FORM 10Q
                                  UNITED STATES
                       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    MARCH 31, 1999             
                                       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: 12,629,440


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<PAGE>



                          ITEM I: Financial Statements

                               EQUITY OIL COMPANY
                             Statement of Operations
               For the three months ended March 31, 1999 and 1998
                                   (Unaudited)

                                                      1999             1998  
                                                 ------------       -----------

REVENUES

         Oil and gas sales .................     $  2,610,852      $  3,500,460
         Partnership income ................            7,500             8,000
         Interest income ...................            7,115            34,029
         Other .............................           24,543            34,956
                                                  -----------       -----------

                                                    2,650,010         3,577,445

EXPENSES

         Operating costs ...................        1,286,158         1,648,930
         Depreciation, depletion and
           amortization ....................        1,100,000         1,250,000
         3D Seismic ........................             --             409,743
         Exploration .......................          374,253           390,128
         Equity loss in
           Symskaya Exploration ............           43,425            83,498
         General and administrative ........          428,270           438,578
         Interest ..........................          298,327           279,534
                                                  -----------       ------------
                                                    3,530,433         4,500,411

Loss before income taxes ...................         (880,423)         (922,966)

Benefit from income taxes ..................         (307,724)         (280,960)
                                                  -----------       ------------

NET LOSS ...................................     $   (572,699)     $   (642,006)
                                                  ===========       ============

Basic and diluted net
         loss per common share .............     $       (.05)     $       (.05)
                                                  ===========       ============

Cash dividends per share declared ..........     $        .00      $        .00
                                                  ===========       ============

Weighted average shares outstanding ........       12,629,440        12,610,179



        The accompanying notes are an integral part of these statements.

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<PAGE>



                               EQUITY OIL COMPANY
                                  Balance Sheet
                   as of March 31, 1999 and December 31, 1998

                                                     March  31,    December 31,
ASSETS                                                    1999             1998 
                                                 -------------    -------------
                                                   (Unaudited)
Current assets:
  Cash and cash equivalents ..................   $     453,673    $     444,476
  Accounts and advances receivable ...........       2,288,326        2,696,160
  Income taxes receivable ....................         219,302          291,597
  Deferred income taxes ......................          19,417           19,417
  Other current assets .......................         305,579          318,904
                                                 -------------    -------------
                                                     3,286,297        3,770,554

Property and equipment .......................     104,580,646      104,407,815
Less accumulated depreciation,
 depletion and amortization ..................      62,291,368       61,191,368
                                                 -------------    -------------
                                                    42,289,278       43,216,447
Other assets:
  Investment in Raven Ridge
    Pipeline Partnership .....................         228,497          220,997
  Other assets ...............................          52,642           63,170
                                                 -------------    -------------
                                                       281,139          284,167
                                                 -------------    ------------- 
TOTAL ASSETS .................................   $  45,856,714    $  47,271,168
                                                 =============    =============

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable ...........................   $   1,132,533    $   1,675,758
  Accrued liabilities ........................         261,151          254,576
  Income taxes payable .......................         215,878          212,583
                                                 -------------    -------------
                                                     1,609,562        2,142,917

Revolving credit facility ....................      16,500,000       16,500,000
Deferred income taxes ........................       1,334,300        1,642,700
                                                 -------------    -------------
                                                    17,834,300       18,142,700
Stockholders' Equity:
  Common stock ...............................      12,794,040       12,794,040
  Paid in capital ............................       3,714,493        3,714,493
  Less cost of treasury stock ................        (528,302)        (528,302)
  Retained earnings ..........................      10,432,621       11,005,320
                                                 -------------    -------------
                                                    26,412,852       26,985,551
                                                 -------------    -------------
TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY .......................   $  45,856,714    $  47,271,168
                                                 =============    =============


        The accompanying notes are an integral part of these statements.

                                        3

<PAGE>



                               EQUITY OIL COMPANY
                             Statement of Cash Flows
               For the three months ended March 31, 1999 and 1998
                                   (Unaudited)

                                                          1999           1998  
                                                          ----           ----  
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss .....................................    $  (572,699)    $  (642,006)
  Adjustments
     Depreciation, depletion and
       amortization ............................      1,100,000       1,250,000
     Property dispositions .....................           --              --
         Common stock issued for services ......           --            47,350
         Change in other assets ................         10,528            --
         Equity loss in Symskaya Exploration ...         43,425          83,498
     Decrease in deferred income taxes .........       (308,400)       (405,386)
                                                       --------        -------- 
                                                        272,854         388,137
     Increase (decrease) from changes in:
      Accounts and advances receivable .........        407,834         179,887
      Other current assets .....................         13,325         (96,482)
      Accounts payable and accrued
         liabilities ...........................       (536,650)       (358,674)
      Income taxes receivable/payable ..........         75,590         142,296
                                                    -----------     -----------
  Net cash provided
     by operating activities ...................        232,953         255,164
                                                    -----------     -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Capital expenditures .........................       (172,831)     (1,025,486)
  Partnership distributions
     in excess of income .......................         (7,500)         54,681
  Advances to Symskaya Exploration .............        (43,425)        (83,498)
  Sale of temporary cash investments ...........           --              --
                                                    -----------     -----------
  Net cash used in investing activities ........       (223,756)     (1,108,984)
                                                    -----------     -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from revolving credit facility ......           --           800,000
  Net cash provided by
          financing activities .................           --           800,000
                                                    -----------     -----------

NET INCREASE (DECREASE) IN CASH ................          9,197         (53,820)

CASH AND CASH EQUIVALENTS
  AT BEGINNING OF PERIOD .......................        444,476         378,801
                                                    -----------     -----------

CASH AND CASH EQUIVALENTS
  AT END OF PERIOD .............................    $   453,673     $   324,981
                                                    ===========     ===========



        The accompanying notes are an integral part of these statements.

                                        4

<PAGE>



                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Interim Financial Statements

     The accompanying  consolidated  financial  statements of Equity Oil Company
(the Company) have not been audited by independent  accountants,  except for the
Balance Sheet at December 31, 1998. In the opinion of the Company's  management,
the financial statements reflect the necessary adjustments,  all of which are of
a normal and recurring nature,  to present fairly the financial  position of the
Company as of March 31,  1999,  and the results of its  operations  and its cash
flows for the three month periods ended March 31, 1999 and 1998.

     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 1998 Annual Report on Form 10-K.

     The  results  for the three  month  period  ended  March  31,  1999 are not
necessarily indicative of future results.

Note 2. Net Loss Per Share

     Loss per share for all periods presented reflects the adoption of Statement
of Financial  Accounting  Standards  No. 128,  "Earnings Per Share" ("SFAS 128")
SFAS 128  requires  companies  to  present  basic  earnings  per  share,  and if
applicable,  diluted  earnings per share,  instead of primary and fully  diluted
earnings per share.  Basic earnings per share excludes  dilution and is computed
by dividing  net  earnings  available  to common  stockholders  by the  weighted
average number of common shares outstanding for the period. Diluted earnings per
share  reflects  the  potential  dilution  that could  occur if options to issue
common stock were exercised into common stock.

     Options  to  purchase  approximately  1,024,000  shares of common  stock at
prices of $2.50 to $6.00 per  share  were  outstanding  during  the first  three
months of 1999. Options to purchase approximately 985,000 shares of common stock
at prices of $3.56 to $6.00 per share were  outstanding  during the first  three
months of 1998. The outstanding  options were not included in the computation of
diluted  earnings  per share  because  the effects of their  inclusion  would be
anti-dilutive.  Basic  and  diluted  loss per share are the same for each of the
periods presented.

Note 3. Reclassifications

     Certain  balances  in the March 31,  1998  financial  statements  have been
reclassified to conform to the current year  presentation.  These changes had no
effect  on the  previously  reported  net loss,  total  assets,  liabilities  or
stockholders' equity.


                                                          5

<PAGE>



                                     PART I

                                     ITEM 2

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

RESULTS OF OPERATIONS

     Ongoing  lower oil and gas prices  combined  with  decreases in oil and gas
production  to produce a 25% decline in oil and gas sales for the first  quarter
of 1999. Total revenues for the period were  $2,650,010,  compared to $3,577,445
during the first quarter of 1998.  Reduced  operating costs and an absence of 3D
Seismic  expenses  enabled  the Company to reduce  total  expenses by 22% in the
first quarter of 1999. As a result, the Company recorded a net loss for the 1999
first quarter of  $(572,699),  or $(.05) per share.  This compares to a net loss
for the first quarter of 1998 of $(642,006), or $(.05) per share.

     With much of its low-margin  oil production  shut-in due to low oil prices,
oil production decreased in the first quarter of 1999. Oil production of 154,000
barrels was down 9% from 170,000 barrels in 1998. Reduced  exploratory  drilling
in 1998,  combined  with  natural  production  declines,  resulted  in lower gas
production  for the 1999  quarter.  Gas  production  decreased  from 620,000 Mcf
produced in 1998 to 550,000 Mcf  produced  during the first  quarter of 1999,  a
decrease of 11%.

     Oil prices  continued to decline  during much of the first  quarter of 1999
before  rebounding  slightly  during the latter  part of March.  Average  prices
received  for oil  during  the first  quarter  of 1999  declined  15% from first
quarter  1998  levels.  Average  crude  prices  received in 1999 were $11.29 per
barrel,  compared to $13.25 per barrel  received during the same period of 1998.
Gas prices also decreased 19% during the first quarter of 1999,  averaging $1.58
per Mcf, compared to $1.95 per Mcf received during the first quarter of 1998.

     Total expenses in 1999 decreased 22% over 1998 first quarter levels.  Lower
production  levels  contributed to lower lease operating costs and depreciation,
depletion,  and amortization (DD&A) charges. Lease operating costs decreased 13%
on a per BOE  basis,  declining  from  $6.03 per BOE to $5.24 per BOE, a further
reflection of high-cost, low margin oil properties being shut in during 1999.

     DD&A per unit  charges  decreased  slightly  from  $4.57 per BOE in 1998 to
$4.50 per BOE in 1999. The primary reason for the per unit decrease was that the
Company  eliminated  approximately $4 million from its depletable base through a
property impairment charge in the fourth quarter of 1998.



                                        6

<PAGE>



     The Company incurred 3D seismic charges of $409,743 in 1998 associated with
its Sequoia project in the San Joaquin Basin of California.  The Company did not
participate in any 3D seismic programs during the first quarter of 1999.

     General and  administrative  expenses  decreased  slightly  from 1998 first
quarter  levels.  The  decrease  was  due  to  reduced  compensation  and  other
administrative expenses. Higher interest costs in 1999 reflect the higher amount
of debt outstanding under the Company's credit facility.

     During the first quarter of 1999, the Company  participated in the drilling
of 3 wells, 2 of which are being completed as producing  wells.  Included in the
1999 successful  well count is an exploratory  well drilled in California on the
Company's  Merlin 3D seismic  project.  The Equity  P51B tested at a rate of 1.8
million  cubic feet per day from the Kione  formation  at a depth of 3,800 feet.
Equity  operates  and has a 50%  working  interest  in the well  and the  Merlin
project.

     Another  exploratory  well  successfully  completed  in 1999 was the  #1-30
Wallace well  drilled at the Moon Bend 3D survey in the  Sacramento  Basin.  The
well is currently awaiting completion. The Company has a 18.75% working interest
in the well,  which is operated by Slawson  Exploration.  A third well, a Forbes
test on the Merlin survey, was dry.

     The Company began drilling the Davis Unit #2-9, a Forbes test on its
Davis Ranch  prospect,  in late April of 1999. In addition,  the Company and its
partners  are waiting for a rig to begin  drilling the first well at the Sequoia
prospect in the San Joaquin Basin.

     The Company recorded an equity loss in Symskaya of $43,425 during the first
quarter  of 1999,  down from  $83,498  in the first  quarter  of 1998.  The 1998
expense  included a dry hole  contribution  that was not repeated in 1999. Costs
associated  with the Symskaya  project are  expected to be minimal  during 1999,
with expenses being lower than those incurred in 1998.

CAPITAL RESOURCES AND LIQUIDITY

     Cash and cash equivalents were $453,673 at March 31, 1999, up from $444,476
at year-end 1998. Working capital at March 31, 1999 was $1,676,736,  compared to
working  capital of $1,627,636 at December 31, 1998.  For the first three months
of 1999,  net cash  provided by operating  activities  decreased by 11% over the
same period of 1998.

     Investment  in property  and  equipment  for the first three months of 1999
totaled  $172,831,   an  83%  decrease  from  the  amount  recorded  during  the
corresponding  three months of 1998.  As a result of the severely  depressed oil
prices,  and their negative  effects on cash flows,  the Company has reduced its
1999 capital

                                        7

<PAGE>



budget to ensure that the bulk of its projects  will be funded by  discretionary
cash flows. The Company's current revised budget includes 9 exploratory wells, 1
development well, and 9 recompletions. The bulk of the Company's drilling should
occur during the third and fourth quarters of the year.

     The  Company  borrowed  $800,000  on its credit  facility  during the first
quarter of 1998,  primarily for working  capital  purposes.  The Company did not
draw down any funds on its credit facility during the first quarter of 1999. The
Company's  current   commitment  under  its  credit  facility  is  $17  million.
Accordingly,  as of March 31,  1999,  the  Company  had  $500,000  of  remaining
availability on the facility.

     In April of 1999,  the  Company  notified  its bank that it  anticipated  a
violation of its first  quarter  EBITDA to interest  covenant due to the low oil
and gas prices  received  during the quarter.  Shortly  thereafter,  the Company
received a waiver letter from the bank for the covenant in question. The Company
is in compliance will all other covenants in the facility,  and expects to be in
compliance for the remainder of 1999.

     The Company believes that existing cash balances,  cash flow from operating
activities, and funds available under the Company's credit facility will provide
adequate resources to meet its capital and exploration  spending  objectives for
1999, which have been significantly  curtailed due to low oil prices. Should the
low oil price  environment  continue for an extended period of time, the Company
may have difficulty in meeting its ongoing exploration and development  drilling
objectives.  The Company has adequate  liquidity to maintain its  operations  as
they currently exist.

OTHER ITEMS

     The  Company  has  reviewed  all  recently  issued,  but not  yet  adopted,
accounting standards in order to determine their effects, if any, on the results
of operations or financial  position of the Company.  Based on that review,  the
Company  believes  that none of these  pronouncements  will  have a  significant
effect on current or future earnings or operations.

YEAR 2000.

     In 1998 the  Company  began a project to ensure that its  computer  systems
were year 2000 compliant.  The Company identified this project as a priority and
has allocated  personnel and financial  resources to it in an effort to minimize
the impact of year 2000 date  related  problems.  An  officer of the  Company is
supervising  the  project.  In addition,  the Company is  conducting a year 2000
compliance  assessment of those of its vendors and customers whose relationship,
in  the  Company's  business  judgment,  is  material.  Although  the  Company's
assessment  of its year 2000  issues is not  complete,  the  Company  has made a
preliminary  determination  of  its  mission-critical  and  non-mission-critical
items.

                                        8

<PAGE>



     The Company's  mission-critical  items  include its  financial  accounting,
engineering,  and  lease/land  software.  Each of these  items has  either  been
certified by the vendor as year 2000 compliant, or the vendor has certified that
a compliant  version of the software will be in place before June 30, 1999.  All
nonmission-critical  systems have been certified as being compliant. The Company
is conducting tests to support these claims.

     The Company does not anticipate incurring any significant expense to ensure
compliance.  Although the Company is undertaking this project,  no assurance can
be given  that  such a  program  will be able to  solve  the  year  2000  issues
applicable  to the  Company  or that  failure  to solve will not have a material
adverse effect on the Company.

Forward looking statements

     The preceding  discussion and analysis  should be read in conjunction  with
the consolidated financial statements, including the notes thereto, appearing in
the Company's annual report on Form 10-K. Except for the historical  information
contained herein,  the matters discussed in this report contain  forward-looking
statements  within the meaning of Section 27a of the  Securities Act of 1933, as
amended,  and Section 2le of the  Securities  Exchange Act of 1934,  as amended,
that are based on management's  beliefs and assumptions,  current  expectations,
estimates, and projections.  Statements that are not historical facts, including
without limitation  statements which are preceded by, followed by or include the
words "believes,"  "anticipates," "plans," "expects," "may," "should" or similar
expressions  are  forward-looking  statements.  Many of the  factors  that  will
determine the Company's  future results are beyond the ability of the Company to
control or predict. These statements are subject to risks and uncertainties and,
therefore,  actual  results may differ  materially.  The Company  disclaims  any
obligation to update any  forward-looking  statements whether as a result of new
information, future events or otherwise.

     Important  factors  that may effect  future  results  include,  but are not
limited to: the risk of a  significant  natural  disaster,  the inability of the
Company to insure against certain risks,  fluctuations in commodity prices,  the
inherent  limitations in the ability to estimate oil and gas reserves,  changing
government  regulations,  as well as general market conditions,  competition and
pricing,  and  other  risks  detailed  from  time to time in the  Company's  SEC
reports,  copies of which are available upon request from the Company's investor
relations department.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

     The answers to items listed under Item 3 are inapplicable or negative.

                                        9

<PAGE>



                                     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 there unto duly authorized.

                                          EQUITY OIL COMPANY
                                             (Registrant)



DATE:     May 13, 1999                By  /s/ Paul M. Dougan  
       ----------------------            ---------------------
                                         Paul M. Dougan, President


DATE:     May 13, 1999                By  /s/ Clay Newton     
      -----------------------            ---------------------
                                         Clay Newton, Treasurer





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