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 SEPTEMBER 30, 1997

                                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                         87-1099747
     (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:

                               NOVEMBER 14, 1997

There were 10,890,504 shares of the Issuer's common stock at a par value of
$.001 per share, outstanding as of November 14, 1997.

<PAGE>
                                    PART I
                             FINANCIAL INFORMATION
                            MASON OIL COMPANY, INC.
                                BALANCE SHEETS

<TABLE>
<CAPTION>

                                     SEPTEMBER 30, 1997          JUNE 30, 1997
                                     ------------------          -------------

<S>                                         <C>                         <C>
                                    ASSETS
Current Assets
 Cash and cash equivalents               $  1,482,443              $ 1,587,627
 Prepaid expenses                               1,017                    1,904
                                          -----------               ----------
     Total Current Assets                   1,483,460                1,589,531
                                           ----------               ----------

Property and equipment, at cost
 Unproved oil and gas properties,
  full cost method                            216,996                  192,893
 Vehicles                                      31,603                   33,825
 Other                                          5,076                    2,530
                                             --------                ---------
                                              253,675                  229,248
 Less accumulated 
  depreciation                                 (5,387)                  (1,786)
                                          -----------                 --------
                                              248,288                  227,462
                                          -----------                 --------

Other noncurrent assets
 Organization costs                               942                    1,048
 Deposits                                      21,668                      -
 Total Other Assets                            22,610                   25,691

    Total                                   1,754,358                1,842,684
                                            =========                 =========

                    LIABILITIES AND STOCKHOLDERS' (DEFICIT)
Current Liabilities
 Accounts Payable                           $   9,655                $  19,165
 Notes payable - related party                177,207                  196,591
 Current portion of notes payable              11,676                   11,358
     Total Current Liabilities                198,538                  227,114
                                              -------                  -------

 Notes payable - long term                      7,197                   11,011
 Deferred salary payable                       36,000                   24,000

Stockholders' equity
 Common Stock, $.001 par value,
  50,000,000 shares authorized; 
 10,890,504 shares issued and
 outstanding at September 30,
 1997 and June 30,1997                         10,890                   10,890
 Additional paid-in capital                 1,881,801                1,881,801
 Accumulated deficit                         (380,780)                (310,554)
 Foreign currency translation adjustment          712                   (1,578)
                                            ---------                ---------
     Total Stockholders' equity             1,512,623                1,580,559
                                            ---------                ---------

Total liabilities and stockholders'
 deficit                                   $1,754,358               $1,842,684
                                           ==========                =========

                      See notes to financial statements.

</TABLE>


<PAGE>


                      CONDENSED STATEMENTS OF OPERATIONS
                          FOR THE THREE MONTH PERIODS
                ENDED SEPTEMBER 30, 1997 AND SEPTEMBER 30, 1996

<TABLE>
<CAPTION>
                               Three Months Ended          Three Months Ended
                                 SEP. 30, 1997                SEP. 30, 1996
                                 -------------                 -------------
<S>                                   <C>                          <C>
Costs and expenses
 General and administrative          $84,513                        $56
                                      ------                         --
    Total operating costs
      and expenses                    84,513                         56

Other (income) expense
 Interest income                     (17,693)                       (80)
 Interest expense                      3,406                      1,387
                                       -----                      -----

  Net loss                          $(70,226)                  $(1,419)
                                    ========                    =======

  Net loss per common share             (.01)                   (14.19)
                                    ========                    =======

  Weighted average number of 
   shares outstanding             10,890,504                       100
                                  ==========                    =======
</TABLE>



                      See notes to financial statements.


<PAGE>
------


                            MASON OIL COMPANY, INC.
                            STATEMENT OF CASH FLOWS
                          FOR THE THREE MONTH PERIODS
                ENDED SEPTEMBER 30, 1997 AND SEPTEMBER 30, 1996

<TABLE>
<CAPTION>

                               Three Months Ended          Three Months Ended
                                 SEP. 30, 1997                 SEP. 30, 1996
                                 -------------                 -------------
<S>                                   <C>                            <C>

Cash flows used for operating
 activities
 Net loss                           $(70,226)                      $(1,363)
 Depreciation and amortization         3,671                            -
 Adjustments to reconcile net 
  loss to net cash used in
  operating activities
  Prepaid expenses and other assets    2,822                            -
  Accounts payable and accrued
   liabilities                         2,560                       (4,110)
                                       -----                      -------
     Net cash used for operating
       activities                    (61,173)                      (5,473)
                                       -----                       ------

Cash flows used by investing
 activities
 Oil and gas exploration expenses    (30,189)                     (2,431)
                                    --------                     -------
      Net cash used for investing 
       activities                    (30,189)                     (2,431)
                                    --------                     -------

Cash flows from financing activities
 Payments on long-term debt          (2,732)                           -
                                    -------                      --------    
       Net cash used for financing   (2,732)                           -
                                    -------                      --------

Net effect of currency 
 fluctuations on cash               (11,090)                          (81)
                                   --------                       -------

Net increase (decrease) in cash    (105,184)                       (7,985)

Beginning cash balances           1,587,627                         7,985
                                  ---------                         -----

Ending cash balances             $1,482,443                         $   -
                                 =========                         =======

</TABLE>




                       See notes to 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.

     On  October  14,  1996    the stockholders of  IAN Holdings Limited (IAN)
exchanged  all  of  the issued and outstanding common stock shares of  IAN for
6,000,000  newly  issued unregistered shares of Mason Oil. The transaction was
accounted  for  as  a  reverse  acquisition,  with  IAN  as  the acquirer. The
historical financial statements prior to October 14, 1996 are those of IAN and
its  subsidiaries.

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

The Company: An Introduction
----------------------------

     The  Company is a Utah corporation, formed in 1980.  Since 1981 and until
recently,  the  Company was dormant with no significant assets or liabilities.
Controlling interest was acquired in September 1996 by Paul B. Ingram and John
L.  Naylor.   The Ingram-Naylor partnership has sold its 100% working interest
in  two  South Australian oil and gas exploration licenses, known as Petroleum
Exploration  Licenses  61and 63 ("PEL 61 and 63"), to the Company, in exchange
for  six  million  shares of the Company's common stock.  The PELs are held by
Hemley  Exploration  Pty.  Ltd.,  an  Australian  corporation and wholly-owned
subsidiary  of  the  Company.

     The  area  covered  by  the PELs is roughly described as a portion of the
Eastern  Officer  Basin,  consisting  of 17,188 square kilometers (4.2 million
acres),  situated  approximately  200  miles  south  of  Alice  Springs  and
approximately  700  miles  north of Adelaide.  Although the location is remote
from  populated  areas,  a  modern  railway  and  a year-round, sealed highway
service  the  site,  and  provide  access from the site to a refinery at Alice
Springs  to  the north, and a refinery and deep water port at Port Augusta and
Adelaide  to the south.  The terrain is relatively flat, making access to rail
and  highway  uncomplicated.    Due  to  the  remoteness  of  the  site, it is
anticipated  that there will be minimal disturbance to human population, flora
or  fauna.    Climactic  conditions typically allow operations 350 days of the
year.

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

     The  Company  has  not had revenues from operations in either of the last
two  fiscal years.  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 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.

     The  Company  is  proceeding  with negotiations for the purchase of a 50%
equity  interest  in  a drilling rig as referenced in Item 1 of Form 10KSB for
the  fiscal  year  ended June 30, 1997, filed with the Securities and Exchange
Commission  on  October  14,  1997.

     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 and
Section  21E  of the Securities Exchange Act of 1934, 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 September 30, 1997, the Company received interest income of
$17,693.  Expenses during this period totaled $87,919 and the Company
sustained a net loss during this period of $70,226.

                                    PART II

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

     Not applicable.

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

     None; not applicable.



<PAGE>
------
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 third quarter of the fiscal year 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 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.

<PAGE>

                                  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.

November 13, 1997                         MASON OIL COMPANY, INC.



                              /s/ Paul B. Ingram
                                   Director and President




<PAGE>


                               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.

     November 13, 1997                    /s/Paul  B. Ingram____________
                                          ------------------
Paul B. Ingram, President (Principal Executive Officer) and Director.


     November 13, 997                    /s/John L. Naylor_____________
                                         ------------------------------
                                   John L. Naylor, Secretary-Treasurer
                                   (Principal Accounting and Financial
                                   Officer)



     November 13, 1997                    /s/John Price__________________
                                          -------------
                                   John Price, Director


     November 13, 1997                    /s/Geoffrey J. Pickles___________
                                          ----------------------
                                   Geoffrey J. Pickles, Director