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

	FORM 10-QSB

(Mark One)
[x]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
		SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended  March 31, 1998   

	OR
 
[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE 
		SECURITIES EXCHANGE ACT OF 1934
	For the transition period from _______________ to ________________

		Commission file number     0-8609     

	          Future Petroleum Corporation     
	(Exact name of small business issuer as specified in charter)

         Utah               	    87-0239185      
(State or other jurisdiction of 	(I.R.S. Employer         
incorporation or organization)	Identification No.)       

2351 West Northwest Highway, Suite 2130
            Dallas, Texas                     	     75220         
(Address of principal executive offices)	    	    	(Zip Code)           

	                 (214)350-7602              
(Issuer's telephone number, including area code)

	                           Not Applicable                       
(Former name, former address, and former fiscal year, if changed since
last report)

Check whether the issuer (1) filed all reports required to be filed by 
section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 
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 [  ]

	APPLICABLE ONLY TO CORPORATE ISSUERS:

The Company had approximately 6,047,015 shares of common stock, par value
$0.01 per share, issued and outstanding as of May 20, 1998.

Transitional Small Business Disclosure Format (Check One): Yes  No X 

Page 1 of 13 Consecutively Numbered Pages
<PAGE>1


PART I
FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


The condensed consolidated financial statements included herein have 
been prepared by the Company, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission.  Certain 
information and footnote disclosures normally included in financial 
statements prepared in accordance with generally accepted accounting 
principles have been condensed or omitted.  However, in the opinion of
management, all adjustments (which consist only of normal recurring 
adjustments) necessary to present fairly the financial position and results
of operations for the periods presented have been made.  These condensed
consolidated financial statements should be read in conjunction with 
financial statements and the notes thereto included in the Company's 
Form 10-KSB filing for the year ended December 31, 1997.


<PAGE>2
<TABLE>
            		       FUTURE PETROLEUM CORPORATION

                        				Balance Sheets
                        				March 31, 1998

                           				ASSETS
				
<S>
CURRENT ASSETS:			                                           	<C>
Cash and interest-bearing deposits		                   	       $	 97,247
Notes receivable	                    		                   	       93,177
Trade accounts receivable:			
Joint interest billings				                                        8,380
Accrued oil and gas sales		       	                              204,481
							                                                        ----------
	Total Current Assets                                           	403,285
								
PROPERTY AND EQUIPMENT:								
Proved oil and gas properties, 
using the full cost method of	accounting	                     12,346,022
Other                                                             44,114
                                                              -----------
	                                                             12,390,136
Less accumulated depletion, depreciation, amortization and				
	impairment	 			                         	                      (428,698)
                                                             ------------
Net Property and Equipment				                                11,961,438 
								
OTHER ASSETS:								
Lease operating rights					                                      106,000 
Less accumulated amortization				                                (12,500)
Mining properties held for sale				                               39,977 
Other							                                                      24,045
                                                              ------------ 
		TOTAL OTHER ASSETS			                                          157,522 
								
TOTAL ASSETS		                                   	        	$   1,961,899
	                                                             ============

</TABLE>							
<PAGE>3

<TABLE>
              			   FUTURE PETROLEUM CORPORATION					

                    				  Balance Sheets					
				                      March 31, 1998				
									
              			LIABILITIES AND STOCKHOLDERS' EQUITY			

<S>                                                          <C> 							
CURRENT LIABILITIES:                                         
Trade accounts payable		                                  	$   	210,524 
Current portion of notes payable                                500,364 
Advances from shareholder                                         6,000 
Accrued oil and gas proceeds payable                             43,520
                                                            ------------
Total Current Liabilities                                       760,408 
									
									
DEFERRED GAIN ON SALE                                            40,336 
DEFERRED TAX LIABILITY                                        1,258,650 
									
LONG TERM NOTES PAYABLE	                                      6,129,361 
									
STOCKHOLDERS' EQUITY:			
Preferred stock, $.01 par value, 200,000 shares authorized,		
no shares issued	                                                  --
Common stock, $.01 par value, 30,000,000 shares authorized,			
shares issued and outstanding; 5,702,739 at March 31, 1998 and 		
4,066,779 at March 31, 1997                                      56,788 
Additional paid-in capital	                                   4,413,290 
Accumulated deficit                                            (136,588)
									                                                    ------------
Total Stockholders' Equity	                                   4,293,490 
									
Total Liabilities and Stockholders' Equity                $  12,522,245 
                                                           ==============
</TABLE>							
<PAGE>4
<TABLE>
                      FUTURE PETROLEUM CORPORATION

             Condensed Statement of Operations and Comprehensive Income

                                      							  Three Months Ended
 								                                           March 31,
							                                         1998         1997
<S>                                             <C>          <C>
REVENUES:
Oil and gas sales                  				     $ 494,174      $ 59,244 
Well operation fees 				                       22,168        44,616 
Other						                                   		--             --
                                            ----------     ----------
Total Revenues		                         			  516,342       103,860 

COSTS AND EXPENSES:
Lease operations and production taxes         290,728        55,480 
General and administrative                     77,867        54,881 
Interest                                      165,894         1,720 
Depletion, depreciation and 
    Amortization                              101,699        30,345 
                                            ----------    ----------
Total Expenses                                636,188       142,426

OTHER INCOME:
Gain on sale of assets                           --            --
Income from equity investment                    --            --
Miscellaneous income                            4,406        24,400 
Interest income                                 2,108           824 
                                           -----------    -----------
Total Other Income                              6,514        25,224 

DEFERRED TAX BENEFIT                           40,000          --
                                           -----------    -----------
NET AND COMPREHENSIVE INCOME (LOSS)           (73,332)      (13,342)

BEGINNING ACCUMULATED DEFICIT                 (63,256)      (52,438)

ENDING ACCUMULATED DEFICIT               $   (136,588)    $ (65,780)
                                           -----------    -----------
NET AND COMPREHENSIVE INCOME
 (LOSS)  PER COMMON SHARE               $       (0.01)    $    0.00 
                                           ===========    =========== 
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING                          5,679,000     4,066,779 
                                           ===========    ===========
</TABLE>
<PAGE>5
<TABLE>

                       FUTURE PETROLEUM CORPORATION

                         Statements of Cash Flows


                                              Three Months Ended
                                                   March 31,

                                             1998               1997
<S>                                           <C>               <C>
CASH FLOWS FROM OPERATING ACTIVATES:
Net Income (loss)                         $   (73,332)     $   (13,342)
Adjustments to reconcile to net 
  cash used in continuing 
   operations:
Depreciation, depletion, and amortization     101,699           30,345 
Deferred tax benefit                          (40,000)            --
Gain on sale of assets                          --                --
Decrease (increase) in receivables             64,761          (109,888)
(Decrease) increase in accounts 
   payable and accrued expenses               (40,982)          219,395
Other assets                                    6,845             2,471 
Current notes receivable                        --                --
                                          ------------       -----------
Net cash provided by (used in) operations      18,991           128,981 


CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property and equipment          (211,086)         (122,572)
Distribution from partnerships                  --                 --
                                          ------------       ----------- 
Net cash provided by (used in) 
  investing activities                       (211,086)         (122,572)


CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of stock                     --              30,000
Collection of notes receivable                  --               --
Repayment of long-term debt                   (3,589)          (10,047)
                                          ------------      -----------
Net cash provided by (used in) 
  financing activities                        (3,589)           19,953

NET INCREASE (DECREASE) IN CASH
   AND CASH EQUIVALENTS                     (195,684)           26,362

CASH AND CASH EQUIVALENTS, 
   beginning of period                   $   292,931        $  114,150 
                                         ------------       -----------

CASH AND CASH EQUIVALENTS, 
   end of period                         $    97,247        $  140,512 
                                         ============       ===========
CASH PAID FOR INTEREST DURING, 
   the period                            $   165,894        $    1,720
                                         ===========        ===========
</TABLE>
<PAGE>6



ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

THE COMPANY

Future Petroleum Corporation (the "Company") is engaged through its 
subsidiaries and subsidiary partnerships in the development of oil and 
natural gas properties located onshore primarily in Texas and Oklahoma.
The Company's principal business strategies include (i) maximizing the value
of its existing high-quality, Long-Life reserves through efficient operating
and marketing practices, (ii) conducting selective exploratory and development
activities, principally in existing areas of operations, and (iii) marketing
acquisitions of producing properties, with exploration and development 
potential in areas where the Company has operating experience and expertise.

As of December 31, 1997, the Company owned approximately 3,202,166 barrels
of oil equivalent proved reserves.  Approximately 59% of the Company's proved
reserves are proved developed reserves.  Quantities stated as equivalent barrels
of oil reserves are based on a factor of six thousand cubic feet ("MCF") of
natural gas per barrel of oil.  See "Reserves."

Strategic Developments

On November 25, 1997, the Company acquired from EnCap Equity 1994, Ltd, a 
Texas limited partnership ("EnCap"), Energy Capital Investment Co., PLC, an
English investment company ("ECIC"), and Gecko Booty 1994 I, Ltd, a Texas
limited partnership  ("Gecko Booty") effective as of November 1, 1997, certain
properties and partnerships interests consisting of one (1) field area in west
Texas, one (1) field area in southeast New Mexico (the "Permian Basin 
Properties"), three (3) field areas in the Texas Panhandle and one (1) field
area in northern Oklahoma.  The acquisition was accomplished by the purchase
from Gecko Booty of the southeast New Mexico properties, the purchase from 
EnCap and ECIC of the general and limited partnership interests in BMC 
Development No. 1 Limited Partnership, a Texas limited partnership which 
owns a portion of the Texas Panhandle and northern Oklahoma properties, 
and the purchase from EnCap and ECIC of the limited partnership interests
in Future Acquisition 1995, Ltd., a Texas limited partnership of which the
Company's Subsidiary, Future Petroleum Corporation ("Future Texas"), is the
general partner and which owns the Texas Panhandle and West Texas properties.
The Company formed a new subsidiary created under the laws of the state of 
Nevada, Future Energy Corporation, to own the limited partnership interests
acquired.  The general partnership interests and the Gecko Booty properties
will be owned by Future Texas. The purchase price for the assets and interests
acquired was $6.6 million and 1,575,000 shares of the Company's common stock.
The primary producing formations include Grayburg, San Andres and Strawn in 
the Permian Basin Properties, the Clearfork, Brown Dolomite and Granite Wash
in the Texas Panhandle and Red Fork and Meramecian Chet in northern Oklahoma.
The properties include 206 producing oil and natural gas wells on 
approximately 18,740 gross acres (17,749 net acres). 

The Company financed the acquisition of the properties by issuing the 
sellers promissory notes aggregating $6.6 million and issuing 1,575,000 
shares of restricted common stock.  Together with the 225,000 shares of the
Company's common stock already held by EnCap and ECIC, EnCap and ECIC now 
own in the aggregate 1,800,000 shares of common stock, representing 
approximately 30% of the common stock of the Company.  The notes carry a 10%
per annum interest rate and mature in five and one half (5 1/2) years.  
Under the terms of the notes the Company will make payments of interest 
only until June 30, 1998, at which time payments of principal and interest 
will begin.  The Company may prepay the note at anytime without penalty.  
All of the properties and interests acquired, as well as the other assets 
of the Company and Future Texas secure the notes.


DEVELOPMENT PROPERTIES

Oil and Gas Holdings.  The Company's properties are located onshore 
principally in Texas, New Mexico and Oklahoma.  As of April 15, 1998, 
the Company owns interests in a total of 277 gross (246 net) producing 
wells, of which 231 wells are operated by the Company.  As of that date, 
the Company had oil and gas rights in leases comprising 21,795 gross 
(18,762-net) acres. 	 

TEXAS PANHANDLE

The Company's Texas Panhandle properties offer long lived oil and natural
gas reserves and are the core properties of the Company.  There are over 
30 proved Brown Dolomite, Granite Wash and Moore County Lime development
drilling locations.  The gas produced is high in Natural Gas Liquids 
(NGL) which enables the Company to receive premium prices for its gas sold.
In addition, the implementation of advanced hydraulic fracturing to new
development wells and refracturing existing wells have proven to recover
additional reserves.

Panhandle Field. The Company has an interest in and operates one hundred
sixty one (161) wells in the Panhandle of Texas. These wells are located
in Gray, Carson, Hutchinson, Moore and Roberts Counties, Texas. Most of the
wells are located in the Panhandle Field. This field is on the Amarillo 
uplift West of the Anadarko Basin. All of the Company's wells produce from the
Wolfcamp Brown Dolomite of Permian age and the Pennsylvanian granite wash.
Production is primarily oil, natural gas liquids and gas on the uplift. The
Company's wells on the Western edge of the Anadarko Basin flanking the uplift
are located on anticlines along a structural ridge. These wells produce gas 
from the same pay zones found on the uplift in the big Panhandle Field. 

The Company markets its gas through plants in the Panhandle field.  The 
high liquid content contained in Panhandle gas enables the Company to 
participate in two separate markets for its gas thereby allowing the 
Company to enhance the market value of the gas stream.

NORTH TEXAS

Wichita County Regular Field. The Company owns and operates seventy (70)
wells in the Wichita Regular Field in Wichita County, Texas. The field 
is on the Bend Arch north of the Fort Worth basin. The pay zones are 
the Gunsight sand, the Thomas sand and an unconsolidated 600' sand.  
The Gunsight sand is presently under waterflood. All of these sands 
are Pennsylvanian in age. The trap is a combination of statigraphy 
and structure. The Company is presently performing remedial 
recompletions, stimulations and improvements to the waterflood.

PERMIAN BASIN 

Edmission Clearfork.  The Company operates and intends to flood its 
Edmission Clearfork project in Lubbock County, Texas.  Two (2) 
existing floods that have produced more secondary oil from the 
waterfloods than they produced under the primary phase of production
directly offset the property.  The Company has a 100% working 
interest in this field.

Azalea Field. The Company has an interest in seventeen (17) producing 
wells and one (1) commercial Salt Water Disposal well in the Azalea 
Field, located approximately eight (8) miles Southeast of Midland, 
Texas in Midland county. It is in the East central portion of the 
Midland geological Basin. It is near the edge of the Grayburg-San 
Andres shelf as it swings across the basin from the Central Basin 
Platform on the west to the eastern shelf on the east. The field is 
an anticlinal dome caused by drape over of a carbonate bioherm. The 
leases are on or near the crest of the anticline. The potential pays 
are in the Grayburg, Permian age sands and carbonates and the San 
Andres, also Permian, Carbonates (dolomite and limestone). It is the 
intention of the Company and its partner to drill infill wells to both 
pay zones and to start a waterflood in order to increase the recovery 
of oil. Potential increases in production and reserves will increase 
the Company's reserve base substantially. The Company has completed 
the drilling of two development wells.  The results of these wells 
indicate that up to 80% of the original oil in place still remains 
in the reservoir and that a portion of the remaining oil in place 
can be recovered by a waterflood. 

Casey Strawn Field.  The Company owns a 33% Working Interest in this 
field in Lea County, New Mexico which is located on a large Penn Reef
Trend. There are 4 existing wells and one 3-D seismically identified
PUD location.

NORTH CENTRAL OKLAHOMA

Red Fork Trend.  The Company owns 1340 proven producing acres on 
the trend containing 8 producing wells.  A recent uphole 
recompletion in the Oread Formation by an offset operator is producing
600 MCF per day.  The Company, after reviewing its own logs on its 
existing wells, believes that 2 and possibly 4 wells have uphole 
recompletion potential in the Oread Formation.

EXPLORATION PROPERTIES

Price Ranch Field.  The Price Ranch, located in the Texas Panhandle, 
contains 8390 net acres.  Three prospective features have been 
identified along a producing anticlinal trend using well control 
and 2-D seismic.  A 3-D seismic survey will be utilized to further 
delineate the three features and to pick drilling locations.

Caddo Field. The Pure Oil Company discovered the Caddo Field, located 
along the north edge of the Ardmore Basin, just south of the Arbuckle 
Mountains on July 14, 1939. It is located in, Carter County, Oklahoma.
Production is from the Goddard sandstone, Sycamore limestone, Woodford
shale, Hunton limestone, Viola limestone, and 2nd Bromide sandstone. 
It has produced 3.99 MMBO and 29.9 MMMCFG.  Caddo Field is essentially 
a gas field with a thin oil ring around it. Structurally, the field is 
an anticlinal fold on a horst block. The Company has obtained oil and 
gas leases within the oil ring that surrounds the Caddo Field. One (1)
well will initially be drilled to determine if additional wells on 4 
more locations are warranted.

Cumberland Field. The Cumberland Field is located in Township 5 South 
Range 7-East in Bryan and Marshall Counties, Oklahoma. The field has a
northwest-southeast orientation and is located on a structural high 
associated with the southwest fault block (horst) of a large 
northwest-southeast oriented horst and graben fault system. Cumberland
field has produced over 73 MMBBLS and over 54 MMMCFG.  A substantial 
amount of remaining BBLS of oil should be producible using present day 
recovery methods and oil prices.  Proven gas reserves remaining to be 
produced are estimated to be at least 30 MMMCFG.  The Arbuckle has 
never been completely tested.  It holds potentially great-untapped 
reserves.  Cumberland field was discovered in 1940 by the Pure (Unocal)
#100-1 Quintin Little.  Pays range from the Arbuckle Dolomites 
(Ordovician in age) up through the Simpson Sands, Viola and Hunton 
Limestones, Woodford Chert and Sycamore Siltstones (Pennsylvanian age).
The Simpson Sands are the oil reservoirs.  They also hold a large share 
of the gas as attic gas in their gas caps.  The Company has obtained oil
and gas leases on the flanks of this field.  Major oil companies have 
conducted an extensive 3-D seismic study of this area with the idea of
extending this field and further developing the remaining reserves.  
The Company is currently participating in a well based on this 3-D seismic
survey.  The well is utilizing directional drilling techniques.  Currently,
one (1) directional lateral has been completed and drilling is proceeding 
on a second lateral.

General
	
In November 1997, the Company completed a recapitalization of its balance
sheet by issuing new equity and $6.6 million of debt to acquire total 
proved reserves with a present value, discounted at 10%, of $14.6 million.
The recapitalization enhances the Company's ability to compete in the oil 
and gas industry by substantially increasing its cash flow available for
investment and improving its ability to attract capital.  The ability to
redirect cash flow to acquisition, exploitation, and exploration 
activities allows the Company to pursue its aggressive growth strategy. 
	
BUSINESS STRATEGY

A primary component of the Company's strategy is to expand its oil and 
gas development and exploration activities.  In addition to developing 
its existing reserves, the Company will attempt to increase its reserve
base, production and operating cash flow by engaging in strategic 
acquisitions of oil and natural gas properties.  

What the Company needs to complement its developed, long-lived asset 
base is a portfolio of properties rich with opportunities for 
reinvestment in both exploitation and exploration projects.  We have 
chosen to focus on domestic producing basins that will establish for us 
new core areas of operation.  We also desire to operate the properties 
we acquire because as the operator, we believe we can control the 
timing of projects and receive the highest possible returns.

The Company does not have a specific acquisition budget because of the
unpredictability of the timing and size of forthcoming acquisition 
activities.  There is no assurance that The Company will be able to 
identify suitable acquisition candidates in the future, or that the 
Company will be successful in the acquisition of producing properties. 
In order to finance any possible future acquisitions, the Company will 
either use borrowings or the Company may seek to obtain additional debt
or equity financing in the public or private capital markets. Further,
there can be no assurances that any future acquisitions made by the 
Company will be integrated successfully into the Company's operations
or will achieve desired profitability objectives.

Financial Condition

Liquidity and Capital Resources

The Company incurred a consolidated net loss of $73,332, and $13,342, 
for the three months ended March 31, 1998 and 1997, respectively.  At 
March 31, 1998, the Company had negative working capital of approximately
$357,123, which was a $287,932 decrease from the $69,191 working capital
that the Company had as of March 31, 1997.  This decrease in working 
capital was due primarily to the current portion of long term debt 
resulting from the acquisition of proved reserves referred to above.  
Management believes cash flow from those reserves will be sufficient to
eliminate the working capital deficit. 


CASH FLOW TO OPERATING ACTIVITIES

During the three months ended March 31, 1998, operating activities provided
net cash of approximately $19,000 which, when offset by non-cash expenses 
for depreciation, depletion, and amortization, decreases in accounts 
payable and decreases in receivables, resulted in a net loss of 
approximately $73,332 for the period.  In the same period during 1997,
operations provided net cash of approximately $129,000 which, resulted 
in a net loss from operations of $13,342.  Investing activities required
approximately $211,086 and required $122,572 for the three month period 
ended March 31, 1998, and 1997, respectively.

RESULTS OF OPERATIONS

Total revenues for the three months ended March 31, 1998, increased 397% 
over revenues for the preceding year, well operation fees decreased by 
50% and other income decreased by 74%.

Lease operations and production expenses were higher for the three 
months interim period ended March 31, 1998, as compared to the 
corresponding period a year earlier as a result of the Company's 
increased level of operations.  General and administrative expenses 
increased by 41% in the three month interim period during 1998, as 
compared to a year earlier, due to expenses associated with 
acquiring the partnership's properties as well as year end audit fees.

INFLATION

The Company's activities have not been, and in the near term are not 
expected to be, materially affected by inflation or changing prices in 
general.  The Company's oil exploration and production activities are 
generally affected by prevailing prices for oil, however.

YEAR 2000 ISSUE

The Company has reviewed its current computer software and hardware 
systems, and is currently working to resolve the potential problems 
associated with the Year 2000 and the processing of date sensitive 
information by such systems.  Based on preliminary information, the 
Company believes that it will be able to implement successfully the 
systems and programming changes necessary to address the Year 2000 
issues, and does not expect the cost of such changes to have a material
impact on the Company's financial position, results of operations or 
cash flows in future periods. 

<PAGE>11

PART II
OTHER INFORMATION




ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K




(a)		Exhibits.

None.

(b)		Reports on Form 8-K.

None.

During the quarter ended March 31, 1998, the Company did not file 
any report on Form 8-K.


<PAGE>12

SIGNATURES



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

                 					FUTURE PETROLEUM CORPORATION
	                              (Registrant)                                  




Dated:  May 20, 1998	By:     /s/ B. Carl Price                         
                 				B. Carl Price, President,
                 				Principal Financial and Accounting Officer



Dated:  May 20, 1998	By:   /s/ Christie Sirera                    
                   		Christie Sirera,
				                 Secretary

<PAGE>13