U.S. SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.   20549

                                  FORM 10-QSB
(Mark One)
        x      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
    --------
                     OF THE SECURITIES EXCHANGE ACT OF 1934

For Quarterly period ended                                  Commission File
May 31, 1999                                                Number 0-6529

               TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
    --------
                     OF THE SECURITIES EXCHANGE ACT OF 1934
          For the transition period from                          to
                                         ------------------------   ------------

                     DOUBLE EAGLE PETROLEUM AND MINING CO.
               (Exact name of small business issuer as specified
                                in its charter)

    WYOMING                                                          83-0214692
(State or other jurisdiction of                             (I.R.S. Employer
 incorporation or organization)                             Identification No.)

                        777 Overland Trail, P.O. Box 766
                           Casper, Wyoming      82602
                    (Address of principal executive offices)

                                  307-237-9330
                          (Issuer's telephone number)



                                 NOT APPLICABLE
        (Former name, former address, and former fiscal year, if changed
                               since last report)


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 (or for such  shorter
period that the registrant was required to  file such reports) and (2) has  been
subject to such filing requirements for the past 90 days.
                                                            Yes    X     No
                                                                --------    ----

Common stock,  4,365,401  shares having  a  par value  of  $.10 per  share  were
outstanding as of July 1, 1999.

Transitional Small Business Disclosure format (check one):
                                                             Yes         No   X
                                                                ---------  -----

                   DOUBLE EAGLE PETROLEUM AND MINING COMPANY


                                     INDEX
<TABLE>
<CAPTION>
                                                                Page

<S>                                                            <C>
PART I. FINANCIAL INFORMATION:


<PAGE>

Item 1. Financial Statements

Balance Sheets as of May 31, 1999 (Unaudited)
     and August 31, 1998                                         I.
Statements of Operations for the three and nine months
     ended May 31, 1999 and 1998 (Unaudited)                     II.
Statements of Cash Flows for the nine months
     ended May 31, 1999 and 1998 (Unaudited)                    III.
Notes to Financial Statements (Unaudited)                        IV.

Item 2. Management's Discussion and Analysis of
           Results of Operations and Financial Condition         V.

PART II. OTHER INFORMATION

Item 5. Other Information                                        VI.
Item 6. Exhibits and Report on Form 8-K                          VI.

Signatures                                                      VII.


</TABLE>




                                     PART I





                             FINANCIAL INFORMATION
                                                                              I.
<TABLE>
                   DOUBLE EAGLE PETROLEUM AND MINING COMPANY
                                 BALANCE SHEETS
                        MAY 31, 1999 AND AUGUST 31, 1998

<CAPTION>
                                                                     May 31,       August 31,
                                                                      1999            1998

                                                                   (Unaudited)
<S>                                                                <C>             <C>
  ASSETS
CURRENT ASSETS
  Cash and cash equivalents                                      $      91,088   $      97,429
  Accounts receivable                                                  186,198         156,174

     Total Current Assets                                              277,286         253,603

OTHER ASSETS
  Gas balancing arrangement                                             82,277          82,277
  Investment                                                               125             125
  Other                                                                 16,500          36,500

     Total Other Assets                                                 98,902         118,902

PROPERTY AND EQUIPMENT
  Undeveloped properties                                               651,725         602,359
  Developed properties                                               4,681,521       4,051,469
  Corporate and other                                                  254,296         253,238

                                                                     5,587,542       4,907,066
   Less accumulated depreciation, depletion, and amortization        2,164,724       2,016,359

     Net Properties and Equipment                                    3,422,818       2,890,707


     Total Assets                                                $   3,799,006   $   3,263,212



  LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
  Accounts payable                                               $      94,403   $      70,852
  Accrued production taxes                                              27,216          29,743
  Line of credit arrangement                                           100,000               -

     Total Current Liabilities                                         221,619         100,595


     Total Liabilities                                                 221,619         100,595

STOCKHOLDERS' EQUITY
  Common stock, $.10 par value; - 10,000,000 shares,
   authorized, 4,365,401 shares issued and outstanding                 436,537         393,262
  Capital in excess of par value                                     2,660,538       2,126,625
  Retained earnings                                                    480,312         642,730

     Total Stockholders' Equity                                      3,577,387       3,162,617


     Total Liabilities and Stockholders' Equity                  $   3,799,006   $   3,263,212


<FN>
See accompanying notes to financial statements.
</TABLE>

                                                                             II.
<TABLE>
                   DOUBLE EAGLE PETROLEUM AND MINING COMPANY
                            STATEMENTS OF OPERATIONS
                                   (UNAUDITED)
<CAPTION>
                                          For the Three Months      For the Nine Months
                                                  Ended                    Ended

<PAGE>

                                          May 31,      May 31,     May 31,      May 31,
                                            1999         1998        1999        1998

<S>                                      <C>          <C>         <C>          <C>
REVENUES
  Sales of oil and gas                  $  150,085      137,989      468,952     527,533
  Sales of nonproducing leases              81,000       50,000      178,619      50,000
  Other - primarily zeolites                   106        4,083          529       5,176

     Total                                 231,191      192,072      648,100     582,709

COSTS AND EXPENSES
  Production costs                          46,032       32,574      122,382      68,606
  Production taxes                          18,072       21,941       61,446      65,405
  Cost of nonproducing leases sold          11,325        4,216       11,325       4,216
  Exploration                               40,846       42,559      158,243     131,283
  Write offs and abandonments                3,107        2,008       14,155       7,585
  General and administrative                93,609      147,578      299,486     359,962
  Depreciation and depletion                49,455       33,885      148,365     101,655

     Total                                 262,446      284,761      815,402     738,712


(LOSS) FROM OPERATIONS                     (31,255 )    (92,689)    (167,302)   (156,003)

OTHER INCOME (EXPENSE)
  Interest income                            1,903        8,426        6,544      17,665
  Interest expense                               -       (2,225)       (1661)     (2,534)

     Total                                   1,903        6,201        4,883      15,131


(LOSS) BEFORE INCOME TAXES                 (29,352 )    (86,488)    (162,419)   (140,872)


INCOME TAX EXPENSE (BENEFIT)
  Current                                        -            -            -           -
  Deferred                                       -      (12,973)           -     (21,131)

     Total                                       -      (12,973)           -     (21,131)


NET (LOSS)                              $  (29,352 )    (73,515)    (162,419)   (119,741)

BASIC/DILUTED
  (LOSS) PER SHARE                      $     (.01 )       (.02)        (.04)       (.03)

AVERAGE SHARES OUTSTANDING               4,365,401    3,909,477    4,184,201   3,890,365

DIVIDENDS PER SHARE OF COMMON STOCK     $      .00          .00          .00         .00


<FN>
See accompanying notes to financial statements.
</TABLE>
                                                                            III.
<TABLE>
<PAGE>

                   DOUBLE EAGLE PETROLEUM AND MINING COMPANY
                            STATEMENTS OF CASH FLOWS
                FOR THE NINE MONTHS ENDED MAY 31, 1999 AND 1998
                                  (UNAUDITED)
<CAPTION>
                                                                1999          1998

<S>                                                           <C>          <C>
OPERATING ACTIVITIES:
  Net (loss) income                                          $ (162,419)  $ (119,741)
  Charges to income not requiring cash:
    Depreciation and depletion                                  148,365      101,655
    Abandoned properties                                         14,155        7,585
    Gain on sale of assets                                     (167,294)     (45,784)
  Decrease (increase) in operating assets:
    Accounts receivable                                         (30,024)      35,701
    Deposits                                                     20,000            -
  Increase (decrease) in operating liabilities:
    Accounts payable                                             23,551      (99,021)
    Accrued production taxes                                     (2,527)      (8,735)
    Deferred tax liability                                            -      (21,131)

      Net cash (used in) provided by operating activities      (156,193)    (149,471)


INVESTING ACTIVITIES:
  Proceeds from sale of properties                              178,619       50,000
  Purchase of properties                                       (705,955)    (557,130)

      Net cash (used in) investing activities                  (527,336)    (507,130)


FINANCING ACTIVITIES:
  Issuance of common stock                                       62,500        9,375
  Proceeds from private placement                               514,688            -
  Borrowing on line of credit                                   100,000            -

      Net cash provided by financing activities                 677,188        9,375


(DECREASE) IN CASH                                               (6,341)    (647,226)

CASH AND CASH EQUIVALENTS
  Beginning of period                                            97,429      868,313

  End of period                                              $   91,088   $  221,087


SUPPLEMENTAL DISCLOSURES OF CASH AND
  NON-CASH TRANSACTIONS
   Cash paid during the period for interest                  $    1,661   $    2,534


<FN>

See accompanying notes to financial statements.
</TABLE>
                                                                             IV.

                         NOTES TO FINANCIAL STATEMENTS
                                  (UNAUDITED)





1.Summary of Significant Accounting Policies

  Refer to the Company's annual financial statements for the year ended  August
  31,  1998, for  a  description of  the  accounting policies  which  have  been
  continued  without change.  Also, refer  to the  footnotes with  those  annual
  statements  for  additional details  of  the  Company's  financial  condition,
  results of  operations, and cash flows.  The details in  those notes have  not
  changed except as a result of normal transactions in the interim.

2.Management Representation

 In management's opinion, all adjustments necessary for a fair presentation  are
 reflected  in  the interim  financial statements.  Such  adjustments are  of  a
 normal recurring nature.

3.Interim Results of Operations

  The results  of  operations  for  the  period ended  May  31,  1999,  are  not
  necessarily indicative of the operating results for the full year.

4.Correction of Previous Quarter Results

 An  error was made in  the previous quarter, resulting  in an overstatement  of
 oil  and gas revenues. The result of the error was the overstatement of  assets
 and  oil and gas revenues of $30,000,  and liabilities and production taxes  of
 $3,000.  The  information for  the  current  quarter contained  in  the  income
 statement is reflective of adjustments made to the previous quarter.

                                                                              V.
                   DOUBLE EAGLE PETROLEUM AND MINING COMPANY
                ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                 RESULTS OF OPERATIONS AND FINANCIAL CONDITION


RESULTS OF OPERATIONS
---------------------

Year to Date Results of Operations Compared to Prior Year to Date Results
-------------------------------------------------------------------------

An increase in  production resulting from  acquisitions of producing  properties
has not overcome the decline in revenues resulting from a decline in oil and gas
pricing experienced  during the  first  six months  of  the current  nine  month
period. Overall, revenues from  the sale of  oil and gas  declined 11% from  the
same nine month period of one year ago. Work performed to enhance production  on
producing properties resulted  in a 78%  increase in production  costs over  the
same nine month period of one  year ago. Exploration costs increased 21%,  while
general  and  administrative   expenses  declined   17%  as   compared  to   the
corresponding nine month period  of the prior  year. Depreciation and  depletion
expense increased 46%, due to the increase in production.

Current Quarter Compared to Previous Quarter
--------------------------------------------

Revenues from oil and gas sales increased  9% over the previous quarter, due  to
an  increase  in  oil  and  gas  pricing.  Production  costs  and  general   and
administrative expenses experienced declines of 15% and 20%, respectively, while
exploration costs experienced a 17% increase over the previous quarter.

Current Quarter Compared to Corresponding Quarter of Prior Year
---------------------------------------------------------------

Revenues from oil and gas sales  increased 9% over the corresponding quarter  of
the prior year,  due primarily to  an increase in  production. Production  costs
increased by 41%, while  general and administrative  expenses decreased by  37%.
Depreciation and  depletion  expense  increased 46%,  due  to  the  increase  in
production.

Financial Condition
-------------------

Operating activities for  the nine  month period  ending May  31, 1999  consumed
$156,000 of cash. Purchases of oil and gas properties also required $705,000  of
cash. Cash of $577,000 was provided by the issuance of additional shares of  the
Company's stock. Another $178,000 was provided by the sale of non-producing  oil
and gas properties, while $100,000 was  provided by borrowings on the  Company's
line of credit.



                                                                             VI.




                          PART II.  OTHER INFORMATION


ITEM 5.  OTHER INFORMATION

   Stephen H. Hollis, Ken M. Daraie and  Thomas J. Vessels continue to serve  as
directors of the  Company after  the resignation from  the Board  of William  N.
Heiss in May 1999 and Tom R. Creager in June 1999. Mr. Hollis also is the  Chief
Executive Officer of the Company.


ITEM 6.  EXHIBITS AND REPORT ON FORM 8-K

No Forms 8-K were filed during the period covered by this report.






                                                                            VII.







                                   SIGNATURES





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

                                       DOUBLE EAGLE PETROLEUM AND MINING COMPANY

(Registrant)



                                                           /s/ Stephen H. Hollis
                                                           ---------------------
                                                               Stephen H. Hollis
                                       Treasurer and Principal Financial Officer


Date: July 14, 1999































<PAGE>