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, 1995     Commission File #0-5704
                     ------------------                     -------



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



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


             8080 N. Central Expressway, Suite 660,  Dallas, Texas 75206  
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  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 10, 1995.


                 4,890,315 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, 1995 and December 31, 1994           

       Consolidated Statements of Operations
            Nine Months and Three Months ended
            September 30, 1995 and 1994    

       Consolidated Statements of Shareholders' Equity
            Nine Months ended September 30, 1995               

       Consolidated Statements of Cash Flows
            Nine Months ended September 30, 1995 and 1994      

       Notes to Consolidated Financial Statements

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




  <TABLE>
                       MAYNARD OIL COMPANY AND SUBSIDIARIES
                            Consolidated Balance Sheets
  <CAPTION>
                                            September 30      December 31,
                                            ------------      ------------
                                                1995              1994    
                                                ----              ---- 
                                             (Unaudited)        (Audited) 
  <S>                                        <C>              <C>
  ASSETS
  Current assets:
     Cash and cash equivalents               $12,486,691      $ 5,836,389 
     Accounts receivable, trade                2,590,845        2,411,451 
     Recoverable income taxes                      --             320,500 
     Inventories                                 207,908          261,959 
     Prepaid expenses and other current
       assets                                    187,089          199,628 
                                              ----------       ---------- 
         Total current assets                 15,472,533        9,029,927 
                                              ----------       ---------- 
  Property and equipment, at cost:
     Oil and gas properties, successful
       efforts method                         92,665,314       81,863,254 
     Other property and equipment                823,278          670,110 
                                              ----------       ---------- 
                                              93,488,592       82,533,364 
     Less accumulated depreciation and
      amortization                           (48,083,862)     (43,492,197)
                                              ----------       ---------- 
          Net property and equipment          45,404,730       39,041,167 <PAGE>
                                              ----------       ---------- 
                                             $60,877,263      $48,071,094 
                                              ==========       ========== 
  LIABILITIES AND SHAREHOLDERS' EQUITY
  Current liabilities:
     Current installments of long-term debt  $ 3,125,000      $ 1,750,000 
     Accounts payable                          4,621,510        2,611,209 
     Accrued expenses                          1,055,570          590,138 
     Income taxes payable                        479,369           --     
                                              ----------       ---------- 
         Total current liabilities             9,281,449        4,951,347 
                                              ----------       ---------- 
  Deferred income taxes                        1,882,510        1,732,510 
  Long-term debt                              10,718,750        5,250,000 

  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;
       4,890,352 and 4,891,379 shares
       issued and outstanding at 
       September 30, 1995 and 
        December 31, 1994, respectively          489,035          489,138 
     Additional paid-in capital               18,831,138       18,725,538 
     Retained earnings                        19,674,381       16,922,561 
                                              ----------       ---------- 
         Total shareholders' equity           38,994,554       36,137,237 
                                              ----------       ---------- 
  Commitments                                $60,877,263      $48,071,094 
                                             ===========      =========== 

  See accompanying Notes to Consolidated Financial Statements.
  </TABLE>


  <TABLE>
                       MAYNARD OIL COMPANY AND SUBSIDIARIES
                       Consolidated Statements of Operations
  <CAPTION>
                                  Nine Months ended      Three Months ended
                                     September 30,           September 30,
                                 ------------------      ------------------
                                   1995        1994        1995       1994 
                                  ----        ----        ----       ----
  <S>                          <C>          <C>         <C>       <C>
  Revenues:
    Oil and gas sales and
       royalties               $15,268,992  $9,703,628                                                         5,120,668 $3,197,136 
                                ----------  ---------- ----------  --------- 

  Costs and expenses:
    Operating expenses           6,328,838   3,760,704  2,309,875  1,309,057 
    Dry holes and abandonments      95,684     517,028     11,296     22,633 
    Lease rentals and seismic       34,723     335,050     12,130     75,596 
    General and administrative     635,666   1,312,870    200,851    382,688 
    Depreciation and
       amortization              4,960,876   4,061,183  1,725,969  1,149,534 
                                ----------  ---------- ----------  --------- 
                                12,055,787   9,986,835  4,260,121  2,939,508 
                                ----------  ---------- ----------  --------- <PAGE>
    Operating profit (loss)      3,213,205    (283,207)   860,547    257,628 
                                ----------  ---------- ----------  --------- 

  Other income (deductions):
    Interest income                352,165     338,058    158,243    126,780 
    Interest expense              (719,541)   (108,546)  (279,509)   (33,620)
    Gain (loss) on disposition 
      of assets                  1,010,806      20,244    870,405      6,092 
                                ----------  ---------- ----------  --------- 
                                   643,430     249,756    749,139     99,252 
                                ----------  ---------- ----------  --------- 

      Net income (loss) before 
        income taxes             3,856,635     (33,451) 1,609,686    356,880 

  Income tax expense (benefit)     945,500    (277,472)   395,500   (187,472)
                                ----------  ---------- ----------  --------- 

      Net income (loss)         $2,911,135    $244,021 $1,214,186   $544,352 
                                ==========  ========== ==========  ========= 

  Weighted average number of 
     common shares outstanding   4,890,801   4,891,662  4,889,912  4,891,511 
                                ==========  ========== ==========  ========= 

  Net income (loss)
   per common share                 $ .60        $ .05     $ .25      $ .11 
                                   =====        =====     =====      =====  

  See accompanying Notes to Consolidated Financial Statements.
  </TABLE>


  <TABLE>
                       MAYNARD OIL COMPANY AND SUBSIDIARIES
                  Consolidated Statements of Shareholders' Equity
                       Nine Months Ended September 30, 1995
                                    (Unaudited)
  <CAPTION>
                             Common Stock    Additional
                             ------------     Paid-in
                                               Capital     Retained 
                             Shares   Amount    Amount     Earnings    Total   
                            ------   ------    ------     --------    -----  
  <S>                   <C>       <C>      <C>         <C>         <C>
  Balance at
   December 31, 1994   4,891,379 $489,138 $18,725,538  $16,922,561 $36,137,237
     Net income            --       --         --        2,911,135   2,911,135 
     Exercise of stock
       options           24,000    2,400      105,600       --         108,000 
     Purchase of common
       stock            (25,027)  (2,503)     --         (159,315)  (161,818)
                      --------- --------  ----------- ----------- -----------

 Balance at
   September 30, 1995  4,890,352 $489,035 $18,831,138 $19,674,381 $38,994,554
                       ========= ======== =========== =========== ===========

   See accompanying Notes to Consolidated Financial Statements.
  </TABLE>
  <TABLE>
                       MAYNARD OIL COMPANY AND SUBSIDIARIES
                       Consolidated Statements of Cash Flows
  <CAPTION>
                                               Nine Months Ended September 30,
                                                      1995           1994
                                                      ----           ----
  <S>                                               <C>         <C>
  Cash flows from operating activities:
     Net income                                     $2,911,135  $  244,021 
     Adjustments to reconcile net income to net
      cash provided by operating activities: 

      Depreciation and amortization                  4,960,876   4,061,183 
      Deferred income taxes                            150,000      33,000 
      Dry holes and abandonments                        95,684     517,028 
      Current year costs of dry holes and   
        abandonments                                   (95,684)   (517,028)
      (Gain) on disposition of assets               (1,010,806)    (20,244)
      (Increase) decrease in current assets:
        Accounts receivable                           (179,394)    493,964 
        Recoverable income taxes                       320,500    (385,472)
        Inventories                                     54,051     265,895 
        Prepaid expenses and other current assets       12,539     (34,187)
      Increase (decrease) in current liabilities:
        Accounts payable                             2,010,301    (292,339)
        Accrued expenses                               465,432     190,049 
        Income taxes payable                           479,369    (500,000)
                                                   -----------  ---------- 

        Net cash provided by operating
          activities                                10,174,003   4,055,870
                                                   -----------  ----------

  Cash flows from investing activities:
     Proceeds from disposition of assets             3,404,198      40,091 
     Additions to property and equipment           (13,717,831) (3,774,656)
                                                   -----------  ----------

        Net cash used by investing
          activities                               (10,313,633) (3,734,565)
                                                   -----------  ----------
  Cash flows from financing activities:
     Proceeds from issuance of long-term debt        9,500,000       --    
     Principal payments on long-term debt           (2,656,250) (1,500,000)
     Purchase of common stock                         (161,818)    (63,615)
     Exercise of stock options                         108,000      53,935 
                                                   -----------  ----------

        Net cash provided (used) by
          financing activities                       6,789,932  (1,509,680)
                                                   -----------  ----------

  Net increase (decrease) in cash and cash
     equivalents                                     6,650,302  (1,188,375)

  Cash and cash equivalents at beginning of year     5,836,389  12,404,197 
                                                   -----------  ----------

  Cash and cash equivalents at end of period       $12,486,691 $11,215,822 
                                                   ===========  ==========

  See Accompanying Notes to Consolidated Financial Statements.<PAGE>
  </TABLE>

                       MAYNARD OIL COMPANY AND SUBSIDIARIES
                    Notes to Consolidated Financial Statements
                                September  30, 1995


  1.  In  the  opinion of  management,  the accompanying  unaudited consolidated
      financial statements  contain all adjustments, consisting of all recurring
      adjustments, necessary  to present fairly the Company's financial position
      as of September 30, 1995 and December 31, 1994,  the results of operations
      for the nine months ended September 30,  1995 and 1994 and changes in cash
      and cash  equivalents for  the nine months  ended September  30, 1995  and
      1994.

      The accounting policies followed  by the Company  are set forth in  Note 1
      to  the  Company's financial  statements  in  the  1994  Annual Report  to
      Shareholders.

  2.  Net  income  for  the  nine  months  ended  September  30,   1995  is  not
      necessarily  indicative of  the results of  the operations  of Maynard Oil
      Company and  Subsidiaries for the  year ending  December 31, 1995,  and is
      subject to audit adjustments at year-end.

  3.  Net  income (loss)  per common  share  is based  on the  weighted  average
      number of  shares outstanding  in each  period, which  was  4,890,801  and
      4,891,662 shares  at  September 30,  1995  and  1994, respectively.    The
      difference between  primary and  fully diluted  earnings per  share, which
      assumes the exercise of stock options, is not significant.

  4.  Effective   January   1,  1995,   the   Company  purchased   interests  in
      approximately  200  producing  wells  in eight  West  Texas  counties from
      Pennzoil Exploration and Production  Company for a gross purchase price of
      $10.5 million,  which has  been added  to oil  and gas  properties on  the
      Consolidated Balance  Sheet.  This amount was adjusted  for the results of
      operations from January 1,  1995 through March 29, 1995, the  closing date
      for  this  transaction.    The  funds  to  acquire  these  properties were
      provided from the Company's  cash resources and additional bank borrowings
      (See Note 5 below).

  5.  Long-term debt at September 30, 1995 is summarized as follows:
      
                                                       September 30
                                                           1995    
                                                         --------
       Amended term note due in 20 equal quarterly
       installments commencing July 1, 1995, plus
       one payment of $437,500 due April 1, 1995.
       Interest paid quarterly at varying rates.
       Secured by certain oil and gas properties.       $13,843,750

       Less current installments                          3,125,000
                                                        -----------

       Long-term debt                                   $10,718,750
                                                        ===========


       Effective  March 29,  1995, the Company  amended its  loan agreement with
       Bank  One, Texas  to  increase its  outstanding  loan from  $6,562,500 to
       $16,062,500   in  connection  with   the  acquisition   of  the  Pennzoil
       properties  discussed in  Note 4  above.   Under the  terms  of the  loan
       agreement,  the  normal  1995  payments  would  have  totaled $1,656,250.
       However, due  to  the  sale  of  one  of  the  properties  acquired  from
       Pennzoil, an additional $1,000,000 was paid to the bank.


  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
  OPERATIONS

  Nine Months Ended September 30, 1995
  Compared to Nine Months Ended September 30, 1994
  ------------------------------------------------

      The Company reported net income of  $2,911,135, or sixty cents per  share,
  on  revenues of  $15,268,992  for the  nine months  ended  September  30, 1995
  compared with net income of $244,021  or five cents per share,  on revenues of
  $9,703,628 for the same period a year ago.  Earnings for the  1995 period were
  favorably  impacted  by  the   results  of  operations  on  the  two  property
  acquisitions consummated over  the last nine months.  Oil volumes rose 304,394
  barrels  during the current period  with 71% of  the increase  coming from the
  newly acquired  properties  and the balance  of the increase from  the success
  of  the  Company s  development drilling program.   Oil pricing increases also
  helped current  period results;  the average  price received  during the  1994
  period was $15.17 compared to  an average of $17.15 per barrel during the 1995
  period, a  13% increase.   Gas volumes  improved 243,839  mcf (thousand  cubic
  feet) of gas  because of the property acquisitions,  but failed to  offset the
  gas pricing decline of 56 cents per mcf.

      Expense categories  are difficult to compare  because of  the two property
  acquisitions.  Lease  operating  expense  and  depreciation  and  amortization
  expense  have increased,  as would  be  expected  with additional  properties.
  However, general and administrative expenses  are $677,204 less than  the same
  period a year ago, in spite  of the addition of the new properties referred to
  above.   The Company's  accounting procedure  offsets the  monies earned  from
  being operator  of oil and gas  properties against  general and administrative
  expenses.  There were  approximately 200 properties acquired in December, 1994
  on which the  Company is now the  operator, thus lowering the overall  general
  and administrative costs.  Dry  hole expense and lease rentals and seismic are
  $721,671 less  in 1995 than 1994 due to a slowing of the Company s exploration
  activities.    Other  income  (deductions)  have  also  been  impacted  by the
  Company s  property acquisitions.  Interest expense grew  in 1995  due to bank
  borrowings to finance the  properties acquired; additionally, a gain of almost
  one million dollars   was generated when two of the newly  acquired properties
  were sold.   Thus, in  1994, $249,756  was added to  net income  in the  other
  income (deductions) category,  while $643,430 was contributed  to earnings  in
  1995.


  Quarter Ended September 30, 1995 Compared
  with Quarter Ended September 30, 1994
  -----------------------------------------

     For the quarter ended September 30, 1995, the Company earned $1,214,186, or
  twenty-five  cents per  share, compared with  earnings of  $544,352, or eleven
  cents per  share, for the  same quarter a  year ago.   The  current  quarter s
  results improved  because of  revenue increases  associated with the  property
  acquisitions  discussed  above and  the  gain related  to the  sale of  one of
  properties recently acquired.

  Liquidity and Capital Resources
  -------------------------------

      The Company ended its  first nine months  of 1995 with working  capital of
  approximately $6,200,000 and a current ratio of 1.7 to  1, compared to working
  capital  of approximately $8,584,000 and  a current  ratio of 2.7 to  1 a year
  ago.  The  decline in working capital  between the  current period and a  year
  ago, $2,384,000,  was  caused by  the  $20  million acquisition  of  producing
  properties for cash and additional  bank financing.  At September 30, 1995 the
  Company's  total  debt  was $13,843,750.   The  Company  believes that  it has
  sufficient  cash  being  generated  from  operating  activities  or additional
  borrowing capacity to fund its planned development and exploratory work.


                                    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 10, 1995<PAGE>