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    March 31, 1998
                                                        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: 12,615,440



                                  

<PAGE>



                          ITEM I: Financial Statements

                               EQUITY OIL COMPANY
                             Statement of Operations
               For the three months ended March 31, 1998 and 1997
                                   (Unaudited)

                                                         1998             1997
                                                       -------          -------

REVENUES

         Oil and gas sales ..................     $  3,500,460      $  4,842,278
         Partnership income .................            8,000            75,000
         Interest income ....................           34,029            54,926
         Other ..............................           34,956           114,800
                                                  ------------      ------------

                                                     3,577,445         5,087,004

EXPENSES

         Operating costs ....................        1,648,930         1,542,768
         Depreciation, depletion and
           amortization .....................        1,250,000         1,100,000
         3D Seismic .........................          409,743              --
         Exploration ........................          390,128           656,857
         Equity loss in
           Symskaya Exploration .............           83,498            85,725
         General and administrative .........          438,578           558,817
         Interest ...........................          279,534           150,323
                                                  ------------      ------------

                                                     4,500,411         4,094,490

Income (loss) before income taxes ...........         (922,966)          992,514

Provision for (benefit from)
         income taxes .......................         (280,960)          212,139
                                                  ------------      ------------

NET INCOME (LOSS) ...........................     $   (642,006)     $    780,375
                                                  ============      ============

Basic and diluted net
         income (loss) per common share .....     $       (.05)     $       0.06
                                                  ============      ============

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

Weighted average shares outstanding .........       12,610,179        12,717,311



        The accompanying notes are an integral part of these statements.

                                                         

<PAGE>



                               EQUITY OIL COMPANY
                                  Balance Sheet
                   as of March 31, 1998, and December 31, 1997

                                                    March  31,     December 31,
ASSETS                                                   1998             1997
                                                 -------------    -------------
                                   (Unaudited)
Current assets:
  Cash and cash equivalents ..................   $     324,981    $     378,801
  Accounts and advances receivable ...........       3,461,648        3,641,535
  Income taxes receivable ....................          39,058           88,174
  Deferred income taxes ......................          18,934           18,934
  Other current assets .......................         611,195          514,713
                                                 -------------    -------------
                                                     4,455,816        4,642,157

Property and equipment .......................     114,331,942      113,371,891
Less accumulated depreciation,
 depletion and amortization ..................      66,031,078       64,846,514
                                                    ----------       ----------
                                                    48,300,864       48,525,377
Other assets:
  Investment in Raven Ridge
    Pipeline Partnership .....................         214,140          268,821
  Other assets ...............................         105,284          105,284
                                                 -------------    -------------
                                                       319,424          374,105

TOTAL ASSETS .................................   $  53,076,104    $  53,541,639
                                                 =============    =============

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable ...........................   $   1,144,468    $   1,327,120
  Accrued liabilities ........................         132,990          120,039
  Federal, state and foreign
    income taxes payable .....................         447,182          354,002
  Accrued profit sharing .....................            --            188,973
                                                 -------------    -------------
                                                     1,724,640        1,990,134

Revolving credit facility ....................      14,778,830       13,978,830
Deferred income taxes ........................       4,446,580        4,851,966
                                                 -------------    -------------
                                                    19,225,410       18,830,796
Stockholders' Equity:
  Common stock ...............................      12,780,040       12,761,100
  Paid in capital ............................       3,696,118        3,667,707
  Less cost of treasury stock ................        (528,302)        (528,302)
  Retained earnings ..........................      16,178,198       16,820,204
                                                 -------------    -------------
                                                    32,126,054       32,720,709
TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY .......................   $  53,076,104    $  53,541,639
                                                 =============    =============


        The accompanying notes are an integral part of these statements.

                                                         

<PAGE>



                               EQUITY OIL COMPANY
                             Statement of Cash Flows
               For the three months ended March 31, 1998 and 1997
                                   (Unaudited)

                                              1998        1997
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income (loss) ..........................     $  (642,006)     $   780,375
  Adjustments
     Depreciation, depletion and
       amortization ..........................       1,250,000        1,100,000
     Partnership distributions
       in excess of income ...................          54,681           41,408
     Property dispositions ...................            --             18,440
         Common stock issued for services ....          47,350             --
         Change in other assets ..............            --             10,529
         Equity loss in Symskaya .............          83,498           85,725
     Decrease in deferred income taxes .......        (405,386)        (132,967)
                                                      --------         -------- 
  Net cash provided before changes in
     working capital items ...................         388,137        1,903,510
     Increase (decrease) from changes in:
      Accounts and advances receivable .......         179,887          (11,412)
      Other current assets ...................         (96,482)          35,299
      Accounts payable and accrued
         liabilities .........................        (169,701)        (403,132)
      Income taxes receivable/payable ........         142,296          319,648
      Accrued profit sharing .................        (188,973)        (131,100)
                                                   -----------      -----------
  Net cash provided
     by operating activities .................         255,164        1,712,813
                                                   -----------      -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Capital expenditures .......................      (1,025,486)      (1,466,951)
  Advances to Symskaya Exploration ...........         (83,498)         (85,725)
  Sale of temporary cash investments .........            --             49,802
                                                     ---------        ---------
  Net cash used in investing activities ......      (1,108,984)      (1,502,874)

CASH FLOWS FROM FINANCING ACTIVITIES:
  Purchase of treasury stock .................            --            (56,647)
  Proceeds from revolving credit facility ....         800,000
                                                   -----------      -----------
  Net cash provided by (used in)
          financing activities ...............         800,000          (56,647)
                                                   -----------      -----------

NET INCREASE (DECREASE) IN CASH ..............         (53,820)         153,292

CASH AND CASH EQUIVALENTS
  AT BEGINNING OF PERIOD .....................         378,801          787,961
                                                   -----------      -----------

CASH AND CASH EQUIVALENTS
  AT END OF PERIOD ...........................     $   324,981      $   941,253
                                                   ===========      ===========



        The accompanying notes are an integral part of these statements.

                                                         

<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, 1997. 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,  1998,  and the results of its  operations  and its cash
flows for the three month periods ended March 31, 1998 and 1997.

     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 1997 Annual Report on Form 10-K.

     The  results  for the three  month  period  ended  March  31,  1998 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.  Basic and diluted  earnings per
share are the same.

Note 3. Reclassifications

     Certain  balances  in the March 31,  1997  financial  statements  have been
reclassified to conform with the current year presentation. These changes had no
effect on the  previously  reported net income,  total  assets,  liabilities  or
stockholders' equity.


                                                         

<PAGE>



                                     PART I

                                     ITEM 2

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

RESULTS OF OPERATIONS

     Severely  depressed oil prices offset  increases in oil and gas production,
resulting  in a 30%  decline in total  revenues  for the first  quarter of 1998.
Total revenues for the period were $3,577,445, compared to $5,087,004 during the
first quarter of 1997. As a result of the lower revenues, the Company recorded a
net loss for the 1998 quarter of $(642,006),  or $(.05) per share. This compares
to net income for the first quarter of 1997 of $780,375, or $.06 per share.

     As a result of its acquisition and drilling activities in 1997, the Company
recorded  increases in both oil and gas  production in 1998.  Oil  production of
170,000 barrels was up 6% from 161,000 barrels in 1997. Gas production increased
from  502,000  Mcf  produced in 1997 to 620,000  Mcf  produced  during the first
quarter of 1998, an increase of 24%.

     Average  prices  received for oil during the first quarter of 1998 declined
35% from first quarter 1997 levels.  Average crude prices  received in 1998 were
$13.25 per barrel, compared to $20.30 per barrel received during the same period
of 1997. Gas prices also decreased  during the first quarter of 1998,  averaging
$1.95 per Mcf,  compared to $2.68 per Mcf received  during the first  quarter of
1997.

     Other income decreased by approximately $80,000 during the first quarter of
1998. Other income in 1997 included approximately $70,000 received from the sale
of certain mineral  rights.  There was no similar  transaction  during the first
quarter of 1998.

     Total expenses in 1998 increased 10% over 1997 first quarter levels. Higher
production levels  contributed to higher lease operating costs and depreciation,
depletion,   and  amortization  (DD&A)  charges.  While  lease  operating  costs
increased  7%, per BOE costs  declined from $6.31 per BOE to $6.03 per BOE. DD&A
per unit charges increased slightly from $4.50 per BOE to $4.57 per BOE in 1998.

     The decrease in  exploration  expense was  primarily  due to lower dry hole
costs in 1998. During the first quarter of 1997, the Company participated in two
dry holes.  There were no dry holes drilled during 1998. The Company incurred 3D
seismic  charges of $409,743 in 1998  associated with its Sequoia project in the
San Joaquin  Basin of  California.  The initial  well at Sequoia is scheduled to
drill during the third quarter of 1998.  The Company did not  participate in any
3D seismic programs during the first quarter of 1997.

     General and  administrative  expenses decreased 22% from 1997 first quarter
levels.  The  decrease  was due to reduced  compensation,  insurance,  and other
administrative expenses. Higher interest costs in 1998 reflect the higher amount
of debt outstanding under the Company's credit facility.

     During the first quarter of 1998, the Company  participated in the drilling
of 3 wells, all of which have been completed as producing wells. Included in the
1998 well count is an  exploratory  well drilled in  California on the Company's
Merlin  3-D  seismic  project.  The  #1-15  Henning,  located  in Glenn  County,
California, tested at a rate of 1.4 million cubic feet per day from perforations
at 5,565 - 5,568 feet in the Cretaceous  Forbes  formation and 5.9 million cubic
feet per day from 5,518 to 5,556 feet.  The well is currently on production at a
rate of 3 MMCFD.  Equity operates and has a 50% working interest in the well and
the Merlin project.

     Another  exploratory  well  successfully  completed  in 1998 was the #24-15
Beaver Creek well in Golden  Valley  County,  North  Dakota.  The well, in which
Equity has a 32.5%  working  interest,  was  drilled to a total  depth of 12,550
feet, and has been completed as an oil well in the Duperow formation at 10,856 -
10,878  feet.  The well is now on  production  at an  initial  daily rate of 390
barrels of oil,  130 MCF of gas and 67 barrels of water per day.  In addition to
the Duperow, well logs and drill stem tests conducted during the drilling of the
well indicate  that as many as three other zones in the well may be  productive.
Westport  Oil & Gas Company  operates the well and holds the  remaining  working
interest.

     The Company also drilled an additional successful  development well in 1998
at its Siberia Ridge field in Sweetwater County, Wyoming. The well was placed on
production  at a rate of 700 MCFD per day. The Company has a 50% interest in the
well.
<PAGE>

     The Company is continuing to pursue  additional  outside  financing for its
Symskaya project in Russia.  The Company  recently  announced that its 50% owned
subsidiary,   Symskaya  Exploration,   Inc.  has  entered  into  a  Bottom  Hole
Contribution   Agreement  with  the  Committee  for  Natural  Resources  of  the
Krasnoyarsk Krai in Eastern Siberia to support the drilling of the Averinskaya -
150 well, an exploratory  well that is being drilled near the town of Yeniseysk.
The well is adjacent to the  southern  block of acreage that  Symskaya  holds as
part of its 1.1 million acre  exploration,  development and production  License.
The well is being  drilled to  evaluate  the oil and gas  potential  of the same
geologic section that Symskaya  targeted in the drilling of its Lemok No. 1 well
on the northern acreage block of its License area.

     In exchange for a nominal  payment,  Symskaya will receive all pre-drilling
data from the well,  drilling data acquired during the drilling of the well, and
all final  reports on the well  including  logs,  test  results,  core and drill
cutting samples, and samples of any oil, water or gas recovered during drilling.
In addition,  Symskaya  personnel  will have  complete  access to the drill site
during drilling,  the right to collect drill cuttings and other samples, and the
right to witness all coring and testing.  The well is projected to be drilled to
a total depth of 11,500 feet.

     Costs  associated  with the  Symskaya  project  are  expected to be minimal
during 1998, with expenses similar to those incurred in 1997.

CAPITAL RESOURCES AND LIQUIDITY

     Cash and cash  equivalents  were  $324,981  at March  31,  1998,  down from
$378,801 at year-end  1997.  Working  capital at March 31, 1998 was  $2,731,176,
compared to working  capital of  $2,652,023  at December 31, 1997.  The net loss
brought about by reduced oil prices also led to sharply reduced cash flows.  For
the first three months of 1998, net cash provided before working capital changes
decreased by 80% over the same period of 1997.

     Investment  in property  and  equipment  for the first three months of 1997
totaled  $1,025,486,  a  30%  decrease  from  the  amount  recorded  during  the
corresponding  three months of 1997.  As a result of the severely  depressed oil
prices,  and their negative  effects on cash flows,  the Company has reduced its
1998 capital  budget to ensure that the bulk of its  projects  will be paid from
discretionary  cash flows.  The Company has  high-graded  both  exploratory  and
development projects based on their assumed risks and rewards, and balanced this
with projects  that have specific  lease  related  drilling  commitments.  Other
projects  have been delayed or deferred  until oil prices  strengthen,  and cash
flows increase.  The Company's  revised budget includes 17 exploration  projects
and 7 development and exploitation  projects. The bulk of the Company's drilling
should occur during the third and fourth quarters of the year.

     During the three months ended March 31, 1997, the Company  purchased 18,000
shares of treasury  stock for a total price of  $56,600.  No treasury  stock has
been purchased during the first quarter of 1998. 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 line of credit
during the first  quarter of 1997.  On March 30, 1998,  the Company  amended its
credit  agreement,  increasing  the current  commitment  from $15 million to $18
million.

     The Company  believes  that existing cash  balances,  cash flow,  and funds
available under the Company's credit facility will provide adequate resources to
meet all of its current capital and exploration spending objectives for 1998.


                                                       

<PAGE>




OTHER ITEMS

     In June of 1997, the Financial  Accounting Standards Board issued Statement
of Financial Accounting Standards No. 130, Reporting  Comprehensive  Income. The
Statement  establishes  standards  for  reporting  and display of  comprehensive
income and its components (revenues,  expenses, gains, and losses) in a full set
of general-purpose financial statements.  This Statement is effective for fiscal
years  beginning after December 15, 1997. The adoption of this Statement did not
have a material effect on the Company's financial statements.

     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.


FORWARD LOOKING STATEMENTS

     Forward-looking statements in this Form 10-Q, future filings by the Company
with the Securities and Exchange  Commission,  the Company's  press releases and
oral statements by authorized officers of the Company are intended to be subject
to the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that all forward-looking  statements involve risks
and uncertainty, including without limitation, the risk of a significant natural
disaster,  the inability of the Company to ensure  against  certain  risks,  the
adequacy of its loss reserves,  fluctuations in commodity  prices,  the inherent
limitations  in the  inability  to  estimate  oil  and  gas  reserves,  changing
government  regulations,  as well as general market conditions,  competition and
pricing.  The Company  believes that  forward-looking  statements made by it are
based upon  reasonable  expectations.  However,  no assurances can be given that
actual  results  will  not  differ  materially  from  those  contained  in  such
forward-looking     statements.    The    words    "estimate",     "anticipate",
"expect","predict",  "believe" and similar  expressions are intended to identify
forward-looking statements.



                                                         

<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, 1998                By  /s/ Paul M. Dougan
       ----------------------            -------------------
                                         Paul M. Dougan, President


DATE:     May 13, 1998                By  /s/ Clay Newton
      -----------------------            ----------------
                                         Clay Newton, Treasurer
                                         Principal Accounting Officer




                                                       
<PAGE>