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    June 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: 12,697,100


<PAGE>



                          ITEM I: Financial Statements

                               EQUITY OIL COMPANY
                             Statement of Operations
                 For the Six Months Ended June 30, 1997 and 1996
                                   (Unaudited)

                                                          1997           1996
                                                    -----------      -----------


REVENUES

         Oil and gas sales ...................      $ 8,745,718      $ 7,568,678
         Partnership income ..................          150,000          150,000
         Interest income .....................           83,518           70,905
         Other ...............................          552,157          123,074
                                                    -----------      -----------

                                                      9,531,393        7,912,657

EXPENSES

         Operating costs .....................        3,038,935        2,621,927
         Depreciation, depletion and
           amortization ......................        2,200,000        1,800,000
         Equity loss in
           Symskaya Exploration ..............          143,837             --
         Leasehold abandonments ..............           40,952           15,092
         Exploration .........................        1,228,047        1,230,577
         General and administrative ..........        1,108,018        1,218,972
         Interest ............................          324,172             --
                                                    -----------      -----------

                                                      8,083,961        6,886,568


Income before income taxes ...................        1,447,432        1,026,089

Provision (benefit) for income taxes .........          505,847          205,033

NET INCOME ...................................      $   941,585      $   821,056
                                                    ===========      ===========

Net income per common share ..................      $      0.07      $      0.06
                                                    ===========      ===========

Weighted average shares outstanding ..........       12,704,840       12,728,834



        The accompanying notes are an integral part of these statements.



<PAGE>



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

                                                         1997           1996
                                                    -----------      -----------
REVENUES

         Oil and gas sales ...................      $ 3,903,440      $ 3,910,332
         Partnership income ..................           75,000           75,000
         Interest income .....................           28,592           32,156
         Other ...............................          437,357           62,497
                                                    -----------      -----------

                                                      4,444,389        4,079,985

EXPENSES

         Operating costs .....................        1,496,167        1,287,931
         Depreciation, depletion and
           amortization ......................        1,100,000          900,000
         Equity loss in
           Symskaya Exploration ..............           58,112             --
         Leasehold abandonments ..............           22,512            5,092
         Exploration .........................          589,630          419,980
         General and administrative ..........          549,201          597,963
         Interest ............................          173,849             --
                                                    -----------      -----------

                                                      3,989,471        3,210,966

Income before income taxes ...................          454,918          869,019


Provision for income taxes ...................          293,708          153,670
                                                    -----------      -----------

NET INCOME ...................................      $   161,210      $   715,349
                                                    ===========      ===========

Net income per common share ..................      $      0.01      $      0.06

Weighted average shares outstanding ..........       12,692,693       12,741,781



         The accompanying notes are an integral part of these statements.





<PAGE>



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


                                                  June  30,         December 31,
ASSETS                                               1997               1996
------                                         -------------      -------------
                                                 (Unaudited)

Current assets:
  Cash and cash equivalents ..............     $     576,106      $     787,961
  Temporary cash investments .............              --               49,802
  Accounts and advances receivable .......         3,296,784          3,660,670
  Income taxes receivable ................           106,770            311,393
  Deferred income taxes ..................            31,053             31,053
  Other current assets ...................           310,740            372,701
                                               -------------      -------------
                                                   4,321,453          5,213,580

Property and equipment ...................       109,066,076        106,147,145
Less accumulated depreciation,
 depletion and amortization ..............        63,764,028         61,732,014
                                               -------------      -------------
                                                  45,302,048         44,415,131
Other assets:
  Investment in Raven Ridge
    Pipeline Partnership .................           331,467            405,328
  Other assets ...........................           126,341            147,398
                                               -------------      -------------
                                                     457,808            552,726

TOTAL ASSETS .............................     $  50,081,309      $  50,181,437
                                               =============      =============

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable .......................     $     881,611      $   1,880,420
  Accrued liabilities ....................           179,775            153,467
  Federal, state and foreign
    income taxes payable .................           427,359            191,509
  Accrued profit sharing .................            96,000            179,100
                                               -------------      -------------
                                                   1,584,745          2,404,496


Revolving credit facility ................         8,878,830          8,878,830
Deferred income taxes ....................         5,421,183          5,565,973
                                               -------------      -------------
                                                  14,300,013         14,444,803
Stockholders' Equity
  Common stock ...........................        12,761,100         12,751,100
  Paid in capital ........................         3,667,708          3,648,333
  Less cost of treasury stock ............          (205,200)           (98,653)

  Retained earnings ......................        17,972,943         17,031,358
                                               -------------      -------------

                                                  34,196,551         33,332,138

TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY ...................     $  50,081,309      $  50,181,437
                                               =============      =============



        The accompanying notes are an integral part of these statements.



<PAGE>



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

                                                        1997             1996
                                                   -----------      -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income (loss) .........................     $   941,585      $   821,056
   Adjustments
     Depreciation, depletion and
       amortization ..........................       2,200,000        1,800,000
     Partnership distributions in
       excess of income ......................          73,861           71,622
     (Gain) loss on
           property dispositions .............        (284,105)          15,092
     Decrease in deferred income taxes .......        (144,790)          (4,617)
         Equity loss in
           Symskaya Exploration ..............         143,837             --
         Change in other assets ..............          21,057           21,057
         Common stock issued for services ....          29,375          103,313
   Net cash provided before changes in             -----------      -----------
      working capital items ..................       2,980,820        2,827,523
     Increase (decrease) from changes in:
       Accounts and advances receivable ......         363,886           18,521
       Other current assets ..................          61,961           53,158
       Accounts payable and accrued
         liabilities .........................        (972,501)        (221,537)
       Income taxes receivable/payable .......         440,473           60,901
       Accrued profit sharing ................         (83,100)         (52,771)
                                                   -----------      -----------
   Net cash provided
     by operating activities .................       2,791,539        2,685,795
                                                   -----------      -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Advances to Symskaya Exploration ..........        (143,837)      (1,577,729)
   Sale of temporary cash investments ........          49,802          699,044
   Proceeds from sale of properties ..........         339,384             --
   Capital expenditures ......................      (3,142,196)      (2,619,825)
                                                   -----------      -----------
   Net cash used in investing
     activities ..............................      (2,896,847)      (3,498,510)
                                                   -----------      -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Purchase of treasury stock ................        (106,547)            --
   Exercise of incentive stock options .......            --             84,375
   Borrowings under
    revolving credit facility ................            --          2,210,000
                                                   -----------      -----------
   Net cash provided by (used in)
      financing activities ...................        (106,547)       2,294,375
                                                   -----------      -----------

NET INCREASE (DECREASE) IN CASH ..............        (211,855)       1,481,660

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

CASH AND CASH EQUIVALENTS
   AT END OF PERIOD ..........................     $   576,106      $ 1,992,912
                                                   ===========      ===========

Supplemental  disclosures of cash flow information:  Cash paid during the period
for:
                   Income Taxes                    $   278,156      $   270,340
                   Interest                        $   324,172      $      --  

        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  ("Equity" or
"the Company") have not been audited by independent accountants,  except for the
Balance  Sheet  as of  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 June 30, 1997,  and the results of its  operations
for the three and six month periods  ended June 30, 1997 and 1996,  and its cash
flows for the six month periods ended June 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 for the first quarter of 1997.

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

Note 2.  Net Income Per Share

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

Note 3. Reclassifications

     Certain  balances  in the June 30,  1996  financial  statements  have  been
reclassified to conform with the current year presentation. These changes had no
effect on the  previously  reported net income,  total  assets,  liabilities  or
stockholders' equity.



<PAGE>



                                     PART I

                                     ITEM 2

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


RESULTS OF OPERATIONS

Financial Results

     Net  income  for the first six  months  of 1997 was  $941,585,  or $.07 per
share, 15% higher than net income of $821,056, or $.06 per share recorded during
the first half of 1996.  Total revenues of $9,531,393 were 20% higher than total
revenues of $7,912,657 recorded in the first half of 1996.

     Second quarter 1997 net income was $161,210, or $.01 per share, compared to
second  quarter 1996 net income of $715,349,  or $.06 per share.  Second quarter
revenues in 1997 of $4,444,389  were 9% higher than the  $4,079,985  reported in
the second quarter of 1996.


Operating Results

     During the first half of 1997,  the Company  participated  in a total of 16
wells,  11 of which have been  completed  as oil and gas wells.  In  California,
where the Company  continues to drill on 3D seismic  surveys,  6 of 9 wells were
completed as gas wells. The Company  currently has 15 additional wells scheduled
to be drilled in California before the end of the year, including the first well
at its Davis Ranch prospect, which should spud by the end of July.

     In  drilling  outside of  California,  the  Company  completed 5 of 7 wells
during  the first  half of 1997.  Included  in the  successful  well  count is a
development  well at the  Company's  Siberia  Ridge field in Wyoming,  where the
Company  owns  a  50%  working  interest.   The  Company  completed   additional
development  wells in  Alberta,  Wyoming  and  North  Dakota,  and  completed  1
exploratory well in Texas.

     During the first half of 1996,  the Company  participated  in 8 wells, 7 of
which were completed as producing wells.

CAPITAL RESOURCES AND LIQUIDITY

     Cash, cash equivalents,  and temporary cash investments totaled $576,106 as
of June 30, 1997, a decrease of $261,657 since year-end 1996. Working capital at
June 30, 1997 was  $2,736,708,  compared to $2,809,084 at December 31, 1996. The
Company's ratio of current assets to current liabilities improved from 2.17 to 1
at December 31, 1996 to 2.73 to 1 at June 30, 1997. Cash provided by operating
activities  was  $2,791,539  in the  first  six  months  of  1997,  compared  to
$2,685,795 during the same period of 1996.

     Investment  in property and  equipment  for the first six months of 1997 of
$3,142,196  was 20% higher  than the  investment  made  during the first half of
1996, reflecting the Company's increased drilling activity domestically.  During
the fist half of 1996,  the Company  made  advances to Symskaya  Exploration  of
$1,577,729,  compared to $143,837  during 1997,  reflecting  Symskaya's  reduced
activity in 1997. 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 35,000 shares of its stock on the open market during
the first half of 1997,  at an average  price of $3.04 per  share.  No  treasury
stock was purchased during the first half of 1996.

     During the first half of 1997,  the  Company  did not  increase  borrowings
under its credit  facility,  compared to borrowings of $2,210,000 in 1996, which
were used to fund investments in properties and equipment. At June 30, 1997, the
Company had approximately $10.1 million of availability on the facility.

     The Company believes that existing cash balances,  cash flow, and borrowing
capacity under the revolving credit facility will provide adequate  resources to
meet its capital, exploration, and acquisition spending objectives.


<PAGE>

COMPARISON OF SECOND QUARTER 1997 WITH SECOND QUARTER 1996

     Oil and gas sales in the second quarter of 1997 of $3,903,440 were slightly
lower than the $3,910,332 recorded for the same quarter of last year.  Increases
in oil production were offset by lower crude oil prices,  while decreases in gas
production were offset by higher gas prices. The average net price for crude oil
received  by the Company  during the quarter was $18.64 per barrel,  compared to
$20.30 during the second  quarter of 1996, a decrease of 8%.  Average gas prices
received during the second quarter of 1997 were $1.85 per Mcf, compared to $1.38
per Mcf during the second quarter of 1996.

     Total production  increased  slightly  year-to-year on an equivalent barrel
basis.  Oil production  increased from 158,000  barrels in the second quarter of
1996 to 163,000 during the same quarter of 1997,  while gas  production  dropped
from 549,000 Mcf in 1996 to 526,000 Mcf in 1997.

     During the second quarter of 1997, the Company  recorded a gain on the sale
of certain oil and gas properties of approximately $325,000. The properties sold
had  proved  reserves  of  less  than  15,000  barrels  of  oil.  There  was  no
corresponding event in 1996.

     Total expenses in 1997 increased 24% over 1996 second quarter levels. Lease
operating costs increased 16%, primarily as a result of increased oil production
and non-recurring  workover expenses.  Depreciation,  depletion and amortization
increased  22%,  primarily due to increased  oil  production in 1997 and the new
properties added to the depletion base during 1997 and 1996. Exploration expense
increased due to higher dry hole costs, which were approximately $185,000 higher
in the second quarter of 1997 compared to the same period in 1996.

     During  1996,  because of its ongoing  exploration  project in Russia,  the
Company was required to capitalize  interest on its  investment in this project.
With  activity  in  Russia  curtailed  in 1997 as a result of the Lemok #1 being
abandoned  in the  fourth  quarter  of 1996,  interest  is now  being  expensed.
Interest  expense  during the 2nd quarter of 1997 was  $173,849,  compared to no
interest expense during the 2nd quarter of 1996.

     Income  tax  expense  rose  during the second  quarter  due to  adjustments
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.

COMPARISON OF FIRST HALF 1997 WITH FIRST HALF 1996

     Higher oil and gas  prices  during  the first  half of 1997  combined  with
increases in oil  production  to produce an 20% increase in total  revenues over
the same period of 1996.  Average oil prices  received by the Company during the
first half of 1997 were $19.47 per barrel,  compared to $18.66 per barrel during
the first half of 1996.  Average  gas prices  received  during the first half of
1996 were $1.37 per Mcf,  which  compared to $2.22 per Mcf during the first half
of 1997.  Oil  production of 324,000  barrels was up 3% from 1996  production of
314,000 barrels.  Natural gas production decreased slightly,  from 1,045,000 Mcf
in 1996 to 1,028,000 Mcf in 1997.

     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.

     Total  expenses in 1997  increased  17% over 1996 first half levels.  Lease
operating costs increased 16%, primarily as a result of increased oil production
and non-recurring  workover expenses.  Depreciation,  depletion and amortization
increased  22%,  primarily due to increased  oil  production in 1997 and the new
properties added to the depletion base during 1997 and 1996.

     Exploration  expense  remained  constant  from  year to year,  as lower 3-D
seismic   expenses   were  offset  by  higher  dry  hole   costs.   General  and
administrative  expenses  decreased  by 9% from  1996  first  half  levels.  The
decrease was mainly due to reduced compensation expense during 1997.

     During  1996,  because of its ongoing  exploration  project in Russia,  the
Company was required to capitalize  interest on its  investment in this project.
With  activity in Russia  curtailed  in 1997,  interest  is now being  expensed.
Interest  expense  during the first half of 1997 was  $324,172,  compared  to no
interest expense during the same period of 1996.

     Income tax expense  rose during the first half due to  adjustments  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.


                                     PART II

                                OTHER INFORMATION

     The answers to items  listed  under Part II are  inapplicable  or negative,
except as shown below.

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

     At the Company's annual meeting,  held on May 14, 1997,  stockholders  were
asked to elect Mr.  William D. Forster and Mr.  Randolph G. Abood to serve three
year terms on the Board of Directors. The following votes were recorded.

                              Forster        Abood

Affirmative votes           10,433,574     10,455,153
Withhold authority             159,982        138,403

Each director nominee received at least 98% of the shares voted at the meeting.






                                   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:     August 8, 1997             By  /s/ Paul M. Dougan
          ---------------                -------------------------
                                         Paul M. Dougan, President


DATE:     August 8, 1997             By  /s/ Clay Newton
          ---------------                -------------------------
                                         Clay Newton, Treasurer

<PAGE>