UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-Q/A

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
         SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended                    May 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 Number:                          001-9872
                       ---------------------------------------------------------


                              COLUMBUS ENERGY CORP.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

           Colorado                                 84-0891713
--------------------------------------------------------------------------------
(State or other jurisdiction of                  (I.R.S. Employer
 incorporation or organization)                 Identification No.)

     1660 Lincoln St., Denver, CO                         80264
--------------------------------------------------------------------------------
(Address of principal executive offices)                (Zip Code)

                                 (303) 861-5252
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)

                                 Not Applicable
--------------------------------------------------------------------------------
             (Former name, former address and former fiscal year, if
                           changed since last report)

     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.

           Class                                    Outstanding at July 10, 1998
---------------------------                         ----------------------------
Common stock, $.20 par value                                   4,209,794


<PAGE>


                           PART II - OTHER INFORMATION


Item 1.  LEGAL PROCEEDINGS

     Management is unaware of any asserted or unasserted  claims or  assessments
against the Company which would materially affect the Company's future financial
position or results of operations.

Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     Annual  meeting  held May 7, 1998 in Denver,  Colorado  for the  purpose of
electing  members  of the  board of  directors.  Proxies  for the  meeting  were
solicited  pursuant to Section 14(a) of the Securities  Exchange Act of 1934 and
there was no solicitation in opposition to management's solicitations.

     All of  management's  nominees for three Class I directors as listed in the
proxy statement were elected with the following vote:

<TABLE>
<CAPTION>
                                                                                           Shares
                                                                        Shares           Abstaining
         Nominee                            Shares For                 Against          or Withheld

<S>                                          <C>                        <C>                <C>   
Harry A. Trueblood, Jr.                      3,854,110                  1,570              49,593
William H. Blount, Jr.                       3,854,982                    698              49,493
Donald W. Ringsby                            3,854,982                    698              49,593
</TABLE>

Item 6.  EXHIBITS AND REPORTS ON FORM 8-K

             (a)              Exhibits

                              27        - Financial data schedule - May 31, 1998

                              27.1      - Financial  data  schedules  (restated)
                                        - for periods  ended  November 30, 1997,
                                          August 31,  1997,  May 31,  1997,  and
                                          February 28, 1997

                              27.2      - Financial  data  schedules  (restated)
                                        - for  periods  ended November 30, 1996,
                                          August  31,  1996,  May 31,  1996  and
                                          February 29, 1996

             (b)              Reports on Form 8-K

                              None


<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.



                                                       COLUMBUS ENERGY CORP.
                                                 -------------------------------
                                                           (Registrant)



DATE:       July 28, 1998                        /s/ Harry A. Trueblood, Jr.
     -----------------------------                   ---------------------------
                                                     Harry A. Trueblood, Jr.
                                                     Chairman, President and
                                                     Chief Executive Officer
                                                     (a duly authorized officer)



DATE:       July 28, 1998                        /s/ Ronald H. Beck
     -----------------------------                   ---------------------------
                                                     Ronald H. Beck
                                                     Vice President
                                                     (Chief Accounting Officer)