SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549

                           FORM 10KSB

[ X ]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
           For the fiscal year ended December 31, 2000
                               or
[   ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

     For the transition period from __________ to __________

                   Commission File No. 0-3802

                  Western Standard Corporation
         (Name of small business issuer in its charter)

            Wyoming                              83-0184378
(State or other jurisdiction                (I.R.S. Employer
of incorporation or organization)            Identification No.)

205 South Broadway
Riverton, Wyoming                                   82501
(Address of principal                             (Zip Code)
executive offices)

  Issuer's telephone number, including area code: (307)856-9288

Securities registered pursuant to Section 12(b) of the Exchange
Act:  None
Securities registered pursuant to Section 12(g) of the Exchange
Act:


                  Common Stock, $.05 par value
                        (Titles of Class)

Check whether the issuer (1) filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the past 12
months (or for such shorter period that the issuer was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.


                       Yes   X    No

Check if there is no disclosure of delinquent filers in response to
Item 405 of Regulation S-B contained herein, and no disclosure will
be contained, to the best of registrant's knowledge in definitive
proxy or information statements incorporated by reference in Part
III of this Form 10KSB or any amendment to this Form 10KSB. [X]

Issuer's revenues for the fiscal year ended December 31, 2000 were
$10,017,284.

As of March 20, 2001, there were 9,965,015 shares of the
registrant's common stock outstanding.  The aggregate market value
of the voting stock held by non-affiliates of the registrant was
$90,875, based upon the average of the bid and asked prices of the
common stock on December 31, 2000.

DOCUMENTS INCORPORATED BY REFERENCE:

The exhibit index begins on page 44.

                             PART I.

Item 1.  Description of Business.

Business Development

     Western Standard Corporation ("WSC") was incorporated under
Wyoming law on February 24, 1955.  WSC and its subsidiaries hold
interests in and to mineral, oil and gas, and the Snow King Ski
Area (the "Ski Area"), the Snow King Hotel (the "Hotel"), and the
Snow King Complex (the "Complex") in Jackson, Wyoming.  WSC's
primary business activity is its operation of the Hotel, the Ski
Area, and the Complex through its subsidiary, Snow King Resort,
Inc. ("SKRI").

       The Snow King Complex is managed by Snow King Resort
Management, Inc. ("SKRMI") pursuant to a management agreement with
SKRI providing for a management fee equal to 2% of gross revenues.
SKRMI is entirely owned and controlled by Manuel B. Lopez and
Stanford E. Clark, officers and directors of WSC.

     SKRI

     SKRI is a Wyoming corporation formed on December 28, 1990, by
WSC to serve as a vehicle to accomplish a Restructuring fully
explained in prior Forms 10-K and 10-KSB.  The officers and
directors of SKRI are as follows:

     Manuel B. Lopez, President and Director
     Stanford E. Clark, Vice President, Treasurer and Director
     Clarene Law, Vice President and Director
     Joseph Byron, Vice President and Director
     Creed Law, Secretary
     James Peck, Director
     Peter Wold, Director
     Max C. Chapman, Director

     (a) Mr. Lopez is also Vice President and a Director of Western
Standard Corporation.

     (b) Mr. Clark is also President and a Director of Western
Standard Corporation.

     (c) Mr. Peck is also a Director of Western Standard
Corporation.  Effective March 2, 1999, he was appointed Corporate
Secretary.

     The principal executive offices of SKRI are located at 400
East Snow King Avenue, Jackson Hole, Wyoming, 83001, telephone
number (307) 733-5200.

     The beginning capital structure of SKRI is as follows:

     Common Stock.  The articles of incorporation of SKRI authorize
two classes of common stock, Class A Common Stock and Class B
Common Stock.  The preferences, limitations and relative rights of
both classes of common stock are equivalent in all respects, with
the exception of voting rights with respect to the election of
directors.  The holders of Class A Common Stock are entitled to
elect three directors of SKRI while the holders of Class B Common
Stock are entitled to elect four directors.  There are currently
12,000 shares of Class B Common Stock, outstanding, all of which
are owned by WSC.  Initially, there were 2,150 shares of Class A
Common Stock outstanding, all of which is owned by the investors
who purchased shares in the Offering, and were exchanged for
convertible debentures.  All of these debentures were converted to
Class A Preferred Stock in 1994.

     Preferred Stock.  The articles of incorporation of SKRI
authorize one class of preferred stock, Class A Preferred Stock.
Each share of Class A Preferred Stock is entitled to a cumulative
dividend preference of $7.00 per share per year, has no voting
rights, and is entitled to a liquidation dividend preference of
$140.00 per share.  After payment of the above described dividend
preferences, the Class A Preferred Stock shall participate equally
in any dividends declared.

     Additional Sales of Stock.  SKRI sold, in a private offering,
800 shares of Class A Common Stock of SKRI for $140 per share
($112,000 in the aggregate), and $2,072,000 face amount of
Debentures for 100% of the face amount.  The total amount of funds
raised in the private offering, before expenses of the offering,
was $2,184,000.  Manuel B. Lopez and his wife, Deborah, purchased
10% of the securities sold in the Offering.  Margaret Peck, the
largest shareholder of WSC (26.8%), also purchased 10% of the
securities sold in the Offering.

     In April, 1992, SKRI granted an option to purchase 3,000
shares of Class B Common Stock for a period of ten years at a price
of $140 per share to Mr. Lopez and his wife.

     In March, 1993, the SKRI preferred stockholders purchased
1,350 shares of Class A Common Stock at a price of $140
per share.  In 1994, they purchased 1,550 shares of Class A stock
at $140.00 per share.

     In 1994, all outstanding convertible debentures were converted
into 14,800 shares of Class A preferred stock at $140.00 per share.
At December 31, 1994 and December 31, 2000, 3,700 shares of Class
A, 12,000 shares of Class B, and 14,800 shares of Class A preferred
nonvoting stock, were issued and outstanding.  The issuance of the
Class A preferred nonvoting stock did not reduce Western Standard's
voting power in Snow King Resort, Inc., although preferred Class A
nonvoting stock has certain preferred claims on Snow King Resort,
Inc.'s assets in case of dissolution.

     As a result of the Restructuring, SKRI now owns all of the
assets comprising the Ski Area and the Hotel.  WSC now owns
approximately 76.43% of the outstanding voting stock of SKRI.  SKRI
intends to operate the Complex in the same manner as they have been
operated over the last several years.

     Each shareholder in Snow King Center, Inc. has signed an
option to exchange all of his shares for Snow King Resort, Inc.
shares at the basis of ten Center shares for one Resort share.  If
all of these options are exercised, 98 shares of Snow King
Resort,Inc. Class A stock will be issued.  To date, no options have
been exercised.

     As part of the Restructuring, SKRI entered into a new
operating agreement with SKRMI pursuant to which SKRMI manages the
Snow King Complex.  The operating agreement provides for the
payment to SKRMI of a management fee equal to 2% of the gross
revenues of the Hotel.  Payment of principal and interest on the
Debentures is subordinated to payment of the management fee.
Payment of the management fee is subordinated to the payment of
principal and interest on the First Interstate Bank loan.

Competitive Conditions

     Locally, the Ski Area and the Hotel are faced with intense
competition from a newer, bigger, more prestigious and nationally
recognized ski resort, which is in close proximity to its
operations.  Such ski resort, known as Teton Village, is owned and
operated by a company with greater financial resources than WSC and
SKRI.  Nationally, the ski resort industry is extremely competitive
and many of WSC's and SKRI's competitors have more experience and
greater financial resources than does WSC and SKRI.

     Oil and gas exploration and production is a highly competitive
business.  If WSC were to engage in active oil and gas operations,
it would compete with a number of other companies, including major
oil companies and other independent operators, virtually all having
more experience and greater financial resources.  WSC does not hold
a significant competitive position in the oil and gas industry.
WSC's oil and gas interests are operated by others.
Oil and Gas Customers

     WSC believes there is a ready market for its share of oil and
gas produced by operators of properties in which it has an
interest.  However, WSC has no control over worldwide factors
affecting supply and demand for oil and gas which influence oil and
gas prices.  Eighty-Eight Oil Company purchased approximately all
of WSC's share of oil production during 2000.  KN Energy purchased
the gas.

Patents, Licenses, Franchises and Concessions

     SKRI owns a Resort liquor license which is subject to renewal
each year.  It has been renewed through 2001.

     The Ski Area is operated primarily on land owned by the United
States which SKRI is permitted to use pursuant to a special use
permit expiring October 31, 2011.  The permit is non-transferrable
and is terminable upon 30 days written notice to SKRI if a
determination is made by the Secretary of Agriculture or any
official of the Forest Service that the public interest requires
such termination.  SKRI is required to pay an annual fee for the
permits which is based upon revenues generated by the Ski Area.

Environmental Impact

     WSC's holding and/or development of its oil and gas and SKRI's
recreational properties requires compliance with various
requirements concerning environmental quality; and such compliance
may necessitate significant capital outlays, may materially affect
potential future earnings of WSC, or may cause material changes in
WSC's business.  WSC believes that it is in substantial compliance
with all applicable environmental laws, rules, and regulations.

Number of Persons Employed

     During 2000, WSC, including its subsidiaries, because of the
seasonality of its business, had between 170 and 260 employees,
including its officers.

Seasonality

     The activities of the Hotel and the Ski Area are seasonal in
nature and are highly dependent on the number of tourists visiting
the area and the number of conventions and tour groups booked.
Tourism reaches peaks from May through September and, for skiing,
from December through March.

Financial Information About Industry Segments

     WSC includes in its financial reporting two segments, an oil
and gas segment and a Snow King Hotel segment.  The financial
information relating to segments may be found in the Consolidated
Financial Statements included in this Annual Report on 10KSB as
Item 7.

Item 2.  Description of Property.

                   RECREATION AREA PROPERTIES

Teton County, Wyoming

     The assets and the properties herein referred to as the Hotel
and the Ski Area consist of the following:

     (1)  8.29 acres on which the 204 room hotel with a convention
          center and related facilities are located.

     (2)  43.5 acres and Town of Jackson leases on 27.2 contiguous
          acres.  A lease on the ski shelter and part of the 27.2
          acres expires May 31, 2023.  The lease on the balance
          (the larger portion, including the Ice Rink) of the 27.2
          acres expires May 31, 2033.  During 1992, the Town
          and SKRI agreed to demolish the ski shelter and replace
          it with a larger structure having both a ski shelter and
          a skating rink.  These structures have been completed
          and are in use.  The skating rink is leased by a new
          entity; see Item 12.  "Certain Relationships and Related
          Transactions."

     (3)  A 30-year Forest Service Term Special Use Permit on
          369.51 acres on the adjoining Snow King Mountain, which
          expires October 31, 2011.  This lease has been extended
          to December 31, 2039.

     (4)  A warming hut at the base of Snow King Mountain.

     (5)  A double chair ski lift on Snow King Mountain constructed
          and put into use in 1981.

     (6)  A double chair lift reaching from the base of Snow King
          Mountain to approximately 1/2 the distance to the top of
          the mountain.  This lift was acquired July 14, 1986 and
          is known as the Rafferty Lift.

     (7)  In 1994, a triple chair lift was installed that extends
          approximately half way to the top of Snow King mountain.
          This opens up additional intermediate skiing areas.  The
          cost of the new chair lift, additional lights for night
          skiing, water lines, pump, and additional snow making
          equipment installed, totalled $1,683,997.

     (8)  Mountain grooming and communications equipment.

     (9)  A warming hut and snack shop at the summit of Snow King
          Mountain.

     (10) The Alphorn Motel in Jackson, Wyoming, consisting of 17
          units, a large lodge room, and a small cabin, located on
          six lots of land at the base of Snow King Mountain
          adjacent to the ski lift.  It is closed at present.

     (11) Alpine Slide.

     All of the above properties are subject to the lien of First
Interstate Bank as security for their loan.
     During 1992, SKRI transferred 1.3 acres of land to the town of
Jackson for a location on which to construct an indoor skating
rink.

Fremont County, Wyoming

     WSC, through its subsidiary, Western Recreation Corporation,
sold 40 acres of the Ocean Lake property during 1997 for $65,000.
The remaining 80 acres was sold for $57,500 in August, 1998.


               MINERAL AND OIL AND GAS PROPERTIES


     The following is a brief description of the mineral and oil
and gas properties in which WSC held an interest as of December 31,
2000:

Mining Claims
                                 Number     Approximate   Wyoming
Name                  Mineral   of claims     Acreage      County

Such Claim No. 7      Uranium       1            20        Carbon

WSC owns a 5% net profit interest in Patented Such Claim No. 7.


Non-Producing Oil and Gas Interests

Leases
on Which            Approxi-
Royalties are         mate      WSC's      County     Date Leases
Held                Acreage    Interest   and State      Expire

Treasure Unit          320       2.0%*   Sweetwater     Held by
Lease w-28853                              Wyoming     production
                                                        in Unit

Daly Lease,            400      12.5%**   Campbell      Held by
Kitty Field                                Wyoming     production
                                                        in Unit
*     Overriding royalty interest.
**    Working interest.

Producing Oil and Gas Properties

     WSC is not the operator of any of the oil and gas properties
described below from which it received income during 2000.  WSC
does not know of any planned exploration in 2001 on any of the oil
and gas properties operated by others in which it has interest.
WSC does not plan active exploration of any of its oil and gas
properties during 2001.

     To the best of WSC's knowledge, the underlying leases are in
good standing.  Reference is made to pages F-23 and F-24, Note 11
included with the Consolidated Financial Statements for detailed
information concerning WSC's oil and gas operations for its four
fiscal years ended December 31, 2000.
     As a result of WSC's difficult financial position stemming
from its working capital deficit, operating losses and lack of
liquidity, and the fact that WSC holds small non-operating
interests in its oil and gas properties, it has not engaged an
independent petroleum engineering firm to render a report on its
oil and gas reserves.  Further, WSC has no staff or expertise
enabling it to internally estimate its oil and gas reserves.  The
financial statement carrying value of the properties is nominal and
it has recovered its entire investment.  WSC has not engaged in
active oil and gas operations during the past three years and does
not expect to do so during 2001.  The Consolidated Financial
Statements do, however, contain a considerable amount of
information concerning WSC's oil and gas segment and the results of
its operations during the past three years.  The following further
describes WSC's oil and gas properties:

Kaye Field

     WSC owned a 20.348% working interest (15.26% net revenue
interest) in two producing wells located on 308 gross (62.67) net
acres in Section 5, T36N, R67W, Converse County, Wyoming (#22-5 and
#24-5).

     WSC's entire interest in wells #22-5 and #24-5 in the Kaye
Field was sold in January, 1997 for $70,000 cash to Ensign Oil &
Gas, Inc. to avoid the expense of an attempt to water flood the
field and to avoid the loss of income from the wells while
production was stopped during the water flood attempt.  WSC would
have been unable to contribute its share of the water flood
expense.

Central Hilight Unit

     WSC owns a 1.0827% royalty interest in Tract #47 of the
Central Hilight Unit located in Campbell County, Wyoming, which
currently produces from the Muddy Formation.  Tract #47 has been
assigned a 6.268% interest in the Central Hilight Unit, which
converts to a 0.0006787 interest to WSC.  The Unit was formed by
the Wyoming Oil and Gas Commission, effective November 1, 1971, and
placed under a water flood program.

Grady Unit

     Effective September 1, 1971, the date these properties were
unitized, WSC purchased a 5.027% working interest (2.721% net
revenue interest) in the Grady Unit, which consists of
approximately 9,440 gross (472 net) acres located in T45N and T46N,
R71W, Campbell County, Wyoming.  In 1993, WSC's working interest
was reduced to 0.029644.  This provides additional revenue to WSC.

     In April, 1998, Western Standard Corporation sold for
$12,837.75, the Grady Unit Shallow Rights to coal methane, which
covers certain property in the Grady Unit to a depth of 2,500 feet
or stratigraphic equivalent of the base of the Tertiary Age Coal
Formation within the lands.

Kitty Field/Daly Lease

     In July 1999, Western Standard sold its interest in 50 net
acres from the surface to a 2,500 foot depth for 2 years, unless
production results, for $10,000 to Kennedy Oil.  Kennedy Oil plans
to drill for methane gas.

Payne Field

     WSC has a 1% OR in the Payne Field which consists of 320 gross
acres, 35.2 net acres, in Campbell County, Wyoming.

Exploratory and Development Wells Drilled

     WSC did not participate in the drilling of any wells during
the last three fiscal years.

Production, Productive Wells and Reserves

     Two of WSC's significant oil and gas properties are subject to
complex unitization agreements involving a large number of wells
with varying ownership interest making any attempt to estimate its
reserves difficult, relatively expensive, and subject to error.
Moreover, WSC is not certain that operators would open their
technical files to any engineer employed by WSC.

Miscellaneous

     WSC is not obligated to provide quantities of oil or gas in
the future under existing contracts or agreements.

     WSC has not filed any reports containing oil or gas reserve
estimates with any federal or foreign governmental authority or
agency within the past 12 months.

Item 3.  Legal Proceedings.

     Previous law suits have been settled by our insurance carrier.
Neither WSC nor SKRI is a party to any lawsuit or legal proceeding
on December 31, 2000 or March 20, 2001, and none are contemplated
or threatened against them.

Item 4.  Submission of Matters to a Vote of Security Holders.

     No matter was submitted to a vote of security holders during
the fourth quarter of the year ended December 31, 2000.

                            PART II.

Item 5.  Market for Registrant's Common Equity and Related
Stockholder Matters.

     WSC's common stock, $0.05 par value, is sporadically traded
over the counter.  Trading in WSC's common stock is reported by the
National Daily Quotation Service ("pink sheets") and the National
Association of Securities Dealers, Inc. Non-NASDAQ OTC Bulletin
Board.  Quotations shown below reflect inter-dealer prices, without
retail mark-up, mark-down or commission and may not necessarily
represent actual transactions.

                                                    Bid Prices
                                                Low          High
     2000
     First Quarter                              .01           .01
     Second Quarter                            .015          .015
     Third Quarter                             .015          .015
     Fourth Quarter                            .011           .02

     1999
     First Quarter                              .03           .03
     Second Quarter                             .03         .0313
     Third Quarter                              .03         .0313
     Fourth Quarter                            .015         .0313

     As of December 31, 2000, there were approximately 3,460
holders of record of WSC's common stock.

     WSC has not paid any dividends on its common stock and does
not expect to do so in the foreseeable future.

Item 6.  Management's Discussion and Analysis or Plan of Operation.

     Management recommends that the discussion below be read in
conjunction with the Financial Statements and Notes thereto
included in this Annual Report on Form 10KSB as Item 7.

Liquidity and Capital Resources

     As explained in Item 1 of this Annual Report on Form 10KSB,
Western Standard Corporation completed a restructuring of
its interests in the entire Snow King Complex in Jackson Hole,
Wyoming, in March, 1992.  This has placed all of the assets of Snow
King, Incorporated and Snow King Partnership in a new company, Snow
King Resort, Inc.

     It is believed that oil and gas revenues, rent, a small amount
of interest and cash reserves, will make it possible for Western
Standard Corporation to meet its expenses in 2001.

     Snow King Resort, Inc. had paid its $5,000,000 loan from ORIX
USA and Jackson State Bank down to $3,863,000 by September 13,
1994.  On that date, it borrowed an additional amount of $1,387,000
from these same two lenders increasing the balance of the loan to
$5,250,000 with the original loan being amended.  Monthly payments
on the loan are to be computed on a fifteen (15) year amortization
schedule based upon an assumed interest rate for calculation of
such principal payments, at 9% per annum.  Principal and interest
payments on loans were currently paid.

     On April 15, 1996, SKRI refinanced its loan with ORIX USA at
a fixed interest rate of 10 1/8% for five years.  Part of the
proceeds were used to pay other debt.  The amount of the new loan
was $6,150,000.  A copy of the loan documents (the third
modification to the loan agreement) was submitted with Form 8-K
dated April 15, 1996, and is incorporated herein by reference.

     In March 1999, Snow King Resort, Inc. refinanced with First
Interstate Bank of Casper, Wyoming in the amount of $9,370,000 at
beginning interest rate of 7.98%.  These funds were used to pay
ORIX USA and Jackson State Bank in full, other debt and to renovate
the Hotel.  Certain documents relating to this transaction were
attached as exhibits #94.4.17 and #94.4.18 to the 1999 Form 10-KSB.

     Revenues from the operations of Snow King Resort, Inc., a
$630,000 line of credit from the First Interstate Bank of Casper,
Wyoming who refinanced the Hotel, and limited additional borrowings
are expected to be sufficient to allow Snow King Resort, Inc. to
meet its principal, interest and other operating expenses during
2001.

Results of Operations

     2000 vs. 1999

     Overall - 2000 ended with a net loss of $237,353 compared to
a net loss of $707,864 in 1999.

     Other revenue decreased from $29,307 in 1999 to $17,779 in
2000.

     Oil and Gas Segment

     Operating income of the Oil and Gas Segment increased from
$23,055 in 1999 to $42,864 in 2000.  Also refer to item 1. above.

     Snow King Resort Segment

     Net loss of the Snow King Resort decreased from a loss of
$690,795 in 1999 to a loss of $223,621 in 2000.

     Revenues increased from $8,608,633 in 1999 to $9,956,641 in
2000.

     Operating expenses increased from $8,639,942 in 1999 to
$9,513,629 in 2000.

Impact of Inflation

     For the two most recent fiscal years inflation and changing
prices have not had a detrimental impact on revenues or net income.
WSC has generally been able to raise its prices to counteract cost
increases without adversely affecting demand for its products and
services.

Item 7.  Financial Statements.

Independent Auditor's Report                         F-1 to F-2
Financial Statements:
     Consolidated Balance Sheets                            F-3
     Consolidated Statements of Shareholders' Equity        F-4
     Consolidated Statements of Operations                  F-5
     Consolidated Statements of Cash Flow            F-6 to F-7

Supplemental Schedules:
     Schedule of Property, Equipment and Intangible
       Assets (2000) - Schedule A                           F-8
     Schedule of Accumulated Depreciation, Depletion
       and Amortization (2000) - Schedule A-1               F-9
     Schedule of Property, Equipment and Intangible
       Assets (1999) - Schedule B                           F-10
     Schedule of Accumulated Depreciation, Depletion
       and Amortization (1999) - Schedule B-1               F-11
     Schedule of Property, Equipment and Intangible
       Assets (1998) - Schedule C                           F-12
     Schedule of Accumulated Depreciation, Depletion
       and Amortization (1998) - Schedule C-1               F-13

Notes to Consolidated Financial Statements          F-14 to F-27














































                  CLIFFORD H. MOORE AND COMPANY
                  Certified Public Accountants
                       205 South Broadway
                       Riverton, WY  82501



                  INDEPENDENT AUDITOR'S REPORT



To the Board of Directors
and Stockholders of
Western Standard Corporation


     We have audited the accompanying consolidated balance sheets
of Western Standard Corporation and Subsidiaries as of December 31,
2000 and 1999, and the related consolidated statements of
shareholders' equity, operations, and cash flows, for the years
ended December 31, 2000, 1999 and 1998.  These financial statements
are the responsibility of the Company's management.  Our
responsibility is to express an opinion on these financial
statements based on our audits.

     We conducted our audits in accordance with generally accepted
auditing standards.  Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement.  An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements.  An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation.  We believe that our audits
provide a reasonable basis for our opinion.

     The Company has not presented oil and gas reserve quantities
and changes in those reserve quantities that the Financial
Accounting Standards Board (FASB) has determined in FASB Statement
Number 19 (Financial Accounting and Reporting by Oil and Gas
Producing Companies) is necessary to supplement, although not
required to be part of, the basic financial statements.  The
Company has also not presented certain information required by
Regulation S-X (210. 4-10) of the Securities and Exchange
Commission regarding certain disclosures for oil and gas producing
activities.

     In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position of
Western Standard Corporation and Subsidiaries as of December 31,
2000 and 1999, and the results of their operations and cash flows
for the years ended December 31, 2000, 1999 and 1998, in conformity
with generally accepted accounting principles.




                               F-1
Western Standard Corporation
Page 2

     Our examinations were made for the purpose of expressing an
opinion on the basic financial statements taken as a whole.  The
supplemental schedules listed in the index of financial statements
are presented for purposes of complying with the Securities and
Exchange Commission's rules and regulations under the Securities
Exchange Act of 1934 and are not otherwise a required part of the
basic financial statements.  The supplemental schedules have been
subjected to the auditing procedures applied in the examinations of
the basic financial statements and, in our opinion, fairly state in
all material respects the financial data required to be set forth
therein in relation to the basic financial statements taken as a
whole.






                                   /s/ Clifford H. Moore & Co.
                                   March 2, 2001
                                   Riverton, Wyoming

































                               F-2
          WESTERN STANDARD CORPORATION AND SUBSIDIARIES
                   CONSOLIDATED BALANCE SHEETS
                   DECEMBER 31, 2000 AND 1999
                             ASSETS
                                          2000          1999
CURRENT ASSETS:
  Cash                                $    380,056  $    276,313
  Accounts receivable (net of
    allowance for doubtful accounts
    of $12,612 in 2000; $8,640 in 1999)    247,608       291,938
  Inventories                               52,372        66,741
  Prepaid expenses                         203,198       205,431
      Total current assets            $    883,234  $    840,423
PROPERTY AND EQUIPMENT:
  At cost net of accumulated
    depreciation of $5,366,436 and
    $4,833,463 in 2000 and 1999,
    respectively (Schedules A and B)  $  9,487,802  $  9,374,111
OTHER ASSETS:
  Restricted cash                     $      5,803  $     17,548
  Account receivable - Snow King
    Resort Center, Inc. (Note 9 & 14)    1,512,692     1,446,151
  Allowance for doubtful receivable
    (Note 14)                        (   1,330,000)(   1,260,000)
  Leasehold interest, net of
    amortization (Note 10)                  79,585       100,777
  Other receivables - officer (Note 9)      10,000        10,800
  Other (Note 3)                            99,672        93,832
  Patronage capital, net of
    discount (Note 16)                     234,492       229,500
      Total other assets              $    612,244  $    638,608

TOTAL ASSETS                          $ 10,983,280  $ 10,853,142
         LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES:
  Accounts payable                    $    486,031  $    500,404
  Accrued expenses (Note 4)                447,225       483,590
  Advance deposits                         490,275       509,971
  Current maturity of debt (Note 5)        384,602       516,735
      Total current liabilities       $  1,808,133  $  2,010,700
LONG-TERM LIABILITIES:
  Long-term debt (Note 5)             $  8,882,385  $  8,312,327
  Fee payable - officer (Note 9)            90,000        90,000
      Total long-term liabilities     $  8,972,385  $  8,402,327
MINORITY INTEREST IN SUBSIDIARY       $  2,018,927  $  2,071,635
SHAREHOLDERS' EQUITY (DEFICIT):
  Common stock, $.05 par value,
    10,000,000 shares authorized,
    9,965,015 shares issued and
    outstanding at 12/31/00 and 1999  $    401,201  $    401,201
  Capital in excess of par value         3,334,801     3,334,801
  Accumulated deficit                (   5,552,167)(   5,367,522)
      Total shareholders' (deficit)  ($  1,816,165)($  1,631,520)

TOTAL LIABILITIES AND (DEFICIT)       $ 10,983,280  $ 10,853,142
         The accompanying notes to financial statements
            are an integral part of these statements.
                               F-3
          WESTERN STANDARD CORPORATION AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT)

      FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998


                                                          Total
                                 Capital   Capital    share-
            Shares      stock   in excess  Accumulated holders'
       outstanding  common   of par value   deficit      equity

BALANCE,
12/31/97 9,965,015 $ 401,201 $ 3,334,801 ($ 5,072,184)($ 1,336,182)
1998 net
income         -0-       -0-         -0-      249,705      249,705
BALANCE,
12/31/98 9,965,015 $ 401,201 $ 3,334,801 ($ 4,822,479)($ 1,086,477)
1999 net
loss           -0-       -0-         -0- (    545,043)(    545,043)
BALANCE,
12/31/99 9,965,015 $ 401,201 $ 3,334,801 ($ 5,367,522)($ 1,631,520)
2000 net
loss           -0-       -0-         -0- (    184,645)(    184,645)

BALANCE,
12/31/00 9,965,015 $ 401,201 $ 3,334,801 ($ 5,552,167)($ 1,816,165)



























         The accompanying notes to financial statements
            are an integral part of these statements.

                               F-4
          WESTERN STANDARD CORPORATION AND SUBSIDIARIES
              CONSOLIDATED STATEMENTS OF OPERATIONS
      FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998

                              2000          1999        1998
REVENUES:
  Snow King Resort        $  9,956,641  $ 8,608,633  $ 9,434,701
  Oil and gas interests
    (Note 11)                   42,864       23,055       18,383
  Rentals                          -0-          505          716
  Interest                      17,779       17,776       10,768
  Other                            -0-        1,026          -0-
  Gain on assets sold              -0-       10,000       54,005
      Total revenues      $ 10,017,284  $ 8,660,995  $ 9,518,573
EXPENSES:
  Snow King Resort
    operating             $  8,785,520  $ 7,664,968  $ 7,823,251
  Oil and gas interests         18,288       11,660       10,749
  Amortization                  28,332       69,063       22,761
  Depreciation                 555,818      566,509      650,129
  Provision for doubtful
    accounts                    77,637          -0-        6,000
  Other                            -0-       49,374          -0-
  Loan prepayment penalties        -0-      252,788          -0-
  Interest                     789,042      711,339      686,238
      Total expenses      $ 10,254,637  $ 9,325,701  $ 9,199,128
NET INCOME (LOSS) BEFORE
EXTRAORDINARY ITEMS      ($    237,353)($   664,706) $   319,445
Extraordinary Items:
  Patronage capital       $        -0-  $   216,842  $       -0-
  Provision for Snow King
    Resort Center
    receivable
    collectibility                 -0- (    260,000)         -0-
Net income (loss) before
  provision for income
  tax                    ($    237,353)($   707,864) $   319,445
Provision for income tax
  (Note 8)                         -0-          -0- (    107,834)
                         ($    237,353)($   707,864) $   211,611
Benefit of loss
  carryovers (Note 8)              -0-          -0-      107,834
NET INCOME (LOSS)        ($    237,353)($   707,864) $   319,445
Minority interest in
  (income) loss
  of subsidiary                 52,708      162,821 (     69,740)
NET INCOME (LOSS)        ($    184,645)($   545,043) $   249,705
INCOME (LOSS) PER COMMON
  SHARE (Computed on the
  weighted average number of
  shares outstanding for
  the year)              ($      .0185)($     .0547) $     .0251
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING        9,965,015    9,965,015    9,965,015

         The accompanying notes to financial statements
            are an integral part of these statements.
                               F-5
          WESTERN STANDARD CORPORATION AND SUBSIDIARIES
              CONSOLIDATED STATEMENTS OF CASH FLOWS
      FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998

                               2000         1999         1998
INCREASE (DECREASE) IN CASH:
Cash flows from operating
activities:
  Cash received from
    customers              $ 10,032,516  $ 8,631,202  $ 9,409,545
  Cash paid to suppliers
    and employees         (   8,871,030)(  7,590,727)(  8,207,105)
  Interest received              17,779       17,776       10,768
  Interest and prepayment
    penalties             (     789,042)(    964,127)(    686,238)
     Net cash provided by
       operations          $    390,223  $    94,124  $   526,970
Cash flows from investing
activities:
  (Payments to) decrease
    in restricted cash     $     11,745 ($     4,533) $     5,283
  Sales and retirement
    of assets                       -0-        4,529       66,505
  Investment in related
    corporation           (         100)(        100)         -0-
  Capital expenditures    (     669,509)(  2,050,297)(    421,634)
 (Investment) Snow King
   Center                 (      66,541)(    190,174)(    120,081)
 Prepayment of Town of
   Jackson lease                    -0- (     82,400)         -0-
     Net cash provided
     (used) by investing
     activities           ($    724,405)($ 2,322,975)($   469,927)
Cash flows from financing
activities:
  Borrowing from banks
    and leasing companies  $  1,235,553  $ 9,478,406  $ 1,491,707
  Principal payments to
    banks and leasing
    companies             (     797,628)(  7,143,658)(  1,710,496)
  Payment of loan fees              -0- (     50,000)         -0-
      Net cash provided
      (used) by financing
      activities           $    437,925  $ 2,284,748 ($   218,789)
Net increase (decrease)
  in cash                  $    103,743  $    55,897 ($   161,746)
Cash at beginning of year       276,313      220,416      382,162
Cash at end of year        $    380,056  $   276,313  $   220,416

     Cash consists of cash on hand and cash in unrestricted bank
accounts and short term
cash investments.

(These statements of cash flows are continued on the next page.)

         The accompanying notes to financial statements
            are an integral part of these statements.
                               F-6
          WESTERN STANDARD CORPORATION AND SUBSIDIARIES

              CONSOLIDATED STATEMENTS OF CASH FLOWS
                           (Continued)
      FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998


                               2000         1999         1998

RECONCILIATION OF NET INCOME
TO NET CASH PROVIDED BY
OPERATING ACTIVITIES:
Net income (loss)         ($    184,645)($   545,043) $   249,705
Adjustments to reconcile
  net income to net cash
  provided (used) by
  operating activities:
  Depreciation and
    amortization                584,150      635,572      672,890
  Increase (decrease) in
    advance deposits      (      19,696)     113,669 (     76,343)
  (Increase) decrease in
    accounts receivable          44,330 (     85,849)(     38,093)
  (Increase) decrease in
    prepaid expenses              2,233 (     24,303)      22,927
  Decrease (increase) in
    inventories                  14,369 (     19,683)         136
  (Decrease) increase in
    accounts payable and
    accrued expenses      (      50,738)     161,903 (    313,824)
  Gain on assets sold               -0-          -0- (     54,005)
  Change in other
    receivables           (      12,880)(      9,923)(      6,162)
  Provision for Snow King
   Resort Center
   receivable                    70,000      260,000          -0-
  Accrued interest -
    officer note                    800          100          -0-
  Increase in patronage
    capital               (       4,992)(    229,500)         -0-
  Allocation of minority
    interest in subsidiary
    income or loss        (      52,708)(    162,819)      69,739
      Net cash provided
        by operations      $    390,223  $    94,124  $   526,970









         The accompanying notes to financial statements
            are an integral part of these statements.

                               F-7
                                                       Schedule A

          WESTERN STANDARD CORPORATION AND SUBSIDIARIES

            PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS

              FOR THE YEAR ENDED DECEMBER 31, 2000


                 Balance at                           Balance at
                 beginning    Additions                  end
Classification   of period     at cost   Retirements  of period

PROPERTY AND
EQUIPMENT:
  Land          $  2,028,855  $ 118,270    $    -0-  $  2,147,125
  Mineral claims
    and leases           500        -0-         -0-           500
  Producing oil
    and gas
    interests        265,719        -0-         -0-       265,719
  Machinery and
    equipment        117,678        -0-         -0-       117,678
  Hotel building
    & improvements 7,501,700    154,906         -0-     7,656,606
  Hotel furniture
    & fixtures     4,293,122    396,333      22,845     4,666,610

                $ 14,207,574  $ 669,509    $ 22,845  $ 14,854,238

Property and equipment                               $ 14,854,238
Accumulated depreciation (Schedule A-1)             (   5,366,436)

 Property and equipment net of accumulated
   depreciation                                      $  9,487,802

Amortizable Assets:

  Costs of acquiring ski shelter
    lease          $ 124,938   $    -0-    $    -0-  $    124,938
  Accumulated
    amortization                                    (      45,353)
      Net                                            $     79,585
  Prepaid loan
    fees            $ 50,000   $    -0-   $    -0-   $     50,000
  Accumulated
    amortization                                    (      13,110)

      Net                                            $     36,890





         The accompanying notes to financial statements
            are an integral part of these statements.

                               F-8
                                                      Schedule A-1

          WESTERN STANDARD CORPORATION AND SUBSIDIARIES

      ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION

          OF PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS

              FOR THE YEAR ENDED DECEMBER 31, 2000


                           Depreciation
                                and
                           amortization
                Balance at  charged to              Balance at
                 beginning   costs and                  end
Description     of period    expenses   Retirements  of period

PROPERTY AND
EQUIPMENT:
  Producing oil
   and gas
   interests   $   246,181  $     -0-     $    -0-  $    246,181
  Machinery and
    equipment      106,742        -0-          -0-       106,742
  Hotel building
    and
    improvements 1,732,753    289,445          -0-     2,022,198
  Hotel furniture
    & fixtures   2,747,787    266,373       22,845     2,991,315

               $ 4,833,463  $ 555,818     $ 22,845   $ 5,366,436

AMORTIZATION:
  Leasehold
    interest      $ 24,161   $ 21,192        $ -0-      $ 45,353

  Loan fees        $ 5,970    $ 7,140        $ -0-      $ 13,110
















         The accompanying notes to financial statements
            are an integral part of these statements.

                               F-9
                                                       Schedule B
          WESTERN STANDARD CORPORATION AND SUBSIDIARIES

            PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS

              FOR THE YEAR ENDED DECEMBER 31, 1999


                 Balance at                           Balance at
                  beginning   Additions                  end
Classification   of period     at cost   Retirements  of period

PROPERTY AND
EQUIPMENT:
  Land          $  1,553,761 $   475,094   $     -0- $  2,028,855
  Mineral claims
    and leases           500         -0-         -0-          500
  Producing oil
    and gas
    interests        265,719         -0-         -0-      265,719
  Machinery and
    equipment        117,678         -0-         -0-      117,678
  Hotel building
    and
    improvements   7,083,977     417,723         -0-    7,501,700
  Hotel furniture
    & fixtures     3,457,898   1,157,480     322,256    4,293,122

                $ 12,479,533 $ 2,050,297   $ 322,256 $ 14,207,574

Property and equipment                               $ 14,207,574
Accumulated depreciation (Schedule B-1)             (   4,833,463)

 Property and equipment net of accumulated
   depreciation                                      $  9,374,111

Amortizable Assets:

  Costs of
    acquiring
    ski shelter
    lease           $ 42,538    $ 82,400   $     -0- $    124,938
  Accumulated
    amortization                                    (      24,161)

       Net                                           $    100,777

  Prepaid loan
    fees            $ 91,360   $ 50,000    ($ 91,360)$     50,000
  Accumulated
    amortization                                    (       5,970)

       Net                                           $     44,030

         The accompanying notes to financial statements
            are an integral part of these statements.

                              F-10
                                                     Schedule B-1

          WESTERN STANDARD CORPORATION AND SUBSIDIARIES

      ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION

          OF PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS

              FOR THE YEAR ENDED DECEMBER 31, 1999


                           Depreciation
                               and
                           amortization
                Balance at  charged to              Balance at
                 beginning  costs and                   end
Description     of period    expenses   Retirements  of period

PROPERTY AND
EQUIPMENT:
  Producing oil
    and gas
    interests  $   246,181   $     -0-    $     -0- $    246,181
  Machinery and
    equipment      106,742         -0-          -0-      106,742
  Hotel building
    and
    improvements 1,465,528     267,225          -0-    1,732,753
  Hotel furniture
    & fixtures   2,766,230     299,284      317,727    2,747,787

               $ 4,584,681   $ 566,509    $ 317,727 $  4,833,463

AMORTIZATION:
  Leasehold
    interest       $ 7,913    $ 16,248        $ -0-     $ 24,161

  Loan fees      $  44,515    $ 52,815     $ 91,360      $ 5,970
















         The accompanying notes to financial statements
            are an integral part of these statements.

                              F-11
                                                      Schedule C
          WESTERN STANDARD CORPORATION AND SUBSIDIARIES

            PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS

              FOR THE YEAR ENDED DECEMBER 31, 1998


                 Balance at                           Balance at
                  beginning   Additions                  end
Classification  of period     at cost   Retirements  of period

PROPERTY AND
EQUIPMENT:
  Land         $  1,464,516   $ 101,745    $ 12,500 $  1,553,761
  Mineral claims
    and leases          500         -0-         -0-          500
  Producing oil
    and gas
    interests       265,719         -0-         -0-      265,719
  Machinery and
    equipment       117,678         -0-         -0-      117,678
  Hotel building
    and
    improvements  6,985,311      98,666         -0-    7,083,977
  Hotel furniture
    & fixtures    3,236,675     221,223         -0-    3,457,898

               $ 12,070,399   $ 421,634    $ 12,500 $ 12,479,533

Property and equipment                              $ 12,479,533
Accumulated depreciation (Schedule C-1)            (   4,584,681)

Property and equipment net of accumulated
  depreciation                                      $  7,894,852

Amortizable Assets:

  Costs of acquiring
    ski shelter
    lease          $ 42,538   $     -0-    $    -0- $     42,538
  Accumulated
    amortization                                   (       7,913)

       Net                                          $     34,625

  Prepaid loan
    fees         $  91,360    $     -0-    $    -0- $     91,360
  Accumulated
    amortization                                   (      44,515)

       Net                                          $     46,845


         The accompanying notes to financial statements
            are an integral part of these statements.

                              F-12
                                                    Schedule C-1

          WESTERN STANDARD CORPORATION AND SUBSIDIARIES

      ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION

          OF PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS

              FOR THE YEAR ENDED DECEMBER 31, 1998


                           Depreciation
                                and
                           amortization
                Balance at  charged to              Balance at
                 beginning  costs and                   end
Description     of period    expenses   Retirements  of period

PROPERTY AND
EQUIPMENT:
  Producing oil
    and gas
    interests  $   246,181    $     -0-       $ -0- $   246,181
  Machinery and
    equipment      106,742          -0-         -0-     106,742
  Hotel building
    and
    improvements 1,223,657      241,871         -0-   1,465,528
  Hotel furniture
    & fixtures   2,357,972      408,258         -0-   2,766,230

               $ 3,934,552    $ 650,129       $ -0- $ 4,584,681

AMORTIZATION:
  Leasehold
    interest       $ 6,497      $ 1,416       $ -0-     $ 7,913

  Loan fees      $  23,170     $ 21,345       $ -0-    $ 44,515
















         The accompanying notes to financial statements
            are an integral part of these statements.

                              F-13
          WESTERN STANDARD CORPORATION AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                   DECEMBER 31, 2000 AND 1999

NOTE 1:  HISTORY OF THE COMPANY:

     The Company was incorporated under the laws of the State of
Wyoming in 1955.  It acquired oil, gas and mineral properties which
were assigned to other operators with the Company retaining a
royalty position in the properties assigned.

     In 1971 and 1972, the Company acquired real estate, including
the Snow King ski area in Jackson, Wyoming, land and improvements
adjacent to Ocean Lake, Fremont County, Wyoming, and producing oil
and natural gas interests.  Construction of a hotel-convention
center began in Jackson during 1973.  The complex was operational
in early 1976 and was completed in 1977.

     In 1981, 50% of the Snow King area and the convention center
was sold to Pick-Jackson Corp. and the remaining 50% was
transferred to two partnerships.

     On March 13, 1992, the Snow King Resort was reacquired by a
subsidiary of Western Standard Corporation.

NOTE 2:  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Fixed Assets:

     The company capitalizes those additions and betterments which
increase the useful lives of its assets, and it expenses repair and
maintenance items.  Fixed assets are carried at cost of
acquisition.  The cost of self-constructed assets includes
capitalized labor costs.

     When items are disposed of, their cost is removed from the
accounts along with the accumulated depreciation and the resulting
gain or loss is reflected in the income statement.

Oil and Gas Revenue:

     Oil and gas revenue and expenditures are accounted for using
the successful efforts method.  This method of accounting for oil
and gas properties capitalizes only those costs directly associated
with proven reserves.

Depreciation, Depletion and Amortization:

     Depreciation, depletion and amortization on oil and gas
properties are computed using the straight-line method.  Other
depreciable assets are depreciated by the straight-line method over
the estimated useful lives of the
assets as follows:  equipment, 3 to 10 years; buildings and
improvements, 10 to 30 years; the hotel building, 37.5 years; and
the chair lift, 40 years.
                              F-14
          WESTERN STANDARD CORPORATION AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                   DECEMBER 31, 2000 AND 1999

NOTE 2:  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:  Continued:

Inventories:

     Food and beverage inventories at the hotel are carried at
cost, computed on a first-in, first-out basis.

Affiliates:

     The consolidated financial statements include the accounts of
Western Standard Corporation and its wholly owned subsidiary,
Western Recreation
Corporation.  Western Standard owns 76.43% of its subsidiary, Snow
King Resort, Inc.  Snow King Resort, Inc.'s transactions are
included in the consolidated financial statements.  All significant
intercompany transactions and accounts have been eliminated.

     Snow King Resort, Inc. acquired fixed assets and operating
assets and liabilities in several transactions closing on March 13,
1992.

     Substantially all the assets and liabilities of Snow King,
Incorporated were acquired for 9,500 shares of Class B stock of
Snow King Resort, Inc.  These assets and liabilities were recorded
at Snow King, Incorporated's book value on Snow King Resort, Inc.'s
books because they were acquired from a related corporation.  These
assets and liabilities consisted of cash, accounts receivable,
other assets, fixed assets and accumulated depreciation, accounts
payable, advance deposits, other liabilities, leases payable and
notes payable.  Snow King, Incorporated was subsequently
liquidated.

     Snow King Resort, Inc. issued 2,500 shares of Class B stock to
Western Standard for Western Standard's 50% interest in the assets
of Snow King Partnership.  These assets consist of land, buildings
and ski lifts.  No value was assigned to these assets because they
were acquired at Western Standard's basis of zero.

     Snow King Resort, Inc. borrowed $5,000,000 from banks, issued
$2,072,000 in convertible debentures, and sold $112,000 in Class A
stock to outside investors in order to purchase the hotel building,
land, and furniture and fixtures for the total purchase price of
$6,000,000.  Snow King Resort, Inc. paid $350,000 for its remaining
50% interest in Snow King Partnership's assets.  The convertible
debentures were converted into Class A preferred stock in Snow King
Resort, Inc. in 1994.

     Western Standard Corporation and Snow King, Incorporated
placed all their shares of Class B common stock of Snow King
Resort, Inc. into a voting trust, granting to Manuel B. Lopez the

                              F-15
          WESTERN STANDARD CORPORATION AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                   DECEMBER 31, 2000 AND 1999

NOTE 2:  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:  Continued:

Affiliates:  Continued:

sole right to vote such shares for the duration of the voting
trust.  The initial term of the voting trust is ten years,
beginning in 1992, and may be extended for subsequent ten-year
periods by the consent of Western Standard Corporation and Mr.
Lopez.

Accrued Vacation:

     Accrued expenses include accrued vacation liability of
$112,763 and $111,042 at December 31, 2000 and 1999, respectively,
for the employees of Snow King Resort, Inc.

Advertising:

     The Company's policy is to expense advertising costs as
incurred.  Advertising expenses for 2000 and 1999 were $327,912 and
$287,155, respectively.

Retirement Plan:

     Snow King Resort, Inc. adopted a 401(k) retirement plan for
its employees in 1994.  Employees are covered by the plan after 12
months of full time employment.  Employees contribute part of their
salary to the plan.  The Resort may match some portion of the
employee contributions.  At December 31, 2000 and 1999, the Resort
had a liability for matching contributions of $9,109 and $8,035.

Use of Estimates:

     The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and
liabilities at the date of the financial statements, and the
reported amounts of revenues and expenses during the reporting
period.  Actual results could differ from those estimates.

Concentrations of Risk:

     Western Standard and its subsidiaries maintain cash in bank
deposit accounts which, at times, may exceed federally insured
limits.  The Company has not experienced any losses in such
accounts.




                              F-16
          WESTERN STANDARD CORPORATION AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                   DECEMBER 31, 2000 AND 1999

NOTE 3:  OTHER ASSETS:

     Other assets include:
                                                 2000      1999
     Investment in stock (Snow King Resort
       Center and other)                       $ 12,102  $ 12,002
     Prepaid loan fees, net of amortization      36,890    44,030
     Incorporation costs                          1,163     1,163
     Account receivable, Love Ridge
       Development                               49,517    36,637
                                               $ 99,672  $ 93,832

NOTE 4:  LIABILITIES:

     Accrued expenses consist of the following:

                                               2000       1999

     Accrued payroll                         $ 100,567  $  68,162
     Accrued vacation                          112,763    111,042
     Accrued interest                           52,837     31,382
     Payroll, sales and property taxes         111,438    123,388
     Profit sharing plan                         9,109      8,035
     Other                                      60,511    141,581
                                             $ 447,225  $ 483,590

NOTE 5:  LONG AND SHORT TERM DEBT:
                                             Portion
2000:                 Interest             due within   Long term
             Security   rate     Balance    one year     portion
Leases:
Xerox Corp.
  Leases      Copiers  Various $     5,604   $   3,088 $     2,516

Notes Payable:
First Interst.    Real
Bank, monthly   estate
payments of  furn/fixt
$107,847  leases/perm.  7.98%  $ 9,140,490   $ 260,621 $ 8,879,869

A1 Credit
Ins. note,
monthly
payments
$17,746,
due 7/9/01  Unsecured    8.5%      120,893     120,893         -0-
      Total notes payable      $ 9,261,383   $ 381,514 $ 8,879,869

TOTAL LONG AND SHORT TERM DEBT $ 9,266,987   $ 384,602 $ 8,882,385


                              F-17
          WESTERN STANDARD CORPORATION AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                   DECEMBER 31, 2000 AND 1999

NOTE 5:  LONG AND SHORT TERM DEBT:  Continued:

                                             Portion
1999:                 Interest             due within   Long term
             Security   rate     Balance    one year     portion
Leases:
Xerox Corp.
  Leases      Copiers  Various $     6,522   $   3,057 $     3,465

Notes Payable:
First Interst.
Bank, monthly
payments
interest
only until
6/15/00,          Real
then payments   estate
of $107,847  furn/fixt
monthly   leases/perm.   7.98% $ 8,592,540   $ 283,678 $ 8,308,862

First Interst.
Bank, line of
credit,
maximum           Real  Prime+
$630,000        estate   .375%     230,000     230,000         -0-
      Total notes payable      $ 8,822,540   $ 513,678 $ 8,308,862

TOTAL LONG AND SHORT TERM DEBT $ 8,829,062   $ 516,735 $ 8,312,327

     Snow King Resort, Inc. refinanced its ORIX mortgage with First
Interstate Bank of Casper, Wyoming on March 23, 1999.  The maximum
amount of the new First Interstate Bank of Casper loan is
$9,370,000.  The proceeds were used to pay off the ORIX and Jackson
State Bank loans, exercise the Love Land Option, pay accounts
payable, and make renovations to the hotel.  A line of credit of
$630,000 was also obtained.  All real estate, furniture, equipment
and leases are pledged as security for these notes.  A $1,000,000
life insurance policy on Manuel Lopez has been assigned as
collateral on these notes.

     The terms of the new loan allowed Snow King Resort, Inc. to
draw on the loan up to March 15, 2000.  The full amount of
$9,370,000 was drawn by Snow King Resort, Inc.  Interest only
payments were due through June 15, 2000, then interest and
principal payments of $107,847 per month were due.  No monthly
payments are due for the months of November, April and May of each
year.  The interest rate will be adjusted March 15, 2002 to the
Wall Street Journal prime rate plus .375 percent.



                              F-18
          WESTERN STANDARD CORPORATION AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                   DECEMBER 31, 2000 AND 1999

NOTE 5:  LONG AND SHORT TERM DEBT:  Continued:

     Principal payments due on these notes for the next five years
are as follows:

     2001                           $   381,514
     2002                               268,366
     2003                               290,419
     2004                               315,378
     2005                               344,688
     Future years                     7,661,018

                                    $ 9,261,383

     The previous lender, ORIX, charged Snow King Resort, Inc. a
prepayment premium of $62,347 and a swap breakage fee of $190,441
to pay off the loan before its maturity date in 1999.

     Manuel B. and Deborah Lopez are guarantors on the debt to the
extent of one million dollars.  Snow King Resort pays them
guarantor's fees of $1,000 per month.  The loan requires Snow King
Resort, Inc. to maintain a certain level of cash flow.

     Short term borrowings information:
                                       2000        1999

     Balance at end of year          $ 120,893   $ 230,000
     Range of interest rates     8.125% - 8.6%  7% - 8.25%
     Maximum outstanding             $ 530,000   $ 758,529
     Average outstanding,
       computed by weighted
       average of end of
       month balances                $ 281,008   $ 465,945
     Weighted average interest
       rate computed
       by total interest due,
       divided by average
       note balance                       8.6%          7%

     Loans included in this computation were the Bank of Jackson
Hole line of credit, AICCO Insurance financing, First Interstate
line of credit, and A1 Insurance financing.









                              F-19
          WESTERN STANDARD CORPORATION AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                   DECEMBER 31, 2000 AND 1999

NOTE 6:  OPTIONS ON LOVE LAND:

     During 1995, the Resort entered into an option agreement with
J. David Love and Jane M. Love to purchase approximately one-half
acre of land.  Option payments of $9,000 every three months after
1995 were made to enable the Resort to purchase the land for
$396,800 on or before July 15, 1997.  The option agreement was
modified in 1997.  Payments of $66,200 extended the option term and
lowered the land price to $346,800.  Payments of $7,800 every three
months  enabled the Resort to exercise the option at any time
before October 15, 1999.  The Resort has paid $184,900 in option
payments which have been recorded as land cost.  The option was
exercised in March 1999, and the land was purchased for $346,800,
for a total cost of $531,700.

NOTE 7:  STOCK OPTION AND STOCK BONUS PLAN:

     During 1972, the Board of Directors approved a Stock Bonus
Plan of indefinite term whereby certain officers and key employees
were granted shares of the Company's common stock for services
rendered during the year, based on their salaries and in some cases
their length of service with the Company.

     Under this Plan, shares have been granted in prior years.  No
stock bonuses were issued in 2000 or 1999.  The Plan provides that,
at the discretion of the Executive Committee of the Board of
Directors, a cash bonus in the approximate amount of the income tax
related to the stock bonus may be paid to such employees.  No such
cash bonuses have been paid as of December 31, 2000.

     Snow King Resort, Inc. has granted an option to purchase up to
3,000 shares of Class B common stock of Snow King Resort, Inc. to
Manuel and Deborah Lopez.  The option price has been set at $140
per share.  The option was not exercised in 2000 or 1999.

NOTE 8:  FEDERAL INCOME TAXES:

     Western Standard Corporation and its subsidiaries filed
consolidated income tax returns in 1993 and prior years.  Since
Western Standard's ownership in Snow King Resort, Inc. dropped
below 80% in 1994, separate income tax returns for Snow King
Resort, Inc. were filed after that year.  Western Standard's net
operating loss carryover at December 31, 2000 is approximately
$484,000, which will begin to expire in 2001 if not used.

     Snow King Resort, Inc. succeeded to the net operating loss of
Snow King, Incorporated of approximately $999,000.  The net
operating loss carryovers from Snow King, Incorporated have limited
deductibility of approximately $84,000 per year.  These allowed
carryovers and Snow King's losses have accumulated to $2,436,000 at

                              F-20
          WESTERN STANDARD CORPORATION AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                   DECEMBER 31, 2000 AND 1999

NOTE 8:  FEDERAL INCOME TAXES:  Continued:

December 31, 2000.  Snow King Resort, Inc. also acquired the
investment credit and jobs credit carryovers of Snow King,
Incorporated.  Investment credit carryovers expired in 2000.  Tip
credit carryovers of $15,187 have also been earned, which will
begin to expire in 2009 if not used.

     Western Standard has provided for income taxes on its income
statement at statutory rates.  Its net operating loss carryovers
eliminate any tax liability.

     A deferred income tax asset has been established to reflect
the tax consequences for future years of temporary timing
differences of revenue and expense items for financial statement
and income tax reporting purposes.

     The deferred income tax asset account consists of the income
tax effect at 34% of the following items:
                                           For the years ended
                                               December 31,
                                            2000        1999
       Net operating loss carryovers        $ 993,032   $ 757,029
     Depreciation difference             (  149,239) (   80,380)
     Credit carryovers                       15,542      14,444
     Other                               (      338) (    1,013)
                                          $ 858,997   $ 690,080
     Less valuation allowance            (  858,997) (  690,080)
           Deferred tax asset             $     -0-   $     -0-

     A valuation allowance equal to the balance of the account has
been established due to the uncertainty of realizing the future
benefit of these credit and loss carryforwards.  The future benefit
is dependent upon future profitability of the company.

     The provision for income taxes is different from that which
would be obtained by applying the statutory federal income tax rate
of 34% to income (loss) items before income taxes.  The items
causing this difference are as follows:
                                           2000        1999
     Tax at statutory rate              ($  80,700) ($ 240,674)
     Depreciation difference            (   71,132) (   44,262)
     Provision for Center collectibility    23,800      88,400
     Patronage capital discount              1,697      65,500
     Nondeductible expense                   3,461       3,703
     Loss on discarded assets                1,107  (   18,345)
     Other net                                 254  (    2,117)
                                        ($ 121,513) ($ 147,795)
     Valuation allowance                   121,513     147,795
     Provision for income tax            $     -0-   $     -0-

                              F-21
          WESTERN STANDARD CORPORATION AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                   DECEMBER 31, 2000 AND 1999

NOTE 8:  FEDERAL INCOME TAXES:  Continued:

     Western Standard's income tax returns through 1976 were
examined by the Internal Revenue Service in 1978, and were accepted
as filed.

     The federal tax loss for Western Standard and Western
Recreation is approximately $13,700 for 2000.  The tax loss for
Snow King Resort, Inc. for 2000 is approximately $374,000.  The
federal tax return loss for 1999 was $17,072 for Western Standard
and Western Recreation; and a $410,328 net loss for Snow King
Resort, Inc.  The federal tax return loss differs from net
financial loss because of depreciation differences and differences
in deductions.

NOTE 9:  RELATED PARTY TRANSACTIONS:

     The Resort is managed by a corporation, Snow King Resort
Management, Inc., which is controlled by two officers and directors
of Western Standard.  The Resort pays a management fee of 2% of
sales to Snow King Resort Management, Inc.  At December 31, 2000,
Snow King Resort, Inc. owed the management company $27,497 in
management fees.  Snow King Resort, Inc. incurred management fees
totalling $199,703 in 2000.

     An officer of Western Standard Corporation owes a note payable
to Western Standard which carries an interest rate of 8%.  This
note has a balance of $10,000 at December 31, 2000.

     Western Standard agreed to pay a fee of $100,000 to the
officer for structuring the Snow King Resort, Inc. asset purchase.
$10,000 of this fee was paid in 1992, and the remaining $90,000 is
shown as a noncurrent liability on the financial statements.

     The shareholders of Snow King Resort, Inc. formed a related
corporation, Snow King Resort Center, Inc., to operate and lease
the Town of Jackson's skating rink facility.  The facility can be
used to house conventions, exhibitions, and large banquets.  The
facility is operated in conjunction with the Resort.  Western
Standard owns 49% of Snow King Resort Center, Inc.  Since Western
Standard does not own a controlling interest in Snow King Resort
Center, Inc., that corporation's transactions are not included in
these consolidated statements.  During 1999, Snow King Resort, Inc.
advanced $190,174 to Snow King Resort Center, Inc.  During 2000,
Snow King Resort, Inc. advanced $66,540 to Snow King Resort Center,
Inc.  The total amount receivable from Snow King Resort Center,
Inc. at December 31, 2000 is $1,512,692.  An allowance for
collectibility of $1,330,000 has been established to reduce the
advances to a net realizable value equal to Snow King Resort
Center's book value of assets.  The allowance was increased by
$70,000 in 2000.
                              F-22
          WESTERN STANDARD CORPORATION AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                   DECEMBER 31, 2000 AND 1999

NOTE 10:  LEASEHOLD INTEREST:

     Snow King Resort, Inc. acquired the leases of Snow King,
Incorporated on March 13, 1992.  One lease was with the Town of
Jackson for an old ski shelter.  The Town demolished the old ski
shelter and replaced it with a larger structure housing both a ski
shelter and a large skating rink.  Snow King Resort, Inc. paid
costs of demolition and excavation in the amount of $21,414.  Snow
King Resort, Inc. transferred 1.3 acres of land costing $21,124 to
the Town upon which to build the facility.  These items were
capitalized as leasehold costs.  The lease agreement was dated
April 22, 1994.

     The lease calls for monthly payments of $2,800 to the Town of
Jackson, and supplemental rent based on gross revenues generated by
the facility.  Leasehold costs are being amortized over the 30 year
original term of the lease at the rate of $1,418 per year.  During
1999, the Resort prepaid $82,400 of its lease liability, reducing
its monthly payments to $900 per month.  This $82,400 was recorded
as prepaid lease.  This amount is being amortized over the
remaining life of this part of the lease.

     Minimum lease payments will be $10,800 per year or a total of
$54,000 over the next five years.

NOTE 11:  OIL AND GAS DISCLOSURES:

     Western Standard's percentage royalty ownership in its oil
production wells is very small.  The production from the producing
wells is nominal and has now exceeded their original reserve
estimates.  Management believes that the cost of obtaining the
information for oil and gas disclosure exceeds the benefits.
Therefore, the reserve information for the required oil and gas
disclosure is not available.  Western Standard is not the operator
of any of the producing wells or properties and has no control over
any of them.

     All of Western Standard's oil and gas properties are located
in central Wyoming.  No costs related to exploration and
development of these properties have been incurred over the past
three years.  The capitalized costs for the last three years is
nil.  Western Standard sold its wells in the Kaye Field, Converse
County, Wyoming, in 1997, for $70,000.  In 1998, Western Standard
sold coalbed methane gas drilling rights to the first 2,500 feet of
its wells in the Grady Unit for $12,838.  In 1999, Western Standard
sold coalbed methane gas drilling rights to the first 2,500 feet of
its wells in the Daly lease for $10,000.

     Western Standard's oil and gas revenues have been dominated by
two buyers, KN Energy and 88 Oil.  These buyers purchased the

                              F-23
          WESTERN STANDARD CORPORATION AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                   DECEMBER 31, 2000 AND 1999

NOTE 11:  OIL AND GAS DISCLOSURES:  Continued:

following amounts of oil and gas in the following years:

                                           88 Oil    KN Energy

          1997                            $ 13,149    $ 13,953
          1998                            $  7,779    $  9,350
          1999                            $  8,739    $ 14,664
          2000                            $  9,759    $ 30,716

NOTE 12:  LEASES:

     Snow King Resort, Inc. leases some equipment.  All of these
agreements were classified as capital leases.  The leases have
terms of 36 to 60 months.  The following costs of equipment are
included in property and equipment in accordance with these leases
in 2000 and 1999:
                                           2000         1999

     Total lease-purchased assets        $ 267,718    $ 345,967
     Accumulated depreciation           (  194,991)  (  259,706)
           Net assets                    $  72,727    $  86,261

     Most of the leases were paid off in 1998.

     Presented below is a schedule by years of future minimum lease
payments under the remaining capital leases with the principal
amount net minimum lease payments as of December 31, 2000.

     Year ended December 31, 2001          $ 3,088
                             2002            2,264
                             2003              252

     Principal amount of minimum
       lease payments                      $ 5,604
     Current portion of principal
       amount                              $ 3,088
     Long term portion of principal
       amount                              $ 2,516

NOTE 13:  CONTINGENT LIABILITIES AND COMMITMENTS:

     At December 31, 2000, Snow King Resort, Inc. failed to comply
with one of the First Interstate Bank note covenants concerning
required cash flow.  The bank has agreed to waive enforcement of
the covenant at December 31, 2000.  As a condition of the waiver,
Snow King Resort, Inc. must achieve certain levels of net income
for the periods ended June 30, 2001, September 30, 2001, and
December 31, 2001.  Failure to achieve these levels of net income
will result in additional fees due to the bank.
                              F-24
          WESTERN STANDARD CORPORATION AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                   DECEMBER 31, 2000 AND 1999

NOTE 14:  LIQUIDITY:

     At December 31, 2000 and 1999, Snow King Resort, Inc. had
negative working capital which caused difficulties in paying its
current operating obligations.  The cash flow shortfalls arose in
part because of seasonal fluctuations in sales.  Other factors
contributing to the cash flow problems were cash advances to Snow
King Resort Center, Inc., debt service costs, unprofitable
operations, and purchases of fixed assets.  These expenditures used
cash that was therefore unavailable for payment of trade creditors.
The refinancing of Snow King's mortgage and line of credit have
made it possible to pay creditor bills on a more timely basis in
2000 and 1999.

     Collection of the $1,512,692 advanced to the Snow King Resort
Center, Inc. over the last several years is dependent on future
profitable operation of that facility or future sale.  It is
doubtful that the amount receivable will be collectible in the next
year.  A merger of Snow King Resort Center, Inc. into Snow King
Resort, Inc. is planned.  An allowance of $1,330,000 has been
established to reduce this account receivable to its estimated
realized value.

NOTE 15:  INDUSTRY SEGMENT INFORMATION:

     Western Standard Corporation's major operations are in oil and
gas working interests and, through Snow King Resort, Inc. its 76%
owned subsidiary, the resort industry.  Selected information
concerning those industry segments is presented below:

                           2000           1999           1998
REVENUE - oil and gas
  interests            $     42,864   $     23,055   $     18,383
PRODUCTION COSTS      (      18,288) (      11,660) (      10,749)
OPERATING INCOME -
  oil and gas          $     24,576   $     11,395   $      7,634
IDENTIFIABLE ASSETS
  (at net book value)  $     28,716   $     28,716   $     28,716

CAPITAL EXPENDITURES   $        -0-   $        -0-   $        -0-
REVENUE - Snow King
  Hotel Segment        $  9,964,724   $  8,591,377   $  9,434,701

OPERATING INCOME       $  1,149,571   $    919,973   $  1,662,845

DEPRECIATION           $    555,818   $    566,509   $    650,129
IDENTIFIABLE ASSETS
  (at net book value)  $ 10,784,284   $ 10,640,038   $  8,736,273

CAPITAL EXPENDITURES   $    669,509   $  2,050,297   $    421,635

                              F-25
          WESTERN STANDARD CORPORATION AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                   DECEMBER 31, 2000 AND 1999

NOTE 15:  INDUSTRY SEGMENT INFORMATION:  Continued:

     A reconciliation from the segment information to the
consolidated balances for net loss and assets is set forth below.

                           2000           1999           1998
Segment income
from operations:
  Oil and gas          $     24,576   $     11,395   $      7,634
  Snow King Hotel         1,149,571        919,973      1,662,845
  Other income                9,696        253,523         66,441
Expenses:
  Depreciation        (     555,818) (     566,509) (     650,129)
  Amortization        (      28,332) (      36,974) (      22,761)
  Interest            (     789,042) (     964,127) (     686,238)
  Other expenses      (      48,004) (     325,145) (      58,347)
Consolidated net
  income (loss)       ($    237,353) ($    707,864)  $    319,445
Segment assets:
  Oil and gas          $     28,716   $     28,716   $     28,716
  Snow King Hotel        10,784,284     10,640,038      8,736,273
  Cash                      146,281        160,097        161,288
  Property & equipment        2,258          2,258          2,258
  Other assets               21,741         22,033         22,149
Consolidated total
  assets               $ 10,983,280   $ 10,853,142   $  8,950,684

NOTE 16:  PATRONAGE CAPITAL-LOWER VALLEY POWER AND LIGHT:

     During 1999, Snow King Resort, Inc. recorded as an asset
patronage capital allocated to it by Lower Valley Power and Light.
Lower Valley Power and Light is a customer owned power cooperative.
Each year, Lower Valley Power allocates to its customers a share of
its net margins.  This patronage capital is refundable to the
customers of Lower Valley, at the discretion of its Board of
Directors, after a fifteen year period.  Snow King Resort, Inc.'s
share of Lower Valley Power's patronage capital for the period 1984
through 1998 totalled $439,211.  $17,065 of this total was received
in cash by Snow King Resort, Inc. in 1999.  The allocation of
patronage capital to Snow King Resort, Inc. for 1999 was $27,762.
The allocation of patronage capital to Snow King Resort, Inc. for
2000 was $41,345.  $17,284 of 1999 and prior years' patronage
capital was received in cash in 2000.

     It will require many years for this asset to be converted to
cash.  Because of this, the patronage capital total has been
discounted to the estimated net value of its future cash flows
using Snow King Resort, Inc.'s current borrowing interest rate.
This discounted amount has been recorded as extraordinary income
for 1999.

                              F-26
          WESTERN STANDARD CORPORATION AND SUBSIDIARIES

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                   DECEMBER 31, 2000 AND 1999

NOTE 17:  SUBSEQUENT EVENTS:

     Snow King Resort, Inc. loaned $240,000 to Loveridge
Development after December 31, 2000, which was repaid in February,
2001.














































                              F-27
Item 8.  Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure.

     WSC has not experienced a change in its independent
accountants during the two most recent fiscal years, or had
disagreements with them.
                            PART III.

Item 9.  Directors, Executive Officers, Promoters and Control
Persons; Compliance with Section 16(a) of the Exchange Act.

     Information concerning each director and executive officer of
WSC, including business experience for at least the past five
years, is as follows:

     Stanford E. Clark, age 83, currently President, Treasurer,
Comptroller and a director, has been President, Vice President,
Treasurer, Comptroller and a Director of WSC from 1957 through 1969
and from 1974 to present.  He has also been Vice President and a
Director of Snow King Resort Management, Inc. since 1986 and
Treasurer and a Director of Snow King Resort, Inc. since February,
1992.

     Manuel B. Lopez, age 57, currently Vice President and a
director, has been a Vice President and Director of WSC since 1979.
He is also an owner of management companies, manager of Snow King
Complex, President and a Director of Snow King Resort Management,
Inc. since 1986, and President and a Director of Snow King Resort,
Inc. since February, 1992.

     Richard G. Roylance, Mr Roylance died on February 11, 1999.

     James M. Peck, age 36, currently a director and Corporate
Secretary, has been a director of WSC since January 1, 1988.  Prior
to such time, he was primarily a student and had no other business
experience.  Mr. Peck also owns and operates a miniature golf
course in Jackson, Wyoming.  He recently acquired a company that
provides float trips on the Snake River near Jackson.  He has been
a Director and employee of SKRI since February, 1992.  On March 2,
1999, the Board of Directors unanimously voted Mr. Peck to be the
Corporate Secretary to replace Mr. Roylance.

     No family relationships exist between or among any of the
directors and executive officers.  No director serves as a director
of any other company with a class of equity securities registered
under the Securities Exchange Act of 1934 or a company registered
as an investment company under the Investment Company Act of 1940.

     No director, officer, or beneficial owner of more than ten
percent of the outstanding shares of WSC common stock failed to
file on a timely basis, as disclosed in Forms 3, 4, and 5, and any
amendments thereto, reports required by Section 16(a) of the
Securities and Exchange Act of 1934 during the fiscal year ended
December 31, 2000, or prior fiscal years, which are required to be
disclosed herein.

Item 10.  Executive Compensation.

     The following table sets forth cash compensation paid by WSC,
its subsidiaries and associated companies to its executive
officers; one of which received in excess of $100,000 during the
year ended December 31, 2000:

                   Summary Compensation Table

                                          Other          All
Name and             Fiscal  Annual      Annual         Other
Principal Position    Year   Salary   Compensation  Compensation
Stanford E. Clark     2000   $28,800         $ 600   $46,466 (1)
Chief Executive
  Officer             1999   $28,800         $ 600   $39,690 (1)

Manuel B. Lopez       2000   $36,000    $8,629 (2)  $275,396 (3)
Vice President of
  WSC and Chief
  Executive Officer
  of SKRI             1999   $36,000    $8,335 (2)  $262,389 (4)
_______________

(1)  Amounts paid to Mr. Clark by SKRMI from fees paid to SKRMI
     by SKRI.

(2)  Incidental fringe benefits.

(3)  Includes (i) $116,174 paid to Mr. Lopez by SKRMI from fees
     paid to SKRMI by SKRI; (ii) $12,000 paid to Mr. Lopez by SKRI
     for guaranteeing the First Interstate Bank loans; and (iii)
     $146,622 in fees and commissions paid to Mr. Lopez by SKRMI,
     and $600 in Director's fees paid by WSC.

(4)  Includes (i) $99,288 paid to Mr. Lopez by SKRMI from fees
     paid to SKRMI by SKRI; (ii) $12,000 paid to Mr. Lopez by SKRI
     for guaranteeing the ORIX loan and the First Interstate Bank
     loans; and (iii) $150,501 in fees and commissions paid to Mr.
     Lopez by SKRMI, and $600 in Director's fees paid by WSC.

     The Company pays directors $50 per meeting attended or $600
per year, whichever is greater.  Directors are also reimbursed for
reasonable out-of-pocket expenses incurred in connection with their
duties.

Item 11.  Security Ownership of Certain Beneficial Owners and
Management.

     As of March 20, 2001, the only persons known by WSC to own
beneficially more than 5% of the issued and outstanding common
stock of WSC were:
                         Amount and Nature             Percent
Name and Address         of Beneficial Ownership       of
of Beneficial Owner      Direct (1)     Indirect       Class

Stanford E. Clark        1,817,118     29,900(2)       18.54%
2205 West Main
Riverton, Wyoming 82501


Manuel B. Lopez          2,235,104         --          22.43%
P.O. Box 928
Jackson, Wyoming 83001

James D. Soumas, TTEE
MEP Trust UA
DTD 1/28/98              2,672,182         --          26.81%
_______________

(1)  Represents shares over which the named individuals have sole
     voting and investment powers.

(2)  These shares are owned by the Merrial K. Clark Living Trust
     of which Mr. Clark is the Trustee.  He may be deemed to have
     shared voting and/or investment power over the shares.

     The following sets forth information as of March 20, 2001,
concerning each director's and executive officer's ownership of
common stock (WSC's only class of voting securities), on an
individual basis and ownership by all directors and executive
officers of WSC as a group:


                         Amount and Nature of          Percent
                         Beneficial Ownership          of
Name                     Direct       Indirect         Class

Stanford E. Clark        1,817,118   29,900(1)         18.54%
Manuel B. Lopez          2,235,104       --            22.43%
James M. Peck               20,000       --              .2%
Directors and Executive
Officers as a Group
(3 persons)              4,072,222                     40.86%
_______________

(1)  These shares are owned by the Merrial K. Clark Living Trust
     of which Mr. Clark is the Trustee.  He may be deemed to have
     shared voting and/or investment power over the shares.

     WSC is not aware of any arrangement which may result in a
change in control.

Item 12.  Certain Relationships and Related Transactions.

     The following describes each significant transaction or series
of similar transactions since January 1, 1991, or currently
proposed transaction, to which WSC was or is a party in which any
director or officer or affiliate of such person had or has a direct
or indirect interest.

     Stanford E. Clark, President and a director of WSC, and Manuel
B. Lopez, Vice President and a director of WSC, control and
collectively own all of the outstanding capital stock of SKRMI.
SKRMI presently manages the Hotel, the Ski Area, and the Snow King
Resort Center pursuant to a management agreement with SKRI
providing for a management fee equal to 2% of gross revenues.

     During 1992, Mr. Lopez borrowed $31,602 from SKRI.  Of this
amount, $11,602 was repaid by Mr. Lopez and the remaining $20,000
was repaid by WSC, all in January, 1993.  Upon payment of the
$20,000 by WSC, Mr. Lopez executed a note in the amount of $20,000
payable to WSC due October 16, 1993, and bearing interest at the
rate of 6.5% per annum.  At December 31, 1993, $15,000 remained
unpaid along with $1,300 unpaid interest.  In February, 1994, WSC
received a principal payment of $7,500.  At December 31, 1995,
there remained a balance due in the amount of $10,062.01, including
interest.  The balance of this note was extended to June 30, 1996.

     On March 14, 1997, Mr. Lopez paid interest in the amount of
$732.14 through December 31, 1996.  A new note was issued in the
amount of $10,000, to mature October 31, 1997, with interest
increased to 9%.  Interest was paid to 12/31/97 and a new note in
the amount of $10,000 was signed by Mr. Lopez, effective 1/1/98,
bearing 9% interest and matured December 31, 1998.  A new note in
the amount of $10,000 to mature December 31, 1999 at 8%, replaced
the note that matured December 31, 1998.  A new note in the amount
of $10,000 at 8% to mature December 31, 2000 replaces the note that
matured December 31, 1999.  Interest for 1999 at 8% was paid in
January, 2000.  A new note in the amount of $10,000 at 8% interest,
to mature 12/31/01, replaces the note that matured 12/31/00.
Interest was paid through the year 2000.

     In November, 1995, Mr. Lopez loaned $30,000 to SKRI.  This
note bears interest at the rate of 9% per annum and matures March
31, 1996.  This note was paid in full on February 20, 1996.

     On December 28, 1995, SKRI borrowed $15,000 from WSC.  This
unsecured note bears interest at the rate of 9% per annum and
matures March 31, 1996.  On February 12, 1997, the interest was
paid and the maturity date extended to October 31, 1997 by a new 9%
note.  Interest was paid to 12/31/97 and a new note in the amount
of $15,000 effective 1/1/98 was signed by Mr. Lopez for Snow King
Resort, bearing 9% interest and matures December 31, 1998.
Interest in the amount of $1,350 was paid in March 1999 for the
year 1998.  A new note was signed effective January 1, 1999 at 8%
for $15,000.  This note and interest were paid in January, 1999.

     In connection with the Restructuring of Snow King Resort,
Inc., Manuel Lopez (along with his wife, Deborah), and Margaret
Peck each purchased 10% of the securities sold in a stock offering.
Also in connection with the Restructuring, Manuel Lopez and his
wife personally guaranteed $1,000,000 of the Loan and, pursuant to
the terms of a voting trust, Mr. Lopez has the sole right to vote
the shares of SKRI owned by WSC for a period of at least ten years.
As compensation for personally guaranteeing the Loan, Mr. Lopez and
his wife receive $1,000 per month for so long as the guarantee is
in effect.  In addition, in April, 1992, SKRI granted to Mr. Lopez
and his wife an option to purchase 3,000 shares of Class B Common
Stock for a period of ten years at a price of $140 per share.

     In March, 1992, SKI paid SKRMI $75,000 as a cash bonus to be
paid to Mr. Lopez.  This Bonus was granted to Mr. Lopez by SKRMI in
1990 and was ratified by SKI in 1991, and was originally to be paid
on July 5, 1990.  It was paid in full March 26, 1992.

     On April 5, 1991, SKP entered into a lease agreement with Wind
River Ventures, Inc. ("Wind River"), a corporation owned and
controlled by James M. Peck, a director of WSC, providing for the
lease of property later owned by SKRI, to Wind River, for the
purpose of conducting a miniature golf course business (the
"Business") on such property.  The initial term of the lease was
from April 1, 1991 through March 31, 1997.  The terms of the lease
have been changed; the maturity date is March 31, 2008.

     On March 10, 1992, WSC granted Mr. Lopez a bonus of $100,000
in recognition of his efforts in successfully completing the
Restructuring.  The bonus is payable in two increments, $10,000,
which was paid in 1992 and $90,000 in the future, if and when WSC
is in a position to pay him such amount in a lump sum.  The unpaid
portions of the bonus will not accrue interest.

     Mr. Lopez and his wife, Deborah, are cosigners on the $630,000
at 8.125% interest line of credit of SKRI at First Interstate Bank
of Casper, Wyoming.  As such, they are personally liable for the
outstanding amount of such line of credit.  As of December 31,
2000, the outstanding principal amount of such line of credit was
$-0-.  For this guarantee and the guarantee of $1,000,000 of the
hotel mortgage, Mr. and Mrs. Lopez are paid $1,000 per month.
During the past several years, Messrs. Clark and Lopez have each
been personally liable for certain of SKI's borrowings.

     In March 1993, additional shares of Class A Common Stock in
SKRI were offered for sale to the investors in SKRI at $140.00 per
share.  Mr. Lopez and Margaret Peck each purchased 135 shares.  A
total of 1,350 shares were sold at $140.00 per share for a total of
$189,000.00, in this offering.  (Also refer to "Additional Sales of
Stock" on page 4.

     In 1992, the shareholders of SKRI formed a new corporation,
Snow King Resort Center, Inc. ("SKRC"), to lease and operate the
new skating rink being built by the town of Jackson on land donated
by SKRI.  WSC owns 49.0% of the outstanding common equity of SKRC.
Also, see auditor's Note number 9.

     In 1992, the shareholders of SKRI, other than WSC, formed a
new limited liability company, SK Land Limited Liability Company
(SKLLC), to acquire and develop approximately five acres of land
adjacent to the Hotel (the "Project").  SKLLC has agreed to grant
an option to SKRI to acquire the Project at SKLLC's cost.  WSC
declined to participate in the Project.

Item 13.  Exhibits.

     (a)  Exhibits:

     The following exhibits are filed herewith or incorporated by
reference to previously filed documents:

     (3)  Articles of Incorporation and Bylaws                (A)
     (4)  Instruments defining the rights of
          security holders, including indentures              (B)
     (9)  Voting trust agreement                              (C)
     (10) Material contracts                                  (D)
     (11) Statement re:  computation of per share earnings    (E)
     (13) Annual or quarterly reports, Form 10-Q             None
     (16) Letter on change in Certifying Accountant          None
     (18) Letter re:  change in accounting principles        None
     (19) Previously unfiled documents                       None
     (22) Subsidiaries of the Registrant                      (F)



     (23) Published report regarding matters
          submitted to vote                                  None
     (24) Consents of experts and counsel                    None
     (25) Power of Attorney                                  None
     (28) Additional exhibits                                 (G)
     (29) Information from reports furnished to
          State Insurance authorities                        None
_______________

(A)  Filed as Exhibits 90.3.1 and 90.3.2 to the Registrant's
     Annual Report on From 10-K for the year ended December 31,
     1990, and hereby incorporated by reference thereto.

(B)  A copy of the form of Convertible Subordinated Debentures
     of Snow King Resort, Inc. was filed as Exhibit 4.1 to the
     Registrant's Current Report on Form 8-K, dated March 13,
     1992, and is hereby incorporated by reference thereto.
     Copies of the following documents were filed as exhibits to
     the Registrant's Annual Report on Form 10-K for the year
     ended December 31, 1991, and are hereby incorporated by
     reference thereto.

Exhibit

     Exhibit numbers 91.4.1 through 91.4.15 no longer apply as ORIX
has been paid in full.

(C)  A copy of the Voting Trust Agreement, dated March 12, 1992, by
     and among the Registrant, Snow King, Incorporated, and Manuel
     B. Lopez, as Trustee, was filed as Exhibit 91.9.1 to the
     Registrant's Annual Report on Form 10-K for the year ended
     December 31, 1991, and is hereby incorporated by reference
     thereto.

(D)  The following material contracts are incorporated herein by
     reference thereto.

Exhibit

     -         Lease Agreement, dated August 9, 1990, by
               between Snow King, Incorporated and Telerent
               Leasing Corporation (filed as Exhibit 90.10.3
               to the Registrant's Annual Report on Form
               10-K for the year ended December 31, 1990, and
               hereby incorporated by reference thereto)

     -         Snow King Resort Operating Agreement, dated
               March 12, 1992, by and between Snow King Resort,
               Inc. and Snow King Resort Management, Inc. (filed
               as Exhibit 91.10.1 to the Registrant's Annual
               Report on Form 10-K for the year ended December 31,
               1991, and hereby incorporated by reference thereto).

     -         Purchase and Sale Agreement of SKI Leasehold
               Interest and Assets, dated December 31, 1991,
               by and between Snow King Resort, Inc., Snow
               King, Incorporated, and Snow King Resort
               Management, Inc. (filed as Exhibit 2.2 to the
               Registrant's Current Report on Form 8-K, dated
               March 13, 1992 and hereby incorporated by
               reference thereto)

     -         Purchase and Sale Agreement of WSC
               Partnership Interest, dated December 31, 1991, by
               and between Snow King Resort, Inc., the Registrant,
               and Snow King Resort Management, Inc. (filed
               as Exhibit 2.3 to the Registrant's Current
               Report on Form 8-K, dated March 13, 1992, and
               hereby incorporated by reference thereto).

(E)  Not required, since information is ascertainable from the
     Financial Statements.

(F)  Filed with form 10KSB for 1997 as Exhibit 92.22.1

_______________

     (b)       No reports on Form 8-K have been filed by the
               registrant during the fourth quarter of the year
               ended December 31, 2000.

                         Exhibit 92.22.1

          SUBSIDIARIES OF WESTERN STANDARD CORPORATION


     Name                               State of Incorporation

Western Recreation Corporation                  Wyoming
Snow King Resort, Inc.                          Wyoming
dba Snow King Resort

(G)  Exhibits 93.8.1 and 94.9.1 through 94.9.10 were attached
     and filed with Form 10KSB for the year 1994.   They are
     incorporated herein by reference thereto.

     Exhibits 94.4.11 and 94.4.12 were inadvertently not filed
     with Form 10KSB for the year 1994, but are filed herewith.

Exhibit

     Exhibits 93.8.1 through 94.4.14, except for 94.4.11, 12 & 14,
do not apply any more.

94.4.11                                 Lease Agreement - Ski
                                        Shelter, Ski Lift and
                                        Mountain Tract

94.4.12                                 Lease Agreement - Ice Rink
                                        Tract

94.4.14                                 Ski Area Term Special Use
                                        Permit to expire 12/31/2039
                                        between the U.S. Forest
                                        Service and Snow King
                                        Resort, Inc.

94.4.15                                 Use of Indemnity Agreement
                                        between the Town of Jackson
                                        and Snow King Resort, Inc.,
                                        effective as of 12/30/98

94.4.16                                 Addendum modification of
                                        lease agreement between the
                                        Town of Jackson and Snow
                                        King Resort, Inc., dated
                                        11/16/98

94.4.17                                 Promissory note, Snow King
                                        Resort, Inc. to First
                                        Interstate Bank of Casper,
                                        Wyoming, dated 3/23/99 in
                                        the amount of $9,370,000

94.4.18                                 Promissory note, Snow King
                                        Resort, Inc. to First
                                        Interstate Bank of Casper,
                                        Wyoming, dated 3/23/99 in
                                        the amount of $630,000

     Exhibits 94.4.14 through 94.4.18 were submitted with Form 10-
KSB for the year 1999.  They are incorporated herein by reference.

                           SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

                                   WESTERN STANDARD CORPORATION

Date:  March 28, 2001              By:/s/ Stanford E. Clark
                                      Stanford E. Clark, President

Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed by the following persons on
behalf of the Registrant and in the capacities and on the dates
indicated.

Date:  March 28, 2001              /s/ Stanford E. Clark
                                   Stanford E. Clark
                                   President, Treasurer (Principal
                                   Executive, Financial and
                                   Accounting Officer) Comptroller
                                   and Director