SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB/A

                                Amendment No. 1

             [X] Quarterly report pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934

                  For the quarterly period ended June 30, 2000

       [ ] Transition report under Section 13 or 15(d) of the Exchange Act

                         Commission file number 0-30285

                              ENERGY VENTURES INC.
        (Exact name of small business issuer as specified in its charter)

                                    Delaware
                         (State or other jurisdiction of
                         incorporation or organization)

                        (IRS Employer Identification No.)

             43 Fairmeadow Avenue, Toronto, Ontario, Canada M2P 1W8
               (Address of principal executive offices)(Zip Code)

                                 (416) 733-2736
                           (Issuer's telephone number)


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,  and (2) has been
subject to such filing requirements for the past 90 days.
Yes [  ]  No [X]

As of August 10, 2000, the Registrant had 12,957,579  shares of its Common Stock
outstanding.

Transitional Small Business Disclosure Format:    Yes  [  ]   No [X]

<PAGE>

                                     PART I
                              FINANCIAL INFORMATION

Item 1.  Financial Statements.

<PAGE>

                            ENERGY VENTURES INC.
                                   (unaudited)
                           (Expressed in U.S. Dollars)
                            CONDENSED BALANCE SHEETS


                                           June 30,         September 30,
                                             2000                1999
                                         (unaudited)
                                              $                       $
ASSETS
Current
Cash and short term deposits                 227,431                  0
Accounts receivable                           38,192             27,150
Refundable investment tax credits            108,328            113,486
Prepaids & sundry assets                      77,625             14,376

                                       --------------     --------------
                                             451,576            155,012
Long Term
Capital assets                               436,893            413,376
Licence and technology costs                 323,834            353,822
                                       --------------     --------------
                                             760,727            767,198

                                       --------------     --------------
                                           1,212,303            922,210
                                       ==============     ==============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Bank indebtedness                                  0              7,898
Accounts payable and accrued liabilities     480,463            333,141
Advances from related company                 54,340             65,600
Advances from director                       201,989            238,982
Debentures payable                           506,826                  0
                                     ----------------     --------------
                                           1,243,618            645,621

Capital stock
Authorized
  50,000,000 Common shares of $0.0001 par value
    5,000,000 Preferred shares of $0.0001 par value
Issued
  12,957,579 (12,637,579) Common shares of
  $0.0001 par value                        1,686,802          1,246,802
Additional paid in capital                   690,856            165,481
Deferred compensation charges               (525,375)                 0
Accumulated other comprehensive
     earnings (loss)                          (3,525)           (11,373)
                                      ----------------   ----------------
                                           1,848,758          1,400,910
Deficit                                   (1,880,073)        (1,124,321)
                                      ----------------   ----------------
Stockholders' equity                         (31,315)           276,589


                                      ----------------   ----------------
                                           1,212,303            922,210
                                      ================   ================


<PAGE>

                              ENERGY VENTURES INC.

                       CONDENSED STATEMENTS OF OPERATIONS
                                   (unaudited)
                           (Expressed in U.S. Dollars)

<TABLE>
<S>                           <C>            <C>              <C>             <C>


                                      Three months                     Nine months
                                      Ended June 30,                  Ended June 30,
                                   2000          1999               2000         1999
                                    $              $                  $            $
REVENUE
  Revenues                       66,675         6,612            200,025        8,023
                             -------------   ------------     ------------   -----------


EXPENSES
  Technology expense            107,126        54,800            359,079      192,972
  Administration fees & salaries 17,749        22,289             65,976       65,207
  Legal and audit               127,279           306            262,449       20,239
  Amortization                   27,892        21,257             72,830       61,183
  Professional fees               4,634         7,338             43,418       28,684
  Office and general             21,841         4,451             43,566       14,752
  Financing fees & interest      51,120             0             63,714            6
  Occupancy costs                 7,137         6,018             21,804       10,174
  Travel and promotion           10,746         3,318             22,941        8,462
                           --------------  -----------      --------------   ---------
                                375,524       119,777            955,777      401,679
                           --------------  -----------      --------------   ---------
NET LOSS                       (308,849)     (113,165)          (755,752)    (393,656)


NET LOSS PER SHARE OF COMMON STOCK -
  BASIC AND DILUTED             ($0.024)      ($0.010)           ($0.059)     ($0.035)

WEIGHTED AVERAGE NUMBER OF COMMON
  SHARES OUTSTANDING         12,814,356    11,172,378         12,782,583   11,156,993
                           ==============  ===========      =============  ===========

</TABLE>

See notes to condensed financial statements

<PAGE>

                              ENERGY VENTURES INC.

                        CONDENSED STATEMENTS OF CASH FLOW

                     FOR THE NINE MONTH(unaudited)E 30, 2000
                           (Expressed in U.S. Dollars)

<TABLE>
<S>                                                    <C>              <C>

                                                         Nine months ended June 30,
                                                            2000             1999
                                                              $                $

CASH WAS PROVIDED BY (USED FOR):
OPERATING ACTIVITIES

Net (loss)                                              (755,752)        (393,656)
Items not affecting cash:
Legal expense                                            210,566                0
Amortization                                              72,830           61,183
Net change in non-cash working capital balances
      related to operations                               92,623          (47,348)

                                                  ----------------   --------------
                                                        (379,733)        (379,821)
FINANCING ACTIVITIES

Issue of common shares                                   215,000          200,000
Advances from related company                            (11,260)          (1,970)
Advances from director                                   (36,993)         199,536
Debentures payable                                       506,826                0
                                                  ----------------   ---------------
                                                         673,573          397,566

INVESTING ACTIVITIES
Capital asset purchases                                  (66,359)          (2,647)
                                                  ----------------   ---------------
NET INCREASE IN CASH                                     227,480           15,098

FOREIGN CURRENCY TRANSLATION ADJUSTMENTS                   7,849          (17,041)

CASH (BANK INDEBTEDNESS) AT BEGINNING OF PERIOD           (7,898)           2,772
                                                  ----------------   ---------------
CASH AT END OF PERIOD                                    227,431              829
                                                  ================   ===============

Interest paid                                             28,589                6
                                                  ----------------   ---------------

</TABLE>

<PAGE>


                              ENERGY VENTURES INC.

                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                  June 30, 2000

                                   (unaudited)

1.       Basis Of Presentation:
     The  interim  financial  statements  are  unaudited,  but in the opinion of
     management  reflect all  adjustments  necessary for a fair  presentation of
     results of such periods.  All such  adjustments  are of a normal  recurring
     nature.   The  results  of  operations  for  any  interim  period  are  not
     necessarily indicative of results for a full fiscal year.

     The  condensed  balance sheet as of September 30, 1999, is derived from the
     audited financial  statements but does not include all disclosures required
     by generally  accepted  accounting  principles.  The notes accompanying the
     financial statements in the Company's  Registration Statement on Form 10-SB
     for the year ended  September  30, 1999,  include  accounting  policies and
     additional  information pertinent to an understanding of both the September
     30, 1999, condensed balance sheet and the interim financial statements. The
     information  has not  changed  substantially  except  as a result of normal
     transactions  in the nine months ended June 30,  2000,  and as discussed in
     the following notes.

2.       Stock Transactions:
     During the three  months ended June 30, 2000,  the Company  issued  200,000
     shares of common  stock for $140,000 of legal  services and issued  100,000
     shares to a director and officer upon the exercise of stock options.

3.        Debentures Payable:

     The Debentures payable,  in the principal amount of Cdn.$750,000,  were
     issued on March 30, 2000,  bear  interest at 10% per annum and are due
     September 30, 2000. The Debentures are secured by the personal assets of
     the president and CEO.

<PAGE>

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

                  The following  discussion  should be read in conjunction  with
the  financial  statements  and related  notes which are included  under Item 1.
Statements  made  below  which  are not  historical  facts  are  forward-looking
statements.   Forward-looking   statements   involve   a  number  of  risks  and
uncertainties  including,  but not limited to, general economic conditions,  our
ability  to  complete  development  and then  market our  products,  competitive
factors and other risk factors as stated in other of our public filings with the
Securities and Exchange Commission.

                  This  report is for the three and nine  month  interim  period
ended June 30, 2000. The reader is directed to the Company's  earlier Form 10-SB
filings for more information about the Company.  Accordingly,  this section will
primarily discuss the Company's position as of the filing date hereof.

Overview

                  Energy Ventures Inc.  (hereafter,  the "Company" or "EVI") was
formed in November  1996, to research,  develop and  commercialize  rechargeable
battery  technologies.  The  Company  has four core  battery  technologies  - 1)
Lithium  Ion ("LI")  (now  licensed to Pacific  Lithium  Limited  ("PLL") of New
Zealand),  2) Nickel Zinc ("NiZn"),  3) Zinc Carbon Bromine ("ZnCBr") and 4) the
Direct  Methanol Fuel Cell  ("DMFC"),  which  technology was acquired in October
1999. The company is currently  working on the development  and  optimization of
the latter three  technologies  with the highest priority being directed towards
the Direct Methanol Fuel Cell.

                  The Company's major focus is upon two areas - the research and
development  of the  Company's  Direct  Methanol  Fuel Cell  Technology  and the
Pre-Commercialization  of the  company's  Nickel  Zinc and  Carbon-Zinc  Bromine
technologies.  Costs re the  latter  project  are in  large  part  supported  by
Industrial  Research   Assistance  Program  through  the   Pre-Commercialization
contribution  agreement executed in March 2000. The Company recently accelerated
its DMFC activity by arranging with Sammer Power Systems, Inc. of New Jersey and
Sammer Engineering Gmbh of Austria to provide  demonstration  single cells and a
three  cell DMFC  cell  stack  using the  Company's  DMFC  technology.  Both are
expected to be available  for  demonstration  by December 31, 2000.  The company
expects to spend significant sums upon expanding its battery testing  capability
and has purchased and is refurbishing a pilot battery production line to further
expand its facilities at the Ottawa laboratory.  While there can be no assurance
that our business plan for the next year will be  successful,  the R&D programs,
strategic  alliances and targeted financing planned for the Company are expected
to  support  the  Company's  activities  until  significant  income  streams  of
royalties and license fees develop.

Comparative Disclosure

                  During the quarter ended June 30, 2000,  the Company was still
a  development  stage  company  and has  yet to  achieve  significant  revenues.
Revenues,  in the  quarter to June 30,  2000 and in the nine  months  then ended
($66,675 and $200,025,  respectively)  were entirely  earned from licensing fees
from PLL. Pursuant to the terms of the License  Agreement,  such revenues should
continue at the minimum rate of $100,000 per annum through March 2002. We expect

<PAGE>

revenues from PLL to increase once PLL  commences  selling LI cathode  materials
and  LI  batteries  containing  such  materials  thereby  generating  additional
royalties  for the  Company.  Other  revenue  sources  will not result until the
Company successfully  completes the  commercialization of its other technologies
and is able successfully to license them to battery manufacturers. These revenue
figures are  significantly  higher than for the comparative three and nine month
periods in 1999 ($6,612 and $8,023,  respectively) due entirely to the fact that
the PLL Agreement was not in effect during these comparative periods in 1999.

                  The Company's  expenses in the quarter ended June 30, 2000 and
in the nine months then ended totaled  $375,524 and $955,777,  respectively.  Of
those totals,  the most significant are the Company's  technology  expenses i.e.
expenses related to the research and development  cost of the company's  battery
technologies ($107,126 and $359,079,  respectively, for the three and nine month
periods  ended June 30,  2000).  These  expenses  essentially  doubled  from the
comparable  periods in 1999 which  reflects  the  Company's  continued  focus on
developing its products and expanding its product line.

         Expenses other than technology  costs have remained  relatively  static
over the last two years with the exception of legal costs. Legal costs in fiscal
year 2000 are substantially  higher than in prior years ($120,732 in the quarter
and $248,854 year to date)  primarily  related to securities law matters arising
from the Company's  registration with the Securities and Exchange Commission and
required compliance with the federal securities laws. Technology expenses almost
doubled in 1998 and increased  again by  approximately  66% in 1999.  Technology
expenses are expected to increase in 2000 by approximately  90% as EVI continues
to develop its  facilities,  expertise  and  activities  and  continues  to fund
research and  development  work  undertaken  on its behalf by National  Research
Council of Canada.

                  The Company increased its laboratory staffing in April 2000 by
hiring four additional  employees and further increased  laboratory staffing can
be expected in the future,  provided sufficient funding can be obtained.  During
the quarter,  the Company also spent  approximately  $53,000 to acquire  battery
test equipment, a pilot battery manufacturing line that will be refurbished, and
increased computer facilities at its Ottawa plant.

                  In the  quarter  ended  June  30,  2000  the  Company  accrued
US$12,825 for the interest payable upon Cdn.  $750,000 of 10% debentures  issued
March 30, 2000 and due  September  30, 2000 and incurred  US$35,125 in financing
costs relative to such financing.

Liquidity

                  As of July 31, 2000, the Company had US$135,312  cash on hand.
The Company  currently  has  approximately  US$100,000  in monthly  expenses and
$8,000 in revenues.  Accordingly, the Company believes it has sufficient cash to
continue its current operations until late September 2000.

                  Since its  inception,  the activities of the Company have been
supported  from the personal  resources  of its  President  and Chief  Executive
Officer.  The  Company  is in need of new  capital  to  support  its  growth and
technology  research  and  development  costs.  The Company also must repay Cdn.
$750,000 of short term 10%  debentures  on  September  30,  2000  (approximately
US$507,000).  The Company does not currently have  sufficient  resources to make

<PAGE>

this payment.  EVI is currently,  through  Northern  Securities Inc. of Toronto,
seeking new capital in the range of US$4,000,000 toUS$6,750,000.  However, there
be no assurance that this or any other financing will be successful and if it is
not successful the Company's research and development activities will have to be
reduced and will certainly not  accelerate to the extent they  otherwise  would.
Should that  financing not be  successful,  the  President  and Chief  Executive
Officer intends to continue personally supporting the Company on a limited basis
with loans.

                                     PART II
                                OTHER INFORMATION

Item 1.  Legal Proceedings.

         None.

Item 2.  Changes in Securities.

         During the quarter  ended June 30,  2000,  the Company  issued  100,000
restricted  shares to its legal counsel in payment of legal services  performed,
and to be performed,  in the amount of $140,000. The Company also issued 100,000
shares upon the exercise of stock options to an officer and director.

Item 3.  Defaults Upon Senior Securities.

         None.

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

         None.

Item 5.  Other Information.

         None.

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

         (a)      27      Financial Data Schedule

         (b)      None.

<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  thereto  duly
authorized.

Date: September 21, 2000

                                             ENERGY VENTURES INC.


                                             /s/D. Wayne Hartford
                                             ---------------------
                                             D. Wayne Hartford
                                             Chief Executive Officer


                                              /s/Peter F. Searle
                                              ---------------------
                                              Peter F. Searle
                                              Vice President, Finance