RESERVE PETROLEUM CO
10QSB/A, 1995-08-16
OIL ROYALTY TRADERS
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                      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 OF 1934

                 For the quarterly period ended June 30, 1995

 [     ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF
                     THE SECURITIES EXCHANGE ACT OF 1934

                         Commission file number0-8157

                     THE RESERVE PETROLEUM COMPANY
       (Exact name of small business issuer as specified in its charter)

 Delaware                                                73-0237060
(State or other jurisdiction of                     (I.R.S. Employer
incorporation or organization)                    identification number)

       6801 N. Broadway, Suite 300, Oklahoma City,  Oklahoma73116-9092
                   (Address of principal executive offices)

                                 (405)848-7551
             (Registrant's telephone number, including area code)

 Indicate  by  check  mark  whether  the  registrant (1) has filed all reports
 required to be filed by Section 13 or 15 (d)  of  the Securities Exchange Act
 of 1934 during the preceding 12 months (or for such  shorter  period that the
 registrant  was required to file such reports), and (2) has been  subject  to
   
 such filing requirements for the past 90 days.  YES_X_NO __
    
As of August 10,  1995,   169,613    shares of the Registrant's $.50 par value
common stock were outstanding.

Transitional Small Business Disclosure Format   (check one)   Yes___  No  X


<PAGE>


                               SIGNATURES

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

                                         THE RESERVE PETROLEUM COMPANY
                                         (Registrant)


                                         MASON McLAIN
      Date:      August 10, 1995         Mason McLain, President



                                         JERRY L. CROW
      Date:      August 10, 1995         Jerry L. Crow
                                         Principal Financial and
                                         Accounting Officer


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