SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 10-QSB

Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange 
Act of 1934

For the quarter ended March 31, 1997

Commission File No.  0-24684

K&S VENTURES, INC.
(Name of small business issuer in its charter)

Colorado
(State or other jurisdiction of Incorporation or Organization)

84-1214336
(IRS Employer Identification Number )

8908 South Yale Avenue, Suite 409
Tulsa, OK  74137
(918) 481-0167
(Address, including zip code and telephone number, including area 
code of registrant's executive offices)

Securities registered under Section 12 (b) of the Exchange Act:  none

Securities registered under Section 12 (g) of the Exchange Act:

Common Stock
(Title of class)

Check whether the issuer (1) 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 _______

The number of shares of the Registrant's only class of common stock issued 
and outstanding, as of April 30, 1997, was 100,000 shares.

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<PAGE>
PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

K&S VENTURES, INC.
BALANCE SHEETS
MARCH 31, 1997 AND DECEMBER 31, 1996
(Unaudited)
 
                                       March 31,       December 31,
                                           1997               1996

ASSETS
Total Assets                                  0                  0
                                        --------          ---------
LIABILITIES AND STOCKHOLDERS' EQUITY
Total Liabilities                             0                  0

Stockholders' Equity:
   Common Stock- 100,000,000 shares
   authorized, 100,000 and 10,000 shares
   issued and outstanding at March 31,
   1997 and December 31, 1996, 
   respectively                           1,000                100
   Paid in Capital                       18,557             19,457
   Accumulated Deficit                  (19,557)           (19,557)
                                        --------           --------
Total stockholders' equity                    0                  0
                                        --------           --------
Total Liabilities and Equity                  0                  0
                                        --------           --------

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<PAGE>
K&S VENTURES, INC.
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
 
                                       March 31,           March 31,
                                           1997                1996
                                       ---------           ---------

Revenue                                       0                   0

Expenses                                      0                   0
                                       ---------           ---------

Net Income (loss)                             0                   0
                                       ---------           ---------

Earnings per share                        $0.00               $0.00
                                       ---------           ---------


K&S VENTURES, INC.
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
 
                                        March 31,           March 31,
                                            1997                1996


Operating Activities
   Net income                                  0                   0

Financing Activities
   Sale of Common Stock                  100,000                   0
   Issue Costs                          (100,000)                  0

Investing Activities                           0                   0 
                                        ---------           ---------
Change in cash                                 0                   0
Cash at beginning of period                    0                   0
                                        ---------           ---------
Cash at end of period                          0                   0
                                        ---------           ---------

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<PAGE>
                              
Item 2.  Management's Discussion and Analysis or Plan of Operation

During the first quarter of 1997, the Company issued 90,000 shares of 
common stock to Lone Wolf Exploration, Inc., a privately-held Oklahoma 
corporation ("Lone Wolf"), in exchange for $100,000 in cash.  The 
transaction resulted in Lone Wolf owning 90% of the issued and outstanding 
common stock of the Registrant. In connection with the purchase of common stock 
by Lone Wolf, the Registrant has adopted a business plan involving the 
exploration, development and production of oil and gas properties, and 
intends to merge with Lone Wolf on or before June 30, 1997.  For the quarters 
ended March 31, 1997 and 1996, the Registrant had no operating activities 
and does not expect to have any material operating activities until the 
completion of the merger with Lone Wolf.  


PART II.  OTHER INFORMATION

Item 1.  Legal Proceedings

Not Applicable

Item 2.  Changes in Securities

Effective as of January 30, 1997, Lone Wolf Exploration, Inc., an Oklahoma 
corporation (the "Company"), acquired (the "Acquisition") 90,000 shares of 
common stock, no par value per share ("Common Stock"), of K&S Ventures, Inc.
(the "Registrant"), constituting ninety percent (90%) of the issued and 
outstanding shares of Common Stock of the Registrant, pursuant to the terms and 
provisions of that certain Subscription Agreement by and among the 
shareholders of the Registrant, the Registrant and the Company ("Agreement"). 
In connection with the Acquisition, the Company paid to the Company an 
aggregate cash amount equal to One Hundred Thousand and No/100 Dollars 
($100,000.00) in exchange for the issuance to the Company of 90,000 shares 
of Common Stock.  In addition, in accordance with the terms of the Agreement, 
the Company will merge with and into the Company on or before June 30, 1997, 
subject to applicable legal requirements and the terms and provisions of the 
Agreement.

Prior to the closing of the Acquisition, the Registrant had no assets and 
liabilities, and the primary purpose in effecting the Acquisition was to 
permit the Company to become a publicly held company, subject to the 
applicable reporting requirements of the Securities Exchange Act of 1934, as 
amended.  Neither the Company nor the Registrant engaged investment bankers or 
other professionals to render a fairness opinion, and the terms of the 
transactions were negotiated on an arm's length basis between the officers 
and directors of the Company and the prior majority shareholders of the 
Registrant.  Prior to the Acquisition, none of the officers, directors or 
shareholders of the Registrant were affiliated with the officers, directors 
or shareholders of the Registrant.

Item 3.  Defaults Upon Senior Securities

Not Applicable

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

Not Applicable

Item 5.  Other Information

In connection with the purchase of common stock by Lone Wolf Exploration, Inc., 
the Company has adopted a business plan involving the exploration, 
development and production of oil and gas properties, and the Company intends
to raise capital through the sale of the Company's securities for the purpose of
carrying out its planned operations.  In light of the adopted business plan 
and because the Company has never conducted a registered sale of its 
securities, the Company believes that it may not be construed to be subject 
to Section 7(b) of the Securities Act of 1933, as amended, relating to 
"blank check companies."

Item 6.  Exhibits and Reports on Form 8-K

Exhibits.
     None

Reports on Form 8-K.
     
Form 8-K, related to the acquisition of 90% of the common stock of the 
Registrant, was filed effective February 6, 1997.

Form 8-K related to the change in certifying accountants of the Registrant 
was filed effective March 24, 1997.


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<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.

							K&S Ventures, Inc.

							/s/  RHONDA R. VINCENT
							______________________________________
							By:  Rhonda R. Vincent, Treasurer


Date:  May 20, 1997



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