<PAGE>   1


                      U.S. SECURITIES & EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

[ X ] Quarterly report under section 13 or 15(d) of the Securities Exchange Act
of 1934 for the quarter period ended September 30, 1997.

[   ]  Transition report under Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the transition period
from to.

                          Commission File umber 0-9185

                            MEDCO HEALTH CORPORATION
                      (Formerly Williston Oil Corporation)

Nevada                                                                22-1934084
(State or other jurisdiction of             (IRS Employer Identification Number)
incorporated or organization)

532 Sylvan Avenue
Englewood Cliffs, New Jersey                                               07632
(address of Principal Executive Offices)                              (Zip Code)

                                  (201)541-8444
              (Registrant's telephone number, including area code)

                  Securities registered under Section 12(b) of
                               the Exchange Act:

                                      None

         Securities registered under Section 12(g) of the exchange Act:

                      Class A Common Stock, $.001 Par Value

     Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the preceding twelve (12) months
(or for such shorter period that registrant ?was required to file such reports),
and (2) has been subject to such filing requirements for the past ninety (90)
days. YES [ X ] [   ].

                      Applicable Only to Corporate Issuers

         State the number of shares outstanding of each of the issuer's classes
of common equity:

          40,140,143 Shares of Class A Common Stock, $.001 par value
           1,250,000 Shares of Class B Common Stock, $.001 par value

                  Transitional Small Business Disclosure Format

                                YES [   ] NO [ X ]
<PAGE>   2
                            MEDCO HEALTH CORPORATION
                      (FORMERLY WILLISTON OIL CORPORATION)


                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
<S>                                                                                       <C>
Part I

                                                                                          Page
                                                                                          ----

Item 1 - Financial Information

         Medco Health Corporation's Balance Sheets as of 09/30/97 and 06/3096               1

         Statements of Operations for the three month period ended 09/30/97,
         and 1996                                                                           2

         Statements of Stockholders Equity                                                  3

         Statements of Cash Flows for the three month periods ended 09/30/97,
         and 1996                                                                           4

         Notes to Financial Statements                                                     5-8

Item 2 - Management's Discussion and Analysis of Financial Condition
         and Results of Operations                                                         8-9

Part II

Item 1 - Legal Proceedings                                                                  9

Item 2 - Changes in Securities                                                              9

Item 3 - Defaults upon Senior Securities                                                    9

Item 4 - Submission of Matter to a Vote of Security Holders                                 9

Item 5 - Other Information                                                                  9

Item 6 - Exhibits and Reports on Form S-K                                                  9-10
</TABLE>


                                       -i-

<PAGE>   3
Item 1.  Financial Statements

         The financial statements of the company, are set forth below:

                 Medco Health Corporation (formerly Medco, Inc.)
                          (A Development Stage Company)

                                 Balance Sheets
                                     Assets
<TABLE>
<CAPTION>

                                                                           September 30, 1997     June 30,1996
                                                                           ------------------     ------------
<S>                                                                        <C>                    <C>
Current assets
     Cash                                                                           $   9,030        $   8,720
     Accounts receivable,
     Deposits on equipment                                                             20,000           20,000
     Prepaid expenses                                                                  80,000           80,000
                                                                                    ---------        ---------

                                                                                      109,030          108,720
                                                                                    ---------        ---------

Equipment, at cost, net of accumulated
     depreciation of $63,797 - September, 1997 and
     $48,448 - June, 1996                                                             469,317          235,189
                                                                                                     ---------

Other assets
     Organization costs, net of accumulated
      amortization of $2,250 - September, 1997 and
      $2,000 - June, 1996                                                               2,750            3,000
     License fees                                                                       5,005            5,005
                                                                                    ---------        ---------

                                                                                        7,755            8,005
                                                                                    ---------        ---------
                                                                                    $ 586,102        $ 351,914
                                                                                    =========        =========



                                 Liability and Stockholders' Equity (Deficit)

Current liabilities
     Current maturities of long-term debt                                           $  60,281        $   6,782
     Accrued expenses                                                                  33,000           25,000
                                                                                    ---------        ---------

                                                                                       93,281           31,782
                                                                                    ---------        ---------
Long-term debt, net of current maturities                                             250,710           34,710
                                                                                    ---------        ---------
Due to stockholder                                                                    423,416          400,895
                                                                                    ---------        ---------

Stockholders' equity (deficit)
     Common stock                                                                      40,140           40,140
     Additional paid-in capital                                                       268,667          268,667
     Deficit accumulated during the development stage                                (490,122)        (424,280)
                                                                                    ---------        ---------

                                                                                     (181,305)        (115,473)
                                                                                    ---------        ---------

                                                                                    $ 586,102        $ 351,914
                                                                                    =========        =========
</TABLE>

                        See Notes to Financial Statements
                                   (Unaudited)
                                       -1-
<PAGE>   4
                 Medco Health Corporation (formerly Medco, Inc.)
                          (A Development Stage Company)

                            Statements of Operation
<TABLE>
<CAPTION>
                                                                                       Cumulative
                                                                                      Period from
                                                         Three Months Ended          July 1, 1994
                                                               September 30              (Date of
                                                                                    Inception) to
                                               1996                1997        September 30, 1997
                                           ------------------------------------------------------
<S>                                        <C>                   <C>           <C>
Revenues                                     $       --          $       --          $    225,369
Cost of sales                                        --                  --                99,439
                                             ------------        ------------        ------------
Gross profit                                         --                  --               125,930
                                             ------------        ------------        ------------
General and administrative expenses:
      Payroll - officers                           32,390                --                39,890
      Payroll - other                               8,000                --                17,692
      Taxes and licenses                            2,517                 936               5,653
      Real estate taxes                              --                  --                11,304
      Management fees                               1,065                --                 5,925
      Commission expense                              200                --                 8,400
      Travel                                          450                --                15,362
      Miscellaneous                                 1,641                   5               3,450
      Bad debt                                       --                  --                60,746
      Insurance                                     2,779               1,635              29,514
      Outside services                               --                11,072              81,624
      Supplies                                      2,270                --                 5,400
      Advertising                                    --                  --                 1,844
      Truck and auto expenses                         746                  50              10,553
      Rent                                          2,250              25,100              81,725
      Telephone                                        79                 318              11,786
      Utilities                                       134                 459               5,850
      Repairs and maintenance                          35                --                 1,193
      Office expense                                  195                 635               5,190
      Seminars                                       --                  --                   648
      Professional fees                             4,045               5,000              86,768
      Depreciation and amortization                 2,650              15,622              66,070
                                             ------------        ------------        ------------
                                                   61,446              60,832             556,587
                                             ------------        ------------        ------------
Operating loss                                    (61,446)            (60,832)           (430,657)
                                             ------------        ------------        -----------
Other income (expense)
      Interest expense                               --                (5,000)            (25,000)
      (Loss) Gain on equipment                     59,800                --               (33,628)
                                             ------------        ------------        ------------
                                                   59,800              (5,000)            (58,628)
                                             ------------        ------------        ------------

Loss before provision for income taxes             (1,646)            (65,832)           (489,285)

Provision for income taxes                           --                  --                   827
                     n                       ------------        ------------        ------------
Net loss                                     $     (1,646)       $    (65,832)       $   (490,112)
                                             ============        ============        ============

Net loss per common share                    $       --          $       --          $       (.01)
                                             ============        ============        ============

Weighted average shares of
      common stock outstanding                 38,017,913          38,986,977          38,986,977
                                             ============        ============        ============
</TABLE>

                        See Notes to Financial Statements
                                   (Unaudited)
                                       -2-
<PAGE>   5
                 Medco Health Corporation (formerly Medco, Inc.)
                          (A Development Stage Company)

                  Statements of Stockholders' Equity (Deficit)

<TABLE>
<CAPTION>

                                    Common          Paid in         Retained
                                     Stock          Capital         Earnings            Total
                                     -----          -------         --------            -----
<S>                                 <C>           <C>              <C>              <C>
Capital contribution                $37,944       $ (27,944)       $    --          $  10,000

Net loss                               --              --            (42,665)         (42,665)
                                    -------       ---------        ---------        ---------

Balance, June 30, 1995               37,944         (27,944)         (42,665)         (32,665)

Net loss - June 30, 1996               --              --            (89,266)         (89,266)

Capital contributions                   184          91,816             --             92,000
                                    -------       ---------        ---------        ---------

Balance - June 30, 1996              38,128          63,872         (131,931)         (29,931)

Capital contributions                 2,012         204,795             --            206,807

Net loss - June 30, 1997               --              --           (292,349)        (292,349)
                                    -------       ---------        ---------        ---------

Balance - June 30, 1997             $40,140       $ 268,667        $(424,280)       $(115,473)

Net Loss - September 30, 1997          --              --            (65,832)         (65,832)
                                    -------       ---------        ---------        ---------

 Balance - September 30, 1997       $40,140       $ 268,667        $ 490,112        $(181,305)
-----------------------------       =======       =========        =========        =========
</TABLE>



                        See Notes to Financial Statements
                                   (Unaudited)
                                       -3-
<PAGE>   6
                 Medco Health Corporation (formerly Medco, Inc.)
                          (A Development Stage Company)

                               Statements of Cash Flows
<TABLE>
<CAPTION>
                                                                                                     Cumulative
                                                                                                    Period from
                                                                       Three Months Ended          July 1, 1994
                                                                           September 30                (Date of
                                                                                                  Inception) to
                                                                    1996             1997        September 30, 1997
                                                              -------------     -----------------------------------
<S>                                                            <C>              <C>              <C>
Cash flows from operating activities
     Net loss                                                   $ (1,646)       $ (65,832)       $(490,112)
     Adjustments to reconcile net loss to net
     cash provided by operating activities:
         Depreciation and amortization                             2,650           15,622           66,070
         Bad debts                                                  --               --             60,746
     Change in assets and liabilities:
         (Increase) in accounts receivable                          --               --            (60,746)
         (Increase) decrease in prepaid expenses                 (32,000)            --            (80,000)
         Increase in accrued expenses                              2,000            8,000           33,000
         Net cash used in operating activities                   (28,996)         (42,210)        (471,042)
                                                               ---------        ---------        ----------
Cash flows from investing activities:
     Organization costs                                             --               --             (5,000)
     License fees                                                   --               --             (5,005)
     Deposits on equipment                                        32,000             --            (20,000)
     Capital expenditures                                        (53,171)        (250,000)        (492,145)
                                                               ---------        ---------        ----------

Net cash used in investing activities                            (21,171)        (250,000)         (522,150)
                                                               ---------        ---------        ----------

Cash flows from financing activities:
     Proceeds from stockholder loan                                 --             22,520          963,035
     Repayment of stockholder loan                               (1,950)             --           (539,620)
     Proceeds from issuance of common stock                         --               --            300,807
     Proceeds from additional paid-in-capital                       --               --              8,000
     Proceeds from long term borrowings                             --            270,000          270,000

Net cash provided by financing activities                        (1,950)          292,520         1,002,222
                                                              ---------         ---------        ----------

Net (decrease) increase in cash                                 (52,117)             310             9,030

Cash - beginning of period                                       52,833            8,720             --
                                                              ---------        ---------        ----------
Cash - end of period                                           $    716        $   9,030        $   9,030
                                                              =========        =========        ==========

Supplemental Disclosure of Cash Flow Information:

     Interest paid                                              $   --          $   5,000        $  25,000
                                                             =========          =========        =========

     Income taxes paid                                          $   --          $    --          $     422
                                                             =========          =========        =========
</TABLE>


                        See Notes to Financial Statements
                                   (Unaudited)
                                       -4-
<PAGE>   7
                 Medco Health Corporation (formerly Medco, Inc.)
                          (A Development Stage Company)

                          Notes to Financial Statements


Note 1 -      Summary of Accounting Policies
              Nature of Business
              Medco Health Corporation (formerly Medco, Inc.) (the "Company")
              was incorporated under the laws of the State of New York on July
              1, 1994. The Company's principal business activities have been the
              marketing and distribution of medical equipment, supplies and
              health care services.

              Reorganization
              In July 1983, an involuntary Chapter 11 bankruptcy petition was
              filed against Williston Oil Corporation by its creditors. In
              February 1992, the court granted the creditors' petition and an
              order for relief under Chapter 7 of the Bankruptcy Code was
              entered. Since 1992 the Company has remained inactive, and has no
              pre or post bankruptcy liabilities.

              On January 16, 1996 the sole shareholder of Medco, Inc. entered
              into an acquisition agreement (the "Acquisition Agreement") with
              Williston Oil Corporation for acquisition of all of the
              outstanding capital stock of Medco, Inc. in exchange for a portion
              of Williston's class A common stock and 100% of class B common
              stock. Subsequent to year end Williston Oil Corporation executed a
              name change to Medco Health Corporation.

              Use of Estimates
              Management uses estimates and assumptions in preparing the
              financial statements in accordance with generally accepted
              accounting principles. Those estimates and assumptions affect the
              reported amounts of assets and liabilities, the disclosure of
              contingent assets and liabilities, and the reported revenues and
              expenses.

              Organization Costs
              Organization costs are amortized on a straight-line basis over
              five years. Amortization expense for the three months ended
              September 30, 1997 was $250 and the year ended June 30, 1997 was
              $1,000.

              Equipment
              Equipment is recorded at cost less accumulated depreciation.
              Depreciation is provided over the estimated useful lives of the
              assets by using the straight-line method of depreciation.

              Repairs and maintenance costs are expensed as incurred while
              additions and betterments are capitalized. The cost and related
              accumulated depreciation of assets sold or retired are eliminated
              from the accounts and any gain or losses are reflected in
              earnings.

              Per Share Data
              The primary income (loss) per share was computed on the weighted
              number of shares of common stock outstanding during the period.
              Common share equivalents were not included as their inclusion
              would have been anti-dilutive.

                                       -5-

<PAGE>   8
                 Medco Health Corporation (formerly Medco, Inc.)
                          (A Development Stage Company)

                          Notes to Financial Statements


              Income Taxes
              The Company has a net operating loss carryover of approximately
              $420,000 as of June 30, 1997, expiring through 2012.

Note 1 -      Summary of Accounting Policies (continued)
              Income Taxes (continued)
              The Company adopted Statement of Financial Accounting Standards
              (SFAS) No. 109, Accounting for Income Taxes. SFAS No.109 requires
              the establishment of a deferred tax asset for all deductible
              temporary differences and operating loss carry forwards. Because
              of the uncertainties discussed in Note 2, however, any deferred
              tax asset established for utilization of the Company's tax loss
              carry forwards would correspondingly require a valuation allowance
              of the same amount pursuant to SFAS No. 109. Accordingly, no
              deferred tax asset is reflected in these financial statements.

<TABLE>
<S>                                                                                             <C>
Note 2 -      Long-Term Debt
              Note payable in equal monthly installments of $875 including
              interest at the rate of 9.66%; final payment due June 2002,
              collateralized by a vehicle with an undepreciated cost of
              approximately $51,600                                                             $   40,991

              Note payable in equal monthly installments of $4,500 in                              270,000
              addition to interest payable at the rate of prime plus 1%.
              This loan is secured by the residence of the majority shareholder.
              Final payment is due August, 2002.

              Less: current maturities                                                              60,281
                                                                                               -----------
              Long-term debt                                                                   $   250,710
                                                                                               ===========

              The aggregate amount of debt maturing during the next five is as
              follows:
                                                                           1998                 $    6,782
                                                                           1999                 $    7,471
                                                                           2000                 $    8,221
                                                                           2001                 $    9,052
                                                                           2002                 $    9,966
                                                                                                ----------
                                                                                                $   41,492
                                                                                                ----------


Note 3 -      Capital Stock
              The following is a summary of the various classes of capital stock
              at September 30, 1997:

                  Common Stock
                  Class A - Par value $.001 per share:
                   authorized 100,000,000 shares;
                   36,978,453 issued and outstanding                                            $   38,890
</TABLE>

                                       -6-
<PAGE>   9
                 Medco Health Corporation (formerly Medco, Inc.)
                          (A Development Stage Company)

                          Notes to Financial Statements

<TABLE>
<S>                                                                                           <C>



                   Class B - Par value $.001 per share:
                   authorized 25,000,000 shares;
                   1,250,000 issued and outstanding                                                  1,250
                                                                                               -----------

                                                                                               $    40,140
                                                                                               ===========

                   Preferred Stock Par value $.001 per share:
                   authorized 25,000,000 shares;
                   none issued and outstanding                                                 $         -
                                                                                               ===========
</TABLE>
              The holders of Class A common stock possess the voting power of
              one vote for each share of stock held. The holders of Class A
              common stock do not possess any pre-emptive rights. Class A common
              stock holders have the right to elect a minority of the directors
              of the Corporation.

Note 3 -      Capital Stock (continued)
              The holders of Class B common stock possess the voting power of
              three votes for each share of stock held and do not possess any
              pre-emptive rights. Class B common stock holders have the right to
              elect the majority of the directors of the Corporation. Class B
              common stock holders will not be entitled to cash dividends only
              for a period of three (3) years from the original date of issuance
              of that share. The shares of Class B common stock shall be
              convertible at any time and from time to time at the option of the
              holder into one share of Class A common stock at the rate of one
              share of Class B common stock for one share of Class A common
              stock.

              Preferred stock may be issued, from time to time, in one or more
              series, each of such series to have such designations,
              preferences, and relative participating, optional or other special
              rights, and qualifications, limitations or restrictions thereof as
              are stated and expressed in the resolution or resolutions
              providing for the issue of such series, adopted by the Board of
              Directors.

Note 4 -      Going Concern
              As shown in the accompanying financial statements, the Company
              incurred a net cumulative loss of $490,112 during the period July
              1, 1994 (date of inception) to September 30, 1997, and as of that
              date, the Company's total liabilities exceeded its total assets by
              $181,305.

              In January 1996, the Company, under a plan of reorganization was
              merged into Williston Oil Corporation (Williston). Williston is a
              publicly traded company. It is the intentions of management that
              the Company will obtain additional capital from a public offering.
              These factors create an uncertainty about the Company's ability to
              continue as a going concern. The financial statements do not
              include any adjustments that might be necessary if the Company is
              unable to continue as a going concern.





                                       -7-
<PAGE>   10
                 Medco Health Corporation (formerly Medco, Inc.)
                          (A Development Stage Company)

                          Notes to Financial Statements


Note 5 -      Related Party Transactions
              During the period July 1, 1994 (date of inception) to September
              30, 1997, the stockholder advanced the Company approximately
              $423,000. There are no stated terms for repayment and interest is
              calculated at 7%.

Note 6 -      Commitments and Contingencies
              The Company leases its facility under an operating lease which
              expires June 30, 2016. The lease provides for monthly payments of
              $8,000 through June 2001. Afterwards the rent will be increased by
              the increase in the consumer price index. The minimum future
              rental payments under this lease are as follows:

<TABLE>
<CAPTION>
                                  June 30                 Amount
                                  -------                 ------
<S>                           <C>                     <C>
                                   1998                    96,000
                                   1999                    96,000
                                   2000                    96,000
                                   2001                   96,000
                                   2002                1,344,000
                                                       ---------
                                Thereafter             1,824,000
                                                       ---------
</TABLE>


              In addition the Company has entered into a contract for
              approximately $422,000 to have the new facilities constructed to
              accommodate the operations of the Company.

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

         The following is management's discussion and analysis of significant
factors which have affected the Company's financial position and operations
during the fiscal quarter that ended September 30, 1997.

Liquidity and Capital Resources

         The activities of the registrant since its reorganization on January
16, 1996 have been financed by various loans and the sale of securities in
private transactions.

         The company currently owns three vehicles, a Land Cruiser, a BMW, and a
Dodge Colt. The company will also own the laboratory, including all of its
furnishings, once it is complete.

         The company currently had a negative net worth. There is no assurance
that the company will, in fact, be able to raise adequate funding and actually
expand its operations as contemplated, or even to bring its present operations
to a profitable level.


                                       -8-
<PAGE>   11
Results of Operations

         The company's revenues from its date of inception until September 30,
1997 is $225,369. The Company's revenues for the three months that ended
September 30, 1997 were $0.00.

         The management of the Company has continued to devote the Company's
resources to the completion of the clinical laboratory in Englewood Cliffs, New
Jersey.

Part II

Item 1.  Legal Proceedings

         The Company is unaware of any pending legal proceedings to which the
Company is a party or of which any of its assets is the subject. No director,
officer or affiliate of the Company, or any associate of any of them, is a party
to or has a material interest in any proceeding adverse to the Company.

         There are no existing lawsuits against the Company.

Item 2.  Changes in Securities

         The Company did not sell or issue any securities of any kind during the
period that ended on September 30, 1997.

Item 3.  Defaults Upon Senior Securities

         For the period that ended on September 30, 1997, there was no defaults
upon senior securities or securities of any kind by the Company.

Item 4.  Submission of Matters to a Vote of Security Holders

         There were no matters submitted to a vote of security holders by the
Company fr the period that ended September 30, 1997.

Item 5.  Other Information

         There is no other information that the Company believes is necessary to
be included in this report.

Item 6.  Exhibits and Reports on Form S-K

         (a)  Exhibits filed herewith:

               None

                                       -9-
<PAGE>   12
         (b) Current reports on Form 10KSB, dated November 26, 1997, filed with
the Securities and Exchange Commission.

                                   SIGNATURES

         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.

                                             MEDCO HEALTH CORPORATION



Date: November 26, 1997                      By:/s/ FAHIM SAHRAIE
                                                -----------------------------
                                                FAHIM SAHRAIE
                                                President/Director



Date: November 26, 1997                      By:/s/ HASHEM SAHRAIE
                                                -----------------------------
                                                HASHEM SAHRAIE
                                                Secretary/Director


                                      -10-