<PAGE>  1
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                       U.S. SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C. 20549

                                       FORM 10-Q

[ X ]               QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                         OF THE SECURITIES EXCHANGE ACT OF 1934

                   For the quarterly period ended September 30, 1997

[  ]               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:  000-26354

                               LOGAN INTERNATIONAL CORP.
                  (Exact name of Registrant as specified in its charter)

                Washington                                91-1636980
       (State or other jurisdiction of                 (I.R.S. Employer
        incorporation or organization)                  Identification No.)

Suite 1250, 400 Burrard Street, Vancouver, British Columbia, Canada  V6C 3A6
                  (Address of principal executive offices)

                                     (604) 683-5312
                 (Registrant's telephone number, including area code)

       #108 - 1201 SW 7th Street, P.O. Box 860, Renton WA         98055-0860
                  (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
                                                      -----     -----

Indicate the number of shares outstanding of each of the Registrant's classes 
of common stock, as of the latest practicable date:

                  Class                  Outstanding at November 10, 1997
                  -----                  --------------------------------
           Common Stock, $0.01                        10,837,808
               par value


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<PAGE>  2

FORWARD-LOOKING STATEMENTS

Statements in this report, to the extent that they are not based on historical
events, constitute forward-looking statements.  Forward-looking statements 
include, without limitation, statements regarding the outlook for future 
operations, forecasts of future costs and expenditures, evaluation of market 
conditions, the outcome of legal proceedings, the adequacy of reserves, or 
other business plans.  Investors are cautioned that forward-looking statements 
are subject to an inherent risk that actual results may vary materially from 
those described herein.  Factors that may result in such variance, in addition 
to those accompanying the forward-looking statements, include changes in 
interest rates, prices and other economic conditions; actions by competitors;
natural phenomena; actions by government and regulatory authorities;
uncertainties associated with legal proceedings; technological development;
future decisions by management in response to changing conditions; and 
misjudgments in the course of preparing forward-looking statements.


                          PART I.  FINANCIAL INFORMATION
                                   ---------------------
ITEM 1.  FINANCIAL STATEMENTS




                            LOGAN INTERNATIONAL CORP.

                       CONSOLIDATED FINANCIAL STATEMENTS

                 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997

                                   (Unaudited)






















                                       2

<PAGE>  3
                           LOGAN INTERNATIONAL CORP.
                          Consolidated Balance Sheets
                                  (Unaudited)
                             (dollars in thousands)
<TABLE>
<CAPTION>
                                           September 30, 1997    December 31, 1996
                                           ------------------    -----------------
                                                                     (Restated)
                                        ASSETS
<S>                                         <C>                  <C>
Current Assets
  Cash                                      $            150     $            181
  Accounts receivable, net                               427                  417
  Investments                                          6,973                6,825
  Real estate held for development
    and resale                                         5,966                6,086
  Net assets of discontinued operations                1,632                2,425
  Other assets                                           259                   23
                                            ----------------     ----------------
    Total current assets                              15,407               15,957

Long-term Assets
  Investments                                            172                  201
                                            ----------------     ----------------
                                                         172                  201
                                            ----------------     ----------------
                                            $         15,579     $         16,158
                                            ================     ================

                         LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
  Accounts payable and accrued
    liabilities                             $            415     $            645
  Due to affiliates                                    1,087                  263
  Debt                                                   933                2,502
  Redeemable preferred stock                             139                  139
                                            ----------------     ----------------
     Total current liabilities                         2,574                3,549

Long-term Liabilities
  Debt                                                 2,180                  360
                                            ----------------     ----------------
                                                       2,180                  360
                                            ----------------     ----------------
    Total liabilities                                  4,754                3,909

Shareholders' Equity
  Preferred shares                                         1                    1
  Common shares                                          108                  108
  Additional paid-in capital                          14,673               14,673
  Net unrealized gain on investment
    valuation                                             42                   72
  Retained deficit                                    (3,999)              (2,605)
                                            ----------------     ----------------
    Total equity                                      10,825               12,249
                                            ----------------     ----------------
                                            $         15,579     $         16,158
                                            ================     ================
</TABLE>
     The accompanying notes are an integral part of these financial statements.

                                       3


<PAGE>  4

                           LOGAN INTERNATIONAL CORP.
               Consolidated Statements of Operations and Deficit
                                  (Unaudited)
                (dollars in thousands except per share amounts)
<TABLE>
<CAPTION>
                                        For the Nine          For the Nine
                                        Months Ended          Months Ended
                                     September 30, 1997     September 30, 1996
                                     ------------------     ------------------
<S>                                  <C>                    <C>
Revenues
  Sale of real estate                  $            250     $           2,643
  Gain on securities                                 40                   175
  Other                                             211                     9
                                       ----------------     -----------------
                                                    501                 2,827
Costs and expenses
  Cost of real estate sold and
    related selling costs                           222                 1,879
  General and administrative                        400                   581
  Real estate taxes                                  72                    78
  Interest                                          255                   239
                                       ----------------     -----------------
                                                    949                 2,777
                                       ----------------     -----------------

(Loss) income from continuing
  operations                                       (448)                   50
                                       ----------------     -----------------
Loss from discontinued operations,
    net of minority interest:
  Loss from operations                             (804)                    -
  Gain on sale                                       30                     -
                                       ----------------     -----------------
                                                   (774)                    -
                                       ----------------     -----------------
(Loss) income before 
  extraordinary item                             (1,222)                   50
                                       ----------------     -----------------
Extraordinary item, Gain on debt
    extinguishment                                    -                   258
                                       ----------------     -----------------

Net (loss) earnings                              (1,222)                  308
Deficit, beginning of period                     (2,605)               (2,857)
Dividend paid on preferred shares                  (172)                    -
                                       ----------------     -----------------
Deficit, end of period                 $         (3,999)    $          (2,549)
                                       ================     =================
(Loss) earnings per share:
  Continuing operations                $          (0.06)    $           (0.01)
  Discontinued operations                         (0.07)                   -
                                       ----------------     -----------------
  Before extraordinary item                       (0.13)                (0.01)
  Extraordinary item                                  -                  0.04
                                       ----------------     -----------------
                                       $          (0.13)    $            0.03
                                       ================     =================
</TABLE>
The accompanying notes are an integral part of these financial statements.

                                       4


<PAGE>  5

                                LOGAN INTERNATIONAL CORP.
                   Consolidated Statements of Operations and Deficit
                                       (Unaudited)
                    (dollars in thousands except per share amounts)

                                         For the Three         For the Three
                                         Months Ended          Months Ended
                                      September 30, 1997    September 30, 1996
                                      ------------------    ------------------
Revenues
  Sale of real estate                 $            250      $          1,388
  Gain on securities                                 7                     1
  Other                                             25                     -
                                      ----------------      ----------------
                                                   282                 1,389
Costs and expenses
  Cost of real estate sold and
    related selling costs                          222                 1,274
  General and administrative                       106                   337
  Real estate taxes                                 23                    24
  Interest                                          97                    66
                                      ----------------      ----------------
                                                   448                 1,701
                                      ----------------      ----------------
Loss from continuing operations                   (166)                 (312)
Loss from discontinued operations,
    net of minority interest                      (284)                    -
                                      ----------------      ----------------

Net loss                                          (450)                 (312)
Deficit, beginning of period                    (3,549)               (2,237)
                                      ----------------      ----------------
Deficit, end of period                $         (3,999)     $         (2,549)
                                      ================      ================

Loss per share:
  Continuing operations               $          (0.02)     $          (0.06)
  Discontinued operations                        (0.03)                    -
                                      ----------------      ----------------
                                      $          (0.05)     $          (0.06)
                                      ================      ================







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

                                       5


<PAGE>  6
                           LOGAN INTERNATIONAL CORP.
                    Consolidated Statements of Cash Flows
                                  (Unaudited)
                            (dollars in thousands)
<TABLE>
<CAPTION>
                                              For the Nine           For the Nine
                                              Months Ended           Months Ended
                                           September 30, 1997      September 30, 1996
                                           ------------------      ------------------
<S>                                        <C>                     <C>
Cash flows from continuing operating
  activities:
  (Loss) gain before extraordinary item     $           (448)      $             50
  Adjustments to reconcile net (loss)
    income to net cash provided by operating
    activities:
    Write-down of property                                 -                    205
    Gain on securities                                   (40)                  (175)
    Amortization and depreciation                         12                      2
                                            ----------------       ----------------
                                                        (476)                    82
  Changes in working capital:
    Real estate                                          120                  1,809
    Prepaid and other assets                            (256)                   (23)
    Accounts receivable                                   (3)                     -
    Payables                                             435                      -
                                            ----------------       ----------------
                                                        (180)                 1,868
  Purchases of trading securities                     (3,438)                     -
  Proceeds from sales of trading securities            3,329                      -
                                            ----------------       ----------------
                                                        (289)                 1,868
Cash flows from continuing financing
  activities:
  Borrowing                                            1,820                    330
  Payment of debts                                    (1,371)                (1,164)
  Issuance of preferred shares                             -                  6,000
  Issuance of common shares                                -                     22
  Payment of dividend on preferred shares               (172)                     -
                                            ----------------       ----------------
                                                         277                  5,188
Cash flows from continuing investing activities:
  Purchases of available-for-sale securities               -                 (6,200)
  Proceeds from sale of available-for-sale
    securities                                             -                    313
                                            ----------------       ----------------
                                                           -                 (5,887)
                                            ----------------       ----------------

Net cash used in continuing operations                   (12)                 1,169
Net cash used in discontinued operations                 (19)                     -
                                            ----------------       ----------------

Net (decrease) increase in cash                          (31)                 1,169
Cash, beginning of period                                181                    261
                                            ----------------       ----------------
Cash, end of period                         $            150       $          1,430
                                            ================       ================
</TABLE>
     The accompanying notes are an integral part of these financial statements.

                                       6


<PAGE>  7

                           LOGAN INTERNATIONAL CORP.
                  Notes to Consolidated Financial Statements
                               September 30, 1997
                                   (Unaudited)

Note 1.  Basis of Presentation
         ---------------------

The interim period consolidated financial statements have been prepared by the 
Registrant pursuant to the rules and regulations of the U.S. Securities and 
Exchange Commission.  Certain information and footnote disclosures normally 
included in financial statements prepared in accordance with generally 
accepted accounting principles have been condensed or omitted pursuant to such 
rules and regulations.  These interim period statements should be read 
together with the statements and the accompanying notes included in the 
Registrant's latest annual report on Form 10-KSB.  In the opinion of the 
Registrant, the accompanying unaudited interim consolidated financial 
statements contain all adjustments necessary in order to present a fair 
statement of the results for the interim periods presented.

Note 2.  Acquisition and Disposition
         ---------------------------

In December 1996, the Registrant acquired a 50.3% interest in ICHOR 
Corporation ("Ichor"), which operates in the environmental services business. 
Effective April 30, 1997, Ichor sold substantially all of the assets of its 
environmental remediation services operation for approximately $0.2 million. 

As at September 30, 1997, the Registrant approved a plan to dispose of the 
environmental services business.  Accordingly, the Registrant adopted
Accounting Principles Board Opinion No. 30, "Reporting the Results of 
Operations - Discontinued Events and Extraordinary Items", to report its 
investment in, and the results of, the environmental services business.  As a 
result, the Registrant's balance sheet as at December 31, 1996 has been 
restated to record the disposed business as discontinued operations.  Ichor's 
results from operations have been included in the Registrant's financial 
statements as discontinued operations.

Note 3.  Earnings per Share
         ------------------

Earnings per share is computed on the weighted average number of shares 
outstanding during the period.  The weighted average number of shares was 
10,837,808 and 6,608,117 for the nine months ended September 30, 1997 and 
1996, respectively.








                                       7

<PAGE>  8

                        PART I.  FINANCIAL INFORMATION
                                 ---------------------

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
         AND RESULTS OF OPERATIONS

The following discussion and analysis of the results of operations and the 
financial condition of Logan International Corp. (the "Corporation") for the 
nine months and quarter ended September 30, 1997 should be read in conjunction 
with the consolidated financial statements and related notes included 
elsewhere herein.

In December 1996, the Corporation acquired a 50.3% interest in ICHOR 
Corporation ("Ichor"), which operates in the environmental services business. 
Ichor sold substantially all of the assets of its environmental remediation 
services business for approximately $0.2 million in April 1996. In September 
1997, the Corporation approved a plan to dispose of Ichor's remaining 
environmental services business.  As a result, the Corporation's balance sheet 
as at December 31, 1996 has been restated to record Ichor's environmental 
services business as discontinued operations.  Ichor's results from operations 
have been included in the Corporation's financial statements as discontinued 
operations.

Results of Operations - Nine Months Ended September 30, 1997
------------------------------------------------------------

Revenues for the nine months ended September 30, 1997 decreased to $0.5 
million from $2.8 million in the nine months ended September 30, 1996, 
primarily as a result of a reduction in the sale of real estate. Revenues from 
the sale of real estate decreased to $0.3 million in the current period of 
1997 from $2.6 million in the comparative period of 1996.

Costs and expenses for the nine months ended September 30, 1997 decreased to 
$0.9 million from $2.8 million in the comparative period of 1996, primarily as 
a result of a reduction in the sale of real estate.  The cost of real estate 
sold and related selling costs were $0.2 million in the nine months ended 
September 30, 1997, compared to $1.9 million in the nine months ended 
September 30, 1996. General and administrative expenses decreased to $0.4 
million in the current period of 1997 from $0.6 million in the comparative 
period of 1996, primarily as a result of a write-down of property of $0.2 
million in the nine months ended September 30, 1996.

Interest expense in the nine months ended September 30, 1997 increased to $0.3 
million from $0.2 million in the nine months ended September 30, 1996.

For the nine months ended September 30, 1997, the loss from continuing 
operations was $0.4 million or $0.06 per share, compared to income from 
continuing operations of $50,000 for the nine months ended September 30, 1996, 
primarily as a result of the decrease in the sale of real estate.  Results of 
operations for the comparative period of 1996 included a gain of $0.3 million 
on the transfer of real estate to a lender in extinguishment of debt.


                                       8

<PAGE>  9


Results of Operations -Three Months Ended September 30, 1997
------------------------------------------------------------

Revenues were $0.3 million for the three months ended September 30, 1997, 
compared to $1.4 million in the comparative period of 1996, primarily as a 
result of a reduction in the sale of real estate.  Revenues from the sale of 
real estate decreased to $0.3 million in the quarter ended September 30, 1997 
from $1.4 million in the quarter ended September 30, 1996.

Costs and expenses for the three months ended September 30, 1997 decreased to 
$0.4 million from $1.7 million in the comparative period of 1996, primarily as 
a result of a reduction in the sale of real estate.  The cost of real estate 
sold and related selling costs were $0.2 million in the quarter ended 
September 30, 1997, compared to $1.3 million in the quarter ended September 
30, 1996.  General and administrative expenses decreased to $0.1 million in 
the three months ended September 30, 1997 from $0.3 million in the three 
months ended September 30, 1996, primarily as a result of a write-down of 
property of $0.2 million in the quarter ended September 30, 1996.

Interest expense was $0.1 million in the three months ended September 30, 1997 
and 1996, respectively.

The Corporation had a loss from continuing operations of $0.2 million or $0.02 
per share in the period ended September 30, 1997, compared to $0.3 million or 
$0.06 per share in the period ended September 30, 1996.

Liquidity and Capital Resources
-------------------------------

The Corporation had cash of $0.2 million at September 30, 1997 and December 
31, 1996, respectively.  The Corporation has a $4.0 million line of credit 
which was not utilized as at September 30, 1997. The line of credit is secured 
by certain parcels of real estate, matures on December 30, 1997 and bears 
interest at a rate of prime plus 4% per annum.  Since the Corporation's 
principal sources of revenues are relatively unpredictable, the Corporation 
maintains its credit facility to cover any cash shortfalls.

Continuing operating activities used cash of $0.3 million in the nine months 
ended September 30, 1997, compared to providing cash of $1.9 million in the 
comparative period of 1996, primarily as a result of the reduction in the sale 
of real estate.  In the current period of 1997, an increase in payables 
provided cash of $0.4 million, compared to nil in the comparative period of 
1996.  Net purchases of trading securities used cash of $0.1 million in the 
period ended September 30, 1997.

Continuing financing activities provided cash of $0.3 million in the nine 
months ended September 30, 1997, compared to $5.2 million in the comparative 
period of 1996.  A net increase in indebtedness provided cash of $0.4 million 
in the current period of 1997, compared to a net decrease in indebtedness 
using cash of $0.8 million in the nine months ended September 30, 1996.  The 
Corporation paid $0.2 million in dividends on its preferred shares in the 
current period of 1997.  In the nine months ended September 30, 1996, the 
Corporation sold $6.0 million of its preferred stock.



                                       9


<PAGE>  10
Continuing investing activities used cash of nil in the period ended September 
30, 1997. Investing activities in the nine months ended September 30, 1996 
consisted of net purchases of available-for-sale securities of $5.9 million.

At September 30, 1997, the Corporation had $2.2 million in outstanding notes 
which are secured by deeds of trust on a portion of the Corporation's real 
estate assets and are non-recourse to the Corporation.  Pursuant to such deeds 
of trust, the Corporation is obliged to make property tax and assessment 
payments on the secured properties on a timely basis.  During the nine months 
ended September 30, 1997, two notes which were previously in default were 
refinanced by other lenders.

In the nine months ended September 30, 1997, the Corporation paid all 
outstanding principal and interest due to the holder of a $0.6 million note 
secured by 56.6 acres of the Corporation's property. As a result, the legal 
foreclosure action relating to the property was settled.  The Corporation and 
Triad Investment Corporation reached an agreement which resolved a court 
action relating to an option agreement to sell the subject property, which the 
Corporation believed had expired.

At September 30, 1997, overdue real estate taxes on the Corporation's 
properties amounted to $0.4 million.  In addition, there is approximately $0.5 
million in assessments to local improvement districts ("LIDs") which are 
overdue.  Certain of the Corporation's properties are subject to overdue LIDs 
and property taxes.  Overdue real estate taxes and LIDs accrue interest at 
approximately 12% per annum. Under Washington State law, if real estate taxes 
or LIDs remain overdue for three years, the governing jurisdiction can 
commence foreclosure proceedings against the property.  The Corporation 
anticipates that for the foreseeable future it will permit real estate taxes 
to remain overdue, but may pay such taxes and LIDs as are necessary to prevent 
foreclosure proceedings from occurring.  No non-judicial or judicial 
foreclosure actions have been commenced as a result of the Corporation's 
failure to make property tax or assessment payments on a timely basis.

The following table summarizes the repayment schedule of the Corporation's 
debt obligations, LIDs, unpaid property taxes and redeemable preferred stock 
at September 30, 1997:

                        Year Ending            Dollars
                       September 30,        in Thousands
                       -------------        ------------
                            1998            $      1,072
                            1999                   1,190
                            2000                     990
                                            ------------
                                            $      3,252
                                            ============

The Corporation has no commitments for capital expenditures in relation to its 
undeveloped real estate, although it may need to provide funds for pre-
development work on certain parcels in order to enhance their marketability 
and sale value.  Based upon appraisals prepared for the Corporation, the 
Corporation believes that the value of its undeveloped real estate assets 
substantially exceeds the amount of indebtedness related thereto.  All of the 
Corporation's real estate assets are undeveloped, which makes the appraisal 
process inherently less certain than with developed properties.

                                       10


<PAGE>  11

The Corporation continues to seek controlling interests in operating 
businesses as opportunities arise. The Corporation anticipates that it may 
require substantial capital to pursue any such opportunities and anticipates 
that such capital will be provided through the sale or exchange of assets, or 
through debt or equity financing.















































                                       11


<PAGE>  12

                        PART II.  OTHER INFORMATION
                                  -----------------

ITEM 1.  LEGAL PROCEEDINGS

Reference is made to the Corporation's annual report on Form 10-KSB for the 
year ended December 31, 1996 for information concerning certain legal 
proceedings.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a)  Exhibits

Exhibit
Number                     Description
-------                    -----------
  27                Article 5 - Financial Data Schedule for the 3rd Quarter
                    1997 Form 10-Q.

(b)  Reports on Form 8-K

None.































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<PAGE>  13




                                 SIGNATURES

In accordance with the requirements of the Securities Exchange Act of 1934, 
the Registrant caused this report to be signed on its behalf by the 
undersigned, thereunto duly authorized.


Dated:  November 13, 1997              LOGAN INTERNATIONAL CORP.


                                       By:    /s/ Michael J. Smith
                                            ---------------------------
                                            Michael J. Smith, President, Chief
                                            Financial Officer and Director




































                                       13

<PAGE>  14



                               EXHIBIT INDEX

Exhibit Number                     Description
--------------                     -----------

   27                 Article 5 - Financial Data Schedule for the 3rd Quarter
                      1997 Form 10-Q.