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 October 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 No. 0-9558

                  INTERMOUNTAIN RESOURCES, INC.
     (Exact name of registrant as specified in its charter)

    NV                                           84-0817164
(State or other jurisdiction of              (I.R.S. Employer
incorporation or organization)               Identification No.)

P. O. Box 51600, Sparks, NV                              89435
(address of principal executive offices)               (zip code)

Registrant's telephone number, including area code (702) 359-2884

                         Not Applicable
   Former name, former address, former fiscal year, if changed

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 [ ]

Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.

13,700,000 shares of Common Stock, $.01 par value at October 31,
1998

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<TABLE>

INTERMOUNTAIN RESOURCES, INC.

BALANCE SHEETS (Unaudited)
_________________________________________________________________
<CAPTION>
                                         April 30,    October 31,
ASSETS:                                    1998           1998
                                           ----           ----
<S>                                     <C>            <C>
Current asset - Cash                       117,281        101,361
Mineral Properties                           6,038          6,038
                                          --------       --------
                                           123,319        107,399
                                          ========       ======== 
LIABILITIES AND EQUITIES:

Accrued expenses                            10,000          3,794

Stockholders' equity:
Common stock, par value $.01 per share.
Authorized 25,000,000 shares; issued
and outstanding 13,700,000 shares          137,000        137,000
Additional paid-in capital               1,351,318      1,351,318
Accumulated deficit                     (1,374,999)    (1,384,713)
                                       -----------    -----------
                                           113,319        103,605
                                       -----------    -----------
                                           123,319        107,399
                                       ===========    ===========
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>
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<TABLE>
INTERMOUNTAIN RESOURCES, INC.

STATEMENTS OF OPERATIONS (Unaudited)
_________________________________________________________________
<CAPTION>
                           Three Months Ended    Six Months Ended
                             October 31,           October 31,
                           1997       1998       1997     1998 
                           ----       ----       ----     ----
<S>                       <C>         <C>       <C>       <C>
Revenues:
Advance royalties          20,000     20,000     20,000    20,000
Interest                     -         1,050       -        2,259
                          -------     ------     ------    ------
                           20,000     21,050     20,000    22,259
                          -------     ------     ------    ------
Expenses:
Unallocated exploration
expenses and rentals        1,150      1,150      1,150     1,150
General and
administrative             15,150     17,329     27,594    30,823
                          -------     ------     ------    ------
Total expenses             16,300     18,479     28,744    31,973
                          -------     ------     ------    ------
Net earnings (loss)         3,700      2,571     (8,744)   (9,714) 
                          =======     ======     ======    ====== 
<FN>
Net earnings (loss) per
share is less than $.005
per share in each period

See accompanying notes to unaudited financial statements.
</TABLE>

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<TABLE>
INTERMOUNTAIN RESOURCES, INC.

STATEMENTS OF CASH FLOWS (Unaudited)
_________________________________________________________________
<CAPTION>
                                            Six Months Ended 
                                               October 31,
                                              1997     1998           
                                              ----     ----
<S>                                        <C>       <C>
Cash provided by (used in) operating
activities:
Net earnings (loss)                         (8,744)   (9,714)       
Increase (decrease) in current liabilities  10,765    (6,206)  
                                            -------   ------ 
Net cash provided by (used in) operations    2,021   (15,920)      

Cash at beginning of period                  2,606   117,281      
                                            ------   -------
Cash at end of period                        4,627   101,361       
                                            ======   =======
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>

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INTERMOUNTAIN RESOURCES, INC.

Notes To Unaudited Financial Statements 
October 31, 1998
 _________________________________________________________________

1.  The financial statements as of October 31, 1998 are unaudited
but, in the opinion of management, reflect all adjustments
necessary for a fair presentation.

2.  The only computer based records of the Company are its stock
transfer records which are maintained by an independent transfer
agent.  The transfer agent has advised the Company that its systems
are prepared for the year 2000 conversion.  The Company may suffer
some inconvenience if the US banking system, national power grid, etc.
were to shut down as a result of Y2K problems; however, these matters
are outside the control or influence of the Company.

3.  As disclosed in the Forms 10-K for the years April 30, 1994, through
1998, the U. S. Forest Service has determined a release of hazardous
substances covered under the Comprehensive Environmental Response,
Compensation, and Liability Act occurred at Siskon Mine, a property 
which the Company once had under option.  The Company is not aware
of any developments in this matter since the filing of the April 30,
1998 Form 10-K. 

4.  Reference is made to the Company's annual financial statements
for the year ended April 30, 1998 for a description of its
accounting policies which have continued without change.  Also,
refer to the footnotes to those financial statements for additional
details of the Company's financial condition and results of
operations.  The details in those notes have not changed except as
a result of normal transactions in the interim.

   MANAGEMENT ANALYSIS AND DISCUSSION OF FINANCIAL STATEMENTS

     The Iron Point prospect was leased out during 1996.  The lease generated
$20,000 of advance minimum royalty income during the second quarter of both
fiscal 1997 and 1998.  The lessee has the right to terminate the lease upon
30 days notice so there is no way to predict whether this revenue source will
continue.                       

     Unallocated exploration and rental expenses were comparable for the
quarters and six-month periods ending October 31 each year.  General and
administrative expenses were slightly higher during the current year due
primarily to professional fees incurred for an independent audit as of
April 30, 1998.

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                          PART II - OTHER INFORMATION

Item #6 Exhibits and Reports on Form 8-K

     a.  Exhibits

         Exhibit 27.  Financial Data Schedule

     b.  Reports on Form 8-K

         None


                            SIGNATURE

     Pursuant to the requirements of the Securities and Exchange
Act of 1934, the Registrant has duly caused this report to be 
signed on its behalf by the undersigned hereunto duly authorized.

Dated:  November 13, 1998          INTERMOUNTAIN RESOURCES, INC.
                                   (a Nevada corporation)

                                   /s/L. W. Watson
                                   ------------------------
                                   L. W. Watson, President,
                                   Treasurer, and principal
                                   accounting officer