SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                 FORM 10-QSB

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

    For the quarterly period ended March 31, 1997

                                      or

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

    For the quarterly period from _______ to _______.


                         Commission File Number 0-9519

                           REGENT TECHNOLOGIES, INC. 
            (Exact name of Registrant as specified in its charter)

          		   Colorado	                         						84-0807913
      (State of Incorporation)					    (I. R. S. Employer Identification No.)

     	    350 N. St. Paul Street, Suite 2410                75201
       (Address of Principal Executive Offices)			        (Zip Code)

        Registrant's telephone number, including area code:  214-880-0702


Indicate by a 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.  [X]


Number of shares of Common Stock, $.01 par value, outstanding as of 
May 20, 1997:  12,867,189


<PAGE>
<TABLE>
  
                 PART I. - FINANCIAL INFORMATION  
  
Item 1.  Financial Statements

CONSOLIDATED EARNINGS
(Unaudited)                                  REGENT TECHNOLOGIES, INC.  
(Amounts in thousands, except per share data)  
<CAPTION>  
                                             For the Three Months
                                               Ended  March 31, 
                                              __________________  
                                                1996      1995       
                                               ______    ______   
<S>                                           <C>       <C>       
REVENUES

Internet sales and service                     $    2    $   --  
Miscellaneous income                               --         2   
                                               ______    ______    
                                                    2         2      

COSTS AND OTHER DEDUCTIONS

Costs of Internet sales                             0         0  
General and administrative                         13        23
Depreciation, depletion and
 amortization                                       9         2       
                                                ______    ______   
                                                   22        25

NET EARNINGS (LOSS)                               (20)      (23)

EXTRADORDINARY ITEM - FORGIVENESS OF DEBT          --        46

Net Earnings (Loss)
 Applicable to Common Stock                       (20)       23
  
Gain (Loss) per share                          $(.002)     .003

Weighted Average Common 
 Shares Outstanding                            12,567     8,877

<FN>    
</TABLE>
     The accompanying notes are an integral part of these statements.
                                     2
<PAGE> 
<TABLE>         
  
BALANCE SHEET  
(Unaudited)                            REGENT TECHNOLOGIES, INC.
(Amounts in thousands)  
<CAPTION>  
                               March 31, 1997    December 31, 1996
                               ______________      ______________
                                 
<S>                                  <C>                <C> 
ASSETS  
CURRENT ASSETS   
  Cash                                $    2             $    1
  Accounts receivable                      1                  1
                                      ______             ______
Total Current Assets                       3                  2

PROPERTY AND EQUIPMENT - AT COST
 Furniture and fixtures                    4                  4  
                                      ______             ______
                                           4                  4
 Less accumulated depreciation             3                  3
                                      ______             ______  
                                           1                  1
Other Assets, Net                        360                369
                                      ______             ______
                                         364                372 
</TABLE>
<TABLE> 

<CAPTION>  
LIABILITIES
<S>                                   <C>                <C> 
Current Liabilities  
  Accounts payable and 
   accrued liabilities                $   11             $   16
  Accrued Compensation                    20                 14
  Notes payable to affiliates              4                  2
                                      ______             ______
Total Current Liabilities                 35                 32 

LONG TERM DEBT                            --                 --
 
COMMITMENTS                               --                 -- 

STOCKHOLDERS' EQUITY  
  Common stock par value $0.01 per share;  
   Authorized 100,000,000 shares
   Issued and outstanding -  
   12,667,189 and 12,467,189 shares      125                125
  Additional paid-in capital           2,525              2,517 
  Accumulated deficit                 (2,322)            (2,302)
                                      _______            _______
Total Stockholders' Equity            $  329             $  340 
  
Total Liabilities and Stockholders'  
Equity                                $  364             $  372
<FN> 
</TABLE>
The accompanying notes are an integral part of these statements.
                                     3
<PAGE> 
<TABLE>  
STATEMENT OF CASH FLOWS                REGENT TECHNOLOGIES, INC.
(Unaudited)
(Amounts in thousands) 
                                          For the Three Months
                                           Ended March 31,
<CAPTION>  
                                        1997               1996

<S>                                   <C>                <C>  
Cash Flow From Operating Activities:  
 Net earnings (loss)                   $ (20)            $   23            
Adjustments To Reconcile Net  
 Earnings (Loss) to Net Cash Provided
 (Used) by Operating Activities:
  Forgiveness of debt                     --                (46)  
  Depreciation and amortization            9                  2
 (Increase) Decrease In
  Accounts receivables                    --                  2
  Prepaid expenses                        --                 29
  Other assets                            (1)                (2)
 Increase (Decrease) In 
  Accounts payable and 
   accrued liabilities                    (5)               (16) 
  Accrued compensation and other           6                 --
                                      _______            _______
Net Cash Used In Operating Activities $  (11)             $  (8) 
                                      _______            _______ 
   
Cash Flow From Investing Activities:  

  Proceeds from sale of assets            --                 --
                                      _______            _______
Net Cash Provided From
  Investing Activities                $   --            $   --

Cash Flow From Financing Activities:  

  Net proceeds from (repayment of)
    note to stockholder                    2                 --
  Issuance Of Common Stock                10                  5
                                      _______            _______ 
Net Cash Provided (Used) From  
 Financing Activities                 $   12             $    5  
                                      _______            _______ 
  Decrease in Cash                         1                 (3)

Cash at Beginning of Period           $    1             $    9
                                      _______            _______ 
Cash at End of Period                 $    2             $    6  

SUPPLEMENTAL DISCLOSURES

Cash paid during the period for 
  interest                                --                 --
                                      _______            _______
<FN>  
</TABLE>
The accompanying notes are an integral part of these statements.  
                                     4
<PAGE>
                       NOTES TO FINANCIAL STATEMENTS
              March 31, 1996 (unaudited) and December 31, 1996

(1) ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements, which should be read in conjunction with
the financial statements of Regent Technologies, Inc. ("the Company") included 
in the 1996 Annual Report filed on Form 10-KSB, are unaudited but have been 
prepared in the ordinary course of business for the purpose of providing 
information with respect to the interim period.  The Company believes that all
adjustments (none of which were other than normal recurring accruals) necessary 
for a fair presentation for such periods have been included.

Regent Technologies, Inc., formerly Regent Petroleum Corporation, was incor-
porated on January 18, 1980, for the purpose of exploration and development of 
oil and gas properties in the United States.  In 1994, the Company redirected
its core activities and acquired SSBE Environmental, Inc. ("SSBE"), which was
organized for the purpose of obtaining waste and landfill reclamation 
projects.  On August 16, 1996, the Board of Directors of the Company voted 
sell 81% of its investment in SSBE to management of SSBE and to enter into a 
license agreement for the technologies necessary to offer dialup access to the 
Internet (the "Technology License" or "License").  In 1995, the operations of
SSBE were consolidated with the accounts of the Company and all significant 
intercompany accounts and transactions were eliminated.

On September 15, 1996, the Company announced it had initiated highspeed 
Internet access for home and business using the National Knowledge Networks, 
Inc. ("NKN") digital network under the Technology License (see "TECHNOLOGY 
LICENSE" below).  The NKN digital network was designed by a team of telecom-
munications specialists with 20 years of experience and hands-on knowledge of
the field.  On December 7, 1996, the Company assigned the Technology License
to the Company's subsidiary, TEL1 Communications, Inc. ("TEL1"), for the purpose
of marketing Internet and telecommunications products and services.  TEL1 is
a wholly owned subsidiary of the Company and is offering Internet access under
the commercial name TEL1.net.  The first phase for offering TEL1 Internet 
access was the sale of dialup service in the Dallas-Fort Worth metroplex.  Key 
features of the TEL1 Internet access include:  (1) Speed:  TEL1 is connected to
 the Gigaswitch at the major Internet peering points and is located in the 
same building where its major fiber bypass carrier, MFS WORLDCOM houses its 
central switch;  (2) Reliability:  TEL1 is more reliable due to its connection
to a fault-tolerant ring with no single point of failure.  TEL1 operates under
uninterrupted power supplies to protect against power outages and TEL1 provides
triple redundancy to the Internet; (3) Hardware:  TEL1 utilizes top-of-the-line
ISDN ready digital modems, SUN servers and CISCO 7513 routers which ahve 
superior performance features; and (4) Clear Channel Service:  TEL1 with its
direct connection to the Internet offers a clear channel network, maening that
the full bandwidth of its T-3 line is exclusively used by TEL1 customers while
most other local providers use T-1 lines.  The operations of TEL1 Communica-
tions, Inc. were consolidated with the Company in 1996 and for the period ended
March 31, 1997.

In addition, the Company is partnering with numerous telecommunication providers
to offer the best options available to its subscribing customers for their 
telecommunications needs.  The Company's current product offerings include
interstate long distance service through Coastal Telephone Company and cellular
service through an AT&T exclusive product.

Use of Estimates

Management uses estimates and assumptions in preparing financial statements.
Those estimates and assumptions affect the reported amounts of assets and 
liabilities, the disclosure of contingent assets and liabilities, and reported
revenues and expenses.  Actual results could differ from these estimates.


                                      5
<PAGE>

Depreciation and Amortization

Depreciation of furniture and fixtures is provided in amounts sufficient to
relate the cost of depreciable assets to operations over their estimated 
service lives (5 years).  The straight-line method of depreciation is used
for financial reporting purposes, while accelerated methods are used for tax
purposes.  Amortization of the Technology License is provided in amounts which
reflect the anticipated minimum number of years of the term of the license
(10 years).

Income Taxes

The Company utilized the method of accounting for income taxes set forth in
Statement of Financial Accounting Standards No. 109 "Accounting for Income
Taxes" (SFAS 109).  SFAS 109 requires the recognition of deferred tax liabi-
lities and assets for the expected future tax consequences of events that have
been recognized in the Company's financial statements or tax returns.  Under 
this method, deferred tax liabilities and assets are determined based on the 
difference between the financial statement carrying amounts and tax bases
of assets and liabilities, using enacted tax rates in effect in the years in 
which the differences are expected to reverse.  These temporary differences 
primarily relate to depreciation, depletion and amortization.  

The Company has not recognized the benefit of any net operating loss carry
forwards as the result of adopting SFAS 109, and no deferred tax assets have 
been recorded in the books of the Company due to uncertainty as to the Company's
ability to utilize the loss carryforwards.  

Consolidated Statements of Cash Flows

The Company does not consider any of its assets to meet the definition of a 
cash equivalent.

Stock Options and Awards

In 1995, the Directors approved a resolution granting each Director stock 
options of 100,000 shares with an exercise price of $.075 for a term of ten 
years or ninety days after termination or resignation, whichever comes first.

(2)  TECHNOLOGY LICENSE

Effective August 16, 1996, the Board of Directors of the Company approved the
acquisition of the Technology License which licenses the hardware and the 
software necessary for the Company to offer access to the Internet.  The license
was obtained from NKN Technologies, Inc. ("NKN") which was under license to 
National Knowledge Networks, Inc.  The consideration was the grant of 2,500,000 
shares of common stock of the Company, 600,000 registered shares and 1,900,000 
restricted shares.  To satisfy the grant of registered stock, the Board of 
Directors approved the exchange of three (3) shares of restricted stock for one
(1) share of registered stock.  The Company issued 3,141,688 shares of newly
issued restricted common stock plus the shares received from SSBE to satisfy
the consideration for the license, all valued at $.10 per share, which resulted
the Technology License being booked at $364,168.  On December 7, 1996, the 
License was assigned to the Company's wholly owned subsidiary, TEL1 Communica-
tions Inc.

                                         6
<PAGE>
NOTES TO FINANCIAL STATEMENTS
March 31, 1997 (unaudited) and December 31, 1996


(3)  OTHER ASSETS
<TABLE>
<CAPTION>
                                         	March 31,	      December 31,
                                      	     1997         		   1996
<S>                                     <C>              <C>

Investment, minority ownership SSBE	       13,496		         13,496
      
Technology License, less accumulated 
amortization of $8,975 and $9,104 in 
1997 and 1996, respectively	              346,089	       	 355,064 			       

<FN>
</TABLE>

(4)  TRANSACTIONS WITH RELATED PARTIES

On December 31, 1996, and January 27, 1997, the President issued notes to the
Company in the amounts of $2,000 and $1,500 to assist in the payment of cer-
tain trade payables.  The notes are due upon demand and bear interest at eight 
percent (8%) per annum.  The notes were repaid April, 1997.  On February 27, 
1997 and March 19, 1997, the wife of the Company's President purchased on each 
date 100,000 of restricted common stock of the Company for $.05 per share.  On 
April 1, 1997, Mr. Roy Mers, a director since March, 1997, and Chairman and CEO
since April 1, 1997, purchased 200,000 shares of restricted common stock of the 
Coompany for $.05 per share.

(5)  COMMITMENTS

In April, 1997, the Company moved its corporate offices to 350 N. St. Paul, 
Suite 2410, Dallas, Texas, under a month-to-month lease which provides for 
rental payments of $750 per month.  

(6)  INCOME TAXES

There is no provision for federal income taxes due to the net operating loss.
The Company has net operating loss carryforwards for tax purposes totaling 
approximately $2,257,000, which expire at various dates beginning in 1996 and
expiring in 2010.  The utilization of the net operating loss carryforwards to
offset future taxable income could be significantly restricted under Section 
382 of the Internal Revenue Code due to a change of 50 percent or more of 
ownership of the Company in the last three years.

(7)  CONCENTRATION OF CREDIT RISK

The Company receives its revenues from various individual and business 
accounts for Internet access and from reseller contracts for telecommunications 
products and services.

(8)  EARNINGS PER COMMON SHARE

Earnings per common share are based on the weighted average number of shares 
outstanding during each year.






                                         7
<PAGE>

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

General

On September 15, 1996, the Company initiated highspeed Internet access for 
home and business using the National Knowledge Networks, Inc. ("NKN") digital
network.  The Technology License allows access to digital telecommunications
equipment which is superior in quality to that available from the traditional
Internet Service Providers ("ISP") for the purpose of dialup services for 
Internet access.  The License provides for the exclusive worldwide right of 
first refusal for dialup Internet access through NKN for any Point of Presence
("POP") including but not limited to dialup support for 28.8, ISDN and xDSL 
modems, but excluding services for POPs activated by NKN prior to the execution
of the License.  TEL1 offers Internet access for the Dallas - Ft. Worth POP on
a nonexclusive basis for 28.8 and ISDN dialup services.  The Company provides
ISP services under the name TEL1.net which has been registered with the Inter-
nic.  The Company offers website development services to its customers, both
for personal and commercial use.  The License Agreement has a primary term
of ten (10) years.

In addition, the Company is partnering with numerous telecommunication providers
to offer the best options available to its subscribing customers for their 
telecommunication needs, including long distance and cellular telephone 
services.

Liquidity and Capital Resources

At March 31, 1997, excluding amounts owed to officers and affiliates, the Com-
pany had a working capital surplus of $2,000.  The Company has no amortization 
requirements under any term loan agreements.  The Company is current on all 
trade payable excluding amounts owed to officers and affiliates. The Company 
continues to raise monies as needed through proceeds from the sale of the Com-
pany's common stock.  During the first first quarter of 1997, the Company 
raised $20,000 by selling new restricted previously unissued common stock.

Results of Operations

The Company's net loss for the first quarter of 1997 was $20,431, or $.002 
cents per common share, compared with a net gain of $23,000, or $.003 per 
common share for the same period in 1996.  The difference was due to the 
forgiveness of debt of $46,000 by affiliates of the Company in the first 
quarter of 1996.
  
Comparison of Three Months Ended March 31, 1997 to Three Months Ended March 31, 
1996

Internet and telecommunications sales -- The Company's acquisition of the 
Technology License in September 1996, resulted in new customer subscriptions 
to the Internet for the period ended March 31, 1997.  The Company sold dialup
and dedicated access subscriptions to the Internet in the 214 and 817 area 
codes under monthly, quarterly and annual contracts.  In addition, the Company 
earned nominal commissions for reselling long distance services.

Costs of Internet sales and services -- The Technology License was modified 
to eliminate POP charges by NKN for the first 12 months of the License or until
 the number of TEL1 subscribers exceeds 300, whichever comes first.  At March 
31, 1997, the Company had 26 Internet subscribers.
 
Miscellaneous income -- The Company had consulting income through its 
investment in SSBE in the first quarter of 1996.


                                       8
<PAGE>

General and administrative expense --  For the three months ended March 31, 
1997, general and administrative expenses decreased $10,000 from 1996 due 
primarily to the reduced expenses for the sale of the 81% investment in SSBE.

Depreciation and amortization -- For the three months ended March 31, 1997, 
amortization expense for goodwill and intangibles increased from $2,000 to 
$8,975 compared to the same period in 1996 due to the amortization of the 
Technology License.

                           PART II - OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K

	(a)  Exhibits

	      27 Financial data schedule for the quarter ended March 31, 1997 
          (included only in the copy of this report filed electronically 
          with the Commission).

	(b)  Reports on Form 8-K

          None	    	
 
                               SIGNATURES

     	Pursuant to the requirements of Section 13 or 15(d) 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.

                        REGENT TECHNOLOGIES, INC.
                            (Registrant)


Date:  May 20, 1997
                      				By: David A. Nelson 
				                          ---------------
                              David A. Nelson
				                          Principal Executive and Financial Officer

                      				By: Gordon M. Boyd 
				                          --------------
                              Gordon M. Boyd
				                          Vice President















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