UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549


                                   Form 10-Q



[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
      Act of 1934
    For the period ended March 31, 1998
                                      or

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
      Exchange Act of 1934



                        Commission File Number 1-12396


                               THE BEARD COMPANY
            (Exact name of registrant as specified in its charter)



       Oklahoma                                        73-0970298
(State or other jurisdiction of                     (I.R.S. Employer
incorporation or organization)                    Identification No.)


                         Enterprise Plaza, Suite 320
                            5600 North May Avenue
                           Oklahoma City, Oklahoma               73112
                   (Address of principal executive offices)    (Zip Code)

Registrant's telephone number, including area code:  (405) 842-2333

      Indicate  by  check mark whether the registrant (1) has filed all reports
required to be filed  by  Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12  months  (or  for  such  shorter  period  that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.  Yes [X]    No [  ]

      Indicate  the  number  of  shares outstanding of each of the registrant's
classes of common stock as of May 15, 1998.

                   Common Stock $.001 par value - 2,528,239

<PAGE>


                               THE BEARD COMPANY

                                     INDEX


PART I. FINANCIAL INFORMATION                                      Page

Item 1. Financial Statements

  Balance Sheets - March 31, 1998 (Unaudited) and
     December 31, 1997 

  Statements of Operations - Three Months
     ended March 31, 1998 and 1997 (Unaudited) 

  Statements of Shareholders' Equity, Year ended
     December 31, 1997 and Three Months ended
     March 31, 1998 (Unaudited)

  Statements of Cash Flows - Three Months ended
     March 31, 1998 and 1997 (Unaudited)

  Notes to Financial Statements (Unaudited)

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

PART II.  OTHER INFORMATION

Item 2. Changes in Securities

Item 6. Exhibits and Reports on Form 8-K

Signatures

<PAGE>

                      THE BEARD COMPANY AND SUBSIDIARIES

                             Financial Statements



         March 31, 1998 (Unaudited) and December 31, 1997 and for the
            Three Months Ended March 31, 1998, and 1997 (Unaudited)


                                    PART I

                             FINANCIAL INFORMATION

<PAGE>

Item 1. Financial Statements
<TABLE>
                     THE BEARD COMPANY AND SUBSIDIARIES
                               Balance Sheets
               March 31, 1998 (Unaudited) and December 31, 1997
<CAPTION>
                                                 March 31,      December 31,
                   Assets                          1998              1997
                                                -----------     ------------
<S>                                             <C>             <C> 
Current assets:
  Cash and cash equivalents                     $ 8,241,000     $13,955,000
  Accounts receivable, less allowance for 
   doubtful receivables of $78,000 in 1998 
   and $75,000 in 1997                            1,067,000       1,654,000
  Other receivables (note 2)                           -          1,000,000
  Inventories                                       372,000         227,000
  Prepaid expense                                   110,000          84,000
  Other assets                                       72,000          11,000
                                                -----------     -----------
      Total current assets                        9,862,000      16,931,000

Investments and other assets                      1,604,000       1,580,000

Property, plant and equipment, at cost            8,487,000       6,247,000
  Less accumulated depreciation, 
   depletion and amortization                     4,385,000       4,300,000
                                                -----------     -----------
      Net property, plant and equipment           4,102,000       1,947,000

Intangible assets, at cost                        1,590,000         828,000
  Less accumulated amortization                     355,000         334,000
                                                -----------     -----------
      Net intangible assets                       1,235,000         494,000

                                                $16,803,000     $20,952,000
                                                ===========     ===========
        Liabilities and Shareholders' Equity
Current liabilities:
  Trade accounts payable                        $   268,000     $   533,000
  Accrued expenses (note 2)                         683,000         892,000
  Income taxes payable                              341,000         541,000
  Redeemable preferred stock 
   purchase and redemption obligation                  -          4,005,000
  Other obligations (note 2)                           -            900,000
  Current maturities of long-term debt              148,000         136,000
                                                -----------     -----------
      Total current liabilities                   1,440,000       7,007,000
Long-term debt less current maturities            2,193,000         519,000

Minority interest in consolidated subsidiaries      272,000         104,000
Redeemable preferred stock of 
 $100 stated value; 5,000,000 shares
 authorized; 27,838 shares issued 
 and outstanding (note 4)                           889,000         889,000

Common shareholders' equity:
  Common stock of $.001 par value 
   per share; 10,000,000 shares
   authorized; 2,832,129 shares 
   issued in 1998 and 1997                            3,000           3,000
  Capital in excess of par value                 37,911,000      37,911,000
  Accumulated deficit                           (24,386,000)    (23,962,000)
  Treasury stock, 303,890 shares, at cost        (1,519,000)     (1,519,000)
                                                -----------     -----------
      Total common shareholders' equity          12,009,000      12,433,000

Commitments and contingencies (note 7)          $16,803,000     $20,952,000
                                                ===========     ===========
</TABLE>
             See accompanying notes to financial statements.
<PAGE>

<TABLE>
                       THE BEARD COMPANY AND SUBSIDIARIES
                            Statements of Operations
                                 (Unaudited)
<CAPTION>
                                              For the Three Months Ended
                                           --------------------------------
                                           March 31,              March 31,
                                             1998                   1997
                                           ----------             ---------
<S>                                        <C>                    <C>
Revenues:
  Environmental/resource recovery          $  965,000             $1,195,000
  Interstate travel facilities                285,000                   -
  Carbon dioxide                              160,000                118,000
  Other                                         8,000                  9,000
                                           ----------             ----------
                                            1,418,000              1,322,000
Expenses:
  Environmental/resource recovery 
   (exclusive of depreciation,
   depletion, and amortization shown 
   separately below)                        1,018,000                995,000
  Interstate travel facilities 
   (exclusive of depreciation,
   depletion, and amortization shown 
   separately below)                          224,000                   -
  Carbon dioxide (exclusive of depreciation,
   depletion, and amortization shown 
   separately below)                           35,000                 27,000
  Selling, general and administrative         646,000                513,000
  Depreciation, depletion and amortization    116,000                 99,000
  Other                                         5,000                  6,000
                                          -----------            -----------
                                            2,044,000              1,640,000
Operating profit (loss):
  Environmental/resource recovery            (390,000)              (175,000)
  Interstate travel facilities                (37,000)                  -
  Carbon dioxide                              118,000                 86,000
  Other, principally corporate               (317,000)              (229,000)
                                          -----------            -----------
                                             (626,000)              (318,000)
Other income (expense):
  Interest income                             138,000                  2,000
  Interest expense                            (24,000)               (58,000)
  Gain on sale of assets                       13,000                 50,000
  Equity in net earnings of unconsolidated 
   affiliates                                 109,000                 28,000
  Minority interest in operations of 
   consolidated subsidiaries                   13,000                 10,000
  Other                                       (47,000)              (106,000)
                                          -----------            -----------
Loss from continuing operations before 
 income taxes                                (424,000)              (392,000)
Income taxes (note 6)                            -                      -
                                          -----------            -----------
Loss from continuing operations              (424,000)              (392,000)
  Loss from discontinued dry ice 
   manufacturing and distribution 
   business (note 2)                             -                   (32,000)
                                          -----------            -----------
Net loss                                  $  (424,000)           $  (424,000)
                                          ===========            ===========
Net loss attributable to common 
 shareholders                             $  (424,000)           $  (424,000)
                                          ===========            ===========

Net loss per average common share outstanding:
  Basic and diluted:
  Loss from continuing operations         $     (0.17)           $     (0.14)
  Loss from discontinued operations               -                    (0.01)
                                          -----------            -----------
  Net loss                                $     (0.17)           $     (0.15)
                                          ===========            ===========
Weighted average common shares outstanding - 
 basic and diluted                          2,528,000              2,799,000
                                          ===========            ===========
</TABLE>
                See accompanying notes to financial statements.
<PAGE>

<TABLE>
                        THE BEARD COMPANY AND SUBSIDIARIES
                        Statements of Shareholders' Equity
<CAPTION>
                                                                                                     Total
                                                       Capital in                                    Common
                                             Common    Excess of      Accumulated    Treasury      Shareholders'
                                             Stock     Par Value        Deficit        Stock         Equity
                                             -------   -----------   ------------    -----------   ------------
<S>                                          <C>       <C>           <C>             <C>           <C>
Balance, December 31, 1996                   $ 3,000   $41,629,000   $(32,976,000)   $      -      $ 8,656,000
  Net earnings, year ended December 31, 1997    -             -         9,014,000           -        9,014,000
  Issuance of 33,055 shares of common stock     -           71,000           -              -           71,000
  Purchase of 303,890 shares of common stock    -             -              -        (1,519,000)   (1,519,000)
  Accretion of preferred stock                  -       (3,789,000)          -              -       (3,789,000)
                                             -------   -----------   ------------    -----------   -----------
Balance, December 31, 1997                     3,000    37,911,000    (23,962,000)    (1,519,000)   12,433,000
  Net loss, three months ended March 31,
   1998 (unaudited)                             -             -          (424,000)          -         (424,000)
                                             -------   -----------   ------------    -----------   -----------
Balance, March 31, 1998 (unaudited)          $ 3,000   $37,911,000   $(24,386,000)   $(1,519,000)  $12,009,000
                                             =======   ===========   ============    ===========   ===========
</TABLE>
                See accompanying notes to financial statements.
<PAGE>

<TABLE>
                        THE BEARD COMPANY AND SUBSIDIARIES
                              Statements of Cash Flows
                                    (Unaudited)
<CAPTION>
                                                 For the Three Months Ended
                                                -----------------------------
                                                March 31, 1998 March 31, 1997
                                                -------------- --------------
<S>                                             <C>            <C>
Operating activities:
  Cash received from customers                   $ 1,997,000    $ 5,332,000
  Cash paid to suppliers and employees            (2,387,000)    (4,426,000)
  Interest received                                  202,000          3,000
  Interest paid                                      (18,000)      (136,000)
  Taxes paid                                        (200,000)          -
                                                 -----------    -----------
    Net cash provided by (used in)  
     operating activities                           (406,000)       773,000
                                                 -----------    -----------

Investing activities:
  Acquisition of property, plant and equipment      (460,000)      (369,000)
  Proceeds from sale of business                   1,000,000           -
  Proceeds from sale of assets                        16,000         55,000
  Purchase of minority interest                     (900,000)          -
  Payment of employee severance related 
   to sale of business                              (190,000)          -
  Acquisition of travel facilities, 
   net of cash acquired of $49,000                  (763,000)          -
  Other                                               24,000         16,000
                                                 -----------    -----------
    Net cash used in investing activities         (1,273,000)      (298,000)
                                                 -----------    -----------
Financing activities:
  Payments on line of credit and short-term notes    (30,000)    (1,595,000)
  Proceeds from line of credit and term notes           -           985,000
  Preferred stock repurchase                      (4,005,000)          -
                                                 -----------    -----------
    Net cash used in financing activities         (4,035,000)      (610,000)
                                                 -----------    -----------
Net decrease in cash and cash equivalents         (5,714,000)      (135,000)
Cash and cash equivalents at beginning of period  13,955,000        375,000
                                                 -----------    -----------
Cash and cash equivalents at end of period       $ 8,241,000    $   240,000
                                                 ===========    ===========
</TABLE>

<TABLE>
                      THE BEARD COMPANY AND SUBSIDIARIES
                           Statements of Cash Flows
                                 (Unaudited)

Reconciliation of Net loss to Net Cash Provided by (Used in) Operating Activities
<CAPTION>
                                                For the Three Months Ended
                                              ------------------------------
                                              March 31, 1998  March 31, 1997
                                              --------------  --------------
<S>                                           <C>             <C>
Net loss                                       $ (424,000)    $ (424,000)
Adjustments to reconcile net loss to net cash
 provided by (used in) operating activities:
  Depreciation, depletion and amortization        116,000        361,000
  Gain on sale of assets                          (13,000)       (53,000)
  Equity in net income of unconsolidated 
   affiliates                                    (109,000)       (28,000)
  Interest and other costs recognized
   on real estate project                            -           464,000
  Other, including minority interest in 
   consolidated subsidiaries                       13,000        111,000
  (Increase) decrease in accounts receivable, 
   prepaids and other current assets              567,000         (3,000)
  Decrease in inventories                          15,000        541,000
  Decrease in accounts payable, accrued
   expenses and other liabilities                (571,000)      (196,000)
                                               ----------     ----------
  Net cash provided by (used in) operating 
   activities                                  $ (406,000)    $  773,000
                                               ==========     ==========

Supplemental Schedule of Noncash Investing and Financing Activities:
  Purchase of travel facilities 
   through the sale of a subsidiary's
   common stock                                $  181,000     $     -
                                               ==========     ==========

  Purchase of travel facilities through the 
   issuance of a debt obligation and 
   assumption of debt obligations              $1,743,000     $     -
                                               ==========     ==========
</TABLE>

              See accompanying notes to financial statements.
<PAGE>
                          THE BEARD COMPANY AND SUBSIDIARIES
                             Notes to Financial Statements

                                March 31, 1998 and 1997
                                      (Unaudited)

(1)  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
     BASIS OF PRESENTATION

The  accompanying  financial  statements  and notes thereto have been prepared
pursuant  to  the  rules  and  regulations  of  the  Securities  and  Exchange
Commission.  Accordingly, certain footnote disclosures  normally  prepared  in
accordance  with  generally  accepted accounting principles have been omitted.
The accompanying financial statements  and  notes  thereto  should  be read in
conjunction  with  the  consolidated  financial  statements  and notes thereto
included in Beard's 1997 annual report on Form 10-K.

The  accompanying  financial  statements  include the accounts  of  The  Beard
Company  and  its  wholly  and  majority-owned  subsidiaries  ("Beard  or  the
Company"). All significant intercompany transactions have been eliminated.

The financial  information  included   herein  is   unaudited;  however,  such
information  reflects  solely normal recurring adjustments which are,  in  the
opinion of management, necessary  for  a fair statement of the results for the
interim periods presented.

The  results  of  operations for the three-month  period ended March 31, 1998,
are  not necessarily indicative of the results to be  expected  for  the  full
year.

The  Company  operates  within three segments:  (1) the environmental/resource
recovery  ("E/RR")  Segment, consisting of environmental services and resource
recovery activities;  (2)  the  interstate  travel facilities ("ITF") Segment,
consisting  of businesses, such as service stations,  convenience  stores  and
restaurants,  geared  to the needs of the interstate highway traveler, and (3)
the carbon dioxide ("CO{2}") Segment, which consists of the production of CO{2}
gas.  The  Company also  has  other operations, including (i) a minority-owned
investment in a joint venture for the extraction, production and sale of crude
iodine, and (ii) various assets  and  investments  which  the Company has been
liquidating as opportunities have materialized.  The Company  also operated in
the dry ice (solid CO{2}) manufacturing and distribution business, included in
the CO{2} Segment which was discontinued in October of 1997.

The  Company  adopted  Statement  of  Financial Accounting Standards  ("SFAS")
No. 130, "Reporting  Comprehensive  Income," on January 1, 1998.  SFAS No. 130
was effective for fiscal years beginning  after  December  15, 1997.  SFAS No.
130 establishes standards for reporting and display of "comprehensive  income"
and  its  components  in  a set of financial statements.  It requires that all
items  that  are required to  be  recognized  under  accounting  standards  as
components of  comprehensive  income be reported in a financial statement that
is displayed with the same prominence  as  other  financial  statements.   The
Company  had  no  comprehensive  income  as defined by SFAS No. 130 during the
three  months  ended  March  31,  1998 and 1997,  therefore,  a  statement  of
comprehensive  income has not been presented  in  the  accompanying  financial
statements.

(2)  DISCONTINUED OPERATIONS

In October 1997, the Company sold the business and substantially all of the
assets of Carbonic  Reserves, an  85%-owned   subsidiary  involved  in  the
manufacturing and distribution of solid CO{2}  ("solid CO{2} segment")  for
cash  of $19,375,000  and  the assumption of certain liabilities valued  at
$2,813,000 (the "Asset Sale").

The gain on the Asset Sale was $11,014,000 (after  applicable  income taxes
of $522,000).  Results of operations of the solid CO{2} segment  have  been
reported  as  discontinued  operations for the three months ended March 31,
1997 in the accompanying statements  of operations.  Revenues applicable to
the discontinued operations were $2,800,000  for  the  three  months  ended
March  31,  1997.   The  loss from the discontinued solid CO{2} segment was
$32,000 for the three months ended March 31, 1997.

Pursuant to the closing of the Asset Sale, the Company received $18,375,000
in  cash.  The remaining $1,000,000  cash  proceeds  were  held  back  (the
"Holdback") to offset certain post closing adjustments for a maximum of 150
days  from  the  closing  date and was included in other receivables on the
balance sheet as of December  31,  1997.   The  Company received the entire
Holdback amount from the purchaser on March 12, 1998.

Concurrent with the Asset Sale, the Company agreed to purchase the Carbonic
Reserves minority shareholder's common stock for  $900,000,  which was paid
by the Company in January 1998.  The stock purchase obligation was included
in other current obligations on the balance sheet as of December  31,  1997
and reduced the related gain.

As  of  March  31, 1998,  the  significant asset of the solid CO{2 }segment
consisted of cash  of  $46,000.    The significant liabilities of the solid
CO{2}   segment  consisted    of  accrued  income  taxes  of  $235,000  and
approximately   $155,000   of  accrued   bonuses   and  employee  severance
compensation.

(3)  ACQUISITION

On  February  9,  1998,  the  Company,  through a newly formed  subsidiary,
Interstate Travel Facilities, Inc. ("ITF"), purchased two travel facilities
located  along  Interstate Highway I-40 in  eastern  Oklahoma  for  a  cash
consideration of  $490,000.   Both  travel facilities are geared toward the
needs of interstate highway travelers  and each included a service station,
convenience  store  and  a  restaurant.  The  fair  value  of  identifiable
tangible and intangible net assets  acquired  approximated  $628,000 on the
acquisition  date.  The excess of the fair value of the travel  facilities'
assets acquired  over the purchase price has been allocated among the long-
lived assets acquired.

On February 27, 1998,  ITF acquired two additional travel facilities and an
undeveloped parcel of land located along Interstate Highway I-35 in central
Oklahoma.  These travel  facilities  are  also  geared  toward the needs of
interstate highway travelers.  The first travel facility includes a service
station,  convenience  store  and a restaurant. The second travel  facility
includes a service station and  a  convenience  store.   The purchase price
consisted  of cash of $322,000; a fifteen-year, unsecured,  5.93%  $544,000
promissory note, valued at $407,000 (discounted using a 10% interest rate);
the assumption  by  ITF  of  three  mortgage  notes  payable  approximating
$1,336,000,  owed  by  the former owner of the facilities; and 20%  of  the
Company's ownership in ITF, valued at $181,000.  The three notes assumed by
ITF are secured by the travel  facilities'  assets,  bear interest at rates
ranging  from  9% to 10.5%, and mature from 2010 through  2013.   The  fair
value  of  identifiable   tangible   and  intangible  net  assets  acquired
approximated  $1,489,000  on the acquisition  date.   The  $757,000  excess
purchase price over the fair value of the assets acquired has been recorded
as goodwill and is being amortized on a straight-line basis over 15 years.

The  acquisitions have been  accounted  for  by  the  purchase  method  and
accordingly,  the  results of operations of the travel facilities have been
included  in the Company's  financial  statements  from  their  acquisition
dates.

The Company  currently  has  been  unable  to  obtain  historical financial
operating   information   relating   to  the  acquired  travel  facilities,
therefore, no pro forma financial information  has  been  reported  in  the
accompanying financial statements.

(4)  REDEEMABLE PREFERRED STOCK

The  Company's  preferred  stock is mandatorily redeemable through December
31, 2002, from one-third of  Beard's  "consolidated net income" as defined.
The Company's operations through March  31,  1998,  were  not sufficient to
begin  the sharing of the consolidated net income.  Accordingly,  one-third
of future  "consolidated  net  income"  will  accrete directly to preferred
stockholders and reduce earnings per common share.   To the extent that the
preferred  stock  is  not  redeemed  by December 31, 2002,  the  shares  of
preferred stock can be converted into shares of the Company's common stock.

(5)  LOSS PER SHARE

Basic  loss per share data is computed  by  dividing  income  available  to
common shareholders  by  the  weighted  average  number  of  common  shares
outstanding  for the period.  Diluted loss per share reflects the potential
dilution that  could  occur if the Company's outstanding stock options were
exercised (calculated using  the  treasury  method)  and  if  the Company's
preferred stock were converted to common stock.

Diluted  loss  per share in the statements of operations exclude  potential
common shares issuable  upon  conversion  of  redeemable preferred stock or
exercise of stock options as a result of losses  from continuing operations
for all periods presented.

(6)  INCOME TAXES

In accordance with the provisions of the Statement  of Financial Accounting
Standard  No.  109,   Accounting  for Income Taxes ("SFAS  No.  109"),  the
Company's net deferred tax asset is being carried at zero book value, which
reflects  the  uncertainties  of  the  Company's  utilization  of  the  net
deductible timing differences.  There is  no provision for income taxes for
the three months ended March 31, 1998 and 1997  due  to the availability of
net operating losses and other carryforwards.

At March 31, 1998, the Company estimates that it had the  following  income
tax  carryforwards  available  for  both income tax and financial reporting
purposes (in thousands):

<TABLE>
<CAPTION>
                                         Expiration
                                            Date             Amount
                                         ----------         ---------
<S>                                      <C>                <C>
Federal regular tax operating loss
  carryforwards                           2004-2010         $  53,414
Investment tax credit carryforward        1998-2000               441
Tax depletion carryforward               Indefinite             5,500
                                                            ---------
                                            Total           $  59,355
                                                            =========
</TABLE>


(7)  COMMITMENTS AND CONTINGENCIES

In  the normal course of business various  actions  and  claims  have  been
brought or asserted against the Company.  Management does not consider them
to be material to the Company's financial position, liquidity or results of
operations.

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

   The following  discussion  focuses  on  material  changes  in the Company's
financial condition since December 31, 1997 and results of operations  for the
quarter  ended March 31, 1998 compared to the prior year first quarter.   Such
discussion  should  be  read  in  conjunction  with  the  Company's  financial
statements including the related footnotes.

   In preparing the discussion and analysis, the Company has presumed  readers
have  read  or  have access to the discussion and analysis of the prior year's
results of operations,  liquidity  and  capital  resources as contained in the
Company's 1997 Form 10-K.

    The  Company's  operating  segments  are:  (1) the  environmental/resource
recovery ("E/RR") Segment, consisting of environmental  services  and resource
recovery  activities;  (2)  the  interstate travel facilities ("ITF") Segment,
consisting of businesses, such as  service  stations,  convenience  stores and
restaurants, geared to the needs of the interstate highway traveler,  and  (3)
the carbon dioxide ("CO{2}") Segment, which consists of the production of CO{2}
gas.   The  Company  also has other operations, including (i) a minority-owned
investment in a joint venture for the extraction, production and sale of crude
iodine, and (ii)  various  assets  and  investments which the Company has been
liquidating as opportunities have materialized.   The Company also operated in
the dry ice (solid CO{2}) manufacturing and distribution business, included in
the CO{2} Segment which was discontinued in October of 1997.

Material  changes in financial condition - March 31,  1998  as  compared  with
December 31, 1997.

   The following table reflects some of the changes in the Company's financial
condition during the periods indicated:

<TABLE>
<CAPTION>
                                   March 31,      December 31,    Increase
                                    1998                1997     (Decrease)
                                -------------    -------------   ------------
<S>                             <C>              <C>             <C>
Cash and cash equivalents       $   8,241,000    $  13,955,000   $ (5,714,000)
Working capital                 $   8,422,000    $   9,924,000   $ (1,502,000)
Current ratio                       6.85 to 1        2.42 to 1

</TABLE>


   During the  first  quarter of 1998, the Company reduced its working capital
by $1.5 million from $9.9  million  as  of December 31, 1997. The decrease was
primarily  the result of the Company, through  a  subsidiary,  acquiring  four
travel facilities  and  an  undeveloped  parcel of land, the purchase price of
which included a cash payment of $812,000.   See  further  discussion  of  the
travel  facilities'  acquisition  below.   The Company also acquired property,
plant and equipment of $460,000 during the quarter,  which  included replacing
assets as they become fully-depreciated as well as remodeling one of its newly
acquired travel facilities.  The remaining reduction in working  capital  is a
direct result of operating losses recognized by the Company's E/RR Segment for
the  1998  quarter.   See further discussion of E/RR losses for the quarter in
the discussion of results  of operations below.  The Company's core operations
are affected by seasonality.   The  first quarter is normally characterized by
cold  and/or rainy weather which causes  a  slowdown  of  sales  in  the  E/RR
Segment.

   In the  first quarter of 1998 the Company paid $4,005,000 to repurchase and
redeem 62,318  shares  of  its  mandatorily  redeemable  preferred stock.  The
Company  recorded  the  estimated  repurchase and redemption as  a  redeemable
preferred stock purchase obligation as of December 31, 1997.  The Company also
paid $900,000 to purchase the common  shares  of  a  minority  shareholder and
$190,000  in  accrued  bonus  and employee severance compensation, which  were
recorded as other obligations and  accrued  expenses  as of December 31, 1997.
Such  payments were made pursuant to the terms of the agreement  to  sell  the
business  of  Carbonic  Reserves.   On  March  12,  1998, the Company received
$1,000,000 of the sales price of Carbonic Reserves which had been held back by
the purchaser for a period of 150 days after the closing  of  the  sale.   See
note  2  to  the financial statements.  These amounts accounted for 72% of the
$5,714,000 reduction  in  cash  and cash equivalents from December 31, 1997 to
March 31, 1998.

   In  February  of  1998, the  Company,  through  an  80%  owned  subsidiary,
Interstate Travel Facilities,  Inc.  ("ITF"),  acquired four travel facilities
and  a  parcel  of  land  located  along Interstate Highway  I-40  in  eastern
Oklahoma,  and  Interstate  Highway I-35  in  central  Oklahoma.   The  travel
facilities are geared to the  needs of interstate highway travelers.  Three of
the travel facilities include a  service  station,  convenience  store  and  a
restaurant.   The  fourth  travel  facility  includes  a service station and a
convenience store.  The purchase price of the travel facilities  consisted  of
cash  of  $812,000, the issuance of debt valued at $407,000, the assumption of
three mortgage  notes  payable  approximating  $1,336,000,  owed by the former
owner  of  the travel facilities, and 20% of the Company's ownership  in  ITF,
valued at $181,000.  See note 3 to the financial statements.

   The Company  incurred  $2,257,000 of  capital expenditures during the first
three months of 1998 in the following segments:

     Environmental/resource recovery           $    65,000
     Interstate travel facilities                2,174,000 
     Carbon dioxide                                 11,000
     Other                                           7,000
                                               -----------
                                               $ 2,257,000
                                               ===========

   $1,790,000 of the capital expenditures for the quarter were financed by the
Company  issuing  debt,  assuming debt and issuing stock of a subsidiary.  See
note 3 to the financial statements.

   The Company's  cash  reserves,  cash flow and credit lines will be adequate
to fund the $4,218,000 of capital expenditures  projected  for the Company for
the   last  nine  months  of  the  year.   The  Company  anticipates  spending
$3,800,000,  or  90%  of  the  $4,218,000,  on projects involving its patented
Mulled  Coal  technology  during  this  period.  Negotiations  on  the  plants
utilizing this technology are currently in  process.   The  remaining $418,000
will  be  spent  in  the remaining segments to replace assets as  they  become
fully-depreciated and  no longer useful and to expand operations in areas that
demonstrate profit potential.

   The sale of Carbonic  Reserves  in October of 1997 has continued to provide
the  Company  with  significant  liquid  resources.   Future  cash  flows  and
availability  of  credit are subject  to  a  number  of  variables,  including
continuing private  and  governmental  demand  for environmental services, and
continuing demand for CO{2} gas and for the services provided by the Company's
interstate  travel  facilities.   The  Company anticipates  that  its  current
resources, future cash flows and enhanced  availability  of  credit due to the
significant improvement in the Company's balance sheet will enable  it to meet
its planned operating costs and capital spending requirements.

   Through  the  period ending December 31, 2002, the Company's liquidity will
be  reduced  to the extent it is required to redeem any of the Beard preferred
stock pursuant  to  the  mandatory  redemption  provisions.  See Note 4 to the
accompanying financial statements.

Material changes in results of operations - Quarter  ended  March  31, 1998 as
compared with the Quarter ended March 31, 1997.

   The loss  for  the first  quarter of 1998 was $424,000, the same as recorded
in  the 1997 first quarter.  There were declines in operating margins  in  all
segments except the CO{2} Segment which improved by $32,000.  The E/RR Segment
declined  by  $215,000 and Other---principally corporate---activities declined
by $88,000.  The  new  ITF  Segment generated a $37,000 operating loss for the
first two months of operations  in  1998.  As a result, the operating loss for
the  current  quarter  increased  97%  to  $626,000  versus  $318,000  in  the
corresponding quarter of the prior year.

   Operating results of the Company's three Segments are reflected below:

<TABLE>
<CAPTION>
                                 1998           1997
                              ---------      ---------
<S>                           <C>            <C> 
Operating profit (loss):
   Environmental/resource
     recovery                 $(390,000)     $(175,000)
   Interstate travel
     facilities                 (37,000)          -
   Carbon dioxide               118,000         86,000
                              ---------      ---------
        Subtotal               (309,000)       (89,000)
   Other                       (317,000)      (229,000)
                              ---------      ---------
                              $(626,000)     $(318,000)
                              =========      =========
</TABLE>

   The "Other" in  the  above table reflects  primarily  general and corporate
activities, as well as other activities and investments of the Company.

Environmental/resource recovery

   A 30% decrease in revenues of $230,000 generated by the E/RR Segment offset
slightly by a $15,000 decrease in operating costs led to a  sharply  increased
operating loss by this Segment in the first quarter of 1998 as compared to the
same  period  in  1997.    The 1997 quarter benefited from a large remediation
project which incurred smaller  than  expected expenses while the 1998 quarter
had  no  comparable  projects.   Additionally,   the   segment  increased  its
remediation personnel during the second quarter of 1997  in  anticipation of a
continued workload which did not materialize for the 1998 quarter.

Interstate Travel Facilities

   The  new  operating  segment experienced an operating loss of  $37,000  for
the first quarter of 1998.  As discussed above, the principal operating assets
of ITF were  acquired  in  February  of  1998,  therefore, the Company did not
recognize  operations for the full quarter ended March  31,  1998.   ITF  also
began renovating  one  of  its four travel facilities during the quarter which
reduced its hours of operation and negatively impacted ITF's profitability for
the quarter.

Carbon dioxide

   First quarter 1998 operations  reflected  an  operating  profit of $118,000
compared  to  $86,000  for  the  1997  first  quarter.  The sole component  of
revenues  for  this Segment is the sale of CO{2}  gas  from  the  working  and
overriding royalty  interests  of  the  Company's two carbon dioxide producing
units  in  Colorado  and  New  Mexico.  Operating  revenues  in  this  segment
increased $42,000 or 36% to $160,000  for  the  first  three  months  of  1998
compared  to  $118,000  for the same period in 1997.  This increase was due to
increased production of 565,000  MCF of CO{2} gas in the first three months of
1998 compared to production of 467,000  MCF  in  the same period in 1997.  The
production  increase was due to the development program  in  the  McElmo  Dome
field in Colorado  which  was  begun  in 1996 and is now winding down.  Slight
increases in CO{2} prices have also contributed to the increased revenues.

Other activities

   Other  operations,   consisting  primarily   of    general   and  corporate
activities, generated a larger operating loss for the first quarter of 1998 as
compared  to  the  same  period  last year.  The majority of the increase  was
related to the increased cost of health insurance caused by an increase in the
Company's reinsurance levels.

Selling, general and administrative expenses

   The Company's selling, general  and administrative expenses ("SG&A") in the
current quarter increased to $646,000 from $513,000 in the 1997 first quarter.
The primary reason for this was the  increase  in  health  insurance  expenses
mentioned  above in Other corporate activities and the addition of ITF's  SG&A
expenses in the quarter which did not exist for the same period in 1997.

Depreciation, depletion and amortization expenses

   DD&A expense  increased  $17,000, or 17%, from $99,000 to $116,000 from the
first quarter of 1997 to the  same  period  in  1998,  reflecting additions to
property, plant and equipment made during the past year.

   Other income and expenses

   The  other  income  and expenses for the first quarter of  1998  netted  to
$202,000 in earnings  compared  to a $74,000 loss for the same period in 1997.
Interest income was up $136,000 for  the first quarter of 1998 compared to the
same period in 1997 reflecting the income from investments in commercial paper
of cash realized from the sale of the  assets  of Carbonic Reserves.  Interest
expense was down $34,000 as a result of the reduction  in  outstanding debt in
the  fourth quarter of 1997, also a result of the asset sale.   The  Company's
equity  in  the  earnings  of unconsolidated affiliates was up $81,000 for the
first quarter of 1998 compared  to 1997 primarily as a result of the increased
operations and profitability of its investment in the joint venture engaged in
the  production and sale of crude  iodine.   The  decline  in  other  expenses
included  a  reduction in impairments of other assets in the amount of $30,000
for the first three months of 1998 compared to the first three months of 1997.
Offsetting these  increases  was  a  decline of $37,000 in the gain on sale of
assets from $50,000 in the first quarter  of  1997  to  $13,000  for  the same
period in 1998.

Discontinued operations

   In  October of 1997 the Company sold the business and substantially all  of
the assets  of  Carbonic  Reserves,  an  85%-owned  subsidiary  engaged in the
manufacture  and distribution of solid CO{2} for cash of $19,375,000  and  the
assumption of  certain liabilities valued at $2,813,000.  The gain on the sale
was $11,014,000 after deducting income taxes of $522,000.  Revenues applicable
to and the loss  from  the  discontinued  operations of Carbonic Reserves were
$2,800,000 and $32,000, respectively, in the first quarter of 1997.

Impact of Recently Issued Accounting Standards

  In  June 1997, Statement of Financial Accounting Standards ("SFAS") No. 131,
"Disclosures about Segments of an Enterprise  and  Related  Information,"  was
issued by the Financial Accounting Standards Board.  SFAS No. 131 is effective
for periods beginning after December 15, 1997.  SFAS No. 131 requires a public
company to report  financial  and descriptive information about its reportable
segments which are components of  an enterprise about which separate financial
information is available that is evaluated  regularly  by  the chief operating
decision  maker  in  deciding  how  to  allocate  resources  and in  assessing
performance.   The  Company will adopt SFAS No. 131 in the fourth  quarter  of
1998 but has not, as  yet,  determined  its reportable segments under SFAS No.
131.

Impact of Year 2000 Issue

   Companies that use computers face an issue  as  the  year  2000 draws near.
The problem is due to a common programming practice of using only  two  digits
to  represent a year.  Without proper modification, for example, many programs
may interpret  the  year  2000  as  the  year 1900.  During the year 1998, the
Company will install the proper commercial  software  releases and upgrades to
its  hardware,  as  necessary,  to  become year 2000 compliant.   The  Company
anticipates that these expenses will not be material.


                         PART II

                    OTHER INFORMATION

Item 2.  Changes in Securities.

   The Company's preferred stock is mandatorily  redeemable  through  December
31, 2002 from one-third of Beard's "consolidated net income" as defined in the
Stock Purchase Agreement.  Accordingly, one-third of future "consolidated  net
income"  will  accrete  directly to preferred stockholders and reduce earnings
per common share.  As a result  of  these redemption requirements, the payment
of  any  dividends to the common stockholders  in  the  near  future  is  very
unlikely.  See Note 4 to the accompanying financial statements.

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

(a)  The following  exhibits  are filed with this Form 10-Q and are identified
by the numbers indicated:

<TABLE>
<CAPTION>
Exhibit No.         Description
-----------         -----------
<S>   <C>
2     Plan of acquisition, reorganization, arrangement, liquidation or succession:

2(a)  Agreement and Plan  of  Reorganization  by  and among Registrant, Beard Oil
      Company ("Beard Oil") and New Beard, Inc., dated  as  of  July  12, 1993 (see
      Addendum A to Part I, which is incorporated herein by reference; schedules to
      the Agreement have been omitted).  (This Exhibit has been previously filed as
      Exhibit  3(b), filed on July 27, 1993 to Registrant's Registration  Statement
      on Form S-4, File No. 33-66598, and same is incorporated by reference).

2(b)  Agreement  and  Plan  of  Merger by and between The Beard Company and The New
      Beard Company, dated as of  September  16,  1997.   (This  Exhibit  has  been
      previously  filed  as  Exhibit  B  to  Registrant's  Proxy Statement filed on
      September 12, 1997, and same is incorporated by reference).

2(c)  Certificate of Merger merging The Beard Company into The New Beard Company as
      filed with the Secretary  of  State of Oklahoma on November 26, 1997. (This 
      Exhibit has been previously filed  as  Exhibit 2.1 to Registrant's Form 8-K, 
      filed on December 8, 1997, and same is incorporated by reference).

2(d)  Asset  Purchase  Agreement  by  and  among  Airgas  Carbonic  Reserves,  Inc.
      ("Airgas"), and Registrant,  Carbonic Reserves ("Carbonics"), and Clifford H.
      Collen, Jr. ("Collen").  (This  Exhibit  has been previously filed as Exhibit
      A,  filed  on  September  11,  1997  to Registrant's  Proxy  Statement  dated
      September 12, 1997, and same is incorporated by reference).

2(e)  Asset Purchase Agreement by and among Registrant, Toby B. Tindell, Cristie R.
      Tindell and Interstate Travel Facilities,  Inc. ("ITF"), dated as of February
      27,  1998.   (This  Exhibit  has  been  previously  filed  as  Exhibit  2  to
      Registrant's Form 8-K, filed on March 16,  1998,  and same is incorporated by
      reference).

3(i)  Certificate  of  Incorporation  of  The  New  Beard Company as filed with the
      Secretary of State of Oklahoma  on  September  11, 1997. (This Exhibit has 
      been previously filed as Exhibit C to Registrant's  Proxy  Statement  filed 
      on September 12, 1997, and same is incorporated by reference).

3(ii) Registrant's  By-Laws  as  currently  in  effect.   (This  Exhibit  has  been
      previously  filed  as  Exhibit 3(ii) to Registrant's Form 10-K for the period
      ended December 31, 1997,  filed  on  March 31, 1998, and same is incorporated
      herein by reference).

4     Instruments defining the rights of security holders:

4(a)  Agreement of Sale and Purchase by and between Beard Oil and Sensor Oil & Gas,
      Inc.  ("Sensor").   (This  Exhibit has been previously filed as Addendum B to
      Amendment No. 1, filed on September  3,  1993  to  Registrant's  Registration
      Statement  on  Form  S-4,  File  No.  33-66598,  and same is incorporated  by
      reference).

4(b)  Certificate of Designations, Powers, Preferences and Relative, Participating,
      Option  and  Other  Special  Rights,  and  the Qualifications, Limitations or
      Restrictions Thereof of the Series A Convertible  Voting  Preferred  Stock of
      the  Registrant.  (This Exhibit has been previously filed as Exhibit 3(c)  to
      Amendment  No.  2,  filed  on September 17, 1993 to Registrant's Registration
      Statement  on Form S-4, File  No.  33-66598,  and  same  is  incorporated  by
      reference).

4(c)  Settlement  Agreement, with Certificate of Amendment attached thereto, by and
      among Registrant,  Beard  Oil, New York Life Insurance Company, New York Life
      Insurance and Annuity Company,  John  Hancock  Mutual Life Insurance Company,
      Memorial Drive Trust and Sensor, dated as of April  13,  1995.  (This Exhibit
      has been previously filed as Exhibit 4(g) to Registrant's Form 10-K  for  the
      period ended December 31, 1994, and same is incorporated by reference).

10    Material contracts:

10(a) Amendment  No.  One  to The Beard Company 1993 Stock Option Plan dated August
      27, 1993, as amended June  4, 1998  (The Amended Plan supersedes the original
      Plan adopted on August 27, 1993.   This  Exhibit has previously been filed as
      Exhibit  A,  filed on April 30, 1998 to Registrant's  Proxy  Statement  dated
      April 30, 1998, and same is incorporated by reference).<F1>

10(b) The Beard Company  1994  Phantom  Stock  Units Plan adopted November 1, 1994.
      (This Exhibit has been  previously  filed  as  Exhibit  10(h) to Registrant's 
      Form 10-K for the period ended December 31, 1994, filed on April 17, 1995, and 
      same is incorporated by reference).<F1>

10(c) Stockholders'  Agreement made as of January 27, 1993 by and among Registrant,
      Carbonics and Collen.  (This  Exhibit  has  been  previously filed as Exhibit
      10(i) to Registrant's Form 10-K for the period ended December 31, 1994, filed
      on April 17, 1995, and same is incorporated by reference).<F1>

10(d) Stock  Purchase  Agreement  dated  as  of  December  15, 1991  by  and  among
      Registrant  (formerly  known  as  Beard  Investment Company),  Carbonics  and
      Collen.  (This Exhibit has been previously  filed  as  Exhibit  10.9  of Item
      14(a)  to Beard Oil's Form 8, Amendment No. 1, Form 10-K for the fiscal  year
      ended December 31, 1991, and same is incorporated herein by reference).<F1>

10(e) Conversion  Agreement  dated  as of January 31, 1995 by and among Registrant,
      Carbonics and Collen.  (This Exhibit  has  been  previously  filed as Exhibit
      10(k) to Registrant's Form 10-K for the period ended December 31, 1994, filed
      on April 17, 1995, and same is incorporated herein by reference).<F1>

10(f) Employment Agreement dated April 3, 1995 by and among Registrant,  Carbonics,
      Collen  and  Beard  Oil.  (This  Exhibit has been previously filed as Exhibit
      10(l) to Registrant's Form 10-K for the period ended December 31, 1994, filed
      on April 17, 1995, and same is incorporated herein by reference).<F1>

10(g) The Beard Company Deferred Stock Compensation  Plan.  (This  Exhibit has been
      previously  filed as Exhibit 10(k) to Registrant's Form 10-K for  the  period
      ended December  31, 1995, filed on April 1, 1996, and same is incorporated by
      reference).<F1>

10(h) Form  of  Change  in  Control  Compensation Agreement dated as of January 24,
      1997, by and between Carbonics and  three  employees.  (This Exhibit has been
      previously filed as Exhibit 10(l) to Registrant's Form 10-Q  for  the  period
      ended  March  31,  1997,  filed  on May 14, 1997, and same is incorporated by
      reference).<F1>

10(i) Nonqualified  Stock  Option  Agreement  by  and  between Richard D. Neely and
      ISITOP,  Inc.  ("ISITOP"),  dated  April  1, 1997.  (This  Exhibit  has  been
      previously filed as Exhibit 10(i) to Registrant's  Form  10-K  for the period
      ended  December  31,  1997, filed on March 31, 1998, and same is incorporated
      herein by reference).<F1>

10(j) Nonqualified Stock Option Agreement by and between Jerry S. Neely and ISITOP,
      dated  April  1,  1997.   (This  Exhibit has been previously filed as Exhibit
      10(j) to Registrant's Form 10-K for the period ended December 31, 1997, filed
      on March 31, 1998, and same is incorporated herein by reference).<F1>

10(k) Letter  Agreement dated August 15, 1997 by and among Collen, Carbonics, Beard
      Oil and Registrant.  (This Exhibit has been previously filed as Exhibit 10(m)
      to Registrant's Form 10-Q  for  the period ended September 30, 1997, filed on
      November 13, 1997, and same is incorporated by reference).<F1>

10(l) Letter  Agreement  dated  October  8,  1997  by  and  among Randy D. Thacker,
      Carbonics and Registrant. (This Exhibit has been previously  filed as Exhibit
      10(n)  to  Registrant's  Form 10-Q for the period ended September  30,  1997,
      filed on November 13, 1997, and same is incorporated by reference).<F1>

10(m) Nonqualified  Stock  Option  Agreement  by  and between Toby Tindell and ITF,
      dated February 27, 1998.  (This Exhibit has been  previously filed as Exhibit
      10(n) to Registrant's Form 10-K for the period ended December 31, 1997, filed
      on March 31, 1998, and same is incorporated herein by reference).<F1>

10(n) Subscription  Agreement  by  and  between  Cibola  Corporation ("Cibola") and
      Registrant, dated April 10, 1996.  (This Exhibit has been previously filed as
      Exhibit 10.1 to Registrant's Form 10-Q for the period  ended  June  30, 1996,
      filed on August 14, 1996, and same is incorporated by reference).

10(o) Nonrecourse  Secured  Promissory  Note from Registrant to Cibola, dated April
      10,  1996.   (This  Exhibit has been previously  filed  as  Exhibit  10.2  to
      Registrant's Form 10-Q  for  the  period ended June 30, 1996, filed on August
      14, 1996, and same is incorporated by reference).

10(p) Security   Agreement   by   and  among  Registrant,  Cibola  and  the  Cibola
      shareholders, dated April 10,  1996.  (This Exhibit has been previously filed
      as Exhibit 10.3 to Registrant's Form 10-Q for the period ended June 30, 1996,
      filed on August 14, 1996, and same is incorporated by reference).

10(q) Tax  Sharing  Agreement  by  and  among  Registrant,  Cibola  and  the Cibola
      shareholders, dated April 10, 1996.  (This Exhibit has been previously  filed
      as Exhibit 10.4 to Registrant's Form 10-Q for the period ended June 30, 1996,
      filed on August 14, 1996, and same is incorporated by reference).

10(r) Compensation  Agreement  by  and  between  Registrant and the Trustees of the
      William M. Beard and Lu Beard 1988 Charitable Unitrust (the "Trustees") dated
      April 17, 1997. (This Exhibit has been previously  filed  as Exhibit 10(s) to
      Registrant's Form 10-K for the period ended December 31, 1997, filed on March
      31, 1998, and same is incorporated herein by reference).

10(s) Indemnity  Agreement  by  and between Registrant and the Trustees dated April
      17,  1997.  (This  Exhibit  has  been  previously  filed  as Exhibit 10(t) to
      Registrant's Form 10-K for the period ended December 31, 1997, filed on March
      31, 1998, and same is incorporated herein by reference).

11    Statement re computation of per share earnings.

27    Financial Data Schedule
_____________________

<FN>
<F1>  Compensatory plan or arrangement.
</FN>
</TABLE>

(b)  One report on Form 8-K was filed during the period covered by this report.

         On  March  2,  1998  the  Company  reported  the  formation  of a new
     subsidiary  which,  effective  as  of  February 28, 1998, purchased three
     properties  involved  in the interstate travel  facilities  business  for
     $2,384,500.  The purchase  price  was  comprised  of a 15-year, unsecured
     5.93%  promissory  note  for  $543,750, the assumption  of  debt  by  the
     subsidiary of $1,659,000, and 20%  of  the  common  stock  of the company
     valued  at  $181,750.  Additionally, this subsidiary had, on February  9,
     1998, purchased  two  other  properties  in the same line of business for
     cash of $490,000.

        The report on Form 8-K was dated and filed  March  16,  1998, with the
     earliest event reported on February 27, 1998.

<PAGE>
                                  SIGNATURES

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


                                (Registrant)   THE BEARD COMPANY


(Date)  May 19, 1998            HERB MEE, JR.
                                Herb Mee, Jr., President and
                                Chief Financial Officer


(Date)  May 19, 1998            JACK A. MARTINE
                                Jack A. Martine, Controller and
                                Chief Accounting Officer
<PAGE>

<TABLE>
                             EXHIBIT INDEX
<CAPTION>
Exhibit 
No.        Description                       Method of Filing
-------    -----------                       ----------------   
<S>        <C>                               <C>
2(a)       Agreement and Plan of Reorgani-   Incorporated herein by reference
           zation by and among Registrant, 
           Beard Oil Company ("Beard Oil") 
           and New Beard, Inc., dated as of 
           July 12, 1993  (see Addendum A 
           to Part I, which is incorporated
           herein by reference; schedules to
           the Agreement have been omitted).

2(b)       Agreement and Plan of Merger by   Incorporated herein by reference
           and between The Beard Company 
           and The New Beard Company, dated
           as of September 16, 1997.

2(c)       Certificate of Merger merging The Incorporated herein by reference
           Beard Company into The New Beard 
           Company as filed with the Secretary 
           of State of Oklahoma on November 
           26, 1997. 

2(d)       Asset Purchase Agreement by and   Incorporated herein by reference
           among Airgas Carbonic Reserves, Inc.
           ("Airgas"), and Registrant, 
           Carbonic Reserves ("Carbonics"), 
           and Clifford H. Collen, Jr. ("Collen").

2(e)       Asset Purchase Agreement by and   Incorporated herein by reference
           among Registrant, Toby B. Tindell, 
           Cristie R. Tindell and Interstate 
           Travel Facilities, Inc. ("ITF"),
           dated as of February 27, 1998.

3(i)       Certificate of Incorporation of   Incorporated herein by reference
           The New Beard Company as filed 
           with the Secretary of State of
           Oklahoma on September 11, 1997.

3(ii)      Registrant's By-Laws as currently Incorporated herein by reference
           in effect.

4(a)       Agreement of Sale and Purchase by Incorporated herein by reference
           and between Beard Oil and Sensor 
           Oil & Gas, Inc. ("Sensor").

4(b)       Certificate of Designations,      Incorporated herein by reference
           Powers, Preferences and Relative, 
           Participating, Option and Other 
           Special Rights, and the Qualifica-
           tions, Limitations or Restrictions 
           Thereof of the Series A Convertible
           Voting Preferred Stock of the
           Registrant.

4(c)       Settlement Agreement, with Certif-Incorporated herein by reference
           icate of Amendment attached thereto,
           by and among Registrant, Beard Oil, 
           New York Life Insurance Company, 
           New York Life Insurance and Annuity 
           Company, John Hancock Mutual Life 
           Insurance Company, Memorial Drive 
           Trust and Sensor, dated as of April
           13, 1995.

10(a)      Amendment No. One to The Beard    Incorporated herein by reference
           Company 1993 Stock Option Plan 
           dated August 27, 1993, as amended 
           June 4, 1998 (The Amended Plan 
           supersedes the original Plan 
           adopted on August 27, 1993.)

10(b)      The Beard Company 1994 Phantom    Incorporated herein by reference
           Stock Units Plan adopted November 
           1, 1994.

10(c)      Stockholders' Agreement made as   Incorporated herein by reference
           of January 27, 1993 by and among 
           Registrant, Carbonics and Collen.

10(d)      Stock Purchase Agreement dated as Incorporated herein by reference
           of December 15, 1991 by and among
           Registrant (formerly known as Beard
           Investment Company), Carbonics and
           Collen.

10(e)      Conversion Agreement dated as of  Incorporated herein by reference
           January 31, 1995 by and among 
           Registrant, Carbonics and Collen.

10(f)      Employment Agreement dated April  Incorporated herein by reference
           3, 1995 by and among Registrant, 
           Carbonics, Collen and Beard Oil.

10(g)      The Beard Company Deferred Stock  Incorporated herein by reference
           Compensation Plan.

10(h)      Form of Change in Control Compen- Incorporated herein by reference
           sation Agreement dated as of January 
           24, 1997, by and between Carbonics 
           and three employees.

10(i)      Nonqualified Stock Option Agree-  Incorporated herein by reference
           ment by and between Richard D. 
           Neely and ISITOP, Inc. 
           ("ISITOP"), dated April 1, 1997.

10(j)      Nonqualified Stock Option Agree-  Incorporated herein by reference
           ment by and between Jerry S. Neely 
           and ISITOP, dated April 1, 1997.

10(k)      Letter Agreement dated August 15, Incorporated herein by reference
           1997 by and among Collen, Carbonics,
           Beard Oil and Registrant.  

10(l)      Letter Agreement dated October 8, Incorporated herein by reference
           1997 by and among Randy D. Thacker,
           Carbonics and Registrant.

10(m)      Nonqualified Stock Option Agree-  Incorporated herein by reference
           ment by and between Toby Tindell
           and ITF, dated February 27, 1998.

10(n)      Subscription Agreement by and     Incorporated herein by reference
           between Cibola Corporation ("Cibola") 
           and Registrant, dated April 10, 1996.

10(o)      Nonrecourse Secured Promissory    Incorporated herein by reference
           Note from Registrant to Cibola, 
           dated April 10, 1996.

10(p)      Security Agreement by and among   Incorporated herein by reference
           Registrant, Cibola and the Cibola
           shareholders, dated April 10, 1996.

10(q)      Tax Sharing Agreement by and      Incorporated herein by reference
           among Registrant, Cibola and the
           Cibola shareholders, dated 
           April 10, 1996.

10(r)      Compensation Agreement by and     Incorporated herein by reference
           between Registrant and the 
           Trustees of the William M. 
           Beard and Lu Beard 1988 
           Charitable Unitrust (the 
           "Trustees") dated April 17, 1997.

10(s)      Indemnity Agreement by and        Incorporated herein by reference
           between Registrant and the 
           Trustees dated April 17, 1997.

11         Statement re computation of       Filed herewith electronically
           per share earnings.

27         Financial Data Schedule           Filed herewith electronially

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