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, 2000
                                       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: 12,643,440


<PAGE>



                          ITEM I: Financial Statements



                               EQUITY OIL COMPANY
                             Statement of Operations
                 For the Six Months Ended June 30, 2000 and 1999
                                   (Unaudited)


                                                       2000             1999
                                                       ----             ----

REVENUES

         Oil and gas sales ..................     $ 10,791,419     $  6,118,585
         Other ..............................        1,228,520           90,391
                                                  ------------     ------------

                                                    12,019,939        6,208,976

EXPENSES

         Operating costs ....................        3,284,518        2,655,396
         Depreciation, depletion and
           amortization .....................        2,000,000        2,050,000
         3D seismic .........................          530,793             --
         Exploration ........................          871,903          858,710
         General and administrative .........          971,557          918,406
         Interest ...........................          614,567          592,634
                                                  ------------     ------------

                                                     8,273,338        7,075,146


Income (loss) before income taxes ...........        3,746,601         (866,170)

Provision for (benefit from)
          income taxes ......................        1,385,069         (405,416)
                                                  ------------     ------------

NET INCOME (LOSS) ...........................     $  2,361,532     $   (460,754)
                                                  ============     ============


Net income (loss) per share

         Basic ..............................     $        .19     $       (.04)
         Diluted ............................     $        .18     $       (.04)

Weighted average shares outstanding

         Basic ..............................       12,643,440       12,636,671
         Diluted ............................       12,810,911       12,636,671






        The accompanying notes are an integral part of these statements.


                                        2

<PAGE>




                               EQUITY OIL COMPANY
                             Statement of Operations
                For the Three Months Ended June 30, 2000 and 1999
                                   (Unaudited)



                                                       2000             1999
                                                       ----             ----
REVENUES

         Oil and gas sales ..................     $  5,403,396     $  3,507,733
         Other ..............................          477,612           51,233
                                                  ------------     ------------

                                                     5,881,008        3,558,966

EXPENSES

         Operating costs ....................        1,641,595        1,369,238
         Depreciation, depletion and
           amortization .....................          975,000          950,000
         3D seismic .........................          339,115             --
         Exploration ........................          434,451          441,032
         General and administrative .........          456,875          490,136
         Interest ...........................          275,121          294,307
                                                  ------------     ------------

                                                     4,122,157        3,544,713

Income before income taxes ..................        1,758,851           14,253

Provision for (benefit from)
          income taxes ......................          650,069          (97,692)
                                                  ------------     ------------

NET INCOME ..................................     $  1,108,782     $    111,945
                                                  ============     ============


Net income per share

         Basic ..............................     $        .09     $        .01
         Diluted ............................     $        .09     $        .01

Weighted average shares outstanding

         Basic ..............................       12,643,440       12,633,075
         Diluted ............................       12,853,717       12,705,020




        The accompanying notes are an integral part of these statements.

                                        3

<PAGE>




                               EQUITY OIL COMPANY
                                  Balance Sheet
                   as of June 30, 2000, and December 31, 1999
                                   (Unaudited)


                                                   June 30,        December 31,
ASSETS                                               2000              1999
------                                            ----------        -----------

Current assets:
  Cash and cash equivalents ..............     $   2,847,911      $   1,006,602
  Accounts and advances receivable .......         4,045,650          3,382,361
  Income taxes receivable ................           157,446            221,199
  Deferred income taxes ..................            19,632             19,632
  Other current assets ...................            85,035            277,595
                                               -------------      -------------
                                                   7,155,674          4,907,389

Property and equipment ...................       104,857,743        103,574,626
Less accumulated depreciation,
 depletion and amortization ..............        64,725,385         62,800,100
                                                  ----------         ----------
                                                  40,132,358         40,774,526

Other assets .............................           458,554            435,420
                                               -------------      -------------

TOTAL ASSETS .............................     $  47,746,586      $  46,117,335
                                               =============      =============



LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable .......................     $   1,811,199      $   1,541,834
  Accrued liabilities ....................           106,761            177,550
  Income taxes payable ...................           156,124            321,981
                                               -------------      -------------
                                                   2,074,084          2,041,365

Revolving credit facility ................        13,000,000         15,000,000
Deferred income taxes ....................         2,902,648          1,667,648
                                               -------------      -------------
                                                  15,902,648         16,667,648
Stockholders' Equity:
  Common stock ...........................        12,808,040         12,808,040
  Paid in capital ........................         3,719,743          3,719,743
  Less cost of treasury stock ............          (528,302)          (528,302)
  Retained earnings ......................        13,770,373         11,408,841
                                               -------------      -------------

                                                  29,769,854         27,408,322
TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY ...................     $  47,746,586      $  46,117,335
                                               =============      =============



        The accompanying notes are an integral part of these statements.


                                        4

<PAGE>



                               EQUITY OIL COMPANY
                             Statement of Cash Flows
                 For the Six Months Ended June 30, 2000 and 1999
                                   (Unaudited)

                                                       2000             1999
                                                    ----------       ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income (loss) .........................     $ 2,361,532      $  (460,754)
   Adjustments
     Depreciation, depletion and
       amortization ..........................       2,000,000        2,050,000
     (Gain) loss on
           property dispositions .............        (504,082)           8,854
     Change in deferred income taxes .........       1,235,000         (396,676)
         Equity loss in
           Symskaya Exploration ..............          82,959          106,206
         Change in other assets ..............          53,001            6,057
         Common stock issued for services ....            --             19,250
                                                   -----------      -----------

   Net cash provided before changes in
      working capital items ..................       5,228,410        1,332,937

   Increase (decrease) from changes in:
       Accounts and advances receivable ......        (663,289)        (311,306)
       Other current assets ..................         192,560           96,288
       Accounts payable and accrued
         liabilities .........................         198,576         (429,189)
       Income taxes receivable/payable .......        (102,103)         145,631
   Net cash provided                               -----------      -----------
     by operating activities .................       4,854,154          834,361
                                                   -----------      -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Advances to Symskaya Exploration ..........         (82,959)        (106,206)
   Proceeds from sale of properties ..........         513,298             --
   Change in other assets ....................         (50,000)            --
   Capital expenditures ......................      (1,367,048)        (680,990)
                                                   -----------      -----------
   Net cash used in investing
     activities ..............................        (986,709)        (787,196)
                                                   -----------      -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Payment of credit facility fees ...........         (26,136)            --
   Payments on credit facility ...............      (2,000,000)            --
                                                   -----------      -----------

   Net cash used in
      financing activities ...................      (2,026,136)            --
                                                   -----------      -----------

NET INCREASE IN CASH .........................       1,841,309           47,165

CASH AND CASH EQUIVALENTS
   AT BEGINNING OF PERIOD ....................       1,006,602          444,476
                                                   -----------      -----------

CASH AND CASH EQUIVALENTS
   AT END OF PERIOD ..........................     $ 2,847,911      $   491,641
                                                   ===========      ===========


        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") have not been audited by independent accountants.  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, 2000,  and the results of
its operations for the three and six month periods ended June 30, 2000 and 1999,
and its cash flows for the six month periods ended June 30, 2000 and 1999.

     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  1999  Annual  Report  on Form  10-K,  and the
Company's Form 10-Q for the first quarter of 2000.

     The results for the three and six month periods ended June 30, 2000 are not
necessarily indicative of future results.

Note 2.  Net Income (Loss) Per Share

     Basic net income  (loss) per share was  computed by dividing the net income
(loss) by the weighted average number of common shares outstanding.  Diluted net
income  (loss) per share was computed by dividing  the net income  (loss) by the
sum of the weighted  average  number of common shares and the effect of dilutive
unexercised stock options.  Dilutive options to purchase  approximately  210,000
and  167,000  shares of common  stock at prices of $1.06 to $1.71 per share were
outstanding  during  the three  and six  month  periods  ending  June 30,  2000,
respectively,  and were  included in the  computation  of diluted net income per
share for those  periods.  Dilutive  options to  purchase  approximately  72,000
shares of common stock at a price of $1.06 per share were outstanding during the
three  period  ending June 30, 1999,  and were  included in the  computation  of
diluted net income per share for that  period.  1,116,000  and  884,000  options
outstanding  for the three and six months  periods ended June 30, 2000 and 1999,
respectively,  were not included in the computation of diluted net income (loss)
per share because the effect would have been antidilutive.

Note 3. Reclassifications

     Certain  balances  in the June 30,  1999  financial  statements  have  been
reclassified to conform to the current year  presentation.  These changes had no
effect on the previously reported net income (loss),  total assets,  liabilities
or stockholders' equity.


                                        6

<PAGE>



                                     PART I

                                     ITEM 2

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATION


RESULTS OF OPERATIONS

FINANCIAL RESULTS

     Higher oil and gas prices  enabled the Company to report  higher net income
in both the first six  months and second  quarter of 2000  compared  to the same
periods of 1999.  During the first six months of 2000, the Company  recorded net
income  of  $2,361,532,  or $.19  per  basic  share,  compared  to a net loss of
$(460,754)  during  the   corresponding   period  of  1999.  Total  revenues  of
$12,019,939  were 94% higher than total  revenues of $6,208,976  recorded in the
first half of 1999.

     The  Company  recorded  net  income  in  the  second  quarter  of  2000  of
$1,108,782,  or $.09 per basic share, compared to second quarter 1999 net income
of $111,945,  or $.01 per share.  Second quarter  revenues in 2000 of $5,881,008
were 65% higher than the $3,558,966 reported in the second quarter of 1999.

OPERATING RESULTS

     The focus of the Company's  exploration  efforts continues to be 3D seismic
driven projects in the Sacramento  Basin of California.  A new focus area is the
25 square mile Rancho Colusa prospect in Colusa County,  where Equity has 14,000
acres  under  lease and  recently  completed  a 3D  seismic  survey.  The survey
indicates  more than twenty  Forbes  anomalies  that may evolve  into  drillable
prospects.  The survey is just north of the prolific West Grimes gas field where
over 60 BCF of natural gas has been recovered from a six-section area.

     In order to pursue this opportunity aggressively, while minimizing drilling
risks and recovering land and seismic costs, the company recently announced that
it sold a 45% interest in the survey and leasehold to an industry  partner,  and
has plans to drill up to five wells this year. The two companies  entered into a
joint operating  agreement naming Equity,  which retained 55% of the project, as
the operator.

     In addition to the activity at the Rancho  Colusa  project,  the Company is
using its  higher  cash flows to expand  drilling  in other  focus  areas in the
second half of 2000. Including the Rancho Colusa wells, the Company may drill up
to 15 wells between July and  December.  The Company is also planning to begin a
25 square mile 3D shoot in the Beaver Creek area in North Dakota in August,  and
recently began a multi-well  workover program in the Big Horn basin in an effort
to enhance production from existing properties.

    The Company has participated in a total of seven wells to date in 2000, six
of which are either producing or waiting on completion.  Four of the seven wells
are located in the Sacramento Basin. Two oil wells, drilled in July, are located
at the Company's Cessford prospect in western Canada.

                                        7

<PAGE>



CAPITAL RESOURCES AND LIQUIDITY

     Cash and cash  equivalents  totaled  $2,841,911  as of June  30,  2000,  an
increase of 183% since year-end 1999.  Working capital at June 30, 2000 improved
to $5,081,590,  compared to $2,866,024 at December 31, 1999. The Company's ratio
of current assets to current liabilities  likewise improved to 3.45 to 1 at June
30, 2000, compared to 2.40 to 1 at December 31, 1999. Cash provided by operating
activities  before  working  capital  changes  increased  by almost  300%,  from
$1,332,937  in the first six months of 1999 to  $5,228,410  recorded  during the
same period of 2000.

     Investment  in  property  and  equipment  for the first six  months of 2000
totaled  $1,367,048,  a 101%  increase  from  the  amount  recorded  during  the
corresponding  six months of 1999.  Higher oil prices have enabled to Company to
increase the size of its 2000 capital program. The bulk of the Company's current
year drilling remains to take place during the second half of the year.

     Higher  cash flows  enabled  the Company to make  $2,000,000  in  principal
payments on its credit  facility  during the first half of 2000,  reflecting the
Company's  plan of using  these  higher  cash flows to  aggressively  manage its
balance sheet. 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 June 30,  2000,  the  Company  had $4 million  of  remaining
availability  on the  facility.  The  Company is in  compliance  with all of its
facility covenants.

     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
2000.





                                        8

<PAGE>



COMPARISON OF SECOND QUARTER 2000 WITH SECOND QUARTER 1999

     Higher oil and gas prices, coupled with increased oil production,  resulted
in a 54% increase in oil and gas sales for the second quarter of 2000.  Revenues
were  also  increased  by  higher  overhead  income  and  gains  on the  sale of
securities  and  property  promotions.   Total  revenues  for  the  period  were
$5,881,008, compared to $3,558,966 during the same period of 1999.

     Revenues were decreased by $210,316 in the second quarter of 2000 by losses
associated with the Company's  hedging program,  which was instituted in 1999 as
part of its bank financing  program.  The Company has 400 barrels of oil per day
hedged under a costless collar,  with a floor of $18.00 and a ceiling of $25.30,
which will  terminate on September 30, 2000.  The Company has an additional  500
barrels of oil per day hedged under a second  costless  collar,  with a floor of
$18.00 and a ceiling of $27.22. This collar terminates on December 31, 2000. The
floor and ceilings are based on the average near month WTI price on the New York
Mercantile Exchange (NYMEX).

     After  taking into  consideration  the hedging  losses  discussed  earlier,
average oil prices received in the second quarter were $25.03 per barrel, up 62%
from  $15.50 per barrel in the second  quarter of 1999.  Gas prices were also up
sharply, averaging $3.08 per Mcf in the second quarter of 2000 compared to $1.95
per Mcf in 1999. Oil production increased 4% to 170,000 barrels in 2000 compared
to 164,000  barrels  during the same period of 1999.  Gas production in the 2000
quarter  decreased  to 380,000 Mcf  compared  to 475,000  Mcf in the  comparable
period last year.  The  reduction  was due  primarily to the  Company's  reduced
drilling program in California during 1999.

     Total  expenses  in 2000  increased  16% over 1999 second  quarter  levels,
caused primarily by higher  operating costs.  Operating costs rose 20% from 1999
levels, as the Company returned its higher-cost,  lower-margin oil properties to
full production.  In addition,  higher oil prices resulted in higher value-based
production taxes.

     The Company  also  incurred  $339,115 in 3D costs in the second  quarter of
2000 while  incurring no such costs during the same period of 1999. The 3D costs
are associated with the Company's  Rancho Colusa survey in the Sacramento  Basin
and it's Beaver Creek prospect in North Dakota.

     General and administrative expenses decreased 7% from 1999 second quarter
levels.  Lower  interest  costs  in  2000  reflect  the  lower  amount  of  debt
outstanding under the Company's credit facility.




                                        9

<PAGE>



COMPARISON OF FIRST HALF 2000 WITH FIRST HALF OF 1999

     Higher oil production  combined with sharply higher oil prices to produce a
76% increase in oil and gas sales for the first half of 2000. Total revenues for
the period were $12,019,939,  compared to $6,208,976 during the first six months
of 1999.

        Average  oil prices  received  by the Company in the first six months of
2000,  net of hedging  losses,  were $25.22 per  barrel,  compared to $13.40 per
barrel during the same period of 1999.  Average gas prices  received  during the
first six months of 2000 were  $2.69 per Mcf,  which  compared  to $1.80 per Mcf
during  the same  period of 1999.  Through  the first  six  months of 2000,  oil
production of 340,000  barrels was up from 1999  production of 318,000  barrels.
Natural gas  production  decreased  from 1,025,000 Mcf in 1999 to 830,000 Mcf in
2000. The reduction was due primarily to the Company's  reduced drilling program
in California during 1999.

        Included  in first half 2000  revenues  was  $505,000  in  non-recurring
property sales  recognized in the first quarter of the year. First half revenues
also  include  approximately  $200,000 in overhead  income  associated  with the
Company's  newly  operated  properties  in the Big  Horn  Basin.  This  level of
overhead  income  should  continue to be  recognized  on an ongoing  basis.  The
Company also recognized gains on the sale of securities and property promotions.
Revenues were decreased by $406,486 in the 2000 first half by losses  associated
with the Company's hedging program.

        Higher  revenues  were  offset by higher  operating  costs,  3D  seismic
expenses,  and administrative costs.  Operating costs rose 24% from 1999 levels,
as the Company  returned its  higher-cost,  lower-margin  oil properties to full
production.  In  addition,  higher oil  prices  resulted  in higher  value-based
production taxes.

        First  half  expenses  include  costs  associated  with two new  Company
operated 3D seismic  surveys,  one in the Sacramento Basin of California and one
in North  Dakota.  The Company did not  participate  in any 3D seismic  programs
during the first half of 1999.

        General and  administrative  expenses increased slightly from 1999 first
half  levels.   The  increase   was  due  to  higher   compensation   and  other
administrative expenses. During the low oil price environment of early 1999, the
Company froze salaries,  reduced employee benefits,  and made other compensation
reductions. As oil prices have increased, the Company has restored some of these
previous  reductions.  In  addition,  the  Company  recorded  overhead  expenses
associated with its new Cody, Wyoming office of approximately $80,000, an amount
which should continue to be recognized on an ongoing basis.

    Higher  interest costs in 2000 reflect  higher  interest rates applied to a
reduced amount of debt outstanding under the Company's credit facility.

                                       10

<PAGE>




OTHER ITEMS

     The  Company  has  reviewed  all  recently  issued,  but not  yet  adopted,
accounting standards in order to determine their effects, if any, on the results
of operations or financial  position of the Company.  Based on that review,  the
Company  believes  that none of these  pronouncements  will  have a  significant
effect on current or future earnings or operations.

FORWARD LOOKING STATEMENTS

     Forward-looking statements in this Form 10-Q, future filings by the Company
with the Securities and Exchange  Commission,  the Company's  press releases and
oral statements by authorized officers of the Company are intended to be subject
to the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that all forward-looking  statements involve risks
and uncertainty, including without limitation, the risk of a significant natural
disaster,  the inability of the Company to ensure  against  certain  risks,  the
adequacy of its loss  reserves,  drilling  results,  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.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

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


                                       11

<PAGE>

                                     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 10, 2000,  shareholders  were
asked to elect Mr. Randolph G. Abood, Mr. William D. Forster, and Mr. William P.
Hartl to the staggered  board to serve three year terms expiring in 2003, and to
approve  the  Equity Oil  Company  2000 Stock  Option  Plan.  Based on the votes
received,  each director  nominee was elected to the board, and the Stock Option
Plan was approved. The following votes were recorded for each item.

     ELECTION OF DIRECTORS.  Each director  nominee received at least 95% of the
shares voted at the meeting.

                               Abood         Forster
                               -----         -------

Affirmative votes            9,942,725      9,927,519
Withhold authority             446,524        461,730


                               Hartl
                               -----

Affirmative votes            9,946,580
Withhold authority             442,669


EQUITY OIL COMPANY 2000 STOCK OPTION PLAN

                                    # of votes
                                    ----------

Affirmative votes                    4,718,456

Negative votes                       1,581,037

Abstentions/Not voted                4,089,756





                                   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 4, 2000             By /s/ Paul M. Dougan
       ----------------------           ---------------------
                                        Paul M. Dougan, President


DATE:     August 4, 2000             By /s/ Clay Newton
       ----------------------           ---------------------
                                        Clay Newton, Treasurer
                                        Principal Accounting Officer


                                       12