SECURITIES AND EXCHANGE COMMISSION
                               Washington DC 20549


                                   FORM 10-QSB





[X]       Quarterly report under Section 13 or 15(d) of the Securities  Exchange
          Act  of  1934  for  the   quarterly   period  ended  March  31,  2002.
                                                               ----------------


[ ]       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
  incorporation or organization)                          Identification Number)

   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 March  31,  2002,  the  aggregate  market  value of voting  stock  held by
non-affiliates,  computed by reference to the closing  price on the OTC Bulletin
Board was $3,180,512.

As of March 31,  2002,  the  number of shares  outstanding  of the  Registrant's
Common stock was 16,739,539.

Transitional Small Business Disclosure Format        Yes  X  No
                                                         ---    ---

Page 1 of 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

     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                                                                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, 2001.


                                       3
<PAGE>

<TABLE>
<CAPTION>

                              EMPIRIC ENERGY, INC.
                                  BALANCE SHEET

                                   ASSETS                                       March 31,      December 31,
                                   ------                                            2002           2001
                                                                               ------------    ------------
<S>                                                                             <C>            <C>
CURRENT ASSETS:
         Cash and cash equivalents                                                  131,345    $     13,328
                                                                               ------------
         Oil and gas sales receivable                                                 3,374           2,910
                                                                               ------------    ------------

                  Total current assets                                              134,719          16,238
                                                                               ------------    ------------
PROPERTY AND EQUIPMENT:
         Oil and gas properties (full cost method):
                  Unproved leasehold costs                                        2,725,516    $  2,730,419
                  Proved leasehold costs and well equipment                       4,571,190       4,572,790
         Less accumulated depletion and impairment                               (4,523,355)     (4,496,492)
                                                                               ------------    ------------

                  Net property and equipment                                      2,773,351       2,806,717
                                                                               ------------    ------------
             Other assets                                                            14,758          15,086
                                                                               ------------    ------------

         Total Assets                                                          $  2,922,828    $  2,838,041
                                                                               ------------    ============

                      LIABILITIES AND STOCKHOLDERS' EQUITY
                      ------------------------------------
CURRENT LIABILITIES:
         Current portion of long-term debt                                     $    113,467    $     20,071
         Accounts payable and accrued expenses                                      263,088         173,183
         Payroll  taxes payable                                                        --            70,134
         Notes payable                                                                 --           100,885
         Due to related parties                                                      24,246          67,434
                                                                               ------------    ------------

                  Total current liabilities                                         400,801         431,707

LONG-TERM DEBT, net of current portion                                                 --               625
                                                                                               ------------

                                    Total liabilities                               400,801         432,332
                                                                               ------------    ------------

          Commitments and contingencies:                                               --              --
         (Note 7 and 8)                                                                --             8,750
          Series P preferred stock, subject to mandatory redemption (Note 9)   ------------     ------------


STOCK HOLDERS EQUITY (Note 5):
        Series A convertible preferred stock                                           --              --
        Series B convertible preferred stock                                           --              --
        Series C convertible preferred stock                                           --              --
        Series P convertible preferred stock                                          8,750            --
        Common  stock, $.01  par  value;
        20,000,000  shares   authorized;16,739,539                                  167,271         153,467
              Issued and outstanding                                                   --              --
        Common stock subscribed, 37,500 shares                                   10,978,429      10,740,614
         Additional paid-in capital                                                    --              --
         Receivables                                                             (8,602,423)     (8,467,122)
                                                                               ------------    ------------
         Accumulated deficit                                                      2,552,027       2,426,959
                                                                               ------------    ------------
                                                                                    (30,000)        (30,000)
                                                                               ------------    ------------
           Less treasury stock, 150,000 shares, at cost                           2,522,027       2,396,959
                                                                               ------------    ------------
                Total stockholders' equity
                   Total liabilities and stockholder's equity                  $  2,922,828    $  2,838,041
                                                                               ============    ============
</TABLE>

                                       4
<PAGE>
<TABLE>
<CAPTION>

                              EMPIRIC ENERGY, INC.

                       CONDENSED STATEMENTS OF OPERATIONS

                                                                Three Months Ended
                                                          ------------------------------
                                                          Mar. 31, 2002   Mar. 31, 2001
                                                           (Unaudited)     (Unaudited)
                                                          -------------    -------------
<S>                                                       <C>              <C>
REVENUES:
         Oil and gas sales                                $       5,071    $      89,193
                                                          -------------    -------------

COST AND EXPENSES:
         Production Expense                                       1,558           29,346
         Depletion and Depreciation                              27,191           42,843
         General and Administrative                             107,627          100,177
                                                          -------------    -------------

                           Total Costs and Expenses       $     136,376    $     172,366
                                                          -------------    -------------

OTHER INCOME (EXPENSE):
         Consulting Income                                         --               --
         Other Income                                              --               --
         Interest Expense                                        (3,995)          (3,243)
                                                          -------------    -------------

                           Total other income (expense)          (3,995)          (3,243)
                                                          -------------    -------------

NET LOSS                                                  $     135,300    $     (86,416)
                                                          =============    =============

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

WEIGHTED AVERAGE SHARES OUTSTANDING                          16,739,539       13,459,640
</TABLE>




                                       5
<PAGE>
<TABLE>
<CAPTION>

                              EMPIRIC ENERGY, INC.

                             STATEMENT OF CASH FLOWS

                                                                                       Three Months Ended
                                                                                  -----------------------------
                                                                                  Mar. 31, 2002   Mar. 31, 2001
                                                                                   (Unaudited)     (Unaudited)
                                                                                  -------------    ------------
<S>                                                                               <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss                                                                          $    (135,300)   $    (86,416)
       Adjustments to reconcile net loss to net cash from operating activities:
         Depletion, depreciation and impairment                                          27,191          42,843
         Amortization and debt discount                                                    --
         Common stock, warrants and options issued for services                            --
         Changes in assets and liabilities:
                  Accounts receivable                                                      (464)        (37,837)
                  Prepaid expenses                                                         --              (688)
                  Accounts payable and accrued expenses                                  26,272         (11,408)
                  Oil and gas revenues payable                                             --            (6,077)
                             Plugging & abandonment liabilities                          (5,964)           --
                  Due to related parties                                                (43,188)         31,247
                                                                                  -------------    ------------

            Net cash used by operating activities                                      (131,453)        (68,336)


CASH FLOWS FROM INVESTING ACTIVITIES:
         Purchase of oil and gas properties                                       $        --      $   (458,302)
                                                                                  -------------    ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
         Proceeds from long-term debt                                                      --            (9,137)
         Repayments of long-term debt                                                    (2,150)        379,497
         Proceeds from sales of common stock                                            251,620           1,688
                                                                                  -------------    ------------

            Net cash provided by financing activities                                   249,470         371,798
                                                                                  -------------    ------------
NET INCREASE (DECREASE) IN CASH                                                         118,017        (154,841)
CASH, beginning of the period                                                            13,328         216,167
                                                                                  -------------    ------------
CASH, end of the period                                                           $     131,345    $     61,326
                                                                                  =============    ============
SUPPLEMENTAL INFORMATION
         Cash paid during period for interest                                     $        --      $      1,912
                                                                                  =============    ============
</TABLE>


NOTES TO FINANCIAL STATEMENTS

See notes to financial  statements  included in the Company's 2001 Annual Report
on Form 10-KSB.



                                       6
<PAGE>
                                     ITEM 2.

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

Comparison of March 31, 2002 Quarter to March 31, 2001 Quarter

     Revenues of $5,071 were  $84,122 or 60% lower than 2001.  The  decrease was
due to lower oil and gas prices and the sale of the South Texas properties.

     Production expense of $1,558 was $27,788 or 56% less than 2001.

     Depletion  and  depreciation  expenses of $27,191 were $15,652 or 42% lower
than 2001. The decrease was also due to the sale of the South Texas properties.

     General and Administrative expense of $107,627 was $7,450 or 7% higher than
2001.  The expenses of the quarters  were similar and there were  administration
differences between the periods.

     Interest expense of $3,995 was $752 or 20% higher than 2001. The difference
was due to a slightly  higher level of debt in first quarter of 2002 compared to
2001.

     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  an increase  of  $118,017  leaving a cash  balance of
$131,345 at March 31, 2002.  Net cash used by operating  activities was $131,453
due primarily to the net loss of $135,300,  offset by non-cash  expenses and the
increases in the accruals of current liabilities provided $249,470 in cash flow.

     At March 31, 2002,  the Company had a working  capital  deficit of $266,082
and a equity to debt ratio of  approximately  6 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.





                                       7
<PAGE>

                                    PART II.

                                OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

NONE

ITEM 2.  CHANGES IN SECURITIES

1,380,500 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: May 15, 2002


                                      EMPIRIC ENERGY, INC.

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




                                       9