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 March 31, 2003.


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)

      14675 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 May  12,  2003,  the  aggregate  market  value  of  voting  stock  held by
non-affiliates,  computed by reference to the closing  price on the OTC Bulletin
Board was $3,191,338.

As of May 12, 2003, the number of shares outstanding of the Registrant's  Common
stock was 11,190,200.

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

Page 1 of pages contained in the sequential number system.  The Exhibit Index is
on Page 7 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                       6

     Item 3.      Controls and Procedures                                      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

CERTIFICATION                                                                 10




















                                       2
<PAGE>
<TABLE>
<CAPTION>

                                     PART I
ITEM 1.  FINANCIAL INFORMATION

                              EMPIRIC ENERGY, INC.
                                 BALANCE SHEETS

                                                                   March 31,     December 31,
                                                                     2003            2002
                                                                 ------------    ------------
Assets                                                            (Unaudited)    (Unaudited)
<S>                                                              <C>             <C>
Current assets:
     Cash and cash equivalents                                   $     10,759    $     86,911
     Oil and gas sales receivable                                      32,274          19,584
                                                                 ------------    ------------
Total current assets                                                   43,033         106,495

Property and equipment:
     Oil and gas properties (full cost method):
        Unproved leasehold costs                                    3,685,771       2,979,004
        Proved leasehold costs and well equipment                   4,571,190       4,571,190
        Less accumulated depletion and impairment                  (4,537,965)     (4,529,975)
                                                                 ------------    ------------
Net property and equipment                                          3,718,996       3,020,219
Other assets                                                           15,357          15,498
                                                                 ------------    ------------
Total assets                                                     $  3,777,386    $  3,142,212
                                                                 ============    ============

Liabilities and Stockholders' Equity
Current liabilities:
     Current portion of long-term debt                           $      9,425    $     11,543
     Accounts payable and accrued expenses                            151,865          99,962
     Payroll taxes payable                                             72,277          71,643
     Notes payable                                                     76,516          75,000
     Income participation units payable                               173,950         215,950
     Due to related parties                                            46,920          21,763
                                                                 ------------    ------------
Total current liabilities                                             530,953         495,861


Commitments and contingencies                                            --              --
Series P preferred stock, subject to mandatory redemption               5,000           5,000

Stockholders' equity:
     Series L convertible preferred stock, $.10 par value;
     2,120,000 shares authorized; 2,160,294 shares issued at
     March 31, 2003 and 2,120,000 shares issued as a stock            418,989         193,309
     dividend in January 2003;

     Common stock, $.01 par value; 30,000,000 shares
     authorized;
        11,033,970 and  9,740,470 issued;                          10,958,970
        and 9,665,470 outstanding                                     110,340          97,405
     Stock to be issued                                                12,500            --
     Additional paid-in capital                                    11,969,550      11,380,663
     Accumulated deficit                                           (9,216,596)     (8,939,699)
                                                                 ------------    ------------
                                                                    3,299,783       2,736,678

     Less interest on debt prepaid by issuance of common stock        (23,350)        (60,327)
     Less treasury stock, 75,000 shares, at cost                      (30,000)        (30,000
                                                                 ------------    ------------
Total stockholders' equity                                          3,246,433       2,646,351
                                                                 ------------    ------------
Total liabilities and stockholders' equity                       $  3,777,386    $  3,142,212
                                                                 ============    ============
</TABLE>



                                       3
<PAGE>

                              EMPIRIC ENERGY, INC.

                       CONDENSED STATEMENTS OF OPERATIONS


                                                       Three Months Ended
                                                  -----------------------------
                                                 Mar. 31, 2003    Mar. 31, 2002
                                                  (Unaudited)      (Unaudited)
                                                 -------------    -------------
Revenues:
     Oil and gas sales                           $      20,517    $       5,071
Cost and Expenses:
     Production Expense                                 39,348            1,558
     Depletion and Depreciation                          8,129           27,191
     General and Administrative                         76,992          107,627
                                                 -------------    -------------
Total Costs and Expenses                               124,399          136,376


Other Income (Expenses):
     Interest Expense and Financing Costs             (173,015)          (3,995)
                                                 -------------    -------------

Net Loss                                         $    (276,897)   $    (135,300)
                                                 =============    =============

Basic and Diluted Net Loss Per Common Share      $        (.03)   $       (0.02)
                                                 =============    =============

Weighted Average Common Shares Outstanding          10,676,303        8,369,770
                                                 =============    =============



























                                       4
<PAGE>
<TABLE>
<CAPTION>

                              EMPIRIC ENERGY, INC.

                             STATEMENT OF CASH FLOWS

                                                                                        Three Months Ended
                                                                                  ------------------------------
                                                                                  Mar. 31, 2003    Mar. 31, 2002
                                                                                   (Unaudited)      (Unaudited)
                                                                                  -------------    -------------
<S>                                                                               <C>              <C>

Operating Activities:
Net loss applicable to common stock                                               $    (276,897)   $    (135,300)
       Adjustments to reconcile net loss to net cash from operating activities:
         Depletion, depreciation and impairment                                           8,129           27,191
         Amortization of prepaid interest                                                36,977             --
         Common stock, warrants and options issued for services                             222             --
              Common stock issued for interest expense and financing costs               95,800             --
              Preferred stock issued for interest expense and financing costs            35,680             --
         Changes in assets and liabilities:
              Accounts receivable                                                       (12,690)            (464)
              Other assets                                                                 (127)            --
              Accounts payable, accrued expenses and payroll taxes payable               52,537           20,308
                   Due to related parties                                                25,157          (43,188)
                                                                                  -------------    -------------
Net cash used by operating activities                                                   (35,212)        (131,453)


Investing Activities:
     Purchase of oil and gas properties                                                (102,338)            --

Financing Activities:
     Repayments of long-term debt                                                          (602)          (2,150)
     Proceeds from sales and subscription of common stock                                62,000          251,620
                                                                                  -------------    -------------
Net cash provided by financing activities                                                61,398          249,470
                                                                                  -------------    -------------

Net increase (decrease) in cash and cash equivalents                                    (76,152)         118,017
Cash and cash equivalents at beginning of year                                           86,911           13,345
                                                                                  -------------    -------------
Cash and cash equivalents at end of year                                          $      10,759    $     131,362
                                                                                  =============    =============
Supplemental Disclosures of Cash Flow Information
     Cash paid during the year for interest                                       $        --      $        --
                                                                                  =============    =============

Non-cash investing and financing transactions:
     Purchase of oil and gas properties with common stock                         $     414,300    $        --
                                                                                  =============    =============
Purchase of oil and gas properties with preferred stock                           $     190,000    $        --
                                                                                  =============    =============
     Conversion of income participation units payable to common stock             $      42,000    $        --
                                                                                  =============    =============
</TABLE>






                                       5
<PAGE>

                              EMPIRIC ENERGY, INC.
                          NOTES TO FINANCIAL STATEMENTS
NOTE 1 - GENERAL
----------------

The  financial   statements  included  herein  for  Empiric  Energy,  Inc.  (the
"Company")  have been  prepared  pursuant  to the rules and  regulations  of the
Securities and Exchange Commission (the "SEC") and include all adjustments which
are, in the opinion of management,  necessary for a fair  presentation.  Certain
information and footnote disclosures required by accounting principles generally
accepting  in the  United  States of  America  have been  condensed  or  omitted
pursuant  to  such  rules  and  regulations.  The  interim  Unaudited  financial
statements should be read in conjunction with the financial  statements included
in the  December 31, 2002 Form  10-KSB.  Operating  results for the three months
ended March 31, 2003 are not  necessarily  indicative of the results that may be
expected for the year ended December 31, 2003.

NOTE 2 - REVERSE SPLIT
----------------------

The Company  declared a 1-for-2  reverse split of its common  shares,  effective
January 14, 2003, and issued a stock dividend of series L preferred shares equal
to one share of preferred for each  pre-split  common  share.  All share and per
share   information   in  the   accompanying   financial   statements  has  been
retroactively  adjusted for this  reverse  stock split and stock  dividend.  The
Company also increased its authorized common shares to 30,000,000.  The series L
preferred  stock is  voting,  convertible  to common  stock  share for share and
carries a dividend rate equal to 20% of the Net Cash Flow, as defined, after the
Company  generates  in excess of  $1,000,000  in Net Cash Flow after  January 1,
2003.  The Company may redeem the preferred  shares from time to time for $5 per
share.  In the  event of  liquidation,  the  preferred  stock is  entitled  to a
distribution of assets equal to $10 per share.

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

The  following  discussion  should  be read in  conjunction  with the  Company's
Financial   Statements  and  Notes  thereto,   included  elsewhere  herein.  The
information  below should not be  construed to imply that the results  discussed
herein will necessarily  continue into the future or that any conclusion reached
herein will necessarily be indicative of actual operating results in the future.
Such discussion represents only the best present assessment of management of the
Company.

Results of Operations of the Company

Three Months  Ended March 31, 2003  Compared to the Three Months Ended March 31,
2002

Revenues of $20,517  were  $15,446  higher than 2002.  The  increase  was due to
higher oil and gas  prices  and new  production  in South  Louisiana  properties
during the first  three  months  ended  March 31,  2003 as compared to the three
months ended March 31, 2002.

Production  expense of $39,348 was  $37,790  higher than 2002 due to expenses on
South Louisiana wells.

Depletion and  depreciation  expenses of $8,129 were $19,062 lower than 2002 due
to the decrease in the depletable base.

General and  Administrative  expense of $76,992 was $30,705 lower than 2002. The
expenses and administrative cost were lower due to a decrease in consulting fees
and legal fees.

Interest  expense and financing costs of $173,015 was $169,020 higher than 2002.
The increase was due to the issuance of common and preferred stock in settlement
of debt.  The market value of the stock was in excess of the income  participant
unit payable of $42,000 resulting in additional financing costs of $131,480. The
Company also  amortized  the prepaid  interest by $36,977 for the quarter  ended
March 31, 2003.


                                       6
<PAGE>

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 and Capital Resources

Cash flows  provided a decrease of $76,152  leaving a cash balance of $10,759 at
March 31, 2003. Net cash used by operating  activities was $35,212 due primarily
to the net loss of $276,897,  offset by non-cash  expenses and the  increases in
the accruals of current liabilities provided $241,685 in cash flow.

At March 31, 2003, the Company had a working  capital  deficit of $487,920 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.

                         ITEM 3. CONTROLS AND PROCEDURES

Within 90 days prior to the filing of this  report,  the Company  carried out an
evaluation  of the  effectiveness  of the design and  operation of the Company's
disclosure  controls and  procedures.  This evaluation was carried out under the
supervision and with the  participation of the Company's  management,  including
the Company's  Chairman and Chief Executive  Officer.  Based on that evaluation,
the Company's  Chairman and Chief Executive Officer concluded that the Company's
disclosure control and procedures are effective.  There have been no significant
changes in the  Company's  internal  controls or in other  factors,  which could
significantly  affect  internal  controls  subsequent  to the date  the  Company
carried out its evaluation.

Disclosure  controls  and  procedures  are  designed to ensure that  information
required  to be  disclosed  in  Company  reports  filed or  submitted  under the
Exchange  Act is recorded,  processed  summarized  and reported  within the time
periods specified in the Securities and Exchange  Commission's  rules and forms.
Disclosure  controls and procedures include,  without  limitation,  controls and
procedures  designed to ensure that information  required to be disclosed in the
Company's  reports filed under the Exchange Act is accumulated and  communicated
to management,  including the Company's  Chairman,  Chief Executive  Officer and
President,  and the Company's Chief Financial  Officer as appropriate,  to allow
timely decision regarding required disclosure.








                                       7
<PAGE>

                                    PART II.

                                OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

NONE

ITEM 2.  CHANGES IN SECURITIES

1,510,500 shares of Common stock were issued as of May 12, 2003

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, 2003


                                         EMPIRIC ENERGY, INC.

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






























                                       9
<PAGE>



                                  CERTIFICATION

I, James J. Ling, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Empiric Energy, Inc.;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3. Based on my  knowledge,  the  consolidated  financial  statements,  and other
financial  information included in this quarterly report,  fairly present in all
material respects the financial condition,  results of operations and cash flows
of the  registrant  as of, and for,  the  periods  presented  in this  quarterly
report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) designed  such  disclosure  controls and  procedures  to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others  within those  entities,  particularly  during the
period in which this quarterly report is being prepared;

b) evaluated  the  effectiveness  of the  registrant's  disclosure  controls and
procedures  as of a date  within  90  days  prior  to the  filing  date  of this
quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of
the  disclosure  controls  and  procedures  based  on our  evaluation  as of the
Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

a) all significant  deficiencies in the design or operation of internal controls
which  could  adversely  affect the  registrant's  ability  to record,  process,
summarize and report  financial data and have  identified  for the  registrant's
auditors any material weaknesses in internal controls; and

b) any  fraud,  whether  or not  material,  that  involves  management  or other
employees who have a significant role in the registrant's internal controls; and

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: May 15, 2003

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





                                       10