UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-QSB

                                                   (Mark One)

                                                       [X] Quarterly Report Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of1934

For the quarterly period ended June 30, 2001

                                                       [ ] Transition Report Under Section 13 or 15(d) of the Exchange Act

                                                       For the transition period from _______________to________________

Commission file number 0-20193

AMERICOMM RESOURCES CORPORATION

(Exact name of small business issuer as specified in its Charter)

DELAWARE                                             73-1238709

(State or other jurisdiction of                            (I.R.S. Employer

incorporation or organization)                              Identification No.)

15 E. 5TH STREET, SUITE 4000, TULSA, OK               74103-4346

(Address of principal executive offices)                             (Zip Code)

(Issuer's telephone number) (918) 587-8093

Not Applicable

(Former name, former address and former fiscal year, if changed sincelast report)

State the number of shares outstanding of each of the issuer's classes of commonequity, as of the latest practicable date:

Common Stock, $.001 Par Value – 23,495,259 shares outstanding as of June 30, 2001.

Transitional Small Business Disclosure Format: [ ] Yes [X] No

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AMERICOMM RESOURCES CORPORATION

INDEX TO FORM 10-QSB

| Part I. FINANCIAL INFORMATION              | Page                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       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| Item 1. Financial Statements               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Balance Sheet at June 30, 2001 (Unaudited) | 3Statements of Operations for the three months ended June 30,    2001and 2000, and the six months ended June 30, 2001 and 2000 (Unaudited)
4Statements of Cash Flows for the six months ended June 30,    2001 and 2000 (Unaudited)
5Notes to Financial Statements
6Part II. OTHER INFORMATIONItem 2. Changes in Securities
Item 5. Other information
10

10Item 6. Exhibits and Reports on Form 8-K
10Signatures
11
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Item 1. FINANCIAL STATEMENTS

AMERICOMM RESOURCES CORPORATION

CONSOLIDATED BALANCE SHEET

ASSETS**June 30,

2001**December 31,

2000Current assets:(UNAUDITED)Cash and cash equivalents
$ 33,249
$ 13,000Accounts receivable
Prepaid expenses
197,472

11,629
35,604

3,569Total current assets
242,350
52,173Property & equipment net of accumulated
depreciation    and depletion
7,065,114
890,765
$ 7,307,464
$ 942,938LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable and accrued liabilities
Note payable (Note    4)
$ 290,578 

116,000
$ 95,030 

-Debenture payable to affiliate
66,000
282,754Total current liabilities
472,578
377,784Deferred Taxes
1,250,000Stockholders' equity:Common stock at par value
23,495
14,880Additional paid in capital
Accumulated deficit
7,444,673

(1,883,282)
2,365,528

(1,815,254)Total stockholders' equity
5,584,886
565,154
$ 7,307,464
$ 942,938
See accompanying notes to financial statements.

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AMERICOMM RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Three Months Ended 

June 30,
Six Months Ended

June 30,
2001
2000
2001
2000Oil and gas sales
Revenues, net 
$ 12,410 
$ -
$ 12,410 
$ -Less royalties
(2,482)
9,928
-

- 
(2,482)

9,928
-

-Costs and expenses:
Operating expenses

General and Administrative 

Depletion and depreciation
10,154

32,358

1,050
-

56,723

-
10,154

72,115

1,050
-

84,026

-
43,562
56,723
83,319
84,026Operating loss
(33,634)
(56,723)
(73,391)
(84,026)Other income and expense:Interest income
8,688
-
6,919
1,721Interest expense
-
(1,556)
-Total other income and expense
8,688
-
5,383
1,721Net loss
$ ( 24,946)
$ (56,723)
$ (68,028)
$(82,305)Net loss per common share
$ 0.00
$ 0.00
$ 0.00
$ 0.01Weighted average number of
common shares outstanding
18,472,914
14,879,58917,000,807
14,879,589
See accompanying notes to financial statements

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AMERICOMM RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Six Months Ended 
June 30,

2001
June 30,

2000Cash flows from operating activities:Net loss
$ (68,028)
$ (82,305)Adjustments to reconcile net loss to net cash    used in operating activities:Depreciation and amortization
1,050
1,363(Increase) decrease in assets:
Accounts    receivable 
(161,868)
-Prepaid expenses
(8,060)
3,244Increase (decrease) in liabilities:Accounts payable and accrued expenses
195,548
3,188Net cash used in operating activities 
(41,358)
(74,510)Cash flows from investing activities:Cash payments for investments in prospects
(751,436)
(127,045)Net cash used in investing activities
(751,436)
(127,045)Cash flows from financing activities:Issuance of Common Stock
913,797
200,000Proceeds (repayment) of note payable –    related party
(100,754)
110,000Net cash provided by financing activities
813,043
310,000Net increase in cash
20,249
108,445Cash – Beginning
13,000
23,153Cash – Ending
$33,249
$ 131,598
See accompanying notes to financial statements

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AMERICOMM RESOURCES CORPORATION

NOTES TO CONSOLDIATED FINANCIAL STATEMENTS

(UNAUDITED)

1. BASIS OF PRESENTATION:

The accompanying unaudited consolidated financial statements ofAmericomm Resources Corporation ("Americomm", or the "Company") havebeen prepared in accordance with generally accepted accounting principles for interimfinancial information and the instructions to Form 10-QSB. Accordingly, they do notinclude all of the information and footnotes required by generally accepted accountingprinciples for complete financial statements. In the opinion of management, alladjustments (consisting of only normal recurring accruals) considered necessary for a fairpresentation of the Company’s financial position, the results of operations, and thecash flows for the interim periods are included. Operating results for the interim periodsare not necessarily indicative of the results that may be expected for the year endingDecember 31, 2001.

The consolidated financial statements for the period ended June 30,2001 include the accounts of the Company and one month of operation of its wholly ownedsubsidiary, Empire Petroleum Corporation.

The information contained in this Form 10-QSB should be read inconjunction with audited financial statements and related notes for the year endedDecember 31, 2000 which are contained in the Company’s Annual Report on Form 10-KSBfiled with the Securities and Exchange Commission (the "SEC") on March 29, 2001,Form 10KSB/A Number 1 filed on May 7, 2001.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Oil and gas properties - The Company uses the successful efforts methodof accounting for its oil and gas activities. Costs incurred are deferred untilexploration and completion results are evaluated. At such time, costs of activities witheconomically recoverable reserves are capitalized as proven properties, and costs ofunsuccessful or uneconomical development work are expensed.

Cash and cash equivalents - The Company defines cash and cashequivalents to be cash on hand, cash in checking accounts, certificates of deposit, cashin money market accounts and certain investments with maturities of three months or lessfrom the date of purchase.

3. INCOME TAXES:

As of June 30, 2001 the Company has tax net operating loss carryforwards totaling approximately $1,898,000. If not used, these carry forwards will expirein the years 2001 to 2020. Limitations may be placed on utilization of losses amounting toapproximately $144,000 from Americomm’s wholly owned subsidiary.

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4. NOTES PAYABLE - AFFILILATES 

Note payable and debenture payable to an affiliate. On June 4, 2001 thecorporation received proceeds from two notes payable in the amount of $116,000 and furthersigned a debenture note payable from an affiliated person for a further $66,000. Thesenotes are unsecured and bear interest at 12% per year, with interest payable monthly. Theyare due and payable by the corporation on June 4, 2002 including a 3% premium on theprincipal amounts due. In no event shall interest to be paid exceed an amount equal tosimple interest on the unpaid principal balances of the notes at the maximum ratepermitted by applicable law.

5. EMPIRE PETROLEUM CORPORATION ACQUISITION

On May 29, 2001 Americomm acquired Empire Petroleum Corporation, aprivate company that owns a 25% interest in the Cheyenne River Prospect, increasingAmericomm's working interest in the Cheyenne River Wyoming Prospect to 75%. Theacquisition of Empire was accomplished by the issue of 7,492,351 Americomm common sharesor 30.6% of the total 24,476,925 shares now outstanding on a fully diluted basis. TheCompany's shares issued were valued at $0.55 each for this transaction. The acquisition isaccounted for as follows:

USD

Value of shares issued                            4,120,793
Current assets                                            347,762

Investments                                                206,250

Current Liabilities                                     (607,182)

Deferred Taxes                                     (1,250,000)

Petroleum and natural gas properties       5,423,963
   4,120,793
Management changes concurrent with the Empire acquisition include theappointment of John P. McGrain as Chairman and Chief Executive Officer, and Thomas J.Jacobsen as President and Chief Operating Officer of the combined company. Mr. McGrain,has 30 years experience as an investor with a focus on oil and gas companies and iscurrently the Chairman of Westlinks Resources (Nasdaq: WLKS). Mr. Jacobsen, also aDirector of Westlinks, has more than 40 years experience in the oil and gas industrywithin Canada, the United States and internationally.

The Board of Directors is now comprised of John P. McGrain, Thomas J.Jacobsen, Albert E. Whitehead, Thomas R. Bradley and John C. Kinnard. George H. Plewes hasresigned as a director. Al Whitehead and Tom Bradley, in addition to their board duties,will continue to manage the company's land inventory of over 100,000 acres of leases.

6. SUBSEQUENT EVENT

On July 20, 2001 the Board of Directors approved the merger ofAmericomm with its now wholly owned subsidiary Empire Petroleum Corporation and thesimultaneous change in the name of Americomm to Empire Petroleum Corporation. Both themerger and name change were effective August 15, 2001.

Item 2. PLAN OF OPERATION

All statements, other than statements of historical fact contained inthis report are forward-looking statements. Forward-looking statements generally areaccompanied by words such as "anticipate," "believe,""estimate," "expect," "may," "might,""potential," "project" or similar statements. Although the Registrantbelieves that the expectations reflected in such forward-looking statements arereasonable, no assurance can be given that such expectations will prove correct. Factorsthat could cause the Registrant's results to differ materially from the results discussedin such forward-looking statements include the need for additional capital, the costsexpected to be incurred in the exploration and development of the Registrant's properties,unforeseen engineering, mechanical or technological difficulties in drilling wells,uncertainty of exploration results, operating hazards, competition from other naturalresource companies, the fluctuations of prices for oil and gas, the effects ofgovernmental and environmental regulation, general economic conditions and other risksdescribed in the Registrant's filings with the Securities and Exchange Commission.Accordingly, the actual results of the Registrant's operations in the future may varywidely from the forward-looking statements included herein, and all forward-lookingstatements in this Report are expressly qualified in their entirety by the cautionarystatements in this paragraph.

Americomm has no income producing oil and gas properties at June 30,2001. However, an oil and gas test well was drilled in January 2001 on the Cheyenne RiverProspect. The test well encountered flows of oil and natural gas during the drillingperiod and was subsequently completed as an oil well as described below.

As of June 30, 2001, Americomm had $32,889 of cash on hand and $150,000in marketable securities. Americomm expects that its cash on hand will be sufficient tofund its operations for the next 3 months. Americomm’s material commitments consistof annual lease payments on the Cheyenne River Prospect of approximately $142,882, ofwhich $102,942 were paid in March 2001, with $40,424 of this amount paid by the Registrantand the balance of $62,518 paid by the parties to the Farmout Agreement in the CheyenneRiver Prospect. The Registrant's additional commitments consist of office lease paymentsof $3,568 per month and the salary of one secretary. In January 2000, the Registrantsublet a portion of its office space at $1,000 per month. Mr. McGrain serves as anexecutive officer of the Registrant without compensation. 

The Company continued to test, by different production methods, itstimber Draw Unit #1-AH oil and gas well. A pressure build-up test was conducted during themonth of April 2001 that resulted in a steady build-up to 1750 pounds of pressure on boththe casing

8

and tubing valves. From February 13, 2001 to June 22, 2001, the wellflowed 8,139 Barrels of 44 degree light gravity sweet crude and 29,072,000 cubic feet ofnatural gas, with a BTU content of 1493. The well was shut-in on June 22, 2001 to conservethe gas production being flared. Since additional drilling is planned during the fourthquarter of 2001, the Company deemed it prudent to discontinue the production until morewells are drilled and a pipeline connection is available to take the gas. The Company isalso studying the feasibility of conducting a 3-D seismic survey in the area surroundingthe Timber Draw Unit #1-AH well. Company technical personnel have evaluated 3-D seismicdata obtained by another company in the general prospect area and found the data to behigh quality and which could be useful in developing a prospect such as Cheyenne River. 

Exploration for oil and gas is highly speculative and involves greaterrisks than many other businesses. Oil and gas drilling and development is frequentlymarked by unprofitable efforts, not only from unproductive prospects, but also fromproducing prospects which do not produce sufficient amounts to return a profit on theamount expended. Accordingly, there can be no assurance that the Registrant will be ableto discover, develop or produce sufficient reserves to recover the expenses incurred inconnection with the exploration of its properties, to fund additional exploration or toachieve profitability.

Americomm does not at this time expect any significant change in thenumber of its employees during the next twelve months. If Americomm is successful inraising additional capital, it will employ part-time or temporary persons and consultantsin situations where special expertise is required.

PART II. OTHER INFORMATION

Item 2. CHANGES IN SECURITIES

Recent Sales of Unregistered Securities

On June 29, 2001, Americomm issued 7,492,351 shares of Common Stock inconjunction with the acquisition of Empire Petroleum Corporation.

During March 2001, as described elsewhere herein, the Registrant issued748,319 shares of common stock to the Albert E. Whitehead Living Trust upon conversion bysuch trust of a convertible promissory note due March 15, 2001. The convertible promissorynote had an outstanding balance of principal and accrued interest of $327,015.63 and wasconvertible at the rate of $0.4370 per share of common stock, which represents the marketprice of the common stock on the date this convertible promissory note was issued.

During January 2001 in connection with the Farmout Agreement relatingto its Cheyenne River Prospect, the Registrant sold to Empire Petroleum Corporation375,000 shares of Common Stock for $0.40 per share for a total purchase price of $150,000.

All of such shares were issued in reliance on the exemption fromregistration afforded by Section 4(2) of the Securities Act of 1933, as amended. Among thefacts supporting 

9

the Registrant's reliance on such exemption are that the shares wereissued to a small number of sophisticated purchasers and that the purchasers acquired theshares for their own accounts and without intention of distributing or reselling theshares except in compliance with applicable securities laws. The shares bear appropriaterestrictive legends.

Item 5. Other information

On July 20, 2001 the Board of Directors approved the merger ofAmericomm with its wholly owned subsidiary Empire Petroleum Corporation and thesimultaneous change in the name of Americomm to Empire Petroleum Corporation. Both themerger and name change are effective August 15, 2001. 

Item 6. Exhibits and Reports on Form 8-K

Exhibits - none

Reports on Form 8-K. 

A form 8-K was filed June 30, 2001 regarding the acquisition of Empire      Petroleum Corporation. An amended form 8-K regarding the acquisition of Empire Petroleum      Corporation was filed July 23, 2001.

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AMERICOMM RESOURCES CORPORATION

SIGNATURES

In accordance with the requirements of the Securities Exchange Act of1934, the Registrant caused this report to be signed on its behalf by the undersigned,thereunto duly authorized.

AMERICOMM RESOURCES CORPORATION

Date: August 24, 2001                        By: /s/ Thomas J. Jacobsen

Thomas J. Jacobsen

                                                           President & Chief Operating Officer

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