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 September 30, 1998

Commission File No.  0-24684

LONE WOLF ENERGY, INC.
(Name of small business issuer in its charter)

K&S VENTURES, INC.
(Former name of small business issuer)

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, $0.001 par value
(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 September 30, 1998, was 4,250,000 shares.

Page 1 of 7

<PAGE>
PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

LONE WOLF ENERGY, INC.
(A Development Stage Company)
BALANCE SHEETS
September 30, 1998 and December 31, 1997
(Unaudited)
 
                                        Sept 30,       December 31,
                                           1998               1997

ASSETS
Current Assets
   Cash                                      $0                 $0
                                        --------          ---------

TOTAL ASSETS                                 $0                 $0
                                        --------          ---------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities                             
   Accounts Payable                     $19,502             $6,972
                                        --------          ---------

Total Liabilities                       $19,502             $6,972
                                        --------          ---------

Stockholders' Equity:
   Preferred Stock- $0.001 par value
      20,000,000 shares authorized, no
      shares issued and outstanding          $0                 $0
   Common Stock- $0.001 par value
      100,000,000 shares authorized, 
      4,250,000 shares issued and 
      outstanding at Sept 30, 1998 
      and December 31, 1997,  
      respectively                        4,250              4,250
   Additional Paid in Capital            21,646             19,165
   Accumulated Deficit                  (45,398)           (30,387)
                                        --------           --------
Total stockholders' equity              (19,502)            (6,972)
                                        --------           --------

Total Liabilities and Equity                 $0                 $0
                                        --------           --------

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

Page 2 of 7

<PAGE>
LONE WOLF ENERGY, INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
For the three months and nine months ended September 30, 1998 and 1997
(Unaudited)
 
                         Three months              Nine  months 
                            ended                     ended
                      Sept 30,    Sept 30,       Sept 30,   Sept 30,
                        1998       1997            1998      1997
                      --------------------       ------------------  

Revenue                    $0         $0              $0         $0

Expenses:
    Legal               8,481          0          11,425          0      
    Accounting          4,508          0           4,595          0
    Transfer Agent        254          0           1,032          0
    Other               1,364          0           1,818          0      
                      --------     -------       --------   -------      
                       14,607          0          18,870          0           
                      --------     -------       --------   -------           

Net Loss              (14,607)         0         (18,870)         0
                      --------     -------       --------   ------- 

Wgt.Avg. Shares     4,250,000   4,250,000      4,250,000  4,250,000       
                      --------    --------     ---------  ---------       

Loss per share          $0.00      $0.00         $0.00        $0.00         
                      --------  ----------     --------   ---------     

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


LONE WOLF ENERGY, INC.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
For the nine months ended Sept 30, 1998 and 1997
(Unaudited)
 
                                        Sept 30,             Sept 30,
                                            1998                1997
                                        --------             -------- 

Operating Activities
   Net loss                              (18,870)                  0
   Change in Accounts Payable             12,530                   0
                                        --------             --------
   Cash used in operating activities      (6,340)                  0
                                        --------             --------

Financing Activities
   Sale of Common Stock                        0              100,000
     Less:  Issue Costs                        0             (100,000)
   Contribution of Capital 
     by Stockholders                       6,340                    0
                                        --------             --------
   Cash provided by financing activities   6,340                    0
                                        --------             --------

Investing Activities                           0                   0 
                                        ---------           ---------
Change in cash                                 0                   0
Cash at beginning of period                    0                   0
                                        ---------           ---------
Cash at end of period                          0                   0
                                        ---------           ---------
The accompanying notes are an integral part of the financial statements.

Page 4 of 7

<PAGE>
                              
LONE WOLF ENERGY, INC.
(A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS
For the nine months ended June 30, 1998 and 1997


1.  SIGNIFICANT ACCOUNTING POLICIES

    Organization
    Lone Wolf Energy, Inc. (formerly K&S Ventures, Inc.) was incorporated on
March 4, 1991 in the state of Colorado.  From 1992 until 1994, the Company
operated as a retail distributor of Herbalife products.  On June 17, 1997,
the Company discontinued its retail distributor operations.  In January,
1997, the Company adopted an operating plan to purchase producing oil and gas
properties and to acquire companies in oil and gas related businesses.  In
May, 1997, the Company changed its name from K&S Ventures, Inc. to Lone Wolf
Energy, Inc.

    Basis of Accounting
    Assets, liabilities, equity, revenue and expenses are recorded under the
accruel method of accounting in conformity with generally accepted accounting
principles.

    Cash and Cash Equivalents
    The Company considers all cash and marketable securities as cash 
equivalents.

    Income Taxes
    The Company is considered a "C" corporation for income tax purposes.

    Fiscal Year End
    The Company's fiscal year end is December 31.

2.  Stockholders' Equity

    Additional Capital Contributed During 1998
    -----------------------------------------------------------
    During the third quarter of 1998 and for the nine months ended Sept 30,
1998, certain shareholders of the Company contributed approximately $4,433 
and $6,340, respectively, in additional capital that was used to pay
certain operating expenses of the Company.  It is expected that these
shareholders will continue to provide the capital necessary to meet the
nominal operating expenses of the Company.

    Purchase of Common Stock During First Quarter of 1997
    -----------------------------------------------------
    During the first quarter of 1997, 3,825,000 shares of the Company's
common stock was purchased by Lone Wolf Exploration, Inc., a non-affiliated
privately held Oklahoma corporation ("LWX"), in exchange for $100,000 in cash.
The transaction resulted in LWX owning 90% of the issued and outstanding 
common stock of the Registrant.  In connection with the transaction, the 
Registrant paid fees in the amount of $100,000 to certain unrelated third
parties.


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

    Plan of Operations
    The Registrant plans to accumulate oil and gas assets by acquiring
producing properties from major oil and gas companies or from larger
independent companies; by developing and selling industry prospects that have
a carried interest and controlled risk for the Company; and by acquiring oil
and gas companies with existing production and proved reserves in exchange for
common stock of the Company.

    Management anticipates that until the Registrant completes a purchase of
oil and gas assets that only nominal operating expenses, which are primarily
accounting and legal fees related to the Registrant's compliance as an SEC
reporting company, will be incurred.  Such nominal expenses have been and
management expects will continue to be paid directly by certain shareholders
of the Registrant.  There is no assurance, however, that material expenses
will not be incurred.  There is no assurance that shareholders will have or
will make available sufficient funds to cover such material expenses.

  
PART II.  OTHER INFORMATION

Item 1.  Legal Proceedings

Not Applicable

Item 2.  Changes in Securities

Not Applicable

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

Not Applicable


Item 6.  Exhibits and Reports on Form 8-K

Exhibits.
     None

Reports on Form 8-K.
     
     None

Page 5 of 7

<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.

							LONE WOLF ENERGY, INC.

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


Date:  November 16, 1998



Page 6 of 7