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, 2001

                               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,
2001

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<TABLE>

INTERMOUNTAIN RESOURCES, INC.

BALANCE SHEETS
_________________________________________________________________
<CAPTION>
                                         April 30,    October 31,
ASSETS:                                    2001           2001
                                          Audited       Unaudited
                                          -------       ---------
<S>                                     <C>            <C>
Current asset - Cash                        37,847          9,108
Mineral Properties                             513            513
                                          --------       --------
                                            38,360          9,621
                                          ========       ========
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                     (1,449,958)    (1,478,697)
                                       -----------    -----------
                                            38,360          9,621
                                       -----------    -----------
                                            38,360          9,621
                                       ===========    ===========
<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,
                           2000       2001       2000      2001
                           ----       ----       ----      ----
<S>                       <C>         <C>       <C>        <C>
Revenues:
Mining activities            -          -        80,000       -
Interest                      905         80      1,597        276
                          -------     ------     ------     ------
                              905         80     81,597        276
                          -------     ------     ------     ------
Expenses:
Unallocated exploration
expenses and rentals        3,060      2,688      3,060      2,688
General and
administrative             21,636     13,017     34,510     26,327
Write off of mineral
   property                  -          -         6,000       -
                          -------     ------     ------     ------
Total expenses             24,696     15,705     43,570     29,015
                          -------     ------     ------     ------
Net earnings (loss)       (23,791)   (15,625)    38,027    (28,739)
Accumulated deficit-
   Beginning of period (1,399,155)(1,463,072)(1,460,973)(1,449,958)
                        ---------  ---------  ---------  ---------
   End of period       (1,422,946)(1,478,697)(1,422,946)(1,478,697)
                        =========  =========  =========  =========
<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,
                                              2000     2001
                                              ----     ----
<S>                                        <C>       <C>
Cash provided by (used in) operating
activities:
Net earnings (loss)                         38,027   (28,739)
Write off of mineral property                6,000      -
                                            -------   ------
Net cash provided by (used in) operations   44,027   (28,739)
Cash flows from investment activities         -         -
Cash flows from financing activities          -         -
Cash at beginning of period                 20,832    37,847
                                            ------   -------
Cash at end of period                       64,859     9,108
                                            ======   =======
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>

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INTERMOUNTAIN RESOURCES, INC.

Notes To Unaudited Financial Statements
October 31, 2001
 _________________________________________________________________

1.  The financial statements as of October 31, 2001 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.  Reference is made to the Company's annual financial statements
for the year ended April 30, 2001 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

	Interest income earned on invested cash balances was lower in the
current year due to lower cash balances as well as lower interest rates.
Mining revenues were nil compared to $80,000 in the prior year.  The
Company, on June 13, 2000, sold it patented mining claims in the Aurora
Mining District, Mineral County, NV for $80,000.  This transaction
resulted in a gain of approximately $74,000 for financial statement
purposes but only about $6,000 for income tax purposes.  The
Company has no current expectation that any other similar transaction
will occur.

General and administrative expenses for the current year were lower
primarily due to reduced professional fees incurred.  The $6,000 write
off of mineral property in 2000 represented the value at which the
claims in the Aurora Mining District were carried on the Company's
balance sheet.

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                            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 4, 2001            INTERMOUNTAIN RESOURCES, INC.
                                   (a Nevada corporation)

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