<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001496330</cik>
        <entityName>Ascent-Fon #1, L.P.</entityName>
        <issuerAddress>
            <street1>345 MIRON DRIVE</street1>
            <city>SOUTHLAKE</city>
            <stateOrCountry>TX</stateOrCountry>
            <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
            <zipCode>76092</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>817-796-4694</issuerPhoneNumber>
        <jurisdictionOfInc>TEXAS</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <yetToBeFormed>true</yetToBeFormed>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Tim</firstName>
                <middleName>G</middleName>
                <lastName>Temple</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>345 Miron Drive</street1>
                <city>Southlake</city>
                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>76092</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Temple is President, Chief Executive Officer, 50% owner and serves on the Board of Directors of Ascent Exploration Inc., the Managing General Partner of Ascent-Fons #1, L.P.  Also promotes to investors.  50% owner of Govt Capital Sec Corp, affiliated</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Leonard</firstName>
                <lastName>Kubicek</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>4155 Constitution Drive</street1>
                <city>Frisco</city>
                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>75034</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Dr. Kubicek (Ed.D.) has a Masters in Petroleum Geology.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Karen</firstName>
                <lastName>Awtry</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>345 Miron Drive</street1>
                <city>Southlake</city>
                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>76092</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Ms. Awtry is Treasurer, Vice President of Marketing and serves on the Board of Directors of Ascent Exploration Inc., the Managing General Partner of Ascent-Fons #1, L.P.  She also actively promotes the offering to potential investors.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <lastName>Borling</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1979 Harlem Blvd</street1>
                <city>Rockford</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>61103</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Retired MG-USAF John Borling also serves as Chairman of the Business Board at Synthonics; Chairman at PCG Worldwide; and President and CEO of SOS America.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Darren</firstName>
                <middleName>James</middleName>
                <lastName>Walloch</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>345 Miron Drive</street1>
                <city>Southlake</city>
                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>76092</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Walloch is Secretary, Vice President of Institutional Relations and serves on the Board of Directors of Ascent Exploration Inc., the Managing General Partner of Ascent-Fons #1, L.P.  He also actively promotes the offering to potential investors.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Stewart</firstName>
                <lastName>Shirey</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>345 Miron Drive</street1>
                <city>Southlake</city>
                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>76092</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. Shirey is 50% of Ascent Exploration, Inc. and serves on Board.  He also is 50% owner of Government Capital Securities Corporation, an affiliated company.</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Oil and Gas</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>No Revenues</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>05</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001496330-10-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <yetToOccur>true</yetToOccur>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
            <isMineralPropertyType>true</isMineralPropertyType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>12000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>1728000</totalOfferingAmount>
            <totalAmountSold>0</totalAmountSold>
            <totalRemaining>1728000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>0</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>0</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>No units have been sold; $261,000 is the total maximum commissions/fees that will be paid.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>1728000</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Ascent-Fon #1, L.P.</issuerName>
                <signatureName>Darren J Walloch</signatureName>
                <nameOfSigner>Darren J Walloch</nameOfSigner>
                <signatureTitle>Sec of Ascent Exploration, Inc, Mg GP, Ascent-Fons#1LP</signatureTitle>
                <signatureDate>2010-08-20</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
