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.

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


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


                                                  June 30,        September 30,
                                                    2000             1999
                                                 (unaudited)
                                                     $                 $
ASSETS
Current
Cash and short term deposits                      227,431                 -
Accounts receivable                                38,192            27,150
Refundable investment tax credits                 108,328           113,486
Prepaids & sundry assets                          149,592            14,376
                                            ----------------     ----------------
                                                  523,543           155,012
Long Term
Capital assets                                    436,893           413,376
Licence and technology costs                      323,834           353,822
                                            ----------------     ----------------
                                                  760,727           767,198
                                            ----------------     ----------------
                                                1,284,270           922,210
                                            ================     ================

LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Bank indebtedness                                       -             7,898
Accounts payable and accrued liabilities          481,022           333,141
Advances from related company                      54,340            65,600
Advances from director                            201,989           238,982
Debentures payable                                306,922                 -
                                            ----------------     ----------------
                                                1,044,273           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 (1999 - 12,637,579) Common shares of
  $0.0001 par value                                 1,296             1,264
Additional paid in capital                      6,234,846         4,429,834
Deferred compensation charges                     (24,344)                -
Accumulated other comprehensive earnings (loss)    (3,566)          (11,373)
                                            ----------------     ----------------
                                                6,208,232         4,419,725
Deficit                                        (5,968,235)       (4,143,136)
                                            ----------------     ----------------
Stockholders' equity                              239,997           276,589
                                            ----------------     ----------------
                                                1,284,270           922,210
                                            ================     ================
</TABLE>

<PAGE>

                              ENERGY VENTURES INC.

                        CONDENSED STATEMENTS OF CASH FLOW

                     FOR THE NINE MONTHS ENDED JUNE 30, 2000
                                  (unaudited)
                           (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)                                                                   (1,825,099)   (3,412,471)
Items not affecting cash:
Common stock issued for services                                                210,567             -
Noncash compensatory charge on stock issued to an officer                             -     3,018,815
Issue of compensatory stock options                                             775,923             -
Issue of compensatory stock warrants                                            292,753             -
Depreciation and amortization                                                    72,830        61,183
Net change in non-cash working capital balances
      related to operations                                                      93,336       (47,348)

                                                                        ----------------  ----------------
                                                                               (379,690)     (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                                                              506,825             -
                                                                       ----------------    ----------------
                                                                                673,572       397,566

INVESTING ACTIVITIES
Capital asset purchases                                                         (66,359)       (2,647)
                                                                       ----------------    ----------------
NET INCREASE IN CASH                                                            227,522        15,098

FOREIGN CURRENCY TRANSLATION ADJUSTMENTS                                          7,807       (17,041)

CASH (BANK INDEBTEDNESS) AT BEGINNING OF PERIOD                                  (7,898)        2,772
                                                                       ----------------    ----------------
CASH AT END OF PERIOD                                                           227,431           829
                                                                       ================    ================
Interest paid                                                                    28,787             6
                                                                       ----------------    ----------------
</TABLE>

<PAGE>

                              ENERGY VENTURES INC.

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

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


                                                                                                                   Period from
                                                    Three months                       Nine months               November 19, 1996
                                                   Ended June 30,                    Ended June 30,                (inception to)
                                              2000              1999              2000             1999            June 30 2000
                                                $                 $                $                 $                  $
REVENUE
  Revenues                                  66,675             6,612           200,025            8,023                 386,348
                                      ---------------   ---------------    ---------------   --------------------------------------
EXPENSES
  Technology expense                       177,915            54,800           408,341          192,972                 831,919
  Administration fees & salaries           105,212         3,041,104           429,426        3,084,022               3,705,463
  Legal and audit                          325,877               306           632,300           20,239                 804,483
  Amortization                              27,892            21,257            72,830           61,183                 218,655
  Professional fees                          4,634             7,338            43,418           28,684                 196,623
  Office and general                        17,656             4,451            36,179           14,752                 105,573
  Financing fees & interest                338,995                 -           357,885                6                 377,507
  Occupancy costs                            7,137             6,018            21,804           10,174                  39,827
  Travel and promotion                      10,746             3,318            22,941            8,462                  74,533
                                      ---------------   ---------------    ---------------   --------------------------------------
                                         1,016,064         3,138,592         2,025,124        3,420,494               6,354,583
                                      ---------------   ---------------    ---------------   --------------------------------------
NET LOSS                                  (949,389)       (3,131,980)       (1,825,099)      (3,412,471)             (5,968,235)

NET LOSS PER SHARE OF COMMON STOCK -
  BASIC AND DILUTED                        ($0.073)          ($0.265)          ($0.143)         ($0.312)

WEIGHTED AVERAGE NUMBER OF COMMON
  SHARES OUTSTANDING                    12,927,909        11,824,392        12,782,553       10,947,469
                                      ===============   ===============    ===============   ==============

</TABLE>

See notes to condensed financial statements

<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:

         On April 11, 2000,  the company  issued  100,000  common  shares to its
legal counsel in respect of legal  services  provided and to be provided.  These
shares were  valued at $2.25 per share  based on the market  value of the common
shares at the time of issue.  As at June 30, 2000,  $210,567 has been charged to
operations to reflect the value of legal  services  provided to date. The amount
representing  services not yet provided has been  recorded as a deferred  charge
and was valued at $8,820 based on the market value of $1.375 per common share as
at June 30, 2000.

         In addition,  legal counsel was granted the option to purchase  200,000
shares of the company's  common stock in respect of the legal services  referred
to above,  exercisable over a three year period ending March 28, 2003 at a price
not lower than $1.00 nor greater  than $2.00 per share  depending  on the market
price of the  company's  common  stock.  These  options were valued at $396,000,
which  represented  their fair market value at the time of issue. As of June 30,
2000,  $370,598  has been  charged to  operations  to reflect the value of legal
services provided to date. The amount representing services not yet provided has
been recorded as a deferred charge and was valued at $15,523,  which represented
their fair market value at June 30, 2000.

         If the market  price of the  company's  common  stock drops below $1.40
with respect to the shares  described above or $2.00 with respect to the options
described  above for a period of 10  consecutive  days,  the company  will issue
additional common shares or reduce the price of the optioned shares based on the
greater of $1.00 and the average trading price during such trading period. Until
all legal  services  have been  provided by counsel to the Company,  the Company
will value the common shares and options to purchase common shares  representing
the  services  to be  provided  in the future  based on the market  value of the
Company's common stock at each balance sheet date and adjust the deferred charge
accordingly.

         During the three months  ended June 30,  2000,  the Company also 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  were extended at September 30, 2000 and  accordingly
such Debentures are now due at January 31, 2001 (Cdn. $250,000) and February 28,
2001 (Cdn.  $500,000).  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.  Accordingly,  this  section  will  primarily  discuss the  Company's
position as of such date.  This  filing is being made in February  2001 to amend
certain financial  disclosures.  This document continues to speak as of June 30,
2000 and has value only as an historical document.  Certain events have occurred
subsequent  to June 30,  2000,  some of which  may be deemed  material.  You are
directed  to  the   Company's   Annual   Report  on  Form  10-KSB   being  filed
simultaneously herewith for more current disclosures.

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  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 research and development and
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  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 totalled  $1,016,064 and  $2,025,124,  respectively.  The
comparative  numbers in 1999 were  $3,138,592 and  $3,420,494.  The year to date
1999 value  includes a non cash  compensatory  charge of  $3,018,815  respecting
stock issued to an officer.

         The most  significant  costs  included in such values are the Company's
technology  expenses i.e.  expenses related to the research and development cost
of the company's battery technologies ($177,815 and $408,341,  respectively, for
the three and nine month  periods  ended  June 30,  2000).  Both of such  values
include a charge of $41,875 for the issuance of stock  options.  Excluding  such
items,  technology  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.  Technology  expenses  are expected to continue to
increase 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.

         Expenses other than technology  costs have remained  relatively  static
over the last two years with the exception of legal costs and financing fees and
interest. Legal costs in fiscal year 2000 are substantially higher than in prior
years ($320,040 in the quarter and $619,452 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.  The current year values  include non cash charges of $199,308
and  $370,598  respecting  share  purchase  options  issued to the  Company's US
counsel Technology as set out under Stock Transactions above. Financing fees and
interest,  for which there were  essentially no costs in 1999,  were $338,995 in
the quarter and $357,885 year to date.  Such costs include cash agents' fees and
interest   respecting  the  issue  of  Cdn.  $750,000  of  Debentures  but  most
significantly  includes  also  $286,458 in the quarter and $292,753 year to date
respecting  non cash  charges  re the issue of stock  purchase  warrants  to the
Debenture holders and to the agent.

         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$12,740 for
the interest payable upon Cdn.  $750,000 of 10% debentures issued March 30, 2000
and due September 30, 2000 and incurred US$35,711 in financing costs relative to
such financing.

Liquidity

         As of June 30, 2000, the company had  US$227,431  cash on hand. At 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.  The
Debentures  due  on  September  30,  2000  were  extended  as  outlined   above.
Accordingly, the Company believes it has sufficient cash to continue its current
operations until January 30, 2001.

         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.  $250,000 of short term
10%  debentures on January 31, 2001 and Cdn.  $500,000 on February 28, 2001. The
Company does not currently have sufficient resources to make such payments.  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 can 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.

<PAGE>

                                     PART II
                                OTHER INFORMATION

Item 1.  Legal Proceedings.

         None.

Item 2.  Changes in Securities.

         On April 11, 2000,  the company  issued  100,000  common  shares to its
legal counsel in respect of legal  services  provided and to be provided.  These
shares were  valued at $2.25 per share  based on the market  value of the common
shares at the time of issue.  As at June 30, 2000,  $210,567 has been charged to
operations to reflect the value of legal  services  provided to date. The amount
representing  services not yet provided has been  recorded as a deferred  charge
and was valued at $8,820 based on the market value of $1.375 per common share as
at June 30, 2000.

         In addition,  legal counsel was granted the option to purchase  200,000
shares of the company's  common stock in respect of the legal services  referred
to above,  exercisable over a three year period ending March 28, 2003 at a price
not lower than $1.00 nor greater  than $2.00 per share  depending  on the market
price of the  company's  common  stock.  These  options were valued at $396,000,
which  represented  their fair market value at the time of issue. As of June 30,
2000,  $370,598  has been  charged to  operations  to reflect the value of legal
services provided to date. The amount representing services not yet provided has
been recorded as a deferred charge and was valued at $15,523,  which represented
their fair market value at June 30, 2000.

         If the market  price of the  company's  common  stock drops below $1.40
with respect to the shares  described above or $2.00 with respect to the options
described  above for a period of 10  consecutive  days,  the company  will issue
additional common shares or reduce the price of the optioned shares based on the
greater of $1.00 and the average trading price during such trading period. Until
all legal  services  have been  provided by counsel to the Company,  the Company
will value the common shares and options to purchase common shares  representing
the  services  to be  provided  in the future  based on the market  value of the
Company's common stock at each balance sheet date and adjust the deferred charge
accordingly.

         During the three months  ended June 30,  2000,  the Company also issued
100,000 shares to a director and officer upon the exercise of stock options.

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: February 2, 2001

                                             ENERGY VENTURES INC.


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


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