<PAGE>

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

                                FORM 10-QSB

OMB Approval
OMB Number:  xxxx-xxxx
Expires:  Approval Pending
Estimated Average Burden Hours per Response:  1.0

(Mark One)

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

For the quarterly period ended:    June 30, 2003

[  ] 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 Number)
 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

<PAGE>
<TABLE>
                      PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements.

                  PETROL INDUSTRIES, INC. & SUBSIDIARIES
                        Consolidated Balance Sheets

                                                     June 30,    December 31,
                                                       2003         2002
                                                     --------    ------------

						   <c>             <c>
                    ASSETS
                    ------
Current assets:
  Cash and cash equivalents                        $    23,849         47,405
  Accounts receivable:
    Trade                                               67,211         33,246
    Other                                                9,498          9,498
                                                    ----------     ----------
                                                        76,709         42,744

Inventory                                               24,165         31,427
Prepaid expenses                                        13,172          6,463
                                                    ----------     ----------
          Total current assets                         137,895        128,039

Property and equipment, at cost:
  Land                                                   7,000          7,000
  Developed and undeveloped oil and gas
    properties-successful efforts method             3,583,578      3,711,155
  Trucks and other operating equipment                 351,302        365,104
  Furniture and fixtures                                35,681         35,681
                                                    ----------     ----------
                                                     3,977,561      4,118,940
  Less accumulated depreciation, depletion and
    amortization                                     3,881,485      4,022,765
                                                    ----------     ----------
                                                        96,076         96,715

Other assets                                             1,107          1,107

                                                   $   235,078        225,321
                                                    ==========     ==========
       LIABILITIES AND STOCKHOLDERS' DEFICIT
       -------------------------------------

Current liabilities:
  Accounts payable                                 $    54,074         89,068
  Payable to interest owners                           303,515        341,789
  Payable to officer, net                              971,162        942,705
  Notes payable                                        278,193        258,193
  Accrued expenses                                      98,798         92,650
                                                    ----------     ----------
          Total current liabilities                  1,705,742      1,724,405

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 2002 and 2001                                   159,720        159,720
  Accumulated deficit                               (1,630,384)    (1,658,804)
                                                    ----------     ----------
          Total stockholders' deficit               (1,470,664)    (1,499,084)
                                                    ----------     ----------

                                                   $   235,078        225,321
                                                    ==========     ==========
</TABLE>


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<TABLE>
                          PETROL INDUSTRIES, INC.

                   Consolidated Statements of Operations
                                (unaudited)




                                       Quarter Ended               Year Ended
                                          June 30,                  June 30,
                                  ----------------------    ----------------------
                                     2003         2002         2003         2002
                                  ----------------------    ----------------------

                              <c>           <c>          <c>          <c>
Revenues:
  Oil and gas sales              $  173,457      107,228      373,242      194,208
  Other operating income              1,598        4,231        7,634        8,959
                                  ---------    ---------    ---------    ---------
                                    175,055      111,459      380,876      203,167
                                  ---------    ---------    ---------    ---------
Expenses:
  Lease operating expense           161,429      111,091      296,498      242,627
  General and administrative         41,674       45,180       77,175       77,545
  Depreciation, depletion
    and amortization                  3,330        2,775        6,660        5,550
                                  ---------    ---------    ---------    ---------
                                    206,433      159,046      380,333      325,722
                                  ---------    ---------    ---------    ---------

       Operating income/(loss)   $  (31,378)     (47,587)         543     (122,555)
                                  ---------    ---------    ---------    ---------

Other income and (expense):
  Gain on sale of assets                ---       38,057       61,500       38,057
  Interest income                        61           50           63           54
  Interest expense                  (16,941)     (15,473)     (33,686)     (29,668)
                                  ---------    ---------    ---------    ---------
                                    (16,880)      22,634       27,877        8,443
                                  ---------    ---------    ---------    ---------

       Net income/(loss)         $  (48,258)     (24,953)      28,420     (114,122)
                                  =========    =========    =========    =========

Net income/(loss)per share       $    (0.03)       (0.02)        0.02         (.08)
                                  =========    =========    =========    =========

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

</TABLE>




<PAGE>
<TABLE>

                          PETROL INDUSTRIES, INC.

                   Consolidated Statements of Cash Flows

                  Six months ended June 30, 2003 and 2002
                                (unaudited)

                                                        2003          2002
                                                        ----          ----

                                                 <c>            <c>
Operating activities:
  Net income/(loss)                                 $  28,420      (114,112)
  Adjustments to reconcile net loss to net cash
    provided (used) by operating activities:
      Depreciation, depletion and amortization          6,660         5,550
      Gain on sale of assets                          (61,500)      (38,057)
    Changes in assets and liabilities:
       Increase in accounts receivable                (33,965)       (7,300)
       Decrease (increase) in inventory                 7,262       (11,127)
       Increase in prepaid expenses                    (6,709)       (7,215)
       Increase (decrease) in accounts payable
         and accrued expenses                         (28,846)       19,024
       Increase in payable to officer, net             28,457        27,626
       Decrease in payable to interest owners         (38,274)         (380)
                                                     --------      --------
         Net cash used by operating activities        (98,495)     (125,991)

Investing activities:
  Capital expenditures                                 (6,561)      (25,908)
  Proceeds from sale of property and equipment         61,500        40,318
                                                     --------      --------
         Net cash provided by investing activities     54,939        15,089

Financing activities:
  Proceeds from gross borrowings                       25,000       128,900
  Repayments of gross borrowings                       (5,000)      (19,563)
                                                     --------      --------
         Net cash provided by financing activities     20,000       109,337

Decrease in cash and cash equivalents                 (23,556)       (1,565)
Cash and cash equivalents at beginning of period       47,405        55,986
                                                     --------      --------

Cash and cash equivalents at end of period          $  23,849        54,421
                                                     ========      ========
</TABLE>




<PAGE>
<TABLE>

                          PETROL INDUSTRIES, INC.

        Consolidated Statements of Changes in Stockholders' Deficit

                  Six months ended June 30, 2003 and 2002
                                (unaudited)



                                                  2003          2002
                                                  ----          ----


                                          <c>             <c>
Stockholder's deficit at January 1           $ (1,499,084)   (1,260,686)

   Net income/(loss) for six-month period          28,420      (114,112)
                                               ----------    ----------

Stockholder's deficit at June 30             $ (1,470,664)   (1,374,798)
                                               ==========    ==========

</TABLE>











<PAGE>

                          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 2002 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 2003 or 2002.

  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.
     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
                                            2003         2002
                                          ----------------------

         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 operations for the first six
     months of 2003 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, 2003.




<PAGE>

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

     Oil and gas sales revenues increased approximately 61.8% in the second
quarter of 2003, compared to the second quarter of 2002, the result being
an approximate 43.9% increase in production.  The Company's net loss for
the period increased to $48,258, or ($.03) per share compared to $24,953 in
the 2002 period, or ($.02) per share.

      The Company sustained an operating loss of $31,378 in the second
quarter of 2003, compared to an operating loss of $47,587 in the prior
year's second quarter.  For the six-month period ending June 30, 2003, the
Company realized a net income of $28,420 as compared to a net loss of
$114,112 in the prior year's period.

      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 $26.95 per barrel during the second quarter of
2003, compared to an average of $22.14 per barrel in the 2002 period.  For
the six-month period, oil prices averaged $26.11 per barrel in 2003
compared to $20.23 in 2002.

      The Company had cash and cash equivalents at June 30, 2003, of
$23,849, compared to $47,405 at the end of the 2002 fiscal year.
Management estimates that it owes $303,515 from the settlement of the Horne
Lease dispute with Oryx to owners of other interests in the Horne Lease.

      In April 2003, Stuart A. Meyersburg, a stockholder, purchased a total
of 2,500 Shares Common Stock, $.10 par value per share, of Petrol
Industries (PTLD) in an open market transaction.  All of the shares
purchased by Mr. Meyersburg were purchased with his personal funds.  This
purchase brought his total holdings to 81,750 shares, comprising
approximately 5.11% of the outstanding shares.  Mr. Meyersburg acquired the
previous 4.96% of the shares in open market transactions between March 2002
and March 2003.

                        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>


                                 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:  August 14, 2003

                                        PETROL INDUSTRIES, INC.



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







<PAGE>

                                  CERTIFICATION
                                  -------------

I, Joseph M. Rodano, certify that:

  1. I have reviewed this quarterly report on Form 10-QSB of Petrol
     Industries, Inc.;

  2. Based on my knowledge, this quarterly report does not contain any
     untrue statement of a material fact or omit to state a material fact
     necessary to make the statements made, in light of the circumstances
     under which such statements were made, not misleading with respect to
     the period covered by this quarterly report;

  3. Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations and
     cash flows of the registrant as of, and for the periods presented in
     this quarterly report;

  4. The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as
     defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
     have:

     a) designed such disclosure controls and procedures to ensure that
        material information relating to the registrant, including its
        consolidated subsidiaries, is made known to us by others within
        those entities, particularly during the period in which this
        quarterly report is being prepared;
     b) evaluated the effectiveness of the registrant's disclosure controls
        and procedures as of a date within 90 days prior to the filing date of
        this quarterly report (the "Evaluation Date"); and
     c) presented this quarterly report our conclusions about the
        effectiveness of the disclosure controls and procedures based on our
        Evaluation Date;

  5. The registrant's other certifying officers and I have disclosed, based
     on our most recent evaluation, to the registrant's auditors and the audit
     committee of registrant's board of directors (or persons performing the
     equivalent functions):

     a)  all significant deficiencies in the design or operation of internal
         controls which could adversely affect the registrant's ability to
         record, process, summarize and report financial data and have
         identified for the registrant's auditors any material weaknesses in
         internal controls; and
     b)  any fraud, whether or not material, that involves management or other
         employees who have a significant role in the registrant's internal
         controls; and

  6. The registrant's other certifying officers and I have indicated in
     this quarterly report whether or not there were significant changes in
     internal controls or in other factors that could significantly affect
     internal controls subsequent to the date of our most recent evaluation,
     including any corrective actions with regard to significant deficiencies
     and material weaknesses.

Date:       August 14, 2003

      S/Joseph M. Rodano
------------------------------
     Joseph M. Rodano
     President & Treasurer



<PAGE>

                               CERTIFICATION
                               -------------

I, Arlys C. Milan, certify that:

  1. I have reviewed this quarterly report on Form 10-QSB of Petrol
     Industries, Inc.;

  2. Based on my knowledge, this quarterly report does not contain any
     untrue statement of a material fact or omit to state a material fact
     necessary to make the statements made, in light of the circumstances
     under which such statements were made, not misleading with respect to
     the period covered by this quarterly report;

  3. Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations and
     cash flows of the registrant as of, and for the periods presented in
     this quarterly report;

  4. The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as
     defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
     have:

     a)  designed such disclosure controls and procedures to ensure that
         material information relating to the registrant, including its
         consolidated subsidiaries, is made known to us by others within
         those entities particularly during the period in which this
         quarterly report is being prepared;
     b)  evaluated the effectiveness of the registrant's disclosure controls
         and procedures as of a date within 90 days prior to the filing date
         of this quarterly report (the "Evaluation Date"); and
     c)  presented this quarterly report our conclusions about the
         effectiveness of the disclosure controls and procedures based on our
         Evaluation Date;

  5. The registrant's other certifying officers and I have disclosed, based
     on our most recent evaluation, to the registrant's auditors and the audit
     committee of registrant's board of directors (or persons performing the
     equivalent functions):

     a)  all significant deficiencies in the design or operation of internal
         controls which could adversely affect the registrant's ability to
         record, process, summarize and report financial data and have
         identified for the registrant's auditors any material weaknesses in
         internal controls; and
     b)  any fraud, whether or not material, that involves management or other
         employees who have a significant role in the registrant's internal
         controls; and

  6. The registrant's other certifying officers and I have indicated in
     this quarterly report whether or not there were significant changes in
     internal controls or in other factors that could significantly affect
     internal controls subsequent to the date of our most recent evaluation,
     including any corrective actions with regard to significant deficiencies
     and material weaknesses.

Date:       August 14, 2003


      S/Arlys C. Milan
-------------------------------
      Arlys C. Milan
  Vice President & Secretary