UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

(Mark One)

[X]  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
     OF 1934

                 For the quarterly period ended January 31, 2008

[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

      For the transition period from _________________ to _________________

                        Commission file number 333-141384


                           Aspen Racing Stables, Inc.
        (Exact name of small business issuer as specified in its charter)

            Nevada                                               98-0517550
  (State or other jurisdiction of                              (IRS Employer
   incorporation or organization)                            Identification No.)

                 243 Cranfield Green SE, Calgary Alberta T3M 1C4
                    (Address of principal executive offices)

                   (403) 370-1176 (Issuer's telephone number)


            211 Misty Morning Drive Calgary, Alberta, Canada T3Z 2Z8
                                (Former Address)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 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 ]

Indicate  by check mark  whether  the  registrant  is an  accelerated  filer (as
defined in Rule 12b-2 of the Exchange Act: Yes [ ] No [X ].

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                  PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Check whether the  registrant  filed all  documents  and reports  required to be
filed by Section l2, 13 or 15(d) of the Exchange Act after the  distribution  of
securities under a plan confirmed by a court. Yes [ ] No [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity, as of March 11, 2008: 6,000,000 shares of common stock.













<PAGE>
<TABLE>
<CAPTION>

PART I - FINANCIAL STATEMENTS

Aspen Racing Stables Inc.
(A Development Stage Company)
Balance Sheets
(Expressed in US dollars)


                                                                 January 31,  October 31,
                                                                    2008        2007
                                                                      $           $
                                                                 (Unaudited)
                                                                  --------    --------
<S>                                                               <C>         <C>

ASSETS

Current Assets

   Cash                                                            181,490     189,361

 Prepaid expenses                                                     --           139
                                                                  --------    --------

Total Assets                                                       181,490     189,500




LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities

Accounts payable                                                    16,430       8,632

Due to related party (Note 3(b))                                     3,684       3,684
                                                                  --------    --------

Total Liabilities                                                   20,114      12,316
                                                                  --------    --------


Commitments and Contingencies (Note 1)

Stockholders' Equity

Preferred Stock, 10,000,000 shares authorized, $0.001 par value
None issued and outstanding                                           --          --

Common Stock, 100,000,000 shares authorized, $0.001 par value
6,000,000 shares issued and outstanding                              6,000       6,000

Additional Paid-in Capital                                         299,000     299,000

Donated Capital (Note 3(a))                                         16,500      14,250

Deficit Accumulated During the Development Stage                  (160,124)   (142,066)
                                                                  --------    --------

Total Stockholders' Equity                                         161,376     177,184
                                                                  --------    --------

Total Liabilities and Stockholders' Equity                         181,490     189,500
                                                                  ========    ========

</TABLE>




                                        2
<PAGE>
<TABLE>
<CAPTION>

Aspen Racing Stables Inc.
(A Development Stage Company)
Statements of Operations
(Expressed in US dollars)
(Unaudited)


                                        Accumulated from
                                         March 10, 2006      Three Months        Three Months
                                      (Date of Inception)        Ended               Ended
                                         to January 31,       January 31,         January 31,
                                              2008               2008                2007
                                               $                   $                   $
                                         ----------           ----------           ----------
<S>                                      <C>                  <C>                  <C>

Revenue                                     100,000                 --                   --

Cost of sales                               100,929                 --                   --
                                         ----------           ----------           ----------

Gross Profit                                   (929)                --                   --
                                         ----------           ----------           ----------


Expenses

Donated rent (Note 3(a))                      5,500                  750                  750
Donated services (Note 3(a))                 11,000                1,500                1,500
General and administrative                    5,314                   27                  139
Professional fees                            58,703               15,781                 --
Stable fees                                   2,450                 --                  5,000
Write down on investments in horses          76,228                 --                   --
                                         ----------           ----------           ----------

Total Expenses                              159,195               18,058                7,389
                                         ----------           ----------           ----------

Net Loss For the Period                    (160,124)             (18,058)              (7,389)
                                         ==========           ==========           ==========


Net Loss Per Share - Basic and Diluted                              --                   --
                                         ==========           ==========           ==========


Weighted Average Shares Outstanding                            6,000,000            5,000,000
                                         ==========           ==========           ==========
</TABLE>






                                        3
<PAGE>
<TABLE>
<CAPTION>

Aspen Racing Stables Inc.
(A Development Stage Company)
Statements of Cash Flows
(Expressed in US dollars)
(Unaudited)


                                                           Accumulated From
                                                           March 10, 2006        Three Months       Three Months
                                                          (Date of Inception)        Ended             Ended
                                                            to January 31,        January 31,        January 31,
                                                                 2008                2008               2007
                                                                  $                   $                  $
                                                               --------           --------           --------
<S>                                                            <C>                <C>                <C>

Operating Activities

 Net loss for the period                                       (160,124)           (18,058)            (7,389)

   Adjustments to reconcile net loss to net cash used
   in operating activities:

    Donated rent                                                  5,500                750                750
      Donated services                                           11,000              1,500              1,500
      Write-off of investment in horses                          76,228               --                 --

Changes in operating assets and liabilities:

    Prepaid expenses                                               --                  139               --
    Accounts Payable                                             16,430              7,798            (16,942)
                                                               --------           --------           --------


Net Cash Flows Used In Operating Activities                     (50,966)            (7,871)           (22,081)
                                                               ========           ========           ========

Investing Activities

      Expenditures on investment in horses                     (176,228)              --              (26,440)
      Proceeds from the sale of horses                          100,000               --                 --
                                                               --------           --------           --------

Net Cash Flows Used in Investing Activities                     (76,228)              --              (26,440)
                                                               --------           --------           --------

Financing Activities

Advances from a related party                                   197,103               --               50,159
Repayment to a related party                                   (193,419)              --                 --
Proceeds from issuance of common stock                          300,000               --                5,000
Proceeds from stock subscriptions                                 5,000               --                 --
                                                               --------           --------           --------

Net Cash Flows Provided By Financing Activities                 308,684               --               55,159
                                                               ========           ========           ========

Increase (Decrease) in Cash                                     181,490             (7,871)             6,638

Cash - Beginning of Period                                         --              189,361                 47
                                                               --------           --------           --------

Cash - End of Period                                            181,490            181,490              6,685
                                                               ========           ========           ========

Supplemental Disclosures
Interest paid                                                      --                 --                 --
Income taxes paid                                                  --                 --                 --
                                                               ========           ========           ========

</TABLE>





                                        4
<PAGE>
Aspen Racing Stables Inc.
(A Development Stage Company)
Notes to the Financial Statements
(Expressed in US dollars)
(Unaudited)


1.   Development Stage Company

     Aspen Racing Stables Inc. (the "Company") was  incorporated in the State of
     Nevada on March 10, 2006. The Company is a Development  Stage  Company,  as
     defined  by  Statement  of  Financial  Accounting  Standard  ("SFAS")  No.7
     "Accounting and Reporting by Development Stage Enterprises".  The Company's
     principal  business  is the  purchase,  breeding,  training,  and resale of
     horses. During the year ended October 31, 2006, the Company purchased seven
     foals and  commenced  breeding and training of the foals with the intention
     of reselling the horses as yearlings. On May 25, 2007, the Company sold the
     horses.

     These  financial  statements  have been prepared on a going concern  basis,
     which implies the Company will continue to realize its assets and discharge
     its  liabilities  in the normal  course of business.  The Company has never
     generated  revenues since inception and has never paid any dividends and is
     unlikely  to  pay  dividends  or  generate  earnings  in the  immediate  or
     foreseeable  future.  The continuation of the Company as a going concern is
     dependent upon the continued  financial support from its shareholders,  the
     ability of the Company to obtain  necessary  equity  financing  to continue
     operations,  and the attainment of profitable operations. As at January 31,
     2008, the Company has accumulated  losses of $160,124 since inception and a
     working  capital  of  $161,376.   These  factors  raise  substantial  doubt
     regarding  the  Company's  ability to  continue as a going  concern.  These
     financial  statements do not include any adjustments to the  recoverability
     and   classification  of  recorded  asset  amounts  and  classification  of
     liabilities  that  might be  necessary  should  the  Company  be  unable to
     continue as a going concern.

     On March 16, 2007,  the Company filed an SB-2  Registration  Statement with
     the United  States  Securities  and Exchange  Commission  that was declared
     effective on June 12, 2007,  to issue  1,000,000  shares of common stock at
     $0.30 per share for gross proceeds of $300,000. Refer to Note 5(b).

     In August  2007,  the  Company  issued  1,000,000  shares of common  stock,
     pursuant to the SB-2, for cash proceeds of $300,000. The proceeds were used
     to repay  the  initial  cash  financing  of the  Company's  operations  and
     outstanding amounts owing to creditors. The remaining proceeds will be used
     to purchase additional horses.

2.   Summary of Significant Accounting Policies

     a)   Basis of Presentation

          These financial statements and related notes have been prepared by the
          Company in accordance with accounting principles generally accepted in
          the United  States,  and are  expressed in US dollars.  The  Company's
          fiscal year-end is October 31.

     b)   Interim Financial Statements

          The  interim  unaudited  financial  statements  have been  prepared in
          accordance with accounting principles generally accepted in the United
          States for interim financial information and with the instructions for
          Securities and Exchange  Commission  ("SEC") Form 10-QSB.  They do not
          include all of the  information  and  footnotes  required by generally
          accepted  accounting  principles  for complete  financial  statements.
          Therefore,  these financial  statements  should be read in conjunction
          with the Company's audited financial  statements and notes thereto for
          the year ended October 31, 2007,  included in the Company's Form 10KSB
          filed on February 15, 2008 with the SEC.

          The financial statements included herein are unaudited;  however, they
          contain all normal  recurring  accruals and  adjustments  that, in the
          opinion of  management,  are necessary to present fairly the Company's
          financial  position  at  January  31,  2008,  and the  results  of its
          operations  and cash flows for the three months ended January 31, 2008
          and 2007. The results of operations for the three months ended January
          31, 2008 are not necessarily  indicative of the results to be expected
          for future quarters or the full year.



                                        5
<PAGE>
Aspen Racing Stables Inc.
(A Development Stage Company)
Notes to the Financial Statements
(Expressed in US dollars)
(Unaudited)


2. Summary of Significant Accounting Policies (Continued) c) Use of Estimates

          The  preparation  of  financial  statements  in  conformity  with U.S.
          generally accepted  accounting  principles 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.  The Company  regularly  evaluates
          estimates and assumptions related to useful life and recoverability of
          investment in horses,  donated expenses, and deferred income tax asset
          valuations. The Company bases its estimates and assumptions on current
          facts,  historical  experience  and  various  other  factors  that  it
          believes  to be  reasonable  under the  circumstances,  the results of
          which form the basis for making judgments about the carrying values of
          assets and  liabilities and the accrual of costs and expenses that are
          not  readily   apparent  from  other   sources.   The  actual  results
          experienced  by the Company may differ  materially  and adversely from
          the Company's estimates.  To the extent there are material differences
          between  the  estimates  and the  actual  results,  future  results of
          operations will be affected.

     d)   Basic and Diluted Net Income (Loss) Per Share

          The Company  computes net income (loss) per share in  accordance  with
          SFAS No. 128, "Earnings per Share". SFAS No. 128 requires presentation
          of both basic and diluted  earnings per share (EPS) on the face of the
          income statement.  Basic EPS is computed by dividing net income (loss)
          available to common  shareholders  (numerator) by the weighted average
          number of shares outstanding  (denominator) during the period. Diluted
          EPS gives effect to all dilutive  potential common shares  outstanding
          during the period  using the  treasury  stock  method and  convertible
          preferred stock using the if-converted  method.  In computing  Diluted
          EPS, the average stock price for the period is used in determining the
          number of shares  assumed to be  purchased  from the exercise of stock
          options or  warrants.  Diluted EPS  excludes  all  dilutive  potential
          shares if their effect is anti  dilutive.  As at January 31, 2008, and
          2007 there are no dilutive potential common shares.

     e)   Comprehensive Loss

          SFAS No. 130, "Reporting  Comprehensive Income," establishes standards
          for the reporting and display of comprehensive loss and its components
          in the financial  statements.  As at January 31, 2008, the Company has
          no items that represent a comprehensive loss and,  therefore,  has not
          included a schedule of comprehensive loss in the financial statements.

     f)   Cash and Cash Equivalents

          The Company  considers all highly liquid  instruments with maturity of
          three months or less at the time of issuance to be cash equivalents.

     g)   Investment in Horses

          The value of the horses include all direct  acquisition costs incurred
          and are  recorded  at the  lower  of cost or  market  until  they  are
          available for sale. As the Company  purchases the horses as foals with
          the  intention  of  breeding,  training,  and  selling  the  horses as
          yearlings  (one-year olds), all costs associated with the acquisition,
          breeding, and training of the horses are capitalized.  During the year
          ended  October 31,  2007,  the Company  recognized  a writedown of the
          carrying  costs of  $76,228  as a charge to  operations,  and sold the
          investment in horses for proceeds of $100,000.

     h)   Financial Instruments

          Financial  instruments,  which include  cash,  accounts  payable,  and
          amounts due to a related party,  were  estimated to approximate  their
          carrying  values due to the immediate or short-term  maturity of these
          financial  instruments.  The Company's  operations are in Canada which
          results in exposure to market risks from  changes in foreign  currency
          rates. The financial risk is the risk to the Company's operations that
          arise from  fluctuations  in foreign  exchange rates and the degree of
          volatility  of  these  rates.  Currently,  the  Company  does  not use
          derivative  instruments  to reduce its  exposure  to foreign  currency
          risk.



                                        6
<PAGE>
Aspen Racing Stables Inc.
(A Development Stage Company)
Notes to the Financial Statements
(Expressed in US dollars)
(Unaudited)

2. Summary of Significant Accounting Policies (continued) i) Income Taxes

          Potential  benefits  of income tax losses  are not  recognized  in the
          accounts  until  realization  is more likely than not. The Company has
          adopted  SFAS  No.  109  "Accounting  for  Income  Taxes"  as  of  its
          inception. Pursuant to SFAS No. 109 the Company is required to compute
          tax asset benefits for net operating losses carried forward. Potential
          benefit of net  operating  losses  have not been  recognized  in these
          financial  statements because the Company cannot be assured it is more
          likely  than not it will  utilize  the net  operating  losses  carried
          forward in future years.

     j)   Foreign Currency Translation

          The Company's  functional and reporting  currency is the United States
          dollar.   Monetary  assets  and  liabilities  denominated  in  foreign
          currencies  are  translated  in  accordance  with SFAS No. 52 "Foreign
          Currency  Translation",  using the  exchange  rate  prevailing  at the
          balance sheet date.  Gains and losses arising on settlement of foreign
          currency  denominated  transactions  or balances  are  included in the
          determination of income.  Foreign currency  transactions are primarily
          undertaken  in Canadian  dollars.  The Company has not, to the date of
          these financials  statements,  entered into derivative  instruments to
          offset the impact of foreign currency fluctuations.

     k)   Revenue Recognition

          The  Company  recognizes  revenue  from  the  sale of its'  horses  in
          accordance with Securities and Exchange  Commission Staff Bulletin No.
          104,  "Revenue  Recognition  in  Financial  Statements".   Revenue  is
          recognized  only when the price is fixed or  determinable,  persuasive
          evidence  of an  arrangement  exists,  the  horses are  available  for
          immediate  delivery,  and collectibility is assured.  On May 25, 2007,
          the Company  disposed of its entire horse  inventory for total revenue
          of $100,000.

     l)   Recently Issued Accounting Pronouncements

          In December  2007,  the Financial  Accounting  Standards  Board (FASB)
          issued SFAS No. 141R, "Business Combinations". This statement replaces
          SFAS 141 and defines the  acquirer  in a business  combination  as the
          entity that obtains  control of one or more  businesses  in a business
          combination and establishes the acquisition  date as the date that the
          acquirer achieves control. SFAS 141R requires an acquirer to recognize
          the assets acquired,  the liabilities  assumed, and any noncontrolling
          interest in the acquiree at the  acquisition  date,  measured at their
          fair values as of that date.  SFAS 141R also  requires the acquirer to
          recognize  contingent  consideration at the acquisition date, measured
          at its fair value at that date. This statement is effective for fiscal
          years, and interim periods within those fiscal years,  beginning on or
          after  December  15, 2008 and  earlier  adoption  is  prohibited.  The
          adoption of this  statement is not expected to have a material  effect
          on the Company's financial statements.

          In  December  2007,  the FASB  issued  SFAS No.  160,  "Noncontrolling
          Interests  in  Consolidated   Financial  Statements   Liabilities  -an
          Amendment of ARB No. 51".  This  statement  amends ARB 51 to establish
          accounting and reporting standards for the Noncontrolling  interest in
          a  subsidiary  and  for  the  deconsolidation  of a  subsidiary.  This
          statement is effective for fiscal years,  and interim  periods  within
          those  fiscal  years,  beginning  on or after  December  15,  2008 and
          earlier adoption is prohibited.  The adoption of this statement is not
          expected  to  have  a  material  effect  on  the  Company's  financial
          statements.

          In February 2007, the Financial  Accounting  Standards  Board ("FASB")
          issued SFAS No. 159, "The Fair Value Option for  Financial  Assets and
          Financial  Liabilities - Including an Amendment of FASB  Statement No.
          115".  This  statement  permits  entities  to choose to  measure  many
          financial  instruments and certain other items at fair value.  Most of
          the  provisions  of SFAS No. 159 apply only to entities that elect the
          fair value option.  However, the amendment to SFAS No. 115 "Accounting
          for Certain  Investments in Debt and Equity Securities" applies to all
          entities with available-for-sale and trading securities.  SFAS No. 159
          is effective as of the beginning of an entity's first fiscal year that
          begins after November 15, 2007.  Early adoption is permitted as of the
          beginning of a fiscal year that begins on or before November 15, 2007,
          provided  the entity  also elects to apply the  provision  of SFAS No.
          157, "Fair Value Measurements".  The adoption of this statement is not
          expected  to  have  a  material  effect  on  the  Company's  financial
          statements.

     m)   Reclassification

          Certain items within the financial  statements have been  reclassified
          for presentation purposes.



                                        7
<PAGE>
Aspen Racing Stables Inc.
(A Development Stage Company)
Notes to the Financial Statements
(Expressed in US dollars)
(Unaudited)


3.   Related Party Transactions

     a)   During the period  ended  January 31, 2008,  the Company  recognized a
          total of $750  (2007 - $750) of  donated  rent at $250 per  month  and
          $1,500  (2007 - $1,500) of  donated  management  services  at $500 per
          month provided by the President of the Company.

     b)   At January 31,  2008,  the Company  owes  $3,684  (October  31, 2007 -
          $3,684)  for  shareholder  advances.  These  advances  are  unsecured,
          non-interest bearing, and are due on demand.























                                        8
<PAGE>


PART II

Item 2. Management's Discussion and Analysis and Plan of Operations

General

     The Company's  principal business in the purchase,  breeding,  training and
resale of thoroughbred  race horses.  In 2006 we purchased seven horses with the
intention  of  reselling  them as two year olds.  As of January 31, 2008 we have
generated $100,000 in revenues from the sale of our horses.

Three Months Ended January 31, 2008 Compared to 2007.

     Revenues.  We have  generated  zero  revenues  for the three  months  ended
January 31, 2008, versus zero revenues for the same period in 2007.

     Expenses.  During the  three-months  ended  January 31,  2008,  we incurred
$18,058 of expenses,  consisting  mainly of $15,781 of  professional  (legal and
accounting)  fees.  For the  comparable  period in 2007, our total expenses were
$7,389 consisting mainly of $5,000 for boarding fees.

     Net Loss.  For the three  months  ended  January  31, 2008 our net loss was
$18,058 compared to $7,389 for the comparable period in 2007.

Proceeds From Initial Public Offering

     The initial public offering of the Company's  Common Stock closed on August
24, 2007, and has resulted in the sale of 1,000,000  shares at $0.30 per shares,
for gross proceeds of $300,000. The proceeds were used to repay the initial cash
financing  of  the  Company's   operations  and  outstanding  amounts  owing  to
creditors. The remaining proceeds will be used to purchase additional horses.

     We will incur  continued  reporting costs to the SEC, and proceeds from the
offering  will be used as  required  to pay for the legal and  accounting  costs
related to the filings.

Liquidity

     As of January  2008,  our cash  balance was  $181,490  and we had a working
capital of $160,124. We did not generate any revenues for the three months ended
January  31,  2008.  All of our cash  needs  have  been met from the sale of our
equity securities.

     With the completion of our initial public  offering,  we believe that, even
though our  auditors  have  expressed  substantial  doubt  about our  ability to
continue as a going concern, we will have sufficient financial resources to meet
our obligations for at least the next twelve months and beyond. Assuming that we
do not  increase  our current  capacity to provide  services,  our primary  cash
requirements   would  be  those  associated  with  maintaining  our  horses  and
maintaining our status as a reporting entity. We believe that on an annual basis
those costs would not exceed $100,000.  Based on this belief, we believe we will
have  adequate  financial  resources  to meet our  financial  obligations  as we
currently conduct business for at least 12 months.



Item 3. Controls and Procedures

     (a)  Within the 90-day period prior to the date of this report,  we carried
          out an evaluation, under the supervision and with the participation of
          our  management,  including  the  Chief  Executive  Officer  and Chief
          Financial Officer, of the effectiveness of the design and operation of
          our disclosure  controls and procedures pursuant to Rule 13a-14 of the
          Securities  Exchange Act of 1934 (the "Exchange Act"). Based upon that
          evaluation,  the Chief Executive  officer and Chief Financial  Officer
          concluded that our disclosure controls and procedures are effective in
          timely alerting them to material  information  relating to the Company
          required to be included in our  Exchange Act  filings.  The  Executive
          Officer  responsible for the financial reporting and disclosure are in
          direct  control  of the  books  and  records  of the  Company  and are
          involved  first-hand  in the  decision  making  process  for  material
          transactions.



                                       9

<PAGE>


     (b)  There have been no significant  changes in our internal controls or in
          other factors,  which could  significantly  affect  internal  controls
          subsequent to the date we carried out our evaluation.



                          PART II -- OTHER INFORMATION



Item 1. Legal Proceedings

          None.



Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

         None.



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.

         31.1       Certification  by CEO/CFO pursuant to 18 USC Section 1350 as
                    adopted by Section 302 of the Sarbanes-Oxley Act of 2002.

         32.1       Certification  by CEO/CFO pursuant to 18 USC Section 1350 as
                    adopted by Section 906 of the Sarbanes-Oxley Act of 2002.



                                   SIGNATURES

     In accordance  with the  requirements  of the Exchange Act, the  registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

     Date: March 13, 2008

                                                  ASPEN RACING STABLES, INC.



                                                  By: /s/ Trixy Sasnyiuk-Walt
                                                      --------------------------
                                                      President




                                       10





<PAGE>