<PAGE>  1



               U.S. SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549


                           FORM 10-QSB

(Mark One)

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

     For the quarterly period ended:   September 30, 2001

[  ] 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           (IRS Employer Identification No.)
 Incorporation or Organization)

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

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

     Indicate by check mark whether the registrant (1) has 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 [  ]

     Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practical date:    1,597,196


<PAGE> 2

                           PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements.

                       PETROL INDUSTRIES, INC. & SUBSIDIARIES
                           Consolidated Balance Sheets

<TABLE>
                                             September 30,    December 31,
                                                 2001            2000
                                             -------------    ------------

                                          <c>              <c>
                    ASSETS
                    ------
Current assets:
  Cash and cash equivalents                  $    22,045           50,725

  Accounts receivable:
    Trade		                                       34,813        		 52,401
    Other		                                        9,498            9,498
                                              ----------       ----------
                                        		        44,311         	 61,899

Inventory	                                        32,648        		 41,153
Prepaid expenses	                                 13,868        		  2,890
                                              ----------       ----------
          Total current assets		                 112,872        		156,667
                                              ----------       ----------
Property and equipment, at cost:
  Land		                                           7,000        		  7,000
  Developed and undeveloped oil and gas
    properties-successful efforts method	      4,130,365    	   4,138,480
  Trucks and other operating equipment           358,273    	     366,560
  Furniture and fixtures	 	                       33,347           33,133
                                              ----------       ----------
                                               4,528,985    	   4,545,173
  Less accumulated depreciation, depletion
    and amortization                           4,447,293        4,463,596
                                              ----------       ----------
                                           		     81,692    	      81,577
       			                                    ----------       ----------

Other assets                                       1,107 		         1,107			  				                ----------      ----------
                                              ----------       ----------

                                             $   195,671          239,351
                                              ==========       ==========
       LIABILITIES AND STOCKHOLDERS' DEFICIT
       -------------------------------------
Current liabilities:
  Accounts payable                           $    51,071           39,045
  Payable to interest owners	                    334,803        		328,473
  Payable to officer, net		                      872,964        		832,252
  Note payable		                                  20,500	           2,000
  Accrued expenses		                             101,598    	      92,595
						                                        ----------       ----------
      Total current liabilities                1,380,936        1,294,365
                                              ----------       ----------

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 2001 and 2000	           159,720       		159,720
  Accumulated deficit                         (1,344,985)     (1,214,734)
                                              ----------      ----------
          Total stockholders' deficit	        (1,185,265)     (1,055,014)										 ----------      ----------
                                              ----------      ----------

                                    									$   195,671         239,351
 									                                    ==========      ==========

</TABLE>

<PAGE>  3

                           PETROL INDUSTRIES, INC.

                    Consolidated Statements of Operations
                                (unaudited)

<TABLE>
                                   Quarter Ended            Year Ended
                                   September 30,           September 30,
                               --------------------    --------------------
                                  2001       2000         2001       2000
                               ---------  ---------    ---------  ---------

                            <c>        <c>          <c>        <c>
Revenues:
  Oil and gas sales         	$  123,461    206,530     411,021    579,103
  Other operating income   		     7,070      6,430      23,550     23,437
                              ---------  ---------   ---------  ---------
                                130,531    212,960     434,571    602,540
                              ---------  ---------   ---------  ---------
Expenses:
  Lease operating expense	      140,692    144,803     400,293    390,375
  General and administrative	    39,127     43,899     130,513    189,144
  Depreciation, depletion
    and amortization		            2,775      1,740 	     8,325      5,146
                              ---------  ---------   ---------  ---------
                                182,594    190,442     539,131    584,665
                              ---------  ---------   ---------  ---------

    Operating loss        	 	$  (52,063)    22,518    (104,560)    17,875
                              ---------  ---------   ---------  ---------

Other income and (expense):
  Gain on sale of assets	        	1,700        ---       5,740 	    1,000
  Interest income		                  26        563         461      1,213
  Interest expense		            (10,959)   (11,925)    (31,892)   (34,704)
                              ---------  ---------   ---------  ---------
                                 (9,233)   (11,362)    (25,691)   (32,491)
  	                           ---------  ---------   ---------  ---------

          Net loss	          $  (61,296)    11,156    (130,251)   (14,616)
                              =========  =========   =========  =========

Net loss per share	          $    (0.04)      0.01       (0.09)      (.01)
 	                            =========  =========   =========  =========

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

</TABLE>


<PAGE>  4


                             PETROL INDUSTRIES, INC.

                        Consolidated Statements of Cash Flows

                    Nine months ended September 30, 2001 and 2000
                                  (unaudited)

<TABLE>

                                                        2001       2000
                                                        ----       ----

                                                 <c>           <c>
Operating activities:
  Net loss                                          $ (130,251)  	(14,616)
  Adjustments to reconcile net loss to net cash
    provided (used) by operating activities:
      Depreciation, depletion and amortization       		  8,325      5,146
      Gain on sale of assets		                          (5,740) 	  (1,000)
      Losses on retirements of property and
        equipment included in lease operating
        expenses  		                                       ---	       495
     Changes in assets and liabilities:
       Decrease (increase) in accounts receivable       17,588     (5,993)
       Decrease (increase) in inventory	              	  8,505       (682)
       Increase in prepaid expenses                   	(10,978)    (4,621)
       Increase in accounts payable and
         accrued expenses                         	     21,029      2,394
       Increase in payable to officer, net	             40,712     96,319
       Increase in payable to interest owners		          6,330        263
                                                      --------   --------
         Net cash (used) provided by operating
           activities                                 	(44,480)    77,705

Investing activities:
  Capital expenditures                                	 (8,440)   (20,000)
  Proceeds from sale of property and equipment	   	      5,740      1,000
                                                      --------   --------
         Net cash used by investing activities	         (2,700)   (19,000)

Financing activities:
  Proceeds from gross borrowings                        18,500        ---
  Payments on gross borrowings                             ---    (20,000)
                                                      --------   --------
         Net cash provided (used) by financing
           activities                                   18,500    (20,000)



Increase (decrease) in cash and cash equivalents     		(28,680)    38,705
Cash and cash equivalents at beginning of period	   	   50,725	    34,138
                                                      --------   --------

Cash and cash equivalents at end of period           $	 22,045   	 72,843
                                                      ========   ========

</TABLE>







<PAGE>  5



                        PETROL INDUSTRIES, INC.

         Consolidated Statements of Changes in Stockholders' Deficit

               Nine months ended September 30, 2001 and 2000
                                 (unaudited)





                                                2001           2000
                                                ----           ----

Stockholder's deficit at January 1         $ (1,055,014)    (1,020,246)

   Net loss for the nine-month period          (130,251)       (14,616)
                                             ----------     ----------

Stockholder's deficit at September 30      $ (1,185,265)    (1,034,862)
                                             ==========     ==========









<PAGE>  6




                        PETROL INDUSTRIES, INC.

               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 2000 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 2001 or 2000.

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


                                     	Total Number of
                                      Shares Outstanding
                                      ------------------
                                      2000          2001
                                      ----          ----
                 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
                 July 31           1,597,196     1,597,196
                 August 31         1,597,196     1,597,196
                 September 30      1,597,196     1,597,196

4. The expected tax benefit resulting from operating losses for the first
   nine months of 2001 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 September 30, 2001.

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 $98,000, 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, 2003.  Until such 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 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 borrowings
   under the agreement as of September 30, 2001, was $18,500.







<PAGE>  7


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


     Oil and gas sales revenues decreased approximately 40.3% in the third
quarter of 2001, compared to the third quarter of 2000, the result being an
approximate 29.7% decrease in production.  The Company suffered a net loss
for the period of $61,296 or ($.04) per share, compared to a net income of
$11,156 in the 2000 period, or $.01 per share.

     The Company sustained an operating loss of $52,063 in the third quarter
of 2001, compared to an operating income of $22,518 in the prior year's third
quarter.  For the nine-month period ending September 30, 2001, the Company's
net loss increased approximately 791.2% to $130,251 from the $14,616 net loss
in the prior year's period caused principally by serious inclement weather
conditions that prevailed during the first quarter, which reduced the
Company's overall production by 21.5%.

     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 $23.48 per barrel during the third quarter of 2001,
compared to an average of $28.69 per barrel in the 2000 period.  For the
nine-month period, oil prices averaged $24.46 per barrel in 2001 compared to
$26.63 in 2000.

     The Company had cash and cash equivalents at September 30, 2001, of
$22,045, compared to $50,725 at the end of the 2000 fiscal year.  Management
estimates that it owes $334,803 from the settlement of the Horne Lease
dispute with Oryx to owners of other interests in the Horne Lease.

     In July, 2001, Joseph M. Rodano, President and Treasurer of Petrol
Industries, Inc., as well as a member of its Board of Directors, purchased a
total of 20,000 Shares Common Stock, $.10 par value per share, of Petrol
Industries, Inc.  The purchase was made in an open-market transaction, and
all of the shares purchased by Mr. Rodano were purchased with his personal
funds.  As of September 30, 2001, Mr. Rodano owns an aggregate of 576,325
Shares, comprising approximately 36% of the outstanding shares.



                        PART II - OTHER INFORMATION



Item 1.  LEGAL PROCEEDINGS.

         None.


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.





<PAGE>  8



                                 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.



Date:  November 14, 2001



                                           PETROL INDUSTRIES, INC.

                                                  s/Joseph M. Rodano
                                           By:_____________________________
                                              Joseph M. Rodano
                                              President and Treasurer