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, 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 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 September  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 $3,761,488.

As of September 30, 2002, the number of shares  outstanding of the  Registrant's
Common stock was 18,644,939.

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


<PAGE>

                              EMPIRIC ENERGY, INC.

                              INDEX TO FORM 10-QSB



PART I                                                                     PAGE

  Item 1.  Financial Information                                           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

CERTIFICATION                                                                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.

                              EMPIRIC ENERGY, INC.
                                  BALANCE SHEET
                                                 September 30,    December 31,
ASSETS                                                 2002             2001
                                                 (Unaudited)
                                                 -------------    -------------

CURRENT ASSETS:

     Cash                                        $      35,757    $      13,328

      Oil and gas sales receivable                      28,761            2,910

      Prepaid Expense                                    3,071             --
                                                 -------------    -------------
                   Total current assets                 67,589           16,238

                                                 -------------    -------------


PROPERTY AND EQUIPMENT:

   Oil and gas properties (full cost method):

   Unproved leasehold costs                          2,962,192        2,730,419

   Proved leasehold costs and well equipment         4,571,190        4,572,790

   Less accumulated depletion and impairment        (4,522,646)      (4,496,492)
                                                 -------------    -------------

            Net property and equipment               3,010,736        2,806,717
                                                 -------------    -------------


OTHER ASSETS:                                           14,103           15,086
                                                 -------------    -------------

              Total Assets                       $   3,092,428    $   2,838,041
                                                 =============    =============




                                       -3-
<PAGE>
<TABLE>
<CAPTION>

                                                                   September 30,     December 31,
LIABILITIES AND STOCKHOLDERS' EQUITY                                     2002             2001
                                                                    (Unaudited)
                                                                   -------------    -------------
<S>                                                                <C>              <C>
CURRENT LIABILITIES:

    Current portion of long-term debt                              $      17,815    $     120,956

     Accounts payable and accrued expenses                               292,146          173,184

     Payroll taxes payable                                                70,275           70,134

     Due to related parties                                               69,565           67,434

           Total current liabilities                                     449,801         431, 708


 LONG-TERM DEBT, net of current portion                                    - 0 -              625
                                                                   -------------    -------------
 STOCKHOLDERS' EQUITY:

    Series P Convertible preferred stock, no par value; 175,000            6,250            8,750
          Shares authorized; 50,000 shares issued


    Common stock, $0.01 par value; 30,000,000 shares authorized;         187,950          153,466
          18,794,939 and 15,346,539 shares issued respectively


    Additional paid-in capital                                        11,188,827       10,740,614

    Less Treasury Stock 150,000 shares, at cost                          (30,000)         (30,000)

    Accumulated deficit                                               (8,710,400)      (8,467,122)
                                                                   -------------    -------------

                 Total stockholders' equity                            2,642,627        2,405,708
                                                                   -------------    -------------

           Total liabilities and stockholders' equity              $   3,092,428    $   2,838,041
                                                                   =============    =============
</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,
                                             2002             2001             2002             2001
                                        (Unaudited)      (Unaudited)      (Unaudited)      (Unaudited)
                                       -------------    -------------    -------------    -------------
<S>                                    <C>              <C>              <C>              <C>
REVENUES:

   Oil and gas sales                   $      41,534    $     198,012    $      32,101    $      31,107


COST AND EXPENSES:

   Production Expense                          2,670          164,629             (323)         103,334

   Depletion and Depreciation                 27,137          128,636             (381)          42,950

   General and Administrative                254,666          264,801           63,966           78,898
                                       -------------    -------------    -------------    -------------

          Total Costs and Expenses           284,473          558,066           63,262          225,182
                                       -------------    -------------    -------------    -------------

NET LOSS FROM OPERATIONS                    (242,939)        (360,054)         (31,161)        (194,075)

OTHER INCOME (EXPENSE):

   Interest, net                                (338)         (10,551)           4,966           (4,575)
                                       =============    =============    =============    =============


NET LOSS                               $    (243,277)   $    (370,605)   $     (26,195)   $    (198,650)


BASIC AND DILUTED NET LOSS PER SHARE   $       (0.01)   $       (0.03)   $        0.00    $       (0.01)
                                       =============    =============    =============    =============

WEIGHTED AVERAGE SHARES OUTSTANDING       17,245,629       14,126,129       18,390,457       14,863,960
                                       =============    =============    =============    =============
</TABLE>
















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

                               EMPIRIC ENERGY, INC
                             STATEMENT OF CASH FLOWS

                                                                                   Nine Months Ended
                                                                              ------------------------------
                                                                              September 30,    September 30,
                                                                                    2002             2001
                                                                               (Unaudited)      (Unaudited)
                                                                              -------------    -------------
<S>                                                                           <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net (loss)                                                                 $    (243,277)   $    (370,605)
   Adjustments to reconcile net loss to net cash from operating activities:
      Depletion, depreciation and impairment                                         27,137          128,636

   Changes in assets and liabilities:
         Accounts receivable                                                        (25,850)        (105,727)
         Prepaid Expense                                                             (3,072)            --
         Accounts payable and accrued liabilities                                   119,104          135,776
         Due to related party                                                         2,131             --
                                                                              -------------    -------------

              Net cash used by operating activities                                (123,827)        (211,920)
                                                                              -------------    -------------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchase of oil and gas properties                                              (230,174)        (265,731)
   Interfederal                                                                        --            (27,000)
   Acquisition of treasury stock                                                       --            (30,000)
                                                                              -------------    -------------

              Net cash used in investing activities                                (230,174)        (322,731)
                                                                              -------------    -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
   Repayments of long-term debt                                                    (103,766)          (9,613)
   Proceeds from sales of common stock                                              480,196          425,000
   Proceeds from issuance of debt                                                      --             62,735
                                                                              -------------    -------------

              Net cash provided by financing activities                             376,430          478,122
                                                                              -------------    -------------

NET INCREASE (DECREASE) IN CASH                                                      22,429          (56,529)
CASH, beginning of the period                                                        13,328          216,166
                                                                              -------------    -------------

CASH, end of the period                                                       $      35,757    $     159,637
                                                                              =============    =============
SUPPLEMENTAL INFORMATION
   Interest paid during the year                                              $         338    $      10,551
                                                                              =============    =============

NON-CASH INVESTING AND FINANCING ACTIVITIES

   Conversion of liabilities to common and preferred stock                    $         -0-    $     170,100
                                                                              =============    =============

   Issuance of stock to acquire oil and gas properties                        $         -0-    $     239,515
                                                                              =============    =============

   Common stock dividends issued to preferred stockholders                    $         -0-    $     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 September 30, 2002 Quarter to September 30, 2001 Quarter

         Revenues of $32,101 were $994 or 4% higher than 2001.  The increase was
due to oil production in South Louisiana.

         Production  expense of $(323) was $103,657 or 101% lower than 2001. The
decrease  was due to lower  production,  lower gas  prices,  and the sale of the
South Texas properties in the third quarter of 2001.

         Depletion  and  depreciation  expenses of $(381)  were  $43,331 or 101%
lower than 2001. The decrease was due to lower production, lower gas prices, and
the sale of the South Texas properties in the third quarter of 2001.

         General and Administrative  expense of $63,966 was $14,932 or 19% lower
than 2001 due to lower costs.


         Comparison of Nine Months Ended September 30, 2002 to Nine Months Ended
September 30, 2001

         The net loss of $243,277, reported for the nine month ending September,
30, 2002,  included  non-cash charges of $27,137 for depletion and depreciation.
The  expense  still  reflects  costs  associated  with the LDC  Operating  (LDC)
Bankruptcy proceedings.

         The General and Administrative  expenses of $254,666 for the nine month
period ending September 30, 2002 was $10,135 less than the $264,801 reported for
the September 30, 2001 period due to slightly lower costs.

         Interest  expense  of $338 was  $10,213  or 97% lower  than  2001.  The
difference was due to negotiations for retiring debt with no interest payments.

         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 increase of $22,429 leaving a cash balance of
$35,757  at  September  30,  2002.  Net cash used by  operating  activities  was
$123,827 due  primarily to the net loss of $243,277.  Net cash used by investing
activities  was $230,174  which was primarily for the purpose of purchasing  oil
and gas properties.

         At September  30, 2002,  the Company had a working  capital  deficit of
$382,212 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.

Subsequent Events

The Company has completed  workover of 2 wells in South Louisiana,  the oil well
is  currently  producing,  and the gas well is  awaiting  installation  of a gas
meter,  which has been  unavoidably  delayed by current  weather  conditions and
flooding in the South  Louisiana  area. It is expected  that,  based on remedial
action taken this week to drain this area,  the meter  installation  for the gas
production well will be completed by  approximately  November 30, 2002, and work
on  completing  a third  well (a gas  well)  will  commence  at the  same  time.
Engineering reports of the reserves developed from the successful workover wells
is currently being developed.


                                       -7-
<PAGE>

The LDC  Operating  Company  (LDC)  Bankruptcy  proceeding,  continues  to be an
ongoing expense, with no final conclusion yet in sight.


Production Acquisition

The Company has been in negotiations to acquire  substantial  revenue  producing
properties  and  contiguous  leasehold  acreage that would  provide  substantial
drilling  and  exploration  opportunities.  There can be no  assurance  that the
Company can successfully complete this acquisition.

The Company is currently in  negotiations to fund a 25% working  interest.  in a
large  exploration and development  program in Southern  Louisiana.  The Company
believes that it can develop initial funding of the first stage of this project,
which could commence in November, 2003.

The Company has received a report from an exploration  company, who shares a 30%
leasehold  interest in approximately  43,000 acres in the Texas Panhandle Field.
(The Company owns a 62% working interest in the same 43,000 acreage). The report
is being presented to several large energy companies  currently operating in the
field.  The  exploration  company  developing  this  report is  optimistic  that
positive  developments  will occur in this leasehold acreage in the near future,
which could  include  partnerships,  farm-outs,  farm-ins,  outright  sale, or a
combination of the above.


PART II.
                                OTHER INFORMATION


ITEM 1.  LEGAL PROCEEDINGS

LDC Bankruptcy and J & L Lawsuit for moneys owed by LDC.

ITEM 2.  CHANGES IN SECURITIES

3,448,400 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 11, 2002
                                         EMPIRIC ENERGY, INC.

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

CERTIFICATIONS
--------------


I, James, J. Ling, certify that:

1.       I have reviewed this quarterly  report on Form 10-Q 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 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.       I am responsible for establishing and maintaining  disclosure  controls
         and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for
         the registrant and I 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.       I  have  disclosed,   based  on  my  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.       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: November 14, 2002

                                         EMPIRIC ENERGY, INC.

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


                                       -9-