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, 1997   

	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 4,066,779 shares of common stock, par value
$0.01 per share, issued and outstanding as of May 14, 1997.

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

Page 1 of 12 Consecutively Numbered Pages

<PAGE>

	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 presees thereto included in the 
Company's Form 10-KSB filing for the year ended December 31, 1996.
<PAGE>

		FUTURE PETROLEUM CORPORATION

				Balance Sheets
				March 31, 1997

				ASSETS
				
<TABLE>
<S>
CURRENT ASSETS:				                                     	<C>
Cash and interest-bearing deposits		                   	$	140,512 
Current portion of notes receivable			                   	158,031 
Trade accounts receivable:			
Joint interest billings					                               79,399 
Accrued oil and gas sales					                            277,379 
							
	Total Current Assets			                                 	655,321 
								
PROPERTY AND EQUIPMENT:								
Proved oil and gas properties, using the full cost method of	
	accounting	 			                                         	726,718 
Other						  	                                             64,961 
						                                                   	791,679 
Less accumulated depletion, depreciation, amortization and						
	impairment	 			                                        	(169,789)
								
Net Property and Equipment				                            621,890 
								
OTHER ASSETS:								
Lease operating rights					                               637,482 
Less accumulated amortization				                          (8,854)
Mining properties held for sale				                        39,978 
Other							                                                2,760 
		TOTAL OTHER ASSETS			                                   671,366 
								
TOTAL ASSETS		                                    		$   1,948,577
	

</TABLE>							
<PAGE>

			FUTURE PETROLEUM CORPORATION					

				Balance Sheets					
				March 31, 1997				
									
				LIABILITIES AND STOCKHOLDERS' EQUITY			

<TABLE>							
<S>
CURRENT LIABILITIES:                                         <C>
Trade accounts payable		                                   	$	133,964 
Current portion of notes payable                               25,664 
Advances from shareholder                                      44,000 
Accrued oil and gas proceeds payable                          382,502 
									
Total Current Liabilities                                     586,130 
									
									
DEFERRED GAIN ON SALE                                          40,336 
DEFERRED TAX LIABILITY                                         32,162 
									
LONG TERM NOTES PAYABLE	                                       22,152 
									
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; 4,066,779 at March 31, 1997 and 			
3,486,779 at March 31, 1996                                   40,668 
Additional paid-in capital	                                1,292,909 
Accumulated deficit                                          (65,780)
									
									
Total Stockholders' Equity	                                1,267,797 
									
Total Liabilities and Stockholders' Equity             $   1,948,577 

</TABLE>							
<PAGE>
		FUTURE PETROLEUM CORPORATION				

				Statement of Operations and Accumulated Deficit				

								
<TABLE>								
                                               							Three Months Ended	
                                                   							March 31,
                                                      <C>          <C>
<S>                                             						1997       		1996
REVENUES:								
Oil and gas sales                              				$	59,244 	    $	13,507 
Well operation fees					                             44,616 	     	47,204 
Other			                                             		--        		10,878 
								
	Total Revenues		                                 		103,860 		     71,589 
								
COSTS AND EXPENSES:								
Lease operations and production taxes		              55,480       	33,573 
General and administrative		                         54,881 	      24,976 
Interest					                                         1,720  		       519 
Depletion, depreciation and amortization			          30,345 	     	16,331 
								
	Total Expenses				                                 142,426 		     75,399 
								
OTHER INCOME:								 
Gain on sale of assets			                           		--	          	8,152 
Income from equity investment					                    --		          3,641 
Miscellaneous income				                           	24,400 	        	--
Interest income				                                   	824 	       	8,245 
								
	Total Other Income			                             	25,224 	      	20,037 
								
NET INCOME                                   						(13,342)		      16,228 

BEGINNING ACCUMULATED DEFICIT			                   (52,438)	    	(171,567)
		 						
ENDING ACCUMULATED DEFICIT	                     	$	(56,926)	   $	(155,339)
								
								
NET INCOME PER COMMON SHARE		                    $	0.00 	      $	0.01 
								
WEIGHTED AVERAGE COMMON								
SHARES OUTSTANDING			                             	4,066,779 		  3,487,000 
								
</TABLE>							
<PAGE>
		FUTURE PETROLEUM CORPORATION				
				Statements of Cash Flows				
<TABLE>
						                                             	Three Months Ended	
                                                 							March 31,
                                                    <C>            <C>
<S>                                         						1997 	          	1996
CASH FLOWS FROM OPERATING ACTIVATES:							
	Net Income			                               	$	(13,342)       	$	16,228 
Adjustments to reconcile to net cash used in continuing
						operations:							
Depreciation, depletion, and amortization				   	30,345 	        	16,331 
Gain on sale of assets				                       	--            		(8,152)
Decrease (increase) in receivables				        	(109,888)	        (49,216)
(Decrease) increase in accounts payable
 and accrued expenses			                       	219,395          112,469 
Other assets			                                		2,471           		--
Current notes receivable					                    --		            83,215 
								
	Net cash provided by (used in) operations				128,981 		        170,875 
								
CASH FLOWS FROM INVESTING ACTIVITIES:								
Additions to property and equipment				     	(122,572)	         56,004 
Distribution from partnerships					             --	            	(3,088)
								
Net cash provided by (used in) investing activities				(122,572)		52,916 
								
CASH FLOWS FROM FINANCING ACTIVITIES:								
Proceeds from sale of stock				              	30,000 	        	14,550 
Collection of notes receivable			            		--		            (2,324)
Repayment of long-term debt				             	(10,047)         		--
								
	Net cash provided by financing activities				19,953 		        12,226 
								
NET INCREASE (DECREASE) IN CASH								
AND CASH EQUIVALENTS					                    26,362	          130,168 
CASH AND CASH EQUIVALENTS, beginning of period	$	114,150 	$	(33,634)
								
CASH AND CASH EQUIVALENTS, end of period 	$	140,512         	$	96,534 
								
CASH PAID FOR INTEREST DURING, the period	 $	1720		              --
								
Supplemental information regarding non-cash investing and financing 
activities:		
In January 1997 the Company made an additional investment in Future Acquisition
1995, Ltd., in which they contributed 380,000 shares of common stock valued at
$237,500 in exchange for a three percent equity interest in property acquired
by the partnership along with the right to operate those acquired properties.	

</TABLE>							
<PAGE>

	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, 1996, the Company owned approximately 555 million cubic 
feet of equivalent proved natural gas reserves.  Substantially all of the 
Company's proved reserves are proved developed reserves.  Quantities stated 
as equivalent natural gas reserves are based on a factor of six thousand 
cubic feet ("MCF") of natural gas per barrel of oil. 

Strategic Developments

In December 1995, the Company's subsidiary Future Petroleum Corporation, a 
Texas corporation ("Future-Texas"), contributed a substantial portion of its 
oil and gas properties to Future Acquisition 1995, Ltd., a limited 
partnership in which Future-Texas is the general partner.  The partnership 
has two limited partners, which contributed cash to the partnership to be 
used in the acquisition and development of oil and gas properties.  Revenues,
costs and expenses are generally allocated 15% to the General Partner and 85%
to the Limited Partners until the limited partners have recovered their 
investment and a 20% return as defined in the agreement.  After that point,
the General Partner is allocated 75% of revenues, costs and expenses.  
Certain acquisition and development costs are allocated 100% to the limited 
partners.  As operator of the properties the General Partner is entitled to 
receive copas overhead charges which will generate income to the General 
Partner in addition to the 15% of revenues reserved until the 20% rate of 
return has been generated to the Limited Partners, at which time the General 
Partner will be allocated 75% of revenues.

In January 1997, the Company's subsidiary Future-Texas acquired the Taylor 
Properties through Future Acquisition 1995, Ltd., a limited partnership in 
which Future-Texas is the general partner.  The partnership has two limited 
partners, which contributed cash to the partnership to be used in the 
acquisition and development of oil and gas properties.  Revenues, costs and 
expenses are generally allocated 3% to the General Partner and 97% to the 
Limited Partners until the limited partners have recovered their investment
and a 20% return as defined in the agreement.  After that point, the General
Partner is allocated 75% of revenues, costs and expenses.  Certain
acquisitions and developments costs are allocated 100% to the limited
partners.  As operator of the properties the General Partner is entitled to 
receive copas overhead charges which will generate income to the General 
Partner in addition to the 15% of revenues reserved until the 20% rate of 
return has been generated to the Limited Partners, at which time the General
Partner will be allocated 75% of revenues.

<PAGE>


PROPERTIES

Oil and Gas Holdings.  The Company's properties are located onshore 
principally in Texas and Oklahoma.  As of May 14, 1997, the Company owns 
interests in a total of 258 gross (94.84 net) producing wells, of which 213 
wells are operated by the Company.  As of that date, the Company had oil and
gas rights in leases comprising 17,520 gross (4,721 net) acres.  The average
reserve life of these properties (based on the 1996 producing rate) is 
estimated to be 26 years as of December 31, 1996. 

The majority of the Company's proved reserves are concentrated in the 
Panhandle field of Texas.  The field is part of a reservoir that extends from
southwest Kansas through the Oklahoma Panhandle and into the Texas Panhandle.
This field which produces oil and gas from depths of 3500 feet or less, is 
known for its stable Long-Life production profiles.  The Company's other 
properties are in the Permian Basin north Texas and in southern Oklahoma. 

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 and 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.

Panhandle Field. The Company has an interest in and operates one hundred 
fifty eight (158) 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 on the uplift with some gas. 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.

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.Therefore, the Company is initiating Phase I of the
implementation of the waterflood by drilling three (3) new producing wells 
and converting eight (8) of the existing wells into injectors.   


Caddo Field. The Caddo Field, located along the north edge of the Ardmore 
Basin, just south of the Arbuckle Mountains was discovered on July 14, 1939,
by The Pure Oil Company. It is located in, Township 3 South Range 1 East, 
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 and improvements in recovery could 
double or triple this number.  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 are 
conducting a extensive 3-D seismic study of this area with the idea of 
extending this field and further develop the remaining reserves.  The 
Company plans on participating in this further development.

General
	
Prior to August 1993, the Company was engaged primarily in the business 
of mining for gold, silver, lead, zinc and gypsum and held several mining 
properties.  In August 1993, the Company acquired all of the issued and 
outstanding stock of Future Petroleum Corporation ("Future"), which was
engaged in the acquisition and production of oil and gas reserves.  
Management of the Company has determined to dispose of most of its 
mining properties and concentrate on the oil and gas business previously 
conducted by Future.  The historical financial statements are those of 
Future combined with Intermountain beginning in August 1993.
	
Financial Condition

	Liquidity and Capital Resources

General. The Company incurred a consolidated net loss of $13,342, 
and net income of $16,228, for the three months ended March 31, 1997 
and 1996, respectively.  At March 31, 1997, the Company had  working 
capital of approximately $69,191, which was a $65,646 reduction from 
the $134,837 working capital that the Company had as of March 31, 1996.
The net loss and reduction in working capital was due primarily to year 
end audit costs and investments associated with the acquisition of the 
Taylor properties.


The Company requires capital to continue with its acquisition of producing 
oil and gas properties and drilling prospects as well as to complete drilling
on existing properties and to earn an interest in prospects developed by 
others under standard industry farmout arrangements.  The Company 
has established a financial relationship through the limited partnership 
it has formed through its subsidiary Future-Texas.  The Company believes 
that through the limited partnership it now has the ability to acquire 
producing oil and gas properties as well as fund development drilling 
and uphole recompletions as required. 

The Company anticipates completing a drilling prospect and/or other 
explorations during the next  12 months as well as acquiring additional 
producing oil and gas properties.  The Company believes that these projects 
will be funded through the limited partnership it has formed through its 
subsidiary Future-Texas.  

During the three months ended March 31, 1997, operating activities 
provided net cash of approximately $129,000 which, when offset by 
non-cash expenses for depreciation, depletion, and amortization, increases 
in accounts payable and increases in receivables, resulted in a net loss of 
approximately $13,342 for the period.  In the same period during 1996, 
operations provided net cash of approximately $171,000, which resulted 
in a net profit from operations of $16,228.  Investing activities required 
approximately $123,000 and provided $53,000 for the three month period 
ended March 31, 1997, and 1996, respectively.

Results of Operations

Total revenues for the three months ended March 31, 1997, increased 45% 
over revenues for the preceding year, well operation fees decreased by 
5% and other income increased by 26%.

Lease operations and production expenses were higher for the three months 
interim period ended March 31, 1997, 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 120% 
in the three month interim period during 1997, as compared to a year 
earlier. Due to expenses associated with selling a mining prospect, 
acquiring the Taylor properties as well as year end audit fees.

<PAGE>


	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, 1997, the Company did not file 
any report on Form 8-K.

<PAGE>



	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 14, 1997	By:               /s/ B. Carl Price  
			B. Carl Price, President,
			Principal Financial and Accounting Officer





Dated:  May 14, 1997	By:            /s/ Christie Sirera                    
				Christie Sirera,
				Secretary