U.S. Securities and Exchange Commission
                              Washington, D. C. 20549

                                   Form 10-QSB
                      Annual Report Under Section 13 or 15(d)
                                       of the
                          Securities Exchange Act of 1934
                           for the quarterly period ended

                                 March 31, 1997

                          Commission File Number: 1-10425

                WICHITA RIVER OIL CORPORATION, Debtor-in-Possession
                   (Name of Small Business Issuer in its Charter)

              Delaware				                            13-3544163
      (State of Incorporation)		           (IRS Employer Identification Number)

                       3500 N. Causeway Blvd., Suite 410 
                             Metairie, Louisiana           70002          
                 (Address of Principle Executive Office) (Zip Code)     

                                      (504)-831-0381
                    (Issuer's Telephone Number, Including Area Code)

             Securities registered under Section 12(b) of The Exchange Act:

          Title of Each Class     		      	Name of Exchange on which Registered
      Common Stock $0.01 par value			                       None

        Securities registered under Section 12(g) of The Exchange Act: None

Check whether the Issuer: (1) filed all reports required to be filed by Section 
13 or 15(d) of the Exchange Act during the past 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 .

            Check if Transitional Small Business Format:  Yes     No  x .

                            Applicable Only To Corporate Issuers
                State the number of shares outstanding of each of the issuer's 
                                     classes of equity.

As of May 14, 1997, approximately 7,974,000 shares of Common Stock, $0.01 
par value per share, were issued and outstanding.
<PAGE>

<TABLE>
                   Wichita River Oil Corporation, Debtor-in-Possession 
                                     and Subsidiaries
                           Condensed Consolidated Balance Sheets
                                         Unaudited
<CAPTION>
		                                         March 31,     March 31,
                           			               1997 	         1996
<S>                                  		    <C>             <C>      
	Assets
  	Current Assets:
	  Cash and cash equivalents	                 $173,000   	     $ 77,000
	  Accounts receivable	                        671,000  	       473,000
                                            __________        _________   
	     Total Current Assets	                    844,000          550,000

	Property and Equipment:
  	Oil and gas properties 
           (full cost method)               55,773,000  	    55,503,000
  	Less - Accumulated depletion and
	         writedown of oil and gas
          properties	                      (39,288,000)     (39,035,000)
  	Net Property and Equipment	              16,485,000       16,468,000
                                          ____________      ____________
	     Total Assets	                       $ 17,329,000     $ 17,018,000
                                           ___________      ___________

	Liabilities and Stockholders' Equity (Deficit)
   	Current Liabilities:
	     Accounts payable	                    $1,080,000	       $1,076,000 
     	Undistributed production 
        receipts                            2,180,000         2,180,000
     	Accrued liabilities	                  1,008,000  	        984,000
	     Accrued interest	                     4,218,000         3,620,000
	     Current maturities of 
      long-term debt	                      21,350,000         21,350,000
                                           __________         __________                             
       	Total Current Liabilities          29,836,000         29,210,000
	
	Stockholders' Equity (Deficit):
	   Common stock, voting, $.01 
      par value, shares authorized
      10,000,000, shares outstanding
     	7,974,000 and 7,974,000, 
      respectively	                            81,000	           81,000
	   Additional paid-in capital	            12,987,000   	    12,987,000
   	Subscriptions receivable                	(216,000)        	(319,000)
   	Retained earnings (deficit)    	      (25,359,000)     	(24,941,000)
                                           __________        __________  
         Total Stockholders' Equity
           (Deficit)                      (12,507,000)       (12,192,000)
                                           ___________       __________
         Total Liabilities & 
          Stockholders' Equity (Deficit)  $17,329,000       $17,018,000
                                           ___________       __________
</TABLE>
  	              Wichita River Oil Corporation, Debtor-in-Possession
                                  and Subsidiaries
        Condensed Consolidated Statements of Stockholders' Equity (Deficit)

<TABLE>
				                                Unaudited
<CAPTION>
                            			            Additional       Stock
            	            Common Stock        Paid-in	   Subscriptions          Retained            Stockholders'
            	          Shares      Amount    Capital      Receivable      Earnings (Deficit)    Equity (Deficit)
<S>                    <C>         <C>      <C>          <C>              <C>                   <C>          
Balance Dec. 31, 1996   7,974,000  $81,000  $12,987,000   $(319,000)      $(24,941,000)         $(12,192,000) 
Collection of 
Subscription Receivable   - -       - -        - -          103,000           - -                    103,000
 Net Loss                 - -	      - -	       - -           - -           (   418,000)          (   418,000)
                        _________  _______  ___________   _________       ____________          ____________
Balance March 31, 1997  7,974,000  $81,000  $12,987,000   $(216,000)      $(25,359,000)         $(12,507,000)
</TABLE>

The accompanying notes to condensed consolidated financial statements are an 
integral part of these financial statements.

                                         						2
<PAGE>
                   Wichita River Oil Corporation, Debtor-in-Possession
                                   and Subsidiaries
                  Condensed Consolidated Statements of Operations
                                     Unaudited
<TABLE>
<CAPTION>
                                 
Three Months Ended March 31,         1997                    1996  
<S>	                                  <C>                     <C>          

	Revenues:
	  Oil and gas sales                    $1,021,000  	         $   958,000
                               
	Expenses:
	  Production expenses	                    391,000 	              205,000  
  	  General and administrative         	  195,000                488,000
	  Interest expense	                       600,000 	              583,000
	  Depreciation, depletion   
     and amortization	                     253,000                250,000
                                        __________             ___________
          	Total expenses	               1,439,000              1,526,000   

 Income (loss) before income taxes      (  418,000)             ( 568,000)
   Income tax benefit                	      - -                     - -  
                                        ___________             ____________
 Net Income (Loss)                     $(  418,000)             $( 568,000)

 Earnings (Loss) Per Share	                $(0.05)     	           $(0.07)

 Number of shares outstanding             7,974,000               7,974,000
</TABLE>

                      Wichita River Oil Corporation, Debtor-in-Possession
                                       and Subsidiaries
                     Condensed Consolidated Statements of Cash Flows
                                         Unaudited

<TABLE>
<CAPTION>

Three Months Ended March 31,                       1997                 1996
<S>                                                <C>                 <C>   
	Cash Flows from Operating Activities:
	  Net income (loss)                          	    $(418,000)       	$(568,000)
	  Adjustment to reconcile net income (loss) 
     to net cash from operating activities:
   Depreciation, depletion and amortization           253,000          250,000
                                                     _________         _________
	    Operating cash flow (Loss) before               (165,000)        (318,000)
       non-cash charges

	 Changes in assets and liabilities
	   Decrease (increase) in accounts receivable
	     and other assets                              	(198,000)	        311,000
	   Increase (decrease) in accounts payable
	     and other liabilities                           626,000          792,000
                                                     _________         ________
  Net cash provided by operating activities         $ 263,000        $ 785,000

 	Cash Flows from Investing Activities:
	   Capital expenditures	                           $(270,000)       $(811,000)
                                                    ___________      ___________
    Net cash (used in) investing activities   	     $(270,000)       $(811,000)

	 Cash Flows from Financing Activities:            $  103,000        $    - -

  Cash and Cash Equivalents:
    At beginning of period	                        $   77,000        $  28,000
	   Net increase (decrease) during period           	  96,000         ( 26,000)
                                                   _________          _________
     At end of period	                             $  173,000         $  2,000

 	Supplemental Cash Flow Information:
	   Cash paid during period for interest	          $   - -           	 $    - -
   	Cash paid during period for income taxes       $   - -	            $    - -
</TABLE>

The accompanying notes to condensed consolidated financial statements are an 
integral part of these financial statements.

                                            3
<PAGE>
                  Wichita River Oil Corporation, Debtor-in-Possession 
                                      and Subsidiaries
        Notes to Condensed Consolidated Financial Statements for March 31, 1997

Summary of Significant Accounting Policies

Principles of Consolidation: The condensed consolidated financial statements 
include the accounts of Wichita River Oil Corporation, Debtor-in-Possession and
its wholly owned subsidiaries (collectively referred to as the "Company"). 
The Company's wholly owned subsidiaries are Equitable Petroleum Corporation 
and WRO Operating Company. The Company is an oil and gas exploration, 
development and production company.  All material intercompany accounts and 
transactions are eliminated in consolidation.                               

Cash Equivalents: The Company considers all highly liquid investments purchased
with an original maturity of three months or less to be cash equivalents.

Property and Equipment: Property and equipment are stated at cost. The Company
uses the "full cost" method of accounting for oil and gas properties. 
Accordingly, costs incurred in the acquisition, exploration and development of
oil and gas properties are capitalized. Under the full cost method, intangible
drilling costs, dry hole costs, geologic costs and certain internal costs 
related to exploration and development efforts are included as part of oil
and gas properties. Proceeds from the sale of oil and gas properties reduce 
property and equipment and no gains or losses are normally recognized under 
the full cost method. As the Company becomes aware of costs to be incurred for
site restoration, dismantlement and/or abandonment, it records the liability. 
To date, no such liability has been recorded. 

Depreciation, depletion and amortization of proved oil and gas properties is 
computed using the units of production method based on total proved oil and 
gas reserves. Depreciation of other fixed assets, primarily office equipment, 
is determined using the straight-line method over their estimated useful lives.
Upon abandonment or disposal of depreciable assets, the cost and accumulated 
allowance for depreciation are eliminated from the accounts and any gain or
loss is reflected in results of operations.

Income Taxes: Effective January 1, 1993, the Company adopted the provisions of 
Statement of Financial Accounting Standards No. 109  "Accounting for Income 
Taxes" ("SFAS 109"), which requires the Company to use an asset and liability 
approach to accounting for income taxes. Deferred tax assets or liabilities are
measured by applying the provisions of enacted tax laws to differences between 
the tax bases of assets and liabilities and amounts reported on the Company's 
balance sheet. A valuation allowance must be established for any portion of a
deferred income tax asset, if it is more likely than not that a tax benefit 
will not be realized.

Reclassifications: Certain prior years' amounts have been reclassified to 
conform with the 1997 presentation.

Earnings (Loss) Per Share: The weighted average number of shares of common 
stock outstanding during the periods is used to compute earnings (loss) per 
share. Stock options and warrants are considered common stock equivalents to
the extent they have a dilutive effect on earnings per share.

Use of Estimates:  The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial 
statements and the reported amounts of revenues and expenses during the 
reporting period.  Actual results could differ from those estimates.

                                        4
<PAGE>

                  Wichita River Oil Corporation, Debtor-in-Possession
                                   and Subsidiaries
    Notes to Condensed Consolidated Financial Statements for March 31, 1997

Current Maturities of Long-Term Debt

On February 1, 1992, the Company entered into a long-term credit agreement 
("1992 Credit Agreement") with a bank providing a borrowing capacity of 
$20,000,000, which was immediately drawn.  The proceeds were used primarily
to retire the $15,000,000 loan under an existing credit agreement and the 
remainder of a production payable incurred in a 1991 merger.

Outstanding borrowings, which were increased and then subsequently reduced to
$21.5 million in August of 1993, under the loan are secured by a first security
interest in the oil and gas properties of the Company.  On October 1, 1995, a
$2.7 million payment ($2.0 million of principal and $0.7 million of accured 
interest) was due on the Company's $21.3 million senior-secured debt.  The 
Company was unable to pay to $2.7 million, and the note holder's remedies for
nonpayment include acceleration of the loan and initation of foreclosure 
proceedings.  Immediately prior to October 1, 1995, the Company's original
lender transferred the debt to a new note holder.  Subsequently, the note 
holder and the Company discussed various debt amendment ideas as well as various
recapitalization and/or refinancing alternatives.  On April 11, 1996, the note 
holder delivered to the Company a notice of default and declared the debt due 
and payable.  On April 17, 1996, alleged unsecured creditors of the Company 
filed an involuntary petition with the United States Bankruptcy Court in the 
Eastern District of Louisiana seeking a Chapter 11 reorganization of the 
Company.  On July 15, 1996, an Order for Relief was entered and Wichita River 
Oil Corporation became Debtor-in-Possession.

Management believes that anticipated cash flows from operations will be 
adequate to meet the Company's foreseeable financial obligations provided 
the Company's properties can be fully developed.  The Company's ability to 
continue the development of its properties during the near future is subject
to the determination of certain issues in bankruptcy proceedings.

Common Stock

During 1994, the Company issued 1,258,000 shares of common stock and 
stockholders' equity was increased by $1,023,000.  Included were 237,729
shares with a market value $259,000 for settlement of litigation, 250,000 
shares to a consultant to the company for a subscription receivable of 
$190,000, and the balance of 770,000 shares for reducing the Company's 
current liabilities by $764,000.  The Company had incurred the current 
liabilities primarily as a result of capital expenditures associated with
production enhancement operations.

The following table identifies the changes during the past two years for the 
Company's stock purchase warrants and stock options as well as the issued and 
outstanding warrants and options as of March 31, 1997.
<TABLE>
<CAPTION>
	                            Number	       Price	       Number      	Price
	                         of Warrants	   Per Share	   of Options 	 Per Share
<S>                         <C>        <C>            <C>          <C>
Outstanding Dec. 31, 1993   567,500    $0.01 - 1.25    40,000 	    $1.56 - 6.25

Forfeited during 1994-net    (8,000)        - -          - -            - -
Exercised during 1994	      (41,000)        1.25         - -            - - 
                            _______     ___________    ______       ___________     
Outstanding Dec. 31, 1994:  518,500     0.01 - 1.25    40,000       1.56 - 6.25
	
Forfeited during 1995-net   (12,000)        - -       (16,000)           6.25   
Exercised during 1995          - -          - -          - -             - - 
                             _______    ____________    ______     ____________
Outstanding Dec. 31, 1995:   506,500 	  $0.01 - 1.25    24,000     $1.56 - 6.25

Forfeited during 1996 & 1997 (506,500)  $0.01 - 1.25     - -              - - 
Exercised during 1996 & 1997  - -          - -           - -              - -
                             _______    ____________    ______     ____________
Outstanding March 31, 1997:    - -          - -         24,000     $1.56 - 6.25

     Consisting of:                                     20,800          $1.56
                                                         3,200          $6.25 
</TABLE>
As of March 31, 1997, a total of 24,000 shares of Company common stock were
reserved for issuance under stock option plans.
          
                                          5
<PAGE>
                           Management's Discussion and Analysis
                     of Financial Condition and Results of Operations

Liquidity and Capital Resources

On October 1, 1995, a $2.7 million payment ($2.0 million of principal and $0.7
million of accrued interest) was due on the Company's $21.3 million senior-
secured debt.  The Company was unable to pay the $2.7 million, and the note
holder's remedies for nonpayment include acceleration of the loan and 
initiation of foreclosure proceedings.  Immediately prior to October 1, 
1995, the Company's original lender transferred the debt to a new note 
holder.  Subsequently, the note holder and the Company discussed various
debt amendments ideas as well as various recapitalization and/or refinancing
alternatives.  On April 11, 1996, the note holder delivered to the Company a
notice of default and declared the debt due and payable.  On April 17, 1996,
alleged unsecured creditors of the Company filed an involuntary petition with
the United States Bankruptcy Court in the Eastern District of Louisiana seeking 
a Chapter 11 reorganization of the Company.  On July 15, 1996, an Order of 
Relief was entered and Wichita River Oil Corporation became Debtor-in-
Possession.

The Company's balance sheet as of December 31, 1996, includes the entire amount 
of senior-secured debt in current liabilities, resulting in deficit working 
capital of $28.7 million, including $21.3 million of principal and an additional
$3.6 million of accured interest.

The Company's independent auditors, Arthur Andersen LLP, did not express an
opinion on the Company's financial statements as of December 31, 1995.  The 
auditors requested the note holder to return an ordinary audit debt 
confirmation.  The note holder refused to confirm the debt terms and 
maturities.  The auditors further stated that there is "substantial doubt
about the Company's ability to continue as a going concern." Consequently,
the auditors stated "we do not express an opinion on the financial 
statememts..."

Management believes that anticipated cash flows from operations will be 
adequate to meet the Company's foreseeable financial obligations provided the
Company's properties can be fully developed.  The Company's ability to continue
the development of its properties during the near future is subject to the 
determination of certain issues in bankruptcy proceedings.

As of December 31, 1995, the capitalized cost of the Company's oil and gas
properties was less than the cost ceiling established by the Company's proved 
reserves.  However, uncertainty regarding the Company's ability to fund 
development of its proved undeveloped reserves in the near future may limit
the cost ceiling to the value of the Company's proved developed reserves.  
By limiting its property value to the cost ceiling established by proved 
developed reserves, a writedown of $9.2 million for impairment of the Company's
stated property value was recorded during the fourth quarter of 1995.

                                      6
<PAGE> 

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

Net cash provided by operating activities during the first quarter of 1997 was
$263,000, including an operating cash loss of $165,000. Comparable figures for 
1996 were cash provided by operating activities of $785,000, including an 
operating cash loss of $318,000.  Net cash used in investing activities in 1997
was $270,000 for capital expenditures compared to net cash used in investing
activities in 1996 of $811,000. Cash flows from financing activities were
$103,000 in 1997 from collection of stock subscriptions receivable. There were 
no financing activities in 1996.

Wichita River Oil Corporation and the Company's subsidiary Equitable Petroleum 
Corp. are defendants in various lawsuits arising in the ordinary course of 
business.  The Company believes it has meritorious defenses to the lawsuits 
and will defend against them.  Based on its evaluation of such claims, as 
discussed with its outside legal counsel, Company management is of the 
opinion that the ultimate resolution of such matters will not have a material
adverse effect on the Company's financial position or results of operations and
that such matters are not material for an investment decision regarding the
Company's securities.

Results of Operations

First Quarter of 1997 Compared to First Quarter of 1996.  When compared to a
year earlier, oil and gas sales were 6% higher due primarily to a 8% increase 
in average daily production (638 BOE v. 588).  Average oil prices per barrel 
were higher ($19.15 v. $17.61) while average natural gas prices were lower 
($2.70 per mcf v. $3.08).  Production expenses, exclusive of taxes, were 2.1
times greater in 1997 than in 1996 due to compliance with new environmental
regulations associated with water disposal.  Lease operating costs per BOE 
averaged $4.83 in 1997 compared to $2.52 in 1996.  Production taxes were 46%
higher in 1997 when compared to 1996 ($1.98 per BOE v. $1.36) reflecting the
higher oil prices (depicted above) while oil production was 28% higher (345 
barrels per day v. 270).  Natural gas production volumes were 6% lower in 1996
(1,755 mcf per day v. 1,874 mcf). 

General and administrative expenses in 1997 were 60% lower than in 1996, 
reflecting the Company's continued austerity program.  Interest expense in 1997
was 3% higher due to a higher amount of interest-bearing debt outstanding.  
Depreciation, depletion and amortization costs were essentially unchanged 
because increased volumes were offset by a lower depletion rate ($4.40 per BOE
v. $4.72).


                                     7

<PAGE>
                     Management's Discussion and Analysis
              of Financial Condition and Results of Operations

Legal Proceedings

On April 17, 1996, unsecured creditors of the Company filed an involuntary
petition with the United States Bankruptcy Court in the Eastern District of
Louisiana seeking a Chapter 11 reorganization of the Company.  On July 15, 1996,
an Order of Relief was entered, permitting the Company to continue operations
under Chapter 11 as debtor-in-possession.  Subsequently, the Company filed suit
on March 20, 1997 against Swiss Bank Corporation, Odyssey Partners, L.P. and
Nomura Holding America, Inc. in U.S. District Court in the Eastern District of
Louisiana seeking $100 million of damages from the defendants for fraud, 
detrimental reliance, breach of contract and lender liability.  The Company also
filed suit against other parties in the U.S. Bankruptcy Court during March 1997
seeking approximately $2 million for breach of certain agreements.

Wichita River Oil Corporation and the Company's subsidiary Equitable Petroleum
Corp. are defendants in various lawsuits arising in the ordinary course of 
business.  The Company believes it has meritorious defenses to the lawsuits and
will defend against them.  Based on its evaluation of such claims, as discussed
with its outside legal counsel, Company management is of the opinion that the
ultimate resolution of such matters will not have a material adverse effect on 
the Company's financial position or results of operations and that such matters
are not material for an investment decision regarding the Company's securities.

The Company is a defendant in an action styled John H. Hauberg, et al v.
Wichita River Oil Corporation, et al, No. 54,837, 23rd JDC, Ascension Parish, 
La. in which the royalty owners of a lease that is operated by the Company are
seeking approximately $300,000 in unpaid royalties plus penalties and interest
and attorney's fees.  The Company has acknowledged and accrued the $300,000 
liability for unpaid royalties but has denied the claim for penalties, which
exceeds $1.2 million.  The Company believes it has meritorious defeses against 
the claim for penalties.

The Company owns approximately 75% working interest in the lease in question.
Other working interest owners and royalty owners who had not been involved 
directly in the case mentioned above have filed recently claims and crossclaims
and counterclaims both with and against the Company for reimbursement for any 
penalties which may result from this litigation.

Submission of Matters to a Vote of Security Holders
     None.

Exhibits and Reports on Form 8-K
     None.

                                      Signatures

Pursuant to the requirements of Section 13 or 15(d) 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 in New Orleans, State of
Louisiana on May 14, 1997.

Wichita River Oil Corporation

By: /s/ Michael L. McDonald                      By:/s/ James P. McGinnis
        Michael L. McDonald                             James P. McGinnis
        Chairman and President                          Controller

May 14, 1997
                                       10