SECURITIES AND EXCHANGE COMMISSION
                           Washington, DC  20549

                                 FORM 8-K

                          Current Report Pursuant
                       to Section 13 or 15(d) of the
                      Securities Exchange Act of 1934


                                May 9, 1996
             Date of report (Date of earliest event reported)


                    GOLDEN TRIANGLE ROYALTY & OIL, INC.
           Exact Name of Registrant as Specified in Its Charter



          COLORADO                   25-1302097                0-8301
(State or other jurisdiction           (I.R.S.              Commission File
      of incorporation)                 EID #)                  Number


              8504 Sonoma Valley, N.E., Albuquerque, NM 87122
                  Address of Principal Executive Offices


                              (505) 856-5075
                       Registrants Telephone Number

- ------------------------------------------------------------------------
<PAGE>

Item 2.   Acquisition or Disposition of Assets.

On May 9, 1996, Golden Triangle Royalty & Oil, Inc. (GTRO) entered into an
agreement with TransTexas Gas Corporation (TransTexas) to acquire the
Amando No. 1 salt water disposal well and all related fixtures and
equipment, which includes the Salt Water Disposal Agreement between
TransTexas and Amando, for $750,000.  Of this total, $500,000 is to be paid
in cash and $250,000 is to be paid by crediting GTRO's accounts receivable
from TransTexas.  (See Exhibit A "Assignment and Services Agreement" for
more complete details.)  GTRO intends to continue to use these assets for
the disposal of salt water as they were being used by TransTexas.

GTRO's primary revenues are currently derived from its salt water disposal
facilities in South Texas with revenues of $1,789,864 reported during 1995. 
This acquisition should add approximately $30,000-$40,000 per month in
gross operating revenues for GTRO, and will add significantly to GTRO's
asset base.



                            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 hereunto duly authorized.


Golden Triangle Royalty & Oil, Inc.


By:        /s/ Ivan Webb
    Ivan Webb, Chief Financial Officer


Date:  May 21, 1996
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SECURITIES AND EXCHANGE COMMISSION
                           Washington, DC  20549

                                 FORM 8-K

                          Current Report Pursuant
                       to Section 13 or 15(d) of the
                      Securities Exchange Act of 1934

                                May 9, 1996
             Date of report (Date of earliest event reported)

                    GOLDEN TRIANGLE ROYALTY & OIL, INC.
           Exact Name of Registrant as Specified in Its Charter

          COLORADO                   25-1302097                0-8301
(State or other jurisdiction           (I.R.S.              Commission File
      of incorporation)                 EID #)                  Number

              8504 Sonoma Valley, N.E., Albuquerque, NM 87122
                  Address of Principal Executive Offices

                              (505) 856-5075
                       Registrants Telephone Number

- ------------------------------------------------------------------------
Item 2.   Acquisition or Disposition of Assets.

On May 9, 1996, Golden Triangle Royalty & Oil, Inc. (GTRO) entered into an
agreement with TransTexas Gas Corporation (TransTexas) to acquire the
Amando No. 1 salt water disposal well and all related fixtures and
equipment, which includes the Salt Water Disposal Agreement between
TransTexas and Amando, for $750,000.  Of this total, $500,000 is to be paid
in cash and $250,000 is to be paid by crediting GTRO's accounts receivable
from TransTexas.  (See Exhibit A "Assignment and Services Agreement" for
more complete details.)  GTRO intends to continue to use these assets for
the disposal of salt water as they were being used by TransTexas.

GTRO's primary revenues are currently derived from its salt water disposal
facilities in South Texas with revenues of $1,789,864 reported during 1995. 
This acquisition should add approximately $30,000-$40,000 per month in
gross operating revenues for GTRO, and will add significantly to GTRO's
asset base.

                            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 hereunto duly authorized.

Golden Triangle Royalty & Oil, Inc.

By:        /s/ Ivan Webb
    Ivan Webb, Chief Financial Officer

Date:  May 21, 1996