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 Ending September 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 November 5, 1999.


                4,883,390 shares of common stock, par value $0.10
--------------------------------------------------------------------------------






<PAGE>




                      MAYNARD OIL COMPANY AND SUBSIDIARIES

            Index to Consolidated Financial Statements and Schedules


                                                                        Page
                                                                        ----

Part I.  Financial Information

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

         Consolidated Statements of Operations
                  Nine Months and Three Months ended
                  September 30, 1999 and 1998                            4

         Consolidated Statements of Shareholders' Equity
                  Nine Months ended September 30, 1999                   5

         Consolidated Statements of Cash Flows
                  Nine Months ended September 30, 1999 and 1998          6

         Notes to Consolidated Financial Statements                      7

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

Part II. Other Information

         Item 1.           Legal Proceedings

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

Signatures                                                              16








<PAGE>

<TABLE>

                      MAYNARD OIL COMPANY AND SUBSIDIARIES
                           Consolidated Balance Sheets
<CAPTION>

                                                           September 30               December 31,
                                                           ------------               ------------
                                                                   1999                       1998
                                                                   ----                       ----
                                                           (Unaudited)
<S>                                                        <C>                        <C>
ASSETS
Current assets:
   Cash and cash equivalents                               $ 12,125,349               $ 20,889,742
   Accounts receivable, trade                                 4,178,165                  2,568,807
   Income taxes receivable                                      750,000                    977,587
   Other current assets                                         468,014                    478,680
                                                            -----------                -----------
           Total current assets                              17,521,528                 24,914,816
                                                            -----------                -----------

Property and equipment, at cost:
   Oil and gas properties, successful
     efforts method                                         119,379,541                107,292,314
   Other property and equipment                                 460,475                    460,475
                                                            -----------                -----------
                                                            119,840,016                107,752,789
   Less accumulated depreciation and
    amortization                                            (77,435,605)               (72,985,138)
                                                            -----------                -----------
        Net property and equipment                           42,404,411                 34,767,651
                                                            -----------                -----------

Deferred income taxes                                           381,000                    681,000
                                                            -----------                -----------

                                                           $ 60,306,939               $ 60,363,467
                                                            ===========                ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
   Current installments of long-term debt                  $  5,000,000               $  5,000,000
   Accounts payable                                           2,943,727                  2,583,357
   Accrued expenses                                           1,674,221                    842,368
   Income taxes payable                                         320,212                     40,799
                                                            -----------                -----------
           Total current liabilities                          9,938,160                  8,466,524
                                                            -----------                -----------

Long-term debt                                                2,500,000                  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;
     4,883,390 and 4,884,597 shares
          issued and outstanding                                488,339                    488,460
   Additional paid-in capital                                18,831,138                 18,831,138
   Retained earnings                                         28,549,302                 26,327,345
                                                            -----------                -----------
           Total shareholders' equity                        47,868,779                 45,646,943
                                                            -----------                -----------

Contingencies and commitments                              $ 60,306,939               $ 60,363,467
                                                            ===========                ===========

See accompanying Notes to Consolidated Financial Statements.


</TABLE>



<PAGE>

<TABLE>

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

                                                                 Nine Months ended                       Three Months ended
                                                                       September 30,                            September 30,
                                                                    -----------------                        ----------------
                                                             1999               1998                 1999                1998
                                                             ----               ----                 ----                ----
<S>                                                   <C>                <C>                  <C>                  <C>
Revenues:
   Oil and gas sales                                  $14,519,100        $12,694,374          $ 6,523,657         $ 3,871,029
   Interest and other                                     661,430          1,038,331              167,599             361,019
   Gain (loss) on disposition
      of assets                                           303,000              6,390              (99,781)             (3,405)
                                                       ----------         ----------           ----------          ----------
                                                       15,483,530         13,739,095            6,591,475           4,228,643
                                                       ----------         ----------           ----------          ----------
Costs and expenses:
   Operating expenses                                   6,004,292          6,462,956            2,309,050           2,031,659
   Exploration, dry holes and
       abandonments                                       486,720             56,554              380,543              11,244
   General and administrative, net                        846,443            700,135              187,786             161,452
   Depreciation and amortization                        4,617,436          5,391,277            1,641,157           1,775,015
   Interest and other                                     456,133            766,498              132,780             230,800
                                                       ----------         ----------           ----------          ----------
                                                       12,411,024         13,377,420            4,651,316           4,210,170
                                                       ----------         ----------           ----------          ----------

      Income before income taxes                        3,072,506            361,675            1,940,159              18,473

Income tax expense (benefit)                              840,000             85,000              540,000             (30,000)
                                                       ----------         ----------           ----------           ---------

      Net income                                      $ 2,232,506        $   276,675          $ 1,400,159           $   48,473
                                                       ==========         ==========           ==========            =========

Weighted average number of common
   shares outstanding                                   4,883,664          4,888,652            4,883,429           4,887,274
                                                        =========          =========            =========           =========

Net income per common share                                 $ .46              $ .06                $ .29               $ .01
                                                             ====              ====                  ====                ====
  (Basic and diluted)

See accompanying Notes to Consolidated Financial Statements.


</TABLE>






<PAGE>

<TABLE>

                      MAYNARD OIL COMPANY AND SUBSIDIARIES
                 Consolidated Statements of Shareholders' Equity
                      Nine Months Ended September 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                                --              --                --               2,232,506          2,232,506
 Purchase and retirement
   of common stock                        (1,207)           (121)            --                 (10,549)           (10,670)
                                       ---------         -------         ----------          ----------         ----------

Balance at September 30, 1999          4,883,390        $488,339        $18,831,138         $28,549,302        $47,868,779
                                       =========         =======         ==========          ==========         ==========


 See accompanying Notes to Consolidated Financial Statements.

</TABLE>






<PAGE>

<TABLE>

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

                                                                      Nine Months Ended September 30,
                                                                      -------------------------------
                                                                         1999                      1998
                                                                         ----                      ----

<S>                                                                  <C>                         <C>
Cash flows from operating activities:
     Net income                                                      $ 2,232,506                 $ 276,675
     Adjustments to reconcile net income to net
         cash provided by operating activities:

         Depreciation and amortization                                 4,617,436                 5,391,277
         Deferred income taxes                                           300,000                   200,000
         Dry holes and abandonments                                      405,773                    13,305
         Current year costs of dry holes
           and abandonments                                             (312,556)                  (13,305)
         (Gain) on disposition of assets                                (303,000)                   (6,390)
         (Increase) decrease in current assets:
           Accounts receivable                                        (1,609,358)                  146,015
           Income taxes receivable                                       227,587                      --
  Prepaid expenses and other current assets                               10,666                   (65,748)
         Increase (decrease) in current liabilities:
           Accounts payable                                              360,370                (1,738,446)
           Accrued expenses                                              831,853                   383,721
           Income taxes payable                                          279,413                  (179,999)
                                                                     -----------                ----------

           Net cash provided by operating
             activities                                                7,040,690                 4,407,105
                                                                     -----------                ----------

Cash flows from investing activities:
     Proceeds from disposition of assets                                 545,275                    28,337
     Additions to property and equipment                             (12,589,688)               (1,392,814)
                                                                     -----------                ----------

           Net cash used by investing
             activities                                              (12,044,413)               (1,364,477)
                                                                     -----------                ----------
Cash flows from financing activities:
     Principal payments on long-term debt                             (3,750,000)               (3,750,000)
     Purchase of common stock                                            (10,670)                  (27,913)
                                                                     -----------                ----------

           Net cash used by financing
             activities                                               (3,760,670)               (3,777,913)
                                                                     -----------                ----------

Net decrease in cash and cash equivalents                             (8,764,393)                 (735,285)

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

Cash and cash equivalents at end of period                         $  12,125,349               $23,849,003
                                                                     ===========                ==========


See Accompanying Notes to Consolidated Financial Statements.


</TABLE>





<PAGE>


                      MAYNARD OIL COMPANY AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                               September 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 September 30, 1999 and December 31, 1998, the results of
         operations  for the three and nine months ended  September 30, 1999 and
         1998 and changes in cash and cash equivalents for the nine months ended
         September 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 4,883,664 and 4,888,652
         shares at September  30, 1999 and 1998,  respectively.  As of September
         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):


                                  Nine Months Ended         Three Months Ended
                                    September 30,              September 30,
                                  -----------------          ----------------
                                   1999       1998            1999        1998
                                   ----       ----            ----        ----
     Federal:
         Current (benefit)        $ 540       $(115)         $ 370       $(180)
         Deferred                   300         200            170         150
                                   ----        ----           ----        ----

                                  $ 840       $  85          $ 540       $ (30)
                                   ====        ====           ====        ====






<PAGE>


Note 4 Asset Acquisitions

         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.  The Company's  existing
         cash resources were utilized to fund this acquisition.

Note 5   Asset Dispositions

         During the second and third  quarters of 1999, the Company sold certain
         producing  properties for  approximately  $545,000,  resulting in a net
         gain of approximately $300,000.

Note 6   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 7 Subsequent Event

         Effective  November  1,  1999,  the  Company  has  agreed  to  purchase
         interests  in  170  producing  oil  and  gas   properties   located  in
         Southeastern  New Mexico and West Texas at a cost of  $32,000,000.  The
         Company  estimates  these  properties will add 1,000 net barrels of oil
         and 3  million  net  cubic  feet  of gas to its  daily  production  and
         anticipates closing this transaction by November 15, 1999.






<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  corporate  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 this  acquisition
contributed  12,140 net barrels of oil and  232,350 net mcf of gas to  Maynard's
third quarter production.

              Additionally,  on  October  7, 1999,  Maynard  agreed to  purchase
interests  in 170 oil and gas  properties  in  Southeastern  New Mexico and West
Texas, effective November 1, 1999, at a cost of $32,000,000. The Company expects
this transaction to add 1,000 net barrels of oil and 3 million net cubic feet of
gas to its daily production and anticipates closing this purchase not later than
November 15, 1999.

Results of Operations

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


<PAGE>


              For the quarter  ended  September  30,  1999,  the Company  earned
$1,400,159, or twenty-nine cents per share, on revenues of $6,591,475,  compared
with net income of $48,473,  or one cent per share,  on revenues of  $4,228,643,
for the same quarter a year ago. The current  quarter's  results were  favorably
impacted by increased oil and gas revenues.

Revenues

              Oil  and  gas  sales  for  the  third   quarter  of  1999  totaled
$6,523,657,  a 69% increase from the third quarter of 1998, due to increased gas
production from the July  acquisition  referenced above and higher quarterly oil
and gas prices  ($19.81/bbl  and $2.82/mcf  during the 1999 quarter  compared to
$12.07/bbl and $2.04/mcf during the 1998 quarter). Comparable production volumes
for the third quarters of 1999 and 1998,  respectively,  were 243,742 barrels of
oil versus  253,674  barrels of oil and 600,899 mcf of gas versus 395,638 mcf of
gas. The increase in oil and gas revenues was partially  offset by a decrease in
interest  income  reflecting  the  utilization  of cash  required  to  fund  the
acquisition  and also by a third  quarter loss from the sale of a  non-strategic
property.

Costs and Expenses

              Reducing  the  revenue  gains  during  the  third  quarter  was an
increase of $277,391 in lease  operating  expenses  over the same period in 1998
resulting from additional  workover expense and higher  severance  taxes,  which
relate  proportionally to increased oil and gas revenues.  Maynard also expensed
the costs  associated with two exploratory dry holes during the third quarter of
1999,  which amounted to a $369,299 rise in this expense  category over the same
quarter a year ago.


<PAGE>


         Lower depreciation and amortization expense of $4.77 per net equivalent
barrel (NEB) during the 1999 quarter compared with $5.56 per NEB during the 1998
quarter offset the expense  increases  referred to in the above paragraph.  Also
contributing to a more profitable current quarter was lower interest expense due
to scheduled debt payments.

Nine Months Ended September 30, 1999 Compared to Nine Months Ended September 30,
--------------------------------------------------------------------------------
1998
----

              The Company reported net income of $2,232,506,  or forty-six cents
per share,  on revenues of $15,483,530  for the nine months ended  September 30,
1999 compared with net income of $276,675,  or six cents per share,  on revenues
of $13,739,095 for the same period a year ago. Earnings for the 1999 period were
favorably  affected by a combination  of increased  revenues and lower costs and
expenses.

Revenues
              Oil and gas revenues  rose  $1,824,726  between the two nine month
periods, or slightly over 14%, primarily because of price increases from oil and
gas  sales.  Product  pricing  during the  current  period  was  $15.80/bbl  and
$2.35/mcf  compared  with  $12.93/bbl  and  $2.17/mcf  a year  ago.  Nine  month
production  volumes  for 1999  and  1998,  respectively,  were  709,748  barrels
compared with 773,590  barrels of oil and 1,407,820 mcf compared with  1,237,870
mcf of gas.  Interest  income also declined  $376,901 due to the  utilization of
cash  for  acquisitions,  capital  expenditures,  and  normal  debt  repayments.
However,  revenue  levels  were aided  during the current  nine month  period by
non-recurring property sales which resulted in net gains in excess of $300,000.



<PAGE>


Costs and Expenses

              Exploration costs rose $430,166 between the two nine month periods
due primarily to two  exploratory  dry holes 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 $146,308,  or
almost  21%  to  reflect   higher   phantom  stock  expense  (which  relates  to
fluctuations in the Company's common stock price).  This increase in G&A expense
was  partially  offset  by  increased  overhead  billings  on  Company  operated
properties, which are recorded as reductions to G&A expenses.

              Additionally,   depreciation  and  amortization  expense  declined
approximately  14% during the current  nine  months  (from $5.50 per NEB for the
1998 period to $4.89 per NEB currently) and interest expense decreased  $310,365
in the 1999 period  reflecting lower outstanding bank debt due to scheduled loan
repayments.

Liquidity and Capital Resources

              Cash and cash equivalents  totaled $12.1 million and $20.9 million
at September 30, 1999, and December 31, 1998, respectively.  Working capital was
$7.5 million at September 30, 1999,  compared with $16.4 million at December 31,
1998.
              The  following summary  table reflects cash flows for the  Company
for the nine months ended September 30, 1999 (in thousands):

              Net cash provided by operating activities             $ 7,041
              Net cash used by investing activities                 $12,044
              Net cash used by financing activities                 $ 3,761


<PAGE>


              At September 30, 1999,  the Company's  total debt was  $7,500,000.
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
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 December 1, 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  to not  necessarily  be indicative  of future  operating
results or future financial condition.

Certain Factors that Could Affect Future Operations


<PAGE>


         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
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.



<PAGE>


                           PART II. OTHER INFORMATION

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

                  See  discussion of legal proceeding in Note 6 Commitments  and
                  Contingencies.

ITEM 5.  Other Iformation
         ----------------

         On August 26,  1999,  the Board of  Directors  amended and restated the
Corporation's  By-Laws  to  revise  Sections  2.11  and  3.13  with  respect  to
stockholder  proposals.  Accordingly,  stockholders wishing to make proposals at
the  Corporation's  next  annual  meeting,  but not have  them  included  in the
Corporation's proxy statement, should give notice in writing to the Secretary of
the Corporation not less than ninety nor more than one hundred twenty days prior
to the anniversary of the preceding year's annual meeting of the stockholders. A
copy of the  Amended  and  Restated  By-Laws  is  attached  to this form 10-Q as
Exhibit 3.2

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

                 (a)  Exhibits:

                           Exhibit 3.2 - Amended and Restated By-Laws (effective
                                         August 26, 1999) of Maynard Oil Company
                           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: November 12, 1999