<PAGE>     1
                   U.S. SECURITIES AND EXCHANGE COMMISSION
                            Washington, DC  20549

                                 FORM 10-QSB
OMB Approval
OMB Number: xxxx-xxxx
Expires:  Approval Pending
Estimated Average Burden Hours Per Response:  1.0

     (Mark One)

     [X]  Quarterly report under Section 13 or 15(d) of the Securities
          Exchange Act of 1934

     For the quarterly period ended:            June 30, 1999

     [ ]  Transition report under Section 13 or 15(d) of the Exchange Act

     For the transition period from __________ to __________

     Commission File Number:         0-3912

                           PETROL INDUSTRIES, INC.
      (Exact Name of Small Business Issuer as Specified in its Charter)

                  NEVADA                              75-1282449
     (State or Other Jurisdiction of      (I.R.S. Employer Identification No.)
      Incorporation of Organization)

          202 N. THOMAS, SUITE 4          SHREVEPORT, LA  71107-6539
                   (Address of Principal Executive Offices)

                                (318) 424-6396
               (Issuer's Telephone Number, Including Area Code)

                                     N/A
             (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 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.

           YES [XX]         NO [  ]

              APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                 PROCEEDINGS DURING THE PRECEDING FIVE YEARS

     Check whether the registrant filed all documents and reports required to
be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution
of securities under a plan confirmed by a court.

           YES [  ]        NO [  ]

                     APPLICABLE ONLY TO CORPORATE ISSUERS

     State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date:   1,597,196


























































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<TABLE>
                        PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements.

                    PETROL INDUSTRIES, INC. & SUBSIDIARIES
                         Consolidated Balance Sheets

                                                     June 30,     December 31,
                                                       1999          1998
                 ASSETS                             -----------   ------------
                 ------                             (unaudited)
<S>                                                <C>             <C>
Current assets:
  Cash and cash equivalents                       $    34,755         56,729
  Accounts receivable:
    Trade                                              43,314         28,688
    Other                                               9,497          9,497
                                                    ---------      ---------
                                                       52,811         38,185

  Inventory                                            25,182         16,685
  Prepaid expenses                                      8,293          3,804
                                                    ---------      ---------
          Total current assets                        121,041        115,403
                                                    ---------      ---------
Property and equipment, at cost:
  Land                                                  7,000          7,000
  Developed and undeveloped oil and gas
    properties-successful efforts method            4,178,709      4,179,433
  Trucks and other operating equipment                367,984        367,984
  Furniture and fixtures                               44,015         44,015
                                                    ---------      ---------
                                                    4,597,708      4,598,432
  Less accumulated depreciation, depletion and
        amortization                                4,534,695      4,530,195
                                                    ---------      ---------
                                                       63,013         68,237
                                                    ---------      ---------
Cash surrender value of life insurance, net               ---            ---
Other assets                                            1,107          1,107
                                                    ---------      ---------
                                                  $   185,161        184,747
                                                    =========      =========
          LIABILITIES AND STOCKHOLDERS' DEFICIT
          -------------------------------------
Current liabilities:
  Accounts payable                                $    41,696         37,242
  Note payable                                         50,000            ---
  Payable to interest owners                          315,656        313,168
  Payable to officer, net                             641,283        562,682
  Accrued expenses                                    107,339        106,770
                                                    ---------      ---------
          Total current liabilities                 1,155,974      1,019,862
                                                    ---------      ---------
Stockholders' deficit:
  Preferred stock-no par value. Authorized 1,000,000
    shares; no shares issued or outstanding               ---            ---
  Common stock-$.10 par value. Authorized 10,000,000
    shares; issued and outstanding 1,597,196
      shares in 1999 and 1998                         159,720        159,720
  Accumulated deficit                              (1,130,533)      (994,835)
                                                    ---------      ---------
          Total stockholders' deficit                (970,813)      (835,115)
                                                    ---------      ---------
                                                  $   185,161        184,747
                                                    =========      =========
</TABLE>


















































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<TABLE>

                    PETROL INDUSTRIES, INC. & SUBSIDIARIES

                    Consolidated Statements of Operations
                                 (unaudited)


                                     Quarter Ended         Six Months Ended
                                       June 30,                June 30,
                                     -------------         ----------------
                                   1999        1998        1999        1998
                                   ----        ----        ----        ----
<S>                             <C>         <C>         <C>         <C>
Revenues:
  Oil and gas sales            $  119,639     114,398     198,110     251,422
  Other operating income            6,532       7,863      10,203      14,493
                                ---------   ---------   ---------   ---------
                                  126,171     122,261     208,313     265,915
                                ---------   ---------   ---------   ---------
Expenses:
  Lease operating expense          95,541     132,295     184,223     280,911
  General and administrative       69,099      77,680     139,525     164,466
  Depreciation, depletion and
    amortization                    2,250       2,400       4,500       4,200
                                ---------   ---------   ---------   ---------
                                  166,890     212,375     328,248     449,577
                                ---------   ---------   ---------   ---------
           Operating loss      $  (40,719)    (90,114)   (119,935)   (183,662)
                                ---------   ---------   ---------   ---------

Other income and (expense):
  Loss on sale of assets              ---         ---         ---        (408)
  Interest income                      66       1,849         336       4,043
  Interest expense                 (8,346)     (9,503)    (16,099)    (18,401)
                                ---------   ---------   ---------   ---------
                                   (8,280)     (7,654)    (15,763)    (14,766)
                                ---------   ---------   ---------   ---------

           Net loss            $  (48,999)    (97,768)   (135,698)   (198,428)
                                =========   =========   =========   =========

Net loss per share             $     (.03)       (.06)       (.09)       (.12)
                                =========   =========   =========   =========

Average common shares
  outstanding                   1,597,196   1,597,196   1,597,196   1,597,196
                                =========   =========   =========   =========

</TABLE>








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<TABLE>

                    PETROL INDUSTRIES, INC. & SUBSIDIARIES

                    Consolidated Statements of Cash Flows

                   Six months ended June 30, 1999 and 1998
                                 (unaudited)


                                                           1999        1998
                                                           ----        ----
<S>                                                     <C>         <C>
Operating activities:
  Net loss                                             $ (135,698)   (198,428)
  Adjustments to reconcile net loss to net cash
    provided by operating activities:
      Depreciation, depletion and amortization              4,500       4,200
      Loss on sale of assets                                  ---         408
      Losses on retirements of property and
        equipment included in lease operating expenses        724        (857)
      Changes in assets and liabilities:
        Cash surrender value of life insurance                ---      (5,550)
        Accounts receivable                               (14,626)     17,229
        Inventory                                          (8,497)     20,255
        Prepaid expenses                                   (4,489)     (6,973)
        Accounts payable and accrued expenses               5,023      13,757
        Note payable                                       50,000         ---
        Payable to officer, net                            78,601      93,464
        Payable to interest owners                          2,488       5,548
                                                        ---------   ---------
          Net cash (used) provided by operating
            activities                                    (21,974)    (56,947)


Investing activities:
  Capital expenditures                                        ---     (23,190)
                                                        ---------   ---------
          Net cash used by investing activities               ---     (23,190)


Decrease in cash and cash equivalents                     (21,974)    (80,137)
Cash and cash equivalents at beginning of period           56,729     174,809
                                                        ---------   ---------
Cash and cash equivalents at end of period             $   34,755      94,672
                                                        =========   =========

</TABLE>











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<TABLE>
                    PETROL INDUSTRIES, INC. & SUBSIDIARIES

         Consolidated Statements of Changes in Stockholders' Deficit

                   Six months ended June 30, 1999 and 1998
                                 (unaudited)



                                                       1999           1998
                                                       ----           ----
<S>                                                <C>              <C>
Stockholders' deficit at January 1                $  (835,115)       (451,125)

  Net loss for the six-month period                  (135,698)       (198,428)
                                                    ---------       ---------
Stockholders' deficit at June 30                  $  (970,813)       (649,553)
                                                    =========       =========


</TABLE>




































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                    PETROL INDUSTRIES, INC. & SUBSIDIARIES
                  Notes to Consolidated Financial Statements
                                 (unaudited)

1.   The accompanying unaudited consolidated financial statements have been
prepared by the Registrant in accordance with generally accepted accounting
principles, pursuant to the rules and regulations of the Securities and
Exchange Commission.  Certain information and footnote disclosures normally
included in financial statements have been condensed or omitted pursuant to
such rules and regulations, although management believes that the disclosures
are adequate to make the information presented not misleading.  In the opinion
of management, the accompanying financial statements contain all adjustments
necessary for a fair statement of the results for the interim periods
presented.  It is suggested that these consolidated financial statements be
used in conjunction with the consolidated financial statements and the notes
thereto included in the Registrant's 1998 Annual Report on Form 10-KSB.

2.   The consolidated financial statements included herein are consolidated
with the accounts of Petrolind Drilling Funds, Inc. and Realco, Inc., both
wholly owned subsidiaries of the Registrant, neither of which was active
during 1999 or 1998.

3.   Net income per share of common stock is computed on the weighted average
number of shares outstanding during the six months ended June 30.  The
weighted average number of shares outstanding was determined by totaling the
number of shares outstanding at the end of each month and dividing that total
by the number of months.

                                                    Total Number of
                                                   Shares Outstanding
                                                   1999          1998
                                                   ----          ----
       January 31                               1,597,196     1,597,196
       February 28                              1,597,196     1,597,196
       March 31                                 1,597,196     1,597,196
       April 30                                 1,597,196     1,597,196
       May 31                                   1,597,196     1,597,196
       June 30                                  1,597,196     1,597,196

4.   The expected tax benefit resulting from operating losses for the first
six months of 1999 has not been recorded because it is not expected to be
realizable.  Additionally, there were no significant changes in the temporary
differences that give rise to significant portions of the deferred tax assets
and deferred tax liabilities at June 30, 1999.

5.   The Company has entered into a loan agreement with a stockholder of the
corporation in which it has the ability to borrow an amount in the aggregate
not to exceed $100,000, including any amounts advanced prior to the execution
of said agreement.  Borrowings under this note will bear interest at 10.75%
and funds borrowed may be used to fund the operations of the Company.  Payment
of all accrued and unpaid interest and all unpaid principal is due May 1,
2001.  Until such due date, the Company will on a quarterly basis pay only the
accrued unpaid interest on the note on the 10th day of the month for the
preceding calendar quarter or portion thereof; such payments will be due
January 10, April 10, July 10, and October 10.  The Company has the right

<PAGE>     7


under the note agreement to make principal payments at any time before they
are due without incurring any prepayment penalties.  In addition to the
protections given under this agreement, a mortgage on certain real property
owned by the Company is pledged as security on said agreement.  Gross
borrowing under the agreement as of June 30, 1999, was $50,000.



















































<PAGE>     8

Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

     Oil and gas sales revenues increased approximately 4.6% in the second
quarter of 1999, compared to the second quarter of 1998, the result being an
approximate 23.0% increase in average oil prices of approximately $2.80 per
barrel.  The Company's net loss for the period decreased to $48,999, or ($.03)
per share, compared to $97,768 in the 1998 period, or ($.06) per share.

     The Company sustained an operating loss of $40,719 in the second quarter
of 1999, compared to an operating loss of $90,114 in the prior year's second
quarter.  For the six month period ended June 30, 1999, the Company's net loss
decreased approximately 31.6% to $135,698 from the $198,428 net loss in the
prior year's period.

     Management has attempted to reduce operating costs over the past several
years in an effort to restore profitability in the face of current oil prices.
Profitability is contingent essentially upon two factors: increasing
production from the Company's mineral leases and increases in world oil
prices.  Management continues to explore possible approaches to increasing oil
production, including technological developments or pursuing drilling
operations.

     Oil prices averaged $15.01 per barrel during the second quarter of 1999,
compared to an average of $12.21 per barrel in the 1998 period.  For the six
month period, oil prices averaged $12.87 per barrel in 1999 compared to $12.94
in 1998.

     The Company had cash and cash equivalents at June 30, 1999, of $34,755,
compared to $56,729 at the end of the 1998 fiscal year.  Management estimates
that it owes $315,656 from the settlement of the Horne Lease dispute with Oryx
to owners of other interests in the Horne Lease.

     In July, 1999, the National Association of Securities Dealers changed the
stock symbol of Petrol Industries, Inc. from PTRL to PTLD.  The new symbol
became effective July 22, 1999.  The Company's common stock is traded
over-the-counter.

     The Company is working to resolve the potential impact of the year 2000
on the ability of the Company's computerized information systems to accurately
process information that may be date-sensitive.  Any of the Company's programs
that recognize a date using "00" as the year 1900 rather than the year 2000
could result in errors or system failures.  The Company utilizes a limited
number of computer programs across its entire operation.  The Company has not
completed its assessment, but currently believes that costs of addressing this
issue will not have a material adverse impact on the Company's financial
position, as its computer programs will be updated by third party vendors.
However, if the Company and third parties upon which it relies are unable to
address this issue in a timely manner, it could result in a material financial
risk to the Company.  In order to assure that this does not occur, the Company
plans to devote all resources required to resolve any significant year 2000
issues in a timely manner.





<PAGE>     9


                         PART II - OTHER INFORMATION

Item 1.  LEGAL PROCEEDINGS.

         None.

Item 1.  CHANGES IN SECURITIES.

         None.

Item 3.  DEFAULTS UPON SENIOR SECURITIES.

         None.

Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

         None.








































<PAGE>    10


                                  SIGNATURE
                                  ---------


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


Dated:   August 13, 1999


                                      PETROL INDUSTRIES, INC.


                                      By: Joseph M. Rodano
                                         -----------------------
                                         Joseph M. Rodano
                                         President and Treasurer






































<PAGE>    11


                                EXHIBIT INDEX


           Exhibit                                  Description
             No.                                    -----------
           -------
             27                                 Financial Data Schedule