---

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

FORM 10-Q /A
    Amendment #1

[X] QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31,
2009

OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Commission file number 000-53665

AM OIL RESOURCES & TECHNOLOGY
INC.(Exact name of registrant as specified in its
charter)

NEVADA(State or other jurisdiction of
incorporation or organization)

27240 Turnberry Lane, Suite 200 Valencia, California
91355(Address of principal executive offices, including zip
code.)

800-646-6570(Registrants telephone number,
including area code)

Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or
for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the last 90 days.
YES [X] NO [ ]

Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of large accelerated filer, accelerated
filer, non-accelerated filer, and smaller reporting company in Rule 12b-2
of the Exchange Act.

|Large accelerated Filer | [ ] | Accelerated Filer         | [ ]
|----------------------- | --- | ------------------------- | ---
|Non-accelerated Filer   | [ ] | Smaller Reporting Company | [X]

Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). YES [X] NO [ ]

State the number of shares outstanding of each of the issuers
classes of common equity, as of the latest practicable date: 41,400,000 as of
June 16, 2009.

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|Table of Contents
|-----------------

10-Q - AM OIL RESOURCES & TECHNOLOGY INC. FORM 10-Q FOR
  MARCH 31, 2009

PART I

|ITEM 1. | FINANCIAL STATEMENTS                                             
|------- | -----------------------------------------------------------------
|ITEM 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN
      OF OPERATION. 
|ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES
      ABOUT MARKET RISK.
|ITEM 4. | CONTROLS AND PROCEDURES.                                         

PART II.

|ITEM 1A.   | RISK FACTORS
|---------- | ------------
|ITEM 5.    | OTHER EVENTS
|ITEM 6.    | EXHIBITS.   
|SIGNATURES

---

PART I  FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

AM Oil Resources & Technology Inc.
  (Formerly Aventerra
Explorations Inc.
) 
(An Exploration Stage Company) 
March 31, 2009

|                                                                 | Index
|---------------------------------------------------------------- | -----
|                                                                 |      
|Consolidated Balance Sheets (unaudited)                          | F-1  
|                                                                 |      
|Consolidated Statements of Expenses
      (unaudited)            | F-2  
|                                                                 |      
|Consolidated Statements of Cash Flows
      (unaudited)          | F-3  
|                                                                 |      
|Notes to the Consolidated Financial
      Statements (unaudited) | F-4  

Amendment Explanation: On November 17, 2009, it was
determined that patents which were to be transferred to the Company by a Vendor
had expired for failure to pay maintenance fees by the holder of the patents,
thus leaving the patents open to the public domain. It was determined that US
Patent No. 5979549 expired for failure to pay a maintenance fee on November 11,
2007 and US Patent No. 6129148 expired for failure to pay a maintenance fee on
October 10, 2008. The Company did not have good and marketable title to these
assets. The Vendor did not own and failed to assign the patents to the Company,
being US Patent No. 5979549 and US Patent No. 6129148. As a result, the Vendor
did not have clear title to convey ownership of the patents. Consequently, the
Company never received title to these patents and due to the breach by the
Vendor, the Company was never obligated to pay the $500,000 or issue the
30,000,000 shares pursuant to an agreement with the Vendor. The shares and the
debt were cancelled by the Company and no payments the Company were made
pursuant to the agreement.

Because the Company never received title, the Company
determined that it never owned the assets, which resulted in an error in the
first two quarters of 2009. As a result, this quarterly reports on Form 10-Q is
being amended and restated to remove the patent asset and related debt. In
addition, the cancellation of common stock issued in connection with this
transaction was reflected in the amended quarterly filings.

---

|AM Oil Resources & Technology Inc.    
|--------------------------------------
|(Formerly Aventerra Explorations Inc.)
|(An Exploration Stage Company)        
|Consolidated Balance Sheets           
|(unaudited)                           

|                                                                                                                               |   |            |   |   | December |  
|------------------------------------------------------------------------------------------------------------------------------ | - | ---------- | - | - | -------- | -
|                                                                                                                               |   | March 31,  |   |   | 31,      |  
|                                                                                                                               |   | 2009       |   |   | 2008     |  
|                                                                                                                               |   | (Restated) |   |   |          |  
|ASSETS                                                                                                                         |   |            |   |   |          |  
|                                                                                                                               |   |            |   |   |          |  
|Current Assets                                                                                                                 |   |            |   |   |          |  
|                                                                                                                               |   |            |   |   |          |  
|Cash and cash equivalents                                                                                                      | $ |           |   | $ | 9,791    |  
|                                                                                                                               |   |            |   |   |          |  
|Total Assets                                                                                                                   | $ |           |   | $ | 9,791    |  
|                                                                                                                               |   |            |   |   |          |  
|LIABILITIES AND STOCKHOLDERS DEFICIT                                                                                          |   |            |   |   |          |  
|                                                                                                                               |   |            |   |   |          |  
|Current Liabilities                                                                                                            |   |            |   |   |          |  
|                                                                                                                               |   |            |   |   |          |  
|Bank overdraft                                                                                                                 | $ | 2,006      |   | $ |         |  
|Accounts payable                                                                                                               |   | 39,499     |   |   | 24,891   |  
|Accounts payable  related party                                                                                               |   | 23,445     |   |   | 22,810   |  
|Accrued
      liabilities                                                                                                      |   | 6,578      |   |   | 3,875    |  
|                                                                                                                               |   |            |   |   |          |  
|Total Current
      Liabilities                                                                                                |   | 71,528     |   |   | 51,576   |  
|                                                                                                                               |   |            |   |   |          |  
|Stockholders Deficit                                                                                                          |   |            |   |   |          |  
|                                                                                                                               |   |            |   |   |          |  
|Preferred Stock, 100,000,000 shares authorized, $0.00001
      par value, No shares issued and outstanding                     |   |           |   |   |         |  
|                                                                                                                               |   |            |   |   |          |  
|Common Stock, 150,000,000 shares authorized, $0.00001 par
      value, 41,400,000 and 98,900,000 shares issued and outstanding |   | 414        |   |   | 989      |  
|                                                                                                                               |   |            |   |   |          |  
|Additional Paid-in Capital                                                                                                     |   | 36,086     |   |   | 50,511   |  
|                                                                                                                               |   |            |   |   |          |  
|Deficit
      Accumulated During the Exploration Stage                                                                         |   | (108,028   | ) |   | (93,285  | )
|                                                                                                                               |   |            |   |   |          |  
|Total
      Stockholders Deficit                                                                                              |   | (71,528    | ) |   | (41,785  | )
|                                                                                                                               |   |            |   |   |          |  
|Total Liabilities and Stockholders Deficit                                                                                    | $ |           |   | $ | 9,791    |  

(The accompanying notes are an integral part of these
consolidated financial statements)

F-1

---

|AM Oil Resources & Technology Inc.    
|--------------------------------------
|(Formerly Aventerra Explorations Inc.)
|(An Exploration Stage Company)        
|Consolidated Statements of Expenses   
|(unaudited)                           

|                                                                     |   |                              |   |   |              |   |   | Period from       |  
|-------------------------------------------------------------------- | - | ---------------------------- | - | - | ------------ | - | - | ----------------- | -
|                                                                     |   |                              |   |   |              |   |   | February 27, 2007 |  
|                                                                     |   |                              |   |   |              |   |   | (Inception)       |  
|                                                                     |   | Three months ended March 31, |   |   | To March 31, |  
|                                                                     |   | 2009                         |   |   | 2008         |   |   | 2009              |  
|                                                                     |   | (Restated)                   |   |   |              |   |   | (Restated)        |  
|Expenses                                                             |   |                              |   |   |              |   |   |                   |  
|                                                                     |   |                              |   |   |              |   |   |                   |  
|General and Administrative                                           | $ | 14,815                       |   | $ |             |   | $ | 20,790            |  
|                                                                     |   |                              |   |   |              |   |   |                   |  
|Total costs and
      expenses                                       |   | 14,815                       |   |   |             |   |   | 20,790            |  
|                                                                     |   |                              |   |   |              |   |   |                   |  
|Foreign currency exchange loss                                       |   | (72                          | ) |   |             |   |   | (72               | )
|                                                                     |   |                              |   |   |              |   |   |                   |  
|Net Loss Before Discontinued Operations                              |   | (14,743                      | ) |   |             |   |   | (20,718           | )
|                                                                     |   |                              |   |   |              |   |   |                   |  
|Loss from Discontinued Operations                                    |   |                              |   |   |              |   |   |                   |  
|                                                                     |   |                              |   |   |              |   |   |                   |  
|Discontinued Operations (Note 6)                                     |   |                             |   |   | (12,107      | ) |   | (87,310           | )
|                                                                     |   |                              |   |   |              |   |   |                   |  
|Net Loss                                                             | $ | (14,743                      | ) | $ | (12,107      | ) | $ | (108,028          | )
|                                                                     |   |                              |   |   |              |   |   |                   |  
|Net Loss Per Share  Basic and Diluted:                              |   |                              |   |   |              |   |   |                   |  
|                                                                     |   |                              |   |   |              |   |   |                   |  
|Discontinued Operations                                              |   | N/A                          |   | $ | (0.00        | ) |   | N/A               |  
|Net Loss                                                             | $ | ( 0.00                       | ) | $ | ( 0.00       | ) |   | N/A               |  
|                                                                     |   |                              |   |   |              |   |   |                   |  
|Weighted Average
      Common Shares Outstanding  Basic and Diluted |   | 75,261,000                   |   |   | 98,900,000   |   |   | N/A               |  

(The accompanying notes are an integral part of these
consolidated financial statements)

F-2

---

|AM Oil Resources & Technology Inc.    
|--------------------------------------
|(Formerly Aventerra Explorations Inc.)
|(An Exploration Stage Company)        
|Consolidated Statements of Cash Flows 
|(unaudited)                           

|                                                                                    |   |                              |   |   |              |   |   | Period from  |  
|----------------------------------------------------------------------------------- | - | ---------------------------- | - | - | ------------ | - | - | ------------ | -
|                                                                                    |   |                              |   |   |              |   |   | February 27, |  
|                                                                                    |   |                              |   |   |              |   |   | 2007         |  
|                                                                                    |   |                              |   |   |              |   |   | (Date of     |  
|                                                                                    |   |                              |   |   |              |   |   | Inception)   |  
|                                                                                    |   | Three months ended March 31, |   |   | To March 31, |  
|                                                                                    |   | 2009                         |   |   | 2008         |   |   | 2009         |  
|                                                                                    |   | (Restated)                   |   |   |              |   |   | (Restated)   |  
|                                                                                    |   |                              |   |   |              |   |   |              |  
|Operating Activities                                                                |   |                              |   |   |              |   |   |              |  
|                                                                                    |   |                              |   |   |              |   |   |              |  
|Net loss for the period                                                             | $ | (14,743                      | ) | $ | (12,107      | ) | $ | (108,028     | )
|                                                                                    |   |                              |   |   |              |   |   |              |  
|Adjustment to reconcile net
    loss to cash  
       used in operating activities: |   |                              |   |   |              |   |   |              |  
|Donated services and expenses                                                       |   |                             |   |   | 1,500        |   |   | 10,500       |  
|                                                                                    |   |                              |   |   |              |   |   |              |  
|Changes in operating assets
      and liabilities:                                  |   |                              |   |   |              |   |   |              |  
|Prepaid expenses                                                                    |   |                             |   |   | (1,224       | ) |   |             |  
|Account payable                                                                     |   | 243                          |   |   | 2,127        |   |   | 25,134       |  
|Accrued liabilities                                                                 |   | 2,703                        |   |   | 1,534        |   |   | 6,578        |  
|Net Cash Used in Operating Activities                                               |   | (11,797                      | ) |   | (8,170       | ) |   | (65,816      | )
|                                                                                    |   |                              |   |   |              |   |   |              |  
|Financing Activities                                                                |   |                              |   |   |              |   |   |              |  
|Bank overdraft                                                                      |   | 2,006                        |   |   |             |   |   | 2,006        |  
|Issuance of common stock                                                            |   |                             |   |   |             |   |   | 41,000       |  
|Due
      to related party                                                          |   |                             |   |   |             |   |   | 22,810       |  
|Net Cash Provided by Financing Activities                                           |   | 2,006                        |   |   |             |   |   | 65,816       |  
|                                                                                    |   |                              |   |   |              |   |   |              |  
|Decrease In Cash                                                                    |   | (9,791                       | ) |   | (8,170       | ) |   |             |  
|                                                                                    |   |                              |   |   |              |   |   |              |  
|Cash  Beginning of Period                                                          |   | 9,791                        |   |   | 30,841       |   |   |             |  
|                                                                                    |   |                              |   |   |              |   |   |              |  
|Cash  End of Period                                                                | $ |                             |   | $ | 22,671       |   | $ |             |  
|                                                                                    |   |                              |   |   |              |   |   |              |  
|Supplemental Disclosures                                                            |   |                              |   |   |              |   |   |              |  
|Interest paid                                                                       | $ |                             |   | $ |             |   | $ |             |  
|Income taxes paid                                                                   |   |                             |   |   |             |   |   |             |  
|                                                                                    |   |                              |   |   |              |   |   |              |  
|                                                                                    |   |                              |   |   |              |   |   |              |  
|Non-Cash Disclosures                                                                |   |                              |   |   |              |   |   |              |  
|                                                                                    |   |                              |   |   |              |   |   |              |  
|Reclass of related party debt to accounts payable                                   | $ |                             |   | $ |             |   | $ | 22,810       |  
|Repurchase of common stock                                                          |   | 15,000                       |   |   |             |   |   | 15,000       |  

(The accompanying notes are an integral part of these
consolidated financial statements)

F-3

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|AM Oil Resources & Technology Inc.                
|--------------------------------------------------
|(Formerly Aventerra Explorations Inc.)            
|(An Exploration Stage Company)                    
|Notes to the Consolidated Statements of Cash Flows

|1. | Nature of Operations and Continuance of
Business                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | The accompanying unaudited interim financial statements
      of AM Oil Resources & Technology, Inc. (the Company) have been
      prepared in accordance with accounting principles generally accepted in
      the United States of America and the rules of the Securities and Exchange
      Commission (SEC), and should be read in conjunction with the audited
      financial statements and notes thereto contained in the Companys December
      31, 2008 Annual Report filed with the SEC on Form 10-K. In the opinion of
      management, all adjustments, consisting of normal recurring adjustments,
      necessary for a fair presentation of financial position and the results of
      operations for the interim periods presented have been reflected herein.
      The results of operations for interim periods are not necessarily
      indicative of the results to be expected for the full year. Notes to the
      financial statements which would substantially duplicate the disclosure
      contained in the audited financial statements for the most recent fiscal
      year end December 31, 2008 as reported on Form 10-K, have been
    omitted.                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|2. | Going Concern                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | These consolidated financial statements have been
      prepared on a going concern basis, which implies the Company will continue
      to realize its assets and discharge its liabilities in the normal course
      of business. The Company has not generated revenues since inception and
      has never paid any dividends and is unlikely to pay dividends or generate
      earnings in the immediate or foreseeable future. The continuation of the
      Company as a going concern is dependent upon the continued financial
      support from its shareholders, the ability of the Company to obtain
      necessary equity financing to continue operations and to determine the
      existence, discovery and successful exploitation of economically
      recoverable reserves in its resource properties, confirmation of the
      Companys interests in the underlying properties, and the attainment of
      profitable operations. As at March 31, 2009, the Company has working
      deficit and an accumulated deficit. These consolidated financial
      statements do not include any adjustments to the recoverability and
      classification of recorded asset amounts and classification of liabilities
      that might be necessary should the Company be unable to continue as a
      going concern. These factors raise substantial doubt regarding the
      Companys ability to continue as a going concern.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Certain prior year amounts have been reclassified to
      conform with the current year presentation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | Recently Issued Accounting
      Pronouncements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   | The company does not expect the adoption of recently
      issued accounting pronouncements to have a significant impact on its
      results of operations, financial position or cash
flows.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

F-4

---

|3. | Restatement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | On November 25, 2008, we entered into a preliminary Asset
      Purchase Agreement (the Agreement) with AM Oil Resources &
      Technology Inc., (the Vendor), an unrelated company prior to the
      purchase of the patents, to acquire two patents for technologies that
      maximize oil production from existing oil wells. This Agreement was
      finalized on March 11, 2009. Pursuant to the Agreement, we recognized the
      acquisition of the two patents in exchange for $500,000, in the form of a
      payable, and 30,000,000 shares of common stock. The patents covered
      certain oil and gas recovery enhancement techniques and were to expire in
      2020.                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | Because our stock is not actively traded, the patents
      were valued using a discounted future cash flow model, which was based on
      managements projections of future cash flows generated from the sale,
      license or other arrangement involving these patents. Based on the model,
      the patents were valued at $5,100,000 and were being amortized using the
      straight-line method over the life of the patents. The present value of
      the non-interest bearing $500,000 payable was recorded and the difference
      between the discounted rate and the face value was being accreted into
      interest expense over the life of the liability. Consequently we recorded
      a discount of $76,795 relating to the payable.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | During the quarter ended September 30, 2009, we
      discovered that the patents expired prior to the Agreement because certain
      maintenance fees were not kept current by the Vendor. As a result, the
      Vendor did not have clear title to convey ownership of the patents.
      Consequently, we never received title to these patents and due to the
      breach by the Vendor, we were never obligated to pay the $500,000 or issue
      the 30,000,000 shares pursuant to the Agreement. The shares and the debt
      were cancelled by the company and no payments were made pursuant to the
      Agreement.                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | Based on our findings, we never owned the patents and
      recording this transaction in the first quarter was in error. As a result,
      we are restating the March 31, 2009 financial statements filed on Form
      10-Q to correct this error in those prior periods. The effect of the
      restatement is to derecognize the patent asset and related liability, as
      well as cancel the 30,000,000 shares issued under the Agreement.                                                                                                                                                                                                                                                                                                             
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | The following tables illustrate the effects of the
      restatement on the March 31, 2009 financial statements:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

---

| | Statement of Expenses                                                                                                          |   |                                   |  
| | ------------------------------------------------------------------------------------------------------------------------------ | - | --------------------------------- | -
| |                                                                                                                                |   | Three months ended March 31, 2009 |  
| |                                                                                                                                |   | As Reported                       |  
| |                                                                                                                                |   |                                   |  
| | Expenses                                                                                                                       |   |                                   |  
| | Amortization                                                                                                                   | $ | 21,250                            |  
| | Other income (expense):                                                                                                        |   |                                   |  
| | Interest expense                                                                                                               |   | 1,702                             |  
| | Net loss                                                                                                                       | $ | (37,695                           | )
| |                                                                                                                                |   |                                   |  
| | Net Loss per Common Share  Basic and Diluted                                                                                  | $ | (0.00                             | )
| |                                                                                                                                |   |                                   |  
| | Weighted average common shares outstanding:
         Basic and diluted                                                         |   | 87,594,000                        |  
| |                                                                                                                                |   |                                   |  
| |                                                                                                                                |   |                                   |  
| | Statement of Cash Flows                                                                                                        |   |                                   |  
| |                                                                                                                                |   | Three months ended March 31, 2009 |  
| |                                                                                                                                |   | As Reported                       |  
| |                                                                                                                                |   |                                   |  
| | Operating Activities                                                                                                           |   |                                   |  
| | Net Loss                                                                                                                       | $ | (37,695                           | )
| | Accretion of discount on promissory note                                                                                       |   | 1,702                             |  
| | Amortization                                                                                                                   |   | 21,250                            |  
| | Net Cash Used in Operating Activities                                                                                          | $ | (11,797                           | )
| |                                                                                                                                |   |                                   |  
| |                                                                                                                                |   |                                   |  
| | Balance Sheet                                                                                                                  |   |                                   |  
| |                                                                                                                                |   |                                   |  
| |                                                                                                                                |   |                                   |  
| |                                                                                                                                |   | As Reported                       |  
| | ASSETS                                                                                                                         |   |                                   |  
| | Intangible assets                                                                                                              | $ | 5,078,750                         |  
| | Total assets                                                                                                                   | $ | 5,078,750                         |  
| |                                                                                                                                |   |                                   |  
| | LIABILITIES AND STOCKHOLDERS EQUITY                                                                                           |   |                                   |  
| | Note payable                                                                                                                   | $ | 424,907                           |  
| | Total liabilities                                                                                                              |   | 496,435                           |  
| | Stockholders equity (deficit)                                                                                                 |   |                                   |  
| | Common Stock                                                                                                                   |   | 714                               |  
| | Additional Paid-In Capital                                                                                                     |   | 4,712,581                         |  
| | Retained earnings (deficit)                                                                                                    |   | (130,980                          | )
| | Total stockholders
      equity (deficit)                                                                                     |   | 4,582,315                         |  
| | Total liabilities and
      stockholders equity 
                     
                         
                   (deficit) | $ | 5,078,750                         |  

F-5

---

|4. | Related Party Transactions                                                                                                                                                                                                                                           
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                      
|   | a)                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                      
|   | b)                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                      
|   | c)                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                      
|5. | Common Stock                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                      
|   | a)                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                      
|   | b)                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                      
|   | c)                                                                                                                                                                                                                                                                   
|   |                                                                                                                                                                                                                                                                      
|6. | Discontinued Operations                                                                                                                                                                                                                                              
|   |                                                                                                                                                                                                                                                                      
|   | During 2008, the Company abandoned further activity
      related to its mineral exploration business. As a result, the financial
      information in prior periods related to the mineral exploration business
      has been presented as discontinued operations.
|   |                                                                                                                                                                                                                                                                      
|   | The results of discontinued operations are summarized as
      follows:                                                                                                                                                                                              

|                                      |   | For the      |  |   | For the      |   |   | Period from       |  
|------------------------------------- | - | ------------ |  | - | ------------ | - | - | ----------------- | -
|                                      |   | Three months |  |   | Three Months |   |   | February 27, 2007 |  
|                                      |   | Ended        |  |   | Ended        |   |   | (Inception)       |  
|                                      |   | March 31,    |  |   | March 31,    |   |   | To March 31,      |  
|                                      |   | 2009         |  |   | 2008         |   |   | 2009              |  
|                                      |   |              |  |   |              |   |   |                   |  
|Expenses                              |   |              |  |   |              |   |   |                   |  
|                                      |   |              |  |   |              |   |   |                   |  
|Other general and administrative      | $ |             |  | $ | 3,573        |   | $ | 20,041            |  
|Mineral property costs                |   |             |  |   |              |   |   | 16,000            |  
|Professional fees                     |   |             |  |   | 8,534        |   |   | 51,269            |  
|                                      |   |              |  |   |              |   |   |                   |  
|Net Loss from Discontinued Operations | $ |             |  | $ | (12,107      | ) | $ | (87,310           | )

F-6

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|ITEM 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN
      OF OPERATION.
|------- | ----------------------------------------------------------------

This section of the report includes a number of forward-looking
statements that reflect our current views with respect to future events and
financial performance. Forward-looking statements are often identified by words
like: believe, expect, estimate, anticipate, intend, project and similar
expressions, or words which, by their nature, refer to future events. You should
not place undue certainty on these forward-looking statements, which apply only
as of the date of this report. These forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to differ
materially from historical results or our predictions.

We are a start-up, development stage corporation and have not
yet generated or realized any revenues from our business activities.

These financials have been prepared on a going concern basis.
This means that there is substantial doubt that we can continue as an on-going
business for the next twelve months unless we generate revenues. We currently do
not have sufficient capital to maintain operations for the next twelve
months.

Liquidity and Capital Resources

The accompanying financial statements have been prepared on a
going concern basis, which implies the Company will continue to realize its
assets and discharge its liabilities in the normal course of business. We have
not generated any revenues and we do not anticipate generating  revenues until we
begin selling, marketing and implementing our technology. Accordingly, we must
raise cash from sources other than the sale of equipment or by developing
strategic alliances with other oil and gas producers. Our only other source for
cash at this time is investment in our private placement. Our success or failure
will be determined by creating alliances with oil and gas producers who need our
technology. It is our intent to sell stock or borrow from friends of the
company. Management believes that there may be a strategic alliance with another
oil company, which has sustainable revenue and could raise additional capital by
selling its common stock.

At March 31, 2009, we had no cash and a working capital deficit
of $71,528. The primary source of cash comes from our owners and management.

Limited Capital

We intend to use our limited cash to pay for our minimal
operations and legal, accounting and professional services required to prepare
and file our reports with the SEC. Our remaining cash, however, will only be
sufficient to sustain us as an inactive company for the short-term. There can be
no assurance that we will be able to identify an acceptable operating company,
complete an alliance or acquisition, or that any business opportunity will
generate profits or increase the value of the Company. If we are unable to
locate additional financing within the short-term, we will be forced to suspend
all public reporting with the SEC and possibly liquidate. Furthermore, our
ability to execute on these business objectives may be subject to material doubt
as our management team will likely be limited to one part-time individual who
will have minimal cash resources to support operations for more than the
short-term.

Results of Operations

We have no revenues in the periods ended March 31, 2009 and
2008. In the periods ended March 31, 2009 and 2008, we incurred net losses of
$14,743 and $12,107. From February 27, 2007 (inception date) to March 31, 2009
we incurred a net loss of $108,028. Overall, operating expenses increased due to
an increase in professional fees related to legal and accounting fees. These
expenses were offset by a decrease in mineral property costs due to the
Companys decision to discontinue pursuing mineral properties research and
development.

Business

Our business is to use, sell and
produce our patent and patent pending technologies, providing an environmentally
safe and cost-effective method that maximizes oil production from existing oil
wells. Marketing this technology strategically allows us to benefit from
worldwide demand for oil, resulting in significant growth in both revenues and
profits for the company. Our goal is to provide solutions to help minimize U.S.
dependence on foreign oil; thus providing innovative solutions to the world that
will recover dormant lying crude oil in reserves all around the world.

Our patented technology is
characterized as a portable steam generator unit or apparatus. The unit is
equipped with a drumless boiler, water softener system, diesel powered electric
generator, high pressure pump, low emission 5-25 million BTU per hour burner,
computerized control panel and hot water generator system. The unit is capable
of delivering hot water and steam at temperatures of up to 500o F to well depths
of 2,500 feet or less. The system is powered by variable fuels to heat water
pumped from a groundwater aquifer. The complete system has the ability to
deliver variable water temperature, pressure and volume to meet a wide variety
of recovery applications.

---

The American Society of
Mechanical Engineers (ASME) has certified that the innovative boiler design is
built in full conformity with their current standards relating to the production
of steam boilers and/or generators.

This technology is designed to
stimulate marginally producing stripper oil wells to profitable production
levels and to maintain them producing profitably. This complete process is
designed to reduce the viscosity of the oil in the reservoir with heat, in the
form of steam. This methodology allows the reservoir oil to flow more readily to
the surface, which will enhance the oil production process.

Trends

Crude oil development and production in U.S. oil reservoirs can
include up to three distinct phases: primary, secondary, and tertiary (or
enhanced) recovery. During primary recovery, the natural pressure of the
reservoir or gravity drive oil into the wellbore combined with artificial lift
techniques (such as pumps) which bring the oil to the surface. But only about 10
percent of a reservoir's original oil in place is typically produced during
primary recovery. Secondary recovery techniques are employed to extend the
field's productive life, generally by injecting water or gas to displace oil and
drive it to a production wellbore, resulting in the recovery of 20 to 40 percent
of the original oil in place.

However, with much of the easy-to-produce oil already recovered
from U.S. oil fields, producers have attempted several tertiary, or enhanced oil
recovery (EOR), techniques that offer prospects for ultimately producing 30 to
60 percent, or more, of the reservoir's original oil in place.

Three major categories of EOR have been found to be
commercially successful to varying degrees:

|1. | Thermal recovery, which involves the introduction of heat
      such as the injection of steam to lower the viscosity, or thin, the heavy
      viscous oil, and improve its ability to flow through the reservoir.
      Thermal techniques account for over 50 percent of U.S. EOR production,
      primarily in California.                                                               
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                               
|2. | Gas injection, which uses gases such as natural gas,
      nitrogen, or carbon dioxide that expand in a reservoir to push additional
      oil to a production wellbore, or other gases that dissolve in the oil to
      lower its viscosity and improves its flow rate. Gas injection accounts for
      nearly 50 percent of EOR production in the United States.                          
|   |                                                                                                                                                                                                                                                                                                                                                                                               
|3. | Chemical injection, which can involve the use of
      long-chained molecules called polymers to increase the effectiveness of
      waterfloods, or the use of detergent-like surfactants to help lower the
      surface tension that often prevents oil droplets from moving through a
      reservoir. Chemical techniques account for less than one percent of U.S.
      EOR production.

Each of these techniques has been hampered by its relatively
high cost and, in some cases, by the unpredictability of its effectiveness.
Crude oil prices above $28.00 per barrel can sustain the implementation and
utilization of these recovery methodologies. According to the EIA (Energy
Information Administration) April 14, 2009; they project that crude oil prices
will average $42.00 per barrel in 2009 and $53.00 per barrel for 2010.
Therefore, the trend for enhanced recovery is optimistic in the short term.

Off-Balance Sheet Arrangements

We
have no off-balance sheet arrangements.

|ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES
      ABOUT MARKET RISK.
|------- | -----------------------------------------------------------------

We are a smaller reporting company as defined by Rule 12b-2 of
the Securities Exchange Act of 1934 and are not required to provide the
information under this item.

---

|ITEM 4. | CONTROLS AND PROCEDURES.
|------- | ------------------------

Under the supervision and with the participation of our
management, including the Principal Executive Officer and Principal Financial
Officer, we have evaluated the effectiveness of our disclosure controls and
procedures as required by Exchange Act Rule 13a-15(b) as of the end of the
period covered by this report. Based on that evaluation, the Principal Executive
Officer and Principal Financial Officer have concluded that these disclosure
controls and procedures are not effective given our error in evaluating patents
which we were to acquire and the late filings of this Form 10-Q in a timely
manner. We failed to file this Form 10-Q in a timely manner as a result of
obtaining a valuation of patents that we acquired on March 11, 2009. The
valuation was necessary to complete our financial statements for the period
ending March 31, 2009. We believe the foregoing will not occur in the
future.

There were no changes in our internal control over financial
reporting during the quarter ended March 31, 2009 that have materially affected,
or are reasonably likely to materially affect, our internal control over
financial reporting.

PART II. OTHER INFORMATION

|**ITEM 1A.** | RISK FACTORS
|------------ | ------------

We are a smaller reporting company as defined by Rule 12b-2 of
the Securities Exchange Act of 1934 and are not required to provide the
information under this item.

|ITEM 5. | OTHER EVENTS
|------- | ------------

At September 10, 2008, the Company effected a 11.5:1 forward
stock split of the authorized, and outstanding common stock. As a result, the
authorized shares of common stock increased from 100,000,000 shares of common
stock with a par value of $0.00001 per share to 1,150,000,000 shares of common
stock with a par value of $0.00001 per share. The issued and outstanding shares
of common stock increased from 8,600,000 shares to 98,900,000 shares. The
information contained in this report reflects the stock split.

On November 25, 2008, the Company
entered into a preliminary Asset Purchase Agreement (the Agreement) with AM
Oil Resources & Technology Inc., (the Vendor) to acquire two patents for
technologies that maximize oil production from existing oil wells. The purchase
agreement was finalized on March 11, 2009. The amended terms include:

|ii)  | issued 30,000,000 restricted common stock to the
      Vendor;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|iii) | issued a $500,000 note to the Vendor, in the amount of
      $500,000 payable in 25 monthly payments of $20,000 beginning April 30,
      2009, and ending on April 30, 2011. Each monthly payment is provided a 30
      day grace period, though the total $500,000 must be paid prior to April
      30, 2011. The Company failed to make the initial payment and subsequent
      payments. The note holder granted a waiver until July 31, 2009. Because
      the waiver does not cover the remaining 12-month period, the entire
      balance of the debt is shown as a current
liability.

On February 18, 2009, the Company reduced the authorized shares
of common stock from 1,150,000,000 shares of common stock with a par value of
$0.00001 per share to 150,000,000 shares of common stock with a par value of
$0.00001 per share. The authorized shares of preferred stock will remain
unchanged.

On February 22, 2009, 57,500,000 shares of common stock were
cancelled and returned to treasury by the President of the Company.

|ITEM 6. | EXHIBITS.
|------- | ---------

The following documents are included herein:

|Exhibit |                                                                                                                                                    
|------- | ---------------------------------------------------------------------------------------------------------------------------------------------------
|No.     | Document Description                                                                                                                               
|        |                                                                                                                                                    
|31.1    | Certification of Principal
      Executive Officer and Principal Financial Officer pursuant to Section 302
      of the Sarbanes-Oxley Act of 2002.
|        |                                                                                                                                                    
|32.1    | Certification of Chief
      Executive Officer and Chief Financial Officer pursuant to section 906 of
      the Sarbanes-Oxley Act of 2002.        

---

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following person on behalf of the
Registrant and in the capacities on this 9th day of April, 2010.

| | AM OIL RESOURCES
      & TECHNOLOGY INC.
| | ----------------------------------------
| |                                         
| | BY:                                     
| |                                         
| |                                         
| |                                         

---

EXHIBIT INDEX



|Exhibit |                                                                                                                                                    
|------- | ---------------------------------------------------------------------------------------------------------------------------------------------------
|No.     | Document Description                                                                                                                               
|        |                                                                                                                                                    
|31.1    | Certification
      of Principal Executive Officer and Principal Financial Officer pursuant
      to Section 302 of the Sarbanes-Oxley Act of 2002.
|        |                                                                                                                                                    
|32.1    | Certification
      of Chief Executive Officer and Chief Financial Officer pursuant to section
      906 of the Sarbanes-Oxley Act of 2002.        



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