FORM 10-Q

                        SECURITIES AND EXCHANGE COMMISSION
                              Washington, D.C.  20549

[X]  Quarterly report pursuant to Section 13 or 15(d) of the Securities 
     Exchange Act of 1934.

For the quarterly period ended March 31, 1998 or

[ ]  Transition report pursuant to Section 13 or 15(d) of the Securities 
     Exchange Act of 1934

For the transition period from __________ to __________

Commission file number 1-8680

                              HIGH PLAINS CORPORATION

               (Exact name of registrant as specified in its charter)

Kansas                                                              #48-0901658
(State or other jurisdiction of                                   (IRS Employer
incorporation or organization)                              Identification No.)

200 W. Douglas                                                            67202
Suite #820                                                           (Zip Code)
Wichita, Kansas
(Address of principal
executive offices)

                                  (316)269-4310
                         (Registrant's telephone number)

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   

                     APPLICABLE ONLY TO ISSUERS INVOLVED IN
                        BANKRUPTCY PROCEEDINGS DURING THE
                              PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and 
reports required to be filed by Sections 12, 13 or 15(d) of the Securities 
Exchange Act of 1934 subsequent to the distribution of securities under a plan 
confirmed by a court.

                               YES             NO   

                     Common Stock, Par Value $.10 per share,
                   Outstanding at March 31, 1998 - 15,999,444


<PAGE>


PART I                       FINANCIAL INFORMATION


Item 1.                      FINANCIAL STATEMENTS

Balance Sheets                                                           3 - 4

Statements of Operations                                                   5

Statements of Stockholders' Equity                                         6

Statements of Cash Flows                                                   7

Selected Notes to Financial Statements                                   8 - 9


Item 2.             MANAGEMENT'S DISCUSSIONS AND ANALYSIS
                      OF FINANCIAL CONDITION AND RESULTS
                                OF OPERATIONS                           10 - 13


PART II                       OTHER INFORMATION


Item 1.  Legal Proceedings                                                14    

Item 4.  Submission of Matters to a Vote of Security Holders              14  

Item 6.  Exhibits and Reports on Form 8-K                                 14


<PAGE>
<TABLE>
                           HIGH PLAINS CORPORATION
                                Balance Sheets
                                 (Unaudited)
                       March 31, 1998 and June 30, 1997




<CAPTION>
                                                   March 31,       June 30,
Assets                                               1998            1997     
                                                  (Unaudited)         **
<S>                                              <C>            <C>
Current Assets:
  Cash and cash equivalents                       $  2,016,821   $  2,389,758
  Accounts Receivable            
    Trade (less allowance of $75,000)                5,584,488      4,102,173
    Production credits and incentives                  303,149      1,536,541
  Inventories                                        6,208,561      4,246,783
  Current portion of long-term                                          
    notes receivable                                    72,174        117,417
  Prepaid expenses                                     590,236        309,350
  Refundable income tax                                    -0-        145,328  
         Total current assets                       14,775,429     12,847,350  

  Property, plant and equipment, at cost:
    Land and land improvements                         323,496        323,496
    Ethanol plants                                  92,011,343     85,055,215
    Other equipment                                    549,280        393,683
    Office equipment                                   255,735        202,135
    Leasehold improvements                              48,428         48,002  
                                                    93,188,282     86,022,531
    Less accumulated depreciation                  (22,988,410)   (20,444,381) 
      Net property, plant and equipment             70,199,872     65,578,150  

Other assets:
  Equipment held for resale                            601,015        427,432
  Deferred loan costs (less accumulated
    amortization of $30,200 and $10,857, 
    respectively)                                      119,016        103,623
  Long-term notes receivable, less current                              
    portion                                                -0-         41,742
  Other                                                 67,081         76,235  
        Total other assets                             787,112        649,032  

                                                  $ 85,762,413   $ 79,074,532  


<FN>
                  See accompanying notes to financial statements.

                      ** From audited financial statements.

</TABLE>
<PAGE>
<TABLE>

                            HIGH PLAINS CORPORATION
                           Balance Sheets Continued
                                  (Unaudited)
                        March 31, 1998 and June 30, 1997

<CAPTION>
                                                   March 31,       June 30,
Liabilities and Stockholders' Equity                 1998            1997    
                                                  (Unaudited)         **
<S>                                              <C>            <C>
Current liabilities:
  Revolving lines-of-credit                       $  7,400,000   $  6,200,000
  Current maturities of capital lease 
    obligations                                        489,970        519,384
  Accounts payable                                   6,713,011      5,114,452
  Accrued interest                                     287,151        298,551
  Accrued payroll and property taxes                   932,273        644,846 
      Total current liabilities                     15,822,405     12,777,233 

Revolving line-of-credit                            10,150,000      7,700,000
Capital lease obligation, excluding current                             
  maturities                                         2,140,781      2,500,014
Other                                                  408,200        441,109 
                                                    12,698,981     10,641,123 

Stockholders' equity:
  Common stock, $.10 par value, authorized
  50,000,000 shares; issued 16,410,622
  shares at March 31, 1998 and 16,396,622      
  shares at June 30, 1997, of which 411,178    
  shares were held as treasury stock at 
  March 31, 1998 and June 30, 1997                   1,641,062      1,639,662
  Additional paid-in capital                        37,406,803     37,348,072
  Retained earnings                                 19,240,491     17,763,627 
                                                    58,288,356     56,751,361

  Less:
    Treasury stock - at cost                          (863,911)      (863,911)
    Deferred compensation                             (183,418)      (231,274)
       Total stockholders' equity                   57,241,027     55,656,176 

                                                  $ 85,762,413   $ 79,074,532 


<FN>
                 See accompanying notes to financial statements.

                     ** From audited financial statements.

</TABLE>
<PAGE>
<TABLE>

                            HIGH PLAINS CORPORATION
                             Statements of Income
                                 (Unaudited)
                  Three Months Ended March 31, 1998 and 1997
                and Nine Months Ended March 31, 1998 and 1997


<CAPTION>
                               Three Months Ended        Nine Months Ended
                                    March 31,                 March 31,        
                               1998         1997         1998         1997

<S>                       <C>          <C>           <C>          <C>
Net sales                  $19,123,056  $20,570,905   $63,354,876  $38,699,005
Cost of sales               18,685,219   19,608,559    59,681,110   35,135,099
  Gross Profit                 437,837      962,346     3,673,766    3,563,906

Selling, general and
administrative expenses        366,580      340,815     1,281,920    1,068,360
  Operating income              71,257      621,531     2,391,846    2,495,546

Other income (expense):
  Interest and other
    income                      31,348       24,504        93,168      115,933
  Interest expense            (394,878)    (348,910)   (1,062,001)  (1,116,547)
  Gain on sale of
   equipment and property          -0-      139,488         1,050      140,063

                              (363,530)     184,918      (967,783)    (860,551)

Net (loss) earnings
  before income taxes         (292,273)     436,613     1,424,063    1,634,995

Income tax expense
  (benefit)                      7,152        8,691       (52,801)      32,601 

Net (loss) earnings        $  (299,425)  $  427,922   $ 1,476,864  $ 1,602,394 

              
Diluted (loss) earnings
  per share                $      (.02)  $      .03   $       .09  $       .10 



<FN>
                   See accompanying notes to financial statements.

</TABLE>
<PAGE>
<TABLE>

                            HIGH PLAINS CORPORATION
                      Statements of Stockholders' Equity
                                (Unaudited)
                       Nine Months Ended March 31, 1998

                                                                                                              
<CAPTION>         
                   Common
                   Stock
                                              Additional  
                   Number         Amount       Paid-in       Retained      Treasury      Deferred     Total
                   of Shares                   Capital       Earnings       Stock      Compensation
                                                                                                              
<S>              <C>           <C>          <C>           <C>           <C>          <C>          <C>
Balance,
 June 30, 1997    16,396,622    $ 1,639,662  $ 37,348,072  $ 17,763,627  $ (863,911)  $ (231,274)  $ 55,656,176
   
Amortization of
 deferred
 compensation                                                                             17,713         17,713

Compensation
 expense on
 stock options
 granted                                           39,131                                                39,131

Net earnings for
 the quarter                                                  1,370,881                               1,370,881 
                                                                                                              
         
Balance, 
 September 30,
 1997             16,396,622    $ 1,639,662  $ 37,387,203  $ 19,134,508  $ (863,911)  $ (213,561)  $ 57,083,901 

                                                                                                              
         
Amortization of
 deferred
 compensation                                                                             15,235         15,235

Net earnings for
 the quarter                                                    405,408                                 405,408
                                                                                                              
        
Balance
 December 31,
 1997             16,396,622    $ 1,639,662  $ 37,387,203  $ 19,539,916  $ (863,911)  $ (198,326)  $ 57,504,544
                                                                                                              
Amortization of
 deferred
 compensation                                                                             14,908         14,908

Exercise of
 options              14,000          1,400        19,600                                                21,000

Net loss for
 the quarter                                                   (299,425)                               (299,425)
                                                                                                              
        
Balance
 March 31,
 1998             16,410,622    $ 1,641,062  $ 37,406,803  $ 19,240,491  $ (863,911)  $ (183,418)  $ 57,241,027
                                                                                                              
<FN>    
                                    See accompanying notes to financial statements.

</TABLE>
<PAGE>
<TABLE>

                                HIGH PLAINS CORPORATION
                                Statements of Cash Flows
                                     (Unaudited)
                      Nine Months Ended March 31, 1998 and 1997

<CAPTION>
                                                      1998             1997   
<S>                                              <C>              <C>
Cash Flows from operating activities:  
 Net earnings                                     $ 1,476,864      $ 1,602,394
 Adjustments to reconcile net earnings to
  net cash provided by operating activities:
   Depreciation and amortization                    2,593,785        2,308,844
   Amortization of deferred compensation               47,856           32,264
   Gain on sale of equipment                           (1,050)        (140,063)
   Payments on notes receivable                        86,985          133,936 
Changes in operating assets and liabilities:
 Accounts receivable                                 (248,923)      (5,978,504)
 Inventories                                       (1,961,778)      (2,162,879)
 Refundable income tax                                145,328              -0-
 Prepaid expenses                                    (280,886)        (271,892)
 Accounts payable                                   1,598,559        4,587,825
 Accrued liabilities                                  276,027          414,934 
 Estimated contract commitments                           -0-         (629,093)
                                                                               
      Net cash provided by operating activities     3,732,767         (102,234)
                                                                               
  Cash flows from investing activities:
 Proceeds from sale of equipment                        8,590        3,318,345
 Acquisition of property, plant and equipment      (7,372,287)      (6,553,264)
 Increase in other non-current assets                 (25,582)         (43,115)
                                                                               
      Net cash used in investing activities        (7,389,279)      (3,278,034)
                                                                               
  Cash flows from financing activities:
  Proceeds from short-term debt                           -0-        4,000,000
  Proceeds from long-term debt                            -0-       11,000,000
  Proceeds from revolving lines-of-credit           7,700,000              -0-
  Payment on long-term debt                               -0-      (19,895,238)
  Payment on capital lease obligations               (393,647)        (174,812)
  Payment on revolving lines-of-credit             (4,050,000)             -0-
  Proceeds from exercise of options                    60,131          418,869
  (Decrease) increase in other non-current 
    liabilities                                       (32,909)          18,693
                                                                               
 
   Net cash provided by financing activities        3,283,575       (4,632,488)
                                                                               
      Decrease in cash and cash equivalents          (372,937)      (8,012,756)

    Cash and cash equivalents 
     Beginning of period                            2,389,758        8,889,246
     End of period                                $ 2,016,821      $   876,490
                                                                               
<FN>  
                   See accompanying notes to financial statements.

</TABLE>
<PAGE>


                            HIGH PLAINS CORPORATION
                   Selected Notes to Financial Statements


(1)   Basis Of Presentation

The accompanying financial statements have been prepared by High Plains 
Corporation ("Company) without audit.  In the opinion of management, all 
adjustments (which include only normally recurring adjustments) necessary to 
present fairly the financial position, results of operations and changes in 
financial position for the periods presented, have been made.

Certain information and footnote disclosures normally included in financial 
statements prepared in accordance with generally accepted accounting principals
have been condensed or omitted.  The results of operations for the period ended
March 31, 1998 are not necessarily indicative of the operating results for the 
entire year.

(2)  Ethanol Production Business

In December 1997, the Company acquired its third fuel grade ethanol facility 
located in Portales, New Mexico.  The plant was refurbished and test runs 
performed during January and February of 1998 due to the extended shutdown of 
approximately two years by the previous owners.  In March 1998 full production 
was initiated and approximately 1.0 million gallons were produced.  The plant 
has a rated capacity of about 13 million gallons per year.

(3)  Stock Options

On February 20, 1998, 14,000 options were exercised at $1.50 per share.  These 
options did not contain any reload features.

(4)  Stock-Based Compensation

The Company continues to account for stock-based compensation for employees 
using the intrinsic value method prescribed in APB No. 25.  Accordingly, 
compensation cost for stock options is measured as the excess, if any, of the 
quoted market price of the Company's stock at the date of grant over the amount
an employee must pay to acquire the stock.

Had compensation cost for the stock-based compensation been determined based on
the fair value grant date, consistent with the provisions of FAS 123, the 
Company's net earnings and diluted earnings per share above would have been 
reduced to the pro forma amounts below:


<PAGE>

<TABLE>
<CAPTION>
For the three months ending
 March 31,                                      1998              1997   
   <S>                                     <C>               <C>
    Net (loss) earnings
      As reported                           $  (299,425)      $   427,922
      Pro forma                                (299,425)          346,736

    Diluted (loss) earnings per share:
      As reported                           $      (.02)      $       .03
      Pro forma                                    (.02)              .02

For the nine months ending
 March 31,

    Net earnings                        
      As reported                           $ 1,476,864       $ 1,602,394
      Pro forma                               1,199,646         1,316,802

    Diluted earnings per share:
      As reported                           $       .09       $       .10
      Pro forma                                     .08               .08

</TABLE>

The Company's basic earnings per share for the pro forma information noted 
above are the same as the Company's diluted earnings per share for all the 
periods disclosed.


(5)  Earnings Per Share

The Company, as required under FASB Statement No. 128 Earnings Per Share (FAS 
128) has replaced the presentation of primary earnings per share (EPS) with 
Basic EPS and Diluted EPS.  Under FAS 128 both the basic and diluted must be 
presented in the financial statements.  Also, under the FAS 128 all prior 
period EPS data presented in the financial statements must be restated for 
comparative purposes.

The diluted earnings per share for the three months ended March 31, 1998 and 
1997 have been calculated based on 16,009,802 and 15,996,437 diluted shares 
outstanding, respectively.  The diluted earnings per share for the nine months 
ended March 31, 1998 and 1997 have been calculated based on 16,018,715 and 
16,065,434, respectively.  The Company's diluted (loss) earnings per share in 
the financial statements contained herein are the same as the basic (loss) 
earnings per share for each of the periods disclosed.
 

<PAGE>


Part I               MANAGEMENTS DISCUSSION AND ANALYSIS OF
                 FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 2.

Forward-looking Statements

Forward-looking statements in this Form 10-Q, future filings including but not 
limited to, the Company's annual 10K, Proxy Statement, and 8K filings by the 
Company with the Securities and Exchange Commission, the Company's press 
releases and oral statements by authorized officers of the Company are intended
to be subject to the safe harbor provisions of the Private Securities 
Litigation Reform Act of 1995.  Investors are cautioned that all forward-
looking statements involve risks and uncertainty, including without limitation,
the risk of a significant natural disaster, the inability of the Company to 
ensure against certain risks, the adequacy of its loss reserves, fluctuations 
in commodity prices, change in market prices or demand for motor fuels and 
ethanol, legislative changes regarding air quality, fuel specifications or 
incentive programs, as well as general market conditions, competition and 
pricing.  The Company believes that forward-looking statements made by it are 
based upon reasonable expectations.  However, no assurances can be given that 
actual results will not differ materially from those contained in such forward-
looking statements.  The words "estimate", "anticipate", "expect", "predict", 
"believe" and similar expressions are intended to identify forward-looking 
statements.

Nine Months Ended March 31, 1998 and 1997

Net Sales and Operating Expenses.

Net sales and revenues for the nine months ended March 31, 1998, were higher 
than net sales for the same period ended March 31, 1997.  During the nine 
months ended March 31, 1998, approximately 35.7 million gallons of fuel grade 
ethanol were sold at an average price of $1.15 per gallon compared to 20.8 
million gallons sold at an average price of $1.29 per gallon, for the same 
period ending March 31, 1997.  In addition, approximately 2.2 million gallons 
of industrial grade ethanol were sold at an average price of $1.48 per gallon 
during the nine months ended March 31, 1998.  Industrial grade ethanol 
production capabilities and sales were not significant during the same period 
ending March 31, 1997.  Fuel grade gallons sold increased 72% due to the 
increased production available for sale compared to reduced production 
resulting from the temporary shutdown of the Colwich and York facilities during
fiscal 1997.  In addition, the Company's Portales facility sold .3 million 
gallons of fuel grade ethanol during it's startup and operations which began in
March, 1998.

Cost of sales as a percentage of net sales was 94.2% and 90.8% for the nine 
month periods ended March 31, 1998 and 1997, respectively.  The slight increase
in the cost of sales as a percentage of net sales was primarily due to the 
decrease in the average sale price for fuel grade ethanol offset by a decrease 
in average grain prices.  The average cost of grain declined to $2.44 per 
bushel for the nine months ended March 31, 1998, down from $2.59 per bushel for
the same period in 1997.


<PAGE>


Selling, general and administrative expenses increased 19.9% for the nine 
months ended March 31, 1998, compared to the same period ended March 31, 1997. 
 This increase is primarily due to administrative costs in the prior fiscal 
year being below typical levels as a result of the temporary shutdown of the 
Company's plants during the prior fiscal year.


Net Earnings.

Net earnings decreased 7.8% for the nine months ended March 31, 1998, compared 
to earnings for the same period in 1997.  Net earnings as a percentage of net 
sales and revenues decreased from 4.1% to 2.3%, due to an increase in cost of 
sales combined with a decrease in the average sale price for ethanol in the 
1998 period compared to the same period in 1997.  Diluted earnings per share at
March 31, 1998 were 10% lower than diluted earnings per share at March 31, 1997
due to a decline in net earnings.

MATERIAL CHANGES IN RESULTS AND OPERATIONS

Three Months Ended March 31, 1998 and 1997

Net Sales and Operating Expenses and Results of Operations.

Net sales and revenues for the three months ended March 31, 1998, decreased 
6.7% compared to the same period in 1997.  During the quarter ended March 31, 
1998, approximately 10.3 million gallons of fuel grade ethanol were sold at an 
average price of $1.10 per gallon compared to approximately 11.9 million 
gallons sold during the same period in 1997 at an average price of $1.22 per 
gallon.  The average sale price declined for the three months ended March 31, 
1998, compared to the same period in 1997 in response to decreasing spot market
prices for fuel grade ethanol.  Fuel grade gallons sold during the three months
ended March 31, 1998 decreased 13.3% compared to the same period in 1997 due to
reduced fuel grade production in response to lower prices.  In addition, 
approximately 1.0 million gallons of industrial grade ethanol was sold at an 
average price of $1.39 per gallon during the three months ended March 31, 1998,
compared to zero sales in the same period in 1997.

Cost of sales as a percentage of net sales and revenues was 97.7% and 95.3% for
the three month periods ended March 31, 1998 and 1997, respectively.  The 
slight increase in cost of sales as a percentage of sales is primarily due to a
decrease in the average sale price for fuel grade ethanol.  The average cost of
grain decreased slightly to $2.48 per bushel for the three months ended
March 31, 1998, down from $2.51 per bushel for the same period ended
March 31, 1997.

Selling, general and administrative expenses increased 7.0% for the three 
months ended March 31, 1998, compared to the period ended March 31, 1997.  The 
increase was primarily due to administrative costs related to the startup of 
the Company's production facility in Portales, New Mexico.


<PAGE>


Net Earnings.

Net earnings decreased 170% for the three months ended March 31, 1998 from the 
prior period in 1997.  The decline in net earnings was due to the decrease in  
sales in the 1998 period compared to 1997.  Diluted earnings per share for the 
three months ended March 31, 1998 decreased 166% compared to diluted earnings 
per share for the three months ending March 31, 1997, as a result of the 
decrease in net earnings.


Liquidity and Capital Resources

The Company's primary sources of funds during the third fiscal quarter for 1998
were cash flow from operations, and advances on a revolving line of credit from
the Company's primary lender for $2,000,000, for working capital needs.  At 
March 31, 1998, the Company had negative working capital of $(1,046,976) 
compared to a working capital surplus of $70,117 at June 30, 1997.  Cash flow 
from operating activities amounted to $(3,732,767) for the first nine months of
fiscal 1998 compared to $(102,234) for the same period in fiscal 1997.  The 
increase in cash flow from operations in fiscal 1998 was attributable to the 
1997 temporary shutdown of the Company's production facilities.

Capital expenditures in the first nine months of fiscal 1998 amounted to $7.4 
million compared to $6.6 million for the same period in fiscal 1997.  These 
expenditures were a result of the Portales, New Mexico purchase and 
refurbishment totaling approximately $4.7 million with the remaining balance 
primarily expended on the York, Nebraska facility.

In the opinion of management, funds expected to be generated from future 
operations and the Company's ability to rely upon future secured borrowings 
will provide adequate liquidity for the foreseeable future.  The Company may, 
however, issue debt and equity securities as additional sources of financing as
needed.


Seasonality

Ethanol prices on product sold in mandated oxygen markets generally increase 
during the months of September through March, and decrease during the summer 
months, due to the Federal Oxygen Program.  However, during the latter part of 
this program season, ethanol prices softened as a result of  the significant 
decline in the wholesale price of gasoline.  Since ethanol replaces gasoline, 
changes in gasoline prices have historically resulted in similar changes in the
price paid for ethanol.  Currently, both gasoline and ethanol prices are lower 
than those experienced in the spring and summer of 1997.  However, the Energy 
Information Administration predicts that there will be a significant increase 
in highway travel by American motorists this summer, generating an increase in 
gasoline demand by an expected 2.8%.  If this increase in demand occurs, 
summertime ethanol prices could benefit.

<PAGE>

Average grain prices were flat for most of the quarter ended March 31, 1998.
However, during the latter part of March, prices began to trend lower and have 
continued to decline.  The USDA's latest acreage and stocks reports predict
planting of this year's corn crop to be the largest in 13 years.  An increase
in planted acres of 1% over the previous year is anticipated.  Although weather,
carryouts, exports and other factors can significantly affect grain prices,
prices in good crop years have typically declined into and during the harvest
period.  As part of the Company's risk management program, the Company has
forward contracted grain deliveries and acquired tradable board positions.  In
total, these provide protection against grain price increases for approximately
41% of the Company's feedstock requirements through December, 1998.  Should 
feedstock prices decline, the Company would benefit from lower prices on the 
remaining 59% of uncovered grain needs.  The Company also anticipates that the
sale of its distiller's grain by-products, which historically fluctuates with
the price of corn, will continue to provide an additional hedge against adverse
fluctuations in grain prices.


<PAGE>


PART II                       OTHER INFORMATION

Item 1.  LEGAL PROCEEDINGS

No new legal proceedings were instigated during the quarter ended March 31, 
1998 which would be considered other than in the ordinary course of the 
Company's business.

Item 2.  CHANGES IN SECURITIES

Not applicable.

Item 3.  DEFAULTS UPON SENIOR SECURITIES

Not applicable.

Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Not applicable.

Item 5.  OTHER INFORMATION

The Company is in the process of finalizing an agreement with ICM, Inc. to 
assume responsibility for purchasing and merchandising all of the Company's 
cattle feed by-products, dried distillers grains (DDG).  This function is 
currently being performed by ConAgra, Inc., but was previously performed by 
ICM, Inc. prior to the assumption of those duties by ConAgra.

Item 6.  EXHIBITS AND REPORTS ON FORM 8-K

    a).  Exhibit 27-1  Financial Data Schedule

    b).  Reports on Form 8-K.  During the quarter for which this
         report is filed, the Company filed one Form 8-K on January
         26, 1998 concerning the Company's second quarter earnings
         and earnings per share for the period ending December 31, 1997.
  

<PAGE>



                                SIGNATURES

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


HIGH PLAINS CORPORATION

Date        May 7, 1998                          /s/ Gary R. Smith 
                                                 Chief Executive Officer