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 AND
     EXCHANGE ACT OF 1934
     For the quarterly period ended September 30, 2002

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

                           Commission File No. 1-6336
                           --------------------------

                            Petrominerals Corporation
                            -------------------------
             (Exact name of registrant as specified in its charter)

               Delaware                                       95-2573652
    ------------------------------                      ----------------------
     (State or other jurisdiction                          (I.R.S. Employer
   of incorporation or organization)                      Identification No.)


                970 Calle Negocio, San Clemente, California 92673
                -------------------------------------------------
                    (Address of principal executive offices)

                                 (949) 366-3888
                                 --------------
                          (Issuer's telephone number)

Check  whether  the  Registrant  (1)  filed  all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act 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.

                                 [ ]          [X]
                                  No          Yes

The  number  of shares of Registrant's common stock outstanding at September 30,
2002  was  1,059,404.


<PAGE>
<TABLE>
<CAPTION>
                            PETROMINERALS CORPORATION

                                      INDEX


                                                                       Page
                                                                       ----
<S>                                                                    <C>
PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

Balance Sheets at September 30, 2002 and December 31, 2001 . . . . .     1
Statements of Operations for the Three and Nine Months Ended
  September 30, 2002 and 2001. . . . . . . . . . . . . . . . . . . .     2
Statements of Cash Flows for the Nine Months Ended
  September 30, 2002 and 2001. . . . . . . . . . . . . . . . . . . .     3
Notes to Financial Statements. . . . . . . . . . . . . . . . . . . .     4

Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations . . . . . . . . . . . . . . . . .     5

Item 3.  Disclose Controls and Procedures. . . . . . . . . . . . . .     7


PART II - OTHER INFORMATION. . . . . . . . . . . . . . . . . . . . .     8

SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     9
</TABLE>


<PAGE>


                         PART I - FINANCIAL INFORMATION



<PAGE>
<TABLE>
<CAPTION>
ITEM  1.  UNAUDITED  FINANCIAL  STATEMENTS
          --------------------------------

                                 PETROMINERALS CORPORATION
                                       BALANCE SHEETS
                           (In thousands, except par value data)


                                                             September 30,    December 31,
                                                                 2002             2001
                                                            ---------------  --------------
                                                              (Unaudited)      (Audited)
<S>                                                         <C>              <C>
ASSETS
------
Current Assets
  Cash and cash equivalents                                 $          752   $       1,453
  Accounts receivable                                                  783               -
  Prepaid expenses                                                      15              34
                                                            ---------------  --------------
    Total Current Assets                                             1,550           1,487

Restricted cash                                                         25              25
Land held for resale                                                     -             212
Property and Equipment - net (including oil and gas
  properties accounted for on the successful
  efforts method)                                                      131             436
Other Assets                                                            49              43
                                                            ---------------  --------------

TOTAL ASSETS                                                $        1,755   $       2,203
                                                            ===============  ==============

LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Current Liabilities
  Accounts Payable                                          $          473   $          76
  Accrued liabilities                                                  408             734
  Royalties payable                                                      -              11
                                                            ---------------  --------------
    Total Current Liabilities                                          881             821

Notes payable                                                            -             100
                                                            ---------------  --------------
  Total Liabilities                                                    881             921
                                                            ---------------  --------------

Shareholders' Equity
  Preferred stock:
    $.10 par value, 2,500,000 shares authorized;
    no shares issued and outstanding                                     -               -
Common stock:
    $.80 par value, 20,000,000 shares authorized;
    1,059,404 and 1,159,404 shares issued and outstanding at
    September 30, 2002 and December 31, 2001, respectively             848             928

Capital in excess of par value                                         563             633
Retained earnings                                                     (537)           (241)
Cumulative other comprehensive income                                    -             (38)
                                                            ---------------  --------------
Total Shareholders' Equity                                             874           1,282
                                                            ---------------  --------------

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                  $        1,755   $       2,203
                                                            ===============  ==============
</TABLE>


                 See accompanying notes to financial statements


                                        1
<PAGE>
<TABLE>
<CAPTION>
                            PETROMINERALS CORPORATION
                            STATEMENTS OF OPERATIONS
                    (In thousands, except per share amounts)


                                                For the Three Months        For the Nine Months
                                                   Ended Sept 30               Ended Sept 30
                                                2002          2001           2002         2001
                                             --------------------------  -------------------------
<S>                                          <C>          <C>            <C>           <C>
                                                    (Unaudited)                 (Unaudited)
Revenues
  Oil and gas                                $      175   $         86   $       185   $      246
  Other income                                       82             62           347          213
                                             -----------  -------------  ------------  -----------

    Total Revenues                                  257            148           532          459
                                             -----------  -------------  ------------  -----------

Costs and Expenses
  Oil and gas                                       240            131           316          387
  Depreciation, depletion and amortization            -              -             2            2
  General and administrative                         71             96           210          371
  Impairment loss                                   100              -           300            -
  Other expenses                                      -             11             -           12
                                             -----------  -------------  ------------  -----------
    Total Costs and Expenses                        411            238           828          772
                                             -----------  -------------  ------------  -----------
Net Income (Loss)                                  (154)           (90)         (296)        (313)
                                             -----------  -------------  ------------  -----------
Net Income (Loss) per Share                  $    (0.15)  $      (0.08)  $     (0.28)  $    (0.29)
                                             ===========  =============  ============  ===========
Weighted Average Common Shares Outstanding        1,059          1,063         1,059        1,063
                                             ===========  =============  ============  ===========
</TABLE>


                 See accompanying notes to financial statements


                                        2
<PAGE>
<TABLE>
<CAPTION>
                            PETROMINERALS CORPORATION
                            STATEMENTS OF CASH FLOWS
                                 (In thousands)


                                                        For the Nine
                                                        Months Ended
                                                       September 30,
                                                      2002       2001
                                                    --------  ----------
<S>                                                 <C>       <C>
CASH FLOWS FROM OPERATING ACTIVITIES
  Net loss                                          $  (296)  $    (313)
  Adjustments to reconcile net loss
  to net cash used from operating activities:
    Depreciation, depletion and amortization              2           2
    Impairment loss                                     300           -
    Changes in operating working capital:
    (Increase) Decrease in accounts receivable         (783)        (49)
    (Increase) Decrease in prepaid                       19          20
    (Increase) Decrease in other assets                  (6)          -
    (Decrease) Increase in accounts payable             397         124
    (Decrease) Increase in royalties payable            (11)          -
    (Decrease) Increase in accrued liabilities         (326)          6
                                                    --------  ----------

Net Cash Used by Operating Activities                  (704)       (210)

CASH FLOWS FROM INVESTING ACTIVITIES
  Proceeds from the sale of property and equipment        3           -
  Capital expenditures                                    -          (3)
  Purchase of partnership interest                        -         (35)
                                                    --------  ----------

Net Cash Used by Investing Activities                     3         (38)
                                                    --------  ----------

Net Decrease in Cash and Cash Equivalents              (701)       (248)

Cash and Cash Equivalents at beginning of period      1,478       1,812
                                                    --------  ----------

Cash and Cash Equivalents at end of period          $   777   $   1,564
                                                    ========  ==========
</TABLE>


                 See accompanying notes to financial statements


                                        3
<PAGE>
                            PETROMINERALS CORPORATION
                          NOTES TO FINANCIAL STATEMENTS
                            FOR THE NINE MONTHS ENDED
                           SEPTEMBER 30, 2002 AND 2001
                                   (Unaudited)


NOTE 1 - BASIS OF PRESENTATION
         ---------------------

The  financial  information  included  herein  is  unaudited;  however,  such
information  reflects  all  adjustments  (consisting  solely of normal recurring
adjustments)  which  are,  in  the  opinion  of management, necessary for a fair
statement  of results for the interim periods. The results of operations for the
nine month period ended September 30, 2002 are not necessarily indicative of the
results  to  be  expected  for  the  full  year.

The  accompanying  financial  statements  do  not  include footnotes and certain
financial  presentations  normally  required under generally accepted accounting
principles;  and,  therefore,  should  be read in conjunction with the Company's
Annual  Report  on  Form  10-KSB  for  the  year  ended  December  31,  2001.

Certain  reclassifications  have  been  made to the 2001 financial statements to
conform  to  the  presentation  used  in  2002.


NOTE 2 - PER SHARE COMPUTATIONS
         ----------------------

Per  share  computations  are  based  upon the weighted average number of common
shares  outstanding  during each year. Common stock equivalents are not included
in  the  computations  since  their  effect  would  be  anti-dilutive.

NOTE 3 - CONTINGENT LIABILITY
         --------------------

As  the Company owns 53% of certain wells in the Santa Clarita area and with the
continual decline of oil production from the field, the company will be faced in
the  future  with  paying  its  share  of the costs of plugging, abandonment and
remediation  associated  with  these wells. Management estimates the costs to be
between  $600,000  and  $800,000.

NOTE 4 - GOING CONCERN
         -------------

The  ability  of  Petrominerals  Corporation  to  continue as a going concern is
predicated  upon,  among  other  things,  the  final  outcome  of the litigation
disclosed  in  the  legal  proceeding  section  of this form, and the ability to
generate  cash  from  operations  and  obtain  financing sources sufficiently to
satisfy  our  future  obligations.


                                        4
<PAGE>
ITEM 2 - MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         -------------------------------------------------------------
         RESULTS OF OPERATIONS
         ---------------------


FINANCIAL CONDITION
-------------------

As  discussed  in  the Company's Annual Report on Form 10-KSB for the year ended
December  31,  2001,  the  Company had sold substantially all of its oil and gas
properties  in 1998 to an unrelated party. The Company did retain an interest in
two  small oil properties and has subsequently completed an acquisition of a 25%
interest  in  a  Wyoming gas field. As a result of the termination in California
operations  and  an  expected  reimbursement due to an insurance claim, net cash
flow  decreased  from  a  negative cash flow of approximately $(248,000) for the
first  nine  months  of 2001 to a negative cash flow of approximately $(701,000)
for  the  same  period  in  2002.  The  current low level of cash flow is mainly
resulting from normal general and administrative costs. The Company continues to
seek  new business opportunities; however due to the prolonged depletion of cash
resources, future plugging obligation, payments to EPA and the possibility of an
unfavorable  judgment  against  the  Company,  prospects  for consummating a new
business transaction are limited. Interested parties should be aware that unless
a  new  business  opportunity  can  be  implemented,  the  Company prospects are
doubtful.

Nine  months  ended  September  30,  2002 as compared with the nine months ended
--------------------------------------------------------------------------------
September 30, 2001
------------------

The  Company  has  recorded  oil and gas sales revenues of $185,000 for the nine
months  ended September 30, 2002 versus $246,000 for the same period in 2001. In
addition,  Petrominerals  realized other income of approximately $347,000 in the
first  nine  months  of  2002.  Revenues  consisted  primarily  of  insurance
reimbursements  for the payment of legal fees resulting from the litigation with
Sole  Energy Company, Item 3 of the 10-KSB for the year ended December 31, 2001.
As  a  result,  the Company has recorded total revenues of $532,000 for the nine
months ended September 30, 2002 versus $459,000 for the same period in 2001. Net
realized  oil  prices decreased from $23.51 per barrel for the nine months ended
September  30,  2001  to  $21.80 for the same period in 2002. Operating expenses
were  $316,000  for the nine months ended September 30, 2002 versus $387,000 for
the  same  period  in  2001.  General  and  administrative expenses decreased to
$210,000  for  the  nine months ended September 30, 2002 versus $371,000 for the
same period in 2001. As a result, net loss decreased from $313,000 for the first
nine  months  of  2001  to  $296,000  for  the  same  period  in  2002.

BUSINESS REVIEW
---------------

Oil and Gas Segment
-------------------

As  discussed  in  the Company's Annual Report on Form 10-KSB for the year ended
December  31,  2001,  the  Company had sold substantially all of its oil and gas
properties  in  1998  to  an  unrelated party.  In 1999, the Company initiated a
process  to use the proceeds to either purchase additional oil and gas producing
assets  or  merge with another company.  As a result of this process the Company
completed the acquisition of a 25% interest in the Smith Ranch natural gas field
located  in  southwest  Wyoming  for approximately $102,000 in cash in September
1999.

Wyoming  Venture
----------------

In  1999  the  Company acquired a 25% working interest in natural gas properties
and  prospects  on  approximately 6,000 acres in Sweetwater and Carbon counties,
Wyoming.  The  property included a limited amount of conventional gas production
and  an extensive coal bed methane gas prospect.  As a part of the consideration
for  the  purchase,  the Company participated in the cost of drilling two wells.
Efforts  to increase the production of conventional gas have been disappointing;
however  test  work  in  the coal beds indicates the presence of substantial gas
reserves.  The  Company  and  its  partners  have  concluded  that they lack the
financial  resources to develop these reserves and the property is being offered
for  sale.  Management believes that its share of the proceeds of a sale will be
sufficient  to  cover  the  carrying  value  of  this  asset.


                                        5
<PAGE>
ITEM  2  - MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
--------------------------------------------------------------------------------
OF  OPERATIONS  (Continued)
--------------

BUSINESS  REVIEW  (Continued)

Santa  Clarita  Area
--------------------

As a result of the 1998 sale, the Company retained a 53% working interest in the
Castaic  Hills  Unit,  a 100% working interest in a nearby oil well and an 83.3%
working interest in 2 non-producing oil wells in the nearby Hasley Canyon field.
The  Hasley wells are being abandoned. Current net production from the 11 active
wells  on  these  leases  is  approximately  24 barrels per day (bopd). With oil
prices  at  historically  high  levels,  the operator has initiated a program of
returning  wells to production and enhancement of the water disposal activities.

In  addition to the retained working interest, the Company reserved a production
payment  which  was  reserved  for, and due to uncertainty over realization, and
currently  has  $0  carrying  value. Under the purchase and sale agreement, this
payment is paid in installments in any month which certain posted prices for oil
produced exceeds $13.50 per barrel.  The monthly payment is equal to one-half of
the  difference between the weighted average posted price and $13.50, multiplied
by  the  number  of barrels produced.  Posted prices for the first half averaged
$20.87  per  barrel.  Revenue  from  this note was approximately $135,000 and is
reflected  in  the  statements  of  operations  as  other  income.

Signal  Hill  Real  Property
----------------------------

On  September  20,  2001,  the  Company  acquired a 49% interest in certain real
property located in Signal Hill, California. This land was being held for resale
and  subject  to  the seller's clean-up of the surface to Company's satisfaction
from oil storage tanks and other debris. Because clean-up has not been completed
by  Seller and because Seller claims that the value of Company stock issued as a
consideration  for  the  purchase  has declined in value, the Company and Seller
have  agreed  to  rescind  the transaction and restore the consideration paid by
Company.  In  addition  Seller has agreed that should the property sell for more
than  the  $500,000,  during  a  two-year  period  following the rescission, any
overage  from such a sale which would otherwise be attributable to the 49% shall
be  paid  to  the  Company.  The  carrying amount on the books of the Company is
$250,000  and  the  estimated  market value of the land at December 31, 2001, is
$212,000.

Nasdaq Delisting and Transfer To OTC Bulletin Board
---------------------------------------------------

On  April  9,  2002,  the  Company  announced  that as a result of reserving for
certain  EPA  liabilities  as  discussed  in the Company's Annual Report on Form
10-KSB  for  the  year  ended  December  31,  2001, the Company was no longer in
compliance  with  the Nasdaq Small Cap minimum equity standard. Accordingly, the
Company was notified by the Nasdaq staff, on April 26, 2002, that the Company no
longer  complied  with the net tangible assets/shareholders' equity/market value
of  listed  securities/net income requirement and was subject to being delisted.
On  May  30, 2002, the Company announced that Company's representatives appeared
before  the  Nasdaq  Hearing  Panel  to  request  additional  time  to return to
compliance with the Nasdaq standards and to complete its due diligence regarding
the  acquisition of Hero Nutritional Products, LLC. ("Hero").  The Hearing Panel
rejected  the  Company's request and delisted the Company's securities effective
July  9,  2002.  The Company's securities, however, were immediately eligible to
trade  on  the  OTC  Bulletin  Board.

Resignation of President and Election of New President
------------------------------------------------------

The  Board,  at  its  July  meeting, accepted with regret the resignation of the
Company's  President and Chief Financial Officer, Mr. Morris V. Hodges, tendered
for  personal  reasons  and effective June 30, 2002. Mr. Everett L. Hodges, Vice
President, was elected to serve as President and Chief Financial Officer for the
remaining  term.  Subsequently, Mr. Morris V. Hodges also resigned as a Director
of  the  Company  for  health  reasons.


                                        6
<PAGE>
ITEM  2  - MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
--------------------------------------------------------------------------------
OF  OPERATIONS  (Continued)
--------------

BUSINESS  REVIEW  (Continued)

Shareholder  Meeting
--------------------

Because  of  concern  over  the Jury Verdict [See ITEM 1. LEGAL PROCEEDING], the
                                                          ----------------
Board  of  Directors  is  actively  considering  all  of  its  options including
reorganization  under  Chapter  11  and  has  deferred  the  date for the Annual
Shareholder  Meeting  until  the  Company's  status  is  more  certain.


ITEM  3  -  DISCLOSURE  CONTROLS  AND  PROCEDURES
            -------------------------------------

As  of September 30, 2002, an evaluation was performed under the supervision and
with  the  participation  of  our  management,  including  the  CEO/CFO,  of the
effectiveness  of  the  design  and  operation  of  our  disclosure controls and
procedures.  Based  on  that  evaluation, our management, including the CEO/CFO,
concluded  that  our  disclosure  controls  and  procedures were effective as of
September  30,  2002.

There  have  been  no  significant  changes in our internal controls or in other
factors  that  could  significantly  affect  internal  controls  subsequent  to
September  30,  2002.


                                        7
<PAGE>
PART  II  -  OTHER  INFORMATION



ITEM 1. LEGAL PROCEEDINGS
        -----------------

Petrominerals  announced jury Verdict in Litigation, see form 8-K dated November
7,  2002, though judgment has been stayed pending Company's motions to set aside
verdict  and  judgment  for  Company  not  withstanding  verdict,  the  Board of
Directors  is  actively  considering all of its options including reorganization
under  Chapter  11  and has deferred the date for the Annual Shareholder Meeting
until  the  Company's  status  is  more  certain.

Petrominerals Announces Jury Verdict in Litigation. In prior filings the Company
announced  that  an  action was filed against the Company and a former employee,
Daniel  H. Silverman, in California, along with several other defendants by Sole
Energy  Company ("Sole"). The complaint alleges that the defendants, and each of
them,  interfered  with  Sole's  contractual  relationship, prospective economic
advantage  and  fraud.  The  crux  of this matter issued out of letter of intent
negotiations between Sole and Nevadacor on the purchase of Hillcrest Beverly Oil
Corporation.  ("HBOC")  Nevadacor  terminated  these  negotiations  with Sole in
writing  prior  to Company's offer to purchase HBOC from Nevadacor. However, and
notwithstanding  the  termination  by  Nevadacor,  Sole  joined  Petrominerals
Corporation  as  a  Defendant. A motion for summary judgment in favor of Company
was  granted;  then  reversed  and  is  on  appeal.  An amended complaint naming
additional  plaintiffs  was set for trial over Company's objection and the judge
rejected  Company's  motions  to stay the action until after the appeal had been
heard  and  allowed  a  trial  to  continue  without  the  presence of necessary
defendants. A jury verdict was entered after a lengthy trial against Company for
a  total  of  $19,257,416.29.  Trial  Counsel  for  Company  expressed Company's
position  in  the  following  words:

   "We believe that this outcome is outrageous. We plan the following:
     1.   We will object to the entry of any judgment until such time as the
          pending appeal is resolved. [In response to the company's objection,
                                      ----------------------------------------
          the trial judge recently ruled that he will not sign the proposed
          -----------------------------------------------------------------
          judgment until after he has had an opportunity to rule on post-trial
          --------------------------------------------------------------------
          motions.]
          ---------
     2.   We will move for new trial and/or remittitur [reduction] of the amount
                                        --             -----------
          of the judgments.
     3.   We will move for JNOV[Judgment (for Defendant) Notwithstanding
          Verdict]
     4.   We will appeal on a number of grounds, including, but not limited to:
                                                ------------------------------
          a.   the plaintiffs lack standing having never been parties to the
               letter of intent and/or assigning away any such rights
          b.   there is insufficient evidence of the existence of an
               agreement/prospective economic advantage
          C.   there is no evidence of any wrongful acts by either of the
               defendants [meaning Petrominerals Corporation and Petrominerals
               employee, Daniel H. Silverman]
          d.   the lost profits damages are based on speculation (as admitted by
               their expert)
   We are disappointed, but not swayed regarding the merits of the case. "


ITEM 2. CHANGES IN SECURITIES
        ---------------------

None.


ITEM 3. DEFAULTS UPON SENIOR SECURITIES
        -------------------------------

None.


ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
        ---------------------------------------------------

None.


                                        8
<PAGE>
ITEM 5. OTHER INFORMATION
        -----------------

The Board also determined that the office of Company should be moved to
970 Calle Negocio, San Clemente, CA 92673, Telephone: (949)366-3888  Fax: (949)
366-3889
from: 27241 Burbank, Foothill Ranch, California 92610-2500

ITEM 6. RESIGNATION OF REGISTRANT'S DIRECTORS
        -------------------------------------

Following  the  June 30, 2002, Board Meeting, Mr. Morris V. Hodges resigned as a
Director  of  the  Company  for  health  reasons.

ITEM 7. EXHIBITS AND REPORTS ON FORM 8-K
        --------------------------------

(a)  Exhibits - Exhibits 99.1 (Certification of Chief Financial Officer and
     Chief Executive Officer)

(b)  Reports on Form 8-K - One Form 8-K filing occurred on November 7, 2002 to
     announce that the Company rescinded a stock transaction involving the
     purchase of land, had an unfavorable judgment in a lawsuit, and had a
     change of address.

ITEM 8. CHANGE IN FISCAL YEAR
        ---------------------

          N/A

ITEM 9.  SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S
        ----------------------------------------------------

          N/A


                                        9
<PAGE>
                                   SIGNATURES




Pursuant  to  the  requirement  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.



PETROMINERALS  CORPORATION
----------------------------------
(Registrant)



/s/  Everett  L.  Hodges
----------------------------------
Everett L. Hodges
President, CEO & Chief Financial Officer


                                       10
<PAGE>