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 March 31, 1998

[ ]  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. EmployerIdentification No.)
incorporation or organization)

            915 South Westminster Avenue, Alhambra, California  91803
  ---------------------------------------------------------------------------
                   (Address of principal executive offices)

                                (626) 284-8842
      ------------------------------------------------------------------
             (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 March 31,
1998  was  1,059,417.


<PAGE>
                           PETROMINERALS  CORPORATION
                                     INDEX


<TABLE>
<CAPTION>


                                                                      Page
                                                                      ----
<S>                                                                   <C>

PART I - FINANCIAL INFORMATION

Item 1.  Unaudited Consolidated Financial Statements
  Consolidated Balance Sheets March 31, 1998 and December 31, 1997 .     3
  Consolidated Statements of Operations for the three months ended
    March 31, 1998 and 1997. . . . . . . . . . . . . . . . . . . . .     5
  Consolidated Statements of Cash Flows for the three months ended
    March 31, 1998 and 1997. . . . . . . . . . . . . . . . . . . . .     6
Notes to Consolidated Financial Statements . . . . . . . . . . . . .     7
Item 2.  Management's Discussion and Analysis of Financial Condition
               Condition and Results of Operations . . . . . . . . .     8
PART II - OTHER INFORMATION. . . . . . . . . . . . . . . . . . . . .    10
SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    11
</TABLE>



<PAGE>
         See accompanying notes to consolidated financial statements.

                        PART I - FINANCIAL INFORMATION

<PAGE>
         See accompanying notes to consolidated financial statements.

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

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

                                    ASSETS
<TABLE>
<CAPTION>


                                             March 31,   December 31,
                                                1998         1997
                                             ----------  -------------
<S>                                          <C>         <C>

Current Assets
  Cash and cash equivalents                  $      216  $         235
  Accounts receivable, net                           92            115
  Inventories                                        50             50
  Prepaid expenses                                   14              7
  Current portion of note receivable                440             22
                                             ----------  -------------

    Total Current Assets                            812            429
Restricted Cash                                      40             40
Property and Equipment, net (including oil
  and gas properties accounted for on the
  successful efforts method)                      2,247          2,198
Notes Receivable and Other Assets                    21            445
                                             ----------  -------------
    Total Assets                             $    3,120  $       3,112
                                             ==========  =============
</TABLE>



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

                     LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>


                                                   March 31,   December 31,
                                                      1998         1997
                                                   ----------  -----------
<S>                                                <C>         <C>

Current Liabilities
  Accounts payable                                 $      237  $         160
  Current portion of long-term debt                         8              8
  Accrued liabilities                                     179             83
  Royalties payable                                        24             29
                                                   ----------  -------------

    Total Current Liabilities                             448            280
Long-Term Debt, net of current portion                      1              3
Prepetition liabilities                                   516            516
                                                   ----------  -------------
    Total Liabilities                                     965            799
                                                   ----------  -------------
Stockholders' Equity
  Preferred stock:
    $.10 par value, 5,000,000 shares authorized;
    no shares issued and outstanding                        -              -
  Common stock:
    $.10 par value, 20,000,000 shares authorized;
    1,059,417 shares issued and outstanding at
    March 31, 1998 and December 31, 1997,
    respectively                                          848            848
Capital in Excess of Par Value                            563            563

Retained Earnings                                         744            902
                                                   ----------  -------------
    Total Stockholders' Equity                          2,155          2,313
                                                   ----------  -------------
    Total Liabilities and Stockholders' Equity     $    3,120  $       3,112
                                                   ==========  =============
</TABLE>



<PAGE>
                           PETROMINERALS CORPORATION
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                   (In thousands, except per share amounts)
                                  (Unaudited)

                                         For  the  Three  Months
                                            Ended  March  31,
                                       ----------------------------
<TABLE>
<CAPTION>

                                              1998     1997
                                             -------  ------
<S>                                          <C>      <C>

REVENUES
  Oilfield services                          $   25   $   12
  Oil and gas                                   132      325
  Other income                                   31       31
                                             -------  ------

    Total Revenues                              188      368
                                             -------  ------
COSTS AND EXPENSES
  Oilfield services                              40       35
  Oil and gas                                   156      130
  Depreciation, depletion and amortization       31       28
  General and administrative                    106      110
  Interest                                        1        1
  Other expense                                  12        8
                                             -------  ------

    Total Costs and Expenses                    346      312
                                             -------  ------
Net income (loss)                            $ (158)  $   56
                                             =======  ======


Net income (loss) per share                  $ (.15)  $  .05
                                             =======  ======

Weighted Average Common Shares Outstanding    1,059    1,056
                                             =======  ======
</TABLE>



(Per  share  amounts at December 31, 1997 have been adjusted retroactively for
the  effects  of  a one for eight reverse stock split on January 9, 1998.  See
Note  3  -  Stock  Split).

<PAGE>
                           PETROMINERALS CORPORATION
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (In thousands)
                                  (Unaudited)
                                                       For the Three Months
                                                          Ended March 31,
                                                      -----------------------
<TABLE>
<CAPTION>

                                                              1998    1997
                                                             ------  ------
<S>                                                            <C>     <C>

Cash Flows from Operating Activities
  Net income (loss)                                          $(158)  $  56 
  Adjustments to reconcile net loss to net cash
    provided from operating activities:
      Depreciation, depletion and amortization                  31      28 
      Bad debt written off                                     (15)      - 
      Changes in operating working capital:
        Accounts receivable                                     23       9 
        Prepaid                                                 (7)    (11)
        Other assets                                             1       - 
        Accounts payable                                        92    (288)
        Royalties payable                                       (5)     (2)
        Accrued liabilities                                     96      (5)
        Prepetition liabilities                                  -      (5)
                                                              ------  ------


      Net Cash Provided (Used) by Operating Activities          58    (218)
                                                              ------  ------
              
Cash Flows from Investing Activities
  Capital expenditures                                        (80)      (91)
  Note receivable                                               5         2 
                                                              ------  ------

      Net Cash Used by Investing Activities                   (75)      (89)
                                                             ------   ------
Cash Flows from Financing Activities
  Principal payment of debt                                    (2)        - 
  Long term debt borrowed                                       -         2 
                                                              ------   ------

      Net Cash Provided (Used) by Financing Activities         (2)        2 
                                                              ------  ------
Net Decrease in Cash and Cash Equivalents                     (19)     (305)

Cash and Cash Equivalents at beginning of period               275      654 
                                                              ------  ------
Cash and Cash Equivalents at end of period                   $ 256    $ 349 
                                                              ======  ======
</TABLE>



<PAGE>
                           PETROMINERALS CORPORATION
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                          FOR THE THREE MONTHS ENDED
                            MARCH 31, 1998 AND 1997
                                  (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  three month period ended March 31, 1998 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, 1997.

Certain  reclassifications  have been made to the 1997 financial statements to
conform  to  the  presentation  used  in  1998.


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.

NOTE  3  -  STOCK  SPLIT
          --------------

On  January  9,  1998,  the  Company's  shareholders  approved a one for eight
reverse  split  of the Company's common stock.  Under the terms of the reverse
split,  one  share  of  $0.80  par value common stock will be issued for eight
shares  of $0.10 par value common stock, effective as of January 25, 1998, for
shareholders  of  record  on  December  8,  1997.

NOTE  4-  SUBSEQUENT  EVENT
          -----------------

The  Company  received  approximately  $440,000  on May 6, 1998, as an advance
payment  on  a note receivable. The original note, dated January 15, 1995, was
due  in  monthly  installments  of $4,923.70 for a period of 15 years at 8.50%
annual  interest,  with  a  balloon  payment due at the end of the period. The
payor  opted  to  pay the loan off early to reduce interest expense.  The note
receivable  has  been  reported as a current asset in the financial statements
for  the  three  months  ended  March  31,  1998.


<PAGE>
ITEM 2 - MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         ---------------------------------------------------------------------
                 OF  OPERATIONS
                 --------------

FINANCIAL  CONDITION

The  Company  had  a negative cash flow of approximately $19,000 for the three
months ended March 31, 1998, compared to a negative cash flow of approximately
$305,000  for  the  three  months  ended  March  31, 1997.  The current period
negative  cash  flow  is  the  result  of  depressed oil prices and production
cutbacks.    The  negative  cash  flow at March 31, 1997 was the result of the
Company  paying  off  the accrued liabilities associated with the 96-1 turnkey
drilling  program.  The Company expects to have positive cash flows during the
second  quarter  of 1998, following the receipt of a prepayment of  a $440,000
note  receivable  on May 6, 1998.  The Company plans to use the cash from this
prepayment  to  reduce  outstanding  liabilities.

Three  months  ended  March  31,  1998 as compared with the three months ended
------------------------------------------------------------------------------
March  31,  1997.
-----------------

The  Company  had  a loss from continuing operations of $158,000 for the three
months ended March 31, 1998 as contrasted to income from continuing operations
of  approximately  $56,000  for  the  three  months ended March 31, 1997.  The
current  period  loss  is primarily the result of a significant decline in oil
and  gas  revenues  as  discussed  below.

BUSINESS  REVIEW

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

As  noted  in the 10-KSB for the year ended December 31, 1997, the Company has
entered  into  a contract to sell their oil and gas producing properties to an
unrelated  entity.    During    subsequent negotiations, the Company agreed to
retain  a small portion of the field and has made repairs to the facilities in
order to prepare the property for the sale.  The sale is now expected to close
sometime  during  May  1998.

The  Company's oil and gas revenues decreased by approximately 60% as compared
to  the  three months ended March 31, 1997.  The decrease was due to a decline
in  oil  prices  and  a  decrease  in  the  Company's  production.

Oil prices have rebounded slightly since early 1998, however, prices are still
well  below  1997 levels.  This continues to hurt the Company's profitability.
The  Company's  production  was also cut during the first quarter of 1998 when
the  Company  experienced  problems with their waste water disposal well.  The
problem  has been corrected and production levels have since returned to their
normal  levels.


<PAGE>
The  Company's  expenses  related  to  oil  and gas production for the current
period  increased  by  approximately 17% as compared to the three months ended
March  31,  1997.   This increase was primarily due to increased utility costs
that  the  Company  incurred  when their cogeneration plant became inoperable.
The  cogeneration plant supplies electricity to operate the pumping units that
produce  oil,  therefore,  the  Company  is  forced  to buy electricity from a
ulitity  company  when  the  cogeneration  plant  is  inoperable.  The company
recently  completed  the  repairs to their cogeneration plant and the plant is
now  fully  operational.


Oilfield  Services  Segment
---------------------------

The  Company  continues  to  operate  its  wholly  owned  subsidiary Hydo-Test
International,  Inc.  (HTI)  with existing equipment at the remaining facility
near  Waller,  Texas.    There  are no current or future plans to expand these
operations.    Oilfield  service  revenues  from HTI's operations increased by
approximately  $13,000  during  the first three months of 1998, as compared to
the same period in 1997.  However, oilfield service expenses also increased by
approximately  $5,000  during  the  same  period.   This resulted in a loss of
approximately  $15,000  for the three months ended March 31, 1998, as compared
to  a  loss  of  approximately  $23,000  for  the  same period in 1997.  It is
difficult  to  determine  if  these  losses  will  continue.


                          PART II - OTHER INFORMATION

<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,
1997.


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 - A statement on the proposed sale of the oilfield
properties  was  filed  on  February  4,  1998  on  Form  8-K.


<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/  Paul  L. Howard
                                                     -------------------
                                                     Paul  L.  Howard
                                                     President,  CEO  &
                                                     Chief  Financial  Officer