**FORM        10-QSB/A**

**[X]        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) **

**OF        THE SECURITIES EXCHANGE ACT OF 1934**

**Austin        Chalk Oil and Gas, Ltd.**

**PART        I: FINANCIAL INFORMATION**

**Item        1. Financial Statements. **

***Page          - 1***

----

**Austin        Chalk Oil & Gas, LTD**

***Page            - 2***

----

**Austin          Chalk Oil & Gas, LTD.**

|                                                                                    |   |   |                              |   |   |                            |   |
|-----------------------------------------------------------------------------------------|--------|--------|-----------------------------------|--------|--------|---------------------------------|--------|
|                                                                                    |   |   | June                    30,  |   |   | December                    31, |   |
|                                                                                    |   |   | 2005                              |   |   | 2004                            |   |
| **ASSETS**                                                                              |   |   | (Unaudited)                  |   |   |                            |   |
| Current                    Assets                                                       |   |   |                              |   |   |                            |   |
| Cash                                                                                    |   | $      | 13,367                            |   | $      | 44,909                          |   |
|                                                                                    |   |   |                              |   |   |                            |   |
| Total                    Current Assets                                                 |   |   | 13,367                            |   |   | 44,909                          |   |
|                                                                                    |   |   |                              |   |   |                            |   |
| Investment                    - Oil Properties                                          |   |   | 99,500                            |   |   | 74,500                          |   |
|                                                                                    |   |   |                              |   |   |                            |   |
| Total                    Assets                                                         |   | $      | 112,868                           |   | $      | 119,409                         |   |
|                                                                                    |   |   |                              |   |   |                            |   |
|                                                                                    |   |   |                              |   |   |                            |   |
| **LIABILITIES                    AND STOCKHOLDERS' EQUITY**                             |   |   |                              |   |   |                            |   |
|                                                                                    |   |   |                              |   |   |                            |   |
| Current                    Liabilities                                                  |   |   |                              |   |   |                            |   |
| Accounts                    Payable                                                     |   | $      | 195                               |   | $      | 195                             |   |
| Notes                    Payable - Related Party                                        |   |   | 38,985                            |   |   | 19,287                          |   |
| Notes                    Payable                                                        |   |   | 24,970                            |   |   | 24,970                          |   |
|                                                                                    |   |   |                              |   |   |                            |   |
| Total                    Current Liabilities                                            |   |   | 64,150                            |   |   | 44,452                          |   |
|                                                                                    |   |   |                              |   |   |                            |   |
|                                                                                    |   |   |                              |   |   |                            |   |
| Total                    Liabilities                                                    |   |   | 64,150                            |   |   | 44,452                          |   |
|                                                                                    |   |   |                              |   |   |                            |   |
| Stockholders'                    Equity                                                 |   |   |                              |   |   |                            |   |
| Common                    Stock, Authorized 100,000,000 Shares of $.001 Par Value,      |   |   |                              |   |   |                            |   |
| 96,460,736                    and 96,460,736 shares issued and outstanding respectively |   |   | 96,460                            |   |   | 96,460                          |   |
| Additional                    Paid in Capital                                           |   |   | 1,262,501                         |   |   | 1,262,501                       |   |
| Subscription                    Receivable                                              |   |   | (2,500                            | )      |   | (2,500                          | )      |
| Accumulated                    Deficit                                                  |   |   | (1,307,743                        | )      |   | (1,281,504                      | )      |
|                                                                                    |   |   |                              |   |   |                            |   |
|                                                                                    |   |   |                              |   |   |                            |   |
| Total                    Stockholders' Equity                                           |   |   | 48,718                            |   |   | 74,957                          |   |
|                                                                                    |   |   |                              |   |   |                            |   |
| Total                    Liabilities and Stockholders' Equity                           |   | $      | 112,868                           |   | $      | 119,409                         |   |

***Page            - 3***

----

**Austin          Chalk Oil & Gas, LTD**

|                                                                      |   |   | For                    the six   |   |   | For                    the six  |   |   | For                    the three |   |   | For                    the three |   |   | From                    Inception       |   |
|---------------------------------------------------------------------------|--------|--------|---------------------------------------|--------|--------|---------------------------------|--------|--------|----------------------------------|--------|--------|----------------------------------|--------|--------|-----------------------------------------|--------|
|                                                                      |   |   | months                    ended  |   |   | months                    ended |   |   | months                    ended  |   |   | months                    ended  |   |   | on                    December 16, 1998 |   |
|                                                                      |   |   | June                    30,      |   |   | June                    30,     |   |   | June                    30,      |   |   | June                    30,      |   |   | thru                    June 30,        |   |
|                                                                      |   |   | 2005                                  |   |   | 2004                            |   |   | 2005                             |   |   | 2004                             |   |   | 2005                                    |   |
|                                                                      |   |   |                                  |   |   |                            |   |   |                             |   |   |                             |   |   |                                    |   |
| Revenues                                                                  |   | $      | -                                     |   | $      | -                               |   | $      | -                                |   | $      | -                                |   | $      | -                                       |   |
|                                                                      |   |   |                                  |   |   |                            |   |   |                             |   |   |                             |   |   |                                    |   |
| Operating                    Expenses                                     |   |   |                                  |   |   |                            |   |   |                             |   |   |                             |   |   |                                    |   |
| General                    & Administrative                           |   |   | 26,240                                |   |   | 118,556                         |   |   | 9,420                            |   |   | 26,955                           |   |   | 994,608                                 |   |
|                                                                      |   |   |                                  |   |   |                            |   |   |                             |   |   |                             |   |   |                                    |   |
| Total                    Operating Expenses                               |   |   | 26,240                                |   |   | 118,556                         |   |   | 9,420                            |   |   | 26,955                           |   |   | 994,608                                 |   |
|                                                                      |   |   |                                  |   |   |                            |   |   |                             |   |   |                             |   |   |                                    |   |
| Operating                    Income (Loss) before discontinued operations |   |   | (26,240                               | )      |   | (118,556                        | )      |   | (9,420                           | )      |   | (26,955                          | )      |   | (994,608                                | )      |
|                                                                      |   |   |                                  |   |   |                            |   |   |                             |   |   |                             |   |   |                                    |   |
| (Loss)                    from discontinued operations                    |   |   | -                                     |   |   | -                               |   |   | -                                |   |   | -                                |   |   | (443,238                                | )      |
| (Loss)                    from disposal of discontinued operations        |   |   | -                                     |   |   | -                               |   |   | -                                |   |   | -                                |   |   | 133,499                                 |   |
|                                                                      |   |   |                                  |   |   |                            |   |   |                             |   |   |                             |   |   |                                    |   |
| Net                    (loss) from operations                             |   |   | (26,240                               | )      |   | (118,556                        | )      |   | (9,420                           | )      |   | (26,955                          | )      |   | (1,304,347                              | )      |
|                                                                      |   |   |                                  |   |   |                            |   |   |                             |   |   |                             |   |   |                                    |   |
| Other                    Income (Expense)                                 |   |   |                                  |   |   |                            |   |   |                             |   |   |                             |   |   |                                    |   |
| Impairment                    Loss                                        |   |   |                                  |   |   |                            |   |   |                             |   |   |                             |   |   | -                                       |   |
| Miscellaneous                    Income                                   |   |   | -                                     |   |   | -                               |   |   | -                                |   |   | -                                |   |   | -                                       |   |
| Interest                    Expense                                       |   |   | -                                     |   |   | (3,396                          | )      |   | -                                |   |   | -                                |   |   | (3,396                                  | )      |
|                                                                      |   |   |                                  |   |   |                            |   |   |                             |   |   |                             |   |   |                                    |   |
| Total                    Other Income (Expense)                           |   |   | -                                     |   |   | (3,396                          | )      |   | -                                |   |   | -                                |   |   | (3,396                                  | )      |
|                                                                      |   |   |                                  |   |   |                            |   |   |                             |   |   |                             |   |   |                                    |   |
| Net                    Income (Loss)                                      |   | $      | (26,240                               | )      | $      | (121,952                        | )      | $      | (9,420                           | )      | $      | (26,955                          | )      | $      | (1,307,743                              | )      |
|                                                                      |   |   |                                  |   |   |                            |   |   |                             |   |   |                             |   |   |                                    |   |
| Net                    Income (Loss) Per Share                            |   | $      | (0.00                                 | )      | $      | (0.00                           | )      | $      | (0.00                            | )      | $      | (0.00                            | )      | $      | (0.07                                   | )      |
|                                                                      |   |   |                                  |   |   |                            |   |   |                             |   |   |                             |   |   |                                    |   |
| Weighted                    Average Shares Outstanding                    |   |   | 96,460,736                            |   |   | 30,448,030                      |   |   | 96,460,736                       |   |   | 56,180,434                       |   |   | 17,749,822                              |   |

***Page            - 4***

----

**Austin          Chalk Oil & Gas, LTD.**

|                                                                            |   |   |                                              |   |   |                                    |   |   | From                    inception |   |
|---------------------------------------------------------------------------------|--------|--------|---------------------------------------------------|--------|--------|-----------------------------------------|--------|--------|-----------------------------------|--------|
|                                                                            |   |   | For                    the six months ended  |   |   | on                    December 16, 1998 |   |
|                                                                            |   |   | June                    30,                  |   |   | to                    March 31,    |   |
|                                                                            |   |   | 2005                                              |   |   | 2004                                    |   |   | 2005                              |   |
|                                                                            |   |   |                                              |   |   |                                    |   |   |                              |   |
| Cash                    Flows from Operating Activities                         |   |   |                                              |   |   |                                    |   |   |                              |   |
|                                                                            |   |   |                                              |   |   |                                    |   |   |                              |   |
| Net                    Income (Loss)                                            |   | $      | (26,240                                           | )      | $      | (121,952                                | )      | $      | (1,307,743                        | )      |
| Adjustments                    to Reconcile Net Loss to Net Cash                |   |   |                                              |   |   |                                    |   |   |                              |   |
| Provided                    by Operations:                                      |   |   |                                              |   |   |                                    |   |   |                              |   |
| Bad                    debt expense                                             |   |   | -                                                 |   |   | -                                       |   |   | 11,154                            |   |
| Stock                    Issued for Services                                    |   |   | -                                                 |   |   | -                                       |   |   | 700,629                           |   |
| Stock                    Issued for stisfaction of payables                     |   |   |                                              |   |   | 242,669                                 |   |   | 367,651                           |   |
| Stock                    options issued for services                            |   |   | -                                                 |   |   | -                                       |   |   | 30,000                            |   |
| Change                    in Assets and Liabilities                             |   |   |                                              |   |   |                                    |   |   |                              |   |
| Increase                    in Accounts Payable -related                        |   |   | 19,698                                            |   |   | (134,613                                | )      |   | 38,985                            |   |
| Increase                    (Decrease) in Accounts Payable and Accrued Expenses |   |   | -                                                 |   |   | (6,223                                  | )      |   | 14,204                            |   |
|                                                                            |   |   |                                              |   |   |                                    |   |   |                              |   |
| Net                    Cash Provided(Used) by Operating Activities              |   |   | (6,542                                            | )      |   | (20,119                                 | )      |   | (145,120                          | )      |
|                                                                            |   |   |                                              |   |   |                                    |   |   |                              |   |
| Cash                    Flows from Investing Activities                         |   |   |                                              |   |   |                                    |   |   |                              |   |
|                                                                            |   |   |                                              |   |   |                                    |   |   | (63,993                           | )      |
| Cash                    paid for Oil Interests                                  |   |   | (25,000                                           | )      |   | (74,500                                 | )      |   | (99,500                           | )      |
|                                                                            |   |   |                                              |   |   |                                    |   |   |                              |   |
| Net                    Cash Provided (Used) by Investing Activities             |   |   | (25,000                                           | )      |   | (74,500                                 | )      |   | (163,493                          | )      |
|                                                                            |   |   |                                              |   |   |                                    |   |   |                              |   |
| Cash                    Flows from Financing Activities                         |   |   |                                              |   |   |                                    |   |   |                              |   |
| Cash                    received from notes payable                             |   |   | -                                                 |   |   | -                                       |   |   | 35,000                            |   |
| Payments                    on notes payable                                    |   |   | -                                                 |   |   | -                                       |   |   | (10,030                           | )      |
| Cash                    received from subscription receivable                   |   |   | -                                                 |   |   | -                                       |   |   | 9,800                             |   |
| Cash                    received from spin-off                                  |   |   | -                                                 |   |   | -                                       |   |   | 3,710                             |   |
| Common                    stock issued for cash                                 |   |   | -                                                 |   |   | 169,985                                 |   |   | 283,500                           |   |
|                                                                            |   |   |                                              |   |   |                                    |   |   |                              |   |
| Net                    Cash Provided(Used) by Financing Activities              |   |   | -                                                 |   |   | 169,985                                 |   |   | 321,980                           |   |
|                                                                            |   |   |                                              |   |   |                                    |   |   |                              |   |
| Increase                    (Decrease) in Cash                                  |   |   | (31,542                                           | )      |   | 75,366                                  |   |   | 13,367                            |   |
|                                                                            |   |   |                                              |   |   |                                    |   |   |                              |   |
| Cash                    and Cash Equivalents at Beginning of Period             |   |   | 44,909                                            |   |   | 26                                      |   |   | -                                 |   |
|                                                                            |   |   |                                              |   |   |                                    |   |   |                              |   |
| Cash                    and Cash Equivalents at End of Period                   |   |   | 13,367                                            |   |   | 75,392                                  |   | $      | 13,367                            |   |
|                                                                            |   |   |                                              |   |   |                                    |   |   |                              |   |
| Cash                    Paid For:                                               |   |   |                                              |   |   |                                    |   |   |                              |   |
| Interest                                                                        |   | $      | -                                                 |   | $      | -                                       |   | $      | -                                 |   |
| Income                    Taxes                                                 |   | $      | -                                                 |   | $      | -                                       |   | $      | -                                 |   |

***Page            - 5***

----

**Austin        Chalk Oil & Gas, LTD**

***Page            - 6***

----

***Page              - 7***

----

**Item            2.            Discussion and Analysis or Plan of Operation.            **

*Austin            Chalk Oil and Gas, Ltd.*

**PART            II: OTHER INFORMATION**

**Item            1.            Legal Proceedings. None.**

**Item            2.            Changes in Securities. None.**

**Item            3.            Defaults on Senior Securities. None.**

**Item            4.            Submission of Matters to Vote of Security Holders.            None.**

**Item            5.            Other Information.            None.**

**Item            6.            Exhibits and Reports on Form 8-K. **

**31.             Section            302 Certification**

**    32. Certification(s)            Pursuant to 18 USC Section 1350; **

***Page              - 8***

----

**SIGNATURES**

***Austin          Chalk Oil & Gas, Inc.***

|  /s/                    Darrel FiggDarrel                    FiggPresident |  /s/                    Marlen L. RoepkeMarlen                    L. RoepkeSecretary |
|---------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------|

***Page              - 9***

----

**Exhibit          31**

***Page              - 10***

----

**Austin            Chalk Oil & Gas, Ltd.**

***Page            - 11***

----

**Austin            Chalk Oil & Gas, Ltd.**

***Page              - 12***

----

**Exhibit      32**

***Page          - 13***

----

***Page              - 14***

----

***Page                - 15***

----