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 March 31, 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 May 12, 2000, the
latest practicable date, was 4,353,827.




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                          HOME-STAKE OIL & GAS COMPANY

                                   FORM 10-QSB
                                 MARCH 31, 2000

                                TABLE OF CONTENTS

                                                                       Page
PART I - FINANCIAL INFORMATION

Item 1.    Financial Statements

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

           Condensed Statements of Income and Retained
               Earnings - three months ended March 31, 2000 and 1999 ..     5

           Condensed Statements of Cash Flows - three months
               ended March 31, 2000 and 1999 ..........................     6

           Notes to Condensed Financial Statements ....................     7

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


PART II - OTHER INFORMATION

Item 1.    Legal Proceedings ..........................................    11

Item 2.    Changes in Securities and Use of Proceeds ..................    11

Item 3.    Defaults upon Senior Securities ............................    11

Item 4.    Submission of Matters to a Vote of Security Holders ........    11

Item 5.    Other Information ..........................................    11

Item 6.    Exhibits and Reports on Form 8-K ...........................    11

SIGNATURES ............................................................    12


                                      - 2 -

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                         PART I - FINANCIAL INFORMATION

                          Item 1. Financial Statements.

                                      - 3 -

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



                                     ASSETS

                                                   March 31,     December 31,
                                                     2000            1999
                                                     ----            ----
Current assets:
  Cash and cash equivalents...............      $      217,465  $       84,458
  Accounts receivable.....................           1,890,887       1,746,062
  Prepaid expenses........................             137,421         140,810
                                                --------------  --------------
         Total current assets.............           2,245,773       1,971,330

Property and equipment, at cost:..........          50,489,854      49,821,238
    Less accumulated depreciation,
         depletion and amortization.......          27,300,489      26,856,930
                                                --------------  --------------
         Net property and equipment.......          23,189,365      22,964,308

Other assets..............................              34,899         247,382
                                                --------------  --------------
                                                $   25,470,037  $   25,183,020
                                                ==============  ==============




                      LIABILITIES AND STOCKHOLDERS' EQUITY


Current liabilities:
  Accounts payable and accrued
          liabilities.....................      $      943,815  $    1,097,442
  Income taxes payable....................             386,797         368,353
  Current notes payable...................           1,200,000       1,200,000
                                                --------------  --------------
         Total current liabilities........           2,530,612       2,665,795

Long-term notes payable...................             400,000       1,300,000

Deferred income taxes.....................           3,537,509       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.......................           4,408,177       3,260,533
                                                --------------  --------------
                                                    20,309,972      19,162,328
  Less treasury stock, at cost -
     243,536 shares.......................          (1,308,056)     (1,308,056)
                                                --------------  --------------
         Total stockholders' equity.......          19,001,916      17,854,272
                                                --------------  --------------
                                                $   25,470,037  $   25,183,020
                                                ==============  ==============

                             See accompanying notes.

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                          HOME-STAKE OIL & GAS COMPANY
                         CONDENSED STATEMENTS OF INCOME
                              AND RETAINED EARNINGS
                   Three months ended March 31, 2000 and 1999
                                   (Unaudited)



                                                    2000              1999
                                                    ----              ----

Revenues:
  Oil and gas sales.......................      $    3,942,332  $    2,167,572
  Gain (loss) on sales of assets..........                (450)          3,325
  Other income............................              78,153          76,414
                                                --------------  --------------
                                                     4,020,035       2,247,311

Costs and expenses:
  Production..............................             924,761         733,205
  Exploration.............................              28,126          23,953
  General and administrative..............             600,831         455,862
  Depreciation, depletion and
     amortization.........................             497,884         770,800
  Interest................................              56,088         113,105
  Property and other taxes................              40,762          55,902
                                                --------------  --------------
                                                     2,148,452       2,152,827

Income before provision for
     income taxes.........................           1,871,583          94,484

Provision for income taxes:
  Current.................................             396,999          12,690
  Deferred................................             174,556           5,833
                                                --------------  --------------
                                                       571,555          18,523
                                                --------------  --------------
Net income................................           1,300,028          75,961

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

Cash dividends ($ .035 per share -
     2000, $ .02 per share - 1999)........            (152,384)        (85,477)
                                                --------------  --------------

Retained earnings at end of period........      $    4,408,177  $    1,263,429
                                                ==============  ==============

Weighted average number of shares
     outstanding:
  Basic...................................           4,353,827       4,273,827
                                                ==============  ==============
  Diluted.................................           4,421,008       4,273,827
                                                ==============  ==============

Net income per common share:
  Basic...................................               $ .30           $ .02
                                                         =====           =====
  Diluted.................................               $ .29           $ .02
                                                         =====           =====

                             See accompanying notes.

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                          HOME-STAKE OIL & GAS COMPANY
                       CONDENSED STATEMENTS OF CASH FLOWS
                   Three months ended March 31, 2000 and 1999
                                   (Unaudited)



                                                    2000                1999
                                                    ----                ----

Operating activities:
  Oil and gas sales, net of
     production taxes.....................      $    3,614,480  $    1,900,703
  Other...................................              78,153          76,414
                                                --------------  --------------
                                                     3,692,633       1,977,117

  Cash paid to suppliers and employees....           1,101,382         797,201
  Interest paid...........................              56,088         113,105
  Property and other taxes................              40,762          55,902
  Income taxes paid.......................             378,555           -
                                                --------------  --------------
                                                     1,576,787         966,208
                                                --------------  --------------
    Net cash provided by operating
     activities...........................           2,115,846       1,010,909


Investing activities:
  Proceeds from sales of property
     and equipment........................                 628           3,325
  Acquisition of property and equipment...            (930,233)       (155,621)
                                                --------------  --------------
    Net cash used in investing
     activities...........................            (929,605)       (152,296)


Financing activities:
  Note payments...........................            (900,000)       (975,000)
  Cash dividends paid.....................            (153,234)        (84,007)
                                                --------------  --------------
    Net cash used in financing
     activities...........................          (1,053,234)     (1,059,007)
                                                --------------  --------------

Net increase (decrease) in cash and
     cash equivalents.....................             133,007        (200,394)

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

Cash and cash equivalents at
     end of period........................      $      217,465  $       11,637
                                                ==============  ==============

                             See accompanying notes.

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                          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  231,250 shares of common
stock at an  exercise  price of $4.50 per share  were  outstanding  at March 31,
1999,  but were not included in the  computation of diluted net income per share
as their inclusion would be antidilutive.

Note 3 - Notes payable

Notes payable at March 31, 2000 consisted of the following balances:


Bank note due September 30, 2002, requiring monthly
     principal payments of $100,000, plus interest at
     prime less3/4% (8% at March 31, 2000)....................  $    1,600,000
   Less current portion.......................................       1,200,000
                                                                --------------
                                                                $      400,000

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.


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


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.



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

Results of Operations - First quarter 2000 compared with first quarter 1999

Net income for the first quarter  increased  $1,224,067  from $75,961 in 1999 to
$1,300,028 in 2000. The principal reasons for this increase are as follows:

Oil sales  increased  $916,480  (98%),  due  principally  to the increase in the
average  oil price from  $10.21 per barrel in 1999 to $26.55 per barrel in 2000.
This price increase was partially offset by a 6% decrease in oil production from
92,013  barrels in 1999 to 86,582  barrels  in 2000.  The  decreased  production
volume is primarily  attributable to normal  depletion of existing  reserves and
the sale in the third quarter of 1999 of the Company's interest in the Pine Unit
in Montana.

Gas sales increased 68% ($825,811), primarily due to the increase in the average
gas price  from  $1.69 per Mcf in 1999 to $2.37 per Mcf in 2000.  Sales  volumes
decreased 6% from 713,614 Mcf in 1999 to 671,601 Mcf in 2000.  This  decrease is
primarily attributable to normal depletion of existing reserves.

Production expenses rose $191,556,  due primarily to increased  production taxes
attributable to the higher oil and gas revenues described above.

General and administrative expenses increased $144,969, from $455,862 in 1999 to
$600,831  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.

Depreciation,  depletion and amortization decreased $272,916. 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  $57,017  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 20% in 1999. The
effective  tax rate in 1999 was lower due to the  benefits of certain  statutory
depletion carryforwards which were fully utilized during that year and no longer
available in 2000.

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 budget for 2000 is $5.5 million.  During the first quarter
the Company had capital expenditures of approximately $750,000 and has remaining
drilling commitments for 2000 of approximately $3.5 million.

The  working  capital  deficit at March 31,  2000 was  $285,000.  The  Company's
working capital and internally generated cash flows from operations 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 May 12, 2000, however the
line does guarantee the payment of a $25,000 letter of credit.


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Year 2000 Impact

The Company did not experience any significant  adverse Year 2000 effects on its
systems and operations and does not expect any in the future.

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,  Y2K  readiness  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 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.


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                           Part II. Other Information

Item 1.    Legal Proceedings.

           None.

Item 2.    Changes in Securities and Use of Proceeds.

           None.

Item 3.    Defaults Upon Senior Securities.

           None.

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

           None.

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

                4    Rights  Agreement  dated  as of  January  3,  2000,  by and
                     between  the Company and UMB Bank,  N.A.,  as Rights  Agent
                     (filed  as  Exhibit  4.1  to  the  Company's   Registration
                     Statement of Form 8-A, dated March 22, 2000).

               10    First Amendment to Special Loan Agreement dated February 9,
                     2000 between the Company and Bank of Oklahoma,  N.A. (Filed
                     as Exhibit 1.09 to the Company's  Annual Report on Form 10-
                     KSB for the year ended December 31, 1999).

               27    Financial Data Schedule.


           (b)  Reports on Form 8-K.

                 No  reports on Form 8-K were filed  during  the  quarter  ended
March 31, 2000.


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                                   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:  May 12, 2000                       By:    /s/  Robert C. Simpson
                                              -------------------------
                                               Robert C. Simpson
                                               Chairman of the Board, C.E.O.
                                               and President


Date:  May 12, 2000                       By:    /s/  Chris K. Corcoran
                                              -------------------------
                                               Chris K. Corcoran
                                               Executive Vice President,
                                               Chief Financial Officer and
                                               Corporate Secretary



                                     - 12 -

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                                INDEX TO EXHIBITS

The  following  documents  are included as exhibits to this Form  10-QSB.  Those
exhibits  below  incorporated  by reference  herein are indicated as such by the
information  supplied  in  the  parenthetical  thereafter.  If no  parenthetical
appears after an exhibit, such exhibit is filed herewith.


  Number      Description

    4         Rights  Agreement  dated as of January 3, 2000, by and between the
              Company and UMB Bank,  N.A., as Rights Agent (filed as Exhibit 4.1
              to the Company's  Registration  Statement of Form 8-A, dated March
              22, 2000).

   10         First  Amendment to Special Loan Agreement  dated February 9, 2000
              between the Company and Bank of Oklahoma,  N.A.  (Filed as Exhibit
              1.09 to the  Company's  Annual  Report on Form 10-KSB for the year
              ended December 31, 1999).

   27         Financial Data Schedule.




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