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 March 31, 1999

[ ]  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                                              
--------------------------------------------------                             
(State or other jurisdiction of incorporation No.)

No.  95-2573652
------------------------------------------------
(I.R.S. Employer Identification or  organization)

27241  Burbank,  Foothill  Ranch,  California  92610-2500
---------------------------------------------------------
(Address  of  principal  executive  offices)

(949)  588-2645
---------------------------------------------------------
(Registrant's  telephone  number,  including  area  code)

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 March 31, 1999
was  1,059,417.

                                      1
<PAGE>
PETROMINERALS  CORPORATION

INDEX


<TABLE>
<CAPTION>


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

Item 1.  Unaudited Consolidated Financial Statements
  Consolidated Balance Sheets March 31, 1999 and December 31, 1998 .     4
  Consolidated Statements of Operations for the three months ended
    March 31, 1999 and 1998. . . . . . . . . . . . . . . . . . . . .     6
  Consolidated Statements of Cash Flows for the three months ended
    March 31, 1999 and 1998. . . . . . . . . . . . . . . . . . . . .     7
Notes to Consolidated Financial Statements . . . . . . . . . . . . .     8

Item 2.  Management's Discussion and Analysis of Financial Condition
               Condition and Results of Operations . . . . . . . . .     9

PART II - OTHER INFORMATION. . . . . . . . . . . . . . . . . . . . .    10

SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    11
</TABLE>


                                      2
<PAGE>

                         PART I - FINANCIAL INFORMATION

<PAGE>


ITEM  1.    UNAUDITED  CONSOLIDATED  FINANCIAL  STATEMENTS
            ----------------------------------------------

                            PETROMINERALS CORPORATION
                           CONSOLIDATED BALANCE SHEETS
                  (Dollars in thousands, except par value data)
                                   (Unaudited)

                                     ASSETS
<TABLE>
<CAPTION>


                                             March 31,   December 31,
                                                1999         1998
                                             ----------  -------------
<S>                                          <C>         <C>
Current Assets
  Cash and cash equivalents . . . . . . . .  $    2,814  $       2,928
  Accounts receivable, net. . . . . . . . .           2              8
  Prepaid expenses. . . . . . . . . . . . .          41             52
                                             ----------  -------------

    Total Current Assets. . . . . . . . . .       2,857          2,988
Restricted Cash . . . . . . . . . . . . . .          25             25
Property and Equipment, net (including oil
  and gas properties accounted for on the
  successful efforts method). . . . . . . .         128            129
Notes Receivable and Other Assets . . . . .         417            417
                                             ----------  -------------
    Total Assets. . . . . . . . . . . . . .  $    3,427  $       3,559
                                             ==========  =============
</TABLE>


          See accompanying notes to consolidated financial statements.
                                   3
<PAGE>
                            PETROMINERALS CORPORATION
                           CONSOLIDATED BALANCE SHEETS
                  (Dollars in thousands, except par value data)
                                   (Unaudited)

                      LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>


                                                   March 31,   December 31,
                                                      1999         1998
                                                   ----------  -------------
<S>                                                <C>         <C>
Current Liabilities
  Accounts payable. . . . . . . . . . . . . . . .  $      118  $         133
  Accrued liabilities . . . . . . . . . . . . . .           6             44
  Royalties payable . . . . . . . . . . . . . . .          11             11
                                                   ----------  -------------

    Total Current Liabilities . . . . . . . . . .         135            188
Prepetition liabilities . . . . . . . . . . . . .         448            448
                                                   ----------  -------------
    Total Liabilities . . . . . . . . . . . . . .         583            636
                                                   ----------  -------------
Stockholders' Equity
  Preferred stock:
    $.10 par value, 2,900,000 shares authorized;
    no shares issued and outstanding. . . . . . .           -              -
  Common stock:
    $.10 par value, 20,000,000 shares authorized;
    1,059,417 shares issued and outstanding at
    March 31, 1999 and December 31, 1998,
    respectively. . . . . . . . . . . . . . . . .         848            848
Capital in Excess of Par Value. . . . . . . . . .         563            563

Retained Earnings . . . . . . . . . . . . . . . .       1,433          1,512
                                                   ----------  -------------
    Total Stockholders' Equity. . . . . . . . . .       2,844          2,923
                                                   ----------  -------------
    Total Liabilities and Stockholders' Equity. .  $    3,427  $       3,559
                                                   ==========  =============
</TABLE>


          See accompanying notes to consolidated financial statements.
                                   4
<PAGE>
                            PETROMINERALS CORPORATION
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                    (In thousands, except per share amounts)
                                   (Unaudited)

                                      For  the  Three  Months
                                         Ended  March  31,  
                                    ----------------------------
<TABLE>
<CAPTION>

                                              1999     1998
                                             -------  -------
<S>                                          <C>      <C>
REVENUES
  Oilfield services . . . . . . . . . . . .  $    -   $   25 
  Oil and gas . . . . . . . . . . . . . . .      30      132 
  Other income. . . . . . . . . . . . . . .      28       31 
                                             -------  -------

    Total Revenues. . . . . . . . . . . . .      58      188 
                                             -------  -------
COSTS AND EXPENSES
  Oilfield services . . . . . . . . . . . .      10       40 
  Oil and gas . . . . . . . . . . . . . . .      40      156 
  Depreciation, depletion and amortization.       1       31 
  General and administrative. . . . . . . .      80      106 
  Interest. . . . . . . . . . . . . . . . .       1        1 
  Other expense . . . . . . . . . . . . . .       5       12 
                                             -------  -------

    Total Costs and Expenses. . . . . . . .     137      346 
                                             -------  -------
Net income (loss) . . . . . . . . . . . . .  $  (79)  $ (158)
                                             =======  =======


Net income (loss) per share . . . . . . . .  $ (.07)  $ (.15)
                                             =======  =======

Weighted Average Common Shares Outstanding.   1,059    1,059 
                                             =======  =======
</TABLE>



          See accompanying notes to consolidated financial statements.
                                   5
<PAGE>
                            PETROMINERALS CORPORATION
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (In thousands)
                                   (Unaudited)

                                                 For  the  Three  Months
                                                    Ended    March  31,
                                                ---------------------------
<TABLE>
<CAPTION>

                                                         1999     1998
                                                        -------  ------
<S>                                                     <C>      <C>
Cash Flows from Operating Activities
  Net loss . . . . . . . . . . . . . . . . . . . . . .  $  (79)  $(158)
  Adjustments to reconcile net loss to net cash
    provided (used)from operating activities:
      Depreciation, depletion and amortization . . . .       1      31 
      Bad debt written off . . . . . . . . . . . . . .       -     (15)
      Changes in operating working capital:
        Accounts receivable. . . . . . . . . . . . . .       6      23 
        Prepaid. . . . . . . . . . . . . . . . . . . .      11      (7)
        Other assets . . . . . . . . . . . . . . . . .       -       1 
        Accounts payable . . . . . . . . . . . . . . .     (15)     92 
        Royalties payable. . . . . . . . . . . . . . .       -      (5)
        Accrued liabilities. . . . . . . . . . . . . .     (38)     96 
                                                        -------  ------

      Net Cash Provided (Used) by Operating Activities    (114)     58 
                                                        -------  ------
Cash Flows from Investing Activities
  Capital expenditures . . . . . . . . . . . . . . . .       -     (80)
  Note receivable. . . . . . . . . . . . . . . . . . .       -       5 
                                                        -------  ------

      Net Cash Used by Investing Activities. . . . . .       -     (75)
                                                        -------  ------
Cash Flows from Financing Activities
  Principal payment of debt. . . . . . . . . . . . . .       -      (2)
                                                        -------  ------
Net Decrease in Cash and Cash Equivalents. . . . . . .    (114)    (19)

Cash and Cash Equivalents at beginning of period . . .   2,953     275 
                                                        -------  ------
Cash and Cash Equivalents at end of period . . . . . .  $2,839   $ 256 
                                                        =======  ======
</TABLE>


          See accompanying notes to consolidated financial statements.
                                   6
<PAGE>
                            PETROMINERALS CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           FOR THE THREE MONTHS ENDED
                             MARCH 31, 1999 AND 1998
                                   (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
three  month  period  ended March 31, 1999 are not necessarily indicative of the
results  to  be  expected  for  the  full  year.

The  accompanying consolidated 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, 1998.

Certain  reclassifications  have  been  made to the 1998 financial statements to
conform  to  the
presentation  used  in  1999.


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.

                                  7
<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,  1998,  the  Company has sold substantially all of its oil and gas
properties  to  an  unrelated  party.  The Company has retained interests in two
small  oil  and  gas  properties.  As a result of the sale, the Company only has
marginal  revenues  and  expenses from the retained interests in certain oil and
gas  properties  for  the  three  months ended March 31, 1999. The Company had a
negative  cash  flow  of approximately $114,000 for the three months ended March
31,  1999,  compared  to  a  negative cash flow of approximately $19,000 for the
three  months  ended  March  31,  1998. The current period negative cash flow is
mainly  resulting  from  normal  general and administrative  costs for the three
months with marginal production activities. The negative cash flows at March 31,
1998  is  the  result  of  depressed oil prices and production cutbacks. At this
moment, it is difficult to project whether the negative cash flows will continue
during  the  second  quarter  of  1999.

Three  months ended March 31, 1999 as compared with the three months ended March
--------------------------------------------------------------------------------
31, 1998
---------

The  Company  sold substantially all of its oil and gas properties in the middle
of the second quarter of 1998. Accordingly, results of continuing operations for
the  period  ended  March 31, 1999 is not comparable to the same period in 1998.

BUSINESS  REVIEW

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

As  noted  in  the 10-KSB for the year ended December 31, 1998, the Company sold
substantially all of its oil and gas producing properties to an unrelated entity
in  May  1998  with an effective date of April 1, 1998. As a part of the amended
sale  agreement,  the Company agreed to retain a small portion of the field. The
Company  continues  to  earn  marginal  revenues  from the retained interests in
certain  oil  and  gas  properties  and  interest  income.

Oilfield  Services  Segment
---------------------------

As  noted  in  the  10-KSB for the year ended December 31, 1998, the Company has
discontinued  Hydro-Test's operation since July 1998. There are no current plans
to  expand  Hydro-Test's  operation or obtain additional capital from the parent
company.  Management is also considering a complete liquidation of Hydro-Test as
one  of  their  options.

                                  8
<PAGE>

                           PART II - OTHER INFORMATION

<PAGE>
ITEM  1.   LEGAL  PROCEEDINGS
           ------------------

The  Company  is  not a party to nor is its property the subject of any material
legal  proceedings  other  than  ordinary  routine  litigation incidental to its
business,  or  which  is covered by insurance, except as previously disclosed in
the Company's Annual Report on Form 10-KSB for the year ended December 31, 1998.


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.


ITEM  5.   OTHER  INFORMATION
           ------------------

None.


ITEM  6.   EXHIBITS  AND  REPORTS  ON  FORM  8-K
           -------------------------------------

           (a) Exhibits  -  None.

           (b) Reports  on  Form  8-K  -  None.

                                  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/  Morris  V. Hodges
----------------------
Morris  V.  Hodges
President,  CEO  & Chief  Financial  Officer


                                  10