UNITED STATES
                                    FORM 10Q

                       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    March 31, 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


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<PAGE>



                          ITEM I: Financial Statements


                               EQUITY OIL COMPANY
                             Statements of Operations
               For the three months ended March 31, 2000 and 1999
                                   (Unaudited)

                                                      2000             1999
                                                  ------------     ------------

REVENUES

         Oil and gas sales ..................     $  5,388,023     $  2,610,852
         Other ..............................          750,908           39,158
                                                  ------------     ------------

                                                     6,138,931        2,650,010

EXPENSES

         Operating costs ....................        1,642,923        1,286,158
         Depreciation, depletion and
           amortization .....................        1,025,000        1,100,000
         3D Seismic .........................          191,678             --
         Exploration ........................          437,452          417,678
         General and administrative .........          514,682          428,270
         Interest ...........................          339,446          298,327
                                                  ------------     ------------

                                                     4,151,181        3,530,433

Income (loss) before income taxes ...........        1,987,750         (880,423)

Provision for
         (benefit from) income taxes ........          735,000         (307,724)
                                                  ------------     ------------

NET INCOME (LOSS) ...........................     $  1,252,750     $   (572,699)
                                                  ============     ============

Net income (loss) per share

         Basic ..............................     $        .10     $       (.05)
         Diluted ............................     $        .10     $       (.05)

Weighted average shares outstanding

         Basic ..............................       12,643,440       12,629,440
         Diluted ............................       12,966,440       12,629,440


        The accompanying notes are an integral part of these statements.

                                        2

<PAGE>



                               EQUITY OIL COMPANY
                                  Balance Sheets
                   as of March 31, 2000 and December 31, 1999

                                                  March  31,       December 31,
ASSETS                                              2000              1999
------                                         -------------      -------------
                                                (Unaudited)
Current assets:
  Cash and cash equivalents ..............     $   1,937,659      $   1,006,602
  Accounts and advances receivable .......         3,593,923          3,382,361
  Income taxes receivable ................           290,332            221,199
  Deferred income taxes ..................            19,632             19,632
  Other current assets ...................           361,133            277,595
                                               -------------      -------------
                                                   6,202,679          4,907,389

Property and equipment ...................       103,920,643        103,574,626
Less accumulated depreciation,
 depletion and amortization ..............        63,752,091         62,800,100
                                               -------------      -------------
                                                  40,168,552         40,774,526

Other assets .............................           478,338            435,420
                                               -------------      -------------

TOTAL ASSETS .............................     $  46,849,569      $  46,117,335
                                               =============      =============

LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------

Current liabilities:
  Accounts payable .......................     $   1,562,380      $   1,541,834
  Accrued liabilities ....................           134,562            177,550
  Income taxes payable ...................           238,907            321,981
                                               -------------      -------------
                                                   1,935,849          2,041,365

Revolving credit facility ................        14,000,000         15,000,000
Deferred income taxes ....................         2,252,648          1,667,648
                                               -------------      -------------
                                                  16,252,648         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 ......................        12,661,591         11,408,841
                                               -------------      -------------

                                                  28,661,072         27,408,322
                                               -------------      -------------
TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY ...................     $  46,849,569      $  46,117,335
                                               =============      =============


        The accompanying notes are an integral part of these statements.

                                        3

<PAGE>



                               EQUITY OIL COMPANY
                             Statements of Cash Flows
               For the three months ended March 31, 2000 and 1999
                                   (Unaudited)
                                                        2000            1999
                                                    -----------     -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income (loss) ............................    $ 1,252,750     $  (572,699)
  Adjustments
     Depreciation, depletion and
       amortization ............................      1,025,000       1,100,000
         (Gain) loss on property sales .........       (505,789)           --
         Change in other assets ................         33,217           3,028
         Equity loss in Symskaya Exploration ...         42,363          43,425
     Change in deferred income taxes ...........        585,000        (308,400)
                                                    -----------     -----------
                                                      2,432,541         265,354
     Increase (decrease) from changes in:
      Accounts and advances receivable .........       (211,562)        407,834
      Other current assets .....................        (83,538)         13,325
      Accounts payable and accrued
         liabilities ...........................        (22,442)       (536,650)
      Income taxes receivable/payable ..........       (152,206)         75,590
                                                    -----------     -----------
  Net cash provided
     by operating activities ...................      1,962,793         225,453
                                                    -----------     -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Capital expenditures .........................       (426,535)       (172,831)
  Proceeds from property sales .................        513,298            --
  Change in other assets .......................        (50,000)           --
  Advances to Symskaya Exploration .............        (42,363)        (43,425)
                                                    -----------     -----------

  Net cash used in investing activities ........         (5,600)       (216,256)
                                                    -----------     -----------

CASH FLOWS FROM FINANCING ACTIVITIES:

  Payment of credit facility fees ..............        (26,136)           --
  Payments on credit facility ..................     (1,000,000)           --
                                                    -----------     -----------

  Net cash used in
          financing activities .................     (1,026,136)           --
                                                    -----------     -----------

NET INCREASE IN CASH ...........................        931,057           9,197

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

CASH AND CASH EQUIVALENTS
  AT END OF PERIOD .............................    $ 1,937,659     $   453,673
                                                    ===========     ===========

        The accompanying notes are an integral part of these statements.

                                        4

<PAGE>



                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Interim Financial Statements

In the opinion of the Company's management, the financial statements reflect the
necessary  adjustments,  all of which are of a normal and recurring  nature,  to
present  fairly the financial  position of the Company as of March 31, 2000, and
the results of its  operations  and its cash flows for the three  month  periods
ended March 31, 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.

The results for the three month period ended March 31, 2000 are not  necessarily
indicative of future results.

Note 2. Net Income (Loss) Per Share

Income  (loss) per share for all  periods  presented  reflects  the  adoption of
Statement of Financial Accounting Standards No. 128, "Earnings Per Share" ("SFAS
128").  SFAS 128 requires  companies to present basic earnings per share, and if
applicable,  diluted  earnings per share,  instead of primary and fully  diluted
earnings per share.  Basic earnings per share excludes  dilution and is computed
by dividing  net  earnings  available  to common  stockholders  by the  weighted
average number of common shares outstanding for the period. Diluted earnings per
share  reflects  the  potential  dilution  that could  occur if options to issue
common stock were exercised into common stock.

Options to purchase approximately  1,347,000 shares of common stock at prices of
$1.06 to $6.00 per share were outstanding during the first three months of 2000,
323,000 of which were  included  in the  computation  of diluted  net income per
share for the period.  Options to  purchase  approximately  1,024,000  shares of
common stock at prices of $2.50 to $6.00 per share were  outstanding  during the
first three months of 1999,  none of which were included in the  computation  of
net loss per  share at March  31,  1999  because  the  effect  would  have  been
antidilutive.

Note 3. Reclassifications

Certain  balances  in  the  March  31,  1999  financial   statements  have  been
reclassified to conform to the current year  presentation.  These changes had no
effect  on the  previously  reported  net loss,  total  assets,  liabilities  or
stockholders' equity.





                                        5

<PAGE>



                                     PART I

                                     ITEM 2

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

RESULTS OF OPERATIONS

         Sharply  higher oil prices  combined with  increased oil  production to
produce a 106%  increase  in oil and gas sales  for the first  quarter  of 2000.
Total revenues for the period were $6,138,931, compared to $2,650,010 during the
first  quarter  of 1999.  The  Company  recorded  net  income for the 2000 first
quarter of  $1,252,750,  or $.10 per share.  This compares to a net loss for the
first quarter of 1999 of $(572,699), or $(.05) per share.

        Oil production in the 2000 first quarter was 170,000  barrels,  compared
to 154,000 in the same  period  last year.  The  increase  was  attributable  to
production  from  low-margin  wells that were  shut-in  during  early 1999.  Gas
production  decreased to 450 million  cubic feet in 2000 from 550 million  cubic
feet in 1999. The reduction was due primarily to the Company's  reduced drilling
program in California during 1999.

        Revenues  were  decreased  by  $196,170  in losses  associated  with the
Company's hedging program, which was instituted in 1999 to help manage oil price
volatility.  The Company has 900  barrels of oil per day hedged  under  costless
collars.  The collars  have  floors of $18.00 per barrel and a weighted  average
ceiling of $26.37 per barrel.  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, average crude prices
received in the first  quarter  this year were  $25.40 per  barrel,  compared to
$11.29  per barrel  received  during the same  period of 1999.  Gas prices  also
increased in the first  quarter of 2000,  averaging  $2.37 per Mcf,  compared to
$1.58 per Mcf received during the first quarter of 1999.

         Included in first quarter 2000 revenues was $506,000 in property  sales
due to the sale of a small,  non-core oil property  effective  February 1, 2000.
First quarter  revenues also include  approximately  $100,000 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 each quarter for
the forseeable future.

        Higher  revenues  were  offset by higher  operating  costs,  3D  seismic
expenses,  and administrative costs.  Operating costs rose 28% 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.

                                        6

<PAGE>



        First quarter expenses include the initial 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 quarter of 1999.

        General and  administrative  expenses increased slightly from 1999 first
quarter  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 $40,000, an amount
which should continue to be expensed each quarter for the forseeable future.

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

CAPITAL RESOURCES AND LIQUIDITY

         Improved financial results have led to a strengthening in the Company's
financial  position at March 31, 2000. The Company's cash balances  increased by
92% from  December 31, 1999.  Working  capital at March 31, 2000 was 106% higher
than that at December 31, 1999. The Company's ratio of current assets to current
liabilities  also  improved,  reaching 3.20 to 1 at March 31, 2000,  compared to
2.40 to 1 at the end of 1999.  Cash flow from operating  activities in the first
quarter of 2000 increased by more than 700% over 1999 levels.

         Investment in property and equipment for the first three months of 2000
totaled  $426,535,   a  146%  increase  from  the  amount  recorded  during  the
corresponding three months of 1999. As a result of severely depressed oil prices
in early 1999, and their negative effects on cash flows, the Company reduced its
1999 capital  budget to ensure that the bulk of its projects  would be funded by
discretionary  cash  flows.  Higher cash flows in 2000 will allow the Company to
continue to expand its exploration and exploitation activities.  The bulk of the
Company's drilling should occur during the second through fourth quarters of the
year.

         Higher  cash  flows  during the  quarter  enabled  the  Company to make
further reductions in its long-term debt. Debt outstanding at March 31, 2000 was
$14  million,  down $1  million  from  year-end  1999  amounts,  reflecting  the
Company's  plan of using  excess  cash flow 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,

                                        7

<PAGE>



as of March 31, 2000,  the Company had $3 million of remaining  availability  on
the facility. The Company is in compliance with all 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.

OTHER ITEMS

         In  June  1998,  the  Financial  Accounting  Standards  Board  released
Statement No. 133, "Accounting for Derivative Instruments and Hedging Activities
Information."  As  amended  by  Statement  No.  137  issued in June  1999,  this
statement,  which must be adopted  beginning  no later than  January 1, 2001 for
calendar  year  companies  such  as  the  Company,  establishes  accounting  and
reporting standards for derivative  instruments.  The statement requires that an
entity  recognize  all  derivatives  as  either  assets  or  liabilities  in the
financial statements and measure those instruments at fair value, and it defines
the accounting for changes in the fair value of the derivatives depending on the
intended use of the derivative. The Company is in the process of determining the
impact of this statement on its financial statements.

         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

         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. The Company
disclaims any obligation to update any  forward-looking  statements whether as a
result of new information, future events or otherwise.

                                        8

<PAGE>


         Important  factors that may effect future results include,  but are not
limited to: 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.

                                     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 there unto duly authorized.

                                  EQUITY OIL COMPANY
                                  (Registrant)



DATE:     May 12, 2000                By  /s/ Paul M. Dougan
       ----------------------            ---------------------
                                         Paul M. Dougan, President


DATE:     May 12, 2000                By  /s/ Clay Newton
      -----------------------            ---------------------
                                         Clay Newton, Treasurer
                                         Principal Accounting Officer




                                        9