FORM 10Q
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549
(Mark One)

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
         SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended
                               September 30, 2001
                                       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:   12,688,061



<PAGE>



                          ITEM I: Financial Statements

                               EQUITY OIL COMPANY
                            Statements of Operations
              For the Nine Months Ended September 30, 2001 and 2000
                                   (Unaudited)

                                          2001          2000
                                       ----------    ---------

REVENUES

     Oil and gas sales                $17,247,604  $16,818,425
     Interest income                      127,180      130,887
     Other                                182,765    1,295,153
                                       ----------   ----------

                                       17,557,549   18,244,465

EXPENSES

     Operating costs                    5,583,541    5,032,304
     Depreciation, depletion and
       amortization                     2,850,000    3,000,000
         Impairment of proved oil and
           gas properties                  69,545            -
     Equity loss in
           Symskaya Exploration, Inc.     105,414      101,890
     3-D seismic                          200,005      590,769
     Exploration                        1,436,842    1,523,754
     General and administrative         1,889,517    1,467,340
     Interest                             353,872      885,183
                                       ----------   ----------
                                       12,488,736   12,601,240

         Income before income taxes     5,068,813    5,643,225

     Provision for income taxes         1,814,805    2,067,666
                                       ----------    ---------

NET INCOME                            $ 3,254,008   $3,575,559
                                       ==========    =========

Net income per share

         Basic                               $.26         $.28
         Diluted                             $.25         $.28

Weighted average shares outstanding

         Basic                         12,678,711   12,643,440
         Diluted                       12,980,699   12,932,233



        The accompanying notes are an integral part of these statements.



                                        2

<PAGE>



                               EQUITY OIL COMPANY
                            Statements of Operations
             For the Three Months Ended September 30, 2001 and 2000
                                   (Unaudited)

                                         2001           2000
                                      -----------   ----------

REVENUES

     Oil and gas sales                 $3,797,827   $6,027,006
     Interest income                       27,656       55,236
     Other                                  9,916      142,284
                                        ---------   ----------

                                        3,835,399    6,224,526

EXPENSES

     Operating costs                    1,847,134    1,747,786
     Depreciation, depletion and
       amortization                       930,000    1,000,000
         Impairment of proved oil and
           gas properties                  69,545            -
     Equity loss in
           Symskaya Exploration, Inc.      53,243       18,931
     3D seismic                           175,181       59,976
     Exploration                          600,607      734,810
     General and administrative           514,593      495,783
     Interest                              71,150      270,616
                                        ---------   ----------

                                        4,261,453    4,327,902

         Income (loss) before
            income taxes                 (426,054)   1,896,624

         Provision for (benefit from)
            income taxes                 (300,519)     682,597
                                      -----------   ---------

NET INCOME (LOSS)                      $ (125,535)  $1,214,027
                                        ==========   =========

Net income (loss) per common share:

         Basic                        $     (0.01) $      0.10
         Diluted                      $     (0.01) $      0.09

Weighted average shares outstanding:

     Basic                             12,688,061   12,643,440
     Diluted                           12,901,672   12,860,825








        The accompanying notes are an integral part of these statements.


                                        3

<PAGE>






                               EQUITY OIL COMPANY
                                  Balance Sheet
                 as of September 30, 2001 and December 31, 2000
                                   (Unaudited)



                                   September 30,  December 31,
ASSETS                                 2001           2000
------                             ------------    ---------

Current assets:
  Cash and cash equivalents       $ 2,355,714     $ 2,190,548
  Accounts and advances receivable  3,415,551       5,471,937
  Income taxes receivable             303,361         107,490
  Deferred income taxes               120,846          79,896
  Other current assets                 55,973          58,667
                                   ----------      ----------
                                    6,251,445       7,908,538

Property and equipment            109,914,458     106,031,805
Less accumulated depreciation,
 depletion and amortization        69,356,006      66,509,569
                                   ----------      ----------
                                   40,558,452      39,522,236

Other assets                          307,582         366,937
                                   ----------      ----------
                                      307,582         366,937

TOTAL ASSETS                      $47,117,479     $47,797,711
                                   ==========      ==========

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable                $ 2,091,671     $ 2,303,102
  Accrued liabilities                 165,039         189,912
  Federal, state and foreign
    income taxes payable               43,716         632,435
                                   ----------       ---------
                                    2,300,426       3,125,449

Revolving credit facility           5,500,000       8,500,000
Deferred income taxes               3,431,011       3,588,575
                                   ----------      ----------
                                    8,931,011      12,088,575
Stockholders' equity:
  Common stock                     12,851,661      12,819,212
  Paid in capital                   3,735,763       3,719,865
  Less cost of treasury stock        (528,302)       (528,302)
  Retained earnings                19,826,920      16,572,912
                                   ----------      ----------

                                   35,886,042      32,583,687
TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY            $47,117,479     $47,797,711
                                   ==========      ==========



        The accompanying notes are an integral part of these statements.



                                        4

<PAGE>



                               EQUITY OIL COMPANY
                             Statement of Cash Flows
              For the Nine Months Ended September 30, 2001 and 2000
                                   (Unaudited)

                                              2001          2000
                                          -----------   ----------
CASH FLOWS FROM OPERATING ACTIVITIES:

   Net income                         $ 3,254,008  $ 3,575,559

   Adjustments:
     Depreciation, depletion and
       amortization                     2,850,000    3,000,000
         Impairment of proved oil and
           gas properties                  69,545            -
     Loss (gain) on
       property dispositions                1,078     (499,965)
     Equity loss in
           Symskaya Exploration, Inc.     105,414      101,890
         Change in other assets            59,355       72,786
     Change in deferred income taxes     (198,514)   1,920,001

   Increase (decrease) from changes in:

     Accounts and advances receivable   2,056,386     (583,897)
     Other current assets                   2,694      192,560
     Accounts payable and accrued
       liabilities                       (236,304)     440,368
     Income taxes receivable/payable     (749,346)    (102,269)
                                        ---------    ---------
   Net cash provided
     by operating activities            7,214,316    8,117,033
                                        ---------   ----------

CASH FLOWS FROM INVESTING ACTIVITIES:

   Proceeds from sale of properties             -      513,298
   Advances to Symskaya Exploration      (105,414)    (101,890)
   Capital expenditures                (3,956,839)  (1,823,362)
                                        ---------    ---------
   Net cash used in
       investing activities            (4,062,253)  (1,411,954)
                                        ---------    ---------

CASH FLOWS FROM FINANCING ACTIVITIES:

   Payment of loan fees                         -      (26,136)
   Stock option proceeds                   13,103        3,189
   Payments on credit facility         (3,000,000)  (5,500,000)
                                        ---------    ---------
Net cash used in financing
      activities                       (2,986,897)  (5,522,947)
                                        ---------   ----------

NET INCREASE IN CASH                      165,166    1,182,132

CASH AND CASH EQUIVALENTS
   AT BEGINNING OF PERIOD               2,190,548    1,006,602
                                        ---------    ---------

CASH AND CASH EQUIVALENTS
   AT END OF PERIOD                   $ 2,355,714  $ 2,188,734
                                        =========    =========





        The accompanying notes are an integral part of these statements.

                                        5

<PAGE>



                          NOTES TO FINANCIAL STATEMENTS

Note 1.  Interim Financial Statements

     The accompanying  financial  statements of Equity Oil Company  ("Equity" or
"the Company") are unaudited.  In the opinion of the Company's  management,  the
financial  statements reflect the adjustments,  all of which are of a normal and
recurring  nature,  necessary to present  fairly the  financial  position of the
Company as of September  30,  2001,  and the results of its  operations  for the
three and nine month  periods ended  September  30, 2001 and 2000,  and its cash
flows for the nine month periods ended September 30, 2001 and 2000.

     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  2000  Annual  Report  on Form  10-K,  and the
Company's Form 10-Q for the first and second quarters of 2001.

     The results for the three and nine month periods  ended  September 30, 2001
are not necessarily indicative of future results.

Note 2.  Net Income (Loss) Per Share

     Basic net income  (loss) per share is computed  using the weighted  average
number of common shares outstanding during the period. Diluted net income (loss)
per share is  computed  using the  weighted  average  number of common  and,  if
dilutive,  potential common  equivalent  shares  outstanding  during the period.
Potential  common  equivalent  shares consist of the  incremental  common shares
issuable upon the exercise of stock options (using the treasury stock method).

     Options  to  purchase  approximately  1,649,000  shares of common  stock at
prices of $1.06 to $5.125 per share were  outstanding  at September 30, 2001, of
which,  246,060 and 301,988 of these options were included in the computation of
diluted  earnings per share for the third quarter and first nine months of 2001,
respectively. Options to purchase approximately 1,589,000 shares of common stock
at prices of $1.06 to $5.50 per share were outstanding at September 30, 2000, of
which,  536,500 were included in the computation of diluted net income per share
for the third quarter and first nine months of 2000.












                                        6

<PAGE>



                                     PART I

                                     ITEM 2

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

RESULTS OF OPERATIONS

Financial Results

     Lower oil and gas prices and increased  exploration  activities  during the
third  quarter of 2001  negatively  impacted  earnings for the quarter.  For the
quarter ended  September 30, 2001,  Equity  recorded a net loss of $125,535,  or
$(.01) per basic share, compared to net income of $1,214,027,  or $.10 per basic
share,  in the third  quarter of 2000.  Revenues in the 2001 third  quarter were
$3,835,399, down 38% from revenues of $6,224,526 in the 2000 third quarter. Cash
flow from  operating  activities in the third quarter of 2001 of $1,569,575  was
52% lower than the third quarter 2000 operating cash flow of $3,262,879.

     Net income for the first nine  months of 2001 was  $3,254,008,  or $.26 per
basic  share,  compared  to net income of  $3,575,559,  or $.28 per basic  share
reported in the first nine months of 2000. Total revenues of $17,557,549 were 4%
lower than total  revenues of  $18,244,465  recorded in the first nine months of
2000.  Cash flow from  operating  activities in the first nine months of 2001 of
$7,214,316 was 12% lower than 2000 nine months cash flow of $8,177,033.

Operating Activities

     The Company  participated  in a successful  development  well in the Beaver
Creek Field during the quarter. The Westport #24-15T recorded an initial pumping
potential of 95 BOPD,  25 MCFD and 350 BWPD.  Equity  maintains a 32.5%  working
interest in the #24-15T.  An  exploratory  dry hole was drilled on the Company's
operated Merlin survey in the Sacramento Basin during the quarter.

     The Company  anticipates receipt of a drilling permit for the Equity #33-14
Beaver Creek in November. The #33-14 is the first exploration well to be drilled
on the Beaver Creek  proprietary  3-D seismic  project in the Williston Basin of
North Dakota. Currently, Equity's working interest in the #33-14 Beaver Creek is
100%. The Company  anticipated  drilling two  exploratory  wells in Beaver Creek
during 2001; however, the drilling permit for the Equity #32-4 Beaver Creek will
not be issued this year. The  exploration  effort in this area is being expanded
with the data  acquisition  phase of an  approximate 15 square mile extension of
the original Beaver Creek survey.

     The Company  participated  in a exploratory  dry hole during October at its
Raven Ridge prospect in the Uintah Basin of Northeastern Utah.

     During  November 2001,  Equity plans to commence its four well  development
drilling  program in the Sage Creek and  Torchlight  Fields in its Bighorn Basin
core area of operation.  Drilling  objectives in Sage Creek include an extension
of  the  principal  producing  reservoir  and  an  infill  development  well.  A
proprietary  four square mile 3-D seismic survey,  completed  earlier this year,
identified field extension development drilling  opportunities in the Torchlight
Field. Assuming issuance of one remaining drilling permit, two wells are planned
at  Torchlight.   Equity's  operated  working  interest  in  the  Bighorn  Basin
development program varies between 56% and 100%.

                                        7

<PAGE>


     A six well infill development drilling program is underway in the Company's
principal  Canadian asset,  the Cessford Field,  in Southern  Alberta.  The 2001
drilling program is a continuation of the successful 2000 drilling campaign. The
five 2000 infill wells are currently producing  approximately 40% of the field's
oil  production  of 380 BOPD and 60% of the total casing head gas  production of
800 MCFD. Equity's working interest in Cessford is 50%.

     The three well  development  drilling program in the Siberia Ridge Field of
Southwestern  Wyoming may be initiated during the fourth quarter,  however,  the
operator,  Anadarko  Petroleum,  has  currently  been unable to secure  drilling
permits  from the  Federal  Bureau of Land  Management.  It is likely  that some
portion of this drilling program will be deferred until 2002.

CAPITAL RESOURCES AND LIQUIDITY

     Cash and cash equivalents  totaled  $2,355,714 as of September 30, 2001, an
increase  of 8% since  year-end  2000.  Working  capital at  September  30, 2001
decreased 17% at  $3,951,019,  compared to $4,783,089 at December 31, 2000.  The
Company's ratio of current assets to current  liabilities  improved to 2.72 to 1
at September 30, 2001, compared to 2.53 to 1 at December 31, 2000.

     Cash balances and working capital remained strong despite the fact that the
Company has reduced its  outstanding  debt by $3.0  million  during 2001 to $5.5
million at September 30, 2001.

     The  Company's  commitment  under  its  credit  facility  is  subject  to a
redetermination  as of May 1 and November 1 of each year, with estimated  future
oil and gas prices used in the  evaluation  determined by the Company's  lender.
The  Company's  current  commitment  under its credit  facility is $17  million.
Accordingly,  as of  September  30,  2001,  the  Company  had $11.5  million  of
availability  under its facility.  The Company is in compliance  with all of its
facility covenants.

     Investment  in  property  and  equipment  for the first nine months of 2001
totaled  $4,034,421,  a 121%  increase  from  the  amount  recorded  during  the
corresponding  nine months of 2000.  High cash flows have enabled the Company to
actively pursue its 2001 drilling and workover programs.

     The Company believes that existing cash balances,  cash flow from operating
activities, and funds available under the Company's credit facility will provide
adequate resources to meet its capital and exploration  spending  objectives for
2001.




                                        8

<PAGE>



COMPARISON OF THIRD QUARTER 2001 WITH THIRD QUARTER 2000

     Lower oil and gas prices,  coupled with  decreased oil and gas  production,
resulted in a 37%  decrease in oil and gas sales for the third  quarter of 2001.
Total revenues for the period were $3,835,399, compared to $6,224,526 during the
same period of 2000.

     The average oil price  received in the third quarter was $22.68 per barrel,
down 20% from  $28.34 per barrel in the third  quarter of 2000.  Gas prices were
down more  drastically,  averaging  $1.59 per Mcf in the third  quarter  of 2001
compared  to $3.84  per Mcf in 2000.  Oil  production  decreased  8% to  151,000
barrels in 2001 compared to 165,000  barrels during the same period of 2000. Gas
production in the 2001 quarter  decreased to 357,000 Mcf compared to 370,000 Mcf
in the  comparable  period last year. The reduction in oil and gas production is
attributable to a normal production decline as properties mature.

     Total  expenses in 2001  decreased 5% over 2000 third quarter  levels.  The
decrease is attributable to lower  exploration  costs in 2001 and lower interest
expense.  Operating  costs rose 6% from 2000  levels,  primarily  as a result of
costs  associated  with  abandoning   nonproducing  wells  and  higher  workover
expenses.

     Lower  exploration  costs  are  associated  with  the  Company's  delay  in
obtaining  necessary  drilling  permits and oilfield  services which have led to
less  drilling  events  this year as  compared  to the prior  year.  General and
administrative  expenses  increased  4% from 2000  third  quarter  levels due to
higher compensation, and employee relocation costs associated with the hiring of
a new vice president of corporate development.

     Lower interest  costs in 2001 reflect the lower amount of debt  outstanding
under the Company's credit facility and lower interest rates.

COMPARISON OF FIRST NINE MONTHS OF 2001 WITH FIRST NINE MONTHS OF 2000

     Higher gas prices  offset  lower oil  prices  and  declines  in oil and gas
production  to produce a modest 3%  increase  in oil and gas sales for the first
nine  months of 2001.  Oil and gas  revenues  for the period  were  $17,247,604,
compared to $16,818,425 during the first nine months of 2000. Total revenues for
the first  nine  months in 2001 of  $17,557,549  decreased  4% from  $18,244,465
received during the same period in 2000.

     Average  oil prices  received  by the  Company in the first nine  months of
2001,  were  $24.24 per  barrel,  compared  to $26.10,  net of hedging  costs of
$835,562 during the same period of 2000.  Average gas prices received during the
first nine  months of 2001 were $5.25 per Mcf,  which  compared to $3.07 per Mcf
during  the same  period of 2000.  Through  the first nine  months of 2001,  oil
production of 472,000 barrels was down from 2000 production of 505,000  barrels.
Natural gas production  decreased from 1,200,000 Mcf in 2000 to 1,100,000 Mcf in
2001.  These  production  declines are  attributable  to normal  declines as the
properties mature.

     Included in the 2000 nine month  revenues  is  $505,000  in non-  recurring
property  sales  recognized  in the  first  quarter  of the  year.  There was no
corresponding  amount received in 2001. The Company also recognized gains on the
sale of securities in 2000 and no such sales in 2001.

     Higher operating costs, and  administrative  costs were offset by lower 3-D
seismic expense,  exploration and interest costs. Overall expenses were 2% lower
in 2001 than in the same  period  of 2000.  Operating  costs  rose 11% from 2000
levels,  as the Company  continues its well workover programs and to incur costs
associated with abandonment of nonproducing wells.

     Expenses in the first nine months of 2001 include costs  associated  with a
new  Company   operated  3-D  seismic  survey  in  North  Dakota.   The  Company
participated in two such surveys during the first nine months of 2000.

     Exploration costs decreased as the Company's 2001 drilling program has been
delayed  by the  regulatory  permitting  process  and  difficulty  in  obtaining
oilfield  services.  Through the first nine months of 2001, the Company incurred
$311,000 in dry hole costs compared to $455,000  incurred during the same period
of 2000.

     General and  administrative  expenses  increased 28% from 2000 levels.  The
increase was due to higher compensation,  fees paid to an employment search firm
associated with hiring a new vice president of corporate  development,  employee
relocation and shareholder expenses.

     Lower interest  costs in 2001 reflect the lower amount of debt  outstanding
under the Company's credit facility and lower interest rates.

OTHER ITEMS

     In June 1998, the Financial  Accounting Standards Board issued Statement of
Financial  Accounting  Standards  ("SFAS") No. 133,  "Accounting  for Derivative
Instruments and Hedging  Activities." SFAS 133, as amended,  establishes methods
of  accounting  for  derivative  financial  instruments  and hedging  activities
related to those  instruments as well as other hedging  activities.  The Company
adopted SFAS No. 133 on January 1, 2001, and the adoption of this  pronouncement
did not have a material impact on the Company's  financial  position and results
of operations.

     The Company has reviewed all other  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.


                                        9

<PAGE>

FORWARD LOOKING STATEMENTS

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

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

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

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

                                    PART II

                                OTHER INFORMATION

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

                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                   EQUITY OIL COMPANY
                                   (Registrant)



DATE:     November 5, 2001         By /s/ Paul M. Dougan
       -----------------------       ---------------------
                                   Paul M. Dougan
                                   President

DATE:     November 5, 2001         By /s/Russell V. Florence
       -----------------------       -------------------------
                                   Russell V. Florence
                                   Treasurer
                                   Principal Accounting Officer

                                       10