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, 1997     

                                          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 (972) 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:    X     NO:       

          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 -  20,671,254 shares as of September 30,
          1997.

<PAGE>


                                 DOL RESOURCES, INC.

           Index to Form 10-Q for Fiscal Quarter ended September 30, 1997.



                                                               Page No.
          PART 1 -  Financial Information   

          Condensed Unaudited Balance Sheet, September 30, 1997
                and December 31, 1996                              2 - 3

          Condensed Unaudited Statement of Income,
                Nine Months ended September 30, 1997 and 1996          4
                           
          Condensed Unaudited Statement of Shareholder's
                Equity Nine Months ended September 30, 1997 and 1996   5   
             
          Condensed Unaudited Statement of Changes in
                Financial Position Nine-Months Ended
                  September 30, 1997 and 1996                          5

          Summary of Significant Accounting Policies and
                Notes to Condensed Unaudited Financial Statements     6-11

          Management's Discussion and Analysis of Condensed
                Financial Condition and Results of Operations         12

          PART 11 - Other Information

                Item 6(b) - Exhibits and Reports on Form 8-K          13

                Signature Pursuant to General Instruction E           13

          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
                                                    1997         1996  
          CURRENT ASSETS
          Cash                                   $   1,389     $ 16,086
          Marketable securities, at
            lower or aggregate cost 
            or market, cost $24,175
            in 1996 and 1995 -                       1,924        1,924
          Trade accounts receivable, 
            less allowance for doubtfiul
            accounts of $1,711, ($1,711 in 1996
            Note 1)                                 28,148       20,089
          Due from related parties-Note 4          393,215      281,240
          Prepaid Expenses                          37,500       37,500
                
               Total Current Assets                462,176      362,839

          PROPERTIES - Using full costing-
             
             Production payment                    100,000      100,000
             Exploration, acquisition & 
               development, cost, net of 
               allowance for reduction of
               oil & gas assets of $137,083
               In 1985                           1,653,485    1,654,446
                     Total cost                  1,753,485    1,754,446

          Less accumulated depletion             1,321,608    1,311,342
                                                   431,877      433,104
          AUTOMOBILES, FURNITURE & FIXTURES
            At cost - Note 1
             
               Furniture and fixtures                6,476        6,476

               Less accumulated depreciation         5,019        4,533
                 Net Furniture and Fixtures          1,457        1,943
           

          OTHER ASSETS
            Undeveloped coal royalties-             10,156       10,155
            Other accounts receivable-              62,993       70,159
                                                    
                Total Other Assets                  73,149       80,314

          TOTAL ASSETS                             968,659      888,200    
<PAGE>

                                 DOL Resources, Inc.

                                    BALANCE SHEET

                                                   Sept. 30    December 31,

                                                     1997        1996    

          CURRENT LIABILITIES
             Notes payable - Note 3                 408,000      337,310
             Accounts payable                        31,559       34,970
             Accrued expenses                           -0-         -0- 
               Total current liabilities            439,559      372,280
             

          LONG-TERM LIABILITIES
             Accounts payable                       287,634      294,800
               Total Long-Term Liabilities          287,634      294,800   
                                 

          STOCKHOLDERS' EQUITY
               Capital Stock, common,
               $.01 par value:
               Authorized 25,000,000 shares
               issued and outstanding
               20,671,254 shares at 9-30-97
               and 12-31-96                         206,713      206,713
               Capital in excess of
                  par value                       1,502,741    1,502,741
                  Accumulated deficit            (1,467,613)  (1,487,958)  
               Treasury Stock                     (     375) (       375)
                                                    241,466      221,120 

                                     TOTAL          968,659      888,200


<PAGE>

                                 DOL RESOURCES, INC.
                       CONDENSED UNAUDITED STATEMENT OF INCOME

                                             3 Months         9 Months
                                             Ended          Ended
                                             9-30-97    9-30-97  9-30-96
          Operating Revenue:
             Oil and Gas Sales               16,079      67,580  43,338
             Interest and other income        1,948       7,036   6,713

                             Total           18,027      74,616  50,051

          Operating Expenses:
             Depletion,depreciation
               and amortization               3,584      10,752  10,686
             General and administrative         181         934   1,790
             Interest                         1,791       3,083   4,865    
          Consulting & Mgmt Fees                -0-       7,900 254,619
             Production Taxes                 1,675       7,309   4,505
             Lease Operating Expense          7,207      24,032  22,219
             Lease Rentals                      261         261    -0-   

                Total Operating Expenses     14,337      54,271 298,684

          Net Income (Loss) before income
              taxes                           3,690      20,345(248,633)
          Provision for income taxes
          (note 6)                              -0-       -0-      -0-  
          Net Income (Loss)                   3,690      20,345(248,633)



          Weighted Average Number of Common   
            Shares Outstanding           20,671,254  20,671,254 20,671,254

          Earnings (Loss) for Common Share  $(.0002)    $ .0010  $ (.012)  


          The accompany notes are an integral part of this statement.
<PAGE>
                                 DOL RESOURCES, INC.
                   CONDENSED UNAUDITED STATEMENT OF STOCKHOLDER'S equity
                       Nine Months ended September 30, 1997 and 1996

                      Capital Stock        Capital in
                      Number  of                  Excess  of    Accumulated
          Treasury
                      Shares        Amount Par Value      Deficit     Stock

          Balance at
          1/1/96       20,671,254     206,713  1,502,741   (1,263,198)   ( 
          375)
          Net Income        -0-         -0        -0- (   248,633)        -
          0-

          Balance at
          9/30/96      20,671,254     206,713  1,502,741   (1,511,831)   ( 
          375)

          Balance at
          1/1/97       20,671,254     206,713 1,502,741    (1,487,958)   ( 
          375)
          Net Income      -0-          -0-       -0-       20,345      -0-

          Balance at
          9/30/97      20,671,254     206,713  1,502,741   (1,467,613)   ( 
          375)

<PAGE>
                                  DOL RESOURCES, INC.
                             CONDENSED UNAUDITED STATEMENT
                           OF CHANGES IN FINANCIAL POSITION

                                                  Nine Months Ended:
                                            Sept. 30,  1997       Sept. 30,
          1996
          Financial Resources Provided
            By Operations:
            Net Income                         20,345          (248,633)
            Items not requiring outlay
            of working Capital:
               Depletion, Deprec. and
               Amortization                    10,752            10,686  

          Working Capital provided by
            operations                         31,097          (237,947)  

          Reduction in Properties                 961              -0-  
          Reduction in other Assets             7,166             5,665
          Increase in long term debt              -0-           219,334
              Total Resources                  39,224          ( 12,948)
          Financial Resources Applied to:
            Retirement of long-term debt        7,166               -0-    
            Increase in Properties                -0-             2,075
                  Total                         7,166             2,075

          Net Increase (Decrease) in
             Working Capital                   32,058          ( 15,023)

          Working Capital at
           beginning of period                ( 9,441)          (23,863)

          Working Capital at end of period     22,617           (38,886)

<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.

                    Allowance for Bad Debts:
                    Accounts receivable from participants in oil
                    and gas exploration are estimated to be at 
                    least 95% collectible, consequently a 5%
                    allowance for bad debts has been established 
                    against those receivables.  Receivables from
                    the sale of oil and gas are fully collectible,
                    as accruals are based primarily on collection
                    of oil and gas sales subsequent to year-end.

                    Properties:
                    The Company uses the full cost method of
                    accounting for oil and gas acqusition, 
                    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).

                    Based on project gross revenues over the next 
                    5 years, it is managements opinion that properties
                    are currently over-valued by $200,000.

          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.  Notes Payable

                   Notes payable consist of the following:

                   Monthly     Interest    Due Within      Due After
                   Installment Rate          One Year      One Year

                   1995
                   Note 1 due 7-14-98       $408,000          $  -0-

                   Gateway National Bank. Interest only payable 
                   monthly at 6.64% per annum over a year of 360 days.
           

          NOTE 3.  Related Party Transactions

                   The Company ended 1996 with accounts
                   receivable from Glauber Management Corp. (the parent
                   company) of $281,240. The balance of this account on 
                   September 30, 1997 was $357,033.

          NOTE 4.  Income Taxes

                   The Company as of December 31, 1996 had a net operating
                   income loss carryover for income tax purposes of 
                   approximately $888,000.   The carryover is available
                   to offset taxable income of future years and expires as 
                   follows:

                                     1997    148,000
                                     1998    241,000
                                     1999     14,000
                                     2000    109,000
                                     2001     40,000
                                     2002     48,000
<PAGE>


                                     2003      3,000
                                     2004     34,000
                                     2007     14,000
                                     2008     19,000
                                     2009      1,000
                                     2011    217,000
                                             888,000

                  The Company also had approximately $17,000 of 
                  investment tax credits available for carryover against
                  future federal income tax liabilities.
                   
                  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 uncertainly as to
                  realization,no future tax benefits are recognized 
                  at December 31, 1997.

<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
                                                1997 and 1996

          Net Sales                               24,242
          Interest and Other Income                  323
          General and Administrative             (   856)
          Depletion, Depreciation
            and Amortization                          66
          Consulting & Management Fees          (246,719)

          Interest Expense                     (   1,782)
          Net Income (Loss)                      268,978
           
              Oil  and gas sales increased  as compared to  the same period
          last year  due to an increase in production  and some increase in
          prices.

             The recurring cash  flow for the first nine months of 1997 was
          approximately  $8,000 per  month. Consulting  and management  fee
          expenses  decreased   significantly  due   to   the  payment   of
          accumulated  fees in the prior year.   Interest expense decreased
          due to restructuring of debt.  

              Management  expects a slow upward trend in oil and gas prices
          to continue beyond $20.00 per Bbl.   This would not only increase
          revenues and cash  flow but  would enhance our  ability to  raise
          much  needed  funds for  drilling additional  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.   Meanwhile  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.   One is currently  progressing
          and stockholders will be advised of any definitive agreement.

             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 29, 1997
<PAGE>