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  June  30,  2000

[  ]  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                                      No. 95-2573652
  --------------                                   --------------------
(State or other jurisdiction of         (I.R.S. Employer Identification No.)
  incorporation 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 June 30, 2000
was  1,059,417.

                                                            1
<PAGE>
                PETROMINERALS CORPORATION

                                      INDEX



<TABLE>
<CAPTION>


<S>                                                                                                           <C>
                                                                                                                   Page
                                                                                                                   ------

PART I - FINANCIAL INFORMATION

Item 1.  Unaudited Consolidated Financial Statements
Consolidated Balance Sheets June 30, 2000 and December 31, 1999. . .       4
Consolidated Statements of Operations for the three and six months
 ended June 30, 2000 and 1999. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      6
Consolidated Statements of Cash Flows for the six months ended
 June 30, 2000 and 1999. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       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. . . . . . . . . . . . . . . . . . . . . . . . . . .      11

SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      13
</TABLE>



                                                       2
<PAGE>

                         PART I - FINANCIAL INFORMATION

                                                        3
<PAGE>

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

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





                                     ASSETS
<TABLE>
<CAPTION>


<S>                                                    <C>                   <C>
                                                           June 30, 2000   December 31, 1999
                                                           --------------       ------------------

Current Assets
  Cash and cash equivalents . . . . . . . $        1,825       $            2,128
  Accounts receivable, net. . . . . . . . .               62                           54
  Prepaid expenses. . . . . . . . . . . . .                   22                          31
                                                                --------------  ------------------

  Total Current Assets. . . . . . . . . .   .           1,909                     2,213

Restricted Cash . . . . . . . . . . . . . .                     25                          25

Property and Equipment, net (including oil
  and gas properties accounted for on the
 successful efforts method) . . . . . . . .             524                        355

Notes Receivable and Other Assets . . . .         284                       437
                                                                 --------------  ------------------

  Total Assets. . . . . . . . . . . . . . .          $        2,742      $           3,030
                                                            =========== =============
</TABLE>


            See accompanying notes to consolidated financial statements.
                                                      4
<PAGE>
                            PETROMINERALS CORPORATION
                           CONSOLIDATED BALANCE SHEETS
                  (Dollars in thousands, except par value data)
                                   (Unaudited)

                      LIABILITIES AND STOCKHOLDERS' EQUITY


<TABLE>
<CAPTION>


<S>                                                        <C>                   <C>
                                                               June 30, 2000   December 31, 1999
                                                               -----------------  ------------------

Current Liabilities
  Accounts payable. . . . . . . . . . . . . . . .  $               76    $              157
  Accrued liabilities . . . . . . . . . . . . . .                       4                       4
  Royalties payable . . . . . . . . . . . . . . .                    11                     11
                                                               -----------------   ------------------

    Total Current Liabilities . . . . . . . . . .                  91                  172

Prepetition Liabilities . . . . . . . . . . . . .                  448                  448
                                                                ----------------    ------------------

  Total Liabilities . . . . . . . . . . . . . . .                     539                   620
                                                                ----------------    ------------------

Stockholders' Equity
  Preferred stock:
    $.10 par value, 2,900,000 shares authorized;
    no shares issued and outstanding. . . . . . .               -                       -
  Common stock:
    $.08 par value, 20,000,000 shares authorized;
    1,059,417 shares issued and outstanding at
    June 30, 2000 and December 31, 1999,
 respectively . . . . . . . . . . . . . . . . . .                        848                   848

Capital in Excess of Par Value. . . . . . . . . .             563                  563

Retained Earnings . . . . . . . . . . . . . . . .                    792                 999
                                                                    ---------------   ------------------

  Total Stockholders' Equity. . . . . . . . . . .             2,203               2,410
                                                                    ---------------   ------------------

  Total Liabilities and Stockholders'
    Equity. . .                                                $        2,742    $           3,030
                                                                   =========   ============
</TABLE>



See accompanying notes to consolidated financial statements.
                                                      5
<PAGE>
                            PETROMINERALS CORPORATION
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                    (In thousands, except per share amounts)
                                   (Unaudited)




<TABLE>
<CAPTION>


<S>                           <C>                           <C>                         <C>      <C>
                              For the Three Months Ended                        For the Six Months Ended
                                              June 30,                                                       June 30,
                              ----------------------------  --------------------------
                                                2000                           1999            2000      1999
                              ----------------------------  --------------------------  -------  -------

Revenues
  Oil and gas. . . . . . . .  $                        82   $                      48   $  172   $    78
  Other income . . . . . . .                          41                           28        67         56
                              ----------------------------  --------------------------  -------  -------

Total Revenues . . . . . . .                       123                           76       239      134
                              ----------------------------  --------------------------  -------  -------

Costs and Expenses
  Oilfield services. . . . .                            -                               6           -         15
  Oil and gas. . . . . . . .                          114                            64        198      104
  Depreciation, depletion
    and amortization . . . .                           1                              1            2          2
  General and administrative                 119                            88        239      168
  Interest . . . . . . . . .                                  -                               -             -          1
  Other expense. . . . . . .                            3                              1            7          7
                              ----------------------------  --------------------------  -------  -------

Total Costs and Expenses . .                  237                         160        446      297
                              ----------------------------  --------------------------  -------  -------

Net Loss . . . . . . . $                             (114)  $                     (84)  $ (207)  $ (163)
                              =================   =============  =====  =====

Net loss per share  $                           (0.11)  $                   (0.08) $(0.20)  $(0.15)
                               =================  =============  =====   =====

Weighted average common
  shares outstanding . . . .                   1,059                       1,059     1,059    1,059
                              =================   ============    =====   =====
</TABLE>



See accompanying notes to consolidated financial statements.
                                                      6
<PAGE>
                            PETROMINERALS CORPORATION
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (In thousands)
                                   (Unaudited)




<TABLE>
<CAPTION>


<S>                                                               <C>                            <C>
                                                                        For the Six Months Ended
                                                                                   June 30,
                                                                           --------------------------
                                                                                    2000              1999
                                                                      --------------------------  -------

CASH FLOWS FROM OPERATING ACTIVITIES
  Net loss . . . . . . . . . . . . . . . . . . .                  $                    (207)  $ (163)
  Adjustments to reconcile net loss
   to net cash used from operating activities:
    Depreciation, depletion and amortization . .                          2           2
    Changes in operating working capital:
    (Increase) Decrease in accounts receivable .                         (8)         6
    (Increase) Decrease in prepaid . . . . . . .                                 9         20
    (Decrease) Increase in accounts payable. . .                        (81)      (53)
    (Decrease) Increase in accrued liabilities .                              -       (39)
                                                                       --------------------------  -------

Net Cash Used by Operating Activities. . . . . .                      (285)    (227)
                                                                      --------------------------  -------

CASH FLOWS FROM INVESTING ACTIVITIES
  Capital expenditures . . . . . . . . . . . . .                                   (171)     (15)
  Collection from notes receivable . . . . . . .                             153          -
                                                                      --------------------------  -------

Net Cash Used by Investing Activities. . . . . .                        (18)     (15)
                                                                      --------------------------  -------

Net Decrease in Cash and Cash Equivalents.                       (303)    (242)

Cash and Cash Equivalents at beginning of period             2,153    2,953
                                                                      -------------------------  -------

Cash and Cash Equivalents at end of period $                    1,850   $2,711
                                                                       ==============  =====
</TABLE>



See accompanying notes to consolidated financial statements.
                                                      7
<PAGE>

                            PETROMINERALS CORPORATION
          NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                            FOR THE SIX MONTHS ENDED
                               JUNE 30, 2000 AND 1999
                                        (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
six-month  period  ended  June  30,  2000  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, 1999.

Certain  reclassifications  have  been  made to the 1999 financial statements to
conform  to  the  presentation  used  in  2000.

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.


                                                      8
<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,  1999,  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 increased administrative
costs  associated  with  business  development  activities  and  several  field
maintenance  projects,  net  cash  flow  decreased  from a negative cash flow of
approximately  $242,000 for the first six months of 1999 to a negative cash flow
of approximately $303,000 for the same period in 2000.  The current low level of
cash flow is mainly resulting from normal general and administrative costs while
the  company  continues  to  review  acquisition  and  merger  opportunities.

Six  months  ended  June 30, 2000 as compared with the six months ended June 30,
--------------------------------------------------------------------------------
1999
----

With oil prices in the first half of 2000 nearly double of those received in the
first  half  of 1999 and the addition of the Wyoming properties, the company has
recorded  revenues  of  $239,000  for  the six months ended June 30, 2000 versus
$134,000  for  the  same period in 1999.  Net realized oil prices increased from
$10.51  per barrel for the six months ended June 30, 1999 to $25.11 for the same
period  in  2000.  Due  to  remedial  work  on  both  the Wyoming and California
properties,  operating  expenses  increased to $198,000 for the six months ended
June 30, 2000 versus $104,000 for the same period in 1999.  With the addition of
a  new  officer  to  implement  the  company's  growth  strategy,  general  and
administrative  expenses increased to $239,000 for the six months ended June 30,
2000  versus  $168,000  for  the  same  period  in 1999. As a result, a net loss
increased  from  $163,000  for  the first six months of 1999 to $207,000 for the
same  period  in  2000.

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

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

As  discussed  in  the Company's Annual Report on Form 10-KSB for the year ended
December  31,  1999,  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.  During  the  first  six  months  of  2000,  management  reviewed  merger
alternatives  as  well  as  focusing efforts to utilize its cash balance for the
acquisition  of  additional oil and gas producing properties.  However, with the
termination  of  the Hillcrest Beverly transaction (see below), management plans
to  refocus  its  efforts on locating an appropriate merger candidate that would
bring  the  critical  mass  of  assets  necessary  to  successfully compete as a
independent  producer.

                                                        9
<PAGE>
------
Wyoming  Venture
----------------

On September 20, 1999 the Company completed the acquisition of a 25% interest in
the  Smith  Ranch  natural  gas  field  located  in  southwest Wyoming.  Current
production  from the two active gas wells is 300 thousand cubic feet per day (65
mcfd  net).  The  company  participated in the drilling of a gas well in the 3rd
quarter of 1999 and that well was completed in a Lewis Sandstone interval in the
first quarter of 2000.  Due to completion problems, that well was recompleted to
an  Upper  Fort  Union sand interval.  As of June 30 2000, this well was shut-in
due  to  excessive  water production.  The operator plans to test either the Ft.
Union coal or Wasatch sand during the third quarter.  The company has drilled an
additional well in the 2nd quarter of this year.  That well was completed in the
Wasatch  and is expected to be brought on production early in the third quarter.
As  discussed  in  the  first  quarter 2000 10Qsb, the company is continuing its
evaluation  of  the  potential  for a coalbed methane development project on its
acreage.  The  company expects to complete its research during the third quarter
2000.

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  producing oil wells in the nearby Hasley Canyon field.
Current  net  production  from  the  --13  active  wells  on  these  leases  is
approximately  45  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  of  $931,000.  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 $29.75 per barrel.  Revenue from this note
was  approximately  $153,000  and is reflected in the consolidated statements of
cashflows  as  a  reduction  of  Notes  receivable.

Hillcrest  Beverly  Oil  Corporation  Acquisition
-------------------------------------------------

On March 10, 2000, the company signed a non-binding letter of intent to purchase
100% of the outstanding stock of Hillcrest Beverly Oil Corporation (HBOC) from a
private  Nevada  corporation.  Subsequent  to the end of the second quarter, the
company  notified  the  seller  that  it  would not continue its pursuit of this
acquisition  because  the  seller  was unable to fulfill certain obligations and
representations.

                                                                10
<PAGE>

PART  II  -  OTHER  INFORMATION


                                                                 11
<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, 1999
and  the  following.

An  action  was  filed  against  the Company in California, along with Morris V.
Hodges,  Daniel  H.  Silverman,  Nevadacor  Energy,  Inc.  ("Nevadacor"), Kaymor
Petroleum Products, and Hillcrest Beverly Oil Corporation("HBOC"), as defendants
by  Sole  Energy  Company("Sole")  as  plaintiff. The complaint alleges that the
defendants  interfered  with  Sole's  contractual  relationship  and prospective
economic  advantage.  This  matter  has  issued  out of a prior letter of intent
negotiation  between  Sole  and  Nevadacor  and  is  currently  the  subject  of
settlement  discussions  between  HBOC,  Nevadacor  and  Sole.  As  Company  has
terminated  its  efforts  to  purchase the stock of HBOC, and as the allegations
against  Company  and  Daniel  H.  Silverman have no substance or merit, Company
counsel  expects  dismissal  of  both  defendants  as a part of the negotiations
between  Sole  and  Nevadacor.

Company  management,  based  on the information available to them, believes that
the  amount  of  liability,  if  any, with the  respect to this action would not
materially  affect  the  financial  position  of  the  Company or its results of
operation.


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.


                                                      12
<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

                                                   13
<PAGE>