SECURITIES AND EXCHANGE
                               -----------------------

                                      COMMISSION
                                      ----------

                                WASHINGTON, D.C. 20549
                                ----------------------


                                      FORM 10-Q
                                      ---------
               [X]  Quarterly Report Pursuant to Section 13 or 15(d) of the
                    Securities Exchange Act of 1934 for the quarterly period 
                    ended March 31, 1997.

                -   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. 0-17246

                          GULF EXPLORATION CONSULTANTS, INC.
                (Exact name of registrant as specified in its charter)

                        DELAWARE                         76-0293525
                        --------                         ----------
               (State or other jurisdiction of         (IRS Employer
               incorporation or organization)          identification No.)

          One Independent Drive,  Suite 2201, Jacksonville, Florida 32202

          Registrant's telephone number including area code:  (904) 745-6981

               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
                  -------     --------

               The number of shares of common stock outstanding as of May
          31, 1997 was 1,991,092.

     <PAGE>

                  GULF EXPLORATION CONSULTANTS INC. AND SUBSIDIARIES

                             CONSOLIDATED BALANCE SHEETS



                                            March 31     December 31
                                            --------     -----------
                                              1997           1996
                                              ----           ----
                      ASSETS              (unaudited)     (audited)
                      ------

          CURRENT ASSETS:
            Cash and cash equivalents       $  2,880       $  5,019
            Accounts receivable                    -              -
                                            --------       --------
               Total Current Assets            2,880         37,536
                                            --------       --------


          PROPERTY, PLANT AND EQUIPMENT, at cost
            Equipment,                             -              -

            Less-Accumulated depreciation          -              -
                                            --------       --------
                                                   -              -
                                            --------       --------


                                            $  2,880       $  5,019
                                            ========       ========


                The accompanying notes are an integral part
                      of these financial statements


                                      2 
     <PAGE>                                 
     
               GULF EXPLORATION CONSULTANTS INC. AND SUBSIDIARIES
 
                         CONSOLIDATED BALANCE SHEETS



                                             March 31     December 31
                                             --------     -----------
                                               1997          1996 
                                               ----          ----
                                           (unaudited)     (audited)


            LIABILITIES AND STOCKHOLDERS' DEFICIT
            -------------------------------------

          CURRENT LIABILITIES
            Accounts payable               $  12,646      $  10,530
            Accrued expenses                  22,500         22,500
            Other                             35,866         35,866
                                           ---------      ---------

               Total current liabilities      71,012         68,896
                                           ---------      ---------


          STOCKHOLDERS' DEFICIT

            Common Stock, $0.01 par
            value, 10,000,000 shares
            authorized, 1,991,092 shares
            issued and outstanding as
            of March 31, 1997 and
            December 31, 1996  
            respectively                      19,911         19,911
            Additional paid-in capital     7,629,868      7,629,686
            Retained deficit              (7,717,911)    (7,713,656)
                                           ---------      ---------
                                             (68,132)       (63,877)
                                           ---------      ---------


                                           $   2,880      $   5,019
                                           =========      =========



                   The accompanying notes are an integral part 
                         of these financial statements


                                      3
     <PAGE>

                  GULF EXPLORATION CONSULTANTS INC. AND SUBSIDIARIES

                         CONSOLIDATED STATEMENT OF OPERATIONS


                                               March 31      March 31
                                               --------      --------
                                                 1997          1996
                                                 ----          ----
                                             (unaudited)    (unaudited)

          OPERATING REVENUES:
            Other income                      $      -       $  9,370
                                              --------       --------
          OPERATING EXPENSES:
            Technical, general and              (4,255)       (17,872)
              administrative                  --------       --------

          INCOME (LOSS) FROM OPERATIONS         (4,255)        (8,502)
                                              --------       --------

          OTHER INCOME EXPENSE
            Interest income                          -              8
                                              --------       --------

          PROFIT (LOSS) BEFORE INCOME TAX       (4,255)        (8,494)

          INCOME TAX PROVISION                       -              -
                                              --------       --------

          NET PROFIT (LOSS) TO COMMON
          STOCKHOLDERS                        $ (4,255)      $ (8,494)
                                              ========       ========

          PROFIT (LOSS) PER COMMON SHARE      $  (0.00)      $  (0.00)
                                              ========       ========


         The accompanying notes are an integral part of these consolidated
                               financial statements


                                      4
     <PAGE>

                  GULF EXPLORATION CONSULTANTS INC. AND SUBSIDIARIES

                         CONSOLIDATED STATEMENT OF CASH FLOWS


                                                 Three months ended
                                                 ------------------
                                               March 31     December 31
                                               --------     -----------
                                                 1997           1996
                                                 ----           ----
                                             (unaudited)     (audited)

          CASH FLOWS FROM OPERATING 
          ACTIVITIES:
            Net profit loss                   $ (4,255)     $ 435,158
            Adjustments to reconcile net
             loss to net cash used in 
             operating activities
               Adjustment on disposal of 
                subsidiary                           -       (436,412)
               Increase (decrease) in
                 Accounts payable &
                 accrued expenses                2,116        (40,018)
                                              --------       --------
            Net cash flows used in 
             operating activities               (2,139)       (41,272)  
                                              --------       --------

          FINANCING ACTIVITIES      
            Loan from affiliate                      -         35,866
                                              --------       --------
            Net cash flows provided by
             financing activities                    -         35,866  
                                              --------       --------

          INCREASE (DECREASE) IN CASH
          AND CASH EQUIVALENTS                  (2,139)        (5,406)

          CASH AND CASH EQUIVALENTS,
           beginning of period                   5,019         10,425
                                              --------       --------

          CASH AND CASH EQUIVALENTS, 
           end of period                      $  2,880       $  5,019
                                              ========       ========


          The accompanying notes are an integral part of these consolidated
                              financial statements

                                      5
     <PAGE>

                 GULF EXPLORATION CONSULTANTS, INC. AND SUBSIDIARIES

                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

          (1)  GENERAL
               -------

               The financial statements of Gulf Exploration Consultants, 
          Inc. (Gulf) and subsidiaries (collectively "the Company") for the
          three month period ended March 31, 1997, are unaudited but
          reflect, in the opinion of management, all adjustments (which
          include only normal recurring adjustments) necessary to fairly
          present the results for such periods.  The accompanying financial
          statements should be read in conjunction with the financial
          statements and notes thereto contained in the Annual Report
          included in the Form 10-K for the year ended December 31, 1996.

               GOING CONCERN ASSUMPTION
               ------------------------

               The accompanying consolidated financial statements have been
          prepared assuming that the Company will continue as a going
          concern.

               CHANGE OF MANAGEMENT
               --------------------

               On July 10, 1996, the Company accepted the resignation of L.
          George Rieger as President and Chairman of the Board of Directors
          of the Company.  Daniel Murphy was appointed as Director and
          President of the Company to fill the vacancy created by Mr.
          Rieger s resignation.  Mr Murphy is  a financial consultant.

               MERGER TRANSACTION
               ------------------

               The Company is presently a "shell" corporation with no active
          business activities other than seeking the acquisition of an
          operating business or business opportunity.  Management has been
          negotiating with International Form Corporation, a Florida
          corporation ("IFC") with respect to a possible merger
          transaction.  IFC is engaged in the design, manufacture and sale
          of high technology concrete forming systems to serve the domestic
          and international residential housing and commercial high rise
          construction markets.  Any transaction with IFC would be subject
          to the execution of a definitive agreement containing customary
          representations, covenants and closing conditions, approval of
          the Company's stockholders at a meeting to be called after filing
          with and clearance of requisite proxy materials by the Securities
          and Exchange Commission and the satisfaction of customary closing
          conditions.

          (2)  LOSS PER COMMON SHARE
               ---------------------

               Loss per common share is based on the weighted average number
          of common shares outstanding during each period. The average
          number of common shares outstanding for the three month periods
          ended March 31, 1997 and 1996 was 1,991,092 and 93,552,625 common
          shares, respectively.

               Loss per common share - assuming full dilution is based on the
          weighted average number of common shares outstanding during each
          period plus the additional common shares outstanding from the
          assumption that the Company's serial preferred stock was
          converted to common stock.  The average number of shares used to
          compute the fully diluted loss per share was 1,991,092 and 
          93,552,625 shares for the three month periods ended March 31,
          1997 and 1996, respectively.

               Common stock equivalents are antidilutive and are not
          considered in the calculations of loss per share.

                                      6
     <PAGE> 


          (3)  Common Stock Reverse Split
               --------------------------

               Effective June 17, 1996, stockholders approved a one-for-fifty
          reverse split of the Company's Common Stock.  All references in
          the financial statements to average number of shares and per
          share amounts of the Company's Common Stock have been
          retroactively restated to reflect the reverse split.  In
          addition, stockholders also approved the reduction in the number
          of authorized shares of Common Stock from 100,000,000 to
          10,000,000.


          ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                    -------------------------------------------------
                    CONDITION AND RESULTS OF OPERATIONS
                    -----------------------------------

               RESULTS OF OPERATIONS

               Three months ended March 31, 1997.

               The Company had a net loss of $4,255 for the quarter ending
          March 31, 1997.  As the Company had no revenue this loss was due
          to stock transfer charges and professional fees incurred during
          the period.

               LIQUIDITY, CAPITAL RESOURCES AND GOING CONCERN ASSUMPTIONS
               ----------------------------------------------------------

               The Company presently has no operations or business activity
          other than maintaining its corporate status.  Management,
          however, is seeking new business opportunities for the Company,
          see Note (1) of Notes to Consolidated Financial Statements.

          PART II:  OTHER INFORMATION


          ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K
                    --------------------------------

                    None

                       

                                      7
     <PAGE>

                                  SIGNATURES


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


                                          GULF EXPLORATION CONSULTANTS, INC.


          Date:  August 11, 1997          /S/ Daniel Murphy               
                 -----------------        ----------------------------
                                          Daniel Murphy
                                          President




                                          /S/ Michael H. Nolan             
                                          ----------------------------
                                          Michael H. Nolan
                                          Chief Financial Officer



                                      8
     <PAGE>

                                EXHIBIT INDEX


          Exhibit           Description
          -------           -----------

            27              Financial Data Schedule