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 September 30, 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.)

     3300 S.W. 34th Avenue, Suite 148, Ocala, Florida           34474
--------------------------------------------------------------------------------
      (Address of principal executive offices)                (Zip Code)

Registrant's telephone number, including area code:(352) 861-0012

         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 September 30, 1997, the Registrant had outstanding 11,237,660
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 September 30, 1997

                                TABLE OF CONTENTS

                                     PART I

                                           
Item 1. Consolidated Financial Statements (Unaudited)
            Balance Sheet as of September 30, 1997 
         Statement of operations for three months ended
              September 30,1997 and 1996 (Unaudited) 
            Statement of operations for six months ended
                  September 30, 1997 and 1996 (Unaudited) 
            Statement of cash flows for six months ended
                  September 30, 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)


                                                                       September 30
                  ASSETS                                                   1997
                                                                        -------- 
<S>                                                                     <C>
CURRENT ASSETS:
  Cash and cash equivalents ..................................          $   127
 Investment ..................................................              115
  Accounts receivable:
         Oil and gas partnership .............................              313
         Trade ...............................................               95
         Other ...............................................               58
  Notes receivable ...........................................               89
  Inventories ................................................              315
                                                                        -------
         TOTAL CURRENT ASSETS ................................            1,112

PROPERTY AND EQUIPMENT:
  Oil and gas properties, successful
    efforts method ...........................................            4,981
  Transportation, drilling and
    other equipment ..........................................              601
  Land and buildings .........................................              994
  Less: accumulated depreciation,
    depletion, and amortization ..............................           (3,775)
                                                                        -------
                                                                          2,801
OTHER ASSETS:

  Other assets ...............................................              271
  Long-term Investment .......................................              235

  TOTAL ASSETS ...............................................          $ 4,419
                                                                        =======

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Notes payable and current portion
         of long-term debt ...................................          $    94
  Accounts payable and accrued expenses ......................              247
  Prepaid drilling and well completion contract ..............              637

         TOTAL CURRENT LIABILITIES ...........................              978

DEFERRED INCOME ..............................................               27
LONG-TERM DEBT ...............................................              499
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                             WESTAMERICA CORPORATION
                           CONSOLIDATED BALANCE SHEET
                             (Dollars in Thousands)
                                   (Unaudited)
                                   (continued)


                                                                       September 30
                                                                           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 11,237,660 shares ...............          31
  Treasury stock, at cost, 1,930 shares ...........................          (2)
  Additional paid-in capital ......................................       6,964
  Retained Earnings(Deficit) ......................................      (4,080)
                                                                        -------
         TOTAL EQUITY .............................................       2,915
                                                                        -------
  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ......................     $ 4,419
                                                                        =======

</TABLE>

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



                                                       Three Months Ended
                                                          SEPTEMBER 30,
                                                 -------------------------------
                                                      1997             1996
                                                 ------------      ------------
<S>                                              <C>               <C>

REVENUES:

  Oil and gas sales ........................     $         88      $         80
  Drilling, recompletion
    and service income .....................               82                49
  Lease sales ..............................              131               146
  Interest and other .......................                6               -0-
                                                 ------------      ------------
                                                          307               275

COSTS AND EXPENSES:

  Oil and gas operations ...................              128               153
  Selling, general and administrative ......              406                72
  Depreciation, depletion and
    amortization ...........................               49                17
  Interest .................................               20                14
                                                 ------------      ------------

                                                          603               256

Net Income(Loss)from continuing operations .             (296)               19

         Loss from operations of
            discontinued business ..........              -0-               (13)
                                                 ------------      ------------

NET INCOME(LOSS) ...........................             (296)                6
Less: Preferred stock dividend .............              (50)              (45)
                                                 ------------      ------------
Net Income (Loss) ..........................     $       (346)     $        (39)
                                                 ============      ============

Net Income (Loss) applicable
 to common stock ...........................     $       (.03)     $       (.00)
                                                 ============      ============

AVERAGE SHARES OUTSTANDING .................       11,237,660         2,986,442
                                                 ============      ============





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


                                                        Six Months Ended
                                                          SEPTEMBER 30,
                                                     1997              1996
                                                 ------------      ------------

REVENUES:
<S>                                              <C>               <C>
  Oil and gas sales ........................     $        111      $        140
  Drilling, recompletion
    and service income .....................              149               180
  Lease sales ..............................              131               146
  Interest and other .......................               15                 2
                                                 ------------      ------------
                                                          406               468

COSTS AND EXPENSES:

  Oil and gas operations ...................              243               277
  Selling, general and administrative ......              495               134
  Depreciation, depletion and
    amortization ...........................               78                47
  Interest .................................               34                31
                                                 ------------      ------------

                                                          850               489
                                                 ------------      ------------

Net Income(loss)from continuing operations .             (444)              (21)
                                                 ------------      ------------

         Income from operations of
           discontinued business ...........              -0-                80
                                                 ------------      ------------

NET INCOME(LOSS) ...........................             (444)               59
Less: Preferred stock dividend .............             (100)              (92)
                                                 ------------      ------------
Net Income (Loss) ..........................     $       (544)     $        (33)
                                                 ============      ============

Net Income (Loss) applicable
 to common stock ...........................     $       (.04)     $       (.02)
                                                 ============      ============

AVERAGE SHARES OUTSTANDING .................       11,237,660         2,986,442
                                                 ============      ============


</TABLE>
                 See notes to consolidated financial statements.
<PAGE>
<TABLE>
<CAPTION>
                             WESTAMERICA CORPORATION
                       SIX MONTHS ENDED SEPTEMBER 30, 1997
                             STATEMENT OF CASH FLOWS
                             (Dollars in Thousands)
                                   (Unaudited)


                                                             Six Months Ended
                                                               SEPTEMBER 30,
                                                            1997          1996
                                                          -------       -------
<S>                                                       <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
 Net Income (Loss) .................................      $  (444)      $    59
 Adjustments to reconcile net income (loss)
  to net cash used in operating activities
    Depreciation, depletion and amortization .......           78            54
    Gain on sale of assets .........................         (131)          (31)
    Decrease (Increase) in receivables .............           26           (35)
    Decrease (Increase) in inventory ...............          (51)         (107)
    Decrease (Increase) in other assets ............         (290)           21
    Decrease in accounts payable,
          drilling and well completion advances
          and accrued expenses .....................           63          (219)
    Other ..........................................          -0-            (2)
                                                          -------       -------

Net cash used in operating activities ..............         (749)         (260)
                                                          -------       -------

Cash Flows from Investing Activities

  Purchase of marketable securities ................         (115)          (59)
  Sale of marketable securities ....................         --             121
  Expenditures for property and equipment ..........         (311)         (556)
  Proceeds from discontinued business ..............          443           -0-
  Proceeds from sales of property
    and equipment ..................................          145            50
                                                          -------       -------

Net cash used provided by (used in)
  investing activities .............................          162          (444)
                                                          -------       -------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                             WESTAMERICA CORPORATION
                       SIX MONTHS ENDED SEPTEMBER 30, 1997
                             STATEMENT OF CASH FLOWS
                             (Dollars in Thousands)
                                   (Unaudited)
                                  (continued)


                                                             Six Months Ended
                                                               SEPTEMBER 30,
                                                            1997          1996
                                                          -------       -------
<S>                                                       <C>           <C>

Cash Flows from Financing Activities
    Repayment of bank borrowing ....................          (36)          (44)
    Increase in bank borrowing .....................           14           -0-
    Increase (Decrease) in notes payable
          to stockholders ..........................          (73)          121
    Additional paid-in capital .....................          631           -0- 
    Purchase of preferred stock ....................          (14)          -0-
    Dividends paid .................................         (100)          (90)
                                                          -------       -------

Net cash used in
  financing activities .............................          422           (13)
                                                          -------       -------
Net decrease in cash and
  cash equivalents .................................         (165)         (717)
Cash and cash equivalents, beginning
  of period ........................................          292         1,025
                                                          -------       -------
Cash and cash equivalents, end of period ...........      $   127       $   308
                                                          =======       =======

</TABLE>
                 See notes to consolidated financial statements.

<PAGE>
                             WESTAMERICA CORPORATION

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                      THREE MONTHS ENDED SEPTEMBER 30, 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 three  months  ended  September
30,1997 may not be  indicative  of the results that may be expected for the year
ending March 31, 1998.
<PAGE>
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  $200,000 to  $1,112,000  at  September
30,1997,  compared to $912,000 at June 30, 1997. Current  liabilities  increased
$313,000 to $978,000 at  September  30,  1997,  compared to $665,000 at June 30,
1997. The current ratio was 1.13:7 at September 30, 1997,  compared to 1.30:1 at
June 30, 1997. The increase in current  liabilities  and decrease in the current
ratio was  primarily  the result of an  increase  in prepaid  drilling  contract
balances which were $637,000 at September 30, 1997, compared to $402,000 at June
30, 1997, an increase of $235,000 and accrued payroll of $70,000. The Registrant
has sufficient liquidity to provide for foreseeable business needs.

RESULTS OF OPERATIONS

Revenues for the three months ended September 30, 1997,  were $307,000  compared
to oil and gas  operating  revenues  of  $275,000  for the  three  months  ended
September  30, 1996.  The $32,000  increase in revenue was due to an increase in
drilling, recompletion and service income.

Expenses  attributable to oil and gas operations increased from $256,000 for the
three months ended  September  30, 1996,  to $603,000 for the three months ended
September  30, 1997.  Costs and Expenses  increased  primarily due to a $289,000
advance for the  preparation  and  development  of the company's  entry into the
destination/leisure  resort business,  and a $45,000 increase at the oil and gas
operations,  which increased the selling,  general and administrative  expenses,
and a $32,000 increase in  depreciation,  depletion and  amortization.  Net gain
from oil and gas  operations  decreased  from $19,000 for the three months ended
September 30, 1996, to a net loss of $7,000 for the three months ended September
30,  1997.  Sales of natural  gas were  curtailed  during July 1997 due to a gas
curtailment  at the Company which  purchases  over 95% of the  Registrant's  gas
production.
 

                                     PART II
                                OTHER INFORMATION

Item 4

On August 13, 1997,  WestAmerica  Corporation  purchased  350 shares of Series A
Preferred  stock at a purchase price of $1,000 per share for a total of $350,000
of Madison Capital Markets Corporation,  ("Madison"),  (formerly Wolf A. Popper,
Inc.), a 40 year old NASD Licensed Broker/Dealer. Additionally $100,000 was paid
by WestAmerica Corporation as a investment banking fee to Madison.

Item 5

For the period August 11, 1997 through  September 30, 1997,  Capital  Investment
Partners, Inc., ("Capital") a Delaware Corporation,  paid into equity the sum of
$631,000 which is a partial  payment towards  Capital's  commitment to cause the
delivery of up to $4,000,000 to the Registrant by year end.
<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: November 7, 1997                       By:  /s/Daniel M. Boyar
                                                  ------------------
                                                  Daniel M. Boyar
                                                  Chairman, President, and
                                                  Chief (Principal)
                                                    Executive Officer,





                                                  /s/Douglas W. Moore
                                                  -------------------
                                                  Douglas W. Moore
                                                  Chief (Principal)
                                                  Financial Officer, and
                                                  Principal Accounting Officer