FORM 10Q

                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D. C. 20549
(Mark One)

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                 SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended    September 30, 1995
                               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 number: 0-610

                               EQUITY OIL COMPANY
             (Exact name of registrant as specified in its charter)

        COLORADO                           87-0129795
(State or other jurisdiction of         (I.R.S. Employer
 incorporation or organization)        Identification No.)

     Suite 806, #10 West Third South, Salt Lake City, Utah 84101
            (Address of principal executive offices)
                           (Zip Code)

                        (801) 521-3515
          Registrant's telephone number, including area code

      (Former name, former address and former fiscal year,
                  if changed since last report)

     Indicate  by check mark  whether the  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 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

        APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
          PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

     Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Sections 12, 13 or
15(d) of the Securities Exchange Act of 1934 subsequent to the
distribution of securities under a plan confirmed by a court.
Yes      No

              APPLICABLE ONLY TO CORPORATE ISSUERS:
     Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable
date:   12,692,100


<PAGE>



                          ITEM I: Financial Statements

                       EQUITY OIL COMPANY
                    Statements of Operations
      For the Nine Months Ended September 30, 1995 and 1994
                          (Unaudited)

                                        1995           1994
                                     ------------  --------

REVENUES

     Oil and gas sales                $ 9,115,940   $8,576,173
     Partnership income                   225,000      226,100
     Interest income                      178,524      179,527
     Other                                409,131      112,590
                                        ---------    ---------
                                        9,928,595    9,094,390

EXPENSES

     Operating costs                    3,525,883    3,550,374
     Depreciation, depletion and
       amortization                     3,100,000    3,575,000
     Leasehold abandonments                35,500       60,455
     Impairment of
       oil and gas properties           2,274,057            -
     3-D seismic                          237,604            -
     Exploration                        1,055,118    1,110,112
     General and administrative         1,404,880    1,159,931
     Interest                              66,378       65,551
                                        ---------    ---------
                                       11,699,420    9,521,423

Income (loss) before income taxes      (1,770,825)    (427,033)

Provision (benefit) for income taxes     (684,178)    (340,429)

NET INCOME (LOSS)                     $(1,086,647)  $  (86,604)
                                       ==========   ==========

Net income (loss) per common share         $(0.09)      $(0.01)
                                       ==========   ==========

Cash dividends declared per share            $.00         $.00

Weighted average shares outstanding    12,563,014   12,535,090



The accompanying notes are an integral part of these statements.




<PAGE>




                       EQUITY OIL COMPANY
                    Statements of Operations
     For the Three Months Ended September 30, 1995 and 1994
                           (Unaudited)

                                        1995           1994
                                      -----------   --------
REVENUES

     Oil and gas sales                 $2,987,833   $3,021,350
     Partnership income                    75,000       75,000
     Interest income                       53,306       49,870
     Other                                101,266       92,033
                                        ---------    ---------
                                        3,217,405    3,238,253

EXPENSES

     Operating costs                    1,165,315    1,197,546
     Depreciation, depletion and
       amortization                       850,000    1,375,000
     Leasehold abandonments                10,000       36,895
     Impairment of
       oil and gas properties           2,274,057            -
     Exploration                          357,560      342,494
     General and administrative           422,618      317,410
     Interest expense                      36,833       22,141
                                        ---------    ---------
                                        5,116,383    3,391,486

Income (loss) before income taxes      (1,898,978)     (53,233)

Provision (benefit) for income taxes     (640,121)    (179,374)

NET INCOME (LOSS)                     $(1,258,857) $   126,141
                                       ==========    =========

Net income (loss) per common share         $(0.10)      $ 0.01
                                       ==========    =========

Cash dividends declared per share            $.00         $.00

Weighted average shares outstanding    12,617,872   12,531,883



The accompanying notes are an integral part of these statements.




<PAGE>



                       EQUITY OIL COMPANY
                         Balance Sheets
         as of September 30, 1995 and December 31, 1994

                                   (Unaudited)
                                  September 30,    December 31,
ASSETS                                 1995           1994
                                   ------------    -------

Current assets:
  Cash and cash equivalents       $   154,399     $   363,342
  Temporary cash investments        1,492,873       2,466,728
  Accounts and advances receivable  3,308,928       3,434,955
  Income taxes receivable             231,262         293,440
  Deferred income taxes                48,281          48,281
  Other current assets                393,791         389,613
                                   ----------      ----------
                                    5,629,534       6,996,359

Property and equipment             97,886,166      95,048,505
Less accumulated depletion,
  depreciation and amortization    57,336,588      54,236,588
                                   40,549,578      40,811,917
Other assets:
  Investment in and note receivable
    from Symskaya Exploration       5,408,172       3,415,123
  Investment in Raven Ridge
    Pipeline Partnership              565,191         684,937
  Other assets                        200,040               -
                                    ---------      ----------
                                    6,173,403       4,100,060

TOTAL ASSETS                      $52,352,515     $51,908,336
                                   ==========      ==========

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable                $ 1,021,234     $ 1,156,611
  Accrued liabilities                  15,957         151,948
  Accrued profit sharing              130,600         157,073
  Income taxes payable                190,699          50,931
  Deferred lease rental revenue             -         178,553
  Current portion - note payable            -         460,000
                                    ---------       ---------
                                    1,358,490       2,155,116


Note payable                                -         460,000
Revolving credit facility           3,524,820               -
Deferred income taxes               8,788,164      10,088,189
                                   ----------      ----------
                                   12,312,984      10,548,189

Stockholders' equity
  Common stock                     12,593,631      12,593,631
  Paid in capital                   3,385,239       2,934,792
  Retained earnings                22,702,171      23,788,818
  Less cost of treasury stock               -        (112,210)
                                   ----------      ----------
                                   38,681,041      39,205,031

TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY            $52,352,515     $51,908,336
                                   ==========      ==========


The accompanying notes are an integral part of these statements.


<PAGE>




                               EQUITY OIL COMPANY
                            Statements of Cash Flows
             For the Nine Months Ended September 30, 1995 and 1994
                                  (Unaudited)

                                         1995            1994
                                      -----------    --------
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net loss                           $(1,086,647)   $   (86,604)
   Adjustments
     Depreciation, depletion and
       amortization                     3,100,000      3,575,000
     Impairment of
       oil and gas properties           2,274,057              -
     Partnership distributions in
       excess of income                   119,746        110,587
     Property dispositions                 35,500         71,381
     Decrease in deferred income taxes (1,300,025)      (341,769)
     Change in other assets                10,528              -
     Increase (decrease) from changes in:
       Accounts and advances receivable   126,027        (90,133)
       Other current assets                (4,178)        24,273
       Deferred lease revenue            (178,553)             -
       Accrued profit sharing             (26,473)             -
       Accounts payable and accrued
         liabilities                     (271,368)        56,562
       Income taxes receivable/payable    201,946       (215,296)
   Net cash provided
     by operating activities            3,000,560      3,104,001
                                        ---------      ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Advances to Symskaya Exploration    (1,993,049)    (1,321,589)
   Proceeds from sale of property               -         62,746
   Sale of temporary cash investments     973,855              -
   Capital expenditures                (5,147,218)    (3,012,908)
                                       ----------     ----------
   Net cash used in
       investing activities            (6,166,412)    (4,271,751)
                                        ---------      ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Payment of note payable               (920,000)      (345,000)
   Purchase of treasury stock             (51,181)       (26,686)
   Increase in other assets              (210,568)             -
   Revolving credit facility            3,524,820              -
   Proceeds from exercise of
     incentive stock options              613,838              -
                                        ---------      ---------
   Net cash provided by (used in)
     financing activities               2,956,909       (371,686)
                                        ---------      ---------

NET INCREASE (DECREASE) IN CASH          (208,943)    (1,539,436)

CASH AND CASH EQUIVALENTS
   AT BEGINNING OF PERIOD                 363,342      5,194,013
                                       ----------     ----------

CASH AND CASH EQUIVALENTS
   AT END OF PERIOD                   $   154,399    $ 3,654,577
                                       ==========     ==========

CASH, CASH EQUIVALENTS AND
   TEMPORARY CASH INVESTMENTS
   AT END OF PERIOD                   $ 1,647,272    $ 4,047,034
                                       ==========     ==========

Supplemental  disclosures of cash flow information:  Cash paid during the period
     for:
          Income Taxes                 $  298,093     $   21,000
          Interest                     $   66,378     $   65,551

The accompanying notes are an integral part of these statements.


<PAGE>



                         NOTES TO FINANCIAL STATEMENTS

Note 1.  Interim Financial Statements

The accompanying  financial  statements of Equity Oil Company (the Company) have
not been audited by  independent  accountants,  except for the Balance  Sheet at
December 31, 1994.  In the opinion of the  Company's  management,  the financial
statements  reflect the adjustments,  all of which are of a normal and recurring
nature,  necessary to present fairly the financial position of the Company as of
September  30, 1995,  and the results of its  operations  for the three and nine
month periods ended September 30, 1995 and 1994, and its cash flows for the nine
month periods ended September 30, 1995 and 1994.

The financial statements and the accompanying notes to financial statements have
been prepared  according to rules and regulations of the Securities and Exchange
Commission. Accordingly, certain notes and other information have been condensed
or omitted from the interim  financial  statements  presented in this  Quarterly
Report on Form 10-Q.  These financial  statements  should be read in conjunction
with the  Company's  1994 Annual  Report on Form 10-K,  and the  Company's  Form
10-Q's for the first and second quarters of 1995.

The results for the three and nine month  periods  ended  September 30, 1995 are
not necessarily indicative of future results.

Note 2.  Net Income (Loss) Per Share

Net income  (loss) per share is based on the weighted  average  number of common
shares  outstanding  during the period.  Primary and fully diluted  earnings per
share are essentially the same.

Note 3. Reclassifications

Certain  balances in the  September  30,  1994  financial  statements  have been
reclassified to conform with the current year presentation. These changes had no
effect on previously reported net income (loss) or cash flows.

Note 4. Revolving Credit Facility

In March of 1995,  the  Company  obtained a $20  million  borrowing  base credit
facility,  with an initial  commitment  of $10 million.  The facility  calls for
interest  payments only, at the lower of prime or LIBOR plus 2%, for 2 years, at
which time it converts to a 3 year term note.  Credit  facility fees,  which are
reflected as other assets in the accompanying  Balance Sheet,  will be amortized
on a straight line basis over 60 months.



<PAGE>



Note 5. Adoption of SFAS #121

Included in the  Statement of  Operations  for the three and nine month  periods
ended  September 30, 1995 is a non-cash charge for the impairment of oil and gas
properties in the amount of  $2,274,057  ($1,433,338  after tax),  which results
from the Company's adoption of SFAS #121,  Accounting for the Impairment of Long
Lived Assets,  effective  July 1, 1995.  SFAS #121 requires  successful  efforts
companies to evaluate the  recoverability of the carrying costs of their oil and
gas assets at a field level,  rather than on a company-wide level as before. The
SFAS #121 test compares the expected  undiscounted future net revenues from each
producing  field with the carrying  costs on the books of the Company at the end
of each period.  When the  carrying  costs  exceed the  undiscounted  future net
revenues,  the costs are written  down to fair value which is  determined  using
discounted future net revenues from the producing field.


<PAGE>



                             PART I

                             ITEM 2

Management's Discussion and Analysis of Financial Condition and
Results of Operation

RESULTS OF OPERATIONS

         As discussed in Note 5 to the financial statements, the Company adopted
SFAS #121, Accounting for the Impairment of Long Lived Assets, effective July 1,
1995. The adoption of this new accounting standard resulted in a non-cash charge
in the amount of $2,274,057  ($1,433,338 after taxes).  Primarily as a result of
this charge,  the Company  recorded a net loss for the first nine months of 1995
in the amount of  $(1,086,647),  or $(.09) per share, on revenues of $9,928,595.
This  compares to a net loss of $(86,604),  or ($.01) per share,  on revenues of
$9,094,390  for the same  period of 1994.  The third  quarter  1995 net loss was
$(1,258,857),  or $(.10)  per  share,  on total  revenues  of  $3,217,405.  This
compares to net income during the same quarter in 1994 of $126,141,  or $.01 per
share, on total revenues of $3,238,253.

         Without this charge, the Company would have reported net income for the
third quarter of $36,930,  or $.00 cents per share, and net income for the first
nine months of $209,140,  or $.02 cents per share. This is a non-cash  financial
statement  event only.  There has been no  decrease in the  quantity or expected
future net revenue from the Company's  reserves,  nor is there any impact on the
Company's  cash  flows.  On a  prospective  basis,  the  implementation  of  the
accounting  standard  will  result in lower  future  DD&A  charges,  because the
Company has written off $2.3 million of carrying costs that were associated with
high-cost,  marginally  economic  properties  that would have been  charged  off
through DD&A over the next few years.

Growth Strategy

         In February, the Company announced a new growth strategy,
encompassing a balanced approach in four areas. Those areas
included 1) acquisitions, 2) focused exploration drilling, 3)
development drilling and exploitation of existing assets, and 4)
international exploration. The Company continues to make progress
in each area.

         *FOCUSED EXPLORATION DRILLING
         *DEVELOPMENT DRILLING & EXPLOITATION
         *ACQUISITION OF PROVED RESERVES IN NORTH AMERICA
         *INTERNATIONAL EXPLORATION IN RUSSIA

FOCUSED EXPLORATION DRILLING

         The Company  expects to drill a total of 12  exploratory  wells  during
1995, most of which will occur during the 4th quarter of the year. The scheduled
wells include some of the following:

         California:  Six tests will be drilled on prospects  identified  by our
Orion 41.5 square mile 3-D seismic  program in Sutter  County in the  Sacramento
Basin.



<PAGE>



         The No. 1-34 Putnam well, drilled on the basis of a 2-D seismic anomaly
in Colusa County in the Sacramento Basin, was spudded on October 4, 1995, and is
waiting on completion as an apparent gas discovery in the Kione and Forbes
formations. Equity has a 30% working interest in the well.

         Wyoming: The No. 21 Sage Creek, a 4,000 foot Madison test will be
drilled in the Sage Creek Field, Big Horn County, on acreage acquired earlier in
the year by Equity in the Mountain Oil & Gas acquisition.  Equity has a 41%
working interest in the well.

         Texas: The No. 1 Bodden, a Wilcox sand re-entry of an abandoned well
will be drilled with Coastline Exploration in Goliad County, Texas. Equity has
a 30% working interest.

         If successful, each of these wells could lead to additional development
drilling.  In particular,  drilling  success in the Orion 3-D seismic area could
lead to a significant drilling program in 1996.


DEVELOPMENT DRILLING & EXPLOITATION

         During the first nine months of the year,  the Company  drilled a total
of six  successful  development  wells  resulting  in four oil wells and two gas
wells. The wells included:

         Canada:  Four  development oil wells were drilled in the Cessford Field
in  Alberta,  Canada,  which  added an  estimated  147,000  BOE's of new  proved
developed  reserves  at a cost of $3.21 per BOE.  Equity  now has a 50%  working
interest  in this  property  as a result of the  purchase  of an  additional  5%
interest reported below.

         The Northstar No.  6-24-12-19 Retlaw was drilled and completed as a gas
well early in the year. The well is currently producing 5 million cubic feet per
day. Successful development drilling and removal of production restrictions from
the provincial  regulatory  agency has increased  production in the Retlaw field
from 2 million  cubic  feet per day to 10  million  cubic  feet per day.  Equity
maintains a 14% working interest in the field.

         Colorado: In the Hells Hole area in Rio Blanco County, Colorado, the
Mitchell Energy No. 1-35-2-104  was completed as a development gas well in Hells
Hole during the third quarter. Equity has a 30% working interest in two
completions in the Hells Hole area that are producing at a combined rate of
2.6 million cubic feet per day.

         Wyoming: In the Siberia Ridge field in Sweetwater County, Snyder Oil
Company drilled the No. 16-20-22-94 pursuant to a farmout entered into in 1994.
A second well under the Snyder farmout, the No. 1-32 is expected to be drilled
during the fourth quarter.  The No. 22-4 Siberia Ridge development well, in
which Equity has a 50% working interest, was spudded on November 4th. The well
is operated by Marathon Oil Company.


<PAGE>




         Texas:  The No.1  Kolodziejczak,  in Goliad  County,  was  drilled  and
completed as a development gas condensate well in the Recklaw formation.  Equity
has a 19.5%  working  interest  in the well.  The well was placed on  production
November 7th flowing 900  thousand  cubic feet and 7 barrels of  condensate  per
day.

ACQUISITION OF PROVED RESERVES IN NORTH AMERICA

         As reported in our six month  report to  shareholders,  the Company has
made  significant  progress in its efforts to acquire  proved  reserves that are
compatible with our geographic and production  focus. The 1995  acquisitions are
summarized below:

         The  purchase of an average 30%  working  interest in eight  fields and
eighty  wells from  Mountain  Oil & Gas of  Wyoming  and  Mountain  Oil & Gas of
Montana,  for a total  purchase  price  of  $2,160,651  added  proved  developed
reserves of 544,000  barrels of oil and 178 million  cubic feet of natural  gas,
equivalent to 573,277 BOE's, at a purchase price of $3.77 per BOE. The purchase,
effective  July  1,  1995,  increases  the  Company's  1995  production  base by
approximately  10%,  adding 200 barrels and 153  thousand  cubic feet per day to
production.  The properties  acquired have  substantive  upside potential in the
form of development drilling, exploration and equipment upgrades.

         The  purchase of an  additional  5% interest in the  Cessford  field in
Alberta,  Canada,  effective May 1, 1995,  added 72,000 barrels of oil and 127.5
million cubic feet of natural gas of proved  developed  reserves,  equivalent to
93,000 BOE for a price of $411,735 or $4.42 per BOE.

INTERNATIONAL EXPLORATION IN RUSSIA

         Equity's most ambitious  exploration project, the drilling of the Lemok
No. 1  exploratory  well by Symskaya  Exploration,  Inc. on its 1.1 million acre
License  area in  eastern  Siberia,  is  continuing.  Although  recent  drilling
problems  related to deviation  control of the borehole have slowed the drilling
process, evaluation of the drilling results to date are encouraging.

     As reported  previously,  oil shows were  encountered  in the well  between
6,890 and 6,985 feet in a dolomite  section of probable  Cambrian age. The cores
taken in this  interval,  and the western logs run from 2,460 to 8,793 feet, the
point at which  intermediate  casing  has been set,  continue  to be  evaluated.
Evaluation  of log and sample data to date  indicates  that,  in addition to the
zone previously reported,  at least two other zones between 7,760 and 8,793 feet
may be potentially  productive.  The core and log data is inferential  only, and
the extent and  productivity  of any of the zones must await testing,  following
the  completion of drilling in the well.  The drilling in the well has continued
to  encounter  periodic  hydrocarbon  shows  in the  drill  cuttings  below  the
intermediate  casing depth of 8,793 feet. All shows are in dolomites of probable
Cambrian  age.  The well is  currently  drilling  at 9,728 feet in a  controlled
drilling mode in an effort to alleviate bore hole deviation problems.  It is now
unlikely that the well will reach total  estimated depth of 14,500 feet prior to
year end.

         Symskaya Exploration, Inc. is 50% owned by Equity and 50% by
Leucadia National  Corporation,  and operates in Russia through its Branch under
the  terms  of a  Combined  License,  giving  it  exploration,  development  and
production rights on 1.1 million acres, for a primary term of 25 years.

<PAGE>

CAPITAL RESOURCES AND LIQUIDITY

         Cash,  cash  equivalents,   and  temporary  cash  investments   totaled
$1,647,272  as of September 30, 1995, a decrease of  $1,182,798  since  year-end
1994.  Working  capital at  September  30,  1995 was  $4,271,044,  down 12% from
$4,841,243 at December 31, 1994.

         Cash provided by operating  activities was $3,000,560 in the first nine
months of 1995, 3% lower than the same period of 1994.  The  Company's  ratio of
current  assets to current  liabilities  improved from 3.25 to 1 at December 31,
1994 to 4.14 to 1 at September 30, 1995.

         Investment in property and equipment for the first nine months of 1995,
including  advances to Symskaya  Exploration and proved  property  acquisitions,
totaled  $7,140,267,  a  65%  increase  from  the  amount  recorded  during  the
corresponding  nine months of 1994.  Approximately  $2,000,000  was  advanced to
Symskaya  during  the first  nine  months  of 1995,  compared  to  approximately
$1,300,000  during the same  period of 1994.  The  increased  level of  advances
reflects  the  commencement  of the drilling  phase of the project.  The Company
expects that advances to Symskaya will continue at their current  levels for the
balance  of  1995.  The  higher  level of  capital  expenditures  reflects  both
increased  acquisition  and  development  activities.  A  portion  of  the  1995
investment  in  property  and  equipment  was funded by the sale of  $973,855 of
temporary cash investments.

         In 1995, the Company used proceeds from its revolving  credit  facility
to retire its previously outstanding note payable, as well as to make the proved
property acquisitions discussed earlier. Through September 30, 1995, the Company
has spent a total of $2,572,386 on  acquisitions.  In 1994, the Company made the
scheduled principal payments on this note payable.

         The  Company  believes  that  existing  cash  balances,  cash flow from
operating  activities,  and the approximate  $6.5 million of borrowing  capacity
under the revolving credit facility will provide adequate  resources to meet its
remaining 1995 capital, exploration, and acquisition spending objectives.

COMPARISON OF THIRD QUARTER 1995 WITH THIRD QUARTER 1994

         Oil and gas sales dropped 1% in the third quarter of 1995 to $2,987,833
versus  $3,021,350  in the same quarter of last year.  Decreases in oil revenues
were largely offset by increases in gas revenues.  Total  revenues  decreased 2%
from 1994 to 1995.

         Oil production  dropped from 161,000 barrels in 1994 to 154,000 barrels
in 1995.  Gas  production  increased  from 303 Mmcf in 1994 to 353 Mmcf in 1995.
Production on an  equivalent  barrel basis for the quarter  increased  slightly,
with 1995 production of 212 MBOE compared to 211 MBOE in 1994.



<PAGE>



         Posted prices for Western Colorado crude oil, which accounts for 61% of
the  Company's  total oil  production,  decreased 3% during the third quarter of
1995,  averaging $18.01 per barrel,  compared to $18.58 during the third quarter
of 1994.  This  decrease was partially  offset by an additional  $.40 per barrel
premium negotiated for crude oil sales at the Rangely Weber Sand Unit.

         Decreases  in  operating   costs  were  a  function  of  decreased  oil
production.  Internal costs associated with property acquisition activities,  as
well as  increases  in personnel  expenses,  legal fees and  investor  relations
expenses  caused  administrative  costs to increase  during the third quarter of
1995 over 1994.

         Depreciation and depletion  charges  decreased by $575,000 in 1995 over
1994 levels.  The majority of the  decrease is  attributable  to the adoption of
SFAS #121  mentioned  previously,  which resulted in writing off $2.3 million of
costs primarily associated with marginally  economic,  high-cost wells with high
depletion  rates.  The  adoption  of SFAS #121 was  effective  July 1, 1995.  In
addition,  during 1994 several  producing  wells  reached their  economic  limit
during the quarter,  causing  their  remaining  net book values to be charged to
expense. There was no similar event in 1995.

         The income tax benefit of $(640,121) includes the deferred tax benefits
associated with the property  impairment charge discussed earlier.  The adoption
of SFAS #121 did not result in any other tax consequences to the Company.

COMPARISON OF FIRST NINE MONTHS OF 1995 WITH FIRST NINE MONTHS OF
1994

         Oil and gas  sales  increased  6% in the first  nine  months of 1995 to
$9,115,940  versus $8,576,173 in the same period of last year. This increase was
brought about  principally by stronger oil prices,  which were up 11% on average
from year to year. Oil production for the first nine months was 459,000 barrels,
down slightly from 1994  production of 462,000  barrels.  Gas production for the
period increased to 963 Mmcf from 857 Mmcf in 1994.

         The  average  posted  price for crude at the  Rangely  Weber  Sand Unit
during the first nine months of 1995 was $18.60 per  barrel,  compared to $16.87
during the same period of 1994.

         Other income  includes the  recognition in the first quarter of 1995 of
income arising from a lease option  agreement that was deferred in 1994, as well
as increased overhead income from operated properties during 1995.

         As discussed  previously,  decreases in operating costs were a function
of decreased oil production. Internal costs associated with property acquisition
activities,  as well as increases in personnel expenses, legal fees and investor
relations expenses caused administrative costs to increase during the first nine
months of 1995 over 1994.





<PAGE>


         Depreciation and depletion  charges  decreased by $475,000 in 1995 over
1994 levels.  The majority of the  decrease is  attributable  to the adoption of
SFAS #121  mentioned  previously,  which resulted in writing off $2.3 million of
costs primarily associated with marginally  economic,  high-cost wells with high
depletion rates. In addition,  during 1994 several producing wells reached their
economic limit during the period,  causing their remaining net book values to be
charged to expense. There was no similar event in 1995.

         The income tax benefit of $(684,178) includes the deferred tax benefits
associated with the property impairment charge discussed earlier.

                                    PART II

                               OTHER INFORMATION

         The answers to items listed under Part II are inapplicable or negative.

                           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.

                                                 EQUITY OIL COMPANY
                                                    (Registrant)



DATE:     November 14, 1995          By /s/ Paul M. Dougan
                                        -------------------------  
                                        Paul M. Dougan, President


DATE:     November 14, 1995          By /s/ Clay Newton
                                        -------------------------
                                        Clay Newton, Treasurer