SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                  FORM 10-QSB

 X     QUARTERLY REPORT PURSUANT TO SECTION 13 OR  15(D) OF THE SECURITIES
                            EXCHANGE  ACT  OF  1934.

                 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1998

                                      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  0-21591
                            MASON OIL COMPANY, INC.
          (Name of small business issuer as specified in its charter)

          UTAH                                         37-1099747
     (State  of  Incorporation)           (I.R.S. Employer Identification No.)

                             6337 RAVENWOOD DRIVE
                           SARASOTA, FLORIDA  34243
                   (Address of principal executive offices)

                                (941) 351-3102
                          (Issuer's telephone number)

     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  __

    APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
                             PRECEDING FIVE YEARS

                                NOT APPLICABLE

                     APPLICABLE ONLY TO CORPORATE ISSUERS


  INDICATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE REGISTRANT'S CLASSES
              OF COMMON STOCK, AS OF THE LATEST PRACTICABLE DATE:


There were 11,757,504 shares of the Issuer's common stock, par value $.001 per
share,  outstanding  as  of  May  1,  1998.

<PAGE>
                                    PART I


                             FINANCIAL INFORMATION
                            MASON OIL COMPANY, INC.
                          CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                          JUNE 30, 1997     MARCH 31, 1998
                                          -------------     --------------
<S>                                             <C>              <C>
                                    ASSETS
Current  Assets
 Cash and cash equivalents                  $1,587,627       $  619,511
 Accounts receivable - related party              --             90,000
 Prepaid expenses                                1,904          100,072
                                             ---------       ----------
    Total Current Assets                     1,589,531          809,583
                                                                 
Property  and  equipment,  at  cost
 Unproved oil and gas properties, 
  full cost method                             192,893          350,478
 Vehicles                                       33,825           39,960
 Oil and Gas Equipment                            --            905,000
 Other                                           2,530            7,468
                                             ---------       ----------
                                               229,248        1,302,906
  Less accumulated depreciation                 (1,786)          (7,774)
                                             ---------       ----------
                                               227,462        1,295,132

Other  noncurrent  assets
 Organization costs, net of amortization         1,048              777
 Deposits                                         --             21,672
                                             ---------       ----------
    Total Other Assets                           1,048           22,449

Total                                        1,842,684        2,127,164
                                             =========       ==========

                    LIABILITIES AND STOCKHOLDERS' (DEFICIT)
Current  Liabilities
 Accounts Payable                           $   19,165      $    71,998
 Notes payable - related party                 196,591          175,633
 Current portion of notes payable               11,358           16,370
                                            ----------      -----------
   Total Current Liabilities                   227,114          264,001

Notes payable - long term                       11,011            3,958
Deferred salary payable                         24,000           60,000

Stockholders'  equity
 Common  Stock,  $.001 par value, 
  50,000,000 shares authorized; 11,732,171
  shares  issued  and  outstanding  at  
  March 31, 1998 and 10,890,504 issued and
  outstanding  at  June  30,1997                10,890          11,732

 Additional paid-in capital                  1,881,801       2,489,459
 Accumulated deficit                          (310,554)       (688,054)
 Foreign currency translation adjustment        (1,578)        (13,932)
                                             ---------       ---------
     Total Stockholders' equity              1,580,559       1,799,205
                                             ---------       ---------

     Total Liabilities and Stockholders'
       Equity                                1,842,684       2,127,164
                                             =========       =========
</TABLE>

                       See notes to consolidated financial statements
<PAGE>

                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                              FOR THE NINE MONTHS
                        ENDED MARCH  31, 1998 AND 1997
<TABLE>
<CAPTION>

                                                     Nine Months Ended
                                                         MARCH, 31
                                                    -------------------
                                                    1997           1998
                                                    ----           ----
<S>                                                  <C>            <C>
Costs  and  expenses
 General and administrative                        $ 177,030   $  404,447
                                                    --------    ---------
    Total operating costs and expenses               177,030      404,447

Other  (income)  expense
 Interest income                                      (5,942)     (37,551)
 Interest expense                                      9,706       10,604
                                                     -------     --------

     Net income (loss)                             $(180,794)   $(377,500)
                                                    ========     =========

 Basic net loss per common share                   $    (.02)   $    (.03)
                                                    ========     =========

 Weighted average number of shares outstanding     9,406,010   11,092,463
                                                   =========   ==========
</TABLE>

                See notes to consolidated financial statements.


<PAGE>
                            MASON OIL COMPANY, INC.

                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                             FOR THE THREE MONTHS
                         ENDED MARCH 31, 1998 AND 1997

<TABLE>
<CAPTION>


                                                      Three Months Ended
                                                           MARCH 31,
                                                     ---------------------
                                                     1997             1998
<S>                                                  <C>               <C>
Costs  and  Expenses:
 Selling, general and administrative              $ 126,323      $  190,896
                                                   --------       ---------
    Total operating costs and expenses              126,323         190,896

Other  (income)  expense:
 Interest income                                     (5,843)        (10,050)
 Interest expense                                     4,160           3,944
                                                    --------       ---------

    Net loss                                      $(124,640)       (184,790)
                                                   =========       =========

Basic loss per common share                       $    (.01)      $    (.01)
                                                   ========        =========

Weighted average number of shares outstanding     9,767,121      11,092,463
                                                  =========      ==========

</TABLE>

                See notes to consolidated financial statements.
<PAGE>

                            MASON OIL COMPANY, INC.
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                              FOR THE NINE MONTHS
                             ENDED MARCH 31, 1998

<TABLE>
<CAPTION>
                                                     Nine Months Ended
                                                         MARCH 31,
                                                     -----------------
                                                    1997           1998
                                                    ----           ----
<S>                                                 <C>              <C>
Cash  flows  used  for  operating  activities
 Net (loss)                                     $   (180,794)  $    377,500
                                                 -----------    -----------
 Depreciation and amortization                           --           6,402
 Stock issued for consulting service                  24,797          3,500
 Adjustments  to  reconcile  net  loss  
  to  net  cash  used  in  operating
  activities

   Accrued interest to related parties                 9,706             --
   Accounts receivable                                (4,503)       (89,848)
   Prepaid expenses and other assets                     --         (98,520)
   Accounts payable and accrued liabilities           48,587         97,990
                                                 ------------   ------------
       Net cash used for operating activities       (102,207)      (457,976)
                                                 ------------   ------------

Cash  flows  used  by  investing  activities
 Oil and gas exploration expenses                     (2,431)      (147,275)
 Oil and gas acquisition costs                           --         (34,815)
 Drilling Rig                                            --        (300,000)
 Purchase of Equipment, furniture and automobile     (1,369)        (17,198)
                                                  ------------   -----------
       Net cash used for investing activities        (3,800)       (499,288)
                                                  ------------   ------------

Cash  flows  from  financing  activities
 Payments on L-T Debt                                    --          (9,881)
 Increase in Notes Payable                               --           3,925
 Increase in L-T Debt                                    --          10,921
 Advances from stockholders                           44,107            -
 Proceeds from sale of stock, net                  1,848,500            -
                                                  ------------   -------------
    Net cash provided by financing activities      1,892,607         49,653
                                                  ------------   -------------

Net effect of currency fluctuations on cash
 and cash equivalents                                   (752)       (15,817)
                                                   ------------  --------------

Net increase (decrease) in cash and cash
 equivalents                                       1,785,848       (968,115)

Beginning cash and cash equivalents                   12,277      1,587,627
                                                  -------------   ------------

Ending cash and cash equivalents                  $1,798,125     $  619,511
                                                  =============   ============
</TABLE>

During  the  three  months ended December 31, 1997, the Company issued 806,607
shares  of  common stock valued at $605,000 towards the purchase of a drilling
rig.

During  the  three  months  ended  December  31, 1997, the Company also issued
35,000  shares  of  common  stock  valued  at  $3,500.


                See notes to consolidated financial statements
<PAGE>
                                    ------
                         NOTES TO FINANCIAL STATEMENTS


NOTE  1  -  SUMMARY  OF  ACCOUNTING  POLICIES
---------------------------------------------

     The  summary  of  Mason  Oil  Company's, Inc. (the "Company") significant
accounting  policies  are  incorporated  by  reference to the Company's annual
report  on  Form  10-KSB  dated  June  30,  1997.

     The  accompanying  unaudited  condensed  financial statements reflect all
adjustments  which,  in  the  opinion  of management, are necessary for a fair
presentation  of the results of operations, financial position and cash flows.
The  results  of  the  interim  period  are  not necessarily indicative of the
results  for  the  full  year.


NOTE  2  -  BASIC  LOSS  PER  COMMON  SHARE
-------------------------------------------

The  Company  adopted  the  provisions  of  Statement  of Financial Accounting
Standards  No.  128,  "Earnings Per Share" (FAS 128).  FAS 128 established new
definitions  for  calculating  and  disclosing  basic and diluted earnings per
share.    In  accordance with FAS 128, all prior periods have been restated to
conform  to  the  new  methodology.    The  restated  amounts  did  not differ
materially  from  amounts previously reported.  Due to the Company's loss from
operations,  all dilutive potential common stock is antidilutive and therefore
no  diluted  earnings  per  share  is  presented.

ITEM  2.    MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OR  PLAN  OF  OPERATION.
-----------------------------------------------------------------------------

Ability  of  Company  to  Continue
----------------------------------

     The  Company  has  not had revenues from operations in either of the last
two  fiscal  years,  but  the drilling rig in which it owns a 50% interest has
recently  commenced drilling operations, and some revenues are being generated
from  such  operations.    The Company's plan of operation for the next twelve
months  is  set  forth  below.

     Given  its  current  cash position and resources, the Company anticipates
that  it  can satisfy its cash requirements, at current operating level, for a
period  of  one year.  The Company will continue to conduct investigations and
evaluations  of  promising exploration and development opportunities, and will
conduct  testing  and  gather  data  with respect to such properties, but will
defer  any substantial exploration or production activities pending receipt of
additional  financing.

     The  Company  plans  to  seek  to raise additional capital to fund future
exploration  and  development  operations,  through  joint  venture  type
arrangements  or  through  the  issuance  of  additional  equity in either the
private  or  public  markets  within  the  next  12  months.   There can be no
assurance  that  the  Company will be able to obtain any such financing within
such  time  period.


After 12 months of negotiations, Mr. John L. Naylor, COO of Hemley Exploration
and Mr. Yami Lester, representing both the Yankunytjatjari and the Amtakirinja
peoples, signed an access agreement.  This agreement allows the Company access
for the purpose of exploration and production to over 11,000 square kilometers
area  of the Eastern Officer Basic in north central South Australia designated
as  Block  B or PEL-63 (Petroleum Exploration License 63).  These lands became
subject  to  Native  title  claim  under  recent  legislation  passed  by  the
Australian  parliament.

This  is  the  second  such  agreement  negotiated  and signed by the Company.
Previously  the  Company  negotiated  and  signed an access agreement with the
Anangu  Pitjantjatjari  Peoples  on  Black A (PEL-61), an area of 6,200 square
kilometers  immediately  to  the  West  of  Block  B.

Since  the  passing  of  the  native  title  legislation  there  has been much
uncertainty  in  the  petroleum  and  mining  industries  in Australia.  These
agreement  eliminate  any  future  problems  regarding  the Company's drilling
operations  pursuant to its existing license by allowing the native peoples to
share  in  any  benefits  which  might  result  from  these  agreements.

     The  Company  purchased a 50% equity interest in a Cabot 100 drilling rig
as referenced in the Company's Form 8-K filed with the Securities and Exchange
Commission  on  December  11,  1997.   The rig is now completing a contract in
Laos.    When  released it is expected that the rig will be transported to the
Port  of  Darwin,  Northern  Territories,  Australia.   From Darwin it will be
further  transported  overland  to the Mataranka's block EP-18 in the Beetaloo
Basin.    The Company's portion of the revenues from the Laos contract will be
applied  to  the  cost of mobilization of the rig to Australia.  The Mataranka
drilling  project  is still uncertain, and there can be no assurance as to the
amount  of  revenues  to  be  generated  from  operation  of  the  rig, or the
profitability  of  such  operations.

     The  Company has agreed to purchase Mataranka Oil NP of Sydney, Australia
("Mataranka") pursuant to a letter of intent signed by Mataranka.  The Company
anticipates that the purchase of Mataranka will be consummated within the next
twelve  (12)  months  by issuing shares of common stock.  Once the purchase is
consummated,  the  Company  may  begin  to  realize  revenues from exploration
activities  on  certain  parcels  of  land  licensed  to  Mataranka.

     The  location within the licensed area has been surveyed and the location
graded  to  specifications.    A  water well has been drilled and tested to be
suitable  for all water requirements of the drilling operation as well as camp
needs.    Providing the requisite additional funding is obtained, the rig will
be  used  to  spud  in  the  what  is referred to as an Arnold No. 1 well.  If
funding  is promptly obtained, the drilling activity could commence by the end
of  July  1998.

     The  Company does not anticipate any significant changes in the number of
employees,  pending  receipt  of  additional  funding  and  commencement  of
exploration  and  development  activities.

Forward-Looking  Statements
---------------------------

     The  foregoing and subsequent discussion contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended  and  Section  21E of the Securities Exchange Act of 1934, as amended,
which  are  intended to be covered by the safe harbors created thereby.  These
forward-looking  statements include the plans and objectives of management for
future  and  possible  further  capitalization  of  the  Company.    The
forward-looking  statements contained herein are based on current expectations
that  involve  numerous risks and uncertainties.  Assumptions relating to such
current  expectations  involve  judgments with respect to, among other things,
future  economic,  competitive  and  market  conditions  and  future  business
decisions,  all of which are difficult or impossible to predict accurately and
many  of  which  are  beyond and control of the Company.  Although the Company
believes  that  the assumptions could be inaccurate and therefore there can be
no  assurance that the forward-looking statements included in this Form 10-QSB
will prove to be accurate.  In light of the significant uncertainties inherent
in  the  forward-looking  statements  included  herein,  the inclusion of such
information  should  not be regarded as a representation of the Company or any
other  person  that  the objectives and plans of the Company will be achieved.

Results  of  Operations
-----------------------

     The  Company is currently in the exploration stage.  During the quarterly
period  ended March 31, 1998, the Company received interest income of $10,050.
Expenses  during  this period totaled $190,896 and the Company sustained a net
loss  during  this period of $184,790.  During the nine months ended March 31,
1998,  the  Company received interest income of $37,551.  Expenses during this
period  totaled  $404,447  and  the  Company  sustained a net loss of $377,500
during  this  period.

                                    PART II

Item  1.    Legal  Proceedings.
-------------------------------

     Not  applicable.

Item  2.    Changes  in  Securities  and  Use  of  Proceeds.
------------------------------------------------------------

     None;  not  applicable.


Item  3.    Defaults  Upon  Senior  Securities.
-----------------------------------------------

     There has been no material default in the payment of principal, interest,
a  sinking  or  purchase  fund  installment, or any other material default not
cured within 30 days with respect to any indebtedness of the Company exceeding
five  percent  (5%)  of  the  total  assets  of  the  Company.

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

     No  matters  were  submitted  to a vote of the Company's security holders
during  the  fiscal  quarter  covered  by  this  report.

Item  5.    Other  Information.
-------------------------------

     The  Company  has  no  other  information  to  report.

Item  6.    Exhibits  and  Reports  on  Form  8-K.
--------------------------------------------------

     (a)          Exhibits

*Exhibit 3.1     Articles of Incorporation of the Registrant (Filed as Exhibit
3.1  to  the Registrant's Form 10-SB-A1, Reg. No. 0-28184 filed May 31, 1996).

*Exhibit 3.2     Articles of Amendment to Articles of Incorporation. (Filed as
Exhibit  3.2 to the Registrant's Form 10-SB-A1, Reg. No. 0-28184 filed May 31,
1996).

*Exhibit  3.3          Bylaws  of the Registrant. (Filed as Exhibit 3.3 to the
Registrant's  Form  10-SB-A1  Reg.  No.  0-28184  filed  May  31,  1996).

*Exhibit  3.4       Amended Bylaws of the Registrant. (Filed as Exhibit 3.4 to
the  Registrant's  Form  10-SB-A1,  Reg.  No.  0-28184  filed  May  31, 1996).

*Exhibit  10        Stock Purchase Agreement, dated September 10, 1996, by and
between  Craig  Carpenter, Mason Oil Company, Inc., Paul B. Ingram and John L.
Naylor.  (Filed  as  Exhibit  2.1  to  the  Registrant's  Form 10-QSB Reg. No.
000-28184  filed  November  15,  1996).

*Exhibit  10.1      Stock Purchase and Sale Agreement, dated October 14, 1996,
between  the Registrant, Paul Ingram and John L. Naylor. (Filed as Exhibit 2.2
to  the  Registrant's Form 10-QSB Reg. No. 000-28184 filed November 15, 1996).

*Exhibit  10.2         Access Agreement between Anangu Pitjantjatjara and John
Leonard  and Paul Bryan Ingram. (Filed as Exhibit 2.5 to the Registrant's Form
10-QSB,  Reg.  No.  000-28184  filed  February    21,  1997).

*Exhibit 10.3     Petroleum Exploration License (PEL) No. 61and PEL Agreement.
(Filed as Exhibit 2.3 to the Registrant's Form 10-QSB Reg. No. 000-28184 filed
February  21,  1997).

*Exhibit  10.4         Petroleum Exploration License No. 63 and PEL Agreement.
(Filed as Exhibit 2.4 to the Registrant's Form 10-QSB Reg. No. 000-28184 filed
February  21,  1997).

*Exhibit  10.5         Joint Venture Agreement between Hemley Exploration PTY.
LTD.,  an  Australian  corporation  and  PT.PUTRA BAKTI MAHKOTA, an Indonesian
corporation.

*Exhibit  10.6     Subscription Agreement and Investment Representation, dated
February 28, 1997. (Filed as Exhibit 10.1 to the Registrant's Form 10-QSB Reg.
No.  000-28184  filed  May  20,  1997).

*Exhibit  10.7     Consulting Fee Agreement dated February 28, 1997. (Filed as
a  plan  to  the  Registrant's  Registration  Statement  in  Form S-8 Reg. No.
333-24467  filed  April  3,  1997).

*Exhibit  10.8        Amendment No. 1 to Consulting Fee Agreement dated May 8,
1997,  amending  the  Consulting  Fee  Agreement  dated February 28, 1997, and
previously  filed  with  the  Securities and Exchange Commission on a Form S-8
Registration  Statement  dated  March  25, 1997. (Filed as Exhibit 10.2 to the
Registrant's  Form  10-QSB  Reg.  No.  000-28184  filed  May  20,  1997).

   Exhibit  24          Power  of  Attorney  (included  on  page  8 herewith).

   Exhibit  27          Financial  Data  Schedule

*Exhibits  incorporated  herein  by  reference.

     (b)          Forms  8-K  filed  during  the  last  quarter.    None.

                                  SIGNATURES

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

May  15,  1998                                         MASON OIL COMPANY, INC.



                              /s/  Paul  B.  Ingram
                                   Director  and  President





                               POWER OF ATTORNEY

     KNOW  ALL  PERSONS  by these presents that each person whose signature to
this  Quarterly  Report  appears below hereby constitutes and appoints Paul B.
Ingram  and  John  L.  Naylor,  and  each  of  them  as  his  true  and lawful
attorney-in-fact  and  agent,  with full power of substitution, to sign on his
behalf  individually  and in the capacity stated below and to perform any acts
necessary  to  be  done  in  order  to  file all amendments and post-effective
amendments  to this Quarterly Report, and any and all instruments or documents
filed as part of or in connection with this Quarterly Report or the amendments
thereto  and  each  of the undersigned does hereby ratify and confirm all that
said  attorney-in-fact  and agent, or his substitutes, shall do or cause to be
done  by  virtue  hereof.

     In  accordance  with  the  requirements  of  Section  13  or 15(d) of the
Securities  and  Exchange  Act  of  1934,  the Registrant has duly caused this
report to be signed below by the following persons on behalf of the Registrant
and  in  the  capacities  and  on  the  dates  indicated.

     May  15,  1998           /s/Paul  B. Ingram
                              ------------------
                              Paul  B.  Ingram,  President  
                              (Principal  Executive  Officer)
                              and  Director.



     May  15,  1998           /s/John L. Naylor
                              -----------------
                              John  L.  Naylor,  Secretary-Treasurer
                              (Principal  Accounting  and  Financial
                              Officer)



     May  15,  1998           /s/John Price
                              -------------
                              John  Price,  Director



     May  15,  1998           /s/Geoffrey J. Pickles
                              ----------------------
                              Geoffrey  J.  Pickles,  Director



     May  15,  1998           /s/ David A. Munns
                              ------------------
                              David  A.  Munns,  Director






<PAGE>