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,  2001

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


              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, 2001
was 1,059,404.


<PAGE>
                            PETROMINERALS CORPORATION

                                      INDEX





<TABLE>
<CAPTION>



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

Item 1.  Financial Statements

Balance Sheets at June 30, 2001 and December 31, 2000                    1
Statements of Operations for the Three and Six Months
  Ended June 30, 2001 and 2000                                           2
Statements of Cash Flows for the Six Months Ended
  June 30, 2001 and 2000                                                 3
Notes to Financial Statements                                            4

Item 2.  Management's Discussion and Analysis of Financial Condition
           and Results of Operations                                     5

PART II - OTHER INFORMATION                                              7

SIGNATURES                                                               8
</TABLE>




<PAGE>
                         PART I - FINANCIAL INFORMATION

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

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


<TABLE>
<CAPTION>

                                                            June 30,    December 31,
                                                             2001          2000
                                                         ------------   ------------

                                                          (Unaudited)   (Audited)
<S>                                                       <C>           <C>
ASSETS
--------------------------------------------------------
Current Assets
  Cash and cash equivalents                               $      1,602  $    1,787
  Accounts receivable, net                                          36          64
  Prepaid expenses                                                  19          30
                                                          ------------  ----------

Total Current Assets                                             1,657       1,881

Restricted Cash                                                     25          25

Property and Equipment, net (including oil and
  gas properties accounted for on the successful
  efforts method)                                                  380         379

Notes Receivable and Other Assets                                   94          25
                                                          ------------  ----------

Total Assets                                              $      2,156  $    2,310
                                                          ============  ==========


LIABILITIES AND STOCKHOLDERS' EQUITY
--------------------------------------------------------
Current Liabilities
  Accounts payable                                        $         76  $       13
  Accrued liabilities                                                9           3
  Royalties payable                                                 11          11
                                                          ------------  ----------

Total Current Liabilities                                           96          27
                                                          ------------  ----------

Stockholders' Equity
  Preferred stock:
    $.10 par value, 2,900,000 shares authorized;
      no shares issued and outstanding                               -           -
  Common stock:
    $.80 par value, 20,000,000 shares authorized;
      1,059,404 shares issued and outstanding at
      June 30, 2001 and December 31, 2000, respectively            848         848
  Capital in excess of par value                                   563         563
  Retained earnings                                                649         872
                                                          ------------  ----------

Total Stockholders' Equity                                       2,060       2,283
                                                          ------------  ----------

Total Liabilities and Stockholders' Equity                $      2,156  $    2,310
                                                          ============  ==========
</TABLE>


1
See accompanying notes to financial statements.
<PAGE>
                            PETROMINERALS CORPORATION
                            STATEMENTS OF OPERATIONS
                    (In thousands, except per share amounts)


<TABLE>
<CAPTION>


                               For the Three       For the Six
                                Months Ended       Months Ended
                                  June 30,           June 30,
                              ---------------   ----------------

                               2001     2000     2001     2000
                              -------  -------  -------  -------
<S>                           <C>      <C>      <C>      <C>
Revenues
  Oil and gas                 $   79   $   82   $  160   $  172
  Other income                    77       41      151       67
                              -------  -------  -------  -------

Total Revenues                   156      123      311      239
                              -------  -------  -------  -------

Costs and Expenses
  Oil and gas                    134      114      256      198
  Depreciation, depletion
    and amortization               1        1        2        2
  General and administrative     137      119      275      239
  Other expense                    1        3        1        7
                              -------  -------  -------  -------

Total Costs and Expenses         273      237      534      446
                              -------  -------  -------  -------

Net Loss                      $ (117)  $ (114)  $ (223)  $ (207)
                              =======  =======  =======  =======

Net loss per share            $(0.11)  $(0.11)  $(0.21)  $(0.20)
                              =======  =======  =======  =======

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


2
See accompanying notes to financial statements.
<PAGE>
                            PETROMINERALS CORPORATION
                            STATEMENTS OF CASH FLOWS
                                 (In thousands)



<TABLE>
<CAPTION>

                                              For the Six Months Ended
                                                      June 30,
                                                  ----------------

                                                   2001     2000
                                                  -------  -------
<S>                                               <C>      <C>
CASH FLOWS FROM OPERATING ACTIVITIES
  Net loss                                        $ (223)  $ (207)
  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        28       (8)
    (Increase) Decrease in prepaid                    11        9
    (Decrease) Increase in accounts payable           63      (81)
    (Decrease) Increase in accrued liabilities         6        -
                                                  -------  -------

Net Cash Used by Operating Activities               (113)    (285)
                                                  -------  -------

CASH FLOWS FROM INVESTING ACTIVITIES
  Capital expenditures                                (3)    (171)
  Collection from notes receivable                     -      153
  Purchase of partnership interest                   (69)       -
                                                  -------  -------

Net Cash Used by Investing Activities                (72)     (18)
                                                  -------  -------

Net Decrease in Cash and Cash Equivalents           (185)    (303)

Cash and Cash Equivalents at beginning of period   1,812    2,153
                                                  -------  -------

Cash and Cash Equivalents at end of period        $1,627   $1,850
                                                  =======  =======
</TABLE>

3
See accompanying notes to financial statements.
<PAGE>

                            PETROMINERALS CORPORATION
                          NOTES TO FINANCIAL STATEMENTS
                           FOR THE SIX MONTHS ENDED
                             JUNE 30, 2001 AND 2000
                                   (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,  2001 are not necessarily indicative of the
results  to  be  expected  for  the  full  year.

The  accompanying 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, 2000.

Certain  reclassifications  have  been  made to the 2000 financial statements to
conform  to  the  presentation  used  in  2001.


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.

4
<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,  2000,  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. In addition, Petrominerals disposed of its
wholly owned subsidiary Hydro-Test International, Inc. (Hydro-Test) a New Mexico
Corporation  acquired  in  1993,  through  a  voluntary  petition  for Chapter 7
bankruptcy  on  December  20, 2000.  As a result of the higher commodity prices,
net  cash  flow  increased from a negative cash flow of approximately $(303,000)
for  the  first  six  months  of  2000  to a negative cash flow of approximately
$(185,000)  for  the  same period in 2001. 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, 2001 as compared with the six months ended June 30,
--------------------------------------------------------------------------------
2000
----

Oil  prices  in the first half of 2001 slightly decreased from those received in
the  first  half of 2000, the Company has recorded oil and gas sales revenues of
$160,000  for  the  six  months ended June 30, 2001 versus $172,000 for the same
period  in  2000.  However, Petrominerals realized other income of approximately
$103,000  for  production payments received in the first half of 2001 related to
the sale of oil and gas properties in 1998 (see 10-KSB for detail). As a result,
the  Company  has  recorded  total revenues of $311,000 for the six months ended
June  30,  2001  versus  $239,000  for the same period in 2000. Net realized oil
prices  decreased  from $25.11 per barrel for the six months ended June 30, 2000
to $19.25 for the same period in 2001.  Operating expenses were $256,000 for the
six  months  ended  June  30,  2001 versus $198,000 for the same period in 2000.
General  and  administrative  expenses  increased to $275,000 for the six months
ended June 30, 2001 versus $239,000 for the same period in 2000.  As a result, a
net  loss increased from $207,000 for the first half of 2000 to $223,000 for the
same  period  in  2001.

BUSINESS  REVIEW

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

As  discussed  in  the Company's Annual Report on Form 10-KSB for the year ended
December  31,  2000,  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.  In  addition  to  reviewing  merger alternatives, management is currently
focusing  its  efforts  on  utilizing  its  cash  balance for the acquisition of
additional  oil  and  gas  producing  properties.

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.  The Company
has  current  production  from  three  active  gas  wells,  the Balta # 1 a, the
Government  Clark  #  3-12,  and  the South Baggs # 9-a, which are now producing
between  450 to 500 thousand cubic feet per day. The Company participated in the
drilling  of an additional gas well in the 3rd quarter of 2000 and that well was
completed  in the Lewis Sandstone interval. Due to completion problems, the well
was  re-completed to an Upper Fort Union coal interval. Hydraulic fracturing was
then  accomplished  to stimulate production and a pumping unit was placed on the
well  last  week and is making gas but is still being tested. This well is named
the  Blackstock  #  1.  The  Company  then  drilled  the  Huckie  # 1. This well
originally  targeted the Lewis Sandstone and was intended to collect information
on  the  Fort  Union  coal  interval.  The  Company obtained information for its
reservoir  analysis  on  the coalbed methane potential and then tested the Lance
and  Fort  Union  coal.  The  Company  is  now  waiting  for  evaluation  before
re-completion  in  the  Fort  Union coal at 2800 feet.  The Company has four (4)
additional  well  bores  to  be  used  for  re-completion in the Fort Union coal
interval  at  approximately  2800  feet  and  plans  to  continue  its  coalbed
development  as  soon as analysis on the wells drilled into the coalbed interval
has  been  completed.


5
<PAGE>
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 11 active wells on these leases is approximately
40  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  which  was  reserved  for, and due to uncertainty over realization, and
currently  has  $0  carrying  value. Under the purchase and sale agreement, 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
$20.87  per  barrel.  Revenue  from  this note was approximately $103,000 and is
reflected  in  the  statements  of  operations  as  other  income.

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.  (See  Legal  Proceedings,  Item  1).
6
<PAGE>

PART  II  -  OTHER  INFORMATION


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, 2000.


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

7
<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