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, 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                                  (Zip Code)
       executive offices)

                                 (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,  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 $2,872,326.

As of June 30, 2002, the number of shares outstanding of the Registrant's Common
stock was 17,964,539.

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.


                                       1
<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, 2001.



                              EMPIRIC ENERGY, INC.
                                 BALANCE SHEETS

                                                     June 30,      December 30,
                                                        2002            2001
 ASSETS                                             (Unaudited)     (Unaudited)
CURRENT ASSETS:

     Cash                                           $    19,418    $    13,328

     Oil and gas sales receivable                         3,300          2,910
                                                    -----------    -----------
                         Total current assets       $    22,718    $    16,238
                                                    ===========    ===========
PROPERTY AND EQUIPMENT:

     Oil and gas properties (full cost method):

   Unproved leasehold costs                           2,856,017    $ 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     2,903,852      2,806,717
                                                    -----------    -----------
    Other assets                                         14,431         15,086
                                                    -----------    -----------
              Total Assets                          $ 2,941,001    $ 2,838,041
                                                    ===========    ===========




                                       3
<PAGE>
<TABLE>
<CAPTION>







                                                                              June 30,      December 30,
                                                                                 2002           2001
 LIABILITIES AND STOCKHOLDERS' EQUITY                                         (Unaudited)    (Unaudited)
 ------------------------------------                                        ------------    ------------
CURRENT LIABILITIES:
<S>                                                                          <C>             <C>
               Current portion of long-term debt                             $     40,243    $     20,071

                Accounts payable and accrued expenses                             128,243         173,183

                Payroll taxes payable                                              70,152          70,134

                Notes Payable                                                        --           100,885

                Due to related parties                                             48,902          67,434
                                                                             ------------    ------------
                                  Total current liabilities                  $    287,540       $431, 707
                                                                             ------------    ------------

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

STOCKHOLDERS' EQUITY:

                Series P Convertible preferred stock, no par value,                 8,750           8,750
                               liquidation preference

              Common stock, $0.01 par value; 30,000,000 sharesauthorized;         179,521         153,467
                                  17,964,539  and 15,346,539 shares issued and
                                  outstanding                                  11,137,927      10,740,614

             Additional paid-in capital                                           (30,000)        (30,000)

             Less treasury stock, 150,000 shares, at cost                          41,467            --

             Stock paid not issued                                             (8,684,204)      (8467,133)
                                                                             ------------    ------------
             Accumulated deficit                                                2,653,461       2,396,959
                                                                             ------------    ------------
                                                Total stockholders' equity

                Total liabilities and stockholders' equity                   $  2,941,001    $  2,838,041
                                                                             ============    ============
</TABLE>

                                       4
<PAGE>
<TABLE>
<CAPTION>



                              EMPIRIC ENERGY, INC.

                       CONDENSED STATEMENTS OF OPERATIONS

                                               Six Months Ended              Three Months Ended
                                       June 30, 2002   June 30, 2001   June 30, 2002   June 30, 2001
                                         (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)
                                        ------------    ------------    ------------    ------------
<S>                                     <C>             <C>             <C>             <C>
REVENUES:

   Oil and gas sales                    $      9,433    $    166,905    $      4,361    $     77,713


COST AND EXPENSES:

   Production expense                          2,993          61,295           1,434          31,949
   Depletion and depreciation                 27,518          85,686             328          42,843
   General and administrative                190,699         185,903          83,072          85,727
                                        ------------    ------------    ------------    ------------
             Total Costs and Expenses        221,210         332,884          84,834         160,519

NET LOSS FROM OPERATIONS                    (211,777)       (165,979)        (80,473)        (82,806)
                                        ------------    ------------    ------------    ------------
OTHER INCOME (EXPENSE):

   Interest expense                           (5,305)         (5,976)         (1,309)         (2,733)
                                        ------------    ------------    ------------    ------------


NET LOSS                                $   (217,082)   $   (171,955)   $    (81,782)   $    (85,539)
                                        ============    ============    ============    ============

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

WEIGHTED AVERAGE SHARES OUTSTANDING       16,199,159      13.751.098      17,772,094      13,997,355
                                        ============    ============    ============    ============
</TABLE>


                                       5
<PAGE>
<TABLE>
<CAPTION>


                              EMPIRIC ENERGY, INC.

                             STATEMENT OF CASH FLOWS


                                                                                  Six Months Ended
                                                                              June 30, 2002    June 30, 2001
                                                                               (Unaudited)      (Unaudited)
                      CASH FLOWS FROM OPERATING ACTIVITIES:                    -----------      -----------
<S>                                                                            <C>              <C>
    Net loss                                                                   $  (217,082)     $  (171,955)
    Adjustments to reconcile net loss to net cash from operating activities:
                  Depletion, depreciation and impairment                            27,518           85,686

    Changes in operating assets and liabilities:
              Oil and gas sales receivable                                            (390)        (133,593)
              Accounts payable and accrued liabilities                             (44,922)         (20,468)
                                                                               -----------      -----------

                                 Net cash used by operating activities            (234,876)        (240,330)
                                                                               -----------      -----------


 CASH FLOWS FROM INVESTING ACTIVITIES:

    Purchase of oil and gas properties                                            (123,998)        (233,247)
                                                                               -----------      -----------
 CASH FLOWS FROM FINANCING ACTIVITIES:
         Due to related party                                                      (18,532)            --
         Changes in  long-term debt                                                 19,546             --
         Proceeds from sales of common stock                                       322,483          422,200
         Proceeds from sales of stock subscription                                  41,467            3,287
         Purchase of Treasury Stock                                                   --            (30,000)
                                                                               -----------      -----------
                      Net cash (used) provided by financing activities             364,964          395,487


 NET INCREASE (DECREASE) IN CASH                                                     6,090          (78,090)
 CASH, beginning of the period                                                      13,328          216,166
                                                                               -----------      -----------
 CASH, end of the period                                                            19,418      $   138,076

 SUPPLEMENTAL INFORMATION
    Cash paid during period for interest                                       $      --        $     5,976
                                                                               -----------      -----------
 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 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 Quarter Ended June 30, 2002 to Quarter Ended June 30, 2001

     Revenues of $4,361 were  $73,352 or 94% lower than 2001.  The  decrease was
due to lower production, lower
gas prices, and the sale of the South Texas properties in 2001.

     Production  expense  of  $1,434  was  $30,515  or 96% less than  2001.  The
decrease  was due to lower  production,  lower gas  prices,  and the sale of the
South Texas properties in 2001.

     Depletion and depreciation  expenses of $328 were $42,515 or 99% lower than
2001. The decrease was due to lower production,  lower gas prices,  and the sale
of the South Texas properties in 2001.

     General and Administrative  expense of $83,072 approximated the 2001 amount
of $85,727.


Comparison of Six Months Ended June 30, 2002 to Six Months Ended June 30, 2001

     The net loss of $217,082,  reported for the six months ending June 30, 2002
was due to a lack of income to offset the operating expenses.

     The General  and  Administrative  expenses  of  $190,699  for the six month
period ending June 30, 2002  approximated the $185,903 reported for the June 30,
2001 period

     Interest expense of $5,305 approximated that in 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 for the six months  ended June 30, 2002  provided a net increase
of $6,090  leaving a cash balance of $19,418 at June 30, 2002.  Net cash used by
operating  activities  was $234,876  due  primarily to the net loss of $217,082,
offset by non-cash expenses and the increases in accounts receivable, as well as
payments on accounts  payable and accrued  expenses.  Net cash used by investing
activities  was $123,998  which was primarily for the purpose of purchasing  oil
and gas properties,  and utilized in the four well workover  program in the Crab
Lake Field in Cameron Parish, Louisiana.

     At June 30, 2002, the Company had a working capital deficit of $264,822 and
a equity to current  liability ratio of  approximately 9 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

     In the four well workover program in the Crab Lake Field in Cameron Parish,
Louisiana, two wells have been completed. One well is producing approximately 20
plus barrels per day of oil, and a gas well is awaiting  the  installation  of a
meter.  The third gas well will be completed in  approximately  three weeks. The
Company has a 50% working interest with a 30% net revenue interest.


                                       7
<PAGE>


PART II.
                               OTHER INFORMATION


ITEM 1. LEGAL PROCEEDINGS

NONE

ITEM 2. CHANGES IN SECURITIES

1,225,000 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


                                    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 6, 2002                                   EMPIRIC ENERGY, INC.

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













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