**FORM        10-QSB**

**[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***

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**Austin        Chalk Oil & Gas, LTD**

***Page            - 2***

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**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***

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**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                              |   |

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**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                                                 |   | $      | -                                                 |   | $      | -                                       |   | $      | -                                 |   |

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**Austin        Chalk Oil & Gas, LTD**

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

**(**
**a**
**)          Plan of Operation for the next twelve months**
**.          **
*Austin          Chalk Oil and Gas, Ltd.*

**(**
**b**
**)          Discussion and Analysis of Financial Condition and Results of          Operations**
**.          **

**PART          II: OTHER INFORMATION**

**Item          1. Legal Proceedings. **

**Item          2. Changes in Securities. **

**Item          3. Defaults on Senior Securities. **

**Item          4. Submission of Matters to Vote of Security Holders**

**Item          5. Other Information**

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

***Page              - 8***

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**SIGNATURES**

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

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

***Page              - 9***

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**Exhibit          31**

**Section          302 Certification**

***Page              - 10***

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**CERTIFICATIONS          PURSUANT TO SECTION 302**

|   |   | I,                    Marlen                    L. Roepke,                    certify that: |
|--------|--------|---------------------------------------------------------------------------------------------|

*Austin          Chalk Oil & Gas, Inc.*

|   | a)                    designed such disclosure controls and procedures to ensure that                    material                    information relating to the registrant, including its consolidated                    subsidiaries, is made known to us by others within those entities,                    particularly during the period in which this quarterly report                    is being                    prepared; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b)                    evaluated the effectiveness of the registrant's disclosure controls                    and                    procedures as of a date within 90 days prior to the filing date                    of this                    quarterly report (the "Evaluation Date");                    and |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c)                    presented in this quarterly report our conclusions about the                    effectiveness                    of the disclosure controls and procedures based on our evaluation                    as of                    the Evaluation Date; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a)                    all significant deficiencies in the design or operation of internal                    controls which could adversely affect the registrant's ability                    to record,                    process, summarize and report financial data and have identified                    for the                    registrant's auditors any material weaknesses in internal controls;                    and |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b)                    any fraud, whether or not material, that involves management                    or other                    employees who have a significant role in the registrant's internal                    controls; and |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

***Page              - 11***

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**CERTIFICATIONS            PURSUANT TO SECTION 302**

|   |   | I,                      Darell Figg,                      certify that: |
|--------|--------|-------------------------------------------------------------------------|

*Austin            Chalk Oil & Gas, Inc.*

|   | a)                      designed such disclosure controls and procedures to ensure                      that material                      information relating to the registrant, including its consolidated                      subsidiaries, is made known to us by others within those entities,                      particularly during the period in which this quarterly report                      is being                      prepared; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b)                      evaluated the effectiveness of the registrant's disclosure                      controls and                      procedures as of a date within 90 days prior to the filing                      date of this                      quarterly report (the "Evaluation Date");                      and |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c)                      presented in this quarterly report our conclusions about the                      effectiveness                      of the disclosure controls and procedures based on our evaluation                      as of                      the Evaluation Date; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a)                      all significant deficiencies in the design or operation of                      internal                      controls which could adversely affect the registrant's ability                      to record,                      process, summarize and report financial data and have identified                      for the                      registrant's auditors any material weaknesses in internal controls;                      and |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b)                      any fraud, whether or not material, that involves management                      or other                      employees who have a significant role in the registrant's internal                      controls; and |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

***Page              - 12***

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**Exhibit          32**

**CERTIFICATION          PURSUANT TO 18 USC SECTION 1350**

***Page              - 13***

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**CERTIFICATION          PURSUANT TO 18 U.S.C. SECTION 1350**

**AS          ADOPTED PURSUANT TO SECTION 906 OF THE**

**SARBANES-OXLEY          ACT OF 2002**

*Austin          Chalk Oil & Gas, Inc.*

***Page            - 14***

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**CERTIFICATION          PURSUANT TO 18 U.S.C. SECTION 1350**

**AS          ADOPTED PURSUANT TO SECTION 906 OF THE**

**SARBANES-OXLEY          ACT OF 2002**

*Austin          Chalk Oil & Gas, Inc.*

***Page              - 15***

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