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  September  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
                          ------------------------------
          (State or other jurisdiction of incorporation or organization)

                                 No. 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 September 30,
2000  was 1,059,404.

1
<PAGE>

                              PETROMINERALS CORPORATION

                                      INDEX

<TABLE>
<CAPTION>
<S>                                                                   <C>
                                                                      Page
                                                                      ----

PART I - FINANCIAL INFORMATION

Item 1.  Unaudited Consolidated Financial Statements
Consolidated Balance Sheets September 30, 2000 and December 31, 1999     1
Consolidated Statements of Operations for the three and nine months
 ended September 30, 2000 and 1999 . . . . . . . . . . . . . . . . .     3
Consolidated Statements of Cash Flows for the nine months ended
 September 30, 2000 and 1999 . . . . . . . . . . . . . . . . . . . .     4
Notes to Consolidated Financial Statements . . . . . . . . . . . . .     5

Item 2.  Management's Discussion and Analysis of Financial Condition
 Condition and Results of Operations . . . . . . . . . . . . . . . .     6

PART II - OTHER INFORMATION. . . . . . . . . . . . . . . . . . . . .     8

SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     9
</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>



                                             September 30, 2000   December 31, 1999
                                             -------------------  ------------------
<S>                                          <C>                  <C>
Current Assets
  Cash and cash equivalents . . . . . . . .  $             1,727  $            2,128
  Accounts receivable, net. . . . . . . . .                   78                  54
  Prepaid expenses. . . . . . . . . . . . .                   10                  31
                                             -------------------  ------------------

  Total Current Assets. . . . . . . . . . .                1,815               2,213

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

Property and Equipment, net (including oil
  and gas properties accounted for on the
 successful efforts method) . . . . . . . .                  668                 355

Notes Receivable and Other Assets . . . . .                   76                 437
                                             -------------------  ------------------

  Total Assets. . . . . . . . . . . . . . .  $             2,584  $            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>



                                                   September 30, 2000   December 31, 1999
                                                   -------------------  ------------------
<S>                                                <C>                  <C>
Current Liabilities
  Accounts payable. . . . . . . . . . . . . . . .  $                 6  $              157
  Accrued liabilities . . . . . . . . . . . . . .                    4                   4
  Royalties payable . . . . . . . . . . . . . . .                   11                  11
                                                   -------------------  ------------------

    Total Current Liabilities . . . . . . . . . .                   21                 172

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

  Total Liabilities . . . . . . . . . . . . . . .                  469                 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;
    1,059,404 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 . . . . . . . . . . . . . . . .                  704                 999
                                                   -------------------  ------------------

  Total Stockholders' Equity. . . . . . . . . . .                2,115               2,410
                                                   -------------------  ------------------

  Total Liabilities and Stockholders' Equity. . .  $             2,584  $            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>



                                 For the Three Months Ended    For the Nine Months Ended
                                       September 30,                 September 30,
                                ----------------------------  ---------------------------
                                            2000                         1999               2000     1999
                                ----------------------------  ---------------------------  -------  -------
<S>                             <C>                           <C>                          <C>      <C>
Revenues
  Oil and gas. . . . . . . . .  $                        86   $                       91   $  258   $  169
  Other income . . . . . . . .                           26                           37       93       93
                                ----------------------------  ---------------------------  -------  -------

Total Revenues . . . . . . . .                          112                          128      351      262
                                ----------------------------  ---------------------------  -------  -------

Costs and Expenses
  Oil and gas. . . . . . . . .                           73                           55      271      159
  Depreciation, depletion
    and amortization . . . . .                            -                            1        2        3
  General and administrative .                          107                          131      346      284
  Other expense. . . . . . . .                           20                           35       27       42
                                ----------------------------  ---------------------------  -------  -------

Total Costs and Expenses . . .                          200                          222      646      488
                                ----------------------------  ---------------------------  -------  -------

Loss from continuing
  operations . . . . . . . . .                          (88)                         (94)    (295)    (226)

Discontinued operations loss
  from operation of dis-
  continued subsidiary,
  Hydro-Test Int'l, Inc. . . .                            -                            -        -      (30)
                                ----------------------------  ---------------------------  -------  -------

Net Loss . . . . . . . . . . .  $                       (88)  $                      (94)  $ (295)  $ (256)
                                ============================  ===========================  =======  =======

Net loss per share, continuing
  operations . . . . . . . . .  $                     (0.08)  $                    (0.09)  $(0.28)  $(0.21)
                                ============================  ===========================  =======  =======

Net loss per share . . . . . .  $                     (0.08)  $                    (0.09)  $(0.28)  $(0.24)
                                ============================  ===========================  =======  =======

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>



                                                   For the Nine Months Ended
                                                         September 30,
                                                  ---------------------------
                                                             2000               1999
                                                  ---------------------------  -------
<S>                                               <C>                          <C>
CASH FLOWS FROM OPERATING ACTIVITIES
  Net loss . . . . . . . . . . . . . . . . . . .  $                     (295)  $ (256)
  Adjustments to reconcile net loss
   to net cash used from operating activities:
    Depreciation, depletion and amortization . .                           2        3
    Changes in operating working capital:
    (Increase) Decrease in accounts receivable .                         (24)      30
    Decrease in prepaid. . . . . . . . . . . . .                          21       29
    (Decrease) in accounts payable . . . . . . .                        (151)     (57)
    (Decrease) in accrued liabilities. . . . . .                           -      (42)
                                                  ---------------------------  -------

Net Cash Used by Operating Activities. . . . . .                        (447)    (353)
                                                  ---------------------------  -------

CASH FLOWS FROM INVESTING ACTIVITIES
  Capital expenditures . . . . . . . . . . . . .                        (315)    (224)
  Collection from notes receivable . . . . . . .                         361       13
                                                  ---------------------------  -------

Net Cash Used by Investing Activities. . . . . .                          46     (211)
                                                  ---------------------------  -------

Net Decrease in Cash and Cash Equivalents. . . .                        (401)    (564)

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

Cash and Cash Equivalents at end of period . . .  $                    1,752   $2,389
                                                  ===========================  =======
</TABLE>



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

                            PETROMINERALS CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                            FOR THE NINE MONTHS ENDED
                           SEPTEMBER 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
nine-month period ended September 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.  The  Company  had a negative cash flow of
approximately $401,000 for the nine months ended September 30, 2000, compared to
a  negative  cash  flow  of  approximately  $564,000  for  the nine months ended
September  30,  1999.  The current period negative cash flow is mainly resulting
from  normal  general and administrative costs for the nine months with marginal
production  activities.

Nine  months  ended  September  30,  2000 as compared with the nine months ended
--------------------------------------------------------------------------------
September  30,  1999
--------------------

With oil prices in the first nine months of 2000 nearly double of those received
in the first nine months of 1999 and the addition of the Wyoming properties, the
company  has  recorded  revenues of $258,000 for the nine months ended September
30,  2000  versus $169,000 for the same period in 1999.  Net realized oil prices
increased from $10.51 per barrel for the nine months ended September 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 $271,000 for the nine
months  ended  September  30,  2000 versus $159,000 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 $346,000 for the nine months
ended  September  30,  2000  versus  $284,000  for the same period in 1999. As a
result, a net loss increased from  $256,000 for the first nine months of 1999 to
$295,000  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 an
independent  producer.

9
<PAGE>
ITEM  2  -  MANAGEMENT  DISCUSSION  AND  ANALYSIS  OF  FINANCIAL
            ----------------------------------------------------
            CONDITION  AND  RESULTS  OF  OPERATIONS  (Continued)
            ---------------------------------------

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 re-completed
to  an  Upper  Fort  Union  sand  interval.  As  of June 30, 2000, this well was
shut-in  due to excessive water production.  The operator's plans to test either
the  Ft.  Union coal or Wasatch sand during the third quarter have been extended
into  the  fourth  quarter.  The  company  drilled an additional well in the 2nd
quarter  of  this year that was completed in the Wasatch sand and is still being
tested.  As discussed in the first quarter 2000 10QSB, the company is continuing
its  evaluation  of  the potential for a coal bed methane development project on
its  acreage.  The  company with its partners are negotiating with third parties
for  a  development  program  that  will  be  mutually  advantageous.

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
57  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 that
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  nine  months  averaged $23.52 per barrel. Third quarter
revenue  from  this  note  was  approximately  $100,000  and is reflected in the
consolidated  statements  of  cash  flows  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


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 ("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,  and  each  of  them,  interfered with Sole's contractual
relationship  and prospective economic advantage. The crux of this matter issued
out  of letter of intent negotiations between Sole and Nevadacor on the purchase
of  HBOC.  Nevadacor  terminated  these negotiations prior to Company's offer to
purchase  HBOC  from  Nevadacor.  However and notwithstanding the termination by
Nevadacor,  Sole  joined  the  Company and Silverman as defendants in this suit.

As  Company  had  been assured that negotiations between Sole and Nevadacor were
over,  Company  entered into a letter of intent agreement with Nevadacor for the
purchase  of  HBOC.  These negotiations were interrupted by the lawsuit filed by
Sole  and  Company  terminated  its  agreement  with  Nevadacor.

The  Company  had,  previously,  reported  that  this lawsuit was the subject of
settlement discussions between HBOC, Nevadacor and Sole; however, since then all
negotiation  for  settlement  has  failed.

The Company believes that the allegations against the Company and Silverman have
no  substance  or  merit  and intends to vigorously defend the suit. The Company
does  not  expect  the  effect,  if any, of the outcome of this litigation to be
material  to  the  Company's  financial condition. Further because of the damage
caused  to  Company's  economic  advantage  because  of  interference by Sole in
Company's  agreement  for  purchase,  the Company intends to pursue all remedies
available  to  it  from  Sole  and  its  principals.


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.

11
<PAGE>
ITEM  5.     OTHER  INFORMATION
             ------------------

After  meeting  to  discuss strategic plans and future alternatives, the Company
and  Daniel  H.  Silverman by mutual agreement decided to end their relationship
effective  October  1,  2000,  allowing  each  to explore other alternatives and
alternative  directions.  It is anticipated that management will continue to use
Mr.  Silverman's  services  in  evaluating  acquisition  prospects,  but  as  a
consultant  and  on  a  project-by-project  basis.

In  order to reduce overhead, the corporate Office in Houston, Texas, was closed
and  the  related  costs  of  maintenance  were  eliminated.


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