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                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                 FORM 10-QSB

          QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
             THE SECURITIES AND EXCHANGE ACT OF 1934

             For the quarterly period ended December 31, 1996

                      Commission File No. 0-09482

                         MYSTIQUE DEVELOPMENTS, INC.
      ----------------------------------------------------------------  
      (Exact Name of Small Business Issuer as Specified in its Charter)

        WYOMING                                  83-0246080
-------------------------                       ----------------------   
(State or other jurisdic-                       (I.R.S. Employer Iden-
 tion of incorporation)                           tification No.)
   or organization)

         1820 South Elena Avenue, Redondo Beach, California  90277
         ---------------------------------------------------------
         (Address of Principal Executive Office including Zip Code)

                               (310)546-5741
                         ---------------------------
                         (Issuer's telephone number)

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

                               YES   X      NO ___ 

There were 1,535,076 shares of the Registrant's $.001 par value common stock
outstanding as of December 31, 1996.

Transitional Small Business Disclosure: Yes (   )    No ( X )
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                   MYSTIQUE DEVELOPMENTS, INC.

                          Balance Sheet

    ASSETS                                December 31,        June 30,
                                              1996             1996
Current Assets:
    Cash                                   $ 916,204         $  24,971   
    Accounts receivable-trade                  5,066            10,553
    Accounts receivable-related party             --             6,066      
    Other                                        500                --
   
      Total current assets                   921,770            41,590
        
Property and equipment, at cost using
 successful efforts method, net              713,406           698,046   

                                          $1,635,176          $739,636

   LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
    Accounts payable                       $   7,649        $  14,522 
    Accounts payable-related party                --           15,000

                                               7,649           29,522
Stockholders' Equity:
    Common stock, $.01 par value:
     authorized 75,000,000 shares;
     issued and outstanding 1,535,076 
     at December 31, 1996                     15,350            5,500       
    Additional paid-in capital             2,832,897        1,866,868     
    Accumulated deficit                   (1,220,720)      (1,162,254)
      
                                           1,627,527          710,114     

                                          $1,635,176       $  739,636 

               See accompanying notes to financial statements
                                      2
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                             MYSTIQUE DEVELOPMENTS, INC.
                                 
                              Statement of Operations
             For the Three Months Ended December 31, 1996 and 1995

                                                   1996          1995
Operating Revenue:                 
    Oil and gas sales                           $ 23,259      $ 25,100
    Management and consulting
     fees                                             --       499,400
    Property operations fee                        1,050         1,050
    
                                                  24,309       525,550
Operating costs and expenses:             
    Lease operating costs                         17,278         9,330
    Depreciation and depletion                     6,000         6,000  
    General and administrative expenses           36,437           499   

                                                  59,715        15,829    
     Operating income (loss)                     (35,406)      509,721   

Other Income (expense):
    Interest income                                   90            85    
                            
                                                      90            85

Income(loss) before income taxes                 (35,316)      509,806

Income taxes                                          --            --

Net income (loss)                               $(35,316)    $ 509,806

Net income (loss) per common share              $   (.06)     $    .93

Weighted average common shares outstanding       641,326       550,076  

            See accompanying notes to financial statements.
                                       3
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                             MYSTIQUE DEVELOPMENTS, INC.
                                 
                              Statement of Operations
             For the Six Months Ended December 31, 1996 and 1995

                                                   1996          1995     
Operating Revenue:                 
    Oil and gas sales                           $ 35,331      $ 42,685
    Management and consulting
     fees                                             --       499,400
    Property operations fee                        2,100         2,100
    
                                                  37,431       544,185
        
Operating costs and expenses:             
    Lease operating costs                         33,411        28,340
    Depreciation and depletion                    12,000        11,400  
    General and administrative expenses           50,647        15,693   

                                                  96,058        55,433    

     Operating income (loss)                     (58,627)      488,752   

Other Income (expense):
    Interest income                                  161           220    
                            
                                                     161           220

Income(loss) before income taxes                 (58,466)      488,972

Income taxes                                          --            --

Net income (loss)                               $(58,466)     $488,972

Net income (loss) per common share              $   (.10)     $    .89

Weighted average common shares outstanding       578,052       550,076  

            See accompanying notes to financial statements.
                                     4 
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                         MYSTIQUE DEVELOPMENTS, INC.
                          Statements of Cash Flows
            For the Six Months Ended December 31, 1996 and 1995 

                                                           
                                                     1996             1995 
Cash Flows from operating activities:
 Cash received from customers                      $ 48,484        $ 32,758  
 Cash paid to suppliers & employees                (105,931)        (42,508)
 Interest income                                        161             220
  
   Net cash provided by (used in)
     operating activities                           (57,286)         (9,530)  

Cash flows used in investing activities:
 Purchase of assets                                 (27,360)          --
  
   Net cash provided by (used in)
     investing activities                           (27,360)          --
 

Cash flows used in financing activities:
 Proceeds from sale of stock                        975,879           --
  
   Net cash provided by (used in)
     financing activities                           975,879           --

   Net increase (decrease) in cash and
     cash equivalents                               891,233       (9,530)

Cash and cash equivalents at beginning of year       24,971       27,537 

Cash and cash equivalents at end of year           $916,204     $ 18,007 

Reconciliation of net income to net cash
 used in operating activities:
   Net income (loss)                               $(58,466)    $488,972 
   Adjustments to reconcile net income
    to net cash used in operating  activities:
      Depreciation, depletion and impairments        12,000       11,400
      (Increase) decrease in accounts receivable     11,553     (501,645)
      (Increase) decrease in other current assets      (500)          -- 
      (Decrease) increase in accounts payable       (21,873)      (8,257)

                                                   $(57,286)   $  (9,530)
                  See accompanying notes to financial statements.
                                      5
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                        MYSTIQUE DEVELOPMENTS, INC.
                       Notes to Financial Statements

NOTE 1: BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

GENERAL

The Company operates principally in the exploration, development and
production of oil and gas properties and consulting in the oil and gas
industry.

PROPERTY AND EQUIPMENT

The Company uses the successful efforts method of accounting for oil and gas
producing activities.  Under this method, the costs of unsuccessful
exploratory wells, delay rentals, and dry hole contributions are expensed as
incurred.  Lease acquisition costs and costs of drilling and equipping
productive exploratory wells and all development wells are capitalized.

Depreciation and depletion of producing properties and equipment is computed
by the unit-of-production method using management estimates or independent
engineer's estimates of unrecovered proved producing oil and gas reserves. 
The total capitalized costs for individual proved oil and gas properties is
limited to the estimated future net revenues from production of proved
reserves. A recoverability test "ceiling test" of proved properties is
performed on an undiscounted basis, net of income taxes, on a well by well
basis.  An impairment amount equal to all costs above ceiling is charged to
operations during the period.  Other equipment is depreciated by use of
accelerated methods using estimated asset lives of 3 to 7 years.  When assets
are retired or otherwise disposed of, the cost and accumulated depletion,
depreciation or impairment are removed from the accounts and any resulting
gain or loss is reflected in operations in the period realized. No accrual has
been provided for estimated future abandonment costs as management estimates
that the salvage value will approximate such costs.

INCOME TAXES

The Company uses the liability method of accounting for income taxes.  Under
the liability method, income taxes are recorded for future events at tax rates
in effect when the balances are expected to be settled.

EARNINGS PER COMMON SHARE

The earnings per share is based on the weighted-average number of shares of
common stock outstanding.

CASH AND CASH EQUIVALENTS

For purposes of the statement of cash flows, the Company considers all highly
liquid debt instruments purchased with a maturity of three months or less to
be cash equivalents.

RISKS AND UNCERTAINTIES

Historically, the market for oil and gas has experienced significant price
fluctuations. Increases or decreases in prices received could have a
significant impact on the Company's future results of operations.

                                     6   
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The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of
contingent asset and liabilities at the date of the financial statements and
reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.

BASIS OF PRESENTATION

These financial statements have been prepared in accordance with generally
accepted accounting principles for interim financial information. 
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements. 
In the opinion of management, such interim statements reflect all adjustments
(consisting of normal recurring accruals) necessary to present fairly the
financial position and the results of operations and cash flows for the
interim periods presented.  The results of operations for these interim
periods are not necessarily indicative of the results to be expected for the
full year.  These financial statements should be read in conjunction with the
audited financial statements and footnotes for the year ended June 30, 1996,
filed with the Company's 10-KSB.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.

LIQUIDITY AND CAPITAL RESOURCES

At December 31, 1996, the Company has a working capital of $914,121. The
Company completed a $975,000 private placement this quarter.    The Company
plans to acquire producing oil and gas properties. The Company has no
commitments for any capital improvements, however subject to financing, a
major improvement project for the Canadian property is planned for the next
fiscal year.

During the six months ended December 31, 1996, operating activities used
$57,286 in cash, an increase of $47,756 over the six months ended the previous
fiscal year.  This increase in cash used is due mainly to generated
administrative costs related to increasing the activities of the Company. 
During the six months ended December 31, 1996, financing activities provided
$975,879 in cash, an increase of $975,879 over the six months ended the
previous fiscal year.  This increase is due to sale of stock in the private
placement.

During the six months ended December 31, 1996, investing activities used
$27,360 in cash and increase of $27,360 over the six months ended the previous
year.  This increase is due to property and equipment acquisitions.

RESULTS OF OPERATIONS

During the three months ended December 31, 1996, oil and gas sales were
$23,259, a decrease of $1,841 from the quarter ended the previous year.  This
decrease is due to less production.  During the three months ended December 
31, 1996, other income was $1,050, a decrease of $499,400 from the quarter
ended the previous year.  This decrease is due to a reduction in consulting
services provided.  During the three months ended December 31, 1996, lease
                                      7
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operating costs were $17,278 an increase of $7,948 from the quarter ended in
the previous year.  This increase is due to some workovers.  During the three
months ended December 31, 1996, depreciation, depletion and impairments were
$6,000, the same as the quarter ended in the previous year.  During  the
quarter ended December 31, 1996, general and administrative expenses were 
$36,437, an increase  of  $35,938 from the previous year.  This increase is
due to increased activity of the Company. 

EFFECT OF CHANGES IN PRICES.

Changes in prices during the past few years have been a significant factor in
the oil and gas industry.  The price received for the oil and gas produced by
Mystique fluctuated significantly during the last three years.  Changes in the
price that Mystique receives for its oil and gas are set by market forces
beyond Mystique's control as well as governmental intervention.  The recent
volatility and uncertainty in oil and gas prices make it more difficult for a
company like Mystique to increase its oil and gas asset base and become a
significant participant in the oil and gas industry.

    
                  PART II - OTHER INFORMATION
    
Item 1. Legal Proceedings.
    
        None.
    
Item 2. Changes in Securities.
    
        None.
    
Item 3. Defaults Upon Senior Securities.
    
        None.
    
Item 4. Submission of Matters to a Vote of Security Holders.
    
        None.
    
Item 5. Other Information.
    
        None.
    
Item 6. Exhibits and Reports on Form 8-K.
    
        (a) Exhibit 27    Financial Data Schedule      Filed herewith
                                                    electronically
        (b) Reports on From 8-K.
            None.
                                      8
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                              SIGNATURES

In accordance with the requirements of the Exchange Act, the Issuer caused
this Report to be signed on its behalf by the undersigned, thereunto duly
authorized.
    
                                 MYSTIQUE DEVELOPMENTS, INC. 
                                               
Dated: January 29, 1997          By/s/ Dennis R. Staal
                                   Dennis R. Staal,  Accounting Officer
                                    9 
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                    EXHIBIT INDEX
EXHIBIT                                              METHOD OF FILING
-------                                        -----------------------------
  27.    FINANCIAL DATA SCHEDULE               Filed herewith electronically