<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:    March 31, 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>

                     PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements.

                 PETROL INDUSTRIES, INC. & SUBSIDIARIES
                       Consolidated Balance Sheets

                                                  March 31,   December 31,
                                                    2003         2002
                                                  ---------   ------------
                              ASSETS
                              ------
Current assets:
  Cash and cash equivalents                    $    42,395         47,405

  Accounts receivable:
    Trade                                           60,841         33,246
    Other                                            9,498          9,498
                                                ----------     ----------
                                                    70,339         42,744

Inventory                                           32,550         31,427
Prepaid expenses                                    11,139          6,463
                                                ----------     ----------
          Total current assets                     156,423        128,039
                                                ----------     ----------
Property and equipment, at cost:
  Land                                               7,000          7,000
  Developed and undeveloped oil and gas
    properties-successful efforts method         3,581,902      3,711,155
  Trucks and other operating equipment             350,753        365,104
  Furniture and fixtures                            35,681         35,681
                                                ----------     ----------
                                                 3,975,336      4,118,940
  Less accumulated depreciation, depletion and
    amortization                                 3,878,155      4,022,765
                                                ----------     ----------
                                                    97,181         96,175

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

                                               $   254,711        225,321
                                                ==========     ==========
       LIABILITIES AND STOCKHOLDERS' DEFICIT
       -------------------------------------
Current liabilities:
  Accounts payable                             $    49,490         89,068
  Payable to interest owners                       300,233        341,789
  Payable to officer, net                          957,071        942,705
  Note payable                                     279,693        258,193
  Accrued expenses                                  90,630         92,650
                                                ----------     ----------
          Total current liabilities              1,677,117      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                           (1,582,126)    (1,658,804)
                                                ----------     ----------
          Total stockholders' deficit           (1,422,406)    (1,499,084)
                                                ----------     ----------

                                               $   254,711        225,321
                                                ==========     ==========


<PAGE>


                         PETROL INDUSTRIES, INC.

                  Consolidated Statements of Operations

               Three Months Ended March 31, 2003 and 2002
                               (unaudited)




                                       2003              2002
                                       ----              ----

Revenues:
  Oil and gas sales               $   199,785           86,557
  Other operating income                6,036            4,727
                                    ---------         --------
                                      205,821           91,284
                                    ---------         --------
Expenses:
  Lease operating expense             135,069          131,523
  General and administrative           35,501           32,365
  Depreciation, depletion
    and amortization                    3,330            2,775
                                    ---------        ---------
                                      173,900          166,663
                                    ---------        ---------

          Operating income/(loss)      31,921          (75,379)
                                    ---------        ---------

Other income and (expense):
  Gain on sale of assets               61,500              ---
  Interest income                           2                5
  Interest expense                    (16,745)         (14,195)
                                    ---------        ---------
                                       44,757          (14,189)
                                    ---------        ---------

          Net income/(loss)       $    76,678          (89,568)
                                    =========        =========

Net income/(loss) per share       $      0.05            (0.06)
                                    =========        =========

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




















<PAGE>


                         PETROL INDUSTRIES, INC.

                  Consolidated Statements of Cash Flows

               Three Months Ended March 31, 2003 and 2002
                               (unaudited)





                                                      2003        2002
                                                      ----        ----

Operating activities:
  Net loss                                        $  76,678     (89,568)
  Adjustments to reconcile net loss to net cash
    provided (used) by operating activities:
      Depreciation, depletion and amortization        3,330       2,775
      Gain on sale of assets                        (61,500)        ---
      Losses on retirements of property and
        equipment included in lease operating
        expenses                                        ---         ---
  Changes in assets and liabilities:
     Increase in accounts receivable                (27,595)     (8,148)
     Increase in inventory                           (1,123)     (5,379)
     Increase in prepaid expenses                    (4,676)     (6,909)
     (Decrease) increase in accounts payable
       and accrued expenses                         (41,598)     16,897
     Increase in payable to officer, net             14,366      13,729
     (Decrease) increase in payable to interest
       owners                                       (41,556)        ---
                                                    -------     -------
         Net cash (used) by operating activities    (83,674)    (76,603)

Investing activities:
  Capital expenditures                               (4,337)     (1,105)
  Proceeds from sale of property and equipment       61,500         ---
                                                    -------     -------
         Net cash used by investing activities       57,163      (1,105)

Financing activities:
  Proceeds from gross borrowings                     25,000      64,000
  Repayments of gross borrowings                     (3,500)     (1,500)
                                                    -------     -------
         Net cash provided by financing activities   21,500      62,500

Increase (decrease) in cash and cash equivalents     (5,011)    (15,208)
Cash and cash equivalents at beginning of period     47,405      55,986
                                                    -------     -------

Cash and cash equivalents at end of period        $  42,394      40,778
                                                    =======     =======





















<PAGE>

                         PETROL INDUSTRIES, INC.

       Consolidated Statements of Changes in Stockholders' Deficit

               Three Months Ended March 31, 2003 and 2002
                               (unaudited)



                                                  2003          2002
                                                  ----          ----


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

   Net loss for the three month period             76,678       (89,568)
                                               ----------    ----------

Stockholder's deficit at March 31            $ (1,422,406)   (1,350,254)
                                               ==========    ==========







































<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 three months ended March
     31.  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


4.   The expected tax benefit resulting from operations for the first
     three 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 March 31, 2003.













<PAGE>


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


     With an increase of approximately 43.5% in production and an
increase of approximately 28.1% increase in average oil prices, oil and
gas sales revenues increased significantly during the first quarter of
2003, as compared to the 2002 period.  The Company realized a net income
of $76,678, or $.05 per share, as compared to a net loss of $89,568, or
($.06) per share, in the 2002 period.

      The Company realized an operating income of $21,921 in the first
quarter of 2003, compared to an operating loss of $75,379 in the prior
year's first quarter.  Oil prices averaged $25.40 per barrel during the
first quarter of 2003, compared to an average of $18.25 per barrel in the
2002 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.

      The Company had cash and cash equivalents at March 31, 2003, of
$42,395, compared to $47,405 at the end of the 2002 fiscal year.
Management estimates that it owes $300,233 from the settlement of the
Horne Lease dispute with Oryx to owners of other interests in the Horne
Lease.


                       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.

Item 5.  Other Information.

         None.
















                                 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:   March 31, 2003            PETROL INDUSTRIES, INC.



                                            S/Joseph M. Rodano
                                   By:__________________________________
                                      Joseph M. Rodano
                                      President & 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 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:   March 15, 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 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:   March 15, 2003

     s/Arlys C. Milan
  _________________________
  Arlys C. Milan
  Vice President & Secretary