SECURITIES AND EXCHANGE COMMISSION
                               Washington DC 20549


                                   FORM 10-QSB

     Quarterly  report under Section 13 or 15(d) of the Securities  Exchange Act
     of 1934 for the quarterly period ended September 30, 2001.

     Transition report under Section 13 or 15(d) of the Securities  Exchange Act
     of 1934 for the quarterly period from _________ to _________.


                         Commission File Number 1-13162


                              EMPIRIC ENERGY, INC.
             (Exact name of registrant as specified in its charter.)


             Delaware                                  75-2455467
  (State or other jurisdiction of         (IRS Employer Identification Number)
   incorporation or organization)

      14677 Midway Road, Suite 207
             Addison, Texas                               75001
(Address of principal executive offices)               (Zip Code)

                                 (972) 387-4100
              (Registrant's telephone number, including area code)



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_X_ No___

As of September  30, 2001,  the  aggregate  market value of voting stock held by
non-affiliates,  computed by reference to the closing  price on the OTC Bulletin
Board was $2,400,000.

As of September 30, 2001, the number of shares  outstanding of the  Registrant's
Common stock was 15,039,003.

Transitional Small Business Disclosure Format        Yes_X_ No___


Page 1 of 2 pages contained in the sequential  number system.  The Exhibit Index
                is on Page 8 of the sequential numbering system.

<PAGE>

                              EMPIRIC ENERGY, INC.

                              INDEX TO FORM 10-QSB



PART I                                                                     PAGE

     Item 1.  Financial Statements                                         3 - 6

     Item 2.  Management's Discussion and Analysis of Financial
                   Condition and Results of Operations                     7 - 8

PART II

     Item 1.  Legal Proceedings                                              8

     Item 2.  Changes in Securities                                          8

     Item 3.  Defaults Upon Senior Securities                                8

     Item 4.  Submission of Matters to a Vote of Securities Holders          8

     Item 5.  Other Information                                              8

     Item 6.  Exhibits and Reports on Form 8-K                               8


SIGNATURE PAGE                                                               9







                                      - 2 -
<PAGE>

                                     PART I

ITEM 1.  FINANCIAL INFORMATION

     The financial statements included herein have been prepared by the Company,
without  audit,  pursuant to the rules and  regulations  of the  Securities  and
Exchange Commission. The financial statements reflect all adjustments which are,
in the opinion of  management,  necessary to fairly  present  such  information.
Although  the Company  believes  that the  disclosures  are adequate to make the
information   presented  not  misleading,   certain   information  and  footnote
disclosure,  including  significant  accounting  policies,  normally included in
financial  statements  prepared in accordance with generally accepted accounting
principles   have  been  condensed  or  omitted   pursuant  to  such  rules  and
regulations.  It is  suggested  that  these  financial  statements  be  read  in
conjunction with the financial  statements and the notes thereto included in the
Company's latest annual report on Form 10-KSB dated December 31, 2000.


                              EMPIRIC ENERGY, INC.
                                  BALANCE SHEET

                                                      September 30, 2001
 ASSETS                                                      (Unaudited)
 ------
 CURRENT ASSETS:

     Cash                                                    $   159,637

      Oil and gas sales receivable                                13,584

      Other receivables                                          116,716

      Prepaid Expense                                              1,766

     Note Receivable - Interfederal                               27,000
                                                             -----------

                   Total current assets                          318,703

PROPERTY AND EQUIPMENT:

   Oil and gas properties (full cost method):

   Unproved leasehold costs                                    2,506,948

   Proved leasehold costs and well equipment                   4,572,790

   Less accumulated depletion and impairment                  (3,459,617)

   Less reserve for plugging and abandonment                     (75,000)

            Net property and equipment                         3,545,121
                                                             -----------

OTHER FURNITURE AND EQUIPMENT, net of accumulated
depreciation of $32,659                                            1,851


DEPOSITS                                                           1,742
                                                             -----------

              Total Assets                                   $ 3,867,417
                                                             ===========


                                      - 3 -
<PAGE>
<TABLE>
<CAPTION>
                                                                          September 30, 2001
 LIABILITIES AND STOCKHOLDERS' EQUITY                                            (Unaudited)
 ------------------------------------                                           ------------
<S>                                                                             <C>
 CURRENT LIABILITIES:

     Current portion of long-term debt                                          $     23,894

      Accounts payable and accrued expenses                                          197,259

      Payroll taxes payable                                                           70,076

     Oil and gas revenues payable                                                      2,111

     Due to related parties                                                           46,167
                                                                                ------------

                  Total current liabilities                                          339,507
                                                                                ------------

LONG-TERM DEBT, net of current portion                                                 3,411

STOCKHOLDERS' EQUITY:
     Series A Convertible preferred stock, no par value, $575,000                          0
                    liquidation preference

     Series B Convertible preferred stock, $0.05 par value, 375,000                        0
                    shares authorized; 25,000 shares issued and outstanding;
                    $200,000 liquidation preference
                                                                                           0
      Series C Convertible preferred stock, $0.05 par value, 240,000
                    shares authorized; 106,450 shares issued and outstanding;
                    $480,000 liquidation preference                                    8,750

      Series P Convertible preferred stock, $0.05 par value; 175,000
                    Shares authorized; 50,000 shares issued                          150,391

      Common stock, $0.01 par value; 20,000,000 shares authorized;
                    15,039,003 shares issued and outstanding                      10,701,127

      Additional paid-in capital                                                     (30,000)

      Treasury Stock                                                                 (74,061)

      Receivables                                                                      2,000

      Stock paid for but not issued                                               (7,233,708)
                                                                                ------------

      Accumulated deficit                                                          3,524,499
                                                                                ------------

                                    Total stockholders' equity

                  Total liabilities and stockholder's equity                    $  3,867,417
                                                                                ============

</TABLE>



                                      - 4 -
<PAGE>
<TABLE>
<CAPTION>

                              EMPIRIC ENERGY, INC.

                       CONDENSED STATEMENTS OF OPERATIONS

                                                  Nine Months Ended              Three Months Ended
                                            September 30,   September 30,   September 30,   September 30,
                                                 2001            2000            2001            2000
                                             (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)
                                            ------------    ------------    ------------    ------------
<S>                                         <C>             <C>             <C>             <C>
REVENUES:

     Oil and gas sales                      $    198,012    $     91,658    $     31,107    $      8,150


COST AND EXPENSES:

     Production Expense                          164,629          96,723         103,334          28,253

     Depletion and Depreciation                  128,636          64,893          42,950           1,123

     General and Administrative                  264,801         574,744          78,898         194,269
                                            ------------    ------------    ------------    ------------

              Total Costs and Expenses           558,066         736,360         225,182         223,645


OTHER INCOME (EXPENSE):
   Consulting Income                                --               354            --              --

    Other Income                                    --            47,295            --            47,295

    Interest Expense                             (10,551)        (33,560)         (4,575)         (1,738)
                                            ------------    ------------    ------------    ------------

             Total other income (expense)        (10,551)         14,089          (4,575)         45,557
                                            ------------    ------------    ------------    ------------



NET LOSS                                    $   (370,605)   $   (630,613)   $   (198,650)   $   (169,938)
                                            ============    ============    ============    ============


BASIC AND DILUTED NET LOSS PER SHARE        $      (0.03)   $      (0.07)   $      (0.01)   $      (0.02)
                                            ============    ============    ============    ============


WEIGHTED AVERAGE SHARES OUTSTANDING           14,126,129       9,418,644      14,863,960      10,670,374
                                            ============    ============    ============    ============

</TABLE>











                                      - 5 -
<PAGE>
<TABLE>
<CAPTION>

                               EMPIRIC ENERGY, INC
                             STATEMENT OF CASH FLOWS

                                                                                       Nine Months Ended
                                                                                       -----------------
                                                                                September 30,    September 30,
                                                                                      2001             2000
                                                                                 (Unaudited)      (Unaudited)
                                                                                -------------    -------------
<S>                                                                             <C>              <C>
                      CASH FLOWS FROM OPERATING ACTIVITIES:
     Net income (loss)                                                          $    (370,605)   $    (630,613)
     Adjustments to reconcile net loss to net cash from operating activities:
             Depletion, depreciation and impairment                                   128,636           64,893
             Amortization and debt discount                                              --             11,782
             Common stock, warrants and options issued for services                      --            176,227
     Changes in assets and liabilities:
                     Accounts receivable                                             (105,727)          25,453
                     Other assets                                                        --             21,551
                     Accounts payable and accrued liabilities                         135,776           23,008
                     Due to related party                                                --            102,532
                     Other                                                               --             70,114
                                                                                -------------    -------------

                                 Net cash used by operating activities               (211,920)        (135,053)
                                                                                -------------    -------------

 CASH FLOWS FROM INVESTING ACTIVITIES:

         Purchase of petroleum and natural gas interests                             (265,731)        (343,363)
                                                                                -------------    -------------
         Interfederal                                                                 (27,000)            --
         Acquisition of treasury stock                                                (30,000)            --
                                                                                -------------    -------------
                       Net cash used in investing activities                         (322,731)        (343,363)
                                                                                -------------    -------------

 CASH FLOWS FROM FINANCING ACTIVITIES:
         Repayments of long-term debt                                                  (9,613)          (1,012)
         Proceeds from sales of common stock                                          425,000             --
         Proceeds from sales of preferred stock                                          --            366,550
         Purchase of Treasury Stock                                                      --               --
         Proceeds from issuance of debt                                                62,735             --
                                                                                -------------    -------------

                      Net cash (used) provided by financing activities                478,122          365,538
                                                                                -------------    -------------

 NET INCREASE (DECREASE) IN CASH                                                      (56,529)         122,710
 CASH, beginning of the period                                                        216,166           62,575
                                                                                -------------    -------------

 CASH, end of the period                                                        $     159,637    $     185,285
                                                                                =============    =============

 SUPPLEMENTAL INFORMATION
         Interest paid during the year                                          $      10,551    $       1,634
                                                                                =============    =============

         Conversion of liabilities to common and preferred stock                $     170,100    $     801,658
                                                                                =============    =============

         Issuance of stock to acquire oil and gas properties                    $     239,515    $     200,760
                                                                                =============    =============

         Stock Dividends                                                        $     172,096    $      43,750
                                                                                =============    =============

 NON-CASH INVESTING AND FINANCING ACTIVITIES
      Common stock dividends issued to preferred stockholders                   $        --      $        --
                                                                                =============    =============

</TABLE>

NOTES TO FINANCIAL STATEMENTS

See notes to financial  statements  included in the Company's 2000 Annual Report
on Form 10-KSB.

                                      - 6 -
<PAGE>

ITEM 2.       MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
                             RESULTS OF OPERATIONS.

Comparison of September 30, 2001 Quarter to September 30, 2000 Quarter

     Revenues of $31,107 were $22,957 or 282% higher than 2000. The increase was
due to higher production from South Texas properties.

     Production  expense of $103,334  was  $75,081 or 266%  higher than 2000.  A
workover  program  was  completed  during  the third  quarter  of 2000.  Minimum
workover expenses were incurred in the third quarter of 2001.

     Depletion and depreciation expenses of $42,950 were $41,827 or 3725% higher
than 2000. The increase was also due to higher  production  from the South Texas
properties.

     General and  Administrative  expense of $78,898  was  $115,371 or 60% lower
than 2000. This is primarily because general and administrative  expense in 2000
included  $134,000  of  non-cash  expenses  for stock  and  options  issued  for
services.

Comparison  of Nine  Months  Ended  September  30,  2001 to  Nine  Months  Ended
September 30, 2000

     The net loss of $370,605, reported for the nine month ending September, 30,
2001,  included  non-cash  charges  of  $228,636,  consisting  of  $128,636  for
depletion  and   depreciation,   and  $100,000   accrued  for  consulting   fees
subsequently retired by the issuance of Empiric Energy, Inc. Common Shares.

     The General  and  Administrative  expenses  of $264,801  for the nine month
period ending  September  30, 2001 was $309,943 less than the $574,744  reported
for the September 30, 2000 period.  This  represented a very sharp  reduction of
administrative and overhead expense. This expense and overhead reduction program
is still underway.

     Interest  expense of  $10,551  was  $23,009  or 69% lower  than  2000.  The
difference  was due to a lower  level  of debt in the  third  quarter  of  2001,
primarily due to the Company retiring debt by issuing common stock in the second
half of 2000.

     As noted in the annual  financial  statements,  the  Company  has  suffered
recurring losses from operations.  Future positive results are a function of the
Company's  ability to raise capital or utilize  securities to acquire  producing
properties or drill  developmental  wells in order to generate  profits.  In the
event the Company is not able to raise capital or acquire  properties,  there is
doubt about the Company's ability to continue as a going concern.

Liquidity

     Cash flows  provided a net  decrease of $56,530  leaving a cash  balance of
$159,637 at  September  30,  2001.  Net cash used by  operating  activities  was
$211,920 due primarily to the net loss of $171,955,  offset by non-cash expenses
and the increases in accounts receivable.  Net cash used by investing activities
was  $233,247  which was  primarily  for the purpose of  purchasing  oil and gas
properties.

     At September 30, 2001, the Company had a working capital deficit of $20,804
and a equity to debt ratio of  approximately  10 to 1. The Company  needs and is
seeking the infusion of working capital for expanded  drilling and developmental
programs,   for  further  debt  reduction  and  for  acquisition  of  production
properties to obtain improved cash flow.

Subsequent Events

The company  recently  acquired in early June, 2001 a twenty-five  percent (25%)
working  interest in oil and gas leases in Hughes  County,  Oklahoma.  Two wells
have been recently  completed and collectively are producing  approximately  500
mcf of gas per day.  The  initial  investment  of  $200,000  is  expected  to be
returned in the next 12 months.  An additional 12 to 14 wells will be drilled in
this field over the next 8 to 12 months.



                                      - 7 -
<PAGE>

The LDC Operating  Company (LDC) filed a Chapter 11  Bankruptcy  proceeding,  on
August 16,  2001 in the United  States  Bankruptcy  Court,  Western  District of
Louisiana,  in Lake Charles,  LA. LDC failed to pay accumulated  leasing fees to
the lease owner, plus other obligations.

Empiric Energy,  Inc. has previously "top leased"  approximately  1,000 acres in
the South Thornwell Field, Jefferson Parish Louisiana.  The presiding bankruptcy
Judge,  in a hearing in the  Bankruptcy  Court on  October  25,  2001,  issued a
restraining  order  on the  operator  and  removed  LDC as the  operator.  A new
operator,   approved  by  Empiric  Energy,  Inc.  is  currently  evaluating  the
previously  productive  well,  and another  well which is near  completion.  The
evaluation will cover estimated costs to complete, production potential, as well
as the potential of other drilling or workover wells on the lease.

Empiric Energy,  Inc.  expects to increase its current  working  interest in the
South Thornton Field from 30% to a substantially higher working interest, either
through its "top leasing" position or other negotiations.

The LDC Bankruptcy  proceedings  will continue  until the LDC Operating  Company
resolves its problems  through a disposition of its position or arrangements are
made to resolve its very large lease and vendor obligations.  LDC has approached
Empiric regarding the disposition of LDC's interest in the South Thornton Field.

Production Acquisition

Empiric Energy,  Inc. is currently  negotiating  with its associates and certain
shareholders  to acquire a very  substantial  production  program of oil and gas
reserves located primarily in Louisiana.  In addition Empiric Energy, Inc. would
have first right of refusal to participate in up to 25% of a very attractive $40
Million  drilling  program  over the next 18 to 24  months,  which is  currently
underway.



PART II.
                                OTHER INFORMATION


ITEM 1.  LEGAL PROCEEDINGS

NONE

ITEM 2.  CHANGES IN SECURITIES

354,000 shares of Common stock were issued.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

NONE

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS

NONE

ITEM 5.  OTHER INFORMATION

NONE

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8_K.

NONE


                                      - 8 -
<PAGE>

                                    SIGNATURE

In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.

Date: November 14, 2001

                                   EMPIRIC ENERGY, INC.

                                   By:   /s/  James J. Ling
                                         ------------------------------------
                                         James J. Ling
                                         Chairman and Chief Executive Officer














                                      - 9 -