2




                                    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, 1996     

                                          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:    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,












          1996.







                                 DOL RESOURCES, INC.

            Index to Form 10-Q for Fiscal Quarter ended September 30, 1996



                                                               Page No.
          PART 1 -  Financial Information   

          Condensed Unaudited Balance Sheet, September 30, 1996
                and December 31, 1995                              2 - 3

          Condensed Unaudited Statement of Income,
                Nine Months ended September 30, 1996 and 1995          4
                           
          Condensed Unaudited Statement of Shareholder's
                Equity Nine Months ended September 30, 1996 and 1995   5   
             
          Condensed Unaudited Statement of Changes in
                Financial Position Nine-Months Ended
                  September 30, 1996 and 1995                          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.




                                       -1-

















                                  DOL RESOURCES, Inc.
                                    BALANCE SHEET

                                     (Unaudited)

                                        ASSETS
                                                  Sept. 30     Dec. 31
                                                    1996         1995  
          CURRENT ASSETS
          Cash                                   $  35,253    $  49,215
          Marketable securities, at
            lower or aggregate cost 
            or market, cost $24,175
            in 1996 and 1995 - Note 2                1,924        1,924
          Trade accounts receivable, 
            less allowance for doubtfiul
            accounts of $1,711, ($1,711 in 1995
            Note 1)                                 24,443       18,347
          Due from related parties-Note 4          255,123      272,743
          Prepaid Expenses                          37,500       37,500
                
               Total Current Assets                354,243      379,729

          PROPERTIES - Using full costing-
             Note 1
             Production payment                    100,000      100,000
             Exploration, acquisition & 
               development, cost, net of 
               allowance for reduction of
               oil & gas assets of $137,083
               in 1985                           1,656,365    1,654,290
                     Total cost                  1,756,365    1,754,290

          Less accumulated deplation             1,307,851    1,297,651
                                                   448,514      456,639
          AUTOMOBILES, FURNITURE & FIXTURES
            At cost - Note 1
             
               Furniture and fixtures                6,476        6,476

               Less accumulated deprecition          4,371        3,885
                 Net Furniture and Fixtures            -0-        2,591
               
               Total Cost                            2,105        2,591

          OTHER ASSETS
            Undeveloped coal royalties-Note 9       10,156       10,155
            Other accounts receivable-Note 12       72,362       78,027
                                                    
                Total Other Assets                  82,518       88,183

          TOTAL ASSETS                             887,380      927,142    













                                






                                 DOL Resources, Inc.

                                    BALANCE SHEET

                                                   Sept. 30    December 31,

                                                     1996        1995    

          CURRENT LIABILITIES
             Notes payable - Note 3                 355,000      375,000
             Accounts payable                        38,129       28,592
             Accrued expenses                           -0-         -0- 
               Total current liabilities            393,129      403,592
             

          LONG-TERM LIABILITIES
             Notes payable - Note 4 and 12          297,003       77,669
               Total Long-Term Liabilities          297,003       77,669   
                                       

          STOCKHOLDERS' EQUITY
               Capital Stock, common,
               $.01 par value:
               Authorized 25,000,000 shares
               issued and outstanding
               20,671,234 shares at 9-30-96
               and 12-31-95                         206,713      206,713
               Capital in excess of
                  par value                       1,502,741    1,502,741
                  Accumulated deficit            (1,511,831)  (1,263,198)  
               Treasury Stcok                     (     375) (       375)
                                                    197,248      445,881 

                                     TOTAL          887,380       927,142

























                             



                                       



            


                                                                        

                                 DOL RESOURCES, INC.
                       CONDENSED UNAUDITED STATEMENT OF INCOME

                                             3 Months         9 Months
                                             Ended          Ended
                                             9-30-96    9-30-96  9-30-95
          Operating Revenue:
             Oil and Gas Sales               14,775      43,338  36,060
             Interest and other income        2,189       6,713   7,797

                             Total           16,964      50,051  43,857

          Operating Expenses:
             Depletion,depreciation
               and amortization               3,562      10,686  10,986
             General and administrative         221       1,790   1,574
             Interest                           -0-       4,865   2,585    
          Consulting & Mgmt Fees             17,874     254,619     -0-
             Production Taxes                 1,639       4,505   3,796
             Lease Operating Expense          7,964      22,219  17,178
             Lease Rentals                      -0-        -0-     -0-   

                Total Operating Expenses     31,260     298,684  36,119

          Net Income (Loss) before income
              taxes                         (14,296)   (248,633)  7,738
          Provision for income taxes
          (note 6)                              -0-       -0-      -0-  
          Net Income (Loss)                 (14,296)   (248,633)  7,738



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

          Earnings (Loss) for Common Share  $(.00069)     $(.012)    $.0004



          The accompany notes are an integral part of this statement.



















                                         

                               DOL RESOURCES, INC.
                CONDENSED UNAUDITED STATEMENT OF STOCKHOLDER'S equity
                    Nine Months ended September 30, 1996 and 1995

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

          Balance at
          1/1/95       20,671,254     206,713 1,502,741    (1,267,319)  (  
          375)
          Net Income        -0-         -0        -0-         7,738       -
          0-

          Balance at
          9/30/95      20,671,254     206,713  1,502,741    (1,259,581  (  
          375)

          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)

                            CONDENSED UNAUDITED STATEMENT
                           OF CHANGES IN FINANCIAL POSITION
                                                  Nine Months Ended:
                                            Sept. 30,  1996       Sept. 30,
          1995
          Financial Resources Provided
            By Operations:
            Net Income                       (248,633)            7,738
            Items not requiring outlay
            of working Capital:
               Depletion, Deprec. and
               Amortization                    10,686            10,986  

          Working Capital provided by
            operations                       (237,947)           18,724  

          Reduction in Properties                -0-                 -0-  












          Reduction in other Assets             5,665             5,150
          Increase in long term debt          219,334                -0- 
              Total Resources                ( 12,948)           23,874
          Financial Resources Applied to:
            Retirement of long-term debt         -0-              5,532    
            Increase in Properties              2,075               -0-
                  Total                         2,075             5,532

          Net Increase (Decrease) in
             Working Capital                  (15,023)           18,342

          Working Capoital at being of period (23,863)          (42,310)

          Working Capital at end of period    (38,886           (23,968)


                                 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   (Note   8)  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.

           


                                  DOL RESOURCES, INC
                        NOTES TO FINANCIAL STATEMENTS (CONT.)


          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:

                                                         December 31, 1995
                   Monthly     Interest    Due Within      Due After
                   Installment Rate          One Year      One Year

                   1995
                   Note 1 due 2-24-97      $375,000          $  -0-

                   Gateway Natiobnal Bank. Interest only payable 
                   monthly at 6.66% per annum over a year of 360 days.












           

          NOTE 3.  Related Party Transactions

                   The Company ended 1995 with accounts
                   receivable from Glauber Management Corp. (the parent
                   company) of $272,743. The balance of this account on 
                   September 30, 1996 was $255,123.



          NOTE 4.  Income Taxes

                   The Company as of December 31, 1995 had a net operating
                   income loss carryover for income tax purposes of 
                   approximately $936,000.   The carryover is available
                   to offset taxable income of future years and expires as 
                   follows:
                   

                            1996    265,000
                                     1997    148,000
                                     1998    241,000
                                     1999     14,000
                                     2000    109,000
                                     2001     40,000
                                     2002     48,000
                                     2003      3,000
                                     2004     34,000
                                     2007     14,000
                                     2008     19,000
                                     2009      1,000
                                             936,000

                  The Company also had approximately $27,000 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,












          1995.
























                     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:
                                                Six Months
                                                ending Sept. 30
                                                1996 and 1995

          Net Sales                                7,278
          Interest and Other Income              ( 1,084)
          General and Administrative                 216
          Depletion, Depreciation
            and Amortization                       ( 300)
          Consulting & Management Fees           254,619
          Interest Expense                         2,280
          Net Income (Loss)                    ( 256,371)
           
              Oil  and gas sales increased  as compared to  the same period
          last year due to an increase in the price per BBL of oil.

             The recurring cash flow for the first  nine months of 1996 was












          approximately  $7,700  per  month.   General  and  Administrative
          expenses increased  slightly.   Interest expense increased due to
          restructuring  of  debt.   Accumulated  managements  fees due  to
          Comtec Superior Management Co. since 1986 were booked during this
          period.

              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, 1996