SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q


                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


For Quarter Ended   June 30, 1999      Commission File #0-5704
                 --------------------                  -------


                       MAYNARD OIL COMPANY
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)



      Delaware                                      75-1362284
--------------------------------------------------------------------------------
(State or other jurisdic-                        (IRS Employer
tion of incorporation)                        Identification No.)


           8080 N. Central Expressway, Suite 660, Dallas, Texas 75206
--------------------------------------------------------------------------------

Registrant's telephone number, including area code:                (214)891-8880
                                                                   -------------

         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,  and (2) has been  subject to such filing
requirements for the past 90 days.

                                    Yes X    No
                                        ---     ---

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of August 6, 1999.


                4,883,473 shares of common stock, par value $0.10
--------------------------------------------------------------------------------










<PAGE>



                       MAYNARD OIL COMPANY AND SUBSIDIARY

            Index to Consolidated Financial Statements and Schedules


                                                                         Page

Part I.  Financial Information

  Item 1.         Financial Statements

                  Consolidated Balance Sheets
                  June 30, 1999 and December 31, 1998                      3

                  Consolidated Statements of Operations
                           Six Months and Three Months ended
                           June 30, 1999 and 1998                          4

                  Consolidated Statements of Shareholders' Equity
                           Six Months ended June 30, 1999                  5

                  Consolidated Statements of Cash Flows
                           Six Months ended June 30, 1999 and 1998         6

                  Notes to Consolidated Financial Statements               7

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

  Item 3.         Quantitative and Qualitative Disclosures
                  About Market Risk                                       14

Part II. Other Information

  Item 1.         Legal Proceedings                                       15

  Item 4.         Submission of Matters to a Vote of
                           Security Holders                               15

  Item 6.         Exhibit and Reports on  Form 8-K                        15

  Signatures                                                              16













<PAGE>


                       MAYNARD OIL COMPANY AND SUBSIDIARY
                           Consolidated Balance Sheets

                                                     June 30,      December 31,
                                                     --------      ------------
                                                      1999             1998
                                                      ----             ----
                                                  (Unaudited)
ASSETS
Current assets:
   Cash and cash equivalents                     $  21,905,232    $  20,889,742
   Accounts receivable, trade                        2,638,456        2,568,807
   Income taxes receivable                             977,587          977,587
   Other current assets                                410,642          478,680
                                                 -------------    -------------
           Total current assets                     25,931,917       24,914,816
                                                 -------------    -------------

Property and equipment, at cost:
   Oil and gas properties, successful
     efforts method                                108,031,841      107,292,314
   Other property and equipment                        460,475          460,475
                                                 -------------    -------------
                                                   108,492,316      107,752,789
   Less accumulated depreciation and
    amortization                                   (75,855,398)     (72,985,138)
                                                 -------------    -------------
        Net property and equipment                  32,636,918       34,767,651

Deferred income taxes                                  681,000          681,000
                                                 -------------    -------------

                                                 $  59,249,835    $  60,363,467
                                                 =============    =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
   Current installments of long-term debt        $   5,000,000    $   5,000,000
   Accounts payable                                  2,315,182        2,583,357
   Accrued expenses                                  1,407,373          842,368
   Income taxes payable                                177,799           40,799
                                                 -------------    -------------
           Total current liabilities                 8,900,354        8,466,524
                                                 -------------    -------------

Deferred income taxes                                  130,000             --

Long-term debt                                       3,750,000        6,250,000

Shareholders' equity:
   Preferred stock of $.50 par value
     Authorized 1,000,000 shares; none
          issued                                          --               --
   Common stock of $.10 par value
     Authorized 20,000,000 shares;
     4,883,473 and 4,884,597 shares
     issued and outstanding                            488,347          488,460
   Additional paid-in capital                       18,831,138       18,831,138
   Retained earnings                                27,149,996       26,327,345
                                                 -------------    -------------
           Total shareholders' equity               46,469,481       45,646,943
                                                 -------------    -------------

Contingencies and commitments
                                                 $  59,249,835    $  60,363,467
                                                 =============    =============


See accompanying Notes to Consolidated Financial Statements.


<PAGE>

<TABLE>

                       MAYNARD OIL COMPANY AND SUBSIDIARY
                      Consolidated Statements of Operations
                                   (Unaudited)
<CAPTION>

                                                                       Six Months ended             Three Months ended
                                                                           June 30,                       June 30,
                                                                       ----------------             ------------------
                                                                 1999              1998            1999           1998
                                                                 ----              ----            ----           ----
<S>                                                             <C>             <C>             <C>             <C>
Revenues:
      Oil and gas sales                                         $7,995,443      $8,823,345      $4,560,295      $4,133,471
      Interest and other                                           493,831         677,312         246,863         339,346
      Gain on disposition of assets                                402,781           9,795         402,781           7,375
                                                                ----------      ----------      ----------      ----------
                                                                 8,892,055       9,510,452       5,209,939       4,480,192
                                                                ----------      ----------      ----------      ----------

Costs and expenses:
      Operating expenses                                         3,695,242       4,431,297       1,902,869       2,114,413
      Exploration, dry holes
        and abandonments                                           106,177          45,310          97,999          29,359
      General and administrative, net                              658,657         538,683         368,725         218,770
      Depreciation and amortization                              2,976,279       3,616,262       1,438,364       1,824,304
      Interest and other                                           323,353         535,698         152,073         262,979
                                                                ----------      ----------      ----------      ----------
                                                                 7,759,708       9,167,250       3,960,030       4,449,825
                                                                ----------      ----------      ----------      ----------

        Income before income taxes                               1,132,347         343,202       1,249,909          30,367

Income tax expense                                                 300,000         115,000         340,000          10,000
                                                                ----------      ----------      ----------      ----------

        Net income                                              $  832,347      $  228,202      $  909,909      $   20,367
                                                                ==========      ==========      ==========      ==========

Weighted average number of common
   shares outstanding                                            4,883,784       4,889,352       4,883,488       4,889,262
                                                                ==========      ==========      ==========      ==========

Net income per common share                                     $      .17      $     .047      $      .19      $     .004
                                                                ==========      ==========      ==========      ==========
      (basic and diluted)

See accompanying Notes to Consolidated Financial Statements



</TABLE>





















<PAGE>

<TABLE>

                       MAYNARD OIL COMPANY AND SUBSIDIARY
                 Consolidated Statements of Shareholders' Equity
                         Six Months Ended June 30, 1999
                                   (Unaudited)

<CAPTION>

                                                                     Additional
                                             Common Stock             Paid-in
                                             ------------              Capital            Retained
                                        Shares        Amount            Amount            Earnings            Total
                                        ------        ------            ------            --------            -----

<S>                                  <C>             <C>             <C>                 <C>                <C>
 Balance at December 31, 1998        4,884,597       $488,460        $18,831,138         $26,327,345        $45,646,943

 Net income                              --             --                --                 832,347            832,347

 Purchase of common stock               (1,124)          (113)            --                  (9,696)            (9,809)
                                     ---------        -------         ----------          ----------         ----------

 Balance at June 30, 1999            4,883,473       $488,347        $18,831,138         $27,149,996        $46,469,481
                                     =========        =======         ==========          ==========         ==========


 See accompanying Notes to Consolidated Financial Statements.

</TABLE>


<PAGE>


<TABLE>

                       MAYNARD OIL COMPANY AND SUBSIDIARY
                      Consolidated Statements of Cash Flows
                                   (Unaudited)
<CAPTION>


                                                                                              Six Months Ended June 30,
                                                                                              -------------------------
                                                                                        1999                     1998
                                                                                        ----                     ----

<S>                                                                                 <C>                       <C>
Cash flows from operating activities:
     Net income                                                                     $ 832,347                 $ 228,202
     Adjustments to reconcile net income to net
         cash provided by operating activities:

         Depreciation and amortization                                              2,976,279                 3,616,262
         Deferred income taxes                                                        130,000                    50,000
         Dry holes and abandonments                                                   101,279                     8,554
         Current year costs of dry holes and
           abandonments                                                                (8,063)                   (8,554)
         (Gain) on disposition of assets                                             (402,781)                   (9,795)
         (Increase) decrease in current assets:
           Accounts receivable                                                        (69,649)                  357,018
           Prepaid expenses and other current assets                                   68,038                    58,115
         Increase (decrease) in current liabilities:
           Accounts payable                                                          (268,175)               (1,149,081)
           Accrued expenses                                                           565,005                   161,145
           Income taxes payable                                                       137,000                  (179,999)
                                                                                   ----------                ----------

           Net cash provided by
             operating activities                                                   4,061,280                 3,131,867
                                                                                   ----------                ----------

Cash flows from investing activities:
     Proceeds from disposition of assets                                              539,066                    19,334
     Additions to property and equipment                                           (1,075,047)                 (676,161)
                                                                                   ----------                ----------

           Net cash used by investing activities                                     (535,981)                 (656,827)
                                                                                   ----------                ----------

Cash flows from financing activities:
     Purchase of common stock                                                          (9,809)                   (8,777)
     Principal payments on long-term debt                                          (2,500,000)               (2,500,000)
                                                                                   ----------                ----------

           Net cash used by financing activities                                   (2,509,809)               (2,508,777)
                                                                                   ----------                ----------

Net increase (decrease) in cash and cash
     equivalents                                                                    1,015,490                   (33,737)

Cash and cash equivalents at beginning of year                                     20,889,742                24,584,288
                                                                                   ----------                ----------

Cash and cash equivalents at end of period                                        $21,905,232               $24,550,551
                                                                                   ==========                ==========


See Accompanying Notes to Consolidated Financial Statements.


</TABLE>


<PAGE>


                       MAYNARD OIL COMPANY AND SUBSIDIARY
                   Notes to Consolidated Financial Statements
                                  June 30, 1999


Note 1   Unaudited Financial Statements

         The  accompanying  consolidated  financial  statements  of Maynard  Oil
         Company (the 'Company') have been prepared in accordance with generally
         accepted accounting  principles,  pursuant to the rules and regulations
         of the Securities and Exchange  Commission included in the instructions
         to  Form  10-Q  and  Article  10  of  Regulation   S-X.  The  financial
         information  included  herein  is  unaudited  but,  in the  opinion  of
         management,  contains  all  adjustments,  consisting  of all  recurring
         adjustments,  necessary  to  present  fairly  the  Company's  financial
         position  as of June 30, 1999 and  December  31,  1998,  the results of
         operations  for the six months ended June 30, 1999 and 1998 and changes
         in cash and cash equivalents for the six months ended June 30, 1999 and
         1998. The December 31, 1998 consolidated balance sheet data was derived
         from audited financial statements, but does not include all disclosures
         required by generally accepted accounting principles.

         The accounting policies followed by the Company are set forth in Note 1
         to the  Company's  financial  statements  in the 1998 Annual  Report to
         Shareholders.

Note 2   Earnings Per Share

         Net income per common share is based on the weighted  average number of
         shares  outstanding  in each period,  which was 4,883,784 and 4,889,352
         shares at June 30, 1999 and 1998, respectively. As of June 30, 1999 and
         1998,  the Company  had no  potentially  dilutive  common  shares,  and
         therefore, basic and diluted earnings per common share were the same.

Note 3   Income Taxes

         The  provision for income taxes consists of the following (thousands of
         dollars):

                                    Six Months Ended         Three Months Ended
                                         June 30,                 June 30,
                                    --------                 ------------------
                                    1999        1998          1999       1998
                                    ----        ----          ----       ----

         Federal:
              Current (benefit)    $ 170      $   65         $ 180      $ (15)
              Deferred               130          50           160         25
                                    ----       -----          ----       ----

                                   $ 300       $ 115         $ 340       $ 10
                                    ====        ====          ====        ===





<PAGE>



Note 4   Asset Dispositions

         During the second quarter of 1999,  the Company sold certain  producing
         properties  for  approximately   $540,000,   resulting  in  a  gain  of
         approximately $400,000.

Note 5   Commitments and Contingencies

         The Company is the  defendant in certain  non-environmental  litigation
         arising from  operations in the normal course of business.  While it is
         not  feasible  to  determine  the outcome of these  actions,  it is the
         Company's  opinion that the ultimate outcome of the litigation will not
         have a material adverse effect on the financial  position or results of
         the operations of the Company.

         All of the Company's operations are generally subject to Federal, state
         and  local  environmental  regulations.  To the  best  of  management's
         knowledge,  the Company is in substantial compliance with such laws and
         regulations.

Note 6   Subsequent Event

         Effective  August  1,  1999,  the  Company  purchased  interests  in 15
         producing  wells in  Hardeman,  Webb,  and Duval  counties,  Texas from
         Phillips Petroleum Company for $10.4 million. These funds were provided
         from the Company's cash resources.


<PAGE>


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
--------------------------------------------------------------------------------
OF OPERATIONS
-------------

Recent Activities

         The Company has mentioned in its communications  with shareholders that
its strategy to build oil and gas reserves and  shareholder  value is to acquire
producing properties. On July 21, 1999, the Company was successful in purchasing
interests  in  fifteen  producing  wells  located  in  three  counties  in Texas
(Hardeman,  Webb and Duval Counties) for cash consideration of $10,400,000.  The
Company  assumed  ownership  effective  August 1, 1999,  and estimates that this
acquisition  will  add  215  net  barrels  of oil  and  4,000  net mcf of gas to
Maynard's daily production.

Results of Operations

Quarter Ended June 30, 1999 Compared with Quarter Ended June 30, 1998
---------------------------------------------------------------------

         For the quarter ended June 30, 1999,  the Company earned  $909,909,  or
nineteen cents per share, on revenues of $5,209,939, compared with net income of
$20,367,  or less than one-half cent per share,  on revenues of $4,480,192,  for
the same  quarter a year ago.  The  current  quarter's  results  were  favorably
affected by increased revenues and lower costs and expenses.

Revenues

         Oil and gas sales for the second quarter of 1999 totaled $4,560,295,  a
10% increase from the second quarter of 1998, due to higher quarterly oil prices
($16.00/bbl  during the second quarter of 1999 compared to $12.32/bbl during the
second  quarter of 1998).  This  increase  in prices was  partially  offset by a



<PAGE>



decrease in production for the quarter from approximately 330,000 net equivalent
barrels  (NEB)  in the  second  quarter  of 1998 to  approximately  300,000  net
equivalent  barrels  (NEB) in the second  quarter of 1999.  In addition,  second
quarter of 1999  revenues were  bolstered by a $402,781 gain from  non-recurring
property sales

Costs and Expenses

         Also  contributing to the current  quarter's  increase in earnings were
lower lease operating expenses which were 10% lower than the same quarter a year
ago due to cost saving  measures  implemented  in field  operations  and reduced
depreciation  and amortization  expense,  which declined to $4.79 per NEB during
the  current  quarter  from $5.53 per NEB during the  previous  year  because of
normal production volume declines.

Six Months Ended June 30, 1999 Compared to Six Months Ended June 30, 1998
-------------------------------------------------------------------------

         The Company  reported  net income of $832,347,  or seventeen  cents per
share, on revenues of $8,892,055 for the six months ended June 30, 1999 compared
with net income of $228,202,  or five cents per share, on revenues of $9,510,452
for the same period a year ago.  Earnings  for the 1999  period  were  favorably
affected by a fifteen  percent  reduction in costs and  expenses  which offset a
seven percent decline in revenues.





<PAGE>


Revenues

         Oil and gas revenues fell $827,902  between the two six month  periods,
or slightly over 9%, primarily because of volume declines from normal depletion;
oil volumes were down approximately 10% and gas volumes 4%. Interest income also
dropped  $183,481 due to the  utilization of cash for capital  expenditures  and
normal debt  repayments.  However,  revenue levels were aided during the current
six month period by  non-recurring  property  sales which  resulted in a gain in
excess of $400,000.

Costs and Expenses

         Operating  expenses  reflected the largest expense category decrease of
$736,055,  or a  reduction  of 16%  due  primarily  to cost  reduction  measures
implemented  by the  Company,  and to a lesser  extent,  lower  severance  taxes
resulting from declines in oil and gas sales.  On a net equivalent  barrel basis
(NEB),  operating  expenses  declined  from  $6.71 per NEB  during the prior six
months to $6.15 per NEB in the current six months.

         Exploration  costs rose $60,867  between the two six month  periods due
primarily to an exploratory dry hole being drilled.  Because the Company follows
the successful efforts method of accounting, the Company's results of operations
may be adversely  affected during any accounting  period in which seismic costs,
exploratory dry hole costs, and unproved property costs are expensed.

         General  and  administrative  (G&A)  expenses  increased  $119,974,  or
slightly in excess of 22% to reflect higher phantom stock expense (which relates
to fluctuations in the Company's  common stock price).  This rise in G&A expense


<PAGE>



was offset by increased overhead billings on Company operated properties,  which
are recorded as reductions to G&A expenses.

         Additionally, depreciation and amortization expense declined almost 10%
during the current  six months  (from $5.48 per NEB for the 1998 period to $4.96
per NEB currently) and interest  expense  decreased  $212,345 in the 1999 period
reflecting lower outstanding bank debt due to scheduled loan repayments.

Liquidity and Capital Resources

         Cash and cash  equivalents  totaled  $21.9 million and $20.9 million at
June 30, 1999,  and December 31,  1998,  respectively.  Working  capital was $17
million at June 30, 1999, compared with $16.4 million at December 31, 1998.

          The following  summary  table  reflects cash flows for the Company for
the six months ended June 30, 1999 (in thousands):

              Net cash provided by operating activities              $4,061
              Net cash used by investing activities                  $  536
              Net cash used by financing activities                  $2,510

         At June 30, 1999, the Company's total debt was $8,750,000.  The Company
believes that it has sufficient cash being  generated from operating  activities
plus cash currently in the bank, or additional  borrowing capacity,  to fund its
planned  development  and  exploratory  work  or  to  make  additional  property
acquisitions.

Year 2000 Issues

         The  Company's  Year 2000  Readiness  Team is continuing to monitor and
evaluate  information  obtained from vendors,  suppliers,  customers,  and other
significant  business  relationships  with regard to the potential impact of the
century  change  on the  Company's  operations.  To date,  the  Company  has not


<PAGE>


received information suggesting the Company is vulnerable to potential Year 2000
failures  by these  parties.  Testing of the  Company's  financial  systems  are
continuing and should be completed by September 30, 1999.  The costs  associated
with assessing Year 2000 readiness and related systems upgrades have been funded
from cash flow from operations and have not been material.

         Given the complexity of the Year 2000 issue,  there can be no assurance
that the  Company  will be able to  address  these  problems  without  costs and
uncertainties  that might  affect  future  financial  results or cause  reported
financial  information  not to  necessarily  be indicative  of future  operating
results or future financial condition.

Certain Factors that Could Affect Future Operations

         Certain  information  contained in this report,  as well as written and
oral  statements  made or  incorporated  by  reference  from time to time by the
Company and its  representatives  in other reports,  filings with the Securities
and Exchange Commission, press releases, conferences or otherwise, may be deemed
to be  'forward-looking  statements'  within the  meaning of Section  21E of the
Securities  and  Exchange  Act of 1934  and are  subject  to the  'Safe  Harbor'
provisions  of  that  section.  Forward-looking  statements  include  statements
concerning the Company's and management's plans,  objectives,  goals, strategies
and future  operations  and  performance  and the  assumptions  underlying  such
forward-looking  statements.  These statements are based on current expectations
and involve a number of risks and  uncertainties,  including  those described in
the context of such forward-looking statements.  Actual results and developments



<PAGE>


could differ  materially from those expressed in or implied by such  statements.
Such factors include,  among others,  the volatility of oil and gas prices,  the
Company's drilling results,  the Company's ability to compete in the acquisition
of  producing  property,   the  Company's  ability  to  replace  reserves,   the
availability  of  capital  resources,  the  reliance  upon  estimates  of proved
reserves,   operating   hazards,   uninsured  risks,   competition,   government
regulation, and other factors referenced in this Form 10-Q.

ITEM 3.  QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISKS
--------------------------------------------------------------------

         Oil and gas sold by the Company is normally  priced with reference to a
defined benchmark.  Actual prices received vary from the benchmark  depending on
quality and location differentials.

                           PART II. OTHER INFORMATION

ITEM 1.  Legal Proceedings
         -----------------

         See   discussion  of  legal   proceeding  in  Note  5  Commitments  and
         Contingencies.

ITEM 4.  Submission of Matters to a Vote of Security Holders
         ---------------------------------------------------

          (a) The Annual Meeting of Stockholders was held on May 20, 1999.

          (b) Not applicable.

          (c) 1. Set forth below is the  tabulation of the votes on each nominee
                 for election of a director:

                                                                   WITHHOLD
                       NAME                       FOR              AUTHORITY
                       ----                       ---              ---------

                  Ralph E. Graham              4,148,750               2,879
                  Robert B. McDermott          4,148,750               2,879
                  James G. Maynard             4,148,750               2,879

               2.   Not applicable.


ITEM 6.  Exhibit and Reports on Form 8-K
         -------------------------------

         (a) Exhibits:

             Exhibit 27 - Financial Data Schedule

         (b) Reports on Form 8-K:

             On August 4, 1999, the Registrant  filed its Current Report on Form
             8-K with the  Securities  and  Exchange  Commission  reporting  the
             acquisition of certain producing oil and gas properties on July 21,
             1999.



<PAGE>




                                   SIGNATURES

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

                                                 MAYNARD OIL COMPANY


                                                 By: /s/ Glenn R. Moore
                                                     --------------------------
                                                     Glenn R. Moore
                                                     President


                                                 BY: /s/ Kenneth W. Hatcher
                                                     --------------------------
                                                     Kenneth W. Hatcher
                                                     Vice President of Finance



Dated: August 13, 1999