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, 2002

                               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 (775) 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,
2002

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<TABLE>

INTERMOUNTAIN RESOURCES, INC.

BALANCE SHEETS
_________________________________________________________________
<CAPTION>
                                         April 30,    October 31,
ASSETS:                                    2002           2002
                                          Audited       Unaudited
                                          -------       ---------
<S>                                     <C>            <C>
Current asset - Cash                         6,539          2,557
Mineral Properties                             513            -
                                          --------       --------
                                             7,052          2,557
                                          ========       ========
LIABILITIES AND EQUITIES:

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                     (1,481,266)    (1,485,761)
                                       -----------    -----------
                                             7,052          2,557
                                       -----------    -----------
                                             7,052          2,557
                                       ===========    ===========
<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,
                           2001       2002       2001      2002
                           ----       ----       ----      ----
<S>                       <C>         <C>       <C>        <C>
Revenues:
Mining activities            -          -          -          -
Interest                       80       -           276       -
                          -------     ------     ------     ------
                               80       -           276       -
                          -------     ------     ------     ------
Expenses:
Unallocated exploration
expenses and rentals        2,688       -         2,688       -
General and
administrative             13,017        969     26,327      3,982
Write off of mineral
   property                  -           513       -           513
                          -------     ------     ------     ------
Total expenses             15,705      1,482     29,015      4,495
                          -------     ------     ------     ------
Net earnings (loss)       (15,625)   ( 1,482)   (28,739)    (4,495)
Accumulated deficit-
   Beginning of period (1,463,072)(1,484,279)(1,449,958)(1,481,266)
                        ---------  ---------  ---------  ---------
   End of period       (1,478,697)(1,485,761)(1,478,697)(1,485,761)
                        =========  =========  =========  =========
<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,
                                              2001     2002
                                              ----     ----
<S>                                        <C>       <C>
Cash provided by (used in) operating
activities:
Net earnings (loss)                        (28,739)  ( 4,495)
Write off of mineral property                 -          513
                                            -------   ------
Net cash provided by (used in) operations  (28,739)  ( 3,982)
Cash flows from investment activities         -         -
Cash flows from financing activities          -         -
Cash at beginning of period                 37,847     6,539
                                            ------   -------
Cash at end of period                        9,108     2,557
                                            ======   =======
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>

<PAGE>
INTERMOUNTAIN RESOURCES, INC.

Notes To Unaudited Financial Statements
October 31, 2002
 _________________________________________________________________

1.  The financial statements as of October 31, 2002 are unaudited
but, in the opinion of management, reflect all adjustments
necessary for a fair presentation.

2.  As disclosed in the Forms 10-K for the years April 30, 1994, through
2001, 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 received a letter
dated July 31, 2001, from the Forest Service which stated in part, "Based
on information currently available, the Forest Service has no plans to
seek recovery of its response costs from Intermountain Resources, Inc."

3. The accompanying financial statements have been prepared on a going
concern basis, which contemplates the realization of assets and the
satisfaction of liabilities in the normal course of business.  As shown
in the financial statements, the Company has achieved minimal earnings
or incurred operating losses for several years and has minimal working
capital at October 31, 2002.  These factors, among others, may indicate that
the Company may be unable to continue as a going concern.  The financial
statements do not include any adjustments relating to the recoverability
and classification of recorded asset amounts or the amount and
classification of liabilities that might be necessary should the Company
be unable to continue as a going concern.  The Company's continuation as
a going concern is dependent upon its ability to generate sufficient cash
flow to meet its obligations on a timely basis and, ultimately, to attain
successful operations unless some individual or group takes control of the
company and recapitalizes it.

4.  Reference is made to the Company's annual financial statements
for the year ended April 30, 2002 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

General and administrative expenses for the current year were lower
primarily due to cessation of salary and payroll tax expense.  The $513
write off of mineral property in 2002 represented the value at which the
remaining unpatented claims (which were not renewed at August 31, 2002)
were carried on the Company's balance sheet.

	The financial statements depict the essentially dormant state of the
Company.  As reported in the Form 10-K for the year ended April 30, 2002,
a Board of Directors meeting was held May 1, 2002, to consider the future
of the Company.  A consensus was reached that the Company should seek some
individual or group who would be interested in taking control of the
Company and recapitalizing it.

<PAGE>

                            MARKET RISK

	Required disclosures concerning market risk are not applicable.

                     CONTROLS AND PROCEDURES

	The registrant's principal executive officer and principal financial
officer (the same individual) have concluded that the registrant's
disclosure controls and procedures as of October 31, 2002 are adequate
for the level of activity carried on by the registrant.  There have been
no significant changes in the  registrant's internal controls or in other
factors that could significantly affect these controls subsequent to the
date of their evaluation.

	The "CERTIFICATION" appended hereto as required by SEC Release
No. 33-8124 is in the form "exactly as specified" in that Release.
However, the reader of this Form 10-Q is cautioned that the registrant
has no other certifying officer(s), no consolidated subsidiaries, no
unconsolidated subsidiaries, and no audit committee (although the Board
of Directors as a whole fulfills this function).

                            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: December 12, 2002           INTERMOUNTAIN RESOURCES, INC.
                                   (a Nevada corporation)

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


                         CERTIFICATION

I, L. W. Watson, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Intermountain
Resources, Inc.;

2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to
the period covered by this quarterly report;

3. Based on my knowledge, the financial statements and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of
the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) designed such disclosure controls and procedures to insure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this quarterly report is being
prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent function):

a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls;
and

6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal
controls  subsequent to the date of our most recent evaluation, including
any corrective actions with regard to significant deficiencies and material
weaknesses.

Date:  December 12,2002                 /s/L. W. Watson