________________________________________________________________________________


                       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

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

Commission File Number: 0-24682
                            WORLDWIDE PETROMOLY, INC.
             (Exact name of registrant as specified in its charter)

             Colorado                                            84-1125214
  (State or other jurisdiction                               (IRS Employer
 of incorporation or organization)                          Identification No.)

                       1300 Post Oak Boulevard, Suite 1985
                              Houston, Texas 77056
          (Address of principal executive offices, including zip code)

                                 (713) 892-5823
              (Registrant's telephone number, including area code)
                                _________________


      Check whether the issuer (1) has 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

      Check whether the registrant  filed all documents and reports  required to
be filed by Section 12, 13 or 15(d) of the Exchange  Act after the  distribution
of securities under a plan confirmed by court. Yes [ ] No [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

      At November 12, 1997,  16,747,500  shares of common  stock,  no par value,
were outstanding.

      Transitional Small Business Disclosure Format (check one);  Yes [ ] No [x]
________________________________________________________________________________




<PAGE>



                              WORLDWIDE PETROMOLY, INC.


                                    CONTENTS
                                    --------


                                                                         Page(s)
                                                                         -------

PART I - FINANCIAL INFORMATION                        

Item 1.  Financial Statements

         Consolidated Balance Sheets as of September 30, 1997 
               (unaudited) and June 30, 1997                                3

         Consolidated Statements of Operations for the three months 
               ended September 30, 1997 and 1996 ( both unaudited)          4

         Consolidated Statements of Cash Flows for the three months
               ended September 30, 1997 and 1996 ( both unaudited)          5

         Notes to Consolidated Financial Statements                       6 - 8 

Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations                                        9 - 12


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


Item 6.  Exhibits and Reports on Form 8-K                                  13

      (a)  Exhibits

      (b)  Reports on Form 8-K

SIGNATURES                                                                 13
----------














                                       2

<PAGE>
                            WORLDWIDE PETROMOLY, INC.
                           CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
                                                         September 30,       June 30,
                                                               1997           1997
                                                               ----           ----
                                                           (Unaudited)
<S>                                                        <C>            <C>        
          ASSETS
          ------

Current Assets:
     Cash and Cash Equivalents                             $   450,226    $   864,555
     Certificates of Deposit                                   529,998        527,971
     Certificates of Deposit-Restricted (Note 4)               421,450        418,857
    Accounts Receivable-Trade (Related Parties
       $42,842 and $29,536)                                    114,163         91,297
    Notes Receivable-Related Parties-Current Portion           264,387        277,347
    Inventories                                                 96,744        128,651
     Prepaid Expense and Other                                  13,331         18,139
                                                           -----------    -----------


Total Current Assets                                         1,893,299      2,326,817
                                                           -----------    -----------

Property and Equipment, Net (Note 3)                           115,034        108,547

Notes Receivable-Related Parties-Noncurrent Portion            183,847        203,847
                                                           -----------    -----------

Total Assets                                               $ 2,189,180    $ 2,639,211
                                                           ===========    ===========


          LIABILITIES AND STOCKHOLDERS' EQUITY
          ------------------------------------

Current Liabilities:
    Accounts Payable and Accrued Expenses                  $    86,917    $   150,109
    Notes Payable (Note 4)                                     265,000        265,000
                                                           -----------    -----------

    Total Current Liabilities                                  351,917        415,109

Advances From Stockholder                                      312,573        312,573
                                                           -----------    -----------

          Total Liabilities                                    664,490        727,682
                                                           -----------    -----------

Stockholders' Equity:
     Preferred stock, no par value, 10,000,000 shares
          authorized, none issued                                 --             --
     Common stock, no par value, 800,000 shares
          authorized; 16,747,500 issued and outstanding;
          2,835,000 reserved for stock options               6,914,773      6,914,773
     Accumulated Deficit                                    (5,390,083)    (5,003,244)

Total Stockholders' Equity                                   1,524,690      1,911,529
                                                           -----------    -----------

Total Liabilities and Stockholders' Equity                 $ 2,189,180    $ 2,639,211
                                                           ===========    ===========

See accompanying notes to consolidated financial statements
</TABLE>

                                       3

<PAGE>
                            WORLDWIDE PETROMOLY, INC.
                      CONSOLIDATED STATEMENT OF OPERATIONS


                                                        Three Months Ended
                                                           September 30,      
                                                        1997           1996     
                                                   ------------    ------------
                                                    (Unaudited)     (Unaudited)


Net Sales                                          $     91,273    $     21,314
Cost of Sales                                            65,163          17,264
                                                   ------------    ------------

Gross Profit                                             26,110           4,050

Selling, Administrative and General Expenses            416,058         250,229
                                                   ------------    ------------

Loss From Operations                                   (389,948)       (246,179)

Other Income, Net                                         3,109          55,426
                                                   ------------    ------------

Net Loss                                           $   (386,839)   $   (190,753)
                                                   ============    ============

Net Loss per Common Share                          $       (.02)   $       (.01)
                                                   ============    ============

Weighted Average Common Shares Outstanding           16,747,500      16,007,500
                                                   ============    ============



































           See accompanying notes to consolidated financial statements
                                       4

<PAGE>


                            WORLDWIDE PETROMOLY, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
<TABLE>
<CAPTION>

                                                            Three Months Ended
                                                                September 30,
                                                             1997           1996 
                                                         -----------    -----------
                                                         (Unaudited)    (Unaudited)
<S>                                                      <C>            <C>         
Cash Flows from Operating Activities:
  Net Loss                                               $  (386,839)   $  (190,753)
  Adjustments to reconcile
    Net Loss to Net Cash used in Operating Activities
      Depreciation                                             5,000          1,872
      Changes in Assets and Liabilities
         Accounts Receivable                                 (22,866)        16,773
         Inventories                                          31,907          4,799
         Prepaid Expense and Other Assets                     (4,808)          (735)
        Accounts Payable and Accrued Expenses                (63,192)      (237,011)
                                                         -----------    -----------

Net Cash used in Operating Activities                       (431,182)      (405,055)
                                                         -----------    -----------

Cash Flows from Investing Activities:
      Certificates of Deposit                                 (4,620)      (905,234)
      Capital Expenditures                                   (11,487)       (10,679)
      Related Party Loan-Repayments                           32,960           --
      Product Certification and Web Site Costs                  --          (59,750)
                                                         -----------    -----------

      Net Cash (used) Provided by Investing Activities        16,853       (975,663)

Cash Flows from Financing Activities:
      Proceeds from Private Offering, Net of Expense            --        3,900,115
      Repayments of Notes Payable                               --          (50,000)
                                                         -----------    -----------

      Net Cash Provided by Financing Activities                 --        3,850,115

Net Increase (Decrease) in Cash and Cash Equivalents        (414,329)     2,469,397

Cash and Cash Equivalents, Beginning of Period               864,555            920
                                                         -----------    -----------

Cash and Cash Equivalents, End of Period                 $   450,226    $ 2,470,317
                                                         ===========    ===========

</TABLE>











See accompanying notes to consolidated financial statements

                                       5

<PAGE>

                            WORLDWIDE PETROMOLY, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

NOTE 1 - ORGANIZATION AND BUSINESS

      Worldwide  PetroMoly,  Inc.  (the  "Company"),  a  publicly-held  Colorado
corporation,  is engaged in the marketing and  distribution  of a line of engine
lubrication products under the tradename "PetroMoly".  The Company was formed as
a result of a reverse  acquisition on July 22, 1996,  between Ogden,  McDonald &
Company ("Ogden  McDonald" the former name of the Registrant with the Securities
and Exchange  Commission) and Worldwide  PetroMoly  Corporation  ("WPC").  Ogden
McDonald  was  incorporated  in the state of  Colorado on October  13,1989,  and
became a public "shell" company for the purpose of engaging in selected  mergers
and  acquisitions.  WPC was incorporated in the state of Texas on April 1, 1993,
and prior to the reverse  acquisition,  was engaged in the same line of business
as the Company.  In  connection  with the reverse  acquisition,  Ogden  McDonald
acquired all of the outstanding  common stock of WPC, and  subsequently  changed
its name to Worldwide  PetroMoly,  Inc. WPC is now a wholly owned  subsidiary of
the Company.

The Company contracts with independent parties for the blending of its lubricant
products.

NOTE 2 - BASIS OF PRESENTATION

     The  accompanying  unaudited  financial  statements  of the Company and its
wholly-owned   subsidiary  WPC  have  been  prepared  in  accordance   with  the
instructions and requirements of Form 10-QSB and, therefore,  do not include all
information  and  footnotes  necessary  for a  fair  presentation  of  financial
position,  results of  operations,  and cash flows in conformity  with generally
accepted  accounting  principles.  In the opinion of management,  such financial
statements  reflect  all  adjustments   (consisting  only  of  normal  recurring
accruals)  necessary for a fair  presentation  of the results of operations  and
financial position for the interim periods presented.  Operating results for the
interim  periods  are not  necessarily  indicative  of the  results  that may be
expected  for the  full  year.  These  financial  statements  should  be read in
conjunction with the Company's annual report on Form 10-KSB.

NOTE 3 - PROPERTY AND EQUIPMENT

      Property and equipment  consists of the following as of September 30, 1997
      and June 30, 1997:

                                             September 30   June 30

           Office furnishings and equipment   $ 105,001    $ 103,858
           Machinery and equipment               17,320        6,977
           Vehicles                              12,062       12,062
                                              ---------    ---------
                                                134,383      122,897
           Less accumulated depreciation        (19,350)     (14,350)
                                              ---------    ---------

           Net property and equipment         $ 115,033    $ 108,547
                                              =========    =========

                                       6

<PAGE>

                            WORLDWIDE PETROMOLY, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

NOTE 4 - NOTES PAYABLE

      At September  30, 1997,  the Company had drawn  $170,000  under a $250,000
revolving line of credit  facility with a bank.  Interest is payable monthly and
principal is due on demand,  or if no demand,  at its  scheduled  maturity.  The
borrowings  under the line of credit  are  collateralized  by a  certificate  of
deposit in the amount of $263,625.

      At September  30,  1997,  the Company had drawn  $95,000  under a $100,000
revolving line of credit facility with another bank.  Principal and interest are
due on demand,  or if no demand,  in August 1998,  at an interest  rate of 7.77%
payable quarterly). This borrowing is secured by a certificate of deposit in the
amount of $157,825.

NOTE 5 - INCOME TAXES

     Deferred taxes are determined  based on temporary  differences  between the
financial  statement and income tax basis of assets and  liabilities as measured
by the enacted tax rates which will be in effect when these differences reverse.

     Deferred tax assets are comprised of the following at September 30, 1997:

         Net operating loss carryforwards                     $ 1,112,500
         Stock options granted to non-employees                   540,500
         Amortization expense                                      25,500
         Bad debt expense                                           7,000
                                                              -----------
         Gross deferred tax asset                               1,685,500
                                                              -----------
         Valuation allowance                                   (1,685,500)      
                                                              -----------
         Net deferred tax asset                               $         -
                                                              ===========


      The Company has recorded a full valuation  allowance  against all deferred
tax assets  because it could not  determine  whether it was more likely than not
that the deferred tax asset would be realized against future income.

      At September 30, 1997,  the Company had net operating  loss  carryforwards
totaling  approximately  $3,645,000  available to reduce future  taxable  income
through the year 2012 (see chart on following page).









                                       7

<PAGE>

                            WORLDWIDE PETROMOLY, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


The net operating loss carryforwards expire as follows:

         Years ended December 31,                        Amount
         ----------------------------------           -----------

              2008                                    $    72,000
              2009                                        266,000
              2010                                        206,000
              Eighteen months ended June 30, 2012       2,728,000
              Year ended June 30 2013                     373,000
                                                      -----------
              Total                                   $ 3,645,000
                                                      ===========

Note 6 - LOSS PER SHARE

     Loss per common  share was computed by dividing the net loss for the period
by the weighted  average  number of common shares  outstanding  and common stock
equivalents (if dilutine) during each period.  Common stock equivalents  include
the effect of common stock  shares  contingently  issuable  from the exercise of
stock options only when the effect would be dilutine.






























                                       8

<PAGE>



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

RESULTS OF OPERATIONS -WORLDWIDE PETROMOLY INC. ("THE COMPANY")

The  following  discussion  should  be read in  conjunction  with the  Company's
consolidated  financial statements and related notes. See Consolidated Financial
Statements.  Certain  statements  contained  herein are not based on  historical
facts, but are forward looking  statements that are based upon assumptions about
future  conditions  that  could  prove  not  to  be  accurate.   Actual  events,
transaction  and results may  materially  differ  from the  anticipated  events,
transactions or results  described in such statements.  The Company's ability to
consummate  such  transactions  and achieve such events or results is subject to
certain risks and uncertainties.  Such risks and uncertainties  include, but are
not limited to, the  existence  of demand for and  acceptance  of the  Company's
products  and  services,   regulatory   approvals  and  developments,   economic
conditions,  the impact of competition and pricing, results of financing efforts
and other factors affecting the Company's business that are beyond the Company's
control.  The Company  undertakes no  obligation  and does not intend to update,
revise or  otherwise  publicly  release  the  result of any  revisions  to these
forward-looking statements that may be made to reflect events or circumstances.

RESULTS OF OPERATIONS -GENERAL

During the fiscal  quarter  ended  September  30, 1997 (also  referred to as the
first fiscal quarter or the third calendar quarter), the Company has invested in
independent laboratory product testing,  additional research and development for
new products, updating the sales brochures, purchasing office equipment, and web
site modifications.  The Company also did additional  extensive field testing in
an effort to expand the Company's  industrial  customer base, while ascertaining
specific  avenues and alliances for launching a retail and  industrial  campaign
for its new and present products in the next fiscal quarter.

In July the Company was the  recipient  of a  technology  innovation  award from
Aviation Week and Space Technology  magazine  attesting to the Company's cutting
edge lubrication  technology,  and the highly notable savings it has created for
the  Company's   customers.   In  August  1997,  the  Company   entered  into  a
manufacturing  agreement to produce a firearms  lubricant for High  Standard,  a
firearms  manufacturer with 34% of the .22 caliber target pistol US market and a
world wide sales force whose customers  includes military  customers such as the
US Army and the  Navy.  Also in  August  1997  the  Company  formed a  marketing
alliance with Aviation  Laboratories,  a provider of laboratory services for the
international  corporate  and  airline  industry,  with a customer  base of over
16,000  clients  and  growing.  In  September  1997,  the Company  performed  an
independent  laboratory  EPA-recognized  test at the  request  of the US  Postal
Service showing a 4.41%  improvement in city fuel economy after using PetroMoly.
The Company is presently  proceeding  to expand to regional use by the US Postal
Service, and plans to continue its expansion nationwide.

The Company  completed the  development of a new product  presently  called Moly
X-tra,  which is an oil additive for passenger cars and light trucks.  Customers
who  purchase  Moly  X-tra are able to add the  16-ounce  bottle to any brand of
motor oil.  Field-testing  has revealed that the benefits that customers receive

                                       9

<PAGE>


from Moly X-tra are very similar to those received by using the Company's  fully
formulated  product  called  PetroMoly.  Those  benefits  include  improved fuel
economy, reduced emissions and longer engine life. The Company expects to launch
a product awareness  campaign for Moly X-tra during the fiscal quarter beginning
-January 1998, through direct marketing, on television using an infomercial.

     During this quarter,  the Company has performed  excessive due diligence on
the direct marketing infomercial format and has determined that similar products
in this category have achieved tremendous success.  Bringing a new technology to
a proven category,  with what the Company believes to be a superior product with
an  environmental  impact,  is  expected  to increase  the  Company's  revenues.
Additionally the infomercial format will also give the Company an opportunity to
educate the general public about its patent-approved lubrication technology. The
same technology for suspending and  stabilizing  molybdenum is used in both Moly
X-tra and PetroMoly.  As PetroMoly is now entering the retail arena, this format
can help build a demand for  prospective  customers and increase  sales for both
products.

QUARTER ENDED SEPTEMBER 30, 1997 COMPARED TO QUARTER ENDED SEPTEMBER 30, 1996

Total net sales for the  quarter  ended  September  30,  1997,  was  $91,273  as
compared to $21,314 for the quarter ended  September 30, 1995, a 328%  increase.
This  increase by  comparison  is large,  and  management  expects the following
quarters to follow a greater trend that reflects the maturing marketing efforts,
set in place at the  beginning  of this  fiscal  year.  The sales focus has been
securing   commitments  and   endorsements   from  several  large  national  and
multinational   corporations  that  are  considered  leaders  in  their  various
industries.  As the  analysis  of  the  product  utilization  by  these  various
customers  has been  extremely  positive  and  resolute,  the sales  volume  and
relative margins remain low due to the promotional  prices and practices allowed
by management. The Company expects sales volume to increase significantly during
in the  first  calendar  quarter  of  1998  as the  promotional  activities  and
advertising campaigns come to fruition.

As the two quarters  vastly differ in net sales,  the disparity in cost of sales
is also notable.  Cost of sales as a percentage of net sales  decreased from 81%
for the quarter ended  September  30, 1996, to 71% for the year ended  September
30, 1997.  This  percentage  change was results from  improved  agreements  with
suppliers,   freight  carriers  and  toll  blenders,   along  with  streamlining
procedures in  manufacturing.  The Company is continuing  its testing of various
reformulations  of its products and  interviewing  various vendors to see if the
products can be made more cost  effectively,  thus reducing the cost of sales in
the future.  Additionally,  the  projected  increase  in sales  volume will also
reduce cost of sales due to economies of scale.

Selling,  general and  administrative  expenses  increased from $250,299 for the
quarter ended  September  30, 1996, to $416,058 for the quarter ended  September
30, 1997,  a 60%  increase.  However,  as a  percentage  of net sales,  selling,
general and administrative  expenses decreased from 1,174% in the third calendar
quarter  of 1996 to 455% in the third  calendar  quarter  of 1997.  The  primary
reason for the increase in expenses for the compared quarters was the widespread
expansion  and  promotional  efforts  that  took  place in last  three  quarters
increasing these operational  expenses,  which include additional  personnel and
the opening of a satellite office and warehouse in South Florida.

                                       10

<PAGE>


LIQUIDITY AND CAPITAL RESOURCES

On September 30, 1997, the Company had a working capital of $1,541,382, compared
to $1,911,708 at June 30,1997.  The change in working  capital was primarily due
to normal  general and  administrative  expenses,  as net cash used in Operating
activities  for yearly  compared  quarters  was very close to one another  being
$431,182 for ended September  30,1997and $405,055 for ended September 30,1996, a
6% increase..

     At September  30,  1997,  the Company had drawn  $170,000  under a $250,000
revolving line of credit facility with a bank. The borrowings  under the line of
credit are collateralized by a certificate of deposit in the amount of $263,625.
At September 30, 1997, the Company had drawn $95,000 under a $100,000  revolving
line of credit  facility with another bank.  The  borrowings  under this line of
credit are collateralized by a certificate of deposit in the amount of $155,241.
Both  lines of credit  are  described  in note 4 to the  consolidated  financial
statements.

     At September  30, 1997,  the Company had net operating  loss  carryforwards
totaling  approximately  $3,645,000  available to reduce future  taxable  income
through  the year  2012 as  described  in note 5 to the  consolidated  financial
statements.

     As of  September  30,  1997,  the Company had no material  commitments  for
capital expenditures.

 OUTLOOK

     In the  year  ended  June 30  1997,the  Company's  strategic  focus  was on
consummating  relationships  with a group of leaders in the industrial  markets,
which are known as opinion leaders of new technologies.  Management foresees the
"testing  periods"  that the Company has invested  with these groups coming to a
natural end during  fiscal  1998,  followed  by  significant  revenue  producing
contracts,  and  testimonials  that will attract other  companies in the similar
industries for a greater market share. Any one of the substantial customers that
the  Company is  presently  working  with is capable  of  increasing  the volume
production  to a much greater  economies of scale.  These  savings will decrease
cost of sales, and possibly decrease the cost to the customers as well.

     Management is extremely  eager to begin  marketing the newly  developed oil
additive  that uses the same  proprietary  technology  to suspend  molybdenum in
motor oil for cars and light trucks. An advertising campaign is planned for this
particular  product  beginning with an infomercial to create consumer  awareness
and educate the general public about the Company's new technology. This exposure
will  possibly  facilitate  a demand for the other  PetroMoly  products as well.
During  this  campaign,  distribution  will be  maintained  through  fulfillment
houses.  Later a full-scale retail campaign is planned as the product is sold in
the auto after-market stores and retail chains.  Reports to management show this
oil  additive  product,  being a new  technology  in a  proven  direct  response
category, is projected to carry significant demand.

      With the  progressing  sales  relationships  maturing  and the new product
lines being  marketed,  the Company  expects  operating  margins and revenues to
improve during fiscal 1998.

                                       11

<PAGE>

      NEW ACCOUNTING PRONOUNCEMNETS

      In March 1997, the Financial  Accounting  Standards Board issued Statement
of Financial Accounting Standards No. 128, Earnings per Share ("SFAS 128"). SFAS
128  provides  a  different  method of  calculating  earnings  per share than is
currently used in APB Opinion 15. SFAS 128 provides for the calculation of basic
and diluted  earnings per share.  Basic  earnings per share includes no dilution
and is computed by  dividing  income  available  to common  stockholders  by the
weighted  average number of common shares  outstanding for the period.  Dilutive
earnings per share  reflects the  potential  dilution of  securities  that could
share in the earnings of an entity,  similar to existing fully diluted  earnings
per share.

      The Company is required  to adopt this  standard in the fourth  quarter of
1997. Using the principles set forth in SFAS 128, basic and diluted earnings per
share would not be materially different from that presented.

      Statement  of  Financial  Accounting  Standards  No.  129,  Disclosure  of
Information  about Capital  Structure  ("SFAS 129") effective for periods ending
after December 15, 1997,  establishes standards for disclosing information about
an entity's  capital  structure.  SFAS 129 requires  disclosure of the pertinent
rights  and  of  various  securities  outstanding  (stock,  options,   warrants,
preferred  stock,  debt  and  participation   rights)  including   dividend  and
liquidation  preferences,  participant rights, call prices and dates, conversion
or exercise prices and redemption  requirements.  Adoption of SFAS 129 will have
no effect on the Company as it currently discloses the information specified

      In June 1997,  the  Financial  Accounting  Standards  Board issued two new
disclosure   standards.   Results  of  operations  financial  position  will  be
unaffected by implementation of these new standards.

      Statement  of  Financial   Accounting  Standards  (SFAS)  130,  "Reporting
Comprehensive  Income"  establishes  standards  for  reporting  and  display  of
comprehensive  income,  its components and accumulated  balances.  Comprehensive
income is defined to include all changes in equity except those  resulting  from
investments by owners and distributions to owners. Among other disclosures, SFAS
130 requires  that all items that are required to be  recognized  under  current
accounting  standards as  components  of  comprehensive  income be reported in a
financial  statement  that is  displayed  with  the  same  prominence  as  other
financial statements.

      SFAS  131,   "Disclosure   about  Segments  of  a  Business   Enterprise",
establishes  standards for the way that public  enterprises  report  information
about operating  segments in annual financial  statements and requires reporting
of selected information about operating segments in interim financial statements
issued to the public.  It also establishes  standards for disclosures  regarding
products and services,  geographic areas and major  customers.  SFAS 131 defines
operating segments as components of an enterprise about which separate financial
information  is  available  that is evaluated  regularly by the chief  operating
decision  maker  in  deciding  how  to  allocate   resources  and  in  assessing
performance.

      Both of these new standards are  effective  for financial  statements  for
periods  beginning after December 15, 1997 and require  comparative  information
for earlier years to be restated. Due to the recent issuance of these standards,
management has been unable to fully  evaluate the impact,  if any, they may have
on future financial statement disclosures.

                                       12

<PAGE>


                                     PART II

                                OTHER INFORMATION
Item 6.

Exhibits and Reports on Form 8-K

      (a)  Exhibits -- Financial Data Schedule

      (b)  Reports on Form 8-K -- None





                                      SIGNATURES


      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                                          WORLDWIDE PETROMOLY, INC.



Date: November 13, 1997                   By:      /s/ Gilbert Gertner
                                                --------------------------------
                                                Gilbert Gertner


                                          By:      /s/ Lance Rosemarin
                                                --------------------------------
                                                Lance Rosemarin, Chief Financial
                                                Officer and  Chief Financial and
                                                Accounting Officer














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