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, 1999

                               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,
1999

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<TABLE>

INTERMOUNTAIN RESOURCES, INC.

BALANCE SHEETS (Unaudited)
_________________________________________________________________
<CAPTION>
                                         April 30,    October 31,
ASSETS:                                    1999           1999
                                           ----           ----
<S>                                     <C>            <C>
Current asset - Cash                        75,123         50,545
Mineral Properties                           6,514          6,514
                                          --------       --------
                                            81,637         57,059
                                          ========       ========
LIABILITIES AND EQUITIES:

Accrued expenses                             3,794          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                     (1,410,475)    (1,435,053)
                                       -----------    -----------
                                            77,843         53,265
                                       -----------    -----------
                                            81,637         57,059
                                       ===========    ===========
<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,
                           1998       1999       1998     1999
                           ----       ----       ----     ----
<S>                       <C>         <C>       <C>       <C>
Revenues:
Advance royalties          20,000       -        20,000     3,417
Interest                    1,050        439      2,259     1,018
                          -------     ------     ------    ------
                           21,050        439     22,259     4,435
                          -------     ------     ------    ------
Expenses:
Unallocated exploration
expenses and rentals        1,150      3,060      1,150     3,060
General and
administrative             17,329     13,545     30,823    25,953
                          -------     ------     ------    ------
Total expenses             18,479     16,605     31,973    29,013
                          -------     ------     ------    ------
Net earnings (loss)         2,571    (16,166)    (9,714)  (24,578)
                          =======     ======     ======    ======
<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,
                                              1998     1999
                                              ----     ----
<S>                                        <C>       <C>
Cash provided by (used in) operating
activities:
Net earnings (loss)                         (9,714)  (24,578)
Increase (decrease) in current liabilities  (6,206)     -
                                            -------   ------
Net cash provided by (used in) operations  (15,920)  (24,578)

Cash at beginning of period                117,281    75,123
                                            ------   -------
Cash at end of period                      101,361    50,545
                                            ======   =======
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>

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INTERMOUNTAIN RESOURCES, INC.

Notes To Unaudited Financial Statements
October 31, 1999
 _________________________________________________________________

1.  The financial statements as of October 31, 1999 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
1999, 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,
1999 Form 10-K.

4.  Reference is made to the Company's annual financial statements
for the year ended April 30, 1999 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 fiscal
1998 but the lessee terminated the lease effective June 30, 1999 so no income
was received during the current quarter.

     Unallocated exploration and rental expenses were somewhat higher for the
quarter and six-month period ending October 31, 1999 as a result of claim
block adjustments during the current year.  General and administrative
expenses were slightly higher during the prior 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 12, 1999          INTERMOUNTAIN RESOURCES, INC.
                                   (a Nevada corporation)

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