<PAGE>
                  U.S. 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 September 30, 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 jurisdiction of                   (I.R.S. Employer Iden-
 incorporation or organization)                       tification No.)

         1820 South Elena Avenue, Redondo Beach, California  90277
        ----------------------------------------------------------
        (Address of principal executive offices including zip code)

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

Check whether the issuer (1) 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 560,076 shares of the Registrant's $.001 par value common stock
outstanding as of September 30, 1996.

Transitional Small Business Disclosure Format: Yes [  ]     No [ X ]
<PAGE>
                       MYSTIQUE DEVELOPMENTS, INC.

                              Balance Sheet

   ASSETS                                September 30,        June 30,
                                             1996               1996
Current Assets:
    Cash                                   $   5,041         $  24,971   
    Accounts receivable-trade                 10,441            10,553
    Accounts receivable-related party             --             6,066        
   
      Total current assets                    15,482            41,590

Property and equipment, at cost using
 successful efforts method, net              692,046           698,046   

                                           $ 707,528          $739,636
              
   LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
    Accounts payable                       $  14,563        $  14,522 
    Accounts payable-related party             4,250           15,000

                                              18,813           29,522

Stockholders' Equity:
    Common stock, $.01 par value:
     authorized 75,000,000 shares;
     issued and outstanding 560,076 
     at September 30, 1996                     5,600            5,500       
    Additional paid-in capital             1,868,518        1,866,868     
    Accumulated deficit                   (1,185,403)      (1,162,254)
      
                                             688,715          710,114     

                                           $ 707,528       $  739,636 
    
               See accompanying notes to financial statements

                                   -2-
<PAGE>
                        MYSTIQUE DEVELOPMENTS, INC.
                               
                         Statement of Operations
          For the Three Months Ended September 30, 1996 and 1995

                                                  1996          1995     

Operating Revenue:                 
    Oil and gas sales                           $ 12,072      $ 17,585
    Management and consulting
     fees                                              0             0
    Property operations fee                        1,050         1,050
    
                                                  13,122        18,635
        
Operating costs and expenses:             
    Lease operating costs                         16,133        19,010
    Depreciation and depletion                     6,000         5,400  
    General and administrative expenses           14,209        15,194   

                                                  36,342        39,604    

     Operating income (loss)                     (23,220)      (20,969)   

Other Income (expense):
    Interest income                                   71           135    
                            
                                                      71           135

Income(loss) before income taxes                 (23,149)      (20,834)

Income taxes                                          --            --

Net income (loss)                               $(23,149)     $(20,834)

Net income (loss) per common share              $   (.04)     $   (.04)

Weighted average common shares outstanding       560,076       550,076  

             See accompanying notes to financial statements.

                                   -3-
<PAGE>
                        MYSTIQUE DEVELOPMENTS, INC.
                         Statements of Cash Flows
           For the Three Months Ended September 30, 1996 and 1995 
                                                    
                                                     1996         1995 
Cash Flows from operating activities:
 Cash received from customers                      $ 19,300     $ 16,811  
 Cash paid to suppliers & employees                 (41,051)     (29,263)
 Interest income                                         71          135
  
   Net cash provided by (used in)
     operating activities                           (21,680)     (12,317)  

Cash flows from financing activities:
 Proceeds from sale of stock                          1,750          --
  
   Net cash provided by (used in)
     finance activities                               1,750          --
  
   Net increase (decrease) in cash and
     cash equivalents                               (19,930)    (12,317)

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

Cash and cash equivalents at end of period         $  5,041    $ 15,220 

Reconciliation of net income to net cash
 used in operating activities:
   Net income (loss)                               $(23,149)   $(20,834) 
   Adjustments to reconcile net income
    to net cash used in operating  activities:
      Depreciation, depletion and impairments         6,000       5,400
   (Increase) decrease in accounts receivable         6,178      (1,824)
      (Decrease) increase in accounts payable       (10,709)      4,941
   
                                                   $(21,680)   $(12,317)      
                                
             See accompanying notes to financial statements.

                                   -4-
<PAGE>
                        MYSTIQUE DEVELOPMENTS, INC.
                       Notes to Financial Statements

NOTE 1: BASIC 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.

                                   -5-
<PAGE>
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 September 30, 1996, the Company has a deficit in working capital of $3,331. 
The Company plans to continue to provide consulting services and to acquire
producing oil and gas properties.  The Company is planning a $1,000,000
private placement for the next quarter.  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 three months ended September 30, 1996, operating activities used
$21,680 in cash, an increase of $9,363 over the previous fiscal year.  This
increase in cash used is due mainly to payments of lease operating costs.
During the three months ended September 30, 1996, financing activities
provided $1,750 in cash, an increase of $1,750 over the previous fiscal year. 
This increase is due to issuance of stock for September.

In September, 1996, the old officers and directors resigned and new officers
and directors were appointed.  Mystique Resources Company, the Company's major
shareholder, also gave an option for 225,000 shares to two of the new
officers.

RESULTS OF OPERATIONS

During the three months ended September 30, 1996, oil and gas sales were
$12,072, a decrease of $5,513 over the quarter ended the previous year.  This
decrease is due to less production.  During the three months ended September
30, 1996, lease operating costs were $16,133 a decrease of $2,877 from the
quarter ended in the previous year.  This decrease is due to less production. 
During the three months ended September 30, 1996, depreciation, depletion and
impairments were $6,000 an increase of $600 over the quarter ended in the
previous year.  During the quarter ended September 30, 1996, general and
administrative expenses were $14,209, a decrease of $985 from the previous
year.  During the quarter year ended September 30, 1996, other income was $71,
a decrease of $64 over the quarter ended in the previous year. 

                                   -6-
<PAGE>
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 Form 8-K.
             None.
                                   -7-
<PAGE>
                               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: November 12, 1996         By/s/ Dennis R. Staal
                                   Dennis R. Staal,  Accounting Officer

                                   -8-
<PAGE>
                               EXHIBIT INDEX
EXHIBIT                                              METHOD OF FILING
-------                                        -----------------------------
  27.    FINANCIAL DATA SCHEDULE               Filed herewith electronically