New America Energy Corp (formerly “Atheron, Inc.”) was incorporated in Nevada on May 8, 2006 as a development stage company, initially developing a technology for ethanol-methanol gasoline. The Company did not progress the development of this technology.

On November 5, 2010, we underwent a change of control and the Company’s newly appointed sole director and majority shareholder approved a name change to New America Energy Corp. and a twenty-five (25) new for one (1) old forward stock split of the Company’s issued and outstanding shares of common stock, such that its issued and outstanding shares of common stock increased from 2,150,000 to 53,750,000. This forward split did not affect the number of the Company’s authorized common shares, which remains at 75,000,000.

On November 16, 2010, the Nevada Secretary of State accepted for filing of the Certificate of Amendment to the Company’s Articles of Incorporation to change our name from Atheron Inc. to New America Energy Corp.

The forward stock split and name change has become effective with the Over-the-Counter Bulletin Board at the opening of trading on December 1, 2010 under the Company’s new symbol “NECA”. Our new CUSIP number is 641872 106.

The effect of the stock split has been recognized retroactively in the stockholders’ equity accounts as of May 8, 2006, the date of our inception, and in all shares and per share data in the financial statements.

On February 3, 2011 we entered into property acquisition agreements with First Liberty Power Corp. (“FLPC”), and GeoXplor Inc.Corp. (“GeoXplor”). Pursuant to the terms of the agreements, we acquired an option, as well as exploration rights, in certain unpatented mining claims located in Southern Utah which we refer to the “Uravan Property”.    The property was lost during the three month period covered by these financial statements as the Company did not pay the required option payments as they became due.

On May 31, 2011, we entered into a property acquisition agreement with GeoXplor Corp. Pursuant to the terms of the agreement. Pursuant to the terms of the agreement we acquired an option, as well as exploration rights, in certain unpatented mining claims located in Clayton Valley, Nye County, Nevada. Subsequently, on October 27, 2011, we entered into an amended property acquisition agreement whereby we acquired additional claims.

As a result of these agreements, the Company will be focused exclusively on the acquisition and development of mineral resource properties.

Certain information and footnote disclosures normally included in annualThe preparation of financial statements prepared in accordanceconformity with generally accepted accounting principles have been condensed or omitted. We believe that the disclosures are adequaterequires management to make estimates and assumptions that affect the financial information presented not misleading. These condensed financial statements should be read in conjunction withreported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the auditeddate the financial statements and the notes thereto forreported amount of revenues and expenses during the year ended August 31, 2010. All adjustments were of a normal recurring nature unless otherwise disclosed. In the opinion of management, all adjustments necessary for a fair statement of thereporting period.  Actual results of operations for the interim period have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year.could differ from those estimates.

We consider all highly liquid investments with maturities of three months or less to be cash equivalents.

New America Energy Corp’s financial instruments consist of cash and cash equivalents and a loan payable to a related party. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.

Mineral exploration and development costs are accounted for using the successful efforts method of accounting.

Property acquisition costs - Mineral property acquisition costs are capitalized as mineral exploration properties.  Upon achievement of all conditions necessary for reserves to be classified as proved, the associated acquisition costs are reclassified to provedprove properties

Exploration costs - Geological and geophysical costs and the costs of carrying and retaining undeveloped properties are expensed as incurred.

Unproved mineral properties are periodically assessed at each reporting period for impairment of value, and a loss is recognized at the time of the impairment by providing an impairment allowance.  An asset would be impaired if the undiscounted cash flows were less than its carrying value.  Impairments are measured by the amount by which the carrying value exceeds its fair value.  Because the Company uses the successful efforts method, the Company assesses its properties individually for impairment, instead of on an aggregate pool of costs.   Unproved properties are evaluated periodically for impairment.  Impairment of unproved properties is based on the facts and circumstances surrounding each lease and is recognized based on management’s evaluation.  Management’s evaluation follows a two-step process where (1) recoverability of the carrying value of the asset is reviewed  to determine if there is sufficient value recoverable to support the capitalized value at the report date; and, (2) If assets fail the recoverability test, impairment testing is conducted, including the evaluation of  various criteria such as:  prior history of successful operations; production currently in place and/or future projected cash flows (if any); reserve reports or evaluations from which may include exploratory experience, expiration of leasehold,management can prepare  future cash flow analyses; the Company’s ability to monetize the asset(s) under evaluation; and, management'sManagement’s intent regarding future development.

Income taxes are computed using the asset and liability method.  Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws.  A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.

On February 3, 2011 we entered into and closed property acquisition agreements with First Liberty Power Corp. (“FLPC”), and GeoXplor Inc. (“GeoXplor”). Pursuant to the terms of the agreements, we acquired an option, as well as exploration rights, in certain unpatented mining claims located in Southern Utah which we refer to the “Uravan Property”.  Pursuant to the terms of the agreements, we agreed to provide the following payments and other consideration to the two parties:

On May 31, 2011, entered into a property acquisition agreement with GeoXplor Corp. Pursuant to the terms of the agreement, we acquired an option, as well as exploration rights, in certain unpatented mining claims located in Clayton Valley, Nye County, Nevada. Subsequently on October 27, 2011, we entered into an amended property acquisition agreement whereby we acquired additional claims. We agreed to provide the following payments and other consideration to GeoXplor:

We have also committed to a 4 year work program of no less than $1,000,000 with $100,000 to be spent in the first year, $200,000 during the second year, $300,000 during the third year and $400,000 during the fourth year.

During the nine monththree months period ended May 31,November 30, 2011, the Company made cash payments inissued 250,000 shares of common stock to GeoXplor on execution of the amountamended agreement. The issuance of $75,000 to GeoXplor.250,000 shares of common stock was valued at the market value of the stock on the issuance date. At May 31,November 30, 2011, the Company recorded 75,000$75,000 as an impairment of mineral properties as no proven or probable reserves have yet been determined.

On June 4,The Company has drawn down the amount of $100,000 as at December 1, 2011 the Companyand has issued a total of 500,000281,294 shares of common stock pursuantof the Company at a price of $0.3555 per share in respect to the Clayton Valley Agreement disclosed under Note 3(b) – Mineral Property Rights above.financing agreement.  

On June 24,December 15, 2011, the Company issuedhas drawn down an additional $50,000 and will issue a total of 250,000147,362 shares of common stock pursuantof the Company at a price of $0.377 per share in respect to the private placement disclosed under Note 5 – Investor Deposits above.financing agreement.  The shares have not yet been issued.

The Company has evaluated subsequent events from the date of the balance sheet to the date of this filing and determined there are no other events to be disclosed.

This quarterly report contains forward-looking statements. These statements relatingrelate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "could", "may", "will", "should", "intends""expect", "expects""plan", "plans""anticipate", "anticipates""believe", "believes""estimate", "estimates", "predicts""predict", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors whichthat may cause our or our industry's actual results, levels of activity, performance or performanceachievements to be materially different from any future results, levels of activity, performance or performanceachievements expressed or implied by these forward-looking statements.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or performance.achievements. Except as required by applicable law andlaws, including the securities laws of the United States, we do not intend to update any of the forward-looking statements so as to conform these statements to actual results.