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 June 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 June 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 $3,000,000.

As of June 30, 2001, the number of shares outstanding of the Registrant's Common
stock was 14,685,003.

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

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                                                               8







                                      - 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

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

    Cash                                                 $   138,076

    Oil and gas sales receivable                              55,361

    Other receivables                                        104,571
                                                         -----------

                          Total current assets               298,008



PROPERTY AND EQUIPMENT:

    Oil and gas properties (full cost method):

    Unproved leasehold costs                               2,211,174

    Proved leasehold costs and well equipment              4,709,390

    Less accumulated depletion and impairment             (3,416,774)
                                                         -----------

                  Net property and equipment               3,503,790
                                                         -----------

OTHER FURNITURE AND EQUIPMENT, net of accumulated
depreciation of $32,552                                        1,957


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

                          Total Assets                   $ 3,805,497
                                                         ===========



                                      - 3 -

<PAGE>
<TABLE>
<CAPTION>

                                                                          June 30, 2001
LIABILITIES AND STOCKHOLDERS' EQUITY                                        (Unaudited)
------------------------------------                                       ------------
<S>                                                                        <C>
CURRENT LIABILITIES:

      Current portion of long-term debt                                    $     89,715

      Accounts payable and accrued expenses                                      20,615

      Payroll taxes payable                                                      69,491

      Oil and gas revenues payable                                                3,929

      Due to related parties                                                     23,111
                                                                           ------------

                         Total current liabilities                              206,861
                                                                           ------------

LONG-TERM DEBT, net of current portion                                            6,087

STOCKHOLDERS' EQUITY:
      Series A Convertible preferred stock, no par value, $575,000               43,168
               liquidation preference

      Series B Convertible preferred stock, $0.05 par value, 375,000                938
               shares authorized; 25,000 shares issued and outstanding;
               $200,000 liquidation preference

      Series C Convertible preferred stock, $0.05 par value, 240,000              7,323
               shares authorized; 106,450 shares issued and outstanding;
               $480,000 liquidation preference

      Common stock, $0.01 par value; 20,000,000 shares authorized;              146,851
               14,685,003 shares issued and outstanding

      Additional paid-in capital                                             10,533,388

      Treasury Stock                                                            (30,000)

      Receivables                                                               (74,061)

      Accumulated deficit                                                    (7,035,058)
                                                                           ------------

                         Total stockholders' equity                           3,592,549
                                                                           ------------

                         Total liabilities and stockholder's equity        $  3,805,497
                                                                           ============

</TABLE>



                                      - 4 -

<PAGE>
<TABLE>
<CAPTION>

                              EMPIRIC ENERGY, INC.

                       CONDENSED STATEMENTS OF OPERATIONS

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

   Oil and gas sales                        $     166,905    $      83,508    $      77,713    $      51,688


COST AND EXPENSES:

   Production Expense                              61,295           68,470           31,949           48,220
   Depletion and Depreciation                      85,686           63,770           42,843           31,885
   General and Administrative                     185,903          380,475           85,727          277,282
                                            -------------    -------------    -------------    -------------

             Total Costs and Expenses             332,884          512,715          160,519          357,387


OTHER INCOME (EXPENSE):
   Consulting Income                                 --                345             --                354
   Interest Expense                                (5,976)         (31,822)          (2,733)         (12,555)
                                            -------------    -------------    -------------    -------------

             Total other income (expense)          (5,976)         (31,477)          (2,733)         (12,201)
                                            -------------    -------------    -------------    -------------



NET LOSS                                    $    (171,955)   $    (460,684)   $     (85,539)   $    (317,900)
                                            =============    =============    =============    =============


BASIC AND DILUTED NET LOSS PER SHARE        $       (0.01)   $       (0.05)   $      (0.006)   $       (0.03)
                                            =============    =============    =============    =============


WEIGHTED AVERAGE SHARES OUTSTANDING            13,751,098        9,203,019       13,997,355        9,309,119
                                            =============    =============    =============    =============

</TABLE>




                                      - 5 -

<PAGE>
<TABLE>
<CAPTION>

                              EMPIRIC ENERGY, INC.

                             STATEMENT OF CASH FLOWS


                                                                                      Six Months Ended
                                                                                      ----------------
                                                                              June 30, 2001    June 30, 2000
                                                                               (Unaudited)      (Unaudited)
                                                                              -------------    -------------
<S>                                                                           <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net loss                                                                   $    (171,955)   $    (460,675)
   Adjustments to reconcile net loss to net cash from operating activities:
        Depletion, depreciation and impairment                                       85,686           63,770
        Amortization and debt discount                                                 --             11,782
        Common stock, warrants and options issued for services                         --            134,613
   Changes in assets and liabilities:
             Accounts receivable                                                   (133,593)           3,418
             Other current liabilities                                              (20,468)          75,709
             Due to related party                                                      --             91,210
                                                                              -------------    -------------

                    Net cash used by operating activities                          (240,330)         (80,173)
                                                                              -------------    -------------


CASH FLOWS FROM INVESTING ACTIVITIES:

   Purchase of oil and gas properties                                              (233,247)         (28,990)
                                                                              -------------    -------------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Repayments of long-term debt                                                        --             (1,012)
   Proceeds from sales of common stock                                              422,200             --
   Proceeds from sales of preferred stock                                             3,287           50,000
   Purchase of Treasury Stock                                                       (30,000)            --
                                                                              -------------    -------------

                    Net cash (used) provided by financing activities                395,487           48,988
                                                                              -------------    -------------


NET INCREASE (DECREASE) IN CASH                                                     (78,090)         (60,175)
CASH, beginning of the period                                                       216,166           62,575
                                                                              -------------    -------------

CASH, end of the period                                                       $     138,076    $       2,400
                                                                              =============    =============

SUPPLEMENTAL INFORMATION
   Cash paid during period for interest                                       $       5,976    $         197
                                                                              =============    =============

NON-CASH INVESTING AND FINANCING ACTIVITIES
   Common stock dividends issued to preferred stockholders                    $     172,096    $        --
                                                                              =============    =============

</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 June 30, 2001 Quarter to June 30, 2000 Quarter

     Revenues of $77,713 were $26,025 or 50% higher than 2000.  The increase was
due to higher production from South Texas properties.

     Production expense of $31,949 was $16,271 or 34% less than 2000. A workover
program  was  completed  during the second  quarter  of 2000.  Minimum  workover
expenses were incurred in the 2nd quarter of 2001.

     Depletion and  depreciation  expenses of $42,843 were $10,958 or 34% higher
than 2000. The increase was also due to higher  production  from the South Texas
properties.

     General and  Administrative  expense of $85,727  was  $191,555 or 69% 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 Six Months Ended  June 30, 2001 to Six Months Ended June 30, 2000

     The net loss of $171,955,  reported for the six month ending June 30, 2001,
included  non-cash charges of $151,017,  consisting of $85,686 for depletion and
depreciation, and $65,331accrued for consulting fees subsequently retired by the
issuance of Empiric Energy, Inc. Common Shares.

     The General  and  Administrative  expenses  of  $185,903  for the six month
period ending June 30, 2001 was $194,572 less than the $380,475 reported for the
June 30, 2000 period.  This represented a very sharp reduction of administrative
and  overhead  expense.  This expense and  overhead  reduction  program is still
underway,  and the Company  believes that a positive cash flow from existing and
future production will be achieved for the balance of the year.

     Interest  expense  of  $2,733  was  $9,468  or 75%  lower  than  2000.  The
difference  was due to a lower level of debt in the 2001 quarter,  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 $78,090  leaving a cash  balance of
$138,076 at June 30, 2001.  Net cash used by operating  activities  was $240,330
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 June 30, 2001, the Company had a working  capital surplus of $91,147 and
a equity  to debt  ratio of  approximately  17 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
750 mcf of gas per day.  The  initial  investment  of $200,000 is expected to be
returned in  approximately  6 to 9 months.  An additional 12 to 14 wells will be
drilled in this field over the next 8 to 12 months.


                                      - 7 -

<PAGE>

     In addition the Company has "topped"  leased  approximately  1,000 acres in
the South  Thornwell  field,  Jefferson  Parish,  Louisiana;  which could become
effective in  approximately  three weeks if the  operator  fails to exercise his
option to retain the lease.  The Company  presently  owns thirty  percent  (30%)
working  interest in this lease,  which  would  increase to one hundred  percent
(100%) of the working  interest,  which would  carry an  estimated  seventy-five
percent (75%) net revenue  interest.  One well has recently been completed,  and
the  operator  has  reported a 100 bbl per day of oil and 100 mcf per day of gas
production  from a  limited  production  facility.  An  additional  well is near
completion,  but  production  and testing of the well have been delayed due to a
mechanical  problem,  which  the  operator  has  informed  the  Company,  can be
corrected in approximately  seven (7) to ten (10) days. The Company expects that
the  problems  outlined  herein on the South  Thornwell  Leases can be  resolved
within the next few weeks.



PART II.
                                OTHER INFORMATION


ITEM 1.  LEGAL PROCEEDINGS

NONE

ITEM 2.  CHANGES IN SECURITIES

917,115 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


                                    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: August 10, 2001

                                 EMPIRIC ENERGY, INC.

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




                                      - 8 -