<PAGE>
 
===============================================================================
 
                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                          WASHINGTON, DC  20549-1004

                             
                                 FORM 10-Q/A NO.1     


                               QUARTERLY REPORT
                    PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934
                 For the quarterly period ended June 30, 1997

                      Commission file number     1-12088


                          UNITED MERIDIAN CORPORATION
            (Exact name of registrant as specified in its charter)


            Delaware                                    75-2160316
---------------------------------                   -------------------
  (State or other jurisdiction                       (I.R.S. Employer 
of incorporation or organization)                   Identification No.)
         

1201 Louisiana, Suite 1400, Houston, TX                  77002-5603
------------------------------------------               ----------
 (Address of principal executive offices)                (Zip Code)


                                (713) 654-9110
                        -------------------------------
                        (Registrant's telephone number)


   Indicate by check mark whether the registrant (1) has 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 outstanding of the registrant's common stock, all of
which comprise a single class with a $0.01 par value, as of July 31, 1997, the
latest practicable date, was 35,607,419.

===============================================================================
<PAGE>
 
                            FORM 10-Q/AMENDMENT NO. 1


        This Amendment No. 1 relates to the financial statements included in
Item 1 of Form 10-Q. These amended financial statements reflect certain
reclassifications among the components of long-term debt as of June 30, 1997 to
conform to the comparable presentation as of December 31, 1996.    


                                      -1-
<PAGE>
 
                          UNITED MERIDIAN CORPORATION

                       CONSOLIDATED STATEMENT OF INCOME
                   (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                                  (UNAUDITED)



                                    For the three months    For the six months
                                       ended June 30,          ended June 30,
                                    --------------------    -------------------
                                      1997        1996        1997       1996
                                    --------    --------    --------   --------
Revenues:
   Gas sales......................  $ 20,639    $ 29,513    $ 53,245   $ 59,515
   Oil sales......................    32,365      18,865      63,239     35,284
   Gain on sale of assets.........     1,421      12,487       2,248     18,012
   Other..........................     1,120         458       1,818        680
                                    --------    --------    --------   --------
                                      55,545      61,323     120,550    113,491
                                    --------    --------    --------   --------
Costs and expenses:
   Production costs...............    12,555      11,491      25,705     24,295
   General and administrative.....     3,499       3,120       6,048      6,519
   Exploration, including dry 
     holes and impairments........    10,078      10,250      22,818     14,711
   Depreciation, depletion and 
      amortization................    22,402      22,062      43,598     41,821
                                    --------    --------    --------   --------
                                      48,534      46,923      98,169     87,346
                                    --------    --------    --------   --------

Income from operations............     7,011      14,400      22,381     26,145
Other income, expenses and 
  deductions:
   Interest and debt expense......    (4,750)     (5,841)     (9,438)   (11,380)
   Interest and other income......       454         (36)      1,427         78
                                    --------    --------    --------   --------
Income before income taxes........     2,715       8,523      14,370     14,843
Income tax benefit (provision): 
   Current........................    (1,392)       (189)     (2,674)      (297)
   Deferred.......................       497      (3,099)     (3,677)    (5,595)
                                    --------    --------    --------   --------
Net income........................     1,820       5,235       8,019      8,951

Preferred stock dividends.........         -        (765)          -     (1,531)
                                    --------    --------    --------   --------
Net income available to common 
  stockholders....................  $  1,820    $  4,470    $  8,019   $  7,420
                                    ========    ========    ========   ========
Net income per common share 
  (Exhibit 11.1)..................  $   0.05    $   0.15    $   0.22   $   0.24
                                    ========    ========    ========   ========
Weighted average number of common
  shares outstanding, including
  common share equivalents 
  (Exhibit 11.1)..................    36,765      30,461      36,685     30,299
                                    ========    ========    ========   ========


      The accompanying notes are an integral part of these consolidated 
                             financial statements.

                                      -2-
<PAGE>
 
                          UNITED MERIDIAN CORPORATION

                          CONSOLIDATED BALANCE SHEET
                                (IN THOUSANDS)

                                            

                                                                  December 31,
                                                June 30, 1997         1996
                                                -------------     ------------
                                                 (Unaudited)

                   ASSETS

Current assets:
 Cash and cash equivalents......................  $  16,384         $  54,942
 Accounts receivable
   Oil and gas sales............................     29,750            36,238
   Joint interest and other.....................     33,899            45,447
 Deferred income taxes..........................      7,081             2,839
 Inventory......................................     12,491            11,389
 Prepaid expenses and other.....................      4,218             5,306
                                                  ---------         ---------
                                                    103,823           156,161
                                                  ---------         ---------
Property and equipment, at cost:
 Oil and gas (successful efforts method)
   Proved properties............................    959,605           851,818
   Unproved properties..........................     18,240            14,667
 Other property and equipment...................     11,291             8,295
                                                  ---------         ---------
                                                    989,136           874,780
 Accumulated depreciation, depletion 
   and amortization.............................   (373,160)         (350,591)
                                                  ---------         ---------
                                                    615,976           524,189
                                                  ---------         ---------
Other assets:
 Gas imbalances receivable......................      6,008             5,702
 Deferred income taxes..........................     17,930            23,035
 Debt issue costs...............................      9,904             8,370
 Other..........................................        967               836
                                                  ---------         ---------
                                                     34,809            37,943
                                                  ---------         ---------
      TOTAL ASSETS..............................  $ 754,608         $ 718,293
                                                  =========         =========


      The accompanying notes are an integral part of these consolidated 
                             financial statements.

                                      -3-
<PAGE>
 
                          UNITED MERIDIAN CORPORATION

                          CONSOLIDATED BALANCE SHEET
                                (IN THOUSANDS)



                                                                  December 31,
                                                June 30, 1997         1996
                                                -------------     ------------
                                                 (Unaudited)

                      LIABILITIES AND STOCKHOLDERS' EQUITY
    
Current liabilities:
 Accounts payable...............................  $  91,550         $  80,593
 Advances from joint owners.....................     15,838             5,575
 Interest payable...............................      3,530             3,800
 Accrued liabilities............................      7,863             7,525
 Current maturities of long-term debt...........      1,635               899
                                                  ---------         ---------
                                                    120,416            98,392
                                                  ---------         ---------
Long-term debt:
 10-3/8% senior subordinated notes..............    150,000           150,000
 Other..........................................      6,466             6,832
                                                  ---------         ---------
                                                    156,466           156,832
                                                  ---------         ---------
Deferred credits and other liabilities:
 Deferred income taxes..........................     20,335            20,797
 Gas imbalances payable.........................      4,385             3,994
 Other..........................................      6,473             6,042
                                                  ---------         ---------
                                                     31,193            30,833
                                                  ---------         ---------
Commitments and contingencies

Stockholders' equity:
 Common stock...................................        356               352
 Additional paid-in capital.....................    547,274           540,661
 Foreign currency translation adjustment........     (4,596)           (4,257)
 Retained earnings (deficit)....................    (96,501)         (104,520)
                                                  ---------         ---------
                                                    446,533           432,236
                                                  ---------         ---------
      TOTAL LIABILITIES AND STOCKHOLDERS' 
        EQUITY..................................  $ 754,608         $ 718,293
                                                  =========         =========
     

       The accompanying notes are an integral part of these consolidated
                             financial statements.

                                      -4-
<PAGE>
 
                          UNITED MERIDIAN CORPORATION

           CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
                     (IN THOUSANDS, EXCEPT SHARE AMOUNTS)

    FOR THE YEAR ENDED DECEMBER 31, 1996 AND SIX MONTHS ENDED JUNE 30, 1997

<TABLE>
<CAPTION>
 
                                          SERIES F
                                       PREFERRED STOCK        COMMON STOCK       ADD'L      FOREIGN      RETAINED
                                    ---------------------   -----------------    PAID-IN    CURRENCY     EARNINGS
                                      SHARES      AMOUNT    SHARES     AMOUNT    CAPITAL    ADJUSTMENT   (DEFICIT)      TOTAL
                                    ----------   --------   --------   -------   -------    ----------   ---------    ---------   
<S>                                 <C>          <C>        <C>        <C>       <C>        <C>          <C>          <C> 
Balance, December 31, 1995........  1,166,667    $    12    28,150,224  $ 281   $ 336,469   $   (4,057)  $(120,393)   $ 212,312
 Foreign currency translation
    adjustment....................                                                                (200)                    (200)
 Common stock offering............                           4,088,942     41     182,629                               182,670
 Exercise of common stock options.                             897,007      9      17,951                                17,960
 Exercise of warrants.............                             235,749      2       3,619                                 3,621
 Preferred stock dividends........                                                                          (1,531)      (1,531)
 Automatic conversion of
  Series F preferred stock
    to common stock............... (1,166,667)       (12)    1,845,284     19          (7)                                    -
 Net income.......................                                                                          17,404       17,404
                                   ----------    -------    ----------  -----   ---------   ----------   ---------    ---------
Balance, December 31, 1996........          -          -    35,217,206    352     540,661       (4,257)   (104,520)     432,236
 Foreign currency translation
    adjustment....................                                                                (339)                    (339)
 Exercise of common stock options.                             389,388      4       6,613                                 6,617
 Net income.......................                                                                           8,019        8,019
                                   ----------    -------    ----------  -----   ---------   ----------   ---------    ---------
Balance, June 30, 1997
   (Unaudited)....................          -    $     -    35,606,594  $ 356   $ 547,274   $   (4,596)  $ (96,501)   $ 446,533
                                   ==========    =======    ==========  =====   =========   ==========   =========    =========
</TABLE>


       The accompanying notes are an integral part of these consolidated
                             financial statements.

                                      -5-
<PAGE>
 
                         UNITED MERIDIAN CORPORATION

                     CONSOLIDATED STATEMENT OF CASH FLOWS
                                (IN THOUSANDS)
                                  (UNAUDITED)

                                                         For the six months
                                                           ended June 30,
                                                        ---------------------
                                                          1997        1996
                                                        ---------   ---------
Cash flows from operating activities:
  Net income..........................................  $   8,019   $   8,951
  Adjustments to reconcile net income to cash from
    operating activities:
    Exploration, including dry holes and impairments..     22,818      14,711
    Depreciation, depletion and amortization..........     43,598      41,821
    Amortization of debt issue cost...................        744         792
    Deferred income tax provision.....................      3,677       5,595
    Gain on sale of assets............................     (2,248)    (18,012)
                                                        ---------   ---------
                                                           76,608      53,858
  Changes in assets and liabilities:
    Decrease (increase) in receivables................     15,813      (2,530)
    Increase (decrease) in payables and other 
      current liabilities.............................     11,506     (19,185)
    Increase in net gas imbalances....................         85         117
    Other.............................................        373       2,700
                                                        ---------   ---------
      Net cash provided by operating activities.......    104,385      34,960
                                                        ---------   ---------
Cash flows from investing activities:
  Exploration.........................................    (61,526)    (24,148)
  Development.........................................    (94,134)    (37,444)
  Additions to other property and equipment...........     (2,372)       (615)
  Net proceeds from sale of assets....................     13,573      29,715
                                                        ---------   ---------
      Net cash used in investing activities...........   (144,459)    (32,492)
                                                        ---------   ---------
Cash flows from financing activities:
  Repayment of long-term debt.........................       (366)   (105,238)
  Additions to total debt.............................        736      88,947
  Debt issue costs....................................     (2,326)       (251)
  Proceeds from exercise of common stock options......      3,472       6,157
  Preferred stock dividends...........................          -      (1,531)
                                                        ---------   ---------
      Net cash provided by (used in) financing 
        activities....................................      1,516     (11,916)
                                                        ---------   ---------
Net decrease in cash and cash equivalents.............    (38,558)     (9,448)
Cash and cash equivalents at beginning of period......     54,942      13,586
                                                        ---------   ---------
Cash and cash equivalents at end of period............  $  16,384   $   4,138
                                                        =========   =========


       The accompanying notes are an integral part of these consolidated
                             financial statements.

                                      -6-
<PAGE>
 
                          UNITED MERIDIAN CORPORATION

                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (UNAUDITED)



NOTE 1  BASIS OF FINANCIAL STATEMENTS

  The accompanying consolidated financial statements of United Meridian
Corporation (UMC or the Company) included herein have been prepared, without
audit, pursuant to the rules and regulations of the Securities and Exchange
Commission (SEC).  Although certain information normally included in financial
statements prepared in accordance with generally accepted accounting principles
has been condensed or omitted, UMC believes that the disclosures are adequate to
make the information presented not misleading.  The financial statements should
be read in conjunction with the consolidated financial statements and notes
thereto for the year ended December 31, 1996.

  The financial statements reflect all normal recurring adjustments that, in the
opinion of management, are necessary for a fair presentation.

NOTE 2  ACQUISITIONS AND DISPOSITIONS

  As part of its on-going operations, the Company continually acquires and sells
producing and undeveloped reserves and related assets.  Certain transactions
occurring in the periods presented are discussed below.

  Through July 1997, the Company has acquired additional interests in various
properties from several of its institutional partners.  In conjunction with one
of these acquisitions, the Company sold a portion of the acquired interests.
The net cost of the additional interests was approximately $25,936,000.

  During the six months ended June 30, 1997, the Company sold various non-
strategic North American properties for total proceeds of $13,573,000, resulting
in pre-tax gains of $2,248,000.

  In late 1995, the Company agreed to assign to Yukong Limited a portion of its
interests in Blocks CI-01 and CI-02 in Cote d'Ivoire and Blocks B, C and D in
Equatorial Guinea.  Mobil Equatorial Guinea, Inc. (Mobil) subsequently exercised
its preferential right to purchase the interest in Block B in lieu of the
proposed assignment to Yukong Limited.  Under the agreements, the Company
received $13,016,000 in cash in the first six months of 1996, resulting in a
pre-tax gain of $11,392,000.

  In June 1996, UMC Resources Canada, Inc. (Resources), the Company's wholly-
owned Canadian subsidiary, sold all of its interests in the Rocanville area in
the province of Saskatchewan, effective May 1, 1996.  Net proceeds from the sale
were $6,722,000 and a gain of $4,679,000 was recognized.

  During the first six months of 1996, the Company sold various other non-
strategic North American properties for total proceeds of $9,977,000, resulting
in pre-tax gains of $1,941,000.

NOTE 3  FINANCIAL INSTRUMENTS

  The Company hedged a portion of its oil production with collar agreements in
the first six months of 1997, having no material impact on oil revenues.

  The Company currently has no-cost natural gas collar contracts in place from
June 1997 through October 1997 for 1 BCF per month with a floor price of $2.10
and a cap price of $2.39 and a separate no-cost collar for 250,000 MCF per month
for September 1997 and October 1997 production at a floor price of $2.00 and a
cap price of $2.26.  UMC's current hedging agreements are settled on a monthly
basis.  All of UMC's current hedge contracts specify the third-party index to be
the New York Mercantile Exchange (NYMEX) futures contract prices for the
applicable commodity, matching the 

                                      -7-
<PAGE>
 
appropriate basis risk. There was no deferred hedge gain or loss at 
June 30, 1997.

NOTE 4  IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARD

  The Financial Accounting Standards Board (FASB) recently issued Statement of
Financial Accounting Standard (SFAS) No. 128, "Earnings per Share" superseding
Accounting Principles Board (APB) No. 15.  Although SFAS No. 128 cannot be
adopted until December 15, 1997, pro forma disclosures are allowed to minimize
the impact of year-end adoption. Therefore, the following pro forma information
is presented:
 
                                        For the three months  For the six months
                                            ended June 30,       ended June 30,
                                        --------------------  ------------------
                                          1997       1996       1997      1996
                                        ---------  ---------  --------  --------
 
   Primary EPS as reported under 
     APB No. 15                         $    0.05  $    0.15  $   0.22  $   0.24
   Effect of SFAS No. 128                       -       0.01      0.01      0.02
                                        ---------  ---------  --------  --------
   Basic EPS, as restated               $    0.05  $    0.16  $   0.23  $   0.26
                                        =========  =========  ========  ========
 
   Fully diluted EPS as reported under 
     APB No. 15                         $    0.05  $    0.15  $   0.22  $   0.24
   Effect of SFAS No. 128                       -          -         -         -
                                        ---------  ---------  --------  --------
   Diluted EPS, as restated             $    0.05  $    0.15  $   0.22  $   0.24
                                        =========  =========  ========  ========

  As mandated by SFAS No. 128, basic earnings per common share is computed by
dividing net income by the weighted average number of shares of common stock
outstanding during the year.  Diluted earnings per common share is determined on
the assumption that outstanding stock options have been converted using the
average price for the quarter.

NOTE 5  SUPPLEMENTAL GUARANTOR INFORMATION

  In connection with the sale by UMC of the 10-3/8% Senior Subordinated Notes
(Notes) in October 1995, UMC Petroleum Corporation (Petroleum), wholly-owned and
the Company's only direct subsidiary, has unconditionally guaranteed the full
and prompt performance of the Company's obligations under the Notes and related
indenture, including the payment of principal, premium (if any) and interest.
Other than intercompany arrangements and transactions, the consolidated
financial statements of Petroleum are equivalent in all material respects to
those of the Company and therefore the separate consolidated financial
statements of Petroleum are not material to investors and have not been included
herein. However, in an effort to provide meaningful financial data relating to
the guarantor (i.e., Petroleum on an unconsolidated basis) of the Notes, the
following condensed consolidating financial information has been provided
following the policies set forth below:

  (1) Investments in subsidiaries are accounted for by the Company on the cost
      basis. Earnings of subsidiaries are therefore not reflected in the related
      investment accounts.

  (2) Certain reclassifications were made to conform all of the financial
      information to the financial presentation on a consolidated basis. The
      principal eliminating entries eliminate investments in subsidiaries and
      intercompany balances.

                                      -8-
<PAGE>
 
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF INCOME
For the six months ended June 30, 1997 and 1996
(In thousands)

<TABLE> 
<CAPTION> 
                                                                             Unconsolidated                             
                                                                 ---------------------------------------                
                                                                             Guarantor     Non-Guarantor  Consolidated  
                                                                    UMC      Subsidiary    Subsidiaries       UMC       
                                                                 ---------   ----------   -------------   ------------  
<S>                                                              <C>         <C>           <C>            <C>            
1997
----
Revenues......................................................   $       -   $   65,589     $   54,961     $  120,550
                                                                 ---------   ----------     ----------     ----------
Costs and expenses:
  Production costs............................................           -       17,476          8,229         25,705
  General and administrative..................................          90        5,086            872          6,048
  Exploration, including dry holes and impairments............           -        5,625         17,193         22,818
  Depreciation, depletion and amortization....................           -       25,909         17,689         43,598
                                                                 ---------   ----------     ----------     ----------
Income (loss) from operations.................................         (90)      11,493         10,978         22,381
  Interest income (expense), net..............................       9,640      (12,003)        (7,075)        (9,438)
  Other credits, net..........................................           -        1,321            106          1,427
                                                                 ---------   ----------     ----------     ----------
Income before income taxes....................................       9,550          811          4,009         14,370
Income tax provision..........................................      (3,904)        (762)        (1,685)        (6,351)
                                                                 ---------   ----------     ----------     ----------
Net income....................................................   $   5,646   $       49     $    2,324     $    8,019
                                                                 =========   ==========     ==========     ==========
1996
----
Revenues......................................................   $       -   $   77,006     $   36,485     $  113,491 
                                                                 ---------   ----------     ----------     ----------
Costs and expenses:
  Production costs............................................           -       18,458          5,837         24,295
  General and administrative..................................         107        5,187          1,225          6,519
  Exploration, including dry holes and impairments............           -        8,811          5,900         14,711
  Depreciation, depletion and amortization....................           -       35,537          6,284         41,821
                                                                 ---------   ----------     ----------     ----------
Income (loss) from operations.................................        (107)       9,013         17,239         26,145
  Interest income (expense), net..............................       8,849      (15,814)        (4,415)       (11,380)
  Other credits, net..........................................           -          (22)           100             78
                                                                 ---------   ----------     ----------     ----------
Income (loss) before income taxes.............................       8,742       (6,823)        12,924         14,843
Income tax benefit (provision)................................      (2,371)       1,272         (4,793)        (5,892)
                                                                 ---------   ----------     ----------     ----------
Net income (loss).............................................   $   6,371   $   (5,551)    $    8,131     $    8,951
                                                                 =========   ==========     ==========     ==========
</TABLE>

                                      -9-
<PAGE>
 
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF INCOME
For the three months ended June 30, 1997 and 1996
(In thousands)

<TABLE> 
<CAPTION> 

                                                                             Unconsolidated                             
                                                                 ---------------------------------------                
                                                                             Guarantor     Non-Guarantor  Consolidated  
                                                                    UMC      Subsidiary    Subsidiaries       UMC       
                                                                 ---------   ----------   -------------   ------------  
<S>                                                              <C>         <C>           <C>            <C>            
1997
----
Revenues......................................................   $       -   $   26,785     $   28,760     $   55,545
                                                                 ---------   ----------     ----------     ----------
Costs and expenses:
  Production costs............................................           -        7,978          4,577         12,555
  General and administrative..................................          60        3,037            402          3,499
  Exploration, including dry holes and impairments............           -        2,647          7,431         10,078
  Depreciation, depletion and amortization....................           -       12,241         10,161         22,402
                                                                 ---------   ----------     ----------     ----------
Income (loss) from operations.................................         (60)         882          6,189          7,011
  Interest income (expense), net..............................       4,879       (6,848)        (2,781)        (4,750)
  Other credits, net..........................................           -          324            130            454 
                                                                 ---------   ----------     ----------     ----------
Income (loss) before income taxes.............................       4,819       (5,642)         3,538          2,715
Income tax benefit (provision)................................      (2,181)       1,903           (617)          (895)
                                                                 ---------   ----------     ----------     ----------
Net income benefit (loss).....................................   $   2,638   $   (3,739)    $    2,921     $    1,820
                                                                 =========   ==========     ==========     ==========
1996
----
Revenues......................................................   $       -   $   38,836     $   22,487     $   61,323 
                                                                 ---------   ----------     ----------     ----------
Costs and expenses:
  Production costs............................................           -        8,751          2,740         11,491
  General and administrative..................................          70        2,544            506          3,120
  Exploration, including dry holes and impairments............           -        6,792          3,458         10,250
  Depreciation, depletion and amortization....................           -       18,839          3,223         22,062
                                                                 ---------   ----------     ----------     ----------
Income (loss) from operations.................................         (70)       1,910         12,560         14,400
  Interest income (expense), net..............................       4,444       (7,861)        (2,424)        (5,841)
  Other credits, net..........................................           -         (103)            67            (36)
                                                                 ---------   ----------     ----------     ----------
Income (loss) before income taxes.............................       4,374       (6,054)        10,203          8,523
Income tax benefit (provision)................................        (862)       1,289         (3,715)        (3,288)
                                                                 ---------   ----------     ----------     ----------
Net income (loss).............................................   $   3,512   $   (4,765)    $    6,488     $    5,235
                                                                 =========   ==========     ==========     ==========
</TABLE>

                                     -10-
<PAGE>
 
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET
At June 30, 1997 and December 31, 1996
(In thousands)

<TABLE> 
<CAPTION> 
                                                                             Unconsolidated                             
                                                                 ---------------------------------------                
                                                                             Guarantor     Non-Guarantor  Eliminating   Consolidated
                                                                    UMC      Subsidiary    Subsidiaries     Entries          UMC
                                                                 ---------   ----------   -------------   -----------   ------------

<S>                                                              <C>         <C>           <C>            <C>           <C> 
JUNE 30, 1997
-------------
                  ASSETS
Current assets................................................   $       2   $   46,217     $   57,604     $        -    $  103,823
Intercompany investments......................................     687,658     (298,782)      (250,539)      (138,337)            -
Property and equipment, net...................................           -      299,204        316,772              -       615,976
Other assets..................................................      (1,420)      39,567         (3,338)             -        34,809
                                                                 ---------   ----------     ----------     ----------    ----------
      Total assets............................................   $ 686,240   $   86,206     $  120,499     $ (138,337)   $  754,608
                                                                 =========   ==========     ==========     ==========    ==========
      LIABILITIES & STOCKHOLDERS' EQUITY

Current liabilities...........................................   $   3,329   $   62,987     $   54,100     $        -    $  120,416
Long-term debt................................................     150,000       (5,700)        12,166              -       156,466
Deferred credits and other liabilities........................           -       10,056         21,137              -        31,193
Stockholders' equity..........................................     532,911       18,863         33,096       (138,337)      446,533
                                                                 ---------   ----------     ----------     ----------    ----------
      Total liabilities & stockholders' equity................   $ 686,240   $   86,206     $  120,499     $ (138,337)   $  754,608
                                                                 =========   ==========     ==========     ==========    ==========
DECEMBER 31, 1996
-----------------
                  ASSETS

Current assets................................................   $       3   $   93,023     $   63,135     $        -    $  156,161
Intercompany investments......................................     668,025     (346,861)      (182,827)      (138,337)            -
Property and equipment, net...................................           -      282,236        241,953              -       524,189
Other assets..................................................       5,947       36,714         (4,718)             -        37,943
                                                                 ---------   ----------     ----------     ----------    ----------
      Total assets............................................   $ 673,975   $   65,112     $  117,543     $ (138,337)   $  718,293
                                                                 =========   ==========     ==========     ==========    ==========
      LIABILITIES & STOCKHOLDERS' EQUITY

Current liabilities...........................................   $   3,327   $   42,577     $   52,488     $        -    $   98,392
Long-term debt................................................     150,000       (5,700)        12,532              -       156,832
Deferred credits and other liabilities........................           -        9,421         21,412              -        30,833
Stockholders' equity..........................................     520,648       18,814         31,111       (138,337)      432,236
                                                                 ---------   ----------     ----------     ----------    ----------
      Total liabilities & stockholders' equity................   $ 673,975   $   65,112     $  117,543     $ (138,337)   $  718,293
                                                                 =========   ==========     ==========     ==========    ==========
</TABLE> 

                                      -11-
<PAGE>
 
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the six months ended June 30, 1997 and 1996
(In thousands)

<TABLE> 
<CAPTION> 
                                                                             Unconsolidated                             
                                                                 ---------------------------------------                
                                                                             Guarantor     Non-Guarantor  Consolidated  
                                                                    UMC      Subsidiary    Subsidiaries       UMC       
                                                                 ---------   ----------   -------------   ------------  
<S>                                                              <C>         <C>           <C>            <C>            
1997
----
Cash flows from operating activities:
  Net income..............................................      $    5,646   $       49     $    2,324     $    8,019   
  Adjustments to reconcile net income
    to cash from operating activities.....................           4,180       30,214         34,195         68,589   
  Changes in assets and liabilities.......................               2       29,809         (2,034)        27,777   
                                                                 ---------   ----------     ----------     ----------    
      Net cash provided by operating activities...........           9,828       60,072         34,485        104,385 
Cash flows used in investing activities...................               -      (45,017)       (99,442)      (144,459) 
Cash flows provided by (used in) financing activities.....          (9,829)     (53,094)        64,439          1,516
                                                                 ---------   ----------     ----------     ----------    
Net decrease in cash and cash equivalents.................              (1)     (38,039)          (518)       (38,558)  
Cash and cash equivalents at beginning of period..........               3       41,759         13,180         54,942
                                                                 ---------   ----------     ----------     ----------
Cash and cash equivalents at end of period................       $       2   $    3,720     $   12,662     $   16,384
                                                                 =========   ==========     ==========     ==========
1996
----
Cash flows from operating activities:                                                                                 
  Net income (loss).......................................       $   6,371   $   (5,551)    $    8,131     $    8,951 
  Adjustments to reconcile net income                                
    (loss) to cash from operating activities..............           2,633       42,526           (252)        44,907 
  Changes in assets and liabilities.......................             648      (14,598)        (4,948)       (18,898) 
                                                                 ---------   ----------     ----------     ----------
      Net cash provided by operating activities...........           9,652       22,377          2,931         34,960
Cash flows used in investing activities...................               -      (31,425)        (1,067)       (32,492)
Cash flows provided by (used in) financing activities.....          (9,676)      (2,945)           705        (11,916)
                                                                 ---------   ----------     ----------     ----------
Net increase (decrease) in cash and cash equivalents......             (24)     (11,993)         2,569         (9,448) 
Cash and cash equivalents at beginning of period..........              31        6,631          6,924         13,586
                                                                 ---------   ----------     ----------     ----------
Cash and cash equivalents at end of period................       $       7   $   (5,362)    $    9,493     $    4,138
                                                                 =========   ==========     ==========     ==========
</TABLE>

                                      -12-
<PAGE>
 
                                    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 thereunto duly authorized.


                                        UNITED MERIDIAN CORPORATION


August 12, 1997                         /s/ Jonathan M. Clarkson
                                        --------------------------------
                                        Jonathan M. Clarkson
                                        Executive Vice President and
                                         Chief Financial Officer


                                        /s/ Christopher E. Cragg
                                        ---------------------------------
                                        Christopher E. Cragg
                                        Vice President, Controller and
                                         Chief Accounting Officer    


                                     -13-