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, 1997
                                       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: 12,671,100


<PAGE>



                  ITEM I:  Financial Statements

                               EQUITY OIL COMPANY
                            Statements of Operations
              For the Nine Months Ended September 30, 1997 and 1996
                                   (Unaudited)

                                                       
REVENUES                                                1997           1996
                                                        ----           ----

     Oil and gas sales ......................     $ 12,504,373     $ 11,542,851
     Partnership income .....................          225,000          225,000
     Interest income ........................          113,339          104,952
     Other ..................................          747,620          245,554

                                                    13,590,332       12,118,357

EXPENSES

     Operating costs ........................        4,520,122        4,110,248
     Depreciation, depletion and
       amortization .........................        3,300,000        2,850,000
     Leasehold abandonments .................           82,420           31,642
     Equity loss in
       Symskaya Exploration, Inc. ...........          236,589        5,250,000
     3D seismic .............................             --            457,536
     Exploration ............................        1,930,692        1,418,578
     General and administrative .............        1,575,129        1,630,706
     Interest ...............................          550,458             --

                                                    12,195,410       15,748,710

Income (loss) before income taxes ...........        1,394,922       (3,630,353)

Provision (benefit) for income taxes ........          501,495       (1,691,138)

NET INCOME (LOSS) ...........................     $    893,427     $ (1,939,215)
                                                  
Net income (loss) per common share ..........     $       0.07     $      (0.15)

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

Weighted average shares outstanding .........       12,696,093       12,734,711



        The accompanying notes are an integral part of these statements.




<PAGE>



                               EQUITY OIL COMPANY
                            Statements of Operations
             For the Three Months Ended September 30, 1997 and 1996
                                   (Unaudited)

                                        
REVENUES                                               1997              1996

     Oil and gas sales .....................     $  3,758,655      $  3,974,173
     Partnership income ....................           75,000            75,000
     Interest income .......................           29,821            34,047
     Other .................................          195,463           122,480

                                                    4,058,939         4,205,700

EXPENSES

     Operating costs .......................        1,481,187         1,488,321
     Depreciation, depletion and
       amortization ........................        1,100,000         1,050,000
     Leasehold abandonments ................           41,468            16,550
     Equity loss in
       Symskaya Exploration, Inc. ..........           92,752         5,250,000
     3D seismic ............................             --             153,439
     Exploration ...........................          702,645           492,098
     General and administrative ............          467,111           411,734
     Interest expense ......................          226,286              --

                                                    4,111,449         8,862,142

Loss before income taxes ...................          (52,510)       (4,656,442)


Benefit for income taxes ...................           (4,352)       (1,896,171)

NET LOSS ...................................     $    (48,158)     $ (2,760,271)

Net loss per common share ..................     $      (0.00)     $      (0.22)

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

Weighted average shares outstanding ........       12,678,883        12,746,339


        The accompanying notes are an integral part of these statements.

<PAGE>



                               EQUITY OIL COMPANY
                                  Balance Sheet
                 as of September 30, 1997 and December 31, 1996

                                          (Unaudited)
                                          September 30,   December 31,
ASSETS                                        1997             1996

Current assets:
  Cash and cash equivalents ........   $     285,321    $     787,961
  Temporary cash investments .......            --             49,802
  Accounts and advances receivable .       3,370,932        3,660,670
  Income taxes receivable ..........          44,311          311,393
  Deferred tax assets ..............          31,053           31,053
  Other current assets .............         445,428          372,701

Total current assets                       4,177,045        5,213,580

Property and equipment .............     109,357,426      106,147,145
Less accumulated depletion,
  depreciation and amortization ....      63,715,369       61,732,014
                             
Total property and equipment              45,642,057       44,415,131

Other assets:
  Investment in and note receivable
    from Symskaya Exploration ......            --               --
  Investment in Raven Ridge
    Pipeline Partnership ...........         299,014          405,328
  Other assets .....................         115,812          147,398

Total other assets                           414,826          552,726

TOTAL ASSETS .......................   $  50,233,928    $  50,181,437

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable .................   $     805,892    $   1,880,420
  Accrued liabilities ..............         110,822          153,467
  Accrued profit sharing ...........         144,000          179,100
  Income taxes payable .............         270,675          191,509

Total current liabilities                  1,331,389        2,404,496


Revolving credit facility ..........       9,578,830        8,878,830
Deferred income taxes ..............       5,231,475        5,565,973

Non-current liabilities                   14,810,305       14,444,803

Stockholders' equity
  Common stock .....................      12,761,100       12,751,100
  Paid in capital ..................       3,667,708        3,648,333
  Retained earnings ................      17,924,785       17,031,358
  Less cost of treasury stock ......        (261,359)         (98,653)

Total stockholders' equity                34,092,234       33,332,138

TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY .............   $  50,233,928    $  50,181,437

        The accompanying notes are an integral part of these statements.




<PAGE>



                               EQUITY OIL COMPANY
                             Statement of Cash Flows
              For the Nine Months Ended September 30, 1997 and 1996
                                   (Unaudited)

                                               1997           1996
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income (loss) ..................   $   893,427    $(1,939,215)
   Adjustments
     Depreciation, depletion and
       amortization ...................     3,300,000      2,850,000
     Partnership distributions in
       excess of income ...............       106,314        108,553
     (Gain) loss on
       property dispositions ..........      (210,063)        31,642
     Equity loss in
       Symskaya Exploration ...........       236,589      5,250,000
     Change in other assets ...........        31,586         31,585
     Common stock issued for services .        29,375        103,313
     Decrease in deferred income taxes       (334,498)    (2,031,251)
   Net cash provided before changes in
      working capital items ...........     4,052,730      4,404,627

   Increase (decrease) from changes in:
     Accounts and advances receivable .       289,738        282,826
     Other current assets .............       (72,727)       125,733
     Accrued profit sharing ...........       (35,100)        (4,771)
     Accounts payable and accrued
       liabilities ....................    (1,117,173)        98,516
     Income taxes receivable/payable ..       346,248        154,075
   Net cash provided
     by operating activities ..........     3,463,716      5,061,006

CASH FLOWS FROM INVESTING ACTIVITIES:
   Advances to Symskaya Exploration ...      (236,589)    (2,793,811)
   Proceeds from sale of properties ...       339,385           --
   Sale of temporary cash investments .        49,802        756,645
   Capital expenditures ...............    (4,656,248)    (5,945,334)
   Net cash used in
       investing activities ...........    (4,503,650)    (7,982,500)

CASH FLOWS FROM FINANCING ACTIVITIES:
   Purchase of treasury stock .........      (162,706)       (43,056)
   Net borrowings on
      revolving credit facility .......       700,000      2,860,000
   Exercise of incentive
      stock options ...................          --           84,375
   Net cash provided by financing
      activities ......................       537,294      2,901,319

NET INCREASE (DECREASE) IN CASH .......      (502,640)       (20,175)

CASH AND CASH EQUIVALENTS
   AT BEGINNING OF PERIOD .............       787,961        511,252

CASH AND CASH EQUIVALENTS
   AT END OF PERIOD ...................   $   285,321    $   491,077


Supplemental  disclosures of cash flow information:  Cash paid during the period
     for:
          Income taxes ................   $   607,694    $   175,745
          Interest  ...................   $   550,458    $         -

        The accompanying notes are an integral part of these statements.


<PAGE>



                          NOTES TO FINANCIAL STATEMENTS

Note 1.  Interim Financial Statements

The accompanying  financial  statements of Equity Oil Company (the Company) have
not been audited by  independent  accountants,  except for the Balance  Sheet at
December 31, 1996.  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, 1997,  and the results of its  operations  for the three and nine
month periods ended September 30, 1997 and 1996, and its cash flows for the nine
month periods ended September 30, 1997 and 1996.

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  1996 Annual  Report on Form 10-K,  and the  Company's  Form
10-Q's for the first and second quarters of 1997.

The results for the three and nine month  periods  ended  September 30, 1997 are
not necessarily indicative of future results.

Note 2.  Net Income (Loss) Per Share

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

Note 3. Investment in Symskaya Exploration

In the third quarter of 1996, Symskaya Exploration, Inc, the Company's 50% owned
subsidiary,  charged  the  costs of  drilling  the Lemok No. 1 well in Russia to
expense.  The Company's equity share of the loss was $5.25 million ($3.3 million
after  taxes).  Further  discussion  of this item can be found under  Results of
Operations in Item 2.





<PAGE>

                                     PART I

                                     ITEM 2

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

RESULTS OF OPERATIONS

Financial Results

     The  Company  recorded  net income for the first nine months of 1997 in the
amount of  $893,427,  or $.07 per share,  compared to a net loss during the same
period of 1996 in the amount of $(1,939,215),  or $(.15) per share.  Included in
the 1996 figures is an equity loss in Symskaya  Exploration,  Inc. of $5,250,000
$(3,309,075 net of taxes). Total revenues for the first nine months of 1997 were
$13,590,332, an increase of 12% over revenues of $12,118,357 recorded during the
same period of 1996.

     The Company recorded a net loss for the third quarter of 1997 in the amount
$(48,158), or $(.00) per share on revenues of $4,058,939. This compared to a net
loss during the third quarter of 1996 of  $(2,760,271),  or $(.22) per share, on
revenues of $4,205,700,  which included the equity loss in Symskaya Exploration,
Inc.

Operating Activities

     The Company has  participated  in a total of 22 wells year to date in 1997,
completing 14 as oil and gas wells,  with the remaining  wells being plugged and
abandoned.  Included in the well count are 17 exploratory  wells.  Nine of those
wells have been completed as oil or gas wells, and 8 were dry holes.

     Fourteen  wells  have been  drilled at the  Company's  3D  projects  in the
Sacramento Basin of California,  8 of which have been successful.  The dry holes
included  the  first  test at the  company's  Davis  Ranch  3-D  project  in the
Sacramento  Basin.  Current  plans call for 7 additional  wells to be drilled in
California during the fourth quarter of 1997.

     Effective July 1, 1997, the Company purchased a 50% working interest in the
Merlin Prospect, Glenn County,  California for $200,000. The prospect, which the
Company now operates,  includes  more than 5,000 acres under lease,  a producing
well,  a shut-in  well,  a gas  gathering  system and 15.5  square  miles of 3-D
seismic data. Under the terms of the agreement,  the Company will be required to
drill two wells during the fourth quarter of 1997.

     The Company  recently began its  exploitation  and  exploration  program on
certain  Big Horn  Basin  properties  acquired  in 1995.  The  initial  well,  a
developmental  test  of the  Madison  formation,  is in  the  process  of  being
completed as an oil well.  Two additional  exploratory  wells will be drilled in
the fourth quarter.  Pending results of this drilling,  the Company is currently
planning additional drilling and production enhancing workovers in 1998.

     The  Company  has  recorded a 100%  success  rate in  development  drilling
projects in 1997,  completing all 5 wells drilled. Two of the wells were drilled
at the  Company's  Siberia  Ridge  field in  Wyoming,  where  plans call for two
additional wells to be drilled in 1998.

<PAGE>

CAPITAL RESOURCES AND LIQUIDITY

     Cash, cash equivalents,  and temporary cash investments totaled $285,321 as
of September  30,  1997, a decrease of $552,442  since  year-end  1996.  Working
capital at September 30, 1997 was  $2,845,656,  up slightly  from  $2,809,084 at
December 31, 1996. The Company's ratio of current assets to current  liabilities
was 3.14 to 1 at September 30, 1997, compared to 2.17 to 1 at December 31, 1997.
Cash  provided  by  operating  activities  before  working  capital  changes was
$4,052,730  in the first nine  months of 1997,  8% lower than the same period of
1996.

     Cash flow from operating  activities  decreased from $5,061,006  during the
first  nine  months  of 1996 to  $3,463,716  in the same  period  of  1997.  The
principal  cause of the decline is the reduction in Accounts  Payable  balances,
which is mainly a function of timing.

     Investment  in property  and  equipment  for the first nine months of 1997,
including  proved  property  acquisitions,  totaled  $4,656,248.  Investment  in
property  and  equipment  for the same  period of 1996,  including  advances  to
Symskaya  Exploration  and proved  property  acquisitions,  totaled  $5,945,334.
Approximately $2.8 million was advanced to Symskaya during the first nine months
of 1996, compared to approximately  $236,000 during the same period of 1997. The
Company spent $1.8 million on proved property acquisitions during the first nine
months of 1996,  compared to only $160,000 during the first nine months of 1997.
Costs expended on the Company's domestic drilling programs during the first nine
months of 1997 increased 8% in 1997 to $4,496,248, compared to $4,149,334 in the
same period of 1996.  The investment  activity was partially  funded by proceeds
from  the  sale  of  properties  in  1997,  and by the  sale of  temporary  cash
investments in both years.

     The Company  purchased 51,000 shares of its stock on the open market during
the first  nine  months of 1997,  at an average  price of $3.19 per  share.  The
purchases  were made  pursuant  to a share  repurchase  program  adopted  by the
Company in June of 1997. The Company purchased 12,000 shares of its stock during
the same period of 1996.

     The Company has drawn down its credit  facility  by $700,000  during  1997,
compared  to  $2.86  million  in  1996,  with  funds  being  used  for  property
acquisitions  and other working  capital needs. On October 17, 1997, the Company
amended its credit agreement, increasing the current commitment from $10 million
to $15 million.

     The Company believes that existing cash balances,  cash flow from operating
activities,  and the remaining  borrowing  capacity  under the revolving  credit
facility,  which is approximately $10.4 million, will provide adequate resources
to meet its capital, exploration, and acquisition spending objectives.

COMPARISON OF THIRD QUARTER 1997 WITH THIRD QUARTER 1996

     Oil and gas sales  decreased 5% in the third  quarter of 1997 to $3,758,655
versus  $3,974,173 in the same quarter of last year.  Lower revenues were caused
by lower oil prices,  which offset  increases in oil and gas  production and gas
prices. Total revenues decreased 3% from year to year.

     Oil  production  increased 4% in the third quarter of 1997.  Oil production
for the quarter was 159,400  barrels,  compared to 154,000  barrels in the third
quarter of 1996. Gas production  increased 33% from 395 Mmcf in 1996 to 524 Mmcf
in 1997. The increase in gas  production is a result of the Company's  continued
successful exploration program in northern California.

     Average  prices  received  for crude oil were $17.99 per barrel  during the
third  quarter of 1997,  down 20% from the $22.48  received in 1996.  Gas prices
increased  to $1.78 per Mcf in 1997,  compared to $1.30 in 1996,  an increase of
37%.

     During the third quarter of 1997, the Company sold its minority interest in
an oil field  technology  research  company.  In connection  with the sale,  the
Company recognized a gain of $175,000, which is included in other income.

     Higher  exploration  expenses  in 1997 result from higher dry hole costs in
the third  quarter,  reflecting  the  Company's  increased  pace of  exploratory
drilling. During the period, the Company drilled 4 dry holes, incurring costs of
$337,000.  Dry holes during the same quarter of 1996 were only  $79,999.  Higher
dry hole costs were partially offset by lower 3D seismic charges in 1997. During
the third quarter of 1996, the Company  incurred 3-D charges of $153,000,  while
no such expenses were incurred during the same period of 1997.

     General and administrative expenses increased  year-to-year,  primarily due
to increased investor relations expenses.

<PAGE>

     As  discussed  previously,  during  the  third  quarter  of  1996  Symskaya
Exploration, Inc, the Company's 50% owned subsidiary,  abandoned the Lemok No. 1
well. As a consequence,  Symskaya  charged the costs of drilling the Lemok No. 1
to expense at September  30, 1996.  The  Company's  equity share of the loss was
$5.25 million ($3.3 million after taxes).

     During  1996,  because of its ongoing  exploration  project in Russia,  the
Company was required to capitalize  all interest  paid.  With activity in Russia
curtailed in 1997 as a result of the Lemok #1 being abandoned in 1996,  interest
is now being  expensed.  Interest  expense  during the third quarter of 1997 was
$226,286, compared to no interest expense during the third quarter of 1996.

     The income tax benefits recorded for both periods result primarily from the
deferred tax benefits associated with net losses reported.

COMPARISON OF FIRST NINE MONTHS OF 1997 WITH FIRST NINE MONTHS OF 1996

     Oil  and  gas  sales  increased  8% in the  first  nine  months  of 1997 to
$12,504,373  versus  $11,542,851 in the same period of last year.  This increase
was brought about  principally  by increased oil and gas  production  and higher
natural  gas  prices.  Oil  production  for the first nine  months  was  476,000
barrels, up slightly from 1996 production of 468,000 barrels. Gas production for
the  period  increased  6% to 1,526  Mmcf from  1,440  Mmcf in 1996.  Production
increases reflect the ongoing success of the Company's drilling programs.

     Gas prices  increased to $1.90 per Mcf in 1997,  compared to $1.35 in 1996,
an  increase  of 41%.  Higher gas prices  were  partially  offset by lower crude
prices.  Average prices received for crude oil were $19.52 per barrel during the
first nine months of 1997,  compared to $20.51  received in 1996,  a decrease of
5%.

     The  increase  in oil and gas  sales for the  period  was  augmented  by an
increase in other income.  During the first half of 1997, the Company recorded a
gain on the sale of certain oil and gas  properties of  approximately  $325,000.
The  properties  sold had reserves of less than 15,000 barrels of oil. There was
no corresponding  event in 1996. In addition,  during the third quarter of 1997,
the  Company  sold its  minority  interest in an oil field  technology  research
company. In connection with the sale, the Company recognized a gain of $175,000.

     Total  expenses,  excluding the equity loss in Symskaya  Exploration,  Inc.
increased 16% over 1996 nine month levels.  Lease operating costs increased 10%,
primarily as a result of increased oil  production  and  non-recurring  workover
expenses. Depreciation,  depletion and amortization increased 16%, primarily due
to  increased  oil  production  in  1997  and the new  properties  added  to the
depletion base during 1997 and 1996.

     Exploration  expense  increased  slightly  from year to year,  as lower 3-D
seismic   expenses   were  offset  by  higher  dry  hole   costs.   General  and
administrative  expenses  decreased  by 3% from  1996  nine  month  levels.  The
decrease was mainly due to reduced compensation expense during 1997.

     As  discussed   earlier,   during  the  third   quarter  of  1996  Symskaya
Exploration, Inc, the Company's 50% owned subsidiary,  abandoned the Lemok No. 1
well. As a consequence,  Symskaya  charged the costs of drilling the Lemok No. 1
to expense at September  30, 1996.  The  Company's  equity share of the loss was
$5.25 million ($3.3 million after taxes).

     During  1996,  because of its ongoing  exploration  project in Russia,  the
Company was required to capitalize  all interest  paid.  With activity in Russia
curtailed in 1997,  interest is now being expensed.  Interest expense during the
first nine months of 1997 was $550,458,  compared to no interest  expense during
the same period of 1996.

     Income tax expense for the first nine  months of 1997  includes  additional
taxes  arising  from  an  audit  of the  Company's  Canadian  tax  returns.  The
adjustment  resulted in the  accrual of  approximately  $175,000  in  additional
Canadian taxes related to prior years.

<PAGE>

OTHER ITEMS

     In March 1997, the Financial Accounting Standards Board issued Statement of
Financial  Accounting  Standards  No. 128,  Earnings per Share.  This  statement
establishes  standards for computing and  presenting  earnings per share ("EPS")
and applies to entities  with  publicly-held  common stock or  potential  common
stock. This statement  simplifies the standards for computing EPS and makes them
comparable  to  international  EPS  standards.  This  statement is effective for
financial  statements  for both interim and annual periods ending after December
15, 1997. The Company is currently  evaluating the impact of the recently issued
statement and will adopt the requirements for the year ending December 31, 1997.

     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.


FORWARD-LOOKING STATEMENTS

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


                                     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 13, 1997            /s/ Paul M. Dougan
                                       ------------------------
                                       Paul M. Dougan, President


DATE:     November 13, 1997            /s/ Clay Newton
                                       ------------------------
                                         Clay Newton, Treasurer