<PAGE>

             U.S. SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C. 20549

                           Form 10-QSB


(Mark One)

 /X/ Quarterly Report under Section 13 or 15(d) of the Securities
Exchange Act of 1934

           For the quarterly period ended May 31, 1997

 /  /     Transition Report under Section 13 or 15(d) of the
     Securities Exchange Act of 1934 [No Fee Required] for the
     transition period from ________ to __________

                 Commission File Number: 0-20879
                                 
                        MAR VENTURES, INC.
          (Name of small business issuer in its charter)


            Delaware                               95-4580642    
(State or other jurisdiction of               (I.R.S. Employer   
 incorporation or organization)               Identification No.)


                17337 Ventura Boulevard, Suite 224
                    Encino, California  91316
           Issuer's Telephone Number:  (818) 784-0040 
    (Address and phone number of principal executive offices)


     Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act during
the past 12 months (or such shorter period that the registrant was
required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.  Yes /X/  No / /

     The Registrant has 2,199,804 shares of common stock, par value
$.01 per share, issued and outstanding as of May 31, 1997.









<PAGE>
                    INDEX TO QUARTERLY REPORT
                          ON FORM 10-QSB




PART I    FINANCIAL INFORMATION
                                                             Page

Item 1.   Financial Information                                 3

Item 2.   Management's Discussion and Analysis of Financial
          Condition and Results of Operations                   8


PART II   OTHER INFORMATION

Item 1.   Legal Proceedings                                     9

Item 2.   Change in Securities                                  9

Item 3.   Defaults upon Senior Securities                       9

Item 4.   Submission of Matters to a Vote
          of Securities Holders                                 9

Item 5.   Other Information                                     9

Item 6.   Exhibits and Reports on Form 8-K                      9

Signatures                                                     10



















                               2
<PAGE>
                 PART I     FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS

        (Financial Statements Commence on Following Page)













































                                   3
<PAGE>
MAR VENTURES, INC.
<TABLE>
BALANCE SHEET
<CAPTION>
MAY 31, 1997 (Unaudited)
________________________________________________________________________

<S>                                                           <C>
ASSETS

CASH                                                          $  283,711 

ACCOUNTS RECEIVABLE                                               17,852 

PROGRAM INVENTORY, Net                                            10,000 

OTHER ASSETS                                                       5,805 

TOTAL ASSETS                                                  $  317,368 


LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES:
Accounts payable and accrued expenses                         $   12,325 
Amounts due to related party                                      26,000 
Deferred income                                                    2,000 
Total liabilities                                                 40,325 

SHAREHOLDERS' EQUITY:
Common stock (par value - $.001, 
  30,000,000 shares authorized, 
  2,199,804 issued and outstanding)                                2,200 
Contributed capital                                              455,841 
Accumulated deficit                                             (180,998)
Total shareholders' equity                                       277,043 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                     $ 317,368 
</TABLE>

See accompanying notes to financial statements.


________________________________________________________________________






                                   4
<PAGE>
MAR VENTURES, INC.
<TABLE>
STATEMENTS OF OPERATIONS (Unaudited)                                     
________________________________________________________________________

<CAPTION>
                                           FOR THE THREE    FOR THE NINE
                                            MONTHS ENDED    MONTHS ENDED
                                                 MAY 31,         MAY 31,
                                                   1997            1997 
                                           _____________    ____________

<S>                                           <C>             <C>
REVENUES                                      $   6,575       $  10,947 
COST OF PROGRAMS AND DISTRIBUTION FEES            1,150          12,055 

EXPENSES:
Consulting fees to majority shareholder                          15,800 
General and administrative                        7,230          22,269 
Depreciation                                        172             322 
Professional fees                                 2,395          41,170 
Rent                                              3,185           6,326 
Total expenses                                   12,982          85,887 

NET LOSS                                      $  (7,555)      $ (86,995)


NET LOSS PER SHARE                            $    (.01)      $    (.10)

WEIGHTED AVERAGE NUMBER OF SHARES 
   OUTSTANDING                                1,098,000         842,000 
</TABLE>

See accompanying notes to financial statements.


________________________________________________________________________













                                   5
<PAGE>
MAR VENTURES, INC.
<TABLE>
STATEMENT OF CASH FLOWS (Unaudited)
________________________________________________________________________
<CAPTION>
                                               FOR THE NINE MONTHS ENDED
                                                            MAY 31, 1997
                                                            ____________

<S>                                                            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss                                                       $ (86,995)
Adjustments to reconcile net loss to net cash 
  provided (used) by operating activities:
  Amortization of film costs                                      10,000 
  Depreciation                                                       322 
  Common stock used for services                                  37,038 
  Changes in operating assets and liabilities:
    Accounts receivable                                            8,148 
    Accounts payable and accrued expenses                        (21,215)
    Other assets                                                  (1,605)
Net cash used by operating activities                            (54,307)

CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings from related party                                     26,000 
Sale of common stock                                             285,000 
Net cash provided by financing activities                        311,000 

NET INCREASE IN CASH                                             256,693 

CASH, BEGINNING OF PERIOD                                         27,018 
 
CASH, END OF PERIOD                                            $ 283,711 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW 
  INFORMATION:
Cash paid for interest                                         $   -0-  
Cash paid for income taxes                                     $   1,000 
</TABLE>

During the nine months ended May 31, 1997, the Company exchanged 358,654
shares for amounts due to its principal shareholder and Chief Executive
Officer ($46,625).  In addition, the Company issued 221,150 shares for
professional services valued at $26,538.

See accompanying notes to financial statements.

________________________________________________________________________

                                    6
<PAGE>
PART I - FINANCIAL INFORMATION

Item 1.

                           MAR VENTURES, INC.

                    NOTES TO THE FINANCIAL STATEMENTS


1.   GENERAL

     The accompanying Financial Statements have been prepared in
     accordance with generally accepted accounting principles for
     interim financial information and with the instructions to Form 
     10-QSB and Regulation S-B.  Accordingly, they do not include all of
     the information and footnotes required by generally accepted
     accounting principles for complete financial statements.  In the
     opinion of management, all adjustments (consisting only of normal
     recurring adjustments) considered necessary for a fair presentation
     have been included.

     For further information refer to the Financial Statements and
     footnotes included in the Registrant's Annual Report on Form 10-KSB
     for the year ended August 31, 1996.

     The Results of Operations for any interim period are not
     necessarily indicative of the results to be expected for the full
     fiscal year ended August 31, 1997.

     Unclassified Balance Sheet - In accordance with the provisions of
     SFAS No. 53, the Company has elected to present an unclassified
     balance sheet.

     Per share information - Net loss per share for the periods
     presented is computed on the basis of the weighted average common
     shares outstanding.

2.   SALE OF COMMON STOCK

     During the quarter ended May 31, 1997, the Company sold 1,140,000
     shares of its common stock for $285,000.

     On June 3, 1997, the Company entered into a Letter of Intent with
     Pyr Energy, LLC ("Pyr") pursuant to which the Company has an option
     to purchase the stock of Pyr or effect a merger or other
     combination of the two companies.  In connection with the Letter of
     Intent, the Company made a short-term loan to Pyr in the amount of
     $275,000.


                                   7
<PAGE>
ITEM 2.      MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
             AND RESULTS OF OPERATIONS

GENERAL

   The Company was incorporated under the laws of the State of
Delaware on March 27, 1996, as a wholly owned subsidiary of Bexy
Communications, Inc.  On April 16, 1996, the Company, pursuant to the
terms of an Asset Transfer and Assumption Agreement, acquired the assets
of Bexy totaling approximately $110,000, in exchange for 452,000 shares
of its common stock.  The Company, also under the terms of the
agreement, assumed liabilities of approximately $84,000.

   As part of a Plan of Reorganization adopted by the Bexy
shareholders at a special meeting on July 2, 1996, the 452,000 Mar
Venture shares were distributed to the stockholders of record of Bexy as
of July 2, 1996.  Each Bexy stockholder received one share of Mar
Ventures for every four shares of Bexy, held on the record date.

   During the quarter ended May 31, 1997 the Company raised $285,000,
through a private placement of its common stock.  The Company sold
1,140,000 shares at $0.25 per share.  In addition, the Company signed a
letter of intent, dated June 3, 1997, with Pyr Energy, LLC pursuant to
which Mar Ventures has been granted the option to either (I) acquire all
of the membership interests in Pyr or (ii) to effect a merger or other
combination of Mar Ventures (or a subsidiary corporation or other entity
controlled by Mar Ventures) and Pyr.  In connection with the letter of
intent, Mar Ventures has made a short-term loan in the amount of
$275,000 to Pyr.

   Pyr Energy, LLC , is an independent oil and gas company whose focus
is on exploration in the United States.

RESULTS OF OPERATIONS

   License revenue from the Company's library for the quarter ended
May 31, 1997, was $6,575.  The low revenue was mainly due to the
Company's existing film library having previously been licensed in most
major territories, and that no new programming was acquired by the
Company during this period.  Management does not anticipate any future
significant increase in revenues from the licensing of the Company's
current film library.

   The Company's net loss for the three months ending May 31, 1997,
was $7,555.  The majority of the loss was incurred as a result of the
fees paid for legal, accounting, and other general and administrative
expenses incurred to maintain the minimal operations of the Company. 



                                   8
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES

   At May 31, 1997, the Company's cash and accounts receivable were
insufficient to insure the Company's continued existence as a going
concern.  During the nine months ended May 31, 1997, the Company had a
negative cash flow from operating activities of $54,307. During the
period ending May 31, 1997, the Company borrowed $6,500 from its
majority shareholder to fund current operations.  As stated above,
during the quarter ended May 31, 1997 the Company raised $285,000,
through a private placement of its common stock.  The Company sold
1,140,000 shares at $0.25 per share.

   Management expects to meet its current cash requirements through
license revenues, borrowings from a related party as necessary, and
additional sales of equity.  Management has and will continue during the
next twelve months to meet with investment bankers and individual
investors who may be attracted to the Company's business plan.

THERE CAN BE NO ASSURANCES THAT THE RELATED PARTY WILL CONTINUE
TO ADVANCE FUNDS IN ORDER TO MEET THE COMPANY'S REQUIREMENTS, OR
THAT THE COMPANY WILL BE SUCCESSFUL IN SELLING ADDITIONAL EQUITY.
 
   
   
   PART II   OTHER INFORMATION
   
   
   ITEM 1.   LEGAL PROCEEDINGS    The Company is not a party to
             any legal proceedings.
   
   ITEM 2.   CHANGES IN SECURITIES    None.
          
   ITEM 3.   DEFAULTS UPON SENIOR SECURITIES    None.
   
   ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
             During the quarter ended May 31, 1997, no matters
             were submitted to the Company's security holders.
   
   ITEM 5.   OTHER INFORMATION    None.
   
   ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K    None.








                               9
<PAGE>
   
                            SIGNATURES
                                 
                                 
                                 
  In accordance with Section 13 or 15(d) of the Exchange Act,
  the registrant caused this report to be signed on its behalf
  by the undersigned, thereunto duly authorized.
  
                                Mar Ventures, Inc.
  
  
  
  Dated: July 1, 1997           By:  /s/ Buddy Young
                                     ------------------------
                                     Buddy Young,
                                     President (principal
                                     executive officer) and
                                     Treasurer (principal
                                     financial and accounting
                                     officer)
  
  
  
  In accordance with the Exchange Act, this report has been
  signed below by the following persons on behalf of the
  registrant and in the capacities and on the dates indicated.
  
  
  
  Dated: July 1, 1997           /s/ Buddy Young
                                ------------------------------
                                Buddy Young, Director
  
  
  Dated: July 1, 1997           /s/ L. Stephen Albright
                                ------------------------------
                                L. Stephen Albright, Director
  
  
  Dated: July 1, 1997           /s/ Steven Katten
                                ------------------------------
                                Steven Katten, Director
  
  




                                  10