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
November 30, 1998                                           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,  4,303,901  shares having  a  par value  of  $.10 per  share  were
outstanding as of January 12, 1999.

Transitional Small Business Disclosure format (check one):
                                                             Yes       No   X
                                                                -------  -------
<PAGE>
                   DOUBLE EAGLE PETROLEUM AND MINING COMPANY

<TABLE>
<CAPTION>
                                     INDEX

<S>                                                       <C>

                                                            Page

PART I. FINANCIAL INFORMATION:



Item 1. Financial Statements

Balance Sheets as of November 30, 1998
     and August 31, 1998                                     I.
Statements of Operations for the three months
     ended November 30, 1998 and 1997                        II.
Statements of Cash Flows for the three months
     ended November 30, 1998 and 1997                       III.
Notes to Financial Statements                                IV.

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

PART II. OTHER INFORMATION

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

Signatures                                                  VII.


</TABLE>
<PAGE>




                                     PART I





                             FINANCIAL INFORMATION

<PAGE>
                                                                              I.
<TABLE>
                   DOUBLE EAGLE PETROLEUM AND MINING COMPANY
                                 BALANCE SHEETS
                     NOVEMBER 30, 1998 AND AUGUST 31, 1998
<CAPTION>
                                                                    November 30,      August 31,
                                                                        1998             1998

                                                                    (Unaudited)
<S>                                                                <C>              <C>
    ASSETS
CURRENT ASSETS
  Cash and cash equivalents                                      $        203,804           97,429
  Accounts receivable                                                     204,102          156,174

    Total Current Assets                                                  407,906          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                                                  601,254          602,359
  Developed properties                                                  4,444,117        4,051,469
  Corporate and other                                                     253,532          253,238

                                                                        5,298,903        4,907,066
   Less accumulated depreciation, depletion, and amortization           2,065,814        2,016,359

    Net Properties and Equipment                                        3,233,089        2,890,707

    Total Assets                                                 $      3,739,897        3,263,212


    LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
  Accounts payable                                               $        174,921           70,852
  Accrued production taxes                                                 21,216           29,743
  Line of credit arrangement                                              175,000                -

    Total Current Liabilities                                             371,137          100,595

    Total Liabilities                                                     371,137          100,595

STOCKHOLDERS' EQUITY
  Common stock, $.10 par value; - 10,000,000 shares,
    authorized, 4,082,651 shares issued and outstanding                   408,262          393,262
  Capital in excess of par value                                        2,315,586        2,126,625
  Retained earnings                                                       644,912          642,730

    Total Stockholders' Equity                                          3,368,760        3,162,617

    Total Liabilities and Stockholders' Equity                   $      3,739,897        3,263,212


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

                                                                             II.
<TABLE>
                   DOUBLE EAGLE PETROLEUM AND MINING COMPANY
                            STATEMENTS OF OPERATIONS
             FOR THE THREE MONTHS ENDED NOVEMBER 30, 1998 AND 1997
<CAPTION>
                                                 1998         1997
<S>                                           <C>          <C>
REVENUES
  Sales of oil and gas                       $   181,148  $   172,739
  Sales of nonproducing leases                    97,619            -
  Other income                                        65          789

    Total                                        278,832      173,528

COSTS AND EXPENSES
  Production costs                                22,170       15,597
  Production taxes                                24,097       20,318
  Exploration expenses                            82,541       50,282
  Write offs and abandonments                     10,792        4,653
  General and administrative                      89,524      101,344
  Depreciation and depletion                      49,455       33,885

    Total                                        278,579      226,079

INCOME (LOSS) FROM OPERATIONS                        253      (52,551)

OTHER INCOME
  Interest income                                  1,929        7,895

                                                   1,929        7,895

INCOME (LOSS) BEFORE INCOME TAXES                  2,182      (44,656)

INCOME TAX EXPENSE (BENEFIT)
  Current                                              -            -
  Deferred                                             -       (6,698)

    Total                                              -       (6,698)

NET INCOME (LOSS)                            $     2,182  $   (37,958)

NET EARNINGS (LOSS) PER COMMON SHARE -
  BASIC AND DILUTED                          $         -  $         -

AVERAGE SHARES OUTSTANDING                     3,940,893    3,901,024

DIVIDENDS PER SHARE OF COMMON STOCK          $         -  $         -




<FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
                                                                            III.
<TABLE>
                   DOUBLE EAGLE PETROLEUM AND MINING COMPANY
                            STATEMENTS OF CASH FLOWS
             FOR THE THREE MONTHS ENDED NOVEMBER 30, 1998 AND 1997


<CAPTION>
                                                                1998          1997
<S>                                                           <C>          <C>
OPERATING ACTIVITIES:
  Net income (loss)                                          $    2,182   $  (37,958)
  Charges to income not requiring cash:
      Depreciation and depletion                                 49,455       33,885
      Abandoned properties                                       10,792        4,653
  Decrease (increase) in operating assets:
      Accounts receivable                                       (47,928)       5,458
      Deposits                                                   20,000      (88,630)
  Increase (decrease) in operating liabilities:
      Accounts payable                                          104,069       72,628
      Accrued production taxes                                   (8,527)     (11,736)
      Deferred tax liability                                          -       (6,698)

        Net cash provided by (used in) operating activities     130,043      (28,398)

INVESTING ACTIVITIES:
  Purchases of properties                                      (402,628)    (379,167)

        Net cash (used in) investing activities                (402,628)    (379,167)

FINANCING ACTIVITIES:
  Proceeds from private placement                               203,960            -
  Net borrowings on letter of credit arrangement                175,000            -

        Net cash provided by financing activities               378,960            -

INCREASE (DECREASE) IN CASH                                     106,375     (407,565)

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

  End of period                                              $  203,804   $  460,748

SUPPLEMENTAL DISCLOSURES OF CASH AND
  NON-CASH TRANSACTIONS
    Cash paid during the period for interest                 $        -   $        -


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

                   DOUBLE EAGLE PETROLEUM AND MINING COMPANY
                         NOTES TO FINANCIAL STATEMENTS


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  November 30,  1998, are  not
  necessarily indicative of the operating results for the full year.

4.Common Stock and Warrants

  During  the quarter  ended  November 30,  1998,  the Company  offered  through
  private placement a minimum 150,000 and a maximum of 375,000 Units for  $1.375
  per Unit. Each Unit consists of  one share of common stock and one  redeemable
  warrant to purchase one share of  common stock at an exercise price of  $1.375
  per  share. As  of November  30, 1998,  the Company  has sold  150,000  Units,
  receiving  $203,961 in  net  proceeds after  payment  of offering  costs.  The
  Company expects to place all of the Units offered for sale.


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


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

Current quarter as compared to the corresponding quarter of one year ago
------------------------------------------------------------------------

The Company experienced net income of $2,182 for the current quarter as compared
to a net  loss of $37,958  for the corresponding  quarter of one  year ago.  The
positive operating results can be attributed to the sale in the current  quarter
of the  shallow production  rights on  a  prospect the  Company drilled  in  the
current quarter. The prospect proved to be a dry hole for the Company.

Acquisitions accounted  for an  increase in  oil and  gas sales  of 5%  for  the
current quarter as compared to the corresponding quarter of one year ago. During
the current quarter, the Company purchased  a 25% working interest in three  oil
fields in  Wyoming.  The  Company acquired  122,250  barrels  of  producing  oil
reserves. The  increase in  oil and  gas  sales was  offset  by an  increase  in
production costs.

Costs and expenses  increased 23%  for the current  quarter as  compared to  the
corresponding quarter of  one year  ago. The increase  is due  primarily to  the
expensing of  an exploratory  dry  hole, and  an  increase in  depreciation  and
depletion of  oil  and  gas  properties.  General  and  administrative  expenses
decreased 12% as the Company implemented a program to reduce overhead expenses.

FINANCIAL CONDITION
-------------------

During the current quarter, the Company  received $204,000 in proceeds from  the
private placement of  shares of  the Company's  stock. In  addition the  Company
borrowed a net of $175,000 on its letter of credit arrangement. The Company also
experienced a net cash  flow from operations of  $130,000. The Company  utilized
$375,000 of  these funds  in the  purchase of  the working  interests  discussed
above. These transactions,  combined with other  operations, resulted  in a  net
decrease in working capital of $116,000.
<PAGE>

                                                                             VI.


                          PART II.  OTHER INFORMATION


ITEM 6.  EXHIBITS AND REPORT ON FORM 8-K

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


<PAGE>



                                                                            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: January 13, 1999

<PAGE>