UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

                                QUARTERLY REPORT
                            UNDER SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                  For the quarterly period ended June 30, 2000


                         Commission file number 0-19766


                          HOME-STAKE OIL & GAS COMPANY
        (Exact name of small business issuer as specified in its charter)


               Oklahoma                                  73-0288030
     (State or other jurisdiction of                  (I.R.S. Employer
      incorporation or organization)                 Identification No.)


                         15 East 5th Street, Suite 2800
                              Tulsa, Oklahoma 74103
                    (Address of principal executive offices)


                                 (918) 583-0178
                         (Registrant's telephone number)



        Check whether the issuer (1) has filed all reports  required to be filed
by Section 13 or 15(d) of the Securities Exchange Act of 1934 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 | |


        The number of shares  outstanding of the Registrant's  common stock, all
of which comprise a single class with $ .01 par value,  as of July 31, 2000, the
latest practicable date, was 4,353,827.



                                      - 1 -

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                          HOME-STAKE OIL & GAS COMPANY

                                   FORM 10-QSB
                                  JUNE 30, 2000

                                TABLE OF CONTENTS

                                                                         Page
PART I - FINANCIAL INFORMATION

Item 1.    Financial Statements

           Condensed Balance Sheets - June 30, 2000
             and December 31, 1999.......................................    4

           Condensed Statements of Income and Retained
             Earnings - six months ended June 30, 2000 and 1999 .........    5

           Condensed Statements of Income and Retained
             Earnings - three months ended June 30, 2000 and 1999 .......    6

           Condensed Statements of Cash Flows -
             six months ended June 30, 2000 and 1999 ....................    7

           Notes to Condensed Financial Statements ......................    8

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


PART II - OTHER INFORMATION

Item 1.    Legal Proceedings ............................................   12

Item 2.    Changes in Securities.........................................   12

Item 3.    Defaults upon Senior Securities ..............................   12

Item 4.    Submission of Matters to a Vote of Security Holders ..........   12

Item 5.    Other Information ............................................   12

Item 6.    Exhibits and Reports on Form 8-K .............................   12

SIGNATURES ..............................................................   13


                                      - 2 -

<PAGE>



                         PART I - FINANCIAL INFORMATION

                          Item 1. Financial Statements.

                                      - 3 -

<PAGE>



                          HOME-STAKE OIL & GAS COMPANY
                            CONDENSED BALANCE SHEETS
                                   (Unaudited)



                                     ASSETS

                                                      June 30,     December 31,
                                                        2000           1999
                                                        ----           ----
Current assets:
  Cash and cash equivalents......................   $      5,801   $     84,458
  Accounts receivable............................      2,134,555      1,746,062
  Prepaid expenses...............................        165,699        140,810
                                                    ------------   ------------
         Total current assets....................      2,306,055      1,971,330

Property and equipment, at cost:.................     51,927,972     49,821,238
    Less accumulated depreciation,
     depletion and amortization..................     27,832,420     26,856,930
                                                    ------------   ------------
         Net property and equipment..............     24,095,552     22,964,308

Other assets.....................................         19,668        247,382
                                                    ------------   ------------
                                                    $ 26,421,275   $ 25,183,020
                                                    ============   ============




                      LIABILITIES AND STOCKHOLDERS' EQUITY


Current liabilities:
  Accounts payable and accrued liabilities.......   $  1,246,867   $  1,097,442
  Income taxes payable...........................        441,423        368,353
  Current note payable...........................      1,000,000      1,200,000
                                                    ------------   ------------
         Total current liabilities...............      2,688,290      2,665,795

Long-term note payable...........................              -      1,300,000

Deferred income taxes............................      3,656,833      3,362,953

Stockholders' equity:
  Preferred stock, $1 par value -
    2,000,000 shares authorized; none issued
  Common stock, $ .01 par value -
    12,000,000 shares authorized,
    4,597,363 shares issued......................         45,974         45,974
  Additional paid-in capital.....................     15,855,821     15,855,821
  Retained earnings..............................      5,482,413      3,260,533
                                                    ------------   ------------
                                                      21,384,208     19,162,328
  Less treasury stock, at cost - 243,536 shares..     (1,308,056)    (1,308,056)
                                                    ------------   ------------
         Total stockholders' equity..............     20,076,152     17,854,272
                                                    ------------   ------------
                                                    $ 26,421,275   $ 25,183,020
                                                    ============   ============

                             See accompanying notes.

                                      - 4 -

<PAGE>



                          HOME-STAKE OIL & GAS COMPANY
                         CONDENSED STATEMENTS OF INCOME
                              AND RETAINED EARNINGS
                     Six months ended June 30, 2000 and 1999
                                   (Unaudited)



                                                        2000            1999
                                                        ----            ----

Revenues:
  Oil and gas sales..............................   $  8,012,579   $  4,526,110
  Gain on sales of assets........................         43,627         44,136
  Other income...................................        133,043        127,634
                                                    ------------   ------------
                                                       8,189,249      4,697,880

Costs and expenses:
  Production.....................................      1,800,386      1,521,966
  Exploration....................................        334,017         53,755
  General and administrative.....................      1,082,386        830,891
  Depreciation, depletion and amortization.......      1,058,151      1,448,200
  Interest.......................................         84,577        218,711
  Property and other taxes.......................        110,381        115,220
                                                    ------------   ------------
                                                       4,469,898      4,188,743

Income before provision for income taxes.........      3,719,351        509,137

Provision for income taxes:
  Current........................................        833,515         64,356
  Deferred.......................................        293,880         66,228
                                                    ------------   ------------
                                                       1,127,395        130,584
                                                    ------------   ------------
Net income.......................................      2,591,956        378,553

Retained earnings at beginning of year...........      3,260,533      1,272,945

Cash dividends ($.085 per share - 2000,
     $ .04 per share - 1999).....................       (370,076)      (170,953)
                                                    ------------   ------------

Retained earnings at end of period...............   $  5,482,413   $  1,480,545
                                                    ============   ============

Weighted average number of common shares
     outstanding:
  Basic..........................................      4,353,827      4,273,827
                                                    ============   ============
  Diluted........................................      4,475,841      4,273,827
                                                    ============   ============

Net income per common share:
  Basic..........................................          $ .60          $ .09
                                                           =====          =====
  Diluted........................................          $ .58          $ .09
                                                           =====          =====

                             See accompanying notes.

                                      - 5 -

<PAGE>



                          HOME-STAKE OIL & GAS COMPANY
                         CONDENSED STATEMENTS OF INCOME
                              AND RETAINED EARNINGS
                    Three months ended June 30, 2000 and 1999
                                   (Unaudited)



                                                        2000           1999
                                                        ----           ----

Revenues:
  Oil and gas sales..............................   $  4,070,247   $  2,358,538
  Gain on sales of assets........................         44,077         40,811
  Other income...................................         54,890         51,220
                                                    ------------   ------------
                                                       4,169,214      2,450,569

Costs and expenses:
  Production.....................................        875,625        788,761
  Exploration....................................        305,891         29,802
  General and administrative.....................        481,555        375,029
  Depreciation, depletion and amortization.......        560,267        677,400
  Interest.......................................         28,489        105,606
  Property and other taxes.......................         69,619         59,318
                                                    ------------   ------------
                                                       2,321,446      2,035,916

Income before provision for income taxes.........      1,847,768        414,653

Provision for income taxes:
  Current........................................        436,516         51,666
  Deferred.......................................        119,324         60,395
                                                    ------------   ------------
                                                         555,840        112,061
                                                    ------------   ------------
Net income.......................................      1,291,928        302,592

Retained earnings at beginning of period.........      4,408,177      1,263,429

Cash dividends ($.05 per share - 2000,
     $ .02 per share - 1999).....................       (217,692)       (85,476)
                                                    ------------   ------------

Retained earnings at end of period...............   $  5,482,413   $  1,480,545
                                                    ============   ============

Weighted average number of common shares
     outstanding:
  Basic..........................................      4,353,827      4,273,827
                                                    ============   ============
  Diluted........................................      4,475,841      4,273,827
                                                    ============   ============

Net income per common share:
  Basic..........................................          $ .30          $ .07
                                                           =====          =====
  Diluted........................................          $ .29          $ .07
                                                           =====          =====

                             See accompanying notes.

                                      - 6 -

<PAGE>



                          HOME-STAKE OIL & GAS COMPANY
                       CONDENSED STATEMENTS OF CASH FLOWS
                     Six months ended June 30, 2000 and 1999
                                   (Unaudited)



                                                        2000           1999
                                                        ----           ----

Operating activities:
  Oil and gas sales, net of production taxes.....   $  7,278,238   $  4,296,882
  Other..........................................        133,043        127,634
                                                    ------------   ------------
                                                       7,411,281      4,424,516

  Cash paid to suppliers and employees...........      1,865,484      1,986,931
  Interest paid..................................         84,577        218,711
  Property and other taxes.......................        110,381        115,220
  Income taxes paid..............................        760,445              -
                                                    ------------   ------------
                                                       2,820,887      2,320,862
                                                    ------------   ------------
    Net cash provided by operating activities....      4,590,394      2,103,654


Investing activities:
  Proceeds from sales of property and equipment..         45,776         77,975
  Acquisition of property and equipment..........     (2,845,297)    (1,653,054)
                                                    ------------   ------------
    Net cash used in investing activities........     (2,799,521)    (1,575,079)


Financing activities:
  Loan proceeds..................................              -        735,000
  Note payments..................................     (1,500,000)    (1,305,000)
  Cash dividends paid............................       (369,530)      (169,506)
                                                    ------------   ------------
    Net cash used in financing activities........     (1,869,530)      (739,506)
                                                    ------------   ------------

Net decrease in cash and cash equivalents........        (78,657)      (210,931)

Cash and cash equivalents at beginning of year...         84,458        212,031
                                                    ------------   ------------

Cash and cash equivalents at end of period.......   $      5,801   $      1,100
                                                    ============   ============

                             See accompanying notes.

                                      - 7 -

<PAGE>



                          HOME-STAKE OIL & GAS COMPANY
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (Unaudited)

Description of business

Home-Stake Oil & Gas Company ("HSOG" or the "Company") is an independent oil and
gas producer actively engaged in the acquisition,  exploration,  development and
production of oil and gas  properties.  Oil and gas  exploration  and production
activities are subject to numerous risks inherent in the business. These include
the volatility of oil and gas prices,  environmental  concerns and  governmental
regulations,  general  business risks and hazards  involving the acquisition and
operation  of oil and gas  properties,  the  ability  to  continue  to find  new
reserves to replace those being  depleted and the highly  competitive  nature of
the business.  Its principal geographic operating areas lie within the states of
Oklahoma, Montana, New Mexico and Texas.

Note 1 - General

The unaudited financial  information provided in this report includes all normal
recurring  adjustments  which are, in the opinion of  management,  necessary  to
fairly present the financial  position,  results of operations and cash flows of
the Company.  Certain information and footnote  disclosures normally included in
financial  statements  prepared in accordance with generally accepted accounting
principles  have been  omitted  or  condensed.  The  Company  believes  that the
disclosures   herein  are  adequate  to  make  the  information   presented  not
misleading;  however,  these financial  statements should be read in conjunction
with the audited financial  statements and related notes thereto included in the
Company's Annual Report on Form 10-KSB for the year ended December 31, 1999.

The results for interim periods are not  necessarily  indicative of trends or of
results to be expected for the full year.

Note 2 - Net income per share

Basic net income per share is calculated  based on the  weighted-average  shares
outstanding  during  the  period.  Diluted  net income  per share  includes  the
dilutive effect of stock options.  Options to purchase  275,650 shares of common
stock at an exercise price of $4.50 per share were outstanding at June 30, 1999,
but were not included in the computation of 1999 diluted net income per share as
their inclusion would be anti-dilutive.

Note 3 - Notes payable

Notes  payable at June 30,  2000  consisted  of a Bank note due April 30,  2001,
requiring  monthly principal  payments of $100,000,  plus interest at prime less
3/4% (8 3/4% at June 30, 2000).

The Company  has a revolving  term  line-of-credit  in the amount of  $5,000,000
available  until  November  30,  2000 which  provides  for  monthly  payments of
interest on the outstanding borrowings at bank prime less 1%. In connection with
this line of credit,  the Company has issued a letter of credit in the amount of
$25,000,  which  is  guaranteed  by this  line,  and  pays a  commitment  fee of
three-eights of one per cent (3/8%) per annum on the unused portion of the line.

Note 4 - Contingencies

The Company is involved in various legal actions arising in the normal course of
business. In the opinion of management,  the Company's  liabilities,  if any, in
these  matters  will not  have a  material  effect  on the  Company's  financial
position, results of operations or cash flows.


                                      - 8 -

<PAGE>



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

Results of  Operations - First six months of 2000 compared with first six months
of 1999

Net income for the six months  ended June 30  increased  $2,213,403  (585%) from
$378,553 in 1999 to $2,591,956 in 2000. The principal  reasons for this increase
are as follows:

Oil sales  increased  $2,562,705  (113%) in 2000.  The Company's oil  production
increased from 176,268  barrels in 1999 to 183,639 barrels in 2000. In addition,
the  average  price of crude oil  increased  from  $12.86  per barrel in 1999 to
$26.30 per barrel in 2000.

Gas sales increased 39%  ($874,937),  primarily due to higher average gas prices
which  increased  from  $1.69  per mcf in 1999 to  $2.61  per mcf in  2000.  Gas
production  also  increased from 1,308,254 mcf in 1999 to 1,314,542 mcf in 2000.
These  increases  were  partially  offset by a negative  adjustment  of $258,665
(131,637 Mcf) associated with the underpayment of certain royalty interests.

Production expenses increased $278,420,  due primarily to a $264,775 increase in
production taxes attributable to the higher oil and gas sales described above.

Exploration costs increased  $280,262 in 2000. Dry hole costs increased $267,300
in 2000 due to costs  associated  with an  exploratory  dry hole  drilled by the
Company in the second quarter. There were no comparable costs in 1999. Condemned
and abandoned property expense decreased $12,962.

General and administrative expenses increased $251,495, from $830,891 in 1999 to
$1,082,386  in 2000.  This  increase  is  primarily  attributable  to the  costs
associated with the Company's hiring of an investment  banking firm to assist it
in reviewing  various strategic  alternatives to maximize  shareholder value and
improve shareholder liquidity, and higher legal fees and directors' expenses.

Depreciation,  depletion and amortization decreased $390,049. The net book value
of each  producing oil and gas property is amortized  over the estimated life of
the related oil and gas  reserves.  At the end of 1999,  the Company  recognized
significant  increases in the estimated oil and gas reserves on many properties,
primarily as a result of the increases in product  prices that  occurred  during
the year.  These  increases had the effect of lowering the rates of amortization
for most producing properties.

Interest  expense  decreased  $134,134  in  2000  due to the  lower  outstanding
borrowings for the year as compared to 1999.

The Company's effective tax rate in 2000 was 30%, compared to 26% in 1999 due to
the full utilization in 1999 of certain statutory depletion carryforwards.

Results of Operations - Second quarter 2000 compared with second quarter 1999

Net income for the second  quarter  increased  $989,336  (327%) from $302,592 in
1999 to  $1,291,928  in 2000.  The  principal  reasons for this  increase are as
follows:

Oil sales increased  $1,646,225 (124%).  The Company's oil production  increased
from 84,255 barrels in 1999 to 97,057 barrels in 1999. In addition,  the average
oil price increased from $15.75 per barrel in 1999 to $26.07 per barrel in 2000.

Gas sales  increased 5% ($49,126),  primarily  due to higher  natural gas prices
which  increased  from  $1.70  per mcf in 1999 to $2.93  per mcf in  2000.  This
increase was partially  offset by lower natural gas production  which  decreased
from  594,640  mcf in 1999 to 511,303 mcf in 2000,  primarily  due to a negative
adjustment of $258,665 (131,637 Mcf) associated with the underpayment of certain
royalty interests.


                                      - 9 -

<PAGE>



Production  expenses  increased  $86,684,   due  primarily  to  an  increase  in
production taxes attributable to the higher oil and gas sales described above.

Exploration costs increased  $276,089 in 2000. Dry hole costs increased $285,003
in 2000 due to a higher incidence of dry holes. Condemned and abandoned property
expense decreased $8,914.

General and  administrative  expenses increased $106,526 (28%), from $375,029 in
1999 to $481,555 in 2000.  This  increase is  primarily  attributable  to higher
legal fees and directors'  expenses,  along with the costs  associated  with the
Company's hiring of an investment banking firm to assist it in reviewing various
strategic  alternatives to maximize  shareholder  value and improve  shareholder
liquidity.

Depreciation,  depletion and amortization decreased $117,133. The net book value
of each  producing oil and gas property is amortized  over the estimated life of
the related oil and gas  reserves.  At the end of 1999,  the Company  recognized
significant  increases in the estimated oil and gas reserves on many properties,
primarily as a result of the increases in product  prices that  occurred  during
the year.  These  increases had the effect of lowering the rates of amortization
for most producing properties.

Interest  expense  decreased  $77,117  in  2000  due  to the  lower  outstanding
borrowings for the year as compared to 1999.

Financial Condition and Liquidity

The Company's operating activities have traditionally been self-financed through
internally  generated cash flows.  The principal use of cash flows has generally
been to fund the Company's  exploration  and  production  activities and for the
payment of dividends to  stockholders.  The use of borrowed  funds has generally
been limited to the acquisition of producing oil and gas properties where future
revenues from such purchases are expected to fund the debt.

The Company's capital  exploration  budget for 2000 is $5.5 million.  During the
first  six  months  of  2000,  the  Company  had  exploration   expenditures  of
approximately $1.4 million and has remaining drilling  commitments for 2000/2001
of approximately $3.2 million. The Company is also continuing to actively pursue
opportunities for the acquisition of producing properties whenever possible.  In
June 2000, the Company  exercised its preferential  purchase right to acquire an
additional  interest in a developmental  Texas prospect operated by the Company.
Cost for this additional interest was approximately $847,500.

The working capital deficit at June 30, 2000 was $382,000. The Company's working
capital and  internally  generated  cash flows are expected to be  sufficient to
finance  the  Company's  note  payments  and  budgeted  2000   exploration   and
development activities. In addition, the Company has a $5 million revolving line
of credit available until November 30, 2000. There are no outstanding borrowings
under this line of credit at July 31, 2000,  however the line does guarantee the
payment of a $25,000 letter of credit.

Inflation

In recent years  inflation  has not had a  significant  impact on the  Company's
operations or financial  condition.  The general economic pressures limiting oil
and gas prices in recent years have generally been  accompanied by corresponding
downward pressure on costs to develop and operate oil and gas properties as well
as the costs of drilling and  completing  wells.  The impact of inflation on the
Company in the future  will  depend on the  relative  increases,  if any, in the
selling price of oil and gas and in the  Company's  operating,  development  and
drilling costs.

Forward-Looking Statements

Certain  statements  included in this report which are not historical  facts are
"forward-looking  statements",  including statements with respect to oil and gas
reserves,  the  number  and  anticipated  costs of wells to be  drilled,  future
capital expenditures (including the amount and nature thereof), anticipated date
of  repayment  of bank  debt  and  other  such  matters.  These  forward-looking
statements are based on current expectations, estimates, assumptions and beliefs
of  management;  and  words  such  as  "expects",   "believes",   "anticipates",
"intends",  "plans"  and similar  expressions  are  intended  to  identify  such
forward-looking  statements.  These forward-looking statements involve risks and

                                     - 10 -

<PAGE>



uncertainties, including, but not limited to: dependence upon the prices for oil
and natural gas which prices are subject to significant fluctuations in response
to  relatively  minor  changes in supply and  demand for such  products,  market
uncertainty, political conditions in oil producing regions, domestic and foreign
government  regulations,  the price and availability of alternative  fuels and a
variety  of  other  factors;  competition  in the  acquisition  of oil  and  gas
properties and the development, production and marketing of oil and natural gas;
operating  hazards  typically  associated  with  the  exploration,  development,
production and  transportation of oil and natural gas; federal,  state and local
laws relating to the exploration,  development,  production and marketing of oil
and natural gas, including environmental and safety matters; changes in laws and
regulations;  and other  factors,  most of which are beyond  the  control of the
Company. Accordingly, actual results and developments may differ materially from
those  expressed  in the  forward-looking  statements.  The  Company  assumes no
obligation  to update  publicly  any  forward-looking  statements,  whether as a
result of new information, future events or otherwise.


                                     - 11 -

<PAGE>



                           Part II. Other Information

Item 1.   Legal Proceedings.

          None.

Item 2.   Changes in Securities.

          None.

Item 3.   Defaults Upon Senior Securities.

          None.

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

          The  Annual  Meeting  of the  Company's  stockholders  was held in the
          offices of  the Company on May 22,  2000 for the  purpose of  electing
          three  directors whose terms were expiring.  The nominees for Director
          were James L.  Houghton, Joseph J. McCain,  Jr. and Robert C. Simpson.
          The nominees proposed  by management were reelected for terms expiring
          in 2003. Mr. Houghton  and Mr. Simpson each received  3,438,265  votes
          for and 31,990 votes  were withheld.  Mr.  McCain  received  3,437,680
          votes for and 32,575 votes were withheld. The continuing Directors are
          L. W. Allegood,  Chris K.  Corcoran,  Larry F.  Grindstaff,  Ronald O.
          Gutman and I. Wistar Morris III.

Item 5.   Other Information.

          None.

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

          (a)  Exhibits.

          The following documents are included as exhibits to this Form 10-QSB.

          Exhibit
          Number    Description

             27     Financial Data Schedule.

          (b)  Reports on Form 8-K.

                No reports on  Form 8-K were filed during the quarter ended June
                30, 2000.

                                     - 12 -

<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.


                                Home-Stake Oil & Gas Company
                                    (Registrant)


Date:  August 4, 2000           By:    /s/  Robert C. Simpson
                                    -------------------------
                                     Robert C. Simpson
                                     Chairman of the Board, C.E.O.
                                     and President


Date:  August 4, 2000           By:    /s/  Chris K. Corcoran
                                    -------------------------
                                     Chris K. Corcoran
                                     Executive Vice President,
                                     Chief Financial Officer and
                                     Corporate Secretary



                                     - 13 -

<PAGE>


                                INDEX OF EXHIBITS


The following documents are included as exhibits to this Form 10-QSB.

     Exhibit
     Number       Description

         27       Financial Data Schedule.


                                     - 14 -

<PAGE>