SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                                   FORM 10-QSB

               QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

For Quarter Ended December 31, 1997                 Commission File No.  0-17538

                             WESTAMERICA CORPORATION
--------------------------------------------------------------------------------
             (Exact name of Registrant as specified in its charter)

             Oklahoma                                    73-1322822
--------------------------------------------------------------------------------
 (State or other jurisdiction of                      (I.R.S. Employer
 incorporated or organization)                         Identification No.)

 7208 Sandlake Boulevard, Suite 304, Orlando, Florida       32819
--------------------------------------------------------------------------------
       (Address of principal executive offices)          (Zip Code)

Registrant's telephone number, including area code:(407) 354-3333

         Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  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 December 31, 1997,  the  Registrant  had  outstanding  17,673,400
shares of Common stock, par value $.01 per share, which is the Registrant's only
class of common stock.
<PAGE>

                             WESTAMERICA CORPORATION

                         QUARTERLY REPORT ON FORM 10-QSB

                     For the Quarter ended December 31, 1997

                                TABLE OF CONTENTS

                                     PART I

                                                 
Item 1. Consolidated Financial Statements (Unaudited)

            Balance Sheet as of December 31, 1997  
            Statement of operations for three months ended
              December 31, 1997 and 1996 (Unaudited) 
            Statement of operations for nine months ended
                  December 31, 1997 and 1996 (Unaudited) 
            Statement of cash flows for nine months ended
                  December 31, 1997 and 1996 (Unaudited) 
            Notes of Consolidated Financial Statements(Unaudited) 

Item 2. Management's Discussion and Analysis
            of Financial Condition and Results of Operations 

Signatures 
<PAGE>
<TABLE>
<CAPTION>
                             WESTAMERICA CORPORATION
                           CONSOLIDATED BALANCE SHEET
                             (Dollars in Thousands)
                                   (Unaudited)

                                                                      December 31
                  ASSETS                                                  1997
                                                                        -------
<S>                                                                     <C>
CURRENT ASSETS:
  Cash and cash equivalents ......................................      $   179
 Investment ......................................................          115
  Accounts receivable:
         Oil and gas partnership .................................          340
         Trade ...................................................           66
         Other ...................................................           73
  Notes receivable ...............................................           89
  Inventories ....................................................          316
                                                                        -------
         TOTAL CURRENT ASSETS ....................................        1,178

PROPERTY AND EQUIPMENT:
  Oil and gas properties, successful
    efforts method ...............................................        5,108
  Transportation, drilling and
    other equipment ..............................................          807
  Land, buildings, furniture and equipment .......................        1,169
  Less: accumulated depreciation,
    depletion, and amortization ..................................       (3,827)
     TOTAL PROPERTY AND EQUIPMENT ................................        3,257

OTHER ASSETS:

  Other assets ...................................................          515
                                                                        -------
  TOTAL ASSETS ...................................................      $ 4,950
                                                                        =======

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Notes payable and current portion
         of long-term debt .......................................      $    87
  Accounts payable and accrued expenses ..........................          422
  Prepaid drilling and well completion contract ..................          707
 Deposits ........................................................          500
         TOTAL CURRENT LIABILITIES ...............................        1,716

DEFERRED INCOME ..................................................           27
LONG-TERM DEBT ...................................................          679
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                             WESTAMERICA CORPORATION
                           CONSOLIDATED BALANCE SHEET
                             (Dollars in Thousands)
                                   (Unaudited)
                                   (continued)

                                                                      December 31
                                                                          1997
                                                                        -------
<S>                                                                     <C>
STOCKHOLDERS' EQUITY:
  Preferred  stock  authorized 1,000,000 shares,
   $.01 par  value;  non voting convertible preferred stock,
   redeemable and cumulative,  outstanding 100,000
   shares. Nonvoting cumulative non-convertible series B
   preferred stock, outstanding 121,700 shares ...................            2
  Common stock, $.01 par value authorized 50,000,000
   shares; issued and outstanding 17,673,400 shares ..............          177
  Additional paid-in capital .....................................        7,187
 Retained Earnings(Deficit) ......................................       (4,838)
         TOTAL EQUITY ............................................        2,528
  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY .....................      $ 4,950
                                                                        =======

</TABLE>

                 See notes to consolidated financial statements
<PAGE>
<TABLE>
<CAPTION>
                             WESTAMERICA CORPORATION
                             STATEMENT OF OPERATIONS
                             (Dollars in Thousands)
                                   (Unaudited)


                                                      Three Months Ended
                                                           DECEMBER 31,
                                                -------------------------------
                                                    1997               1996
                                                ------------       ------------
<S>                                             <C>                <C>
REVENUES:

  Oil and gas sales ......................      $        128                 97
  Drilling, recompletion
    and service income ...................               208                195
  Lease sales ............................                27                 63
  Interest and other .....................                13                  2
                                                ------------       ------------
                                                         376                357

COSTS AND EXPENSES:

  Oil and gas operations .................               199                147
  Selling, general and administrative ....               865                132
  Depreciation, depletion and
    amortization .........................                52                 30
  Interest ...............................                18                 15
                                                ------------       ------------
                                                       1,134                324

NET GAIN (LOSS) FROM OPERATIONS ..........              (758)                33
Less preferred stock dividend ............               (50)               (45)
                                                ------------       ------------
Net Income(Loss) .........................      $       (808)      $        (12)
                                                ============       ============

Net income (loss) applicable
   to common stock .......................      $       (.04)      $       (.01)
                                                ============       ============


AVERAGE SHARES OUTSTANDING ...............        17,673,400          2,995,911
                                                ============       ============


</TABLE>
                See notes to consolidated financial statements.
<PAGE>
<TABLE>
<CAPTION>
                             WESTAMERICA CORPORATION
                             STATEMENT OF OPERATIONS
                             (Dollars in Thousands)
                                   (Unaudited)

                                                       Nine Months Ended
                                                           DECEMBER 31,
                                                -------------------------------
                                                    1997               1996
                                                ------------       ------------
<S>                                             <C>                <C>
REVENUES:

  Oil and gas sales ......................      $        239       $        238
  Drilling, recompletion
    and service income ...................               357                376
  Lease sales ............................               158                208
  Interest and other .....................                28                  4
                                                ------------       ------------
                                                         782                826

COSTS AND EXPENSES:

  Oil and gas operations .................               442                424
  Selling, general and administrative ....             1,360                266
  Depreciation, depletion and
    amortization .........................               130                 76
  Interest ...............................                52                 47
                                                ------------       ------------
                                                       1,984                813


NET (LOSS)INCOME FROM OPERATIONS .........            (1,202)                13
Less: Preferred stock dividend ...........              (150)              (137)
                                                ------------       ------------
Net Income (Loss) ........................      $     (1,352)      $       (124)
                                                ============       ============

Net Income (Loss) ........................      $       (.07)      $       (.04)
                                                ============       ============


AVERAGE SHARES OUTSTANDING ...............        17,673,400          2,995,911
                                                ============       ============

</TABLE>

                 See notes to consolidated financial statements.

<PAGE>
<TABLE>
<CAPTION>
                             WESTAMERICA CORPORATION
                       NINE MONTHS ENDED DECEMBER 31, 1997
                             STATEMENT OF CASH FLOWS
                             (Dollars in Thousands)
                                   (Unaudited)
                                                             Nine Months Ended
                                                                DECEMBER 31,
                                                          ---------------------
                                                            1997          1996
                                                          -------       -------
<S>                                                       <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
 Net Income (Loss) .................................      $(1,202)      $    83
 Adjustments to reconcile net income (loss)
  to net cash used in operating activities
    Depreciation, depletion and amortization .......          130            96
    Gain on sale of assets .........................         (158)          (59)
    Decrease (Increase) in receivables .............           35          (191)
    Decrease (Increase) in inventory ...............          (52)         (161)
    Decrease (Increase) in other assets ............         (299)            4
    Increase in accounts payable,
          drilling and well completion advances
          and accrued expenses .....................          308           131
    Other ..........................................            0            (2)
                                                          -------       -------

Net cash used in operating activities ..............       (1,238)          (99)
                                                          -------       -------

Cash Flows from Investing Activities

  Purchase of marketable securities ................         (115)          (59)
  Sale of marketable securities ....................           64           121
  Expenditures for property and equipment ..........         (827)         (706)
  Proceeds from discontinued business ..............          443           -0-
  Proceeds from sales of property
    and equipment ..................................          180            78
  Deposit on Sale of Assets ........................          500          --
                                                          -------       -------
Net cash provided by (used in)
  investing activities .............................          245          (566)
                                                          -------       -------

Cash Flows from Financing Activities
    Repayment of bank borrowing ....................          (63)          (75)
    Increase in bank borrowing .....................          214            30
    Increase (Decrease) in notes payable
          to stockholders ..........................          (73)          152
    Proceeds from preferred stock offering .........         --             147
    Increase (Decrease) in Loans ...................          (22)         --
    Additional paid-in capital .....................          987          --
    Purchase of preferred stock ....................          (14)         --
    Dividends paid .................................         (149)         (136)
                                                          -------       -------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                             WESTAMERICA CORPORATION
                       NINE MONTHS ENDED DECEMBER 31, 1997
                             STATEMENT OF CASH FLOWS
                             (Dollars in Thousands)
                                   (Unaudited)
                                                             Nine Months Ended
                                                                DECEMBER 31,
                                                          ---------------------
                                                            1997          1996
                                                          -------       -------
<S>                                                       <C>           <C>
Net cash used in
  financing activities .............................          880           118
                                                          -------       -------
Net decrease in cash and
  cash equivalents .................................         (113)         (547)
Cash and cash equivalents, beginning
  of period ........................................          292         1,025
                                                          -------       -------
Cash and cash equivalents, end of period ...........      $   179       $   478
                                                          =======       =======
</TABLE>
                 See notes to consolidated financial statements.
<PAGE>
                             WESTAMERICA CORPORATION

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                       NINE MONTHS ENDED DECEMBER 31, 1997
                                   (Unaudited)


Item 1.  Basis of Presentation.

The financial  statements  presented herein were prepared in accordance with the
instructions to Form 10-QSB. Accordingly the statements presented do not include
all  the  information  and  note  disclosure   required  by  generally  accepted
accounting  principles.  The statements  should be read in conjunction  with the
financial statements and notes thereto included in the Registrant's Form 10- KSB
for the year ended March 31, 1997. The  accompanying  financial  statements have
not been audited by independent  accountants  but, in the opinion of management,
contain  all  adjustments,  all of  which  were of a  normal  recurring  nature,
necessary to summarize fairly the Registrant's financial position and results of
operations.  The results of  operations  for the nine months ended  December 31,
1997 may not be  indicative  of the results  that may be  expected  for the year
ending March 31, 1998.


Item 2/3.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
               CONDITION AND RESULTS OF OPERATIONS.

This discussion  should be read in conjunction with the financial  statements of
WestAmerica  Corporation and the notes related thereto  included under Item 1 of
this report.

MD&A CAPITAL RESOURCES & LIQUIDITY

Consolidated  current  assets  increased  $66,000 to  $1,178,000 at December 31,
1997,  compared  to  $1,112,000  at  September  30,  1997.  Current  liabilities
increased  $799,000 to $1,716,000 at December 31, 1997,  compared to $978,000 at
September 30, 1997. The increase in current liabilities was primarily the result
of a receipt of $500,000  from Ed Foraker as a refundable  deposit on a purchase
contract for certain assets and the assumption of certain liabilities in the oil
and gas  subsidiary at December 31, 1997, and accrued  payroll of $145,000.  The
Registrant has received from Capital Investment  Partners,  Inc. ("Capital") the
assurance that Capital will fund any cash flow short fall and provide  liquidity
for the foreseeable future.

RESULTS OF OPERATIONS

Revenues for the three months ended December 31, 1997, were $376,000 compared to
oil and gas operating  revenues of $357,000 for the three months ended  December
31,  1996.  The increase in revenue was due to an increase in oil and gas sales,
drilling, recompletion and service income.
<PAGE>
Expenses  attributable to oil and gas operations increased $52,000 to a total of
$324,000 for the three months ended  December 31, 1996,  to $365,000 due to cost
of oil and gas operations  for the three months ended  December 31, 1997.  Costs
and Expenses  increased  primarily due to a $760,000 advance for the preparation
and  development  of the  company's  entry into the  destination/leisure  resort
business, and a $24,000 decrease at the oil and gas operations selling,  general
and administrative  expenses, and a $22,000 increase in depreciation,  depletion
and  amortization.  Net gain from oil and gas operations  decreased from $33,000
for the three months ended  December 31, 1996,  to a net gain of $11,000 for the
three months ended December 31, 1997.


                                     PART II
                                OTHER INFORMATION

Item 4

A. WestAmerica  Corporation,  on January 8, 1998, signed a purchase agreement to
acquire a 285 acre site, located on U.S. Highway 27, approximately 4 miles south
of U.S.  Highway  192 and 4 miles  north of  Federal  Interstate  Highway 4. The
contract calls for a closing on 35 acres for $700,000 on or before June 10, 1998
with the remaining 250 acres at a cost of $5,000,000  over a one and a half year
period  thereafter.  WestAmerica  Corporation  plans to develop 750  residential
units (39,000 timeshare weeks), an 18 hole championship golf course,  clubhouse,
swimming pool, shopping arcade and other facilities on the property.

B.  WestAmerica  is one of  several  guarantors  to a  certain  mortgage  in the
original  principal  amount of  $1,267,951.40  dated May 26, 1995 in conjunction
with a prior investment in a restaurant  venture in New Mexico during 1995 known
as B.C.  Village  Inn  Partners,  Limited  Partnership.  The  cost of the  total
property securing the mortgage,  including land, building and improvements,  and
furniture fixtures and equipment,  was $1,490,467.  Foreclosure proceedings were
initiated on November 17, 1997 by the mortgage  holders  against  parties  other
than  WestAmerica  as well as litigation  to enforce the  guarantee  against the
Registrant.   WestAmerica   intends  to  vigorously   defend  the  ligation  and
anticipates  that  there is  sufficient  equity in the  property  to offset  any
potential liability under the mortgage guarantee.


Item 5.

A. WestAmerica issued convertible  debentures to seven accredited  investors for
the period  September  24,  1997  through  December  31, 1997 and  received  net
proceeds of $867,580.  The company issued to such investors  6,435,740 shares of
common stock upon conversion of the debentures.

B. WestAmerica Corporation has completed its divestiture of the subsidiary,  ECC
Energy Corporation  ("ECC") a California  Corporation,  to Edward R. Foraker, of
Scottsdale,  Arizona,  effective as of January 1, 1998.  WestAmerica  sold to Ed
Foraker  2,072,484 shares of ECC Common Stock,  representing  100% of the issued
and  outstanding  shares of all  classes  of stock of ECC,  which  were owned by
WestAmerica prior to the Purchase Date (the "Shares").

WestAmerica  received  $500,000  in cash from  Foraker.  Foraker  also agreed in
addition  to the  Purchase  Price to assume  and  guarantee  $2,000,000  for the
purchase  and or exchange of  WestAmerica's  Preferred  Stock (the  "WestAmerica
Preferred Shareholders"). The parties agreed that the stated value of such
WestAmerica Preferred Stock is $2,000,000.
<PAGE>
C. WestAmerica  Corporation (the "Registrant") and Capital Investment  Partners,
Inc.,  ("Capital") a Delaware Corporation,  have agreed to extend until December
31, 1999  Capital's  prior  commitment to fund up to $4,000,000 in total working
capital to the Registrant.

D. On August 11, 1997, the Registrant  issued 9,500,000 newly issued  restricted
Common  Shares  (the  "Acquisition  Shares")  to Capital for all of the stock of
Sportsworld  2000 Resort,  Inc., a Florida  Corporation.  500,000 of such shares
were,  issued by Capital to a non-affiliated  finder (and certain members of the
finder's  family)  who  introduced  Capital to the  Registrant  and  assisted in
bringing about the transaction. The transaction is reflected in the December 31,
1997 Balance Sheet and the Acquisition Shares were accounted for at par value.
<PAGE>




                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Resistant  has duly  caused  this  report  to be  signed  on its  behalf  by the
undersigned thereunto duly authorized.


                                                       WESTAMERICA CORPORATION


DATE:   February 13, 1998                   By:        /s/Daniel M. Boyar
                                                       ------------------
                                                       Daniel M. Boyar
                                                       Chairman, President, and
                                                       Chief (Principal)
                                                       Executive Officer


                                              By:      /s/Max P. Cawal
                                                       ---------------
                                                       Max P. Cawal
                                                       Director