U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

Mark One
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

                       For the period ended March 31, 2009

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


                For the transition period from ______ to _______


                         COMMISSION FILE NO. 333-141060


                        AMERICAN EXPLORATION CORPORATION
                    (F.K.A. Minhas Energy Consultants, Inc.)
                 ______________________________________________
                 (Name of small business issuer in its charter)


            NEVADA                                               98-0518266
_______________________________                              ___________________
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)


               407 2ND STREET SW, CALGARY, ALBERTA, CANADA T2P 2Y3
               ___________________________________________________
                    (Address of principal executive offices)


                                 (403) 233-8484
                           ___________________________
                           (Issuer's telephone number)


Securities registered pursuant to                 Name of each exchange on which
   Section  12(b) of the Act:                               registered:
              NONE


          Securities registered pursuant to Section 12(g) of the Act:
                              COMMON STOCK, $0.001
                                (Title of Class)


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


<PAGE>


Indicate by check mark whether the registrant is a large  accelerated  filed, an
accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer [ ]                                Accelerated filer [ ]
Non-accelerated filer   [ ]                        Smaller reporting company [X]

Indicate by checkmark  whether the  registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

Applicable  Only  to  Issuer  Involved  in  Bankruptcy  Proceedings  During  the
Preceding Five Years.

                                       N/A

Indicate by  checkmark  whether the issuer has filed all  documents  and reports
required to be filed by Section 12, 13 and 15(d) of the Securities  Exchange Act
of 1934 after the  distribution of securities under a plan confirmed by a court.
Yes [ ] No [ ]

                    Applicable Only to Corporate Registrants

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the most practicable date:

Class                                            Outstanding as of  May 13, 2009
Common Stock, $0.001                             54,862,500*

*Increased from 36,575,000 shares of common stock to 54,862,500 shares of common
stock based upon the forward stock split of 1.5 shares for each one share issued
and outstanding effected on the market as of Monday, April 13, 2009.









                                      -2-


<PAGE>


                        AMERICAN EXPLORATION CORPORATION
                    (F.K.A. Minhas Energy Consultants, Inc.)

                                    Form 10-Q


PART 1.   FINANCIAL INFORMATION

Item 1.   FINANCIAL STATEMENTS
             Balance Sheets                                                   4
             Statements of Operations                                         5
             Statements of Cash Flows                                         6
             Notes to Financial Statements                                    7

Item 2.   Management's Discussion and Analysis of Financial
          Condition and Results of Operations                                19

Item 3.   Quantitative and Qualitative Disclosures About
          Market Risk                                                        24

Item 4.   Controls and Procedures                                            25

PART II.  OTHER INFORMATION

Item 1.   Legal Proceedings                                                  26

Item 1A.  Risk Factors                                                       26

Item 2.   Unregistered Sales of Equity Securities and Use
          of Proceeds                                                        26

Item 3.   Defaults Upon Senior Securities                                    27

Item 4.   Submission of Matters to a Vote of Security Holders                27

Item 5.   Other Information                                                  27

Item 6.   Exhibits                                                           27


                                      -3-


<PAGE>


PART I

ITEM 1. FINANCIAL STATEMENTS

<TABLE>
<CAPTION>

                        AMERICAN EXPLORATION CORPORATION
                    (F.K.A. Minhas Energy Consultants, Inc.)
                         (An Exploration Stage Company)
                          Quarter Ended March 31, 2009
                                   (unaudited)

                                 BALANCE SHEETS

                                                              MARCH 31, 2009       DECEMBER 31, 2008
                                                              ______________       _________________
                                                                (Unaudited)           (Audited)
<S>                                                             <C>                    <C>

ASSETS

Current Assets
       Cash - CDN converted to USD                              $    5,710             $   8,176
       Cash - USD                                                   42,083               152,656
                                                                __________             _________

Total Current Assets in USD                                         47,793               160,832
                                                                __________             _________

Website (note 7)                                                     8,900                 9,725
Option to purchase oil and gas lease (note 8)                    1,106,250               781,250
                                                               __________             _________
                                                                 1,115,150               790,525

Total Assets                                                    $1,162,943             $ 951,807
                                                                ==========             =========


LIABILITIES  & STOCKHOLDER'S EQUITY

Current Liabilities
       Accounts Payable                                         $   16,736             $   8,417
       Due to director (note 5)                                      0.000                  5000
                                                                __________             _________

Total Liabilities                                               $   16,736             $  13,417
                                                                __________             _________

Stockholders Equity
       Authorized:
       150,000,000 Common shares  Par value $0.001

Issued and Outstanding:
       54,862,500 and 137,475,000 respectively (note 4)             54,863               137,475
       Additional Paid in Capital                                1,378,387               965,775
       Deficit accumulated during exploration stage               (287,043)             (164,861)
                                                                __________             _________

Total Stockholders' Equity                                      $1,146,207             $ 938,389
                                                                __________             _________

Total Liabilities & Stockholders' Equity (Deficiency)           $1,162,943             $ 951,807
                                                                ==========             =========


THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.

</TABLE>

                                      -4-


<PAGE>

<TABLE>
<CAPTION>


                        AMERICAN EXPLORATION CORPORATION
                    (F.K.A. Minhas Energy Consultants, Inc.)
                         (An Exploration Stage Company)
                          Quarter Ended March 31, 2008
                                   (unaudited)

                            STATEMENTS OF OPERATIONS

                                                                                                      Cumulative
                                                                                                   Amounts from date
                                                         Three Months         Three Months        of Incorporation on
                                                            Ended                Ended              May 11, 2006 to
                                                        March 31, 2009       March 31, 2008         March 31, 2009
                                                        ______________       ______________       ___________________
                                                          (Unaudited)          (Unaudited)            (Unaudited)
<S>                                                       <C>                  <C>                    <C>

REVENUE                                                            -                   -                       -

OPERATING EXPENSES
Professional Fees                                            (79,276)                                   (124,140)
Amortization                                                    (825)               (203)                 (2,377)
Advertising                                                        -                                      (6,030)
General & Administrative                                     (42,082)             (5,219)                (97,212)
Marketing                                                          -             (17,500)                (54,326)
Organization                                                       -                                      (1,500)
Website                                                            -                                        (500)
Other Income Expense                                               -                                      (1,161)
                                                          __________           _________              __________

Loss from Operations                                        (122,183)            (22,922)               (287,043)
                                                          __________           _________              __________

Provision for Income Taxes                                         -                   -                       -

NET LOSS                                                    (122,183)            (22,922)               (287,043)
                                                          ==========           =========              ==========

Basic and diluted loss per common share                            0                   0                       0

Weighted avg number of common share o/s  (note 4)         54,862,500           6,475,000              54,862,500
                                                          ==========           =========              ==========


THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

</TABLE>

                                      -5-


<PAGE>

<TABLE>
<CAPTION>

                        AMERICAN EXPLORATION CORPORATION
                    (F.K.A. Minhas Energy Consultants, Inc.)
                         (An Exploration Stage Company)
                          Quarter Ended March 31, 2009
                                   (unaudited)

                             STATEMENTS OF CASH FLOW

                                                                                                      Cumulative
                                                                                                   Amounts from date
                                                         Three Months         Three Months        of Incorporation on
                                                            Ended                Ended              May 11, 2006 to
                                                        March 31, 2009       March 31, 2008         March 31, 2009
                                                        ______________       ______________       ___________________
                                                          (Unaudited)          (Unaudited)            (Unaudited)
<S>                                                       <C>                  <C>                    <C>

OPERATING ACTIVITIES

Net Loss for the period                                     (122,291)            (22,922)               (287,246)
                                                          __________           _________              __________
ADJUSTMENT TO RECONCILE NET LOSS TO CASH USED BY
OPERATING ACTIVITIES
Amortization Expense                                             875                 203                   2,377

Changes in operating assets and liabilities:
Accounts payable and accrued liabilities                       8,319              (2,000)                 16,736
Write down of obsolete website                                     -                                       1,161
FX Adjustment March 31, 2009                                    (108)
FX adjustment from prior period                                  203                                         203
Loan due to director                                               -                                       5,000
                                                          __________           _________              __________

Net Cash used in operating activities                       (113,009)            (24,719)               (261,769)

INVESTING ACTIVITIES
Website                                                            -                                     (10,000)
Previous website                                                   -                                      (2,438)
Operating Lease                                             (325,000)                                 (1,106,250)
                                                          __________           _________              __________

Net cash used in investing activities                       (325,000)                  0              (1,118,688)

FINANCING ACTIVITIES
Proceeds from issuance of common stock                             -                                     103,250
Private Placements November 2008                                   -                                   1,000,000
Private Placements January 2009                              325,000                                     325,000
                                                          __________           _________              __________

Net cash provided by financing activities                    325,000                                   1,428,250

(Decrease) Increase in cash during period                   (113,039)            (24,719)                 47,793

Cash, beginning of period                                    160,832              35,550                       0

Cash, end of period                                           47,793              10,831                  47,793
                                                          ==========           =========              ==========

Supplemental information:
Taxes paid                                                         0                   0                       0
Interest paid                                                      0                   0                       0


THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.

</TABLE>

                                      -6-


<PAGE>

<TABLE>
<CAPTION>

                        AMERICAN EXPLORATION CORPORATION
                    (F.K.A. Minhas Energy Consultants, Inc.)
                         (An Exploration Stage Company)
                          Quarter Ended March 31, 2008
                                   (unaudited)

                       STATEMENTS OF STOCKHOLDER'S EQUITY


                                                                                  Deficit
                                          Common Stock           Additional     Accumulated         Total
                                    ________________________      Paid in       During the      Stockholder's
                                      Shares         Amount       Capital       Exploration        Equity
                                                                                   Stage
_____________________________________________________________________________________________________________
<S>                                  <C>              <C>         <C>            <C>              <C>

Inception May 11, 2006                        -            -              -             -                 -

Initial capitalization, sale of
of common stock to directors on
May 11,2006 $0.0005/share            94,500,000     $ 94,500     $  (90,000)                     $    4,500

Private Placement closed
September 30, 2006 0.0024/shr        41,475,000       41,475         57,275                          98,750

Net loss for the year                         -            -              -        (9,055)           (9,055)
                                    ___________     ________     __________     _________        __________

Inception May 11, 2006              135,975,000      135,975        (32,725)       (9,055)           (9,055)

Net loss for the year                         -            -              -       (60,078)          (60,078)
                                    ___________     ________     __________     _________        __________

Balance December 31, 2007           135,975,000      135,975        (32,725)      (69,133)           34,117

Private Placement closed
November 19, 2008 $0.692/shr          1,350,000        1,350        898,650                         900,000

Private Placement closed
November 24, 2008 $0.689/shr            150,000          150         99,850                         100,000

Net loss for the year                         -            -              -       (95,728)          (95,728)
                                    ___________     ________     __________     _________        __________

Balance December 31, 2008           137,475,000      137,475        965,775      (164,861)          938,389

Private Placement closed
January 2009 $0.667/shr                 300,000          300        199,700                         200,000

Private Placement closed
January 2009 $0.667shr                  187,500          188        124,812                         125,000

Forgiven loan from director                   -            -          5,000             -             5,000

Cancellation of shares              (83,100,000)     (83,100)        83,100

Net loss for period                           -            -              -      (122,183)         (122,183)
                                    ___________     ________     __________     _________        __________

Balance March 31, 2009               54,862,000       54,863      1,378,387      (287,043)        1,146,207
                                     ==========     ========     ==========     =========        ==========


THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.

</TABLE>

                                      -7-


<PAGE>


                        AMERICAN EXPLORATION CORPORATION
                    (F.K.A. Minhas Energy Consultants, Inc.)
                         (An Exploration Stage Company)
                                   (Unaudited)

                          NOTES TO FINANCIAL STATEMENTS

                                 March 31, 2009


NOTE 1. GENERAL ORGANIZATION AND BUSINESS

The Company was originally incorporated under the laws of the state of Nevada on
May 11, 2006. The Company has limited operations and in accordance with SFAS #7,
is  considered  an  Exploration  stage  company,  and has had no  revenues  from
operations to date.

Initial operations have included capital formation,  organization, target market
identification  and marketing  plans.  On August 6, 2008 the Company merged with
its  wholly  owned  subsidiary  and  changed  its name to  American  Exploration
Corporation.  Concurrent with the name change,  management is planning to change
the focus of operations from the provision  consulting  engineering  services to
the oil and gas industry to oil and gas exploration and development.

An  extension  was granted on the  original  option  agreement  to purchase  the
mineral  leases.  The  original  amounts of $781,250  to conduct  due  diligence
increased by $325,000  due to the  extension of the due  diligence  period.  The
balance of $2,343,750  remains the same.  The original date of November 17, 2008
to complete due diligence has been  extended to April 30th,  2009.  The original
spud  date of May 31,  2009  remains  the  same.  Two  private  placements  were
completed  for a total of  $325,000  in February  2009.  $200,000  was raised on
February 11, 2009 and $125,000 was raised on February 18, 2009.

BASIS OF PRESENTATION

In the  opinion of  management,  the  accompanying  balance  sheets and  related
interim statements of income,  cash flows, and stockholders'  equity include all
adjustments, consisting only of normal recurring items, necessary for their fair
presentation in conformity with accounting  principles generally accepted in the
United States of America ("U.S. GAAP").  Preparing financial statements requires
management to make estimates and assumptions that affect the reported amounts of
assets,  liabilities,  revenue,  and expenses.  Actual  results and outcomes may
differ from management's estimates and assumptions.

Interim results are not  necessarily  indicative of results for a full year. The
information  included  in this Form  10-Q  should  be read in  conjunction  with
information included in the Form 10-K.

NOTE  2. SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES

The relevant accounting policies and procedures are listed below.

ACCOUNTING BASIS

The basis is generally accepted accounting principles.

EARNINGS PER SHARE

In February  1997,  the FASB issued SFAS No. 128,  "Earnings  per Share",  which
specifies the computation, presentation and disclosure requirements for earnings
(loss) per share for entities  with  publicly  held common  stock.  SFAS No. 128
supersedes the provisions of APB No. 15, and requires the  presentation of basic


                                      -8-


<PAGE>


                        AMERICAN EXPLORATION CORPORATION
                    (F.K.A. Minhas Energy Consultants, Inc.)
                         (An Exploration Stage Company)
                                   (Unaudited)

                          NOTES TO FINANCIAL STATEMENTS

                                 March 31, 2009


NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (CONTINUED)

earnings (loss) per share and diluted earnings (loss) per share. The Company has
adopted  the  provisions  of SFAS No. 128  effective  its  inception.  The basic
earnings  (loss) per share are  calculated  by dividing the Company's net income
available to common shareholders by the weighted average number of common shares
during the year. The diluted earnings (loss) per share is calculated by dividing
the Company's net income (loss) available to common  shareholders by the diluted
weighted  average  number of shares  outstanding  during the year.  The  diluted
weighted  average number of shares  outstanding is the basic weighted  number of
shares adjusted as of the first of the year for any potentially dilutive debt or
equity.

The Company has not issued any options or warrants or similar  securities  since
inception.  However,  warrants  were  included in the recent  private  placement
totaling 500,000 shares if fully exercised within one year of issue.

DIVIDENDS

The Company has not yet adopted any policy  regarding  payment of dividends.  No
dividends have been paid during the periods shown.

CASH EQUIVALENTS

The Company  considers  all highly  liquid  investments  with  maturity of three
months or less when purchased to be cash equivalents.

INCOME TAXES

Income taxes are provided in accordance  with Statement of Financial  accounting
Standards No. 109 (SFAS 109),  Accounting for Income Taxes. A deferred tax asset
or liability is recorded for all temporary differences between financial and tax
reporting and net operating loss carry forwards.  Deferred tax expense (benefit)
results  from  the net  change  during  the  year of  deferred  tax  assets  and
liabilities.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of
management,  it is more likely than not that some portion of all of the deferred
tax assets will be realized.  Deferred tax assets and  liabilities  are adjusted
for the effects of changes in tax laws and rates on the date of enactment.


                                      -9-


<PAGE>


                        AMERICAN EXPLORATION CORPORATION
                    (F.K.A. Minhas Energy Consultants, Inc.)
                         (An Exploration Stage Company)
                                   (Unaudited)

                          NOTES TO FINANCIAL STATEMENTS

                                 March 31, 2009


NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (CONTINUED)

USE OF ESTIMATES

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States of America requires  management to make
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities  and disclosure of contingent  assets and liabilities at the date of
the financial statements and the reported amounts of revenue and expenses during
the reporting period. Actual results could differ from those estimates.

ADVERTISING COSTS

The  Company's  policy  regarding  advertising  is to expense  advertising  when
incurred. No advertising expenses had been incurred as of March 31, 2009.

WEBSITE COSTS

Website costs consist of software costs,  which represent  capitalized  costs of
design, configuration, coding, installation and testing of the Company's website
up to its initial implementation.  In December 2006, a website was purchased and
was  amortized  over  its  estimated  useful  life  of  three  years  using  the
straight-line  method.  In the fourth  quarter of 2008 it was written  down to 0
since it was an asset of the former company, Minhas Energy Consultants,  Inc. At
the same  time,  a new  website  was  purchased  for the new  company,  American
Exploration  Corporation.  The price was $10,000  and it will also be  amortized
over a  useful  life  of 3 years  on a  straight  line  basis.  Ongoing  website
post-implementation  costs of  operation,  including  training  and  application
maintenance, will be charged to expense as incurred. See Note 7.

RECENT ACCOUNTING PRONOUNCEMENTS

In June 2008,  the FASB  issued FASB Staff  Position  EITF  03-6-1,  DETERMINING
WHETHER   INSTRUMENTS   GRANTED  IN   SHARE-BASED   PAYMENT   TRANSACTIONS   ARE
PARTICIPATING SECURITIES, ("FSP EITF 03-6-1"). FSP EITF 03-6-1 addresses whether
instruments  granted  in  share-based  payment  transactions  are  participating
securities  prior  to  vesting,  and  therefore  need  to  be  included  in  the
computation  of earnings  per share under the  two-class  method as described in
FASB Statement of Financial  Accounting Standards No. 128, "Earnings per Share."
FSP EITF 03-6-1 is effective  for financial  statements  issued for fiscal years
beginning on or after December 15, 2008 and earlier  adoption is prohibited.  We
are not required to adopt FSP EITF  03-6-1;  neither do we believe that FSP EITF


                                      -10-


<PAGE>


                        AMERICAN EXPLORATION CORPORATION
                    (F.K.A. Minhas Energy Consultants, Inc.)
                         (An Exploration Stage Company)
                                   (Unaudited)

                          NOTES TO FINANCIAL STATEMENTS

                                 March 31, 2009


NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (CONTINUED)

03-6-1 would have material  effect on our  consolidated  financial  position and
results  of  operations  if  adopted.

In May 2008, the Financial  Accounting  Standards Board ("FASB") issued SFAS No.
163, "Accounting for Financial Guarantee Insurance Contracts-and  interpretation
of FASB  Statement  No. 60".  SFAS No. 163 clarifies how Statement 60 applies to
financial   guarantee  insurance   contracts,   including  the  recognition  and
measurement  of premium  revenue and claims  liabilities.  This  statement  also
requires expanded  disclosures about financial  guarantee  insurance  contracts.
SFAS No. 163 is effective  for fiscal years  beginning on or after  December 15,
2008, and interim periods within those years.  SFAS No. 163 has no effect on the
Company's  financial position,  statements of operations,  or cash flows at this
time.

In May 2008, the Financial  Accounting  Standards Board ("FASB") issued SFAS No.
162, "The Hierarchy of Generally Accepted Accounting  Principles".  SFAS No. 162
sets  forth  the  level of  authority  to a given  accounting  pronouncement  or
document by  category.  Where there might be  conflicting  guidance  between two
categories,  the more  authoritative  category will  prevail.  SFAS No. 162 will
become  effective 60 days after the SEC approves  the PCAOB's  amendments  to AU
Section 411 of the AICPA Professional  Standards.  SFAS No. 162 has no effect on
the Company's  financial  position,  statements of operations,  or cash flows at
this time.

In March 2008, the Financial  Accounting  Standards Board, or FASB,  issued SFAS
No. 161,  Disclosures  about Derivative  Instruments and Hedging  Activities--an
amendment of FASB Statement No. 133. This standard requires companies to provide
enhanced   disclosures   about  (a)  how  and  why  an  entity  uses  derivative
instruments,  (b) how  derivative  instruments  and  related  hedged  items  are
accounted for under Statement 133 and its related  interpretations,  and (c) how
derivative  instruments  and related  hedged items affect an entity's  financial
position, financial performance, and cash flows. This Statement is effective for
financial statements issued for fiscal years and interim periods beginning after
November 15, 2008, with early  application  encouraged.  The Company has not yet
adopted  the  provisions  of SFAS No.  161,  but does  not  expect  it to have a
material impact on its consolidated financial position, results of operations or
cash flows.


                                      -11-


<PAGE>


                        AMERICAN EXPLORATION CORPORATION
                    (F.K.A. Minhas Energy Consultants, Inc.)
                         (An Exploration Stage Company)
                                   (Unaudited)

                          NOTES TO FINANCIAL STATEMENTS

                                 March 31, 2009


NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (CONTINUED)

In  December  2007,  the SEC  issued  Staff  Accounting  Bulletin  (SAB) No. 110
regarding  the use of a  "simplified"  method,  as discussed in SAB No. 107 (SAB
107),  in  developing  an  estimate of expected  term of "plain  vanilla"  share
options in accordance with SFAS No. 123 (R), Share-Based Payment. In particular,
the staff  indicated in SAB 107 that it will accept a company's  election to use
the  simplified  method,  regardless  of  whether  the  company  has  sufficient
information to make more refined estimates of expected term. At the time SAB 107
was issued,  the staff believed that more detailed  external  information  about
employee exercise behavior (e.g.,  employee exercise patterns by industry and/or
other categories of companies)  would,  over time,  become readily  available to
companies.  Therefore,  the staff  stated in SAB 107 that it would not  expect a
company to use the simplified  method for share option grants after December 31,
2007.  The staff  understands  that such  detailed  information  about  employee
exercise behavior may not be widely available by December 31, 2007. Accordingly,
the staff will continue to accept, under certain  circumstances,  the use of the
simplified  method  beyond  December 31, 2007.  The Company  currently  uses the
simplified  method for "plain  vanilla"  share  options and  warrants,  and will
assess the impact of SAB 110 for fiscal year 2009.  It is not believed that this
will have an impact on the Company's consolidated financial position, results of
operations or cash flows.

In December  2007,  the FASB issued SFAS No. 160,  Noncontrolling  Interests  in
Consolidated  Financial  Statements--an  amendment of ARB No. 51. This statement
amends  ARB  51  to  establish   accounting  and  reporting  standards  for  the
noncontrolling  interest  in a  subsidiary  and  for  the  deconsolidation  of a
subsidiary.  It clarifies that a  noncontrolling  interest in a subsidiary is an
ownership interest in the consolidated  entity that should be reported as equity
in the  consolidated  financial  statements.  Before this  statement was issued,
limited guidance existed for reporting  noncontrolling  interests.  As a result,
considerable  diversity in practice existed.  So-called  minority interests were
reported in the consolidated  statement of financial  position as liabilities or
in the mezzanine section between liabilities and equity. This statement improves
comparability  by eliminating  that  diversity.  This statement is effective for
fiscal years,  and interim  periods  within those fiscal years,  beginning on or
after  December 15, 2008 (that is,  January 1, 2009,  for entities with calendar
year-ends). Earlier adoption is prohibited. The effective date of this statement
is the same as that of the related  Statement  141 (revised  2007).  The Company
will adopt this Statement  beginning March 1, 2009. It is not believed that this
will have an impact on the Company's consolidated financial position, results of
operations or cash flows.


                                      -12-


<PAGE>


                        AMERICAN EXPLORATION CORPORATION
                    (F.K.A. Minhas Energy Consultants, Inc.)
                         (An Exploration Stage Company)
                                   (Unaudited)

                          NOTES TO FINANCIAL STATEMENTS

                                 March 31, 2009


NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (CONTINUED)

In  December  2007,  the FASB,  issued  FAS No.  141  (revised  2007),  Business
Combinations'.   This  Statement  replaces  FASB  Statement  No.  141,  Business
Combinations,  but retains the  fundamental  requirements in Statement 141. This
Statement  establishes  principles and  requirements  for how the acquirer:  (a)
recognizes  and measures in its financial  statements  the  identifiable  assets
acquired,  the  liabilities  assumed,  and any  noncontrolling  interest  in the
acquiree;  (b)  recognizes  and measures  the goodwill  acquired in the business
combination  or a  gain  from  a  bargain  purchase;  and  (c)  determines  what
information to disclose to enable users of the financial  statements to evaluate
the nature and financial effects of the business combination.

This statement  applies  prospectively  to business  combinations  for which the
acquisition  date is on or after the  beginning  of the first  annual  reporting
period  beginning  on or after  December  15,  2008.  An entity may not apply it
before that date.  The effective  date of this  statement is the same as that of
the related FASB  Statement No. 160,  Noncontrolling  Interests in  Consolidated
Financial  Statements.  The Company will adopt this statement beginning March 1,
2009.  It is not  believed  that  this  will  have an  impact  on the  Company's
consolidated financial position, results of operations or cash flows.

In February  2007,  the FASB,  issued SFAS No.  159,  The Fair Value  Option for
Financial Assets and  Liabilities--Including  an Amendment of FASB Statement No.
115.  This  standard  permits  an entity to choose  to  measure  many  financial
instruments  and certain other items at fair value.  This option is available to
all  entities.  Most of the  provisions  in FAS 159 are  elective;  however,  an
amendment  to FAS 115  Accounting  for  Certain  Investments  in Debt and Equity
Securities   applies  to  all  entities  with  available  for  sale  or  trading
securities.  Some requirements  apply differently to entities that do not report
net income.  SFAS No. 159 is effective as of the beginning of an entity's  first
fiscal year that begins after November 15, 2007.  Early adoption is permitted as
of the beginning of the previous fiscal year provided that the entity makes that
choice in the first 120 days of that  fiscal  year and also  elects to apply the
provisions of SFAS No. 157 Fair Value Measurements.  The Company will adopt SFAS
No. 159 beginning March 1, 2008 and is currently evaluating the potential impact
the  adoption  of this  pronouncement  will have on its  consolidated  financial
statements.

In September 2006, the FASB issued SFAS No. 157, Fair Value  Measurements.  This
statement  defines fair value,  establishes a framework for measuring fair value
in generally accepted  accounting  principles  (GAAP),  and expands  disclosures
about fair value  measurements.  This statement  applies under other  accounting
pronouncements that require or permit fair value measurements,  the Board having


                                      -13-


<PAGE>


                        AMERICAN EXPLORATION CORPORATION
                    (F.K.A. Minhas Energy Consultants, Inc.)
                         (An Exploration Stage Company)
                                   (Unaudited)

                          NOTES TO FINANCIAL STATEMENTS

                                 March 31, 2009


NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (CONTINUED)

previously  concluded in those accounting  pronouncements that fair value is the
relevant measurement attribute. Accordingly, this statement does not require any
new fair value measurements. However, for some entities, the application of this
statement  will  change  current  practice.  This  statement  is  effective  for
financial  statements issued for fiscal years beginning after November 15, 2007,
and  interim  periods  within  those  fiscal  years.   Earlier   application  is
encouraged,  provided  that the  reporting  entity has not yet issued  financial
statements for that fiscal year,  including financial  statements for an interim
period within that fiscal year. The Company will adopt this  statement  March 1,
2008,  and it is not  believed  that this  will have an impact on the  Company's
consolidated financial position, results of operations or cash flows.

CONCENTRATIONS OF RISKS - CASH BALANCES

The Company  maintains its cash in  institutions  insured by the Federal Deposit
Insurance Corporation (FDIC). This government corporation insured balances up to
$100,000  through  October 13,  2008.  As of October  14, 2008 all  non-interest
bearing transaction deposit accounts at an FDIC-insured  institution,  including
all personal and business  checking  deposit accounts that do not earn interest,
are fully insured for the entire amount in the deposit  account.  This unlimited
insurance  coverage is  temporary  and will  remain in effect for  participating
institutions until December 31, 2009.

All other deposit  accounts at  FDIC-insured  institutions  are insured up to at
least $250,000 per depositor  until December 31, 2009. On January 1, 2010,  FDIC
deposit  insurance  for all  deposit  accounts,  except for  certain  retirement
accounts, will return to at least $100,000 per depositor. Insurance coverage for
certain retirement accounts, which include all IRA deposit accounts, will remain
at $250,000 per depositor.


                                      -14-


<PAGE>


                        AMERICAN EXPLORATION CORPORATION
                    (F.K.A. Minhas Energy Consultants, Inc.)
                         (An Exploration Stage Company)
                                   (Unaudited)

                          NOTES TO FINANCIAL STATEMENTS

                                 March 31, 2009


NOTE 3. GOING CONCERN

The  accompanying  financial  statements  have been  prepared  assuming that the
Company  will  continue  as a going  concern,  which  contemplates,  among other
things,  the realization of assets and satisfaction of liabilities in the normal
course of business.  The Company has net losses for the period from inception to
March 31, 2009 of  $(287,043).  The Company  intends to fund initial  operations
through equity financing arrangements.  In fact some financing agreements are in
progress and are noted in Note 8.

The  ability of the Company to emerge from the  exploration  stage is  dependent
upon the  Company's  successful  efforts to raise  sufficient  capital  and then
attaining profitable operations.  In response to these problems,  management has
planned the following actions:

     o    The Company has completed an SB-2 Registration  Statement and obtained
          a trading symbol for its common shares on the OTCBB.

     o    Management intends to raise additional funds through public or private
          placement offerings.

     o    Management  has changed the focus of the  Company's  operations to oil
          and gas exploration and development  from the provision of engineering
          services to generate  revenue.  There can be no  assurances,  however,
          that management's expectations of future revenues will be realized.

NOTE 4. STOCKHOLDERS' EQUITY

AUTHORIZED

The Company is authorized to issue 150,000,000 shares of $0.001 par value common
stock. All common stock shares have equal voting rights,  are non-assessable and
have one vote per share. Voting rights are not cumulative.

ISSUED AND OUTSTANDING

On May 11, 2006  (inception),  the Company issued 4,500,000 shares of its common
stock to its Directors for cash of $4,500.  See Note 5 (pre-forward split 14:1).
On September  30, 2006,  the Company  closed a private  placement  for 1,975,000
common  shares  at a price  of $0.05  per  share,  or an  aggregate  of  $98,750
(pre-forward  split 14:1). The Company accepted  subscriptions  from 38 offshore
non-affiliated investors.

On August 18, 2008,  the Company  affected a 14 for 1 forward stock split of its
issued and  outstanding  par value $0.001 common shares.  6,475,000  outstanding
common shares prior to the split resulted in 90,650,000 shares subsequent to the
split.  All comparative  share numbers have been adjusted to reflect the forward
split.


                                      -15-


<PAGE>


                        AMERICAN EXPLORATION CORPORATION
                    (F.K.A. Minhas Energy Consultants, Inc.)
                         (An Exploration Stage Company)
                                   (Unaudited)

                          NOTES TO FINANCIAL STATEMENTS

                                 March 31, 2009


NOTE 4. STOCKHOLDERS' EQUITY (CONTINUED)

On November 19th and 24th,  2008, the Company closed two private  placements for
900,000  and  100,000  shares  respectively,  at a price of $1.00 for a total of
$1,000,000.  Included with each share in these private  placements  was one-half
non-transferable  share  purchase  warrant in the capital of the  company.  Each
whole warrant  entitles the subscriber to purchase one  additional  share of the
company 12 months from the date of  issuance  at an exercise  price of $2.00 per
warrant  share.  As  of  December   31st/2008,   there  were  91,650,000  shares
outstanding;  when  the  warrants  may be  exercised,  outstanding  shares  will
increase by 500,000 shares.

In  February  of  2009  the  company  raised  $325,000  in a  private  placement
increasing  the  number  of  shares  outstanding  to  91,975,000.   Two  private
placements were completed for a total of $325,000 in February 2009. $200,000 was
raised on February 11, 2009 and $125,000 was raised on February 18, 2009.

On March 21, 2009 our prior executive  officers and founders agreed to return an
aggregate  55,400,000  shares of our  common  stock.  They did not  receive  any
compensation  from the  cancellation  and return to  treasury.  Total issued and
outstanding as of March 31, 2009 is reduced to 36,575,000 shares outstanding.

On April 13,  2009 a 1.5:1 stock split took  effect  leaving  54,862,500  shares
outstanding.

NOTE 5. RELATED PARTY TRANSACTIONS

The $5,000  amount  loaned to the  company  from a director  was  forgiven as of
January 1st, 2009 as per written letter.


                                      -16-


<PAGE>


                        AMERICAN EXPLORATION CORPORATION
                    (F.K.A. Minhas Energy Consultants, Inc.)
                         (An Exploration Stage Company)
                                   (Unaudited)

                          NOTES TO FINANCIAL STATEMENTS

                                 March 31, 2009


NOTE 6.  INCOME TAXES

Net  deferred  tax  assets  are $nil.  Realization  of  deferred  tax  assets is
dependent  upon  sufficient   future  taxable  income  during  the  period  that
deductible temporary differences and carry-forwards are expected to be available
to reduce taxable  income.  As the achievement of required future taxable income
is  uncertain,  the  Company  recorded a 100%  valuation  allowance.  Management
believes it is likely that any deferred tax assets will not be realized.

As of March 31,  2009,  the Company has a net  operating  loss carry  forward of
approximately $287,043, of which $9,055 will expire by December 31, 2026 and the
balance of $277,988 by December 31, 2027.

NOTE 7.  REPLACEMENT OF WEBSITE


Former Minhas website:
________________________________________________________________________________

                              ACCUMULATED
                   COST       AMORTIZATION     WRITE-DOWN     NET BOOK VALUE

Website costs     $ 2,438       $ 1,277         $ 1,161            $  -
________________________________________________________________________________


Website costs are amortized on a straight line basis over 3 years, its estimated
useful life.

In the third quarter of 2008, the website was written down to nil.


NEW AMERICAN EXPLORATION CORP WEBSITE:
________________________________________________________________________________

                              ACCUMULATED      NET BOOK VALUE
                   COST       AMORTIZATION

Website Costs     $10,000      $1,100.00           $8,900
________________________________________________________________________________


Once the company embarked on a new business front in the fourth quarter of 2008,
a new website was constructed to better reflect this new business.  This website
is being amortized on a straight line basis over its estimated  useful life of 3
years. See WWW.AMERICANEXPLORATIONCORP.COM.


                                      -17-


<PAGE>


                        AMERICAN EXPLORATION CORPORATION
                    (F.K.A. Minhas Energy Consultants, Inc.)
                         (An Exploration Stage Company)
                                   (Unaudited)

                          NOTES TO FINANCIAL STATEMENTS

                                 March 31, 2009


NOTE 8. SUBSEQUENT EVENTS

Between March 31, 2009 and the submission of these financial  statements  events
of significance took place. On March 26, 2009 our Board of Directors  authorized
and approved a forward stock split of 1.5:1 to be enacted on April 13, 2009. The
number of shares  outstanding  at that time will be  54,862,500.  All income tax
returns  were  prepared  for past years such that the company is now up to date.
Current  terms of the  Option  Agreement  require  spudding  a well on or before
October 1, 2009.





















                                      -18-

<PAGE>


                           FORWARD LOOKING STATEMENTS

Statements  made in this Form 10-Q that are not  historical or current facts are
"forward-looking  statements"  made  pursuant to the safe harbor  provisions  of
Section  27A of the  Securities  Act of 1933 (the  "Act") and Section 21E of the
Securities Exchange Act of 1934. These statements often can be identified by the
use  of  terms  such  as  "may,"  "will,"  "expect,"  "believe,"   "anticipate,"
"estimate," "approximate" or "continue," or the negative thereof. We intend that
such  forward-looking  statements  be  subject  to the  safe  harbors  for  such
statements.  We wish to caution  readers not to place undue reliance on any such
forward-looking  statements,   which  speak  only  as  of  the  date  made.  Any
forward-looking  statements represent  management's best judgment as to what may
occur in the future. However,  forward-looking  statements are subject to risks,
uncertainties  and important  factors beyond our control that could cause actual
results and events to differ  materially from  historical  results of operations
and events  and those  presently  anticipated  or  projected.  We  disclaim  any
obligation  subsequently  to revise any  forward-looking  statements  to reflect
events or  circumstances  after the date of such  statement  or to  reflect  the
occurrence of anticipated or unanticipated events.

ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

GENERAL

American Exploration Corporation was incorporated under the laws of the State of
Nevada  on May 11,  2006  under  the name of  Minhas  Energy  Consultants,  Inc.
Previously,   we  were  engaged  in  the  business  of  providing   professional
engineering  consulting services to the oil and gas industry,  including clients
such as petroleum and natural gas companies,  oil service  companies,  utilities
and  manufacturing  companies  with  petroleum  and/or natural gas interests and
government  agencies.  After  the  effective  date  of  March  14,  2007  of our
registration  statement  filed with the  Securities  and Exchange  Commission on
March 5, 2007, we commenced trading on the Over-the-Counter Bulletin Board.

On August 6, 2008,  with the approval of our Board of Directors,  we merged with
our subsidiary,  American Exploration  Corporation,  and amended our Articles of
Incorporation  to change  our name to  "American  Exploration  Corporation".  We
currently are a natural resource  exploration and production  company  currently
engaged  in  the  exploration,  acquisition  and  development  of  oil  and  gas
properties  in the United  States and within  North  America.  Effective  at the
opening for trading on August 19, 2008,  our trading symbol for our shares trade
on the Over-the-Counter Bulletin Board changed to "AEXP.OB".

Please note that throughout this Quarterly  Report,  and unless otherwise noted,
the words "we," "our," "us," the "Company," or "American Exploration," refers to
American Exploration Corporation.


                                      -19-


<PAGE>


RECENT DEVELOPMENTS

APRIL 2009 FORWARD STOCK SPLIT

On March 26,  2009,  our Board of  Directors  authorized  and approved a forward
stock split of 1.5 for one (1.5:1) of our total issued and outstanding shares of
common  stock (the  "Forward  Stock  Split").  The  Forward  Stock Split will be
effectuated  based on market conditions and upon a determination by our Board of
Directors that the 2009 Forward Stock Split was in our best interests and of the
shareholders.  Certain  factors were discussed among the members of the Board of
Directors  concerning  the need  for the  Forward  Stock  Split,  including  the
increased  potential for financing.  The intent of the Forward Stock Split is to
increase the marketability of our common stock.

The  Forward  Stock  Split was  effectuated  on April 13,  2009 upon  filing the
appropriate  documentation  with NASDAQ.  The Forward Stock Split  increased our
total  issued  and  outstanding  shares  of  common  stock  from  36,575,000  to
approximately  54,862,500 shares of common stock. The common stock will continue
to be $0.001 par value.

AMENDMENT TO ARTICLES OF INCORPORATION

On March 26, 2009,  our Board of  Directors  approved the filing with the Nevada
Secretary of State an amendment to our Articles of Incorporation to increase our
authorized  capital  structure  commensurate  with the  increase  of our  shares
pursuant to the Reverse Stock Split. Therefore, as of the date of this Quarterly
Report,  our authorized  capital  structure has been increased from  100,000,000
shares of common  stock to  150,000,000  shares  of common  stock,  par value of
$0.001.

CURRENT BUSINESS OPERATIONS

We are a start-up  natural  resource  exploration  and production  company which
intends to engage in the exploration, acquisition and development of oil and gas
properties in the United States and within North  America.  Our primary focus is
the proposed  acquisition  of a 100% of the working  interest and 75% of the net
revenue  interest  in  certain  contiguous  leases  (the  "Leases")  located  in
Mississippi   owned  by  Westrock  Land  Corp.,  a  private  Texas   corporation
("Westrock").  We believe we have  identified a prospect with an  over-thickened
Haynesville Shale gas reservoir  situated below the properties  covered by these
Leases.

WESTROCK OPTION AGREEMENT

Effective on November 3, 2008,  our Board of Directors  authorized the execution
of an option agreement (the "Option Agreement") with Westrock. Westrock owns all
right, title and interest in and to approximately 5,000 net acres in oil and gas
Leases located in Mississippi.  We have an option to acquire 100% of the working
interest  and 75% of the net  revenue  interest in the Leases at $625.00 per net
acre for a total purchase price of  approximately  $3,125,000.  Current terms of
the Option  Agreement  require spudding a well on or before October 1, 2009; the
effective date of the conveyance of the revenue  interest in the Leases to us is
no later  than May 15,  2009 with a final  payment of the  remaining  balance of
$2,018,750.  The contiguous  acreage involves several  landowners,  with mineral
lease expiry ranging from June through to September of 2011.


                                      -20-


<PAGE>


RESULTS OF OPERATION
                                                             FOR THE PERIOD FROM
                                    THREE MONTH PERIOD          MAY 11, 2006
                                     ENDED MARCH 31,           (INCEPTION) TO
                                      2009 AND 2008            MARCH 31, 2009
________________________________________________________________________________

STATEMENT OF OPERATIONS DATA

OPERATING EXPENSES
   Professional fees              $  79,276      $   -0-          $124,140
   Amortization                         825          203             2,377
   Advertising                          -0-          -0-             6,030
   General and administrative        42,082        5,219            97,212
   Marketing                            -0-       17,500            54,326
   Organization                         -0-          -0-             1,500
   Website                              -0-          -0-               500
   Other income expense                 -0-          -0-             1,161
NET LOSS                          ($122,183)    ($22,922)        ($287,043)


We have incurred  recurring  losses to date. Our financial  statements have been
prepared assuming that we will continue as a going concern and, accordingly,  do
not include adjustments relating to the recoverability and realization of assets
and classification of liabilities that might be necessary should we be unable to
continue in operation.

We expect we will  require  additional  capital to meet our long term  operating
requirements. We expect to raise additional capital through, among other things,
the sale of equity or debt securities.

THREE MONTH  PERIOD  ENDED MARCH 31, 2009  COMPARED TO THREE MONTH  PERIOD ENDED
MARCH 31, 2008.

Our net loss for the three month  period  ended  March 31,  2009 was  ($122,183)
compared to a net loss of  ($22,922)  during the three month  period ended March
31, 2008 (an increase of $99,261).  During the three month  periods  ended March
31, 2009 and 2008, we did not generate any revenue.


                                      -21-


<PAGE>


During the three month  period  ended  March 31,  2009,  we  incurred  operating
expenses of approximately $122,183 compared to $22,922 incurred during the three
month period ended March 31, 2008 (an  increase of $99,261).  These  general and
administrative  expenses  incurred during the three month period ended March 31,
2009  consisted  of:  (i)  professional  fees  of  $79,276  (2008:  $-0-);  (ii)
amortization of $825 (2008:  $203);  (iii) general and administrative of $42,082
(2008: $5,219); and (iv) marketing of $-0- (2008: $17,500).

Operating  expenses  incurred during the three month period ended March 31, 2009
compared to three month period ended March 31, 2008  increased  primarily due to
the  incurrence of  professional  fees and general and  administrative  expenses
associated  with the  increased  scope  and  scale of our  business  operations.
General  and  administrative  expenses  generally  include  corporate  overhead,
financial and  administrative  contracted  services,  marketing,  and consulting
costs.

Our net loss during the three month period  ended March 31, 2009 was  ($122,183)
or ($0.00) per share  compared to a net loss of  ($22,922)  or ($0.00) per share
during the three month period ended March 31, 2008. The weighted  average number
of shares  outstanding was 54,862,500 for the three month period ended March 31,
2009 compared to 6,475,000 for the three month period ended March 31, 2008.

LIQUIDITY AND CAPITAL RESOURCES

AS AT MARCH 31, 2009

As at the three month  period  ended  March 31,  2009,  our current  assets were
$47,793 and our current  liabilities  were $16,736,  which resulted in a working
capital  deficiency of  ($31,057).  As at the three month period ended March 31,
2009,  current  assets  were  comprised  of:  (i) $5,710 in cash  consisting  of
Canadian dollars converted to U.S. dollars;  and (ii) $42,083 in cash consisting
of U.S.  Dollars.  As at the three month period  ended March 31,  2009,  current
liabilities were comprised of $16,736 in accounts payable.

As at the three  month  period  ended  March 31,  2009,  our total  assets  were
$1,162,943  comprised of: (i) $47,793 in current assets; (ii) $8,900 in website;
and (iii)  $1,106,250  in  valuation  of option to purchase  the interest in the
Leases.  The slight increase in total assets during the three month period ended
March 31, 2009 from fiscal year ended December 31, 2008 was primarily due to the
valuation of the option to purchase the interest in the Leases.

As at the three month period ended March 31, 2009,  our total  liabilities  were
$16,736  comprised  entirely  of current  liabilities.  The slight  increase  in
liabilities  during the three month period ended March 31, 2009 from fiscal year
ended December 31, 2008 was primarily due to an increase in accounts.

Stockholders'  equity increased from $938,389 for fiscal year ended December 31,
2008 to  stockholders'  equity of  $1,146,207  for the three month  period ended
March 31, 2009.


                                      -22-


<PAGE>


CASH FLOWS FROM OPERATING ACTIVITIES

We have not generated  positive cash flows from  operating  activities.  For the
three  month  period  ended  March 31,  2009,  net cash flows used in  operating
activities was ($113,009), consisting primarily of a net loss of ($122,291). Net
cash flows used in operating activities was changed by: (i) $875 in amortization
expense; (ii) $8,319 relating to accounts payable and accrued liabilities; (iii)
$203 as FX adjustment  from prior period and (iv) ($108) as FX adjustment  March
31, 2009.  For the three month period ended March 31, 2008,  net cash flows used
in operating  activities  was ($24,719),  consisting  primarily of a net loss of
($22,922).  Net cash flows used in operating activities was changed by: (i) $203
in  amortization  expense;  and (ii)  ($2,000) in  accounts  payable and accrued
liabilities

CASH FLOWS FROM INVESTING ACTIVITIES

For the  three  month  period  ended  March 31,  2009,  net cash  flows  used in
investing  activities was $325,000  consisting of investment in Leases.  For the
three  month  period  ended  March 31,  2008,  net cash flows used in  investing
activities was $-0-.

CASH FLOWS FROM FINANCING ACTIVITIES

We have  financed  our  operations  primarily  from either  advancements  or the
issuance of equity and debt instruments.  For the three month period ended March
31,  2009,  net cash flows  provided  from  financing  activities  was  $325,000
compared to $-0- for the three month  period  ended March 31,  2008.  Cash flows
from  financing  activities  for the three  month  period  ended  March 31, 2009
consisted of $325,000 in proceeds from private placement offering.

We expect that working capital requirements will continue to be funded through a
combination  of our  existing  funds and further  issuances of  securities.  Our
working capital requirements are expected to increase in line with the growth of
our business.

PLAN OF OPERATION AND FUNDING

Existing working capital, further advances and debt instruments, and anticipated
cash flow are expected to be adequate to fund our  operations  over the next six
months.  We have no  lines  of  credit  or other  bank  financing  arrangements.
Generally,  we have  financed  operations  to date  through the  proceeds of the
private  placement  of  equity  and debt  instruments.  In  connection  with our
business plan, management anticipates additional increases in operating expenses
and capital expenditures relating to: (i) oil and gas operating properties; (ii)
possible drilling initiatives on current Lease and future properties;  and (iii)
future property  acquisitions.  We intend to finance these expenses with further
issuances of securities, and debt issuances.  Thereafter, we expect we will need
to raise additional  capital and generate  revenues to meet long-term  operating
requirements. Additional issuances of equity or convertible debt securities will
result in dilution to our current  shareholders.  Further, such securities might
have rights,  preferences or privileges  senior to our common stock.  Additional
financing may not be available  upon  acceptable  terms,  or at all. If adequate
funds are not available or are not available on acceptable  terms, we may not be
able to take advantage of prospective new business  endeavors or  opportunities,
which could significantly and materially restrict our business operations.


                                      -23-


<PAGE>


During the three month  period  ended  March 31,  2009,  we  completed a private
placement under Regulation S consisting of 325,000 Pre-Forward Stock Split units
and  received  gross  proceeds of $325,000  (487,500  Units  Post-Forward  Stock
Split).

MATERIAL COMMITMENTS

During  fiscal year ended  December 31, 2008, an aggregate of $5,000 was due and
owing to one of our  directors,  which  director  has  provided us with  written
documentation dated January 1, 2009 forgiving the debt.

PURCHASE OF SIGNIFICANT EQUIPMENT

We do not intend to purchase any  significant  equipment  during the next twelve
months.

OFF-BALANCE SHEET ARRANGEMENTS

As of the date of this Quarterly  Report,  we do not have any off-balance  sheet
arrangements  that have or are  reasonably  likely  to have a current  or future
effect on our financial condition,  changes in financial condition,  revenues or
expenses,  results of operations,  liquidity,  capital  expenditures  or capital
resources that are material to investors.

GOING CONCERN

The independent auditors' report accompanying our December 31, 2008 and December
31, 2007  financial  statements  contains an  explanatory  paragraph  expressing
substantial  doubt  about  our  ability  to  continue  as a going  concern.  The
financial  statements  have been prepared  "assuming  that we will continue as a
going concern," which  contemplates  that we will realize our assets and satisfy
our liabilities and commitments in the ordinary course of business.

ITEM III. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Market risk represents the risk of loss that may impact our financial  position,
results of  operations or cash flows due to adverse  change in foreign  currency
and  interest  rates.

EXCHANGE  RATE

Our reporting currency is United States Dollars ("USD"). In the event we acquire
any properties  outside of the United States,  the fluctuation of exchange rates
may have  positive or negative  impacts on our results of  operations.  However,
since all of our properties are currently located within the United States,  any
potential  revenue and expenses will be denominated in U.S. Dollar,  and the net
income effect of appreciation  and devaluation of the currency  against the U.S.
Dollar would be limited to our costs of acquisition of property.


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<PAGE>


INTEREST RATE

Interest  rates in the United  States are  generally  controlled.  Any potential
future loans will relate mainly to  acquisition of properties and will be mainly
short-term.  However our debt may be likely to rise in connection with expansion
and if  interest  rates  were to rise at the  same  time,  this  could  become a
significant  impact  on our  operating  and  financing  activities.  We have not
entered  into  derivative  contracts  either  to  hedge  existing  risks  of for
speculative purposes.

ITEM IV. CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

We have performed an evaluation under the supervision and with the participation
of our  management,  including  our  Chief  Executive  Officer  (CEO)  and Chief
Financial  Officer (CFO), of the  effectiveness  of our disclosure  controls and
procedures,  (as defined in Rules  13a-15(e)  and  15d-15(e)  under the Exchange
Act).  Based on that  evaluation,  our  management,  including  our CEO and CFO,
concluded that our disclosure controls and procedures were effective as of March
31,  2009 to  provide  reasonable  assurance  that  information  required  to be
disclosed  by us in the reports  filed or submitted by us under the Exchange Act
is  recorded,  processed,  summarized  and  reported  within  the  time  periods
specified in the SEC's rules and forms.

MANAGEMENT'S QUARTERLY REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Our management is responsible for establishing and maintaining adequate internal
control  over  financial  reporting  (as  defined  in Rule  13a-15(f)  under the
Exchange  Act).  Under  the  supervision  and  with  the  participation  of  our
management,  including  our CEO and CFO, we evaluated the  effectiveness  of our
internal  control over financial  reporting as of March 31, 2009. In making this
assessment,  management  used  the  criteria  set  forth  by  the  Committee  of
Sponsoring  Organizations  of  the  Treadway  Commission  ("COSO")  in  Internal
Control-Integrated Framework.

This Quarterly  Report does not include an attestation  report of our registered
public  accounting  firm  Moore  &  Stephens  regarding  internal  control  over
financial  reporting.  Management's report was not subject to attestation by our
registered  public  accounting  firm pursuant to temporary rules of the SEC that
permit us to provide only  management's  report in this Quarterly Report on Form
10-Q.

INHERENT LIMITATIONS ON EFFECTIVENESS OF CONTROLS

We believe that a controls  system,  no matter how well  designed and  operated,
cannot provide absolute assurance that the objectives of the controls system are
met, and no  evaluation  of controls  can provide  absolute  assurance  that all
control  issues  and  instances  of fraud,  if any,  within a company  have been
detected.  Our  disclosure  controls  and  procedures  are  designed  to provide
reasonable assurance of achieving their objectives, and our CEO and our CFO have
concluded that these  controls and  procedures are effective at the  "reasonable
assurance" level.


                                      -25-


<PAGE>


CHANGES IN INTERNAL CONTROLS

No significant  changes were implemented in our internal controls over financial
reporting  during  the  period  covered  by this  report  that  have  materially
affected,  or are reasonably likely to materially  affect,  our internal control
over financial reporting.

AUDIT COMMITTEE

Our Board of Directors has not  established an audit  committee.  The respective
role of an audit committee has been conducted by our Board of Directors.  We are
contemplating  establishment of an audit committee during fiscal year 2009. When
established,  the audit  committee's  primary function will be to provide advice
with  respect to our  financial  matters and to assist our Board of Directors in
fulfilling its oversight  responsibilities  regarding finance,  accounting,  and
legal compliance. The audit committee's primary duties and responsibilities will
be to: (i) serve as an independent  and objective party to monitor our financial
reporting  process and  internal  control  system;  (ii) review and appraise the
audit  efforts of our  independent  accountants;  (iii)  evaluate our  quarterly
financial performance as well as its compliance with laws and regulations;  (iv)
oversee  management's  establishment  and enforcement of financial  policies and
business  practices;  and (v) provide an open avenue of communication  among the
independent accountants, management and our Board of Directors.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Management  is  not  aware  of  any  legal   proceedings   contemplated  by  any
governmental authority or any other party involving us or our properties.  As of
the date of this Quarterly  Report,  no director,  officer or affiliate is (i) a
party adverse to us in any legal proceeding,  or (ii) has an adverse interest to
us in any  legal  proceedings.  Management  is not  aware  of  any  other  legal
proceedings pending or that have been threatened against us or our properties.

ITEM IA. RISK FACTORS

No report required.

ITEM 2. UNREGISTERED SALES OF SECURITIES AND USE OF PROCEEDS

2009 PRIVATE PLACEMENT

During  February  2009,  we completed a private  placement  offering  (the "2009
Private Placement Offering"), whereby we issued an aggregate of 325,000 Pre-2009
Forward  Stock Split units at $1.00 per unit for  proceeds of $325,000  (487,500
units  Post-2009  Forward Stock  Split).  Each unit consists of one share of our
restricted  common stock and  one-half of one  non-transferable  share  purchase
warrant  exercisable  at $2.00  Pre-2009  Forward  Stock Split ($1.33  Post-2009
Forward  Stock  Split) per share for a period of twelve  months from the date of
share issuance. The 2009 Private Placement Offering was completed in reliance on
Regulation S of the Securities Act. Sales were made to only non-U.S.  residents.
The 2009 Private Placement  Offering was not registered under the Securities Act
or under  any  state  securities  laws and may not be  offered  or sold  without


                                      -26-


<PAGE>


registration  with the  Securities  and  Exchange  Commission  or an  applicable
exemption from the  registration  requirements.  The per share price of the 2009
Private Placement Offering was arbitrarily  determined by our Board of Directors
based upon analysis of certain factors  including,  but not limited to, stage of
development,  industry status,  investment climate,  perceived investment risks,
our assets and net estimated worth.

2009 FORWARD STOCK SPLIT

On March 26,  2009,  our Board of  Directors  authorized  and approved a forward
stock split of 1.5 for one (1.5:1) of our total issued and outstanding shares of
common  stock (the  "Forward  Stock  Split").  The  Forward  Stock Split will be
effectuated  based on market conditions and upon a determination by our Board of
Directors  that the  Forward  Stock Split was in our best  interests  and of the
shareholders.  Certain  factors were discussed among the members of the Board of
Directors  concerning  the need  for the  Forward  Stock  Split,  including  the
increased  potential for financing.  The intent of the Forward Stock Split is to
increase the marketability of our common stock.

The  Forward  Stock  Split was  effectuated  on April 13,  2009 upon  filing the
appropriate  documentation  with NASDAQ.  The Forward Stock Split  increased our
total  issued  and  outstanding  shares  of  common  stock  from  36,575,000  to
approximately  54,862,500 shares of common stock. The common stock will continue
to be $0.001 par value.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

No report required.

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

No report required.

ITEM 5. OTHER INFORMATION

No report required.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

        Exhibits:

        31.1     Certification of Chief Executive Officer pursuant to Securities
                 Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).

        31.2     Certification of Chief Financial Officer pursuant to Securities
                 Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).

        32.1     Certifications pursuant to Securities Exchange Act of 1934 Rule
                 13a-14(b) or 15d-14(b) and 18 U.S.C.  Section 1350,  as adopted
                 pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.


                                      -27-


<PAGE>


                                   SIGNATURES


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



                                           AMERICAN EXPLORATION CORPOATION

Dated: May 18, 2009

                                           By: /s/ STEVE HARDING
                                               _________________________________
                                                   Steve Harding, President and
                                                   Chief Executive Officer


Dated: May 18, 2009

                                           By: /s/ BRIAN MANKO
                                               _________________________________
                                                   Brian Manko
                                                   Chief Financial Officer














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