,000 restricted shares of its common stock to the
      shareholders of NAE in exchange for 100% of the issued and outstanding stock
      of
      NAE. Completion of the stock purchase agreement resulted in the shareholders
      of
      NAE having control of NAER. Accordingly, the transaction is recorded for
      accounting purposes as the acquisition of NAE by NAER with NAE as the acquirer
      (reverse acquisition). The financial statements of the Company prior to July
      28,
      2008 are those of NAE. Formerly, NAER used a November 30 year-end. As a result
      of the reverse acquisition, the Company will utilize the April 30 year-end
      of
      NAE in the future.


7





**Business**




NAE
      is an
      independent oil and natural gas company engaged in the acquisition,
      exploration and development of oil and natural gas properties and the production
      of oil and natural gas. The Company operates in the upstream segment of the
      oil
      and gas industry with activities, including the drilling, completion and
      operation of oil and gas wells in Oklahoma. The Company also has an interest
      in
      a pipeline in its area of operations which is used for gathering its gas and
      the
      gas production of other producers.





**Exploration
      stage**


The
      Company is in the exploration stage and has realized only nominal revenue to
      date. The Company is now beginning to develop leasehold which it owns in
      Washington County, Oklahoma. Accordingly, the operation of the Company is
      presented as those of a development stage enterprise, from its inception (August
      18, 2006) as prescribed by Statement of Financial Accounting Standards (SFAS)
      No. 7, “Accounting and Reporting by Development Stage Enterprises.”





**Cash
      and cash equivalents**


The
      Company considers all cash on hand; cash in banks and all highly liquid debt
      instruments purchased with a maturity of three months or less to be cash and
      cash equivalents. At times cash and cash equivalent balances at a limited number
      of banks and financial institutions may exceed insurable amounts. The Company
      believes it mitigates its risks by depositing cash or investing in cash
      equivalents in major financial institutions.





**Revenue
      recognition**


The
      Company predominately derives its revenue from the sale of produced crude oil
      and natural gas. Revenue is recorded in the month the product is delivered
      to
      the purchaser. At the end of each month, the Company estimates the amount of
      production delivered to purchasers and the price it will receive. Variances
      between the Company’s estimated revenue and actual payment are recorded in the
      month the payment is received, however, difference have been
      insignificant.





**Property
      and equipment**


The
      Company follows the full cost method of accounting for oil and natural gas operations.
      Under this method all productive and nonproductive costs incurred in connection
      with the acquisition, exploration and development of oil and natural gas
      reserves are capitalized. No gains or losses are recognized upon the sale or
      other disposition of oil and natural gas properties except in transactions
      that
      would significantly alter the relationship between capitalized costs and proved
      reserves. The costs of unevaluated oil and natural gas properties are excluded
      from the amortizable base until the time that either proven reserves are found
      or it has determined that such properties are impaired. The Company had no
      capitalized costs related to unevaluated properties at July 31, 2008 and April
      30, 2008, respectively. As properties are evaluated, the related costs would
      be
      transferred to proven oil and natural gas properties using full cost accounting.
      All capitalized costs were included in the amortization base as of July 31,
      2008
      and 2007.


8





Under
      the
      full cost method the net book value of oil and natural gas properties, less
      related deferred income taxes, may not exceed the estimated after-tax future
      net
      revenues from proved oil and natural gas properties, discounted at 10% (the
      “Ceiling Limitation”). In arriving at estimated future net revenues, estimated
      lease operating expenses, development costs, and certain production-related
      taxes are deducted. In calculating future net revenues, prices and costs in
      effect at the time of the calculation are held constant indefinitely, except
      for
      changes that are fixed and determinable by existing contracts. The net book
      value is compared to the ceiling limitation on a quarterly and yearly basis.
      The
      excess, if any, of the net book value above the ceiling limitation is charged
      to
      expense in the period in which it occurs and is not subsequently reinstated.
      Reserve estimates used in determining estimated future net revenues have been
      prepared by the Company with the assistance of a consultant.





Other
      property and equipment consists principally of the Company’s interest in the
      pipeline. Other property and equipment and related accumulated amortization
      and
      depreciation are relieved upon retirement or sale and the gain or loss is
      included in operations. Renewals and replacements that extend the useful life
      of
      property and equipment are treated as capital additions. Accumulated
      depreciation of other property and equipment at July 31, 2008 and April 30,
      2008
      is approximately $1,790 and $716, respectively.





In
      accordance with the impairment provisions of Statement of Financial Accounting
      Standards (SFAS) No. 144, “Accounting for the Impairment or Disposal of
      Long-Lived Assets,” the Company assesses the recoverability of the carrying
      value of its non-oil and gas long-lived assets when events occur that indicate
      an impairment in value may exist. An impairment loss is indicated if the sum
      of
      the expected undiscounted future net cash flows is less than the carrying amount
      of the assets. If this occurs, an impairment loss is recognized for the amount
      by which the carrying amount of the assets exceeds the estimated fair value
      of
      the asset. No impairments were recorded in 2008 or 2007.





**Depreciation
      and amortization**


All
      capitalized costs of oil and natural gas properties and equipment, including
      the
      estimated future costs to develop proved reserves, are amortized using the
      unit-of-production method based on total proved reserves. Depreciation of other
      equipment is computed on the straight line method over the estimated useful
      lives of the assets, which range from three to twenty-five years.





**Natural
      gas sales and gas imbalances**


The
      Company follows the entitlement method of accounting for natural gas sales,
      recognizing as revenues only its net interest share of all production sold.
      Any
      amount attributable to the sale of production in excess of or less than the
      Company’s net interest is recorded as a gas balancing asset or liability. At
      July 31, 2008 and April 30, 2008, there were no natural gas
      imbalances.





**Credit
      and market risk**


The
      Company sells oil and natural gas to one customer and participates with other
      parties in the drilling, completion and operation of oil and natural gas wells.
      Join interest and oil and natural gas sales receivables related to these
      operations are generally unsecured. The Company provides an allowance for
      doubtful accounts for certain joint interest owners’ receivable balances when
      the Company believes the recoverable balance may not be collected. The Company
      has the right of offset of the joint interest owners’ share of natural gas
      production against amounts owed by the joint interest owners. Accounts
      receivable are presented net of the related allowance for doubtful
      accounts.


9





In
      2008
      and 2007, the Company had cash deposits in certain banks that at times exceeded
      the maximum insured by the Federal Deposit Insurance Corporation. The Company
      monitors the financial condition of the banks and has experienced no losses
      on
      these accounts.





**General
      and administrative expense**


The
      Company receives fees for the operation of jointly owned oil and natural gas
      properties and records such reimbursements as reductions of general and
      administrative expense. Such fees totaled approximately $3,600 and $0 in the
      three months ended July 31, 2008 and 2007, respectively.





**Oil
      and natural gas reserve estimates**


The
      Company prepared its oil and natural gas reserves with the assistance of a
      consultant. Proved reserves, estimated future net revenues and the present
      value
      of our reserves are estimated based upon a combination of historical data and
      estimates of future activity. Consistent with SEC requirements, we have based
      our present value of proved reserves on spot prices on the date of the estimate.
      The reserve estimates are used in calculating depletion, depreciation and
      amortization and in the assessment of the Company’s Ceiling Limitation.
      Significant assumptions are required in the valuation of proved oil and natural
      gas reserves which, as described herein, may affect the amount at which oil
      and
      natural gas properties are recorded. Actual results could differ materially
      from
      these estimates.





**Income
      taxes**


Provisions
      for income taxes are based on taxes payable or refundable for the current year
      and deferred taxes. Deferred taxes are provided on differences between the
      tax
      bases of assets and liabilities and their reported amounts in the financial
      statements, and tax carry forwards. Deferred tax assets and liabilities are
      included in the financial statements at currently enacted income tax rates
      applicable to the period in which the deferred tax assets and liabilities are
      expected to be realized or settled. As changes in tax laws or rates are enacted,
      deferred tax assets and liabilities are adjusted through the provision for
      income taxes.




**Earnings
      (loss) per common share**


Earnings
      (loss) per common share are calculated under the provisions of SFAS No.
      128, ** “Earnings
      per Share” (“SFAS No. 128”), which established new standards for computing and
      presenting earnings per share. SFAS No. 128 requires the Company to report
      both
      basic earnings per share, which is based on the weighted-average number of
      common shares outstanding, and diluted earnings per share, which is based on
      the
      weighted-average number of common shares outstanding plus all potential dilutive
      shares outstanding. At July 31, 2008 and 2007, there were no potentially
      dilutive common stock equivalents. Accordingly, basic and diluted earnings
      (loss) per share are the same for each of the periods
      presented.


10





**Estimates**


The
      preparation of financial statements in conformity with accounting principles
      generally accepted in the United States of America requires management to make
      estimates and assumptions that affect the reported amounts of assets and
      liabilities and disclosure of contingent assets and liabilities at the date
      of
      the financial statements and the reported amounts of revenues and expenses
      during the reporting period. Actual results could differ from those
      estimates.




**Fair
      value of financial instruments**


Financial
      instruments consist of accounts payable, accrued expenses and short-term
      borrowings. The carrying amount of these financial instruments approximates
      fair
      value due to their short-term nature or the current rates at which the Company
      could borrow funds with similar remaining maturities.





**Contingencies**


Certain
      conditions may exist as of the date financial statements are issued, which
      may
      result in a loss to the Company, but which will only be resolved when one or
      more future events occur or fail to occur. Company management and its legal
      counsel assess such contingencies related to legal proceeding that are pending
      against the Company or unasserted claims that may result in such proceedings,
      the Company’s legal counsel evaluates the perceived merits of any legal
      proceedings or unasserted claims as well as the perceived merits of the amount
      of relief sought or expected to be sought therein. If the assessment of a
      contingency indicates that it is probably that a liability has been incurred
      and
      the amount of the liability can be estimated, then the estimated liability
      would
      be accrued in the Company’s financial statements. If the assessment indicates
      that a potentially material loss contingency is not probable but is reasonably
      possible, or if probable but cannot be estimated, then the nature of the
      contingent liability, together with an estimate of the range of possible loss
      if
      determinable would be disclosed.





**Asset
      retirement obligations**


SFAS
      No.
      143, “Accounting for Asset Retirement Obligations,” addresses financial
      accounting and reporting for obligations associated with the retirement of
      tangible long-lived assets and the associated asset retirement costs and amends
      FASB Statement No. 19, “Financial Accounting and Reporting by Oil and Gas
      Producing Companies.” SFAS No. 143 requires that the fair value of a liability
      for an asset retirement obligation be recognized in the period in which it
      is
      incurred if a reasonable estimate of fair value can be made, and that the
      associated retirement costs be capitalized as part of the carrying amount of
      the
      long-lived asset. The Company determines its asset retirement obligation by
      calculating the present value of the estimated cash flows related to the
      liability. Periodic accretion of the discount of the estimated liability would
      be recorded in the statement of operations. At July 31, 2008 and 2007, the
      Company has estimated that its share of the salvage value of lease equipment
      would exceed its share of the cost of plugging and abandoning its producing
      properties.


11




**Recent
        accounting pronouncements**
 There
        are
        several new accounting pronouncements issued by the Financial Accounting
        Standards Board (“FASB”) which are not yet effective. Each of these
        pronouncements, as applicable, has been or will be adopted by the Company.
        Management does not believe any of these accounting pronouncements has had
        or
        will have a material impact on the Company’s financial position or operating
        results.
 
 In
        December 2007, the FASB issued SFAS No. 141 (revised 2007), “Business
        Combinations,” (SFAS 141R) and SFAS No. 160, “Noncontrolling Interests in
        Consolidated Financial Statements, an amendment of ARB No. 51” (“SFAS 160”).
        Both SFAS 141R and SFAS 160 are to be adopted effective May 1, 2009. SFAS
        141R
        requires the application of several new or modified accounting concepts that,
        due to their complexity, could introduce a degree of volatility in periods
        subsequent to a material business combination. SFAS 141R requires that all
        business combinations result in assets and liabilities acquired being recorded
        at fair value, with limited exceptions. Other areas related to business
        combinations that will require changes from current GAAP included: contingent
        consideration, acquisition costs, contingencies, restructuring costs, in
        process
        research and development and income taxes, among others. SFAS 160 will primarily
        impact the presentation of minority or noncontrolling interests within the
        balance sheet and statement of operations as well as the accounting for
        transactions with noncontrolling interest holders.
 
 In
        December 2007, the FASB issued SFAS No. 160, “Noncontrolling Interests in
        Consolidated Financial Statements-an amendment of ARB No. 51” (“SFAS 160”). This
        statement amends ARB No. 51 to establish accounting and reporting standards
        for
        the noncontrolling interest in a subsidiary and for the deconsolidation of
        a
        subsidiary. SFAS 160 clarifies that a noncontrolling interest in a subsidiary,
        which is sometimes referred to as minority interest, is an ownership interest
        in
        the consolidated entity that should be reported as a component of equity
        in the
        consolidated financial statements. Among other requirements, SFAS 160 requires
        consolidated net income to be reported at amounts that include the amounts
        attributable to both the parent and the noncontrolling interest. It also
        requires disclosure, on the face of the consolidated income statement, of
        the
        amounts of consolidated net income attributable to the parent and to the
        noncontrolling interest. This statement is effective for fiscal years, and
        interim periods within those fiscal years, beginning on or after December
        15,
        2008. We do not expect the adoption of this pronouncement to have an impact
        on
        our financial position or results of operations.
 
 **Prior
        operations**
 Prior
        to
        the acquisition of NAE, NAER was an exploration stage company engaged in
        the
        acquisition, exploration and development of resource properties, principally
        gold, in the Province of British Columbia, Canada. Since the acquisition
        of NAE,
        NAER has abandoned its plans to develop gold leases and will concentrate
        future
        resources in acquiring, exploring and developing oil and natural gas
        properties.
  12
  **NOTE
            2:** **ACCOUNTS
            AND NOTE RECEIVABLE**
 
 Accounts
        receivable at July 31, 2008 and April 30, 2008 include the
        following:
 
 **July
                  31,**
              
              **April
                  30,****2008**
              
              **2008**Natural
                  gas sales, net
              
              $
              756
              
              $
              2,857Joint
                  interest operations, net
              
              
              28,860
              
              
              51,019Other,
                  net
              
              
              3,311
              
              
              2,869$
              32,927
              
              $
              56,745
 
 Effective
        July 3, 2008, the Company acquired an interest in three oil and gas properties
        for which $33,332, in joint interest operations receivables was the
        consideration.
 
 The
        Company has a note receivable with a balance of $76,000 at July 31, 2008
        and
        April 30, 2008, which is currently accruing interest at its default rate
        of 12%.
        At July 31, 2008, accrued interest on the note in the amount of $18,584 has
        been
        earned, but has not been recorded, since the note is in default. The Company
        expects to ultimately receive other assets in exchange for the
        note.
 
 **NOTE
        3:**  **PROPERTY
        AND EQUIPMENT**
 
 Property
        and equipment and related accumulated depreciation and amortization at July
        31,
        2008 and April 30, 2008 are summarized as follows:
 
 **July
                  31,**
              
              **April
                  30,****2008**
              
              **2008**Proved
                  oil and natural gas properties under full cost
              
              $
              459,350
              
              $
              424,852Pipeline
              
              
              107,500
              
              
              107,500Total
              
              
              566,850
              
              
              532,352Accumulated
                  depreciation and amortization
              
              
              (10,467
              )
              
              (9,344
              )$
              556,383
              
              $
              523,008
  13
  **NOTE
        4:**  **RELATED
        PARTY TRANSACTIONS**
 
 The
        Company has non-interest bearing obligations to related parties at July 31,
        2008
        and April 30, 2008, as follows:
 
 **July
                  31,**
              
              **April
                  30,****2008**
              
              **2008**Assets
                  acquired from shareholders
              
              $
              371,000
              
              $
              371,000Cash
                  received
              
              
              130,000
              
              
              130,000$
              501,000
              
              $
              501,000
 
 
 The
        Company acquired the following assets from its shareholders and assumed the
        liability to its shareholders in August 2006:
  **2007**Note
                  receivable
              
              $
              76,000Oil
                  and gas properties
              
              
              303,670Interest
                  in pipeline
              
              
              100,000Assets
                  acquired
              
              
              479,670Advance
                  from joint interest participant assumed
              
              
              (8,670
              )Common
                  stock issued
              
              
              (100,000
              )Liability
                  to shareholders
              
              $
              371,000
 
 The
        Company sells its gas pursuant to a contract with a gathering system principally
        owned by a related party. The Company receives a price equal to 70% of the
        posted price. The related party retains the other 30% of the posted price
        for
        gathering fees and marketing fees.
  **NOTE
        5:**  **CONVERTIBLE
        NOTES PAYABLE**
 
 At
        April
        30, 2008, NAE had a convertible line-of-credit with a balance of $35,250
        with
        interest at 8% which was due in August 2008. In July 2008, the Company exchanged
        1,000 shares of its common stock for the convertible note payable with a
        principal balance of $35,250 and the related accrued interest.
 
 **NOTE
        6:**  **STOCKHOLDER’S
        EQUITY**
 
 **PREFERRED
        STOCK**
 
 The
        Company has 100,000,000 shares of its $0.001 par value preferred stock
        authorized. At July 31, 2008 and April 30, 2008, the Company had no shares
        issued and outstanding.
  14
  **COMMON
        STOCK**
 
 The
        Company has 100,000,000 shares of its $0.001 par value common stock authorized.
        At July 31, 2008 and April 30, 2008 the Company has 29,850,000 and 21,000,000
        shares issued and outstanding, respectively.
 
 **NOTE
        7:**  **COMMITMENTS
        AND CONTINGENCIES**
 
 The
        Company currently maintains its corporate office in the office of its accountant
        at no charge.
 
 The
        shareholders of NAER before the acquisition of NAE have agreed to contribute
        a
        total of $1,500,000 to NAER. Of this amount, $150,000 was contributed prior
        to
        July 31, 2008.
 
 **NOTE
        8:**  **GOING
        CONCERN**
 
 The
        accompanying financial statements have been prepared assuming the Company
        will
        continue as a going concern. The Company commenced operations in September
        2006.
 
 At
        July
        31, 2008 and April 30, 2008 the Company had negative working capital of $382,360
        and $509,192, respectively, which includes $501,000 in non-interest bearing
        loans from related parties. The Company expects to meet its capital requirements
        for the next year with the $1,350,000 in remaining capital contributions
        due
        from shareholders. (Note 7)
 
 In
        addition, the Company expects to sell all of its interest in its existing
        developmental drilling prospects on a 1/3 for 1/4 basis and be carried to
        the
        tanks, thus having no additional up-front capital costs on existing properties.
        This method of operations allows the company to participate in a larger number
        of prospects with a relatively low capital outlay.
 
 These
        conditions raise doubt about the Company’s ability to continue as a going
        concern without the agreed capital contributions by shareholders. The financial
        statements do not include any adjustments that may result from the outcome
        of
        these uncertainties.
 
 **NOTE
        9:**  **SUBSEQUENT
        EVENTS**
 
 **Name
        change**
 
 On
        August
        11, 2008, NAER changed its name from Mar Ked Mineral Exploration, Inc. to
        North
        American Energy Resources, Inc.
  15
  **ITEM
                2:**
              **MANAGEMENT'S
                  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
                  OPERATIONS**
 
 This
        statement contains forward-looking statements within the meaning of the
        Securities Act. Discussions containing such forward-looking statements may
        be
        found throughout this statement. Actual events or results may differ materially
        from those discussed in the forward-looking statements as a result of various
        factors, including the matters set forth in this statement.
 
 Our
        plan
        of operation for the next twelve months is to obtain the committed funding
        from
        our shareholders of $1,350,000, continue to develop our existing leases and
        acquire additional leases.
 
 **COMPARISON
        OF THREE MONTHS ENDED July 31, 2008 AND 2007**
 
 During
        the three-month periods ended July 31, 2008, we had natural gas sales of
        $1,266
        and none in the prior year period. In the 2007 period, the Company’s field was
        shut-in due to flooding experienced earlier in the year. Sales did not
        re-commence until after substantial repairs had been completed.
 
 During
        the three-month periods ended July 31, 2008 and 2007, general and administrative
        expenses, amounted to $15,804 and $520, respectively, and are summarized
        below:
 
 **2008**
              
              **2007**Accounting
              
              $
              11,430
              
              $
              -Bank
                  charges and interest
              
              
              15
              
              
              8Software
              
              
              3,000
              
              
              -Professional
                  services
              
              
              2,085
              
              
              2,112Office
                  expenses
              
              
              790
              
              
              -Shareholder
                  communications
              
              
              1,290
              
              
              -Subscriptions
                  and dues
              
              
              794
              
              
              -19,404
              
              
              2,120Less
                  overhead income
              
              
              (3,600
              )
              
              (1,600
              )$
              15,804
              
              $
              520
 
 Accounting
        and software costs in 2008 account for the majority of the increase. The
        accounting was brought up to date during the 2008 quarter and new oil and
        gas
        software was used for the first time.
 
 **LIQUIDITY,
        CAPITAL RESOURCES AND PLAN OF OPERATIONS**
 
 At
        July
        31, 2008, we had $194,929 in cash and a working capital deficit of $382,360.
        Comparatively, we had cash of $185,023 and a working capital deficit of $509,192
        at April 30, 2008.
 
 Pursuant
        to the stock purchase agreement between NAER and the shareholders of NAE,
        the
        shareholders of NAER prior to the acquisition of NAE have agreed to contribute
        $1,500,000 for the working capital needs of NAER. As of July 31, 2008, the
        Company had received $150,000 from the shareholders.
  16
  We
        estimate that our total planned expenditures over the next twelve months
        will be
        approximately $120,000 for corporate overhead. We expect to utilize excess
        funds
        to acquire additional acreage for future drilling operations.
 
 **CASH
        USED IN OPERATING ACTIVITIES**
 
 Cash
        used
        for operating activities was $138,928 for the three-month period ended July
        31,
        2008 and $5,802 for the three-month period ended July 31, 2007. The majority
        of
        the increase is attributed to using the funds received from joint interest
        participants to pay drilling and development costs incurred during the quarter.
        The majority of the funds required for drilling and developing existing acreage
        will come from prepayments from joint interest participants. Aside from
        overhead, we expect to utilize the majority of our excess capital, if any,
        to
        acquire additional leases.
 
 **CASH
        FROM FINANCING ACTIVITIES**
 
 We
        received $150,000 in cash from shareholder contributions during the three-month
        period ended July 31, 2008 and expect to continue to receive additional
        shareholder contributions as needed to complete our business plan. It is
        anticipated that shareholder contributions will fund the Company while revenue
        from operations grows from its existing levels.
 
 **GOING
        CONCERN**
 
 We
        have
        not attained profitable operations and are dependent upon obtaining the
        shareholder contributions discussed above to pursue our business plan. For
        these
        reasons, there is doubt we will be able to continue as a going concern, since
        we
        are dependent upon our shareholders to contribute sufficient funds to finance
        future operations until our revenues are adequate to fund our cost of
        operations.
 
 **OFF-BALANCE
        SHEET ARRANGEMENTS**
 
 None.
  17
  **ITEM
        3:****QUANTITATIVE
        AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**
 
 Not
        applicable.
 
 **ITEM
        4T:**  **CONTROLS
        AND PROCEDURES**
 
 (a)
              Evaluation
                  of Disclosure Controls and Procedures.  The Company’s management is
                  responsible for establishing and maintaining adequate internal
                  control
                  over financial reporting (as defined in Rule 13a-15(f) under the
                  Securities Exchange Act of 1934, as amended). Management conducted
                  an
                  evaluation of the effectiveness of the Company’s internal control over
                  financial reporting based on the criteria set forth in Internal
                  Control -
                  Integrated Framework issued by the Committee of Sponsoring Organizations
                  of the Treadway Commission (COSO). Based on this evaluation, management
                  has concluded that the Company’s internal control over financial reporting
                  was effective as of July 31, 2008.
 
 This
        quarterly report does not include an attestation report of the company’s
        registered public accounting firm regarding internal control over financial
        reporting. Management’s report was not subject to attestation by the company’s
        registered public accounting firm pursuant to temporary rules of the Securities
        and Exchange Commission that permit the company to provide only management’s
        report in this quarterly report.
 
 (b)
              Changes
                  in Internal Control over Financial Reporting.  There were no changes
                  in the Company's internal controls over financial reporting, known
                  to the
                  chief executive officer or the chief financial officer that occurred
                  during the period covered by this report that has materially affected,
                  or
                  is reasonably likely to materially affect, the Company's internal
                  control
                  over financial reporting.
  18
  **PART
        II - OTHER INFORMATION**
  **ITEM
        1:**  **LEGAL
        PROCEEDINGS**
 
 None
 
 **ITEM
        1A:**  **RISK
        FACTORS**
 
 Not
        applicable.
 
 **ITEM
        2:**  **UNREGISTERED
        SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**
 
 The
        Company issued 21,000,000 shares of its common stock to acquire 100% of North
        American Exploration, Inc.
 
 All
        of
        the shares issued were sold pursuant to an exemption from registration under
        Section 4(2) promulgated under the Securities Act of 1933, as
        amended.
  **ITEM
        3:**  **DEFAULTS
        UPON SENIOR SECURITIES.**
 
 None
 
 **ITEM
        4:****SUBMISSION
        OF MATTERS TO A VOTE OF SECURITY HOLDERS.**
 
 None
 
 **ITEM
        5:****OTHER
        INFORMATION.**
 
 None
  **ITEM
        6:**  **EXHIBITS**
 
 Exhibit
                  31
              Certification
                  pursuant to 18 U.S.C. Section 1350 Section 302 of the Sarbanes-Oxley
                  Act
                  of 2002Exhibit
                  32
              Certification
                  pursuant to 18 U.S.C. Section 1350 Section 906 of the Sarbanes-Oxley
                  Act
                  of 2002
  19
  **SIGNATURE**
 
 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.
 
 NORTH
                  AMERICAN ENERGY RESOURCES, INC.Date:
                  September 15, 2008By:
              /s/
                  Ross E. SilveyPresident,
                  Chief Executive Officer andActing
                  Chief Financial Officer
  20