UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

(Mark One)

(X)      Quarterly  Report  Pursuant  Section  13 or  15(d)  of  the  Securities
         Exchange Act of 1934

For Quarter Ended: September 30, 2002

                                       OR

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

For the transition period from             to
                              -------------  -------------

Commission File: 0-8447
                 ------

                               DOL RESOURCES, INC.
             (Exact Name of Registrant as specified in its Charter)

             Wyoming                                            82-0219465
  (State of other Jurisdiction                               (I.R.S. Employer
of Incorporation or Organization)                            Identification No.)


   13636 Neutron Road, Dallas, Texas                               75244
(Address of Principal Executive Offices)                         (Zip Code)


Registrant's Telephone Number (Area code (214) 661 5869)


Indicate by check mark whether  Registrant (1) has filed all reports required to
be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of 1934 during
the preceding 12 months (or such shorter period that  Registrant was required to
file such reports and (2) has been subject to such filing  requirements  for the
past 90 days YES:   NO: X

The  number of shares  outstanding  of each of the  Issuer's  Classes  of Common
Stock, as of the close of the period covered by this report:

Common - $0.01 Par Value - 25,000,000 shares as of September 30, 2002.



<PAGE>

                               DOL RESOURCES, INC.

         Index to Form 10-Q for Fiscal Quarter ended September 30, 2002.



                                                                        Page No.
PART 1 -  Financial Information

Condensed Unaudited Balance Sheet, September 30, 2002
      and December 31, 2001                                                3

Condensed Unaudited Statement of Income,
      Nine Months ended September 30, 2002 and 2001                        4

Condensed Unaudited Statement of Shareholder's
      Equity Nine Months ended September 30, 2002 and 2001                 5

Condensed Unaudited Statement of Changes in
      Financial Position Nine-Months Ended
        September 30, 2002 and 2001                                        5

Summary of Significant Accounting Policies and
      Notes to Condensed Unaudited Financial Statements                  6 - 8

Management's Discussion and Analysis of Condensed
      Financial Condition and Results of Operations                        9

PART 11 - Other Information

      Item 6(b) - Exhibits and Reports on Form 8-K                         10

      Signature Pursuant to General Instruction E                          10

All  other  items  called  for by the  instructions  are  omitted  as  they  are
inapplicable,  not  required,  or the  information  is included in the condensed
financial statements or notes thereto.


<PAGE>

                               DOL RESOURCES, Inc.
                                  BALANCE SHEET

                                   (Unaudited)

                                     ASSETS
                                                         Sept. 30      Dec. 31
                                                           2002         2001
                                                        ----------   ----------

CURRENT ASSETS
Cash                                                    $      -0-   $      -0-
Marketable securities, at
  lower or aggregate cost
  or market                                                400,000      400,000

Due from related parties-Note 2                             (9,074)      25,154

Prepaid Expenses                                               -0-          -0-
                                                        ----------   ----------
         Total Current Assets                              390,926      425,154

PROPERTIES - Using full costing-
   Note 1
   Production payment
   Exploration, acquisition &
         development, cost, net of
         allowance for reduction of
         oil & gas assets of $137,083
         in 1985                                         2,100,790    2,102,290
                                                        ----------   ----------
                  Total cost                             2,100,790    2,102,290


Less accumulated depletion                              (1,514,310)   1,500,810
                                                        ----------   ----------
                                                           586,480      601,480

TOTAL ASSETS                                               977,406    1,026,634
                                                        ----------   ----------

Total Liabilities                                              -0-          -0-

STOCKHOLDERS' EQUITY
    Capital Stock, common,
    $.01 par value;
    Authorized 25,000,000 shares;
    Issued and outstanding;
    25,000,000 shares at 9-30-02
    and 12-31-01                                           250,000      250,000
    Capital in excess of
        Par value                                        2,389,942    2,526,770
        Accumulated deficit                             (1,662,536)  (1,613,308)

     Total Stockholders Equity                             977,406    1,026,634
                                                        ----------   ----------

         TOTAL LIABILITIES & EQUITY                        977,406    1,026,634
                                                        ----------   ----------


<PAGE>

                               DOL RESOURCES, INC.
                     CONDENSED UNAUDITED STATEMENT OF INCOME


                                          3 Months            9 Months
                                           Ended                Ended
                                          9-30-02       9-30-02       9-30-01
                                        -----------   -----------   -----------

Operating Revenue:
   Oil and Gas Sales                         17,988        52,348        91,975
   Interest and other income                    107           107           -0-
                                        -----------   -----------   -----------

                   Total                     18,095        52,455        91,975

Operating Expenses:
   Depletion,depreciation
     and amortization                         4,500        13,500        31,500

   General and administrative                   -0-         1,676         6,027
   Interest                                     -0-           -0-           -0-
   Consulting & Mgmt Fees                     4,090        12,272        12,272
   Production Taxes                           1,620         4,755         7,756
   Lease Operating Expense                   32,118        69,479        39,921
   Lease Rentals                                -0-           -0-           -0-
                                        -----------   -----------   -----------

      Total Operating Expenses               42,328       101,682        97,476

Net Income (Loss) before income
    taxes                                   (24,233)      (49,227)       (5,501)
Provision for income taxes
(note 6)                                        -0-           -0-           -0-
                                        -----------   -----------   -----------
Net Income (Loss)                           (24,233)       (5,501)



Weighted Average Number of Common
  Shares Outstanding                     25,000,000    25,000,000    25,000,000

Earnings (Loss)for common Share         $   (.00097)  $   (.00197)  $   (.00022)



The accompany notes are an integral part of this statement.












<PAGE>
<TABLE>
<CAPTION>

                               DOL RESOURCES, INC.
              CONDENSED UNAUDITED STATEMENT OF STOCKHOLDER'S equity
                  Nine Months ended September 30, 2002 and 2001



                         Capital Stock                   Capital in
                          Number of                       Excess of      Accumulated     Treasury
                            Shares         Amount         Par Value        Deficit         Stock
                        -------------   -------------   -------------   -------------   -------------
<S>                     <C>             <C>             <C>             <C>             <C>
Balance at
1/1/02                     25,000,000         250,000       2,389,942      (1,613,308)            -0-
Net Income                        -0-             -0-             -0-         (49,228)            -0-
                        -------------   -------------   -------------   -------------   -------------

Balance at
9/30/02                    25,000,000         250,000       2,389,942      (1,662,536)            -0-
                        -------------   -------------   -------------   -------------   -------------

Balance at
1/1/01                     25,000,000         250,000       2,526,770      (1,592,808)            -0-
Net Income                        -0-             -0-             -0-          (5,501)            -0-
                        -------------   -------------   -------------   -------------   -------------

Return to contributed
Capital to Parent            (136,828)

Balance at
9/30/01                    25,000,000         250,000       2,389,942      (1,598,309)            -0-
                        -------------   -------------   -------------   -------------   -------------
</TABLE>

                          CONDENSED UNAUDITED STATEMENT
                        OF CHANGES IN FINANCIAL POSITION


                                                     Nine Months Ended:
                                                Sept. 30, 2002    Sept. 30,2001

Financial Resources Provided
  By Operations:
  Net Income                                           (49,227)          (5,501)
  Items not requiring outlay of working Capital:
     Depletion, Deprec. and
     Amortization                                       13,500           31,500
                                                --------------   --------------
 Working Capital provided by
  operations                                           (35,727)          25,599

Decrease(increase) in Properties                         1,499         (404,027)
Reduction in other Assets                                  -0-              -0-
Increase in long term debt                                 -0-              -0-
                                                --------------   --------------

     Total Resources                                    34,228         (378,028)

Financial Resources Applied to
 Retirement of long-term debt                              -0-              -0-
Increase in common stock                                   -0-              -0-
Decrease in contributed stock                              -0-         (136,828)
                                                --------------   --------------
Net Increase (Decrease) in
  Working Capital                                      (34,228)        (514,856)
    Working Capital at begin. of
       period                                          425,154          537,749
    Working Capital at end of
       period                                          390,926           22,893

<PAGE>

                               DOL Resources, Inc.
                          NOTES TO FINANCIAL STATEMENTS

NOTE 1.  Summary of Significant Accounting Policies
         ------------------------------------------

         Organization and Operations
         The  Company  was  organized  on November 6, 1973 under the laws of the
         State of Wyoming.  Its primary  activities have been the acquisition of
         interests  in  various  oil and gas  properties,  coal  properties  and
         exploration for oil and gas.

         Properties:
         The  Company  uses the full cost method of  accounting  for oil and gas
         acquisition,   exploration  and  development  costs.  The  Company  has
         operations only within the continental  United States and  consequently
         has only one cost center.

         All  costs  associated  with  property  acquisition,   exploration  and
         development activities are capitalized within the cost center. No costs
         related to production, general corporate overhead or similar activities
         are capitalized.

         Capitalized   costs  within  the  cost  center  are  amortized  on  the
         units-of-production  basis  using  proved  oil  and gas  reserves.  The
         carrying  value of  capitalized  cost is  limited to the sum of (A) the
         present  value of future net  revenues  from  estimated  production  of
         proved oil and gas reserves,  plus (B) the cost of properties not being
         amortized,  plus (C) the lower cost or estimated fair value of unproved
         properties  included in the costs being  amortized  less (D) income tax
         effects  related  to  differences  between  book  and tax  basis of the
         properties  involved.  For the year  ended  December  31,  1985,  total
         capitalized  costs  exceeded the cost center  ceiling by $137,083.  The
         excess was expense to current operations.



<PAGE>

                               DOL RESOURCES, INC.
                     NOTES TO FINANCIAL STATEMENTS (CON'T).


NOTE 1:  Sales and  abandonments  of oil and gas properties are accounted for as
         adjustment of capitalized costs, with no gain or loss recognized.

         Drilling in  progress  is  included  in the cost center with  depletion
         being calculated on all costs with cost center.

         Earnings  per Common Share  Earnings per common share were  computed by
         dividing the net loss by the weighted  average  number of common shares
         outstanding during the year.

NOTE 2.  Related Party Transactions

         The Company ended 2001 with accounts receivable from Glauber Management
         Corp. of $23,467. The balance of this account on September 30, 2002 was
         a negative $10,767.

NOTE 3.  Income Taxes

         The Company as of December  31,  2001 had a net  operating  income loss
         carryover  for income  tax  purposes  of  approximately  $448,000.  The
         carryover  is available  to offset  taxable  income of future years and
         expires as follows:

                                   2001    40,000
                                   2002    48,000
                                   2003     3,000
                                   2004    34,000
                                   2007    14,000
                                   2008    19,000
                                   2009     1,000
                                   2011   217,000
                                   2013    57,000
                                   2014    15,000
                                          -------
                                          448,000

         For financial reporting purposes,  the net operating loss has been used
         to offset  prior  deferred  income  taxes.  To the extend  that the net
         operating  loss  carryovers  are  utilized  for income tax  purposes in
         future  years,  the deferred  income taxes  eliminated  to give credits
         related to timing differences of the current year not recorded, will be
         reinstated.

         Because  of  timing  differences   related  principally  to  intangible
         drilling  costs,  cumulative  losses for income tax reporting  purposes
         exceed  those  reported  by  approximately  $576,000.  Because  of  the
         uncertainty as to realization,no  future tax benefits are recognized at
         December 31, 2001


<PAGE>

                   MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE
                     CONDENSED UNAUDITED STATEMENT OF INCOME

         The  following  is  Management's  discussion  and  analysis  of certain
significant factors which have affected the Company's earnings during the period
included in the accompanying Condensed Unaudited Statement of Income.

         A summary  of the  period  to period  changes  in the  principal  items
included in the Condensed Unaudited Statement of Income is as shown below:

                                        Nine Months
                                      ending Sept. 30
                                       2002 and 2001

Net Sales                                (39,520)
Interest and Other Income                    -0-
General and Administrative                (4,351)
Depletion, Depreciation
  and Amortization                       (18,000)
Consulting & Management Fees                 -0-
Net Income (Loss)                        (43,726)

         Oil and gas sales  decreased  as  compared to the same period last year
due primarily to a decline in production.

         The  recurring  cash  flow  for the  first  nine  months  of  2002  was
approximately  $4,700 per month.  Depletion  was  substantially  less due to the
decline in production,  and lease operating expenses were substantially more due
to major repair on two wells.

         Management  expects the upward trend in oil and gas prices to level off
and hold steady at around  $25.00 per Bbl.  through most of 2002.  This not only
increases  revenues  and cash flow but also  enhances  our ability to raise much
needed funds for drilling and reworking  wells.  It is the opinion of management
that a minimum of $25.00 per Bbl.oil is needed in order to expand operations and
replace  depleted  reserves.  A  continuing  effort  is being  made to  increase
production,   and   consequently   revenues  by  seeking  out  and   negotiating
joint-venture recompletion projects where positive reserve information exists.

         Management  is also seeking out possible  merger  opportunities.  There
have been several  negotiations with private companies desiring to go public. In
preparation  for a impending  merger Glauber  Management,  by an agreement dated
June 30, 1999  assumed all  liabilities  and  selected  assets of the company in
exchange for contributed capital.  Also, Oklahoma oil properties held by Glauber
Management were contributed to the Company.


<PAGE>


         Review of Independent Public Accountants:

         The information  contained in  substantially  all financial  statements
accompanying  this report were supplied by internal  accountant  of  registrant.
Although such statements have not been reviewed by registrant's certified public
accountant they are available for review.

                               Office Information

         No  reports on Form 8-K were filed by the  Company in the  quarter  for
which this report is filed.

                                   SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned there unto duly authorized.

                          DOL RESOURCES, INC.

                           /s/  Fred M. Updegraff
                          -----------------------------
                          Fred M. Updegraff
                          Vice President, Treasurer and
                          Principal Accounting Officer

Date: October 30, 2002