UNITED STATES OF AMERICA
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 10-Q


[X]  QUARTERLY  REPORT  PURSUANT  TO  SECTION  13  OR  15(d)  OF  THE SECURITIES
        EXCHANGE  ACT  OF  1934  FOR  THE QUARTERLY PERIOD ENDED MARCH 31, 2003.

          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: 333-29001-01


                          ENERGY CORPORATION OF AMERICA
             (Exact name of registrant as specified in its charter)



                            WEST VIRGINIA  84-1235822
         (State or other jurisdiction of incorporation or organization)
                        (IRS Employer Identification No.)

                      4643 SOUTH ULSTER STREET, SUITE 1100
                             DENVER, COLORADO 80237
              (Address of principal executive offices and zip code)

                                 (303) 694-2667
              (Registrant's telephone number, including area code)



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 ___
                                     ---


    The number of shares of the Registrant's common stock, par value $1.00 per
                              share, outstanding at
                         May 8, 2003 was 620,393 shares.

<PAGE>
                          ENERGY CORPORATION OF AMERICA

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
<S>                                                                        <C>
PART I  FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . .  PAGES

Item 1. Financial Statements

Condensed Consolidated Balance Sheets
   March 31, 2003 (Unaudited) and June 30, 2002 . . . . . . . . . . . . .      3

Unaudited Condensed Consolidated Statements of Operations
   For the three and nine months ended March 31, 2003 and 2002. . . . . .      5

Unaudited Condensed Consolidated Statements of Cash Flows
   For the nine months ended March 31, 2003 and 2002. . . . . . . . . . .      6

Unaudited Condensed Consolidated Statements of Comprehensive Income
   For the three and nine months ended March 31, 2003 and 2002. . . . . .      7

Notes to Unaudited Condensed Consolidated Financial Statements. . . . . .      8

Item 2. Management's Discussion and Analysis of Results of Operations and
   Financial Condition. . . . . . . . . . . . . . . . . . . . . . . . . .     11

Item 3. Quantitative and Qualitative Disclosures About Market Risk. . . .     17

Item 4. Controls and Procedures . . . . . . . . . . . . . . . . . . . . .     18


PART II  OTHER INFORMATION

Item 1. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . .     19

Item 2. Changes in Securities . . . . . . . . . . . . . . . . . . . . . .     20

Item 3. Defaults Upon Senior Securities . . . . . . . . . . . . . . . . .     20

Item 4. Submission of Matters to a Vote of Security Holders . . . . . . .     20

Item 5. Other Information . . . . . . . . . . . . . . . . . . . . . . . .     20

Item 6. Exhibits and Reports on Form 8-K. . . . . . . . . . . . . . . . .     20

Signatures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     21
</TABLE>
                                     -2-
<PAGE>


PART  I  FINANCIAL  INFORMATION
ITEM  1.  FINANCIAL  STATEMENTS


<TABLE>
<CAPTION>

 ENERGY  CORPORATION  OF  AMERICA
 CONDENSED  CONSOLIDATED  BALANCE  SHEETS
 (AMOUNTS  IN  THOUSANDS)
--------------------------------------------------------------------------------------
<S>                                                              <C>         <C>
                                                                  MARCH 31,   JUNE 30,
                                                                    2003       2002
                                                                (UNAUDITED)     *
                                                                -----------  ---------
 ASSETS

 CURRENT ASSETS
    Cash and cash equivalents . . . . . . . . . . . . . . . . .  $    4,875  $  17,775
    Accounts receivable, net of allowance for doubtful
       accounts of $1,371 and $1,366. . . . . . . . . . . . . .      26,341     18,165
    Gas inventory, lower of cost or market. . . . . . . . . . .           -        199
    Deferred income tax asset . . . . . . . . . . . . . . . . .       2,237      2,237
    Notes receivable, related party . . . . . . . . . . . . . .       1,645         10
    Prepaid and other current assets. . . . . . . . . . . . . .       1,519      6,075
                                                                 ----------  ---------
       Total current assets . . . . . . . . . . . . . . . . . .      36,617     44,461


 Property, plant and equipment, net of accumulated
    depreciation and depletion of $125,171 and $116,294 . . . .     248,553    244,155


 OTHER ASSETS
    Deferred financing costs, net of accumulated
       amortization of $5,493 and $3,722. . . . . . . . . . . .       3,349      3,617
    Notes receivable, related party . . . . . . . . . . . . . .          72      1,756
    Other . . . . . . . . . . . . . . . . . . . . . . . . . . .       8,765     10,747
                                                                 ----------  ---------
       Total other assets . . . . . . . . . . . . . . . . . . .      12,186     16,120
                                                                 ----------  ---------

 TOTAL. . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $  297,356  $ 304,736
                                                                 ==========  =========

 *   Condensed from audited consolidated financial statements.
<FN>

 The accompanying notes are an integral part of these condensed consolidated financial
statements.
</TABLE>
                                     -3-
<PAGE>

<TABLE>
<CAPTION>

 ENERGY  CORPORATION  OF  AMERICA
 CONDENSED  CONSOLIDATED  BALANCE  SHEETS
 (AMOUNTS  IN  THOUSANDS,  EXCEPT  SHARE  DATA)
----------------------------------------------------------------------------------------
<S>                                                              <C>          <C>
                                                                   MARCH 31,    JUNE 30,
                                                                     2003         2002
                                                                  (UNAUDITED)      *
                                                                  -----------  ---------
 LIABILITIES AND STOCKHOLDERS' EQUITY

 CURRENT LIABILITIES
    Accounts payable and accrued expenses . . . . . . . . . . .  $   16,824   $  15,683
    Current portion of long-term debt . . . . . . . . . . . . .         130         121
    Funds held for future distribution. . . . . . . . . . . . .      17,930      11,414
    Taxes payable . . . . . . . . . . . . . . . . . . . . . . .      14,907       8,221
    Other . . . . . . . . . . . . . . . . . . . . . . . . . . .       5,907       7,258
                                                                 -----------  ----------
       Total current liabilities. . . . . . . . . . . . . . . .      55,698      42,697

 LONG-TERM OBLIGATIONS
    Long-term debt. . . . . . . . . . . . . . . . . . . . . . .     168,512     198,701
    Gas delivery obligation and deferred revenue. . . . . . . .       3,025       5,886
    Deferred income tax liability . . . . . . . . . . . . . . .      15,673       9,887
    Other . . . . . . . . . . . . . . . . . . . . . . . . . . .       7,914       8,689
                                                                 -----------  ----------
       Total liabilities. . . . . . . . . . . . . . . . . . . .     250,822     265,860


 Minority Interest. . . . . . . . . . . . . . . . . . . . . . .       1,587       1,732


 STOCKHOLDERS' EQUITY
    Common stock, par value $1.00; 2,000,000 shares
       authorized; 730,039 shares issued. . . . . . . . . . . .         730         730
    Class A stock, no par value; 100,000 shares authorized;
       45,582 shares issued . . . . . . . . . . . . . . . . . .       5,092       5,092
    Additional paid in capital. . . . . . . . . . . . . . . . .       5,503       5,503
    Retained earnings . . . . . . . . . . . . . . . . . . . . .      45,707      36,422
    Treasury stock and notes receivable arising from the
       issuance of common stock . . . . . . . . . . . . . . . .     (11,477)    (10,426)
    Accumulated other comprehensive loss. . . . . . . . . . . .        (608)       (177)
                                                                 -----------  ----------
       Total stockholders' equity . . . . . . . . . . . . . . .      44,947      37,144
                                                                 -----------  ----------

 TOTAL. . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $  297,356   $ 304,736
                                                                 ===========  ==========

 *   Condensed from audited consolidated financial statements.
<FN>

 The  accompanying  notes are an integral part of these condensed consolidated financial
statements.
</TABLE>
                                     -4-
<PAGE>

<TABLE>
<CAPTION>

 ENERGY  CORPORATION  OF  AMERICA
 CONDENSED  CONSOLIDATED  STATEMENTS  OF  OPERATIONS
 (UNAUDITED  -  AMOUNTS  IN  THOUSANDS,  EXCEPT  PER  SHARE  DATA)
---------------------------------------------------------------------------------------------

                                                   THREE MONTHS ENDED        NINE MONTHS ENDED
                                                         MARCH 31               MARCH 31
                                                    -----------------        -----------------
<S>                                                   <C>       <C>       <C>        <C>
                                                         2003      2002       2003       2002
                                                      --------  --------  ---------  ---------
 REVENUES:
    Oil and gas sales. . . . . . . . . . . . . . . .  $13,511   $ 8,095   $ 33,516   $ 29,393
    Gas marketing and pipeline sales . . . . . . . .   19,259     9,153     45,384     29,683
    Well operations and service revenues . . . . . .    1,268     1,325      4,073      4,048
    Other. . . . . . . . . . . . . . . . . . . . . .        -         -         36          -
                                                      --------  --------  ---------  ---------
         Total revenues. . . . . . . . . . . . . . .   34,038    18,573     83,009     63,124
                                                      --------  --------  ---------  ---------
 COST AND EXPENSES:
    Field operating expenses . . . . . . . . . . . .    2,436     2,624      7,398      7,748
    Gas marketing and pipeline cost. . . . . . . . .   16,971     8,115     40,694     27,262
    General and administrative . . . . . . . . . . .    3,225     3,955     10,557     10,982
    Taxes, other than income . . . . . . . . . . . .    1,074       500      2,338      1,402
    Depletion and depreciation, oil and gas related.    2,911     2,939      9,001      9,418
    Depreciation of pipelines and equipment. . . . .      949       718      2,744      2,137
    Exploration and impairment . . . . . . . . . . .    3,015     3,308      7,863      4,698
                                                      --------  --------  ---------  ---------
         Total costs and expenses. . . . . . . . . .   30,581    22,159     80,595     63,647
                                                      --------  --------  ---------  ---------
    Income (loss) from operations. . . . . . . . . .    3,457    (3,586)     2,414       (523)
 OTHER (INCOME) EXPENSE:
    Interest expense . . . . . . . . . . . . . . . .    3,922     4,910     13,065     14,836
    Interest income and other. . . . . . . . . . . .   (5,763)     (234)   (26,283)    (1,670)
                                                      --------  --------  ---------  ---------
 Income (loss) before income taxes . . . . . . . . .    5,298    (8,262)    15,632    (13,689)
 Income tax expense (benefit). . . . . . . . . . . .    2,014    (2,904)     5,702     (4,728)
                                                      --------  --------  ---------  ---------
 Income (loss) before minority interest. . . . . . .    3,284    (5,358)     9,930     (8,961)
 Minority interest . . . . . . . . . . . . . . . . .      (64)        -       (175)         -
                                                      --------  --------  ---------  ---------
 NET INCOME (LOSS) . . . . . . . . . . . . . . . . .  $ 3,348   $(5,358)  $ 10,105   $ (8,961)
                                                      ========  ========  =========  =========

 Basic and diluted earnings per common share:
 Net income (loss)
      Basic. . . . . . . . . . . . . . . . . . . . .  $  5.15   $ (8.16)  $  15.49   $ (13.60)
                                                      ========  ========  =========  =========
      Diluted (see Note 5) . . . . . . . . . . . . .  $  5.04   N/A       $  15.16   N/A
                                                      ========  ========  =========  =========
<FN>

 The  accompanying  notes  are  an  integral  part  of  these condensed consolidated financial
statements.
</TABLE>
                                     -5-
<PAGE>

<TABLE>
<CAPTION>

 ENERGY  CORPORATION  OF  AMERICA
 CONDENSED  CONSOLIDATED  STATEMENTS  OF  CASH  FLOWS
 (UNAUDITED  -  AMOUNTS  IN  THOUSANDS)
-----------------------------------------------------------------------------------
                                                              NINE MONTHS ENDED
                                                                   MARCH 31
                                                             ------------------
<S>                                                           <C>        <C>
                                                                  2003       2002
                                                              ---------  ---------
 CASH FLOWS FROM OPERATING ACTIVITIES
     Net income (loss) . . . . . . . . . . . . . . . . . . .  $ 10,105   $ (8,961)
     Adjustments to reconcile net income (loss) to net cash
          provided (used) by operating activities:
     Depletion, depreciation and amortization. . . . . . . .    12,205     12,107
     Gain on purchase of senior bonds. . . . . . . . . . . .   (23,609)         -
     Exploration and impairment          . . . . . . . . . .     7,705      4,291
     Other . . . . . . . . . . . . . . . . . . . . . . . . .     2,292     (1,203)
                                                              ---------  ---------
                                                                 8,698      6,234
     Changes in assets and liabilities:
     Accounts receivable . . . . . . . . . . . . . . . . . .    (8,170)     3,093
     Gas inventory . . . . . . . . . . . . . . . . . . . . .       199        706
     Prepaid and other assets. . . . . . . . . . . . . . . .      (301)    (1,114)
     Accounts payable. . . . . . . . . . . . . . . . . . . .     1,081     (1,915)
     Taxes payable . . . . . . . . . . . . . . . . . . . . .     6,686     (2,443)
     Funds held for future distribution. . . . . . . . . . .     6,517     (6,282)
     Other . . . . . . . . . . . . . . . . . . . . . . . . .       554    (20,368)
                                                              ---------  ---------
     Net cash provided (used) by operating activities. . . .    15,264    (22,089)

 CASH FLOWS FROM INVESTING ACTIVITIES
     Expenditures for property, plant and equipment. . . . .   (25,183)   (29,291)
     Proceeds from sale of assets. . . . . . . . . . . . . .     3,134        506
     Notes receivable and other. . . . . . . . . . . . . . .     1,334        (52)
                                                              ---------  ---------
     Net cash used by investing activities . . . . . . . . .   (20,715)   (28,837)

 CASH FLOWS FROM FINANCING ACTIVITIES
     Proceeds from long-term debt. . . . . . . . . . . . . .    52,818          -
     Principal payments on long-term debt. . . . . . . . . .   (58,369)      (113)
     Purchase of treasury stock. . . . . . . . . . . . . . .    (1,113)    (1,187)
     Dividends paid. . . . . . . . . . . . . . . . . . . . .      (785)      (791)
                                                              ---------  ---------
     Net cash used by financing activities . . . . . . . . .    (7,449)    (2,091)
                                                              ---------  ---------
     Net decrease in cash and cash equivalents . . . . . . .   (12,900)   (53,017)
     Cash and cash equivalents, beginning of period. . . . .    17,775     80,336
                                                              ---------  ---------
     Cash and cash equivalents, end of period. . . . . . . .  $  4,875   $ 27,319
                                                              =========  =========
<FN>

 The  accompanying  notes  are  an  integral  part of these condensed consolidated
financial  statements.
</TABLE>
                                     -6-
<PAGE>

<TABLE>
<CAPTION>

 ENERGY  CORPORATION  OF  AMERICA
 CONDENSED  CONSOLIDATED  STATEMENTS  OF  COMPREHENSIVE  INCOME
 (UNAUDITED  -  AMOUNTS  IN  THOUSANDS)
-----------------------------------------------------------------------------------------

                                                THREE MONTHS ENDED     NINE MONTHS ENDED
                                                     MARCH 31              MARCH 31
                                                ------------------     -----------------


<S>                                               <C>      <C>       <C>       <C>
                                                    2003      2002      2003       2002
                                                  -------  --------  --------  ---------

 Net income (loss) . . . . . . . . . . . . . . .  $3,348   $(5,358)  $10,105   $ (8,961)
 Other comprehensive income (loss), net of tax:
    Foreign currency translation adjustment:
       Current period change . . . . . . . . . .     249       (66)      426     (1,007)
    Marketable securities:
       Current period change . . . . . . . . . .       -       (39)       (5)       (41)
       Reclassification to earnings. . . . . . .       -         -       (25)         -
    Oil and gas derivatives:
       Current period transactions . . . . . . .    (588)       39    (1,401)     1,661
       Reclassification to earnings. . . . . . .     405      (674)      574     (4,149)
                                                  -------  --------  --------  ---------
 Other comprehensive income (loss), net of tax .      66      (740)     (431)    (3,536)
                                                  -------  --------  --------  ---------
 Comprehensive income (loss) . . . . . . . . . .  $3,414   $(6,098)  $ 9,674   $(12,497)
                                                  =======  ========  ========  =========



<FN>

The  accompanying  notes  are an integral part of these condensed consolidated financial
statements.
</TABLE>
                                     -7-
<PAGE>

                          ENERGY CORPORATION OF AMERICA
         NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 2003


1.     Nature  of  Organization

Energy Corporation of America (the "Company") was formed in June 1993 through an
exchange  of  shares  with  the  common  stockholders of Eastern American Energy
Corporation ("Eastern American").  The Company is an independent energy company.
All  references  to  the "Company" include Energy Corporation of America and its
consolidated  subsidiaries.

The Company, through its wholly owned subsidiary Eastern American, is engaged in
exploration, development and production, transportation and marketing of natural
gas  primarily  within  the  Appalachian  Basin  states  of  West  Virginia,
Pennsylvania,  Kentucky,  Virginia  and  Ohio.

The  Company,  through  its wholly owned subsidiaries Westech Energy Corporation
and Westech Energy New Zealand, is engaged in the exploration for and production
of  oil  and  natural  gas  primarily  in  Texas,  California  and  New Zealand.

2.     Accounting  Policies

Reference  is  hereby  made  to the Company's Annual Report on Form 10-K for the
fiscal  year  ended  June 30, 2002, which contains a summary of major accounting
policies  followed  in  preparation  of  its  consolidated financial statements.
These  policies  were  also  followed in preparing the quarterly report included
herein.

Management  of  the  Company  believes  that all adjustments, consisting of only
normal  recurring  accruals, necessary for a fair presentation of the results of
such  interim  periods have been made.  The results of operations for the period
ended  March  31,  2003  are  not  necessarily  indicative  of the results to be
expected  for  the  full  year.

Certain  amounts  in  the  financial  statements  of  prior  periods  have  been
reclassified  to  conform  to  the  current  period  presentation.

3.     New  Accounting  Pronouncements

In  December 2002, the FASB approved Statement of Financial Accounting Standards
No.  148, "Accounting for Stock-Based Compensation - Transition and Disclosure -
an  amendment  of  FASB Statement No. 123" (SFAS  No. 148).  SFAS No. 148 amends
Statement of Financial Accounting Standards No. 123, "Accounting for Stock-Based
Compensation"  (SFAS No. 123) to provide alternative methods of transition for a
voluntary  change  to  the fair value based method of accounting for stock-based
employee  compensation.  In  addition,  SFAS  No.  148  amends  the  disclosure
requirements of SFAS No. 123 to require prominent disclosures in both annual and
interim  financial  statements  about  the  method of accounting for stock-based
employee  compensation  and  the  effect of the method used on reported results.
SFAS No. 148 is effective for financial statements for fiscal years ending after
December 15, 2002.  As permitted under SFAS No. 123, "Accounting for Stock-Based
Compensation", the Company has elected to continue to measure compensation costs
for  stock-based employee compensation plans using the intrinsic value method as
prescribed  by Accounting Principles Board Opinion No. 25, "Accounting for Stock
Issued  to  Employees".


                                     -8-
<PAGE>

4.     Note  Repurchases

The  Company has purchased $65.4 million of its 9 1/2% Senior Subordinated Notes
("Notes")  during  the first nine months of the current fiscal year in privately
negotiated  transactions.  Subsequent  to  March  31,  2003,  the  Company  has
purchased  an  additional  $20,000  of  such  Notes  in  privately  negotiated
transactions.

5.     Earnings  per  Share

A  reconciliation  of  the components of basic and diluted net income (loss) per
common  share  is  as  follows  for  the  net  income (loss) available to common
shareholders:

<TABLE>
<CAPTION>
<S>                                 <C>                 <C>      <C>
                                    NET INCOME (LOSS)
                                      (IN THOUSANDS)     SHARES    PER SHARE
                                    ------------------  -------  -----------
Three months ended March 31, 2003
      Basic. . . . . . . . . . . .  $           3,348   649,921  $     5.15
      Diluted. . . . . . . . . . .  $           3,348   664,187  $     5.04
Nine months ended March 31, 2003
      Basic. . . . . . . . . . . .  $          10,105   652,471  $    15.49
      Diluted. . . . . . . . . . .  $          10,105   666,737  $    15.16
Three months ended March 31, 2002
      Basic and Diluted (a). . . .  $          (5,358)  656,566  $    (8.16)
Nine months ended March 31, 2002
      Basic and Diluted (a). . . .  $          (8,961)  658,662  $   (13.60)
</TABLE>

(a)  The effect of outstanding stock options was not included in the computation
of diluted earnings per share for the periods ended March 31, 2002 because to do
so  would  have  been  antidilutive.

6.     Industry  Segments

The  Company's  reportable  business  segments have been identified based on the
differences  in products and service provided.  Revenues for the exploration and
production  segment  are derived from the production and sale of natural gas and
crude  oil.  Revenues  for  the  marketing  and  pipeline segment arise from the
marketing  of  both  Company  and  third  party produced natural gas volumes and
revenues  derived  from gathering and pipeline services (functions) provided for
Company  and  third  party  natural  gas.  The  Company utilizes earnings before
interest,  taxes,  depreciation,  depletion,  amortization  and  exploration and
impairment  costs  ("EBITDAX")  to  evaluate  the  operations  of  each segment.


                                     -9-
<PAGE>
Summarized  financial  information  for  the  Company's  reportable segments for
operations  is  as  follows  (in  thousands):

<TABLE>
<CAPTION>



<S>                                        <C>              <C>            <C>        <C>
                                              Exploration &   Marketing &
                                               Production       Pipeline      Other     Consolidated
                                           ---------------  -------------  ---------  --------------
 For the nine months ended March 31, 2003
-----------------------------------------
   Revenue from unaffiliated customers. .  $       37,589   $     45,384   $     36   $      83,009
   Depreciation, depletion, amortization.           9,905            608      1,232          11,745
   Exploration and impairment costs . . .           7,863              -          -           7,863
   Income (loss) from operations. . . . .             656          2,558       (800)          2,414
   Interest expense, net. . . . . . . . .          16,300         (4,681)     1,028          12,647
   EBITDAX. . . . . . . . . . . . . . . .          20,269          3,116     25,095          48,480
   Total assets . . . . . . . . . . . . .         186,376         90,041     20,939         297,356
   Capital expenditures . . . . . . . . .          24,300            231        652          25,183
----------------------------------------------------------------------------------------------------

 For the nine months ended March 31, 2002
-----------------------------------------
   Revenue from unaffiliated customers. .  $       33,441   $     29,683   $      -   $      63,124
   Depreciation, depletion, amortization.          10,459            658        438          11,555
   Exploration and impairment costs . . .           4,698              -          -           4,698
   Income (loss) from operations. . . . .            (363)             4       (164)           (523)
   Interest expense, net. . . . . . . . .          15,802         (5,402)     2,897          13,297
   EBITDAX. . . . . . . . . . . . . . . .          16,441            716        243          17,400
   Total assets . . . . . . . . . . . . .         150,152         73,867    109,262         333,281
   Capital expenditures . . . . . . . . .          25,108             95      4,088          29,291
----------------------------------------------------------------------------------------------------
</TABLE>
Income  (loss) from operations represents revenues less costs which are directly
associated  with  such  operations.  Revenues  are  priced  and  accounted  for
consistently  for  both unaffiliated and intersegment sales.  The 'Other' column
includes  corporate-related  items,  including corporate debt and non-reportable
segments.  Included  in  the  total  assets  of  the  exploration and production
segment  are  net  long-lived  assets located in New Zealand of $5.3 million and
$2.7  million  as  of  March  31,  2003  and  2002.

7.     Derivative  Instruments

The  Company periodically hedges a portion of its gas production through futures
and  swap  agreements.  The  purpose  of  the  hedges is to provide a measure of
stability  in  the  volatile environment of oil and gas prices and to manage its
exposure  to  commodity price risk under existing sales commitments.  All of the
Company's price swap agreements in place are designated as cash flow hedges.  At
March  31,  2003,  the  Company had recorded a $0.55 million other comprehensive
loss,  $0.32  million  short-term derivative tax asset, $0.78 million short-term
derivative  liability,  $0.10  million long-term derivative liability, and $0.01
million  in recognized expense due to ineffectiveness.  The estimated net amount
of the existing losses within other comprehensive income that are expected to be
reclassified  into earnings within the next twelve months is approximately $0.52
million.  The  Company  has  partially hedged its exposure to the variability in
future  cash  flows  through  June  2005.


                                     -10-
<PAGE>

8.     Contingencies

In  addition  to  the matters discussed in Legal Proceedings at Part II, Item 1,
the Company is involved in various other legal actions and claims arising in the
ordinary  course  of  business.  While  the  outcome of the lawsuits against the
Company  cannot  be  predicted  with certainty, management does not expect these
matters  to  have  a  material  adverse  effect  on  the Company's operations or
financial  position.


ITEM  2.  MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF  RESULTS  OF  OPERATIONS
------------------------------------------------------------------------------
                            AND  FINANCIAL  CONDITION
                            -------------------------

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
--------------------------------------------------------------------------------

     This  discussion  and  analysis  of  financial  condition  and  results  of
operations,  and  other  sections  of  this  Form  10-Q, contain forward-looking
statements  that  are  based  on  management's  beliefs,  assumptions,  current
expectations,  estimates,  intentions  and  projections  about  the  oil and gas
industry,  the  economy  and  about  the  Company  itself.  Words  such  as
"anticipates,"  "believes,"  "estimates," "expects," "forecasts," "intends," "is
likely,"  "plans,"  "predicts," "projects," variations of such words and similar
expressions  are  intended to identify such forward-looking statements under the
Private  Securities  Litigation  Reform  Act of 1995.  The Company cautions that
these  statements  are  not guarantees of future performance and involve certain
risks,  uncertainties  and assumptions that are difficult to predict with regard
to  timing,  extent,  likelihood  and  degree  of occurrence.  Therefore, actual
results  and  outcomes  may  materially  differ  from  what  may be expressed or
forecasted  in  such  forward-looking  statements.  Furthermore,  the  Company
undertakes no obligation to update, amend or clarify forward-looking statements,
whether  as  a  result  of  new  information,  future  events  or  otherwise.

     Important factors that could cause actual results to differ materially from
the  forward-looking  statements  include,  but  are  not  limited  to,  weather
conditions, changes in production volumes, worldwide demand and commodity prices
for  petroleum natural resources, the timing and extent of the Company's success
in  discovering,  acquiring,  developing  and  producing  oil  and  natural  gas
reserves,  risks  incident  to the drilling and operation of oil and natural gas
wells, future production and development costs, foreign currency exchange rates,
the  effect  of  existing  and  future  laws,  governmental  regulations and the
political  and economic climate of the United States and New Zealand, the effect
of  hedging  activities,  and  conditions  in  the  capital  markets.

     The  following  should  be read in conjunction with the Company's Financial
Statements  and  Notes  (including  the  segment information) at Part I, Item 1.

COMPARISON  OF  RESULTS  OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2003
--------------------------------------------------------------------------------
AND  2002
---------

     The Company recorded net income of $3.3 million for the quarter ended March
31,  2003  compared  to a net loss of $5.4 million in 2002.  The increase in net
income  of  $8.7 million is primarily attributable to the net of a $15.5 million
increase  in revenues, $8.4 million increase in costs and expenses, $1.0 million
decrease  in  interest  expense,  $5.5  million  increase in interest income and
other,  and  a  $4.9  million  increase  in  income  tax  expense.


                                     -11-
<PAGE>

    Production, marketing and pipeline volumes, revenue and average sales prices
For the quarters ended March 31  and  their  related  variances  are as follows:

<TABLE>
<CAPTION>

                                                THREE MONTHS ENDED
                                                       MARCH 31        VARIANCE
                                                     -------------  -----------------
<S>                                                  <C>      <C>    <C>      <C>
                                                       2003    2002  AMOUNT   PERCENT
                                                     -------  -----  -------  --------
 Natural Gas
   Production (Mmcf). . . . . . . . . . . . . . . .   2,250   2,348     (98)     -4.2%
   Average sales price received ($/Mcf) . . . . . .    7.37    2.55    4.82     189.1%
                                                     -------  -----  -------  --------
   Sales ($in thousands). . . . . . . . . . . . . .  16,591   5,989  10,602     177.0%
 Oil
   Production (Mbbl). . . . . . . . . . . . . . . .      25      27      (2)     -7.4%
   Average sales price received ($/Bbl) . . . . . .   31.44   19.41   12.03      62.0%
                                                     -------  -----  -------  --------
   Sales ($in thousands). . . . . . . . . . . . . .     786     524     262      50.0%
 Hedging. . . . . . . . . . . . . . . . . . . . . .  (3,956)  1,278  (5,234)   -409.5%
 Other. . . . . . . . . . . . . . . . . . . . . . .      90     304    (214)    -70.4%
                                                     -------  -----  -------  --------
 Total oil and gas sales ($in thousands). . . . . .  13,511   8,095   5,416      66.9%
                                                     =======  =====  =======  ========
 Marketing Revenue
   Volume (Million Mmbtu) . . . . . . . . . . . . .   2,361   2,387     (26)     -1.1%
   Average sales price received ($/Mmbtu) . . . . .    6.00    2.87    3.13     109.3%
                                                     -------  -----  -------  --------
   Sales ($in thousands). . . . . . . . . . . . . .  14,167   6,843   7,324     107.0%
 Pipeline Revenue
   Volume (Million Mmbtu) . . . . . . . . . . . . .   1,399   1,526    (127)     -8.3%
   Average sales price received ($/Mnbtu) . . . . .    3.64    1.51    2.13     140.4%
                                                     -------  -----  -------  --------
   Sales ($in thousands). . . . . . . . . . . . . .   5,092   2,310   2,782     120.4%
                                                     -------  -----  -------  --------
 Total marketing and pipeline sales ($in thousands)  19,259   9,153  10,106     110.4%
                                                     =======  =====  =======  ========
 Marketing Gas Cost
   Volume (Million Mmbtu) . . . . . . . . . . . . .   2,361   2,387     (26)     -1.1%
   Average price paid ($/Mmbtu) . . . . . . . . . .    5.59    2.68    2.91     108.6%
                                                     -------  -----  -------  --------
   Cost ($in thousands) . . . . . . . . . . . . . .  13,200   6,399   6,801     106.3%
 Pipeline Gas Cost
   Volume (Million Mmbtu) . . . . . . . . . . . . .   1,081   1,207    (126)    -10.4%
   Average price paid ($/Mmbtu) . . . . . . . . . .    3.49    1.42    2.07     145.4%
                                                     -------  -----  -------  --------
   Cost ($in thousands) . . . . . . . . . . . . . .   3,771   1,716   2,055     119.8%
                                                     -------  -----  -------  --------
 Total marketing and pipeline cost ($in thousands).  16,971   8,115   8,856     109.1%
                                                     =======  =====  =======  ========
</TABLE>

     REVENUES.  Total  revenues  increased  $15.5  million  or 83.3% between the
     --------
periods.  The  increase  was due to a $5.4 million increase in oil and gas sales
and  a  $10.1 increase in gas marketing and pipeline sales.  Well operations and
service  revenues  remained  relatively  constant.


                                     -12-
<PAGE>

     Revenues  from  oil and gas sales increased a net of $5.4 million from $8.1
million  for  the  quarter ended March 31, 2002 to $13.5 million for the quarter
ended  March  31, 2003.  Natural gas sales increased $10.6 million and oil sales
increased  $0.26  million.  The  net  increase  in  gas  production  revenue  is
attributable  to  the  increase  in  gas  prices  ($10.8  million) offset by the
decrease  in  gas  production ($0.2 million).  The price increase is a result of
the  rise  in  the related natural gas indexes. The increased production revenue
was offset by recognized losses on related hedging transactions, which totaled a
loss  of $4.0 million for the quarter ended March 31, 2003 compared to a gain of
$1.3  million for the quarter ended March 31, 2002.  The average price per Mcfe,
after hedging and other,  was  $5.63  and $3.23 for the quarters ended March 31,
2003 and 2002, respectively.

    Revenues from gas marketing and pipeline sales increased $10.1 million from
$9.2  million  during  the  period  ended March 31, 2002 to $19.3 million in the
period  ended  March  31,  2003.  Gas  marketing  revenue increased $7.3 million
primarily  as  a  result  of  a 109.3% increase in the average sales price that
corresponds to the rise in the related natural gas price indexes for this period
compared  to  the  prior  period.  Pipeline  revenue,  which  has  a  sales  and
gathering  component,  increased  $2.8 million primarily as a result of a 140.4%
increase in the average sales price that corresponds to the rise  in the related
natural gas price indexes for this period compared to the prior period. Pipeline
volumes  declined  8.3%  compared  to  the prior period primarily due to natural
production declines on  the  system.

COSTS  AND EXPENSES.  The Company's costs and expenses increased $8.4 million or
-------------------
38.0%  between the periods primarily as a net result of an $8.9 million increase
in  gas  marketing  and  pipeline  costs,  $0.7  million decrease in general and
administrative expenses, $0.6 million increase in taxes other than income, and a
$0.3  million  decrease  in  exploration  and impairment costs.  Field and lease
operating  and depreciation, depletion and amortization expenses were comparable
between  periods.

     Gas  marketing  and  pipeline  costs increased $8.9 million.  Gas marketing
costs  increased  $6.8  million  and pipeline costs increased $2.1 million.  The
increase  in costs is primarily attributable to the increase in average price of
gas  that  corresponds  to  the rise in the related natural gas indexes for this
period  compared  to  the  prior  period.

     General  and  administrative expenses decreased $0.7 million primarily as a
Result of a decrease  in  legal  expenses  as  compared  to  the  prior  period.

     Taxes  other  than  income  increased  $0.6  million due to the increase in
Average sales  price  received  for  oil  and  gas  production.

     Exploration  and impairment costs decreased $0.3 million primarily due to a
reduction  in  dry  hole  expense  between  the  periods.

     INTEREST  EXPENSE.  Interest  expense decreased $1.0 million when comparing
     ------------------
the periods primarily as a result of the reduction in long-term debt and a lower
interest  rate  on  a  portion  of  the  outstanding  borrowings.

     INTEREST  INCOME  AND  OTHER.  Other  income  increased  $5.5  million when
     ----------------------------
comparing  the  periods.  This  is  primarily the result of a recognized gain of
$4.6  million  related  to the settlement of a disputed claim and a gain of $0.9
million  related  to  the  purchase  of  a  portion  of  the  Company's  Notes.

COMPARISON OF RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED MARCH 31, 2003 AND
--------------------------------------------------------------------------------
2002
----

     The  Company recorded net income of $10.1 million for the nine month period
ended  March 31, 2003 compared to a net loss of $9.0 million for the same period
in  2002.  The increase in net income of $19.1 million is primarily attributable
to  the  net  of  a $19.9 million increase in revenue, $16.9 million increase in
costs  and  expenses,  $1.8  million decrease in interest expense, $24.6 million
increase in interest income and other and a $10.4 million increase in income tax
expense.
                                     -13-
<PAGE>

     Production,  marketing  and  pipeline  volumes,  revenue  and average sales
prices  for  the  nine  months ended March 31 and their related variances are as
follows:

<TABLE>
<CAPTION>

                                                    NINE MONTHS ENDED
                                                        MARCH 31         VARIANCE
                                                        --------        ---------
<S>                                                  <C>      <C>     <C>       <C>
                                                       2003     2002  AMOUNT    PERCENT
                                                     -------  ------  --------  --------
 Natural Gas
   Production (Mmcf). . . . . . . . . . . . . . . .   7,236    7,463     (227)     -3.0%
   Average sales price received ($/Mcf) . . . . . .    4.89     2.65     2.24      84.6%
                                                     -------  ------  --------  --------
   Sales ($in thousands). . . . . . . . . . . . . .  35,354   19,751   15,603      79.0%
 Oil
   Production (Mbbl). . . . . . . . . . . . . . . .      77       96      (19)    -19.8%
   Average sales price received ($/Bbl) . . . . . .   26.32    20.72     5.61      27.1%
                                                     -------  ------  --------  --------
   Sales ($in thousands). . . . . . . . . . . . . .   2,027    1,989       38       1.9%
 Hedging. . . . . . . . . . . . . . . . . . . . . .  (4,144)   7,080  (11,224)   -158.5%
 Other. . . . . . . . . . . . . . . . . . . . . . .     279      573     (294)    -51.3%
                                                     -------  ------  --------  --------
 Total oil and gas sales ($in thousands). . . . . .  33,516   29,393    4,123      14.0%
                                                     =======  ======  ========  ========
 Marketing Revenue
   Volume (Million Mmbtu) . . . . . . . . . . . . .   7,275    7,564     (289)     -3.8%
   Average sales price received ($/Mmbtu) . . . . .    4.70     2.97     1.73      58.1%
                                                     -------  ------  --------  --------
   Sales ($in thousands). . . . . . . . . . . . . .  34,213   22,495   11,718      52.1%
 Pipeline Revenue
   Volume (Million Mmbtu) . . . . . . . . . . . . .   4,337    4,528     (191)     -4.2%
   Average sales price received ($/Mnbtu) . . . . .    2.58     1.59     0.99      62.3%
                                                     -------  ------  --------  --------
   Sales ($in thousands). . . . . . . . . . . . . .  11,171    7,188    3,983      55.4%
                                                     -------  ------  --------  --------
 Total marketing and pipeline sales ($in thousands)  45,384   29,683   15,701      52.9%
                                                     =======  ======  ========  ========
 Marketing Gas Cost
   Volume (Million Mmbtu) . . . . . . . . . . . . .   7,275    7,563     (288)     -3.8%
   Average price paid ($/Mmbtu) . . . . . . . . . .    4.41     2.85     1.56      54.8%
                                                     -------  ------  --------  --------
   Cost ($in thousands) . . . . . . . . . . . . . .  32,047   21,577   10,470      48.5%
 Pipeline Gas Cost
   Volume (Million Mmbtu) . . . . . . . . . . . . .   3,446    3,687     (241)     -6.5%
   Average price paid ($/Mmbtu) . . . . . . . . . .    2.51     1.54     0.97      62.7%
                                                     -------  ------  --------  --------
   Cost ($in thousands) . . . . . . . . . . . . . .   8,647    5,685    2,962      52.1%
                                                     -------  ------  --------  --------
 Total marketing and pipeline cost ($in thousands).  40,694   27,262   13,432      49.3%
                                                     =======  ======  ========  ========
</TABLE>

     REVENUES.  Total  revenues  increased  $19.9  million  or 31.5% between the
     --------
periods.  The  increase  was  due to a 14.0% increase in oil and gas sales and a
52.9%  increase in gas marketing and pipeline sales. Well operations and service
revenues  remained  relatively  constant.

                                     -14-
<PAGE>
     Revenues  from  oil and gas sales increased $4.1 million from $29.4 million
for  the period ended March 31, 2002 to $33.5 million for the period ended March
31,  2003.  The  Company's net gas production decreased 227 Mmcf or 3.0% between
the  periods  and  oil  production decreased by 19 Mbbl or 19.8%. Offsetting the
decrease  in volumes sold is an increase in average sales price for gas and oil.
The average price per Mcf increased from $2.65 for the prior period to $4.89 for
the  current  period, and the average price per barrel increased from $20.72 for
the  prior  period  to  $26.32  for  the  current period.  The net effect of the
increase  in  price and decrease in production between periods is an increase of
$15.6  million  in  oil and gas sales  before hedging  and other  activity. This
increase  was  offset  by  recognized  losses  related  to hedging transactions
totaling $4.1 million for the period ended March 31, 2003, compared to a gain of
$7.1  million for  the period  ended March 31, 2002. The average price per Mcfe,
after hedging  and  other, was $4.35 and $3.66 for the  periods  ended March 31,
2003 and 2002, respectively.

     Revenues from gas marketing and pipeline sales increased $15.7 million from
$29.7  million  during  the  period ended March 31, 2002 to $45.4 million in the
period  ended  March  31, 2003. Gas marketing revenue increased by $11.7 million
primarily  due  to  a 58.1% increase in average sales price per Mmbtu from $2.97
for  the  nine  months  ended  March 31, 2002 to $4.70 for the nine months ended
March  31,  2003.  Offsetting  this  increase  in average sales price was a 3.8%
decrease  in  gas  volumes sold from 7.6 million Mmbtu for the nine months ended
March  31,  2002  to 7.3 million Mmbtu for the nine months ended March 31, 2003.
Pipeline  revenue increased by $4.0 million primarily due to a 62.3% increase in
the  average sales price per Mmbtu. Offsetting this increase in price was a 4.2%
decline  in  gas  volumes from 4.5 million Mmbtu for the nine months ended March
31,  2002  to  4.3  million  Mmbtu for the nine months ended March 31, 2003. The
increase  in  the  average  price  was a result of the rise in natural gas index
prices  for  this  period  compared  to  the  prior  period.

    COSTS AND EXPENSES. The Company's costs and expenses increased $16.9 million
    -------------------
or  26.7%  between  the  periods  primarily  as  a net result of a $13.4 million
increase  in  gas marketing and pipeline costs, $0.4 million decrease in general
and  administrative  expenses, $0.9 million increase in taxes other than income,
and a $3.2 million increase in exploration and impairment costs. Field and lease
operating,  and  depreciation,  depletion,  and  amortization  expenses  were
comparable  between  periods.

     Gas  marketing  and  pipeline  costs increased $13.4 million. Gas marketing
costs  increased  $10.5 million primarily due to a 54.8% increase in the average
price paid per Mmbtu from $2.85 for the period ended March 31, 2002 to $4.41 for
the  period  ended  March 31, 2003. Offsetting the increase in the average price
paid  was a 3.8% decline in purchased gas volumes from 7.6 million Mmbtu for the
nine  months ended March 31, 2002 to 7.3 million Mmbtu for the nine months ended
March  31,  2003. Pipeline costs increased $3.0 million primarily due to a 62.7%
increase  in  the  average price paid for gas purchased from $1.54 per Mmbtu for
the  period  ended  March 31, 2002 to $2.51 for the period ended March 31, 2003.
Offsetting  the  increase in the average price paid for gas purchased was a 6.5%
decline  in  purchased  gas  volumes from 3.7 million Mmbtu for the period ended
March  31,  2002  to  3.4 million Mmbtu for the period ended March 31, 2003. The
increase in the average price paid was a result of the rise in natural gas index
prices  for  this  period  compared  to  the  prior  period.

     General  and  administrative expenses decreased $0.4 million primarily as a
result  of  a  decrease  in  legal  expenses  as  compared  to the prior period.

     Taxes  other  than  income  increased  $0.9  million due to the increase in
average  sales  price  received  for  oil  and  gas  production.

     Exploration  and  impairment  expenses  increased  $3.2  million  due to an
increase  in  dry  hole expense primarily related to an unsuccessful exploratory
deep  well  test  drilled  in  Texas.


                                     -15-
<PAGE>

     INTEREST  EXPENSE.  Interest  expense decreased $1.8 million when comparing
     ------------------
the periods primarily as a result of the reduction in long-term debt and a lower
interest  rate  on  a  portion  of  the  outstanding  borrowings.

     INTEREST  INCOME  AND  OTHER.  Other  income  increased  $24.6 million when
     ----------------------------
comparing  periods.  This  is  primarily  the  result of a gain of $23.6 million
     -
recognized  on the purchase of a portion of the Company's Notes and a recognized
gain  of  $4.6  million  related  to  a legal settlement. The gain was partially
offset  by  a  loss of $2.1 million related to an unconsolidated entity in which
the  Company  has  an  investment  and a $1.1 million decline in interest income
primarily  due  to  decreased  cash  balances.


LIQUIDITY  AND  CAPITAL  RESOURCES
----------------------------------

     The  Company's  financial condition has continued to improve since December
31,  2002,  but  at  the  same  time,  there  has been a further decrease in the
Company's  liquidity.  Stockholders'  equity has increased from $42.1 million at
December  31,  2002  to $44.9 million at March 31, 2003.  However, the Company's
working  capital of a negative $11.4 million at December 31, 2002 decreased to a
negative  $19.1  million  at  March 31, 2003.  The Company's cash decreased from
$7.9  million  at  December  31,  2002  to  $4.9 million at March 31, 2003.  The
Company's  cash  at May 8, 2003 was $2.3 million.  The change in cash during the
quarter of approximately $3.0 million resulted from various operating, investing
and  financing  activities  of  the  Company.  The  activities  were  primarily
comprised  of:  the  repayment of approximately $2.6 million under the Company's
$50  million revolving Credit Agreement (the "Agreement"); the net investment of
approximately  $13.5  million  in  property,  plant  and  equipment; payments of
approximately  $1.5  million  for  the  purchase  of  a portion of the Company's
outstanding Notes; payments of approximately $0.6 million for the acquisition of
treasury  stock  and dividends; and approximately $15.1 million of cash provided
by  operations  during  the  quarter.

     On  December  13,  2002,  Standard & Poor's Rating Services ("S&P"), with a
negative  outlook,  lowered  its  corporate credit rating on the Company to CCC+
from  B,  and  its  rating on the Notes to CCC- from CCC+.  S&P stated that "the
ratings  downgrade  reflects  ECA's  burdensome  debt  leverage  with  limited,
near-term  prospects  for  significant  deleveraging  and  a  likely  decline in
liquidity  through  2003 as S&P expects ECA to outspend its internally generated
cash  flow.  Given the probable cash flow generation of ECA's properties, it may
be  very  challenging  for  the  company  to  continue  servicing its debt while
averting  depletion."

     At March 31, 2003, the Company's principal source of liquidity consisted of
$4.9  million  of  cash, $2 million available under an unsecured credit facility
currently  in  place,  plus amounts available under the Agreement.  At March 31,
2003,  no  amounts  were  outstanding  or  committed under the short term credit
facility  and  $35.3  million  was  outstanding  under  the  Agreement.

     On  July  10,  2002,  the  Company entered into the Agreement with Foothill
Capital Corporation ("Foothill").  Depending on its level of borrowing under the
Agreement,  the  applicable interest rates are based on Wells Fargo's prime rate
plus  0.50% to 2.50%.  The Agreement expires on July 10, 2005.  The Agreement is
secured  by  certain  of the existing proved producing oil and gas assets of the
Company.  The  Agreement,  among  other  things,  restricts  the  ability of the
Company  and  its  subsidiaries  to  incur  new  debt, grant additional security
interests  in  its  collateral,  engage  in  certain  merger  or  reorganization
activities,  or  dispose  of certain assets.  Upon the occurrence of an event of
default,  the  lenders  may  terminate the Agreement and declare all obligations
thereunder immediately due  and  payable.  As  of  May  8, 2003, there are $27.6
million  in outstanding borrowings under the Agreement.  Under the Indenture for
the Company's Notes, the Company is restricted from incurring additional debt in
excess  of  the  $50  million available under the Agreement unless the Company's
fixed  charge coverage ratio, as defined in the Indenture, is at least 2.5 to 1.
Currently,  the  Company's  fixed  charge  coverage ratio is less than 2.5 to 1.


                                     -16-
<PAGE>

     The  Company's net cash requirements will fluctuate based on timing and the
extent  of  the  interplay of capital expenditures, cash generated by continuing
operations,  cash generated by the sale of assets and interest expense.  EBITDAX
for  fiscal  years 2002, 2001 and 2000 was $19.7 million, $33.7 million and $4.1
million, respectively.  Management anticipates that EBITDAX, before inclusion of
anticipated  gain  on  the purchase of the Company's Notes, for fiscal year 2003
will  approximate  $33  million; however, such results will not be sufficient to
fully  fund  fiscal year 2003 projected interest charges of over $17 million and
fund  the Company's anticipated fiscal year 2003 capital expenditures program of
$32  million.  Although  cash  provided  from oil and gas operations will not be
sufficient  to  fully  fund  the  Company's  fiscal year 2003 projected interest
charges,  capital expenditures program, and other uses, management believes that
cash  generated  from  continuing  oil  and  gas  operations,  together with the
liquidity  provided by existing cash balances, permitted borrowings and the cash
proceeds  resulting  from  the  sale  of  certain  assets, will be sufficient to
satisfy  commitments for capital expenditures, debt service obligations, working
capital  needs  and  other  cash  requirements  for  the  current  fiscal  year.

     In order to reduce future cash interest payments, as well as future amounts
due at maturity or upon redemption, the Company may, from time to time, purchase
its  outstanding  Notes  in  open  market  purchases and/or privately negotiated
transactions.  The  Company will evaluate any such transactions in light of then
existing  market  conditions, taking into account its liquidity, uses of capital
and  prospects  for  future access to capital.  The amounts involved in any such
transaction,  individually  or  in  the  aggregate,  may  be  material.

     The  Company  believes that its existing capital resources and its expected
fiscal  year 2003 results of operations and cash flows from operating activities
will be sufficient for the Company to remain in compliance with the requirements
of  its  Notes.  However,  since  future  results  of operations, cash flow from
operating  activities,  debt  service  capability,  levels  and  availability of
capital  resources  and  continuing  liquidity  are  dependent on future weather
patterns,  oil  and  gas  commodity  prices and production volume levels, future
exploration  and  development  drilling  success  and  successful  acquisition
transactions,  no  assurance  can  be  given  that  the  Company  will remain in
compliance  with  the  requirements  of  its  Notes.  See  Part II Item 1 "Legal
Proceedings"  for  a  discussion  related  to the Company's receipt of Notice of
Default  from  certain  holders  of  the  Notes.


ITEM  3.  QUANTITATIVE  AND  QUALITATIVE  DISCLOSURES  ABOUT  MARKET  RISK
--------------------------------------------------------------------------

COMMODITY  RISK
---------------

     The  Company's  operations  consist  primarily of exploring for, producing,
aggregating  and  selling  natural  gas  and  oil.  Contracts  to deliver gas at
pre-established prices mitigate the risk to the Company of falling prices but at
the  same time limit the Company's ability to benefit from the effects of rising
prices.  The Company occasionally uses derivative instruments to hedge commodity
price  risk.  The  Company  hedges  a  portion  of  its  projected  natural  gas
production  through a variety of financial and physical arrangements intended to
support  natural  gas  prices  at  targeted levels and to manage its exposure to
price  fluctuations.  The  Company may use futures contracts, swaps, options and
fixed  price  physical  contracts to hedge commodity prices.  Realized gains and
losses from the Company's price risk management activities are recognized in oil
and  gas  sales  when  the associated production occurs.  Unrecognized gains and
losses  are  included  as  a  component  of  other  comprehensive  income.
Ineffectiveness  is  recorded  in current earnings. The Company does not hold or
issue  derivative  instruments  for trading purposes.  The Company currently has
elected  to  enter  into  derivative hedge transactions and fixed price physical
delivery  contracts  on  its estimated production  covering approximately 60% to
70% through June 30, 2003, and for the fiscal year ending June 30, 2004, and 20%
to 30%  for  the  fiscal  year  ending  June 30, 2005.


                                     -17-
<PAGE>

     Notwithstanding the above, the Company's future cash flows from gas and oil
production  are  exposed  to  significant volatility as commodity prices change.
Assuming  total  oil  and  gas  production,  pricing,  and the percentage of gas
production  hedged  under physical delivery contracts and derivative instruments
remain  at  March  2003  levels,  a  10%  change  in the average unhedged prices
realized  would change the Company's gas and oil revenues by approximately $0.23
million  on  a  quarterly  basis.

INTEREST  RATE  RISK
--------------------

     Interest  rate  risk  is  attributable  to the Company's debt.  The Company
utilizes United States dollar denominated borrowings to fund working capital and
investment  needs.  As of March 31, 2003, all but $35.3 million of the Company's
debt  has  fixed interest rates.  There is inherent rollover risk for borrowings
as they mature and are renewed at current market rates.  The extent of this risk
is  not  predictable because of the variability of future interest rates and the
Company's  future financing needs.  Assuming the variable interest debt remained
at  the  March  31, 2003 level, a 10% change in rates would have a $0.24 million
impact on interest expense on an annual basis.  The Company has not attempted to
hedge  the  interest  rate  risk  associated  with  its  debt.

FOREIGN  CURRENCY  EXCHANGE  RISK
---------------------------------

     Some  of the Company's transactions are denominated in New Zealand dollars.
For  foreign  operations  with  the  local  currency as the functional currency,
assets  and  liabilities  are  translated  at the period end exchange rates, and
statements  of  income  are  translated at the average exchange rates during the
period.  Gains  and  losses  resulting  from  foreign  currency  translation are
included  as  a  component  of  other  comprehensive  income.


ITEM  4.  CONTROLS  AND  PROCEDURES
-----------------------------------

     Under  the  supervision  and  with  the  participation  of  our management,
including  our  principal executive officer and principal financial officer, the
Company  has  evaluated  the  effectiveness  of  the design and operation of our
disclosure  controls  and  procedures  within 90 days of the filing date of this
quarterly report and, based on their evaluation, our principal executive officer
and  principal  financial  officer  have  concluded  that  these  controls  and
procedures  are  effective.  There  were  no significant changes in our internal
controls  or  in  other  factors  that could significantly affect these controls
subsequent  to the date of their evaluation.  Disclosure controls and procedures
are  our  controls  and  other  procedures  that  are  designed  to  ensure that
information required to be disclosed by us in the reports that we file or submit
under  the  Securities Exchange Act of 1934, as amended, is recorded, processed,
summarized and reported, within the time periods specified in the Securities and
Exchange  Commission's  rules  and  forms.  Disclosure  controls  and procedures
include,  without  limitation,  controls  and procedures designed to ensure that
information required to be disclosed by us in the reports that we file under the
Securities  Exchange  Act  is  accumulated  and  communicated to our management,
including  our  principal  executive officer and principal financial officer, as
appropriate  to  allow  timely  decisions  regarding  required  disclosure.


                                     -18-
<PAGE>

PART  II.  OTHER  INFORMATION

Item  1.  Legal  Proceedings

     As  previously  disclosed,  on  December  27,  2001, the Company received a
Notice  of  Default  from  certain  holders  of  its  $200 million 9 1/2% Senior
Subordinate Notes due 2007 (the "Notes") alleging a default under Section 4.9 of
the  Indenture  pursuant  to  which  the Notes were issued.  The alleged default
related to the proper calculation of Net Proceeds of an Asset Sale, particularly
with  respect  to  the  deduction  for taxes paid or payable as a result of such
sale.  On  December 28, 2001, the Company filed a declaratory judgment action in
the United States District Court for the Southern District of West Virginia (the
"Court")  against the holders of the Notes who issued the Notice of Default (the
"Noteholders"),  asking  the  Court  to  confirm  the  proper calculation of Net
Proceeds  of  an Asset Sale under the Indenture.  On January 25, 2002, the Court
entered  an  order  denying  the Noteholders' Motion to Dismiss and granting the
Company's  Motion  for  Partial  Summary  Judgment,  which  order  approved  the
Company's methodology in calculating taxes paid or payable in connection with an
Asset  Sale.  On  February  28,  2002,  the  Noteholders  filed  an  answer  and
counterclaim  in the declaratory judgment action.  The counterclaim alleged that
the  Company's  sale  of  Mountaineer  in  August  of 2000 constituted a sale of
substantially  all  assets  of  the  Company,  as  opposed to an Asset Sale, and
invoked  certain  obligations  under the Indenture to repurchase the outstanding
Notes.  On  March  25,  2002,  the  Company  filed its Second Motion for Partial
Summary  Judgment, asserting that the Noteholders were barred from asserting the
counterclaim.  On  June  3,  2002,  the  United  States  District  Court for the
Southern  District  of  West  Virginia  entered  an order granting the Company's
Second  Motion  for  Partial  Summary  Judgment,  which  order  dismissed  the
Noteholders'  claim  on the basis of judicial admissions and equitable estoppel.
On  May  22,  2002,  the  Noteholders filed a "Motion for Reconsideration of the
Court's  January  25,  2002,  Order  and Permission to Take Limited Discovery in
Order  to  Supplement  the  Record".  The  Court entered an Order dated July 19,
2002,  denying  the  Noteholders' Motion for Reconsideration.  On July 27, 2002,
the  Noteholders  filed a Notice of Appeal in the United States Court of Appeals
for  the  Fourth  Circuit.  The  Noteholders  subsequently  filed  a  motion  to
voluntarily  dismiss  the appeal without prejudice.  This motion was granted and
the  matter  was  remanded  to  the District Court. The District Court entered a
Stipulation  and  Final Judgment on December 3, 2002, and a Judgment Order dated
December  4, 2002. This discussion is qualified in its entirety by the foregoing
Stipulation  and  Final  Judgment  dated December 3, 2002 and the Judgment Order
dated  December  4,  2002, which have been previously filed and are incorporated
herein  by  reference.

     On  December  9,  2002, some of the Noteholders filed a Notice of Appeal to
the  United  States Court of Appeals for the Fourth Circuit from the Stipulation
and  Final Judgment Order dated December 3, 2002, and the Judgment Order entered
on  December  4,  2002.  Briefing is complete and oral argument has not yet been
scheduled.

     The Company and Prudential Securities Incorporated ("Prudential") have been
in  a  long-standing contract dispute resulting from the sale of Mountaineer Gas
Company  to  Allegheny  Energy,  Inc.  In  March  2003,  the dispute resulted in
Prudential  filing  suit  against  the  Company  in the District Court, City and
County  of  Denver,  Colorado.  Management  does  not  believe  the  merits  of
Prudential's  allegations, and is of the opinion that the matter is not material
regardless  of  the  outcome.


                                     -19-
<PAGE>

     The  Company  is involved in various other legal actions and claims arising
in  the  ordinary course of business.  While the outcome of these other lawsuits
against  the  Company  cannot  be  predicted with certainty, management does not
expect  these  matters  to  have  a  material  adverse  effect  on the Company's
operations  or  financial  position.

ITEM  2.  CHANGES  IN  SECURITIES

          None

ITEM  3.  DEFAULTS  UPON  SENIOR  SECURITIES

          None

ITEM  4.  SUBMISSION  OF  MATTERS  TO  A  VOTE  OF  SECURITY  HOLDERS

          None

ITEM  5.  OTHER  INFORMATION

          None

ITEM  6.  EXHIBITS  AND  REPORTS  ON  FORM  8-K

   a)     Exhibits:

          99.01*  Stipulation  and  Final  Judgment
          99.02*  Judgment  Order

   b)     Reports  on  Form  8-K:

          None










*  Incorporated  by  reference  to  the indicated exhibits to filings previously
made  with  the Securities and Exchange Commission by the Registrant's Quarterly
report  on  Form  10-Q  for  the  quarter  ended  December  31,  2002.




                                     -20-
<PAGE>



                                   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 under
signed  thereunto, duly authorized, in the City of Denver, State of Colorado, on
the  9th  day  of  May  2003.



                                        ENERGY  CORPORATION  OF  AMERICA




                                        By:     /s/John  Mork
                                                -------------
                                        John  Mork
                                        Chief  Executive  Officer  and  Director




                                        By:     /s/Michael  S.  Fletcher
                                                ------------------------
                                        Michael  S.  Fletcher
                                        Chief  Financial  Officer


                                     -21-
<PAGE>


CERTIFICATION  PURSUANT  TO  SECTION  302  UNDER  THE  SECURITIES  ACT  OF  1934
FORM  OF  302  CERTIFICATION  (10-Q)


I,  John  Mork,  certify  that:

1.     I  have reviewed this quarterly report on Form 10-Q of Energy Corporation
of  America;

2.     Based  on my knowledge, this quarterly report does not contain any untrue
statement  of a material fact or omit to state a material fact necessary to make
the  statements  made, in light of the circumstances under which such statements
were  made,  not misleading with respect to the period covered by this quarterly
report;

3.     Based  on  my  knowledge,  the  financial statements, and other financial
information  included  in  this quarterly report, fairly present in all material
respects  the  financial  condition, results of operations and cash flows of the
registrant  as  of,  and  for,  the  periods presented in this quarterly report;

4.     The  registrant's  other  certifying  officer  and  I are responsible for
establishing  and  maintaining disclosure controls and procedures (as defined in
Exchange  Act  Rules  13a-14  and  15d-14)  for  the  registrant  and  we  have:

a.     designed  such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is  made  known  to  us by others within those entities, particularly during the
period  in  which  this  quarterly  report  is  being  prepared;

b.     evaluated  the  effectiveness of the registrant's disclosure controls and
procedures  as  of  a  date  within  90  days  prior  to the filing date of this
quarterly  report  (the  "Evaluation  Date");  and

c.     presented  in  this  quarterly  report  our  conclusions  about  the
effectiveness  of the disclosure controls and procedures based on our evaluation
as  of  the  Evaluation  Date;

5.     The  registrant's other certifying officer and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit committee
of  registrant's  board  of  directors  (or  persons  performing  the equivalent
function):

a.     all  significant  deficiencies  in  the  design  or operation of internal
controls  which  could  adversely  affect  the  registrant's  ability to record,
process,  summarize  and  report  financial  data  and  have  identified for the
registrant's  auditors  any  material  weaknesses  in  internal  controls;  and

b.     any  fraud,  whether  or  not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6.     The  registrant's  other  certifying officer and I have indicated in this
quarterly  report  whether  or  not  there  were significant changes in internal
controls  or  in other factors that could significantly affect internal controls
subsequent  to  the date of our most recent evaluation, including any corrective
actions  with  regard  to  significant  deficiencies  and  material  weaknesses.


Dated:  May  9,  2003                                  /s/John  Mork
                                                       -------------
                                                       John  Mork
                                                       Chief  Executive  Officer


                                     -22-
<PAGE>

CERTIFICATION  PURSUANT  TO  SECTION  302  UNDER  THE  SECURITIES  ACT  OF  1934
FORM  OF  302  CERTIFICATION  (10-Q)


I,  Michael  S.  Fletcher,  certify  that:

1.     I  have reviewed this quarterly report on Form 10-Q of Energy Corporation
of  America;

2.     Based  on my knowledge, this quarterly report does not contain any untrue
statement  of a material fact or omit to state a material fact necessary to make
the  statements  made, in light of the circumstances under which such statements
were  made,  not misleading with respect to the period covered by this quarterly
report;

3.     Based  on  my  knowledge,  the  financial statements, and other financial
information  included  in  this quarterly report, fairly present in all material
respects  the  financial  condition, results of operations and cash flows of the
registrant  as  of,  and  for,  the  periods presented in this quarterly report;

4.     The  registrant's  other  certifying  officer  and  I are responsible for
establishing  and  maintaining disclosure controls and procedures (as defined in
Exchange  Act  Rules  13a-14  and  15d-14)  for  the  registrant  and  we  have:

a.     designed  such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is  made  known  to  us by others within those entities, particularly during the
period  in  which  this  quarterly  report  is  being  prepared;

b.     evaluated  the  effectiveness of the registrant's disclosure controls and
procedures  as  of  a  date  within  90  days  prior  to the filing date of this
quarterly  report  (the  "Evaluation  Date");  and

c.     presented  in  this  quarterly  report  our  conclusions  about  the
effectiveness  of the disclosure controls and procedures based on our evaluation
as  of  the  Evaluation  Date;

5.     The  registrant's other certifying officer and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit committee
of  registrant's  board  of  directors  (or  persons  performing  the equivalent
function):

d.     all  significant  deficiencies  in  the  design  or operation of internal
controls  which  could  adversely  affect  the  registrant's  ability to record,
process,  summarize  and  report  financial  data  and  have  identified for the
registrant's  auditors  any  material  weaknesses  in  internal  controls;  and

e.     any  fraud,  whether  or  not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6.     The  registrant's  other  certifying officer and I have indicated in this
quarterly  report  whether  or  not  there  were significant changes in internal
controls  or  in other factors that could significantly affect internal controls
subsequent  to  the date of our most recent evaluation, including any corrective
actions  with  regard  to  significant  deficiencies  and  material  weaknesses.


Dated:  May  9,  2003                                 /s/Michael  S.  Fletcher
                                                      ------------------------
                                                      Michael  S.  Fletcher
                                                      Chief  Financial  Officer


                                     -23-
<PAGE>