UNITED STATES





SECURITIES AND EXCHANGE COMMISSION





Washington, DC  20549





FORM 10-KSB





(X)   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934.





For the fiscal year ended December 31, 2002.



AMERICAN PETRO-HUNTER INC.





(formerly Travelport Systems Inc.)





(Name of Small Business Issuer in its Charter)



Nevada

E.I.N. 98-0171619(State or other jurisdiction of incorporation or
organization)

(I.R.S. Employer Identification No.)


205
- 16055 Fraser Highway, Surrey, B.C.
V3S 2W9(Address of principal executive office)
(Zip/Postal Code)






(604)
507-2181





(Registrant's telephone number)







SECURITIES REGISTERED UNDER SECTION 12 (b) OF THE ACT:   NONE.



SECURITIES REGISTERED UNDER SECTION 12 (g) OF THE ACT:

Title of Each
Class:    Common Stock

Name of each
exchange on which each class is registered:  OTC Bulletin Board











Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of
the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the past ninety (90) days.



YES  ( X )    NO (     )











Check here if there is no disclosure of delinquent filers in response to Item 405 of Regulation SB is not contained in
this form, and no disclosure will be contained, to the best of the registrant's knowledge, in definitive proxy of
information statements incorporated by reference in Part III of the Form 10-KSB or any amendment to this Form 10-KSB.  ( X )













Issuer's operational revenues for its most recent fiscal year ending December 31, 2002 were $nil. Issuer's Common
Shares outstanding at March 22, 2002 was 6,050,620. The aggregate market value based on the voting stock held by
non-affiliates as of April 11, 2003 was $414,081  (based on 5,915,448 shares and on an average of bid and asked
prices of $0.07).















Except for the historical information contained herein, the matters set forth in this Form 10-KSB are forward looking
statements within the meaning of the "Safe Harbor" provision of the Private Securities Litigation Reform Act of
1995.  These forward-looking statements are subject to risk and uncertainties that may cause actual results to differ
materially.  These forward-looking statements speak only as of the date hereof and the Company disclaims any
intent or obligation to update these forward-looking statements.















---





ITEM 1.    DESCRIPTION OF BUSINESS















(a)    BUSINESS DEVELOPMENT







American Petro-Hunter Inc. ("the Company") was incorporated on January 24, 1996, pursuant to the laws of the
State of Nevada under the name Wolf Exploration, Inc. with a business plan to acquire property for precious metal
exploration in the western United States.  However after considering several properties, the Company determined
that the properties identified were not suitable to fully implement an exploration and development project in the
United States.  In August 1996 the Company changed management and developed a new business plan.













In October 1996, the Company entered into an agreement to acquire two numbered companies that were combined
with 714674 Alberta Ltd. continuing in operation.  The business operated as Calgary Chemical, selling chemical
products to the oil and gas industry.















In March 1997, the Company's name was changed to Wolf Industries Inc. to reflect these developments.















Effective June 30, 1998, the Company sold its subsidiary, 714674 Alberta Ltd. ("Calgary Chemical") to Gorda
Technology Holdings Limited, a Turks and Cacios Islands corporation ("Gorda").  The terms of the sale were as
follows:











(a)    forgiveness of the inter company debt owed by Calgary Chemical to the Company in the amount of $82,289
(Canadian);









(b)    Payment by Gorda to the Company of fifteen percent of Calgary Chemical's after-tax profit (as determined
by generally accepted accounting principles) for the fiscal year ended December 31, 1998 payable on or
before March 31, 1999 and completion of an audit of the financial statements of Calgary Chemical for such
period;









(c)    Indemnification by Gorda to hold the Company harmless from any and all liability arising from the debt
guarantees of Calgary Chemical;









(d)    Agreement by Gorda to hire Mr. Blair Coady as the President and Chief Executive Officer of Calgary
Chemical; and





(e)    Receipt by the Company from Mr. Coady of his resignation as President and Chief Executive Officer,
Secretary, and Director of the Company and the surrender of Mr. Coady's options to acquire 700,000 shares
of the Company's common stock.



This agreement is incorporated by reference from the Company's 10QSB filing for the quarter ended March 31,
1998.





The sale of Calgary Chemical was subject to approval of the shareholders of the Company, which was received at
the Company's annual general meeting of July 24, 1998.





On April 8, 1998, the Company entered into a License agreement with Andrew Engineering Inc. ("Andrew") a
British Columbia corporation, Andrew Rawicz Ph.D., and Ivan Melnyk, Ph.D., whereby the Company acquired a
world-wide license to manufacture and market a patent pending device for the color matching of dentures to a dental
patient's existing tooth color.  Drs. Rawicz and Melnyk hold the patent pending for the color analyzer and Andrew
developed and/or acquired the techniques and other proprietary information related to the device.   The License
agreement required the Company and Andrew to develop a business plan for manufacturing and marketing the
device, including obtaining financing of $1,500,000 US.  The license agreement required the issuance of 4.8 million
shares of restricted stock to Andrew with registration rights on 600,000 of those shares, and also required that Mr.
Patrick McGowan be appointed President and Chief Executive Officer.  Mr. McGowan signed a management
agreement with the Company, and at a meeting of the Company's Board of Directors held on April 16, 1998, Mr.
McGowan and Mr. A. Schwabe were appointed to the Company's Board of Directors. They were also appointed
interim President and CEO, and Secretary, Treasurer respectively, pending the approval of the shareholders of the
Gorda transaction wherein Mr. Coady would resign from all positions.  The agreement also provided for the
Company to pay a royalty to Andrew in the amount of ten percent (10%) of gross profit on sales if the Company
manufactures the product itself or a Royalty of seven percent (7%) of gross revenue if manufacturing is done by an
independent third party.



















This agreement is incorporated by reference from the Company's 10QSB filing for the quarter ended March 31,
1998.



















Upon approval by the shareholders of the sale of Calgary Chemical at the 1998 annual general meeting, Mr. P.
McGowan, Mr. A. Schwabe and Dr. David Gane were elected directors, and Messrs. McGowan and Schwabe were
appointed President and CEO, and Secretary, Treasurer respectively.



















In September 1998, 4.8 million shares of the Company's stock were issued to Andrew in accordance with that
agreement.



















As a result of settlement of the litigation with AEI Trucolor Inc. ("Trucolor"),
the License Agreement was cancelled and the 4,800,000 shares were returned to
the treasury in 1999.



















This action was settled by the execution of two agreements the effect of which was that the Company acquired a
40% interest in Trucolor, an arm's length company. As a result of the agreement, Trucolor became the owner of the
rights to the device.





Pursuant to an agreement dated June 14, 2000, the Company purchased a 100% interest in a private company owned
by a former director of the Company called Travelport Media Inc. ("TPI").  TPI is a Nevada, USA incorporated
private internet e-commerce technology and content development company specializing in the travel and hospitality
industry. The agreement required the Company to issue 3,000,000 share purchase warrants in exchange for a 100%
interest in TPI.  The share purchase warrants allowed the holder to purchase 3,000,000 common shares of the
Company for $0.27 per share.  The warrants became vested and exercisable over a five-year period as follows:



Date of Vesting
Number of Warrants Vested


July 1, 2000
500,000January 1, 2001
150,000July 1, 2001
600,000January 1,2002
150,000July 1, 2002
750,000January 1,2003
400,000July 1, 2003
450,000




Exercise Date
Maximum Number of warrants
Available for exerciseJune 30, 2001
600,000June 30, 2002
600,000June 30, 2003
600,000June 30, 2004
600,000June 30, 2005
600,000












The number of share purchase warrants would vest according to the above schedule provided that the holder of the
warrants remained retained as a consultant by the Company.  If the warrant holder was no longer retained as a
consultant, any unvested warrants would immediately expire.  Before the end of December 31, 2000, the Company's
relationship with the consultant and former shareholder of TPI became strained, resulting in the consultant resigning
as a director of the Company on September 11, 2000.  The Company has recorded the 500,000 vested warrants at
their intrinsic value on the June 14, 2000 grant date of $80,000 in the books of the Company as compensation
expense.  In addition, as it is no longer recoverable, the Company has written off all advances to TPI and expenses
paid by the Company on TPI's behalf to the statement of loss and retained earnings (deficit) as of December 31,
2000.

In addition, the Company issued 300,000 share purchase warrants to companies controlled by a director as finder's
fees for bringing the two parties in the above noted transaction together.  The Warrants enabled the holder to
purchase 300,000 shares of the Company at $0.27 each for a period of five years.  The Company has recorded the
warrants in its books at their June 14, 2000 intrinsic value of $48,000.  As a result of the separation of the parties
involved in the above transaction, the share purchase warrants were cancelled by the Company before exercise.

In November, 2000, the Company received shareholder and regulatory approval to change its name to
"Travelport
Systems Inc." in anticipation of its new business direction.





Subsequent to December 31, 2000, the Company entered into a settlement agreement whereby the Company would
give its interest in the shares of TPI back to the original owner on the condition that the original owner and former
director of the Company would assume a liability of $86,000 which was incurred by the Company on behalf of TPI
for the purchase of certain computer equipment.  The $86,000 liability is included in accounts payable of the
Company as at December 31, 2000.  As the computer equipment was purchased on behalf of TPI, the Company has
written off its interest in the equipment as part of the advances to Travelport Media, Inc.





In addition, subsequent to December 31, 2000 the Company cancelled 150,000 share purchase options exercisable at
$0.15 per share until October 11, 2005, and the Company cancelled 200,000 share purchase options exercisable at
$0.25 per share until October 19, 2005 issued to employees of TPI.









As a result of termination of the TPI agreement, the Company decided to change its business direction to oil and gas
opportunities, and received shareholder and regulatory approval to change its name to
"American Petro-Hunter Inc.
in August, 2001.



















(b)  BUSINESS OF THE ISSUER





During 1998, the Company sold Calgary Chemical and acquired the worldwide manufacturing and marketing rights
to a dental color analyzer ("the product").  This technology was developed to assist the dental industry in
determining the shades and colors of dental materials used in replacement and/or restorative work, by precisely
matching these shades to the original teeth of patients. The dental color analyzer discriminates between the minutest
differences in tooth shading and determines the best shade match for partial or total restorative material.  It does so
by taking into account the differences in color of spectrally unmatched materials when illuminated with different
light sources such as sunlight, incandescent lamps, and fluorescent lamps.





Since acquiring the rights in April 1998, the Company's efforts have been directed towards research, development
and business plans for manufacturing and marketing the product. This has involved manufacturing a small quantity
of the product for testing and demonstration purposes; engaging technical experts and firms to evaluate the product;
attendance at dental conventions and shows to demonstrate the product; attendance at various dental firms and
laboratories to demonstrate and evaluate the product; and work on both the product and related software to perfect its
operation.  The Company has also engaged the assistance of consultants to develop marketing plans for the product.
This has resulted in the Company incurring substantial research and development expenditures in the year 1998.





The Company has also held discussions with companies involved in the distribution of dental products in Canada,
the United States and Europe regarding marketing of the product.





The Company developed preliminary business plans to proceed with manufacture and sale of the units, but was
delayed in proceeding pending completion of this research and development, and by the action brought against the
Company by AEI Trucolor.





As a result of settlement of the Trucolor action, Trucolor became the owner of the dental color analyzer.  The
manufacturing/distribution agreement was not consummated with at third party, as anticipated by the settlement
agreement, and as a result the Company owns a 40% interest in Trucolor, and GPT a 60% interest.





The Company owned and operated its subsidiary, 714674 Alberta Ltd. until June 30, 1998, when it was sold as
described previously.  As a result, the Company is no longer involved in the manufacturing and sale of chemical
products.









ITEM 2.    DESCRIPTION OF PROPERTY





Effective January, 2000, the company relocated its office to Surrey, B.C., under a verbal agreement with R-G
Management, a company owned by a director of the Company, to pay $200.00 per month for office rent, plus
telephone charges and disbursements.  The company shares this office with other companies, and occupies approx.
150 square feet.









ITEM 3.    LEGAL PROCEEDINGS



Canadian Western Bank

During 2002, The Company received a formal demand for payment from Canadian
Western Bank ("CWB") whereby CWB, pursuant to a full liability guarantee
provided by the Company in favor of 714674 Alberta Ltd. (operating as Calgary
Chemical) is demanding payment of Cdn$102,000 (approx. US$68,000) pursuant to
the guarantee.

The Company divested itself of Calgary Chemical in 1998 under an agreement
with the former president of the Company. The agreements covering the
transaction included an indemnity guarantee from the purchaser whereby the
purchaser would indemnify and save harmless the Company from any and all
liability, loss, damage or expenses.  The Company intends to defend itself against the claim from CWB. 
The Company believes
that it has a valid indemnification from the purchaser of Calgary Chemical.  This contingent liability
has not been accrued in the accounts of the Company,
and will be recorded as an expense only if and when the Company is required to
pay any amount in settlement of the claim.  The ultimate loss to the
Company is uncertain, as the Company does not know the limits of its impairment
on the indemnification claim.





ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS



None.



PART II



ITEM 5.    MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS







(a)    MARKET INFORMATION





Since December 15, 1997, the Company's stock has been listed for sale on the OTC Electronic Bulletin Board.  As
of December 31, 2002 there were ten stock brokerage firms making a market in the Company's common stock.
The high ask and low bid prices of the Common Stock of the Company for the
previous two years have been as follows:



Quarter Ending:
High ask per share:
Low bid per share:March 31, 2001
$0.09
$0.015June 30, 2001
$1.01
$0.011September 30, 2001
$0.80
$0.12December 31, 2001
$0.45
$0.13March 31, 2002
$0l.25
$0.121June 30, 2002
$0.25
$0.130September 30,
2002
$0.140
$0.067December 31, 2002
$0.122
$0.051






The above quotations reflect inter-dealer prices, without retail mark-up, markdown, or commission and may not
necessarily represent actual transactions.

In August, 2002, the Board of Directors of the Company
approved the issuance of 100,000 shares at $0.10 to a director of the Company
for services rendered; and in September, 2002, the Board approved the issuance
of 120,000 shares to a director and a consultant at $0.10 for services rendered
to the Company.

There were 73 holders of the Company's common stock as of
December 31, 2002.  This includes 30 holders of 3,667,020 shares of the
Company's common stock whose certificates are restricted. The remainder of the
shares are free-trading.

The Company has paid no dividends to date on its common stock.  The Company reserves the right to declare a
dividend when operations merit.





ITEM 6.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.





The following should be read in conjunction with the Consolidated Financial Statements and notes thereto appearing
elsewhere in this report.



Revenue and expense transactions in Canadian funds are converted to US dollars at the average rates in effect when
the transactions occurred.  Asset and liability accounts are converted at year-end closing rates, which were U.S.
$0.6339 for one Canadian dollar at December 31, 2002; $0.6278 U.S. at December 31, 2001; and $0.6669 at
December 31, 2000.



Plan of Operations





The Company has had no revenues during
the 2000, 2001 and 2002 fiscal years, nor during the first quarter of the
2003 fiscal year. The accompanying financial statements have been prepared assuming that the Company will
continue as a going concern. Having no sources of income, substantial doubt is raised about the ability of the
Company to continue as a going concern.





The Company's plan of operations for the remainder of the fiscal year is to seek out a privately held business with
whom the Registrant can reorganize so as to take advantage of the Company's status as a publicly held corporation.
As of the date of this report, Management has evaluated several potential reorganizations.  However as of the date of
this report, there has been no decision to proceed on any reorganization nor has any agreement been reached on even
principal terms of such reorganization. The Company also intends to investigate the acquisition and development of
natural resource projects without necessarily reorganizing with another party.



During the 2002 fiscal year, the Company
investigated potential acquisitions, but did not proceed with them, as they were
deemed unsuitable for acquisition by the Company.



The Company has had no revenues since June 30, 1998.

Administrative expenses for the fiscal year ended December 31,
2002 were $12,601, compared to $237,947 in 2001, and $91,496 in 2000. The
Company's administration costs were minimal in 2002, as it limited its
activities to investigating potential acquisitions. During 2001, the Company
incurred costs in finalizing and canceling its agreement with Travelport Media
Inc ("TPI")., and also incurred substantial consulting fees required to
investigate and evaluate proposed resource property acquisitions. During 2000,
most expenses were incurred by TPI, substantially reducing the expenses of the
Company. During 2000, the Company recorded a credit of $26,679 for research and
development, resulting from a reduction in amounts previously recorded as
payable.

In 2001, as a result of the decision to give up its interest in TPI, the Company wrote of advances to TPI of $14,412
(2000 -$313,039).

(b)    Capital Resources

The Company had a working capital deficiency of $197,181 at
December 31, 2002. The Company has been meeting its obligations through funds
loaned by a shareholder, and has issued capital stock for certain services
rendered to the Company in accordance with S-8 registration filings.

As at March, 2003, the balance of funds loaned by the shareholder amounted to
US$30,023.

The Company is now investigating new business opportunities, and intends to
develop future plans, which will include issuing shares through private
placements in order to provide funds for working capital and investment in such
opportunities.







The Company has made no commitments for capital expenditures.



The Company is illiquid at the present time and has been dependent upon a shareholder to provide funds to maintain
its activities, as indicated previously. The Company expects to be able to raise funds through the issuance of shares.









ITEM 7.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA





The consolidated financial statements of the Company are filed under this Item, and are included herein by
reference.





ITEM 8.   
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE -

None.





PART III



ITEM 9.    DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT





The following are the names, positions, and municipalities of residence and relevant backgrounds of key personnel
of the Corporation: (references to the TSX-V Venture Exchange, formerly the
Canadian Venture Exchange which resulted from amalgamation of the Vancouver and
Alberta Stock Exchanges).





PATRICK A. McGOWAN - (Age 63).  President, C.E.O., Director of the Company, Coquitlam, British Columbia.





President of the Company since April 16, 1998.  September 1996 to April 1999, president of Consolidated
Ewing Industries Inc. (now Lyra Resources Ltd.), Vancouver, B.C., a company formerly engaged in oil and
gas exploration, which is publicly traded on the  TSX-V, formerly the
Vancouver and Alberta Stock Exchanges.  November 1997 to the present, President of American Hunter
Exploration, Vancouver, B.C., a privately held Nevada corporation engaged in oil and gas exploration.
February 1998 to the present, President and Director of U.S Diamond Corp., Vancouver, B.C., the parent
company of American Hunter Exploration, a public company involved in natural resources, and traded on
the TSX-V.  August 1997 to December 1997, President and Director of Globenet Resources Inc.,
Vancouver, B.C., a public traded company traded on the TSX-V, engaged in natural resource exploration
and development. October 1992 - September 1996, President and Director of The Indisposibles, Burnaby,
B.C., a manufacturer and distributor of infant wear, incontinent and feminine hygiene products throughout
North America and Europe. January 1988 to September 1992, Executive Vice President of Pacific Paper
Products, Burnaby, B.C., a manufacturer and distributor of paperboard products in British Columbia and
Alberta. Graduated from University of Western Ontario with Masters of Business Administration in 1965,
graduated University of Oregon with Bachelor of Science, Finance and Economics in 1963.





PETER G. ROOK-GREEN (Age 62).  Secretary, C.F.O., and Director of the Company, Surrey, British Columbia.





Secretary since March 20, 2000, and Director since June 20, 2000.  From 1994 to the present, President of
Rook-Green Investments Inc. (d.b.a. R-G Management), a company engaged in providing administrative
and accounting services to companies.  May 1996 to present, Corporate Secretary and C.F.O. of Pallaum
Minerals Ltd., Vancouver, B.C., Canada, a resource company trading on the TSX-V; February 1997 to
June, 2000, Corporate Secretary of Globalstore.com Incorporated, Vancouver, B.C., an internet technology
company trading on the TSX-V; September 1998 to November, 2001 Corporate Secretary, January, 2001 to
present, Director, and November, 2001 to present, President of Olympus Stone Inc., Vancouver, B.C., a
resource company trading on the TSX-V; February, 2000 to April, 2001, Corporate Secretary of US
Diamond Corp., Vancouver, B.C., a resource company trading on the TSX-V; March, 1998 to present,
Director of Anglo-Andean Explorations Inc., Vancouver, B.C., a resource company trading on the
TSX-V;
January, 2000 to December, 2000, Director of Rystar Communications Ltd., Vancouver, B.C., trading on
the TSX-V; October, 1999 to present, Director of Terramin Resources, Inc., a resource company trading on
the TSX-V; and January, 2001 to present, Director of Consolidated Fortress Resources Inc., a resource
company trading on the TSX-V, and June, 2001 to present, Director of Rome Resources Ltd., a resource
company trading on the TSX-V, August 2002 to present, Chief Financial Officer,
Goldrea Creek Gold Ltd., a resource company trading on the TSX-V; and March 2003
to present, Director of Molycor Gold Corp., a resource company trading on the
TSX-V.

Mr. Rook-Green obtained a Certified Management Accountant (C.M.A.)
designation in 1971.





BARRY L. WHELAN (Age 61).  Director of the Company, Vancouver, British Columbia.





Director since September 11, 2001. From 1981 to present, consulting geologist. Director of the following
companies: Adamus Resources Ltd. from 1993, Consolidated Maymac Petroleum Corp., from 1995,
International Brooks Petroleum Ltd. from 1991, Little Mountain Resources Ltd. from 1997, Canadian
Metals Exploration Ltd. from 2001. All of the above companies trade on the TSX-V. Graduated from the
University of Western Ontario in 1961 with a Bachelor of Arts in Geology, graduated from McMaster
University in 1965 with a Bachelor of Science in Geology.





PHILIP E. LEWIS (Age
49).  Director of the Company, Tulsa, Oklahoma.

> Director since August 17, 2001. Former president of Supra
>   Energy, and currently senior process consultant, Cyntergy Technology LLC. Mr.
>   Lewis acquired a B.S. in chemical engineering from the University of Oklahoma
>   in 1978; a M.S. in chemical engineering from the University of Tulsa in 1980;
>   and an MS in petroleum engineering/business from the University of Houston in
>   1984.









ITEM 10.    EXECUTIVE COMPENSATION





(a)    SUMMARY COMPENSATION TABLE (OMITTED FOR SIMPLICITY)

Mr. McGowan and a private company wholly-owned by Mr. McGowan
received or was due a total of $15,516 of compensation in the fiscal year ended
December 31, 2002 (2001 - $37,965) (2000 - $37,965) in accordance with a
management agreement approved by the directors in April, 1998 at a rate of
$7,000 per month, which was subsequently amended to Canadian $5,000 per month
effective August, 1999, and in 2002, to Canadian $2,500 retroactive to October
1, 2001.

A private company owned by Mr. Rook-Green received or was due a total of
$13,802 for rent, office services, accounting and administrative services in the
fiscal year ended December 31, 2002 (2001 - $27,657); (2000 - $27,827).









(b)    OPTIONS/SAR GRANTS IN LAST FISCAL YEAR (INDIVIDUAL GRANTS)









The Company has a Directors and Officers Stock Option Plan, a Key Personnel Compensation Plan, a 2000 Stock
Option Plan, and a 2001 Stock Option Plan as described below.  Options granted during the year 2001 were as
follows:

Name
Number
Price
Expiry DateP. McGowan
325,000
$0.15
Oct. 31/06B. Whelan
325,000
$0.15
Oct. 31/06P. Lewis
200,000
$0.15
Oct. 31/06P. Rook-Green
150,000
$0.15
Oct. 31/06C. Dieterich
50,000
$0.30
Sept. 24/06


There were no
options granted during fiscal 2002.











(c)    AGGREGATED OPTION/SAR EXERCISES IN THE LAST FISCAL YEAR AND FISCAL YEAR-END OPTION/SAR VALUES:   None

(d)    LONG-TERM INCENTIVE PLANS
- AWARDS IN THE LAST FISCAL YEAR

In November 1996, the Company adopted the Wolf Exploration Inc. 1996 Directors and Officers Stock Option Plan,
("the Plan") for its officers, directors, key personnel and consultants to the Company.  In  1996 and 1997, a total of
960,000 options to purchase shares were granted under this plan.  As a result of the sale of Calgary Chemical, and
change of management, the 960,000 options were cancelled in 1998.  By resolution of the directors of the Company
dated May 28, 1998, the Company reserved an additional one million shares of common stock of the Company for
the Plan bringing the total shares reserved to 2,000,000 and renamed the Plan "The Wolf Industries Inc. 1998
Directors and Officers Stock Option Plan" ("the Revised Plan") with all other terms and conditions of the Plan
remaining in full force and effect.



In September 1998, the Company by resolution of the directors, established the
"1998 Key Personnel Compensation
Plan"  ("Key Plan") whereby 1,000,000 shares of the Company's stock was reserved for issuance.  By resolution of
the directors dated November, 1998, a further 1,000,000 shares of common stock was authorized to be reserved for
issuance, bringing the total issuable under the Key Plan to 2,000,000 shares of common stock.





During 1998, under the terms of the Revised Plan, a total of 1,050,000 option to purchase common shares of the
Company were granted to three officers and directors of the Company at $0.25 per share for a five-year period.

During 1998, under the terms of the Key Plan, options to purchase 75,000 shares of the common stock of the
Company was granted to an employee at $0.25 per share, for a five-year period.  Also under the terms of the Key
Plan, 1,973,026 shares of common stock of the Company were issued at a deemed price of $0.25 per share, and
1,000,000 shares of common stock of the Company at a deemed price of $0.20 per share for services rendered by
key personnel to the Company.  In 1999, under the terms of the Key plan, 350,000 shares were issued at a deemed
price of $0.18, and 100,000 shares were issued at a deemed price of $0.15.





During 2000, 30,000 options were granted at $0.30, and 300,000 at $0.25, for five-year periods, under the terms of
the two plans.



In October, 2000, the Company by resolution of the directors, established the 2000 Stock Option Plan ("2000 Plan"),
whereby 5,000,000 of the company's stock was reserved for issuance. During 2000, under the terms of the 2000
Plan, 50,000 options to purchase shares were granted at $0.30, 200,000 were granted at $0.15, and 200,000 were
granted at $0.25, all for five year periods.



In September, 2001, the Company by resolution of the directors, established the 2001 Stock Option Plan ("2001
Plan"), whereby 1,500,000 of the company's stock was reserved for issuance. During 2001, under the terms of the
2001 Plan, 1,000,000 options to purchase shares were granted at $0.15 for five-year periods.

Also in September, 2001, the Company by resolution of the directors issued 50,000 options under an S8 filing.

(e)    COMPENSATION OF DIRECTORS



1. Standard Arrangements



The members of the Company's Board of Directors are reimbursed for actual expenses incurred in attending Board
meetings.

2. Other Arrangements



There are no other arrangements.



(f)    EMPLOYMENT CONTRACTS AND TERMINATION OF EMPLOYMENT,

CHANGE IN CONTROL ARRANGEMENTS



As a result of the sale of Calgary Chemical (Item 1(a)), Mr. Coady resigned at President and Chief Executive
Officer, Secretary, and Director of the Company. There was no additional cost to the Company for severance or
vacation pay resulting from this termination.





Mr. Patrick McGowan was appointed President and Chief Executive Officer of the Company in April 1998, at an
annual fee of $84,000, which was subsequently amended to Canadian $5,000 per month effective August, 1999,
and in 2002, to Canadian $2,500 retroactive to October, 2001.  In 2002, Mr.
McGowan received or was owed a total of $15,516 for services rendered under this
agreement.







ITEM 11.    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT







The following table sets forth certain information regarding the beneficial ownership of Common Stock by each
director and nominee and by all directors and officers of the Company as a group and of certain other beneficial
owners of more than 5% of any class of the Company's voting securities as of December 31, 2000 unless otherwise
noted.  The number of shares beneficially owned is deemed to include shares of Common Stock which directors of
officers have a right to acquire pursuant to the exercise of options within sixty days of December 31, 2000.  Each
such person has sole voting and dispositive power with respect to such securities, except as otherwise indicated.





None.







(b)    SECURITY OWNERSHIP OF MANAGEMENT.

|Name and Address                                                          | Number of Shares | Percentage of Class
|------------------------------------------------------------------------- | ---------------- | -------------------
|Patrick A. McGowan,
    211 - 1148 Westwood Street, Coquitlam, BC V3B 4S4 | 498,172          | 8.9% (1)           
|Peter G. Rook-Green,
    14920-83A Avenue Surrey, B.C. V3S 7S2            | 153,000          | 2.7% (2)           
|Philip E. Lewis,
    3508 E. 70th Street, Tulsa, Oklahoma 74136-2649      | 200,000          | 3.6% (3)           
|Barry L. Whelan,
    600 - 535 Howe Street, Vancouver, B.C. V6C 2Z4       | 345,000          | 6.1% (4)           



(1)    Includes 325,000 options to purchase shares at a price of $0.15 per share, and 58,000 options to purchase shares
at a price of $2.50 per share.





(2)    Includes 150,000 options to purchase shares at a price of $0.15 per share, and 3,000 options to purchase shares
at a price of $3.00 per share.





(3)  Consists entirely of options to purchase shares at a price of $0.15 per share.



(4)  Includes 325,000 options to purchase shares at a price of $0.15 per
share.

(c)    CHANGES IN CONTROL: 
None





ITEM 12.    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Mr. McGowan and a Company of which he is the sole shareholder,
Andrea Resources Ltd., billed the Company a total of $15,516 during 2002 (2001)
- $37,935) for services rendered under the management agreement (Item 10(f)).
Mr. Rook-Green is an owner of R-G Management, which billed the Company $13,802
during 2002 (2001 - $27,657 for accounting, administration, rent and office
services.

The Company's By-laws include a provision regarding Related Party
Transactions which requires that each participant to such a transaction identify
all direct and indirect interest to be derived as a result of the Company's
entering into the related transaction. A majority of the disinterested members
of the board of directors must approve any Related Party Transaction





ITEM 13.    EXHIBITS, FINANCIAL STATEMENT SCHEDULES & REPORTS ON FORM 8-K





The following documents are filed as part of this report under Part II, Item 8:





Audited Financial Statements and notes thereto







(a)    Exhibits as required by Item 601 of Regulation S-B





Exhibit Number
Description
Incorporated by Reference to(3) (a) (1)
Articles of Incorporation as amended
Registrant's Report on Form
10SB12G dated June 19, 1997.(10) (1)
Sale agreement between Wolf Industries Inc.
and Gorda Technology Holdings Limited
Registrant's Quarterly Report on
Form 10QSB for the quarter
ended March 31, 1998(10) (2)
License agreement between Wolf Industries
Inc., Andrew Engineering Inc., Andrew Rawicz
Ph.D. and Ivan Melnyk Ph.D.
Registrant's Quarterly Report on
Form 10QSB for the quarter
ended March 31, 1998(10) (3)
Asset purchase agreement between Wolf
Industries Inc. and Andrew Engineering Inc.
Registrant's Quarterly Report on
Form 10QSB for the quarter
ended June 30, 1999(10) (4)
Agreement between Wolf Industries Inc.,
Andrew Engineering Inc., Andrew Rawicz and
GPT Management Ltd.
Registrant's Quarterly Report on
Form 10QSB for the quarter
ended June 30, 1999(10) (5)
Letter of Intent with Galloway Financial
Services
Registrant's Quarterly Report on
Form 10QSB for the quarter
ended  September 30, 2001(10) (6)
Letter Agreement with Dancing Star Resources
Inc.
Registrant's Quarterly Report on
Form 10QSB for the quarter
ended  September 30, 2001(10) (7)
Assignment of Lease with Exor Oil Company,
L.L.C.
Registrant's Quarterly Report on
Form 10QSB for the quarter
ended  September 30, 2001










SIGNATURES





Pursuant to the requirements of Section 12 of the Securities Act of 1934, this report has been signed below by the
following persons on behalf of the registrant and in the capacities set forth below on the dates indicated.

Date:
April 15, 2003American Petro-Hunter Inc.By /s/
Patrick A. McGowanPatrick A. McGowan, Title:  President, Chief Executive Officer, and DirectorBy /s/
Peter G. Rook-GreenPeter G. Rook-Green, Title:  Secretary, Chief Financial Officer, and Director




---

AMERICAN PETRO-HUNTER,
INC.

(Formerly
Travelport Systems, Inc.)



FINANCIAL STATEMENTS

(Expressed in U.S.
Dollars)

FOR THE YEARS ENDED
DECEMBER 31, 2002 AND 2001

---



INDEPENDENT AUDITORS' REPORT





























To the Board of Directors and Stockholders of American Petro-Hunter Inc.
(Formerly Travelport Systems Inc.)













We have audited the balance sheets of American Petro-Hunter Inc. (Formerly
Travelport Systems Inc.)as at December 31, 2002 and 2001 and the statements
of loss and retained earnings (deficit); stockholders' equity and cash flows for the
each of the years in the two-year period ended December 31, 2002. These
financial statements are the responsibility of the corporation's management. Our
responsibility is to express an opinion on these financial statements based on our
audits.











We conducted our audits in accordance with generally accepted auditing
standards in the United States and Canada. Those standards require that we
plan and perform an audit to obtain reasonable assurance whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.











In our opinion, these financial statements present fairly, in all material respects,
the financial position of American Petro-Hunter Inc. (Formerly Travelport
Systems Inc.)as at December 31, 2002 and 2001 and the results of its
operations and cash flows for each of the years in the two year period ended
December 31, 2002 accordance with generally accepted accounting principles.











Without qualifying our opinion we draw attention to the fact that the Company has
incurred a net loss of $29,664 for the year ended December 31, 2002, has a
stockholders' deficiency of $197,180, and as at that date, the Company's current
liabilities exceeded its current assets by $197,181. In addition, the Company has
an unresolved contingency as described in Note 8.  These factors raise
substantial doubt that the Company will be able to continue as a going concern.













Vancouver, Canada                                                                    
"Morgan & Company"



















March 31, 2003                                                                         
Chartered Accountants







Comments by Auditors on United States
- Canada reporting difference





















In Canada, reporting standards for auditors do not permit the addition of an
explanatory paragraph (following the opinion paragraph) when the financial
statements are affected by conditions and events that cast substantial doubt on
the Company's ability to continue as a going concern. Although our audit was
conducted in accordance with both United States and Canadian generally
accepted auditing standards, our report to the stockholders dated March 31,
2003 is expressed in accordance with United States reporting standards which
require a reference to such conditions and events in the Auditor's Report.







Vancouver, Canada                                                                    
"Morgan & Company"



















March 31, 2003                                                                         
Chartered Accountants

---

AMERICAN
PETRO-HUNTER, INC.

(Formerly
Travelport Systems, Inc.)



Balance Sheet

(Expressed in U.S.
Dollars)

As at December 31,



|                                                           |   | 2002        |   | 2001       
|---------------------------------------------------------- | - | ----------- | - | -----------
|ASSETS                                                     |   |             |   |            
|                                                           |   |             |   |            
|Current                                                    |   |             |   |            
|Cash                                                       | $ | 8           | $ | 38         
|Accounts receivable                                        |   | 125         |   | 1,353      
|                                                           |   | 133         |   | 1,391      
|                                                           |   |             |   |            
|Investment in AEI Trucolor Inc.(Note 5)                    |   | 1           |   | 1          
|                                                           | $ | 134         | $ | 1,392      
|                                                           |   |             |   |            
|LIABILITIES                                                |   |             |   |            
|                                                           |   |             |   |            
|Current                                                    |   |             |   |            
|Accounts and advances payable and
    accrued liabilities  |   | 197,314     |   | 190,908    
|                                                           |   | 197,314     |   | 190,908    
|                                                           |   |             |   |            
|STOCKHOLDERS' DEFICIENCY                                   |   |             |   |            
|Capital Stock(Note 3)                                      |   |             |   |            
|Authorized:200,000,000
    Common shares, par value $0.001 |   |             |   |            
|Issued and Outstanding:
    5,620,620 Common shares at     |   |             |   |            
|Dec. 31, 2002 and 5,400,620 Common
    shares at Dec.      |   |             |   |            
|31, 2001                                                   |   | 2,874,624   |   | 2,852,624  
|                                                           |   |             |   |            
|Deficit                                                    |   | (3,071,804) |   | (3,042,140)
|                                                           |   | (197,180)   |   | (189,516)  
|                                                           |   |             |   |            
|                                                           | $ | 134         | $ | 1,392      
|                                                           |   |             |   |            

Contingency (Note 8)

---

AMERICAN
PETRO-HUNTER, INC.

(Formerly
Travelport Systems, Inc.)



Statement of Loss
and Retained Earnings (Deficit)

(Expressed in U.S.
Dollars)

For the Years Ended
December 31,



|                                                           |   | 2002        |   | 2001       
|---------------------------------------------------------- | - | ----------- | - | -----------
|                                                           |   |             |   |            
|Expenses                                                   |   |             |   |            
|Administration                                             | $ | 12,601      | $ | 237,947    
|Amortization                                               |   | -           |   | 1,500      
|Executive Compensation                                     |   | 15,516      |   | 37,935     
|Rent                                                       |   | 1,547       |   | 1,496      
|                                                           |   | 29,664      |   | 278,878    
|                                                           |   |             |   |            
|Loss for the year, before undernoted items                 |   | (29,664)    |   | (278,878)  
|                                                           |   |             |   |            
|Advances to Travelport Media Inc. Written Off              |   | -           |   | (14,412)   
|                                                           |   |             |   |            
|Write down of Investment in AEI Trucolor, Inc.(Note
    5) |   | -           |   | (4,062)    
|                                                           |   |             |   |            
|Net Loss for the year                                      |   | (29,664)    |   | (297,352)  
|                                                           |   |             |   |            
|Deficit,beginning of year                                  |   | (3,042,140) |   | (2,744,788)
|                                                           |   |             |   |            
|Deficit, end of year                                       | $ | (3,071,804) | $ | (3,042,140)
|                                                           |   |             |   |            
|Loss per Share (Note 2)                                    | $ | (0.01)      | $ | (0.09)     
|                                                           |   |             |   |            
|Weighted Average Number of Shares Outstanding (Note 2)     |   | 5,462,972   |   | 3,125,488  
|                                                           |   |             |   |            

---

AMERICAN
PETRO-HUNTER, INC.

(Formerly
Travelport Systems, Inc.)



Statement of Cash
Flows

(Expressed in U.S.
Dollars)

For the Years Ended
December 31,



|                                                  |   | 2002     |   | 2001     
|------------------------------------------------- | - | -------- | - | ---------
|                                                  |   |          |   |          
|Cash Provided By (Used For):                      |   |          |   |          
|Operating Activity                                |   |          |   |          
|Loss for the year                                 | $ | (29,664) | $ | (297,352)
|                                                  |   |          |   |          
|Item Not Affecting Cash                           |   |          |   |          
|Amortization                                      |   | -        |   | 1,500    
|Write down of investment in AEI
    Trucolor Inc. |   | -        |   | 4,062    
|                                                  |   |          |   |          
|Changes in non-cash working capital items:        |   |          |   |          
|Accounts receivable                               |   | 1,228    |   | 2,176    
|Accounts payable                                  |   | 28,406   |   | 291,952  
|                                                  |   |          |   |          
|                                                  |   | (30)     |   | 2,338    
|                                                  |   |          |   |          
|Increase (Decrease) in Cash                       |   | (30)     |   | 2,338    
|                                                  |   |          |   |          
|Cash (Bank Indebtedness), Beginning of Year       |   | 38       |   | (2,300)  
|                                                  |   |          |   |          
|Cash, End of Year                                 | $ | 8        | $ | 38       
|                                                  |   |          |   |          



Supplemental Disclosure on
Non-Cash Financing and Investing Activities:



During the period ended December 31, 2002, the company issued Nil; (2001 -
3,853,598) common shares for non-cash consideration of debt owing to creditors
by the company in the amount of nil; (2001 - $396,360), and issued 220,000 
(2001 - 400,000) common shares for non-cash consideration of services provided
to the Company in the amount of $22,000; (2001 - $160,000).  (Note 2)

---

AMERICAN
PETRO-HUNTER, INC.

(Formerly
Travelport Systems, Inc.)



Statement of
Stockholders' Equity

(Expressed in U.S.
Dollars)

For the Years Ended
December 31,



|                           | Shares Common |  | Amount          |  | Additional Paid-In Capital |  | Retained Earnings (Deficit) |  | Total            
|-------------------------- | ------------- |  | --------------- |  | -------------------------- |  | --------------------------- |  | -----------------
|                           |               |  |                 |  |                            |  |                             |  |                  
|2002                       |               |  |                 |  |                            |  |                             |  |                  
|Balance, Beginning of Year | 5,400,620     |  | $     5,401     |  | $    2,847,223             |  | $  (3,042,140)              |  | $   (189,516)    
|                           |               |  |                 |  |                            |  |                             |  |                  
|Common Shares Issued       | 220,000       |  | 220             |  | 21,780                     |  | -                           |  | 22,000           
|                           |               |  |                 |  |                            |  |                             |  |                  
|Share issue costs          | -             |  | -               |  | -                          |  | -                           |  | -                
|                           |               |  |                 |  |                            |  |                             |  |                  
|Net loss                   | -             |  | -               |  | -                          |  | (29,664)                    |  | (29,664)         
|                           |               |  |                 |  |                            |  |                             |  |                  
|Balance, End Of Year       | 5,620,620     |  | $    
    5,621 |  | $   
    2,869,003         |  | $ 
    (3,071,804)          |  | $  
    (197,180)
|                           |               |  |                 |  |                            |  |                             |  |                  
|2001                       |               |  |                 |  |                            |  |                             |  |                  
|Balance, Beginning of Year | 1,147,022     |  | $     1,147     |  | $    2,295,117             |  | $  (2,744,788)              |  | $   (448,524)    
|                           |               |  |                 |  |                            |  |                             |  |                  
|Common shares issued       | 3,633,598     |  | 3,634           |  | 359,726                    |  | -                           |  | 363,360          
|                           |               |  |                 |  |                            |  |                             |  |                  
|Common shares issued       | 620,000       |  | 620             |  | 192,380                    |  | -                           |  | 193,000          
|                           |               |  |                 |  |                            |  |                             |  |                  
|Net loss                   |               |  |                 |  |                            |  | (297,352)                   |  | (297,352)        
|                           |               |  |                 |  |                            |  |                             |  |                  
|Balance, End of Year       | 540,620       |  | 5,401           |  | 2,847,223                  |  | (3,042,140)                 |  | (189,516)        
|                           |               |  |                 |  |                            |  |                             |  |                  

---

AMERICAN
PETRO-HUNTER, INC.

(Formerly
Travelport Systems, Inc.)



NOTES TO FINANCIAL
STATEMENTS

(Expressed in U.S.
Dollars)

For the Years Ended
December 31, 2002 and 2001



1.    OPERATIONS



















Wolf Exploration Inc. was incorporated under corporate charter of the State of
Nevada on January 4, 1996. Active operations commenced on July 10, 1996. On
March 17, 1997, Wolf Exploration Inc. changed its name to Wolf Industries Inc.;
on November 21, 2000, changed its name to Travelport Systems Inc., and on
August 17, 2001, changed its name to American Petro-Hunter Inc. The
Corporation's business offices are located in Surrey, British Columbia, Canada.





























2.    SIGNIFICANT ACCOUNTING POLICIES





































(a)    Foreign Currency Translation





























The Company's functional currency is the Canadian Dollar and reporting
currency is the United States dollar. Monetary assets and liabilities are
translated at the exchange rate in effect at the balance sheet date and
non-monetary assets and liabilities at the rate in effect on the dates of the
related transactions. Revenues and expenses are translated at rates
approximating exchange rates in effect at the time of the transactions.
Gains or losses arising on conversion of foreign currency transactions are
included in income in the period they occur.





































(b)    Income Taxes



































The Company uses the liability method of accounting for income taxes
pursuant to SFAS No. 109. The only significant tax assets the Company
has are the accumulated non-capital losses which are available to offset
future taxable income. The Company's operations have no income
subject to income taxes and cannot be determined that such tax assets
will be realized. Accordingly, the Company would eliminate the effect of
the recognition of any of these tax assets by the recording of a valuation
allowance equal to the value of the tax assets.



























(c)    Use of Estimates

































The preparation of financial statements, in conformity with generally
accepted accounting principles, required management to make estimates
and assumptions that reflect the reported amount of assets, liabilities,
revenues, expenses and related disclosures. Actual results could differ
from those estimates.























2.    SIGNIFICANT
ACCOUNTING POLICIES(Continued)





































(d)    Loss Per Share



































Basic net income (loss) per share is based on the weighted average
number of common shares outstanding during the year. Diluted net
income (loss) per share is based on the weighted average number of
shares outstanding during the year and dilutive common equivalent
shares from options and warrants outstanding during the year. No
common equivalent shares are included for loss periods as they would be
anti-dilutive.















The company consolidated its shares on a one new for ten old basis on
June 25, 2001. Loss per share amounts have been restated for the prior
years to reflect the effect of this consolidation.





























(e)    Investment in AEI Trucolor Inc.





























The Company carries its interest in AEI Trucolor Inc., a British Columbia
private corporation, at cost.  The Company does not exercise significant
influence over the investee.





























3.    COMMON STOCK







































a)    Authorized:    200,000,000 common shares, par value $0.001 each.

































During the year ended December 31, 2001, the Company completed a reverse
stock-split whereby the Company consolidated its authorized and issued
common shares on the basis of one common share for every ten common shares
previously held. Authorized common shares and the par value of the shares have
not been affected. All per share amounts and number of shares issued have
been adjusted in these consolidated financial statements to reflect the share
consolidation except as specifically noted.

































3.    COMMON
STOCK, continued

















|                                                     | 2002      |  | 2001            
|---------------------------------------------------- | --------- |  | ----------------
|                                                     | Number    |  | Amount          
|                                                     |           |  |                 
|Issued and outstanding balance
    beginning of year | 5,400,620 |  | $  2,852,624    
|                                                     |           |  |                 
|For debt                                             | -         |  | -               
|For services                                         | 220,000   |  | 22,000          
|Issued and outstanding balance
    end of
    year   | 5,620,620 |  | $  2,874,624    
|                                                     |           |  |                 
|Represented by:                                      |           |  |                 
|Common Shares at par value                           |           |  | 5,621           
|Additional paid in capital                           |           |  | 2,869,003       
|                                                     |           |  | $ 
    2,874,624
|                                                     |           |  |                 







At December 31, 2002, options providing for the issue of additional
common shares are outstanding as follows:

















|Number    | Price | Expiration Date     
|--------- | ----- | --------------------
|          |       |                     
|58,000    | $2.50 | August 17,
    2003 
|3,000     | $3.00 | March 20,
    2005  
|5,000     | $3.00 | June 20,
    2005   
|1,000,000 | $0.15 | October 31,
    2006

















3.    COMMON STOCK, continued



































(c)    The Company accounts for options granted using the intrinsic value
method and in accordance with the accounting prescribed in Accounting
Principles Board Opinion No 25 ("APB 25"). Under APB 25, because the
exercise price of the Company's employee stock options equals the
market price of the underlying stock on the date of grant, no
compensation expense is recognized. An alternative method is the fair
value accounting provided for under FASB statement No. 123 ("SFAS No
123"), which required the use of option valuation models. Pro forma
information regarding net income and earnings per share is required by
SFAS No. 123, and has been determined as if the Company had
accounted for its options granted under the fair value method of that
Statement. The fair value for these options was estimated at the date of
the grant using a Black-Scholes option pricing model with the following
weighted average assumptions; risk free rate of 5.25%; no dividends,
volatility factor of the expected life of the Company's common stock of
180%; and a weighted average expected life of the options granted in
each year of four to five years. The pro forma effect of SFAS No 123 is as
follows:



|                        | Pro Forma          
|----------------------- | -------------------
|December 31, 2002       |                    
|                        |                    
|Net loss for the period | $    
    29,664   
|Loss per share          | $        
    0.01 
|                        |                    
|                        | Pro Forma          
|December 31, 2001       |                    
|                        |                    
|Net loss for the period | $   
    479,492   
|Loss per share          | $         
    0.15



















4.    RELATED PARTIES











































(i)    During the year, the company paid or accrued $15,516 (2001
- $37,965)
for management fees to a director.









































(ii)    A total of $13,802 (2001
- $27,657) was paid or accrued to a company
owned by a director of the company for accounting fees, office services
and rent.











































(iii)    Accounts payable includes $23,255 (2001
- $9,267) payable to a director
and a company owned by a director.

















































5.    AEI TRUCOLOR INC.







































The Company holds a 40% interest in AEI Trucolor Inc, a private British
Columbia Corporation and has previously written down its carrying value to a
nominal amount to reflect its impaired value.



































6.    FINANCIAL INSTRUMENTS







































The Company's financial instruments consist of cash, accounts receivable,
accounts payable and accrued liabilities. Unless otherwise noted, it is
management's opinion that the company is not exposed to significant interest,
currency, or credit risks arising from these financial instruments. The fair values
of these financial instruments approximate their carrying values.





























7.    INCOME TAXES



































Future tax assets (liabilities) of the Company are as follows:



















2002
2001Operating and capital losses
$
1,020,000
$
990,000Less:  Valuation allowance

1,020,000

990,000Future tax asset (liability) recognized
$
-
$
-






































As at December 31, 2002, the Company has incurred income tax losses
totaling
approximately $3,000,000.



























A valuation allowance has been recorded to reduce the net benefit recorded in
the financial statements related to these future tax assets.  The valuation
allowance is deemed necessary as a result of the uncertainty associated with the
ultimate realization of these tax assets.





























8.    CONTINGENCY







































The Company received a demand for payment from Canadian Western Bank
("CWB") whereby CWB, pursuant to a guarantee provided by the Company in
favor of 714674 Alberta Ltd. (operating as Calgary Chemical) is demanding
payment of Cdn$102,000 (approx. US$68,000) pursuant to the guarantee.



























The Company divested itself of Calgary Chemical in 1998 under an agreement
with the former president of the Company.  The agreements covering the
transaction included an indemnity guarantee from the purchaser whereby the
purchaser would indemnify and save harmless the Company from any and all
liability, loss, damage or expenses.



























The Company intends to defend itself against the claim from CWB.  The
Company believes it has a valid indemnification from the purchaser of Calgary
Chemical.



































8.    CONTINGENCY (Continued)



























The ultimate loss to the Company, if any, is uncertain and depends upon a
successful defense and the extent of any impairment if an indemnification claim
is made against the purchaser.  The outcome of this contingency cannot be
determined at this time.











































9.    SUBSEQUENT EVENT







































Subsequent to the end of the year, the Company issued a total of 430,000
common shares at a deemed value of $25,800 to two directors and a consultant
for services rendered to the Company.

---

Exhibit 99.1



|Pursuant to the
    requirements of Rule 13a-14 of the Securities Exchange Act of 1934, as
    amended, Patrick A. McGowan provides the following certification.
         I, Patrick A. McGowan, President, CEO and
    director of American Petro-Hunter, Inc. ("Company"), certify that:
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|1.                                                                                                                                                                                                                                                                                        
|2.                                                                                                                                                                                                                                                                                        
|3.                                                                                                                                                                                                                                                                                        
|4.                                                                                                                                                                                                                                                                                        
|5.                                                                                                                                                                                                                                                                                        

|a.     | All significant
    deficiencies in the design or operation of internal controls which could
    adversely affect the Company's ability to record, process, summarize and
    report financial data and have identified for the Company'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 Company's internal controls; and                                                                                                                                                                                                  
|      
|**6.** | I
    have indicated in this quarterly report whether or not there were
    significant changes in internal controls or in other factors that could
    significantly affect internal controls subsequent to the date of my most
    recent evaluation, including any corrective actions with regard to
    significant deficiencies and material weaknesses.
|       |                                                                                                                                                                                                                                                                                                                                                              

|Date: April 15, 2003 | /s/ Patrick A.
      McGowan          
|-------------------- | --------------------------------------
|                     | Patrick A. McGowan,  President and CEO
|                     |                                       

---

Exhibit 99.2



|Pursuant to the
    requirements of Rule 13a-14 of the Securities Exchange Act of 1934, as
    amended, Peter G. Rook-Green provides the following certification.
         I, Peter G. Rook-Green, Secretary, CFO and
    director of American Petro-Hunter, Inc. ("Company"), certify that:
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|1.                                                                                                                                                                                                                                                                                          
|2.                                                                                                                                                                                                                                                                                          
|3.                                                                                                                                                                                                                                                                                          
|4.                                                                                                                                                                                                                                                                                          
|5.                                                                                                                                                                                                                                                                                          

|a.     | All significant
    deficiencies in the design or operation of internal controls which could
    adversely affect the Company's ability to record, process, summarize and
    report financial data and have identified for the Company'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 Company's internal controls; and                                                                                                                                                                                                  
|      
|**6.** | I
    have indicated in this quarterly report whether or not there were
    significant changes in internal controls or in other factors that could
    significantly affect internal controls subsequent to the date of my most
    recent evaluation, including any corrective actions with regard to
    significant deficiencies and material weaknesses.
|       |                                                                                                                                                                                                                                                                                                                                                              

|Date: April 15, 2003 | /s/ Peter G.
      Rook-Green          
|-------------------- | ---------------------------------------
|                     | Peter G. Rook-Green,  Secretary and CFO