SECURITIES AND EXCHANGE COMMISSION
                     Washington, D. C.  20549

                             Form 8-K
Current Report Pursuant to Section 13 or 15(d) of The Securities Act 
of 1934

Date of Report (date of earliest event reported):  March 18, 1997

                    Mallon Resources Corporation
        (exact name of registrant as specified in its charter)

     Colorado               0-17267             84-1095959
(State or other          (Commission         (I.R.S. Employer
jurisdiction             File Number)        Identification No.)
of incorporation)

999 18th Street, Suite 1700, Denver, Colorado	80202
(address of principal executive offices)	(zip code)

Registrant's telephone number, including area code: (303)293-2333

                        not applicable
(former name or former address, if changed since last report)


Item 5.  Other Events

Mallon Resources Corporation (the "Company") issued a press release, 
dated March 18, 1997, the text of which was as follows:

     Mallon Resources Corporation (Nasdaq: "MLRC") today reported a 
net loss for 1996 of $1,837,000 on revenues of $6,520,000, compared to 
a net loss in 1995 of $1,929,000 on revenues of $5,428,000.  After 
payment of preferred dividends, the net loss attributable to common 
shareholders for 1996 was $2,213,000 ($0.88 per share) compared to a 
net loss attributable to common shareholders in 1995 of $2,289,000 
($1.16 per share).  Total revenues for 1996 were up by $1,092,000 
(20%) over 1995.  Mallon also reported a net loss for the fourth 
quarter of 1996 of $519,000 on revenues of $1,873,000, compared to a 
net loss in the fourth quarter of 1995 of $835,000 on revenues of 
$1,001,000.  After payment of preferred dividends, the net loss 
attributable to common shareholders for fourth quarter of 1996 was 
$615,000 ($0.16 per share) compared to a net loss attributable to 
common shareholders in fourth quarter of 1995 of $926,000 ($0.47 per 
share).  Earnings before interest, taxes, depreciation, depletion and 
amortization, and extraordinary loss (EBITDA) for 1996 were $1,520,000 
($0.61 per share) compared to $1,093,000 ($0.56 per share) for 1995.

     Mallon's consolidated financial results are unfavorably affected 
by the consolidation of Laguna Gold Company (Laguna), a 56% owned 
subsidiary.  See the chart on page 2 for a presentation of selected 
Mallon results without consideration of Laguna's impact.  EBITDA, 
without Laguna, for 1996 is $0.86 per share, which represents the 
Company's oil and gas operations.

     Production for the year averaged 1,060 BOE per day.  Mallon 
completed six wells in 1996 compared to current plans for 50 wells in 
1997.  Kevin Fitzgerald, President of Mallon Oil, stated, "Since year-
end, the Company has completed ten wells and the drilling program is 
still being ramped up.  Currently, daily production is up by more than 
50 percent from last year's average.  This upward trend in production 
and activity is a direct result of the $15,000,000 equity funding 
completed by the Company in October 1996."

     As previously reported, Mallon's oil and gas reserves at 
January 1, 1997 were 6.4 million barrels of oil equivalent (mmboe), a 
25% increase over the 5.1 mmboe reported at year-end 1995.  Mallon's 
proved reserves are 27% oil and 73% natural gas.  The present value of 
its reserves (discounted at 10% and assuming flat year-end prices) 
increased 138% to $50.0 million from the $21.0 million at year-end 
1995.

     "We continue to enjoy success in our oil and gas drilling 
operations in the Delaware Basin" said George Mallon, Chairman and 
President of Mallon Resources.  "With Laguna now on a solid financial 
footing as a result of its recent IPO, and Mallon's equity financing, 
we are in a position to quickly develop our oil and gas assets in the 
Delaware and San Juan Basins.  In addition, we continue to maintain a 
significant equity exposure to Laguna's exploration opportunities."

     Mallon Resources Corporation is a Denver, Colorado based oil and 
gas exploration and production company operating primarily in the 
Delaware and San Juan Basins of New Mexico.  Mallon's common stock is 
quoted on the Nasdaq National Market under the symbol "MLRC".  Laguna 
Gold Company trades on The Toronto Stock Exchange under the symbol 
"LGC".

SELECTED FINANCIAL AND OPERATING DATA
(In thousands, except per unit data)
<TABLE>
<CAPTION>
                              For the Years       For the Three Months
                             Ended December 31,   Ended December 31,
                             __________________   ____________________
                               1996       1995      1996        1995
<S>                           <C>         <C>       <C>        <C>
Selected Consolidated Results
   Revenues                   $ 6,520     $ 5,428   $ 1,873   $ 1,001
   Costs and expenses           8,463       7,104     2,565     1,927
   Net loss                    (1,837)     (1,929)     (519)     (835)
   Net loss attributable to
      common shareholders      (2,213)     (2,289)     (615)     (926)
   Net loss per share attributable
      to common shareholders   $(0.88)     $(1.16)   $(0.16)   $(0.47)
   EBITDA (1)                   1,520       1,093       311      (114)
   EBITDA per share             $0.61       $0.56     $0.08    $(0.06)
   Weighted average shares 
      outstanding               2,512       1,947     3,945    1,950

Selected Results Without Laguna Gold Company
   Revenues                   $ 6,390     $ 5,387   $ 1,830   $   979
   Costs and expenses           7,334       6,076     2,157     1,282
   Net loss                    (1,104)       (942)     (327)     (212)
   Net loss attributable to 
      common shareholders      (1,480)     (1,302)     (423)     (303)
   Net loss per share attributable
      to common shareholders   $(0.59)     $(0.67)   $(0.11)   $(0.16)
   EBITDA (1)                   2,167       2,028       475       479
   EBITDA per share             $0.86       $1.04     $0.12     $0.25
   Weighted average shares 
      outstanding               2,512       1,947     3,945     1,950

Other Operating Data
   Net Production:
      Oil (Mbbls)                174          173        39        38
      Gas (Mmcf)               1,286        1,238       352       238
      MBOE                       388          379        98        78
   Average realized sales price
      Oil ($/Bbl)             $18.05       $16.45    $20.82    $16.47
      Gas ($/Mcf)              $2.11        $1.58     $2.68     $1.71
      BOE ($/BOE)             $15.09       $12.66    $17.92    $13.23

(1)   EBITDA is income before income taxes, interest, depreciation, 
depletion and amortization, impairment, and extraordinary loss.  
EBITDA, a financial measure commonly used in the Company's industry, 
should not be considered in isolation or as a substitute for net 
income, cash flow provided by operating activities or other income and 
cash flow data prepared in accordance with generally accepted 
accounting principles or as a measure of a company's profitability or 
liquidity.

                          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.

                               Mallon Resources Corporation


March 21, 1997                 __/s/ Roy K. Ross________________
                                Roy K. Ross, Executive Vice President




</TABLE>
[{"type": "8-K", "sequence": "1", "secsgml_size_bytes": 7594}]
{"company-data": {"conformed-name": "MALLON RESOURCES CORP", "cik": "0000837759", "assigned-sic": "1311", "irs-number": "841095959", "state-of-incorporation": "CO", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-13124", "film-number": "97560662"}, "business-address": {"street1": "999 18TH ST STE 1700", "city": "DENVER", "state": "CO", "zip": "80202", "phone": "3032932333"}, "mail-address": {"street1": "999 18TH STREET", "street2": "STE 1700", "city": "DENVER", "state": "CO", "zip": "80202"}}
SECURITIES AND EXCHANGE COMMISSION
                     Washington, D. C.  20549

                             Form 8-K
Current Report Pursuant to Section 13 or 15(d) of The Securities Act 
of 1934

Date of Report (date of earliest event reported):  March 18, 1997

                    Mallon Resources Corporation
        (exact name of registrant as specified in its charter)

     Colorado               0-17267             84-1095959
(State or other          (Commission         (I.R.S. Employer
jurisdiction             File Number)        Identification No.)
of incorporation)

999 18th Street, Suite 1700, Denver, Colorado	80202
(address of principal executive offices)	(zip code)

Registrant's telephone number, including area code: (303)293-2333

                        not applicable
(former name or former address, if changed since last report)

Item 5.  Other Events

Mallon Resources Corporation (the "Company") issued a press release, 
dated March 18, 1997, the text of which was as follows:

     Mallon Resources Corporation (Nasdaq: "MLRC") today reported a 
net loss for 1996 of $1,837,000 on revenues of $6,520,000, compared to 
a net loss in 1995 of $1,929,000 on revenues of $5,428,000.  After 
payment of preferred dividends, the net loss attributable to common 
shareholders for 1996 was $2,213,000 ($0.88 per share) compared to a 
net loss attributable to common shareholders in 1995 of $2,289,000 
($1.16 per share).  Total revenues for 1996 were up by $1,092,000 
(20%) over 1995.  Mallon also reported a net loss for the fourth 
quarter of 1996 of $519,000 on revenues of $1,873,000, compared to a 
net loss in the fourth quarter of 1995 of $835,000 on revenues of 
$1,001,000.  After payment of preferred dividends, the net loss 
attributable to common shareholders for fourth quarter of 1996 was 
$615,000 ($0.16 per share) compared to a net loss attributable to 
common shareholders in fourth quarter of 1995 of $926,000 ($0.47 per 
share).  Earnings before interest, taxes, depreciation, depletion and 
amortization, and extraordinary loss (EBITDA) for 1996 were $1,520,000 
($0.61 per share) compared to $1,093,000 ($0.56 per share) for 1995.

     Mallon's consolidated financial results are unfavorably affected 
by the consolidation of Laguna Gold Company (Laguna), a 56% owned 
subsidiary.  See the chart on page 2 for a presentation of selected 
Mallon results without consideration of Laguna's impact.  EBITDA, 
without Laguna, for 1996 is $0.86 per share, which represents the 
Company's oil and gas operations.

     Production for the year averaged 1,060 BOE per day.  Mallon 
completed six wells in 1996 compared to current plans for 50 wells in 
1997.  Kevin Fitzgerald, President of Mallon Oil, stated, "Since year-
end, the Company has completed ten wells and the drilling program is 
still being ramped up.  Currently, daily production is up by more than 
50 percent from last year's average.  This upward trend in production 
and activity is a direct result of the $15,000,000 equity funding 
completed by the Company in October 1996."

     As previously reported, Mallon's oil and gas reserves at 
January 1, 1997 were 6.4 million barrels of oil equivalent (mmboe), a 
25% increase over the 5.1 mmboe reported at year-end 1995.  Mallon's 
proved reserves are 27% oil and 73% natural gas.  The present value of 
its reserves (discounted at 10% and assuming flat year-end prices) 
increased 138% to $50.0 million from the $21.0 million at year-end 
1995.

     "We continue to enjoy success in our oil and gas drilling 
operations in the Delaware Basin" said George Mallon, Chairman and 
President of Mallon Resources.  "With Laguna now on a solid financial 
footing as a result of its recent IPO, and Mallon's equity financing, 
we are in a position to quickly develop our oil and gas assets in the 
Delaware and San Juan Basins.  In addition, we continue to maintain a 
significant equity exposure to Laguna's exploration opportunities."

     Mallon Resources Corporation is a Denver, Colorado based oil and 
gas exploration and production company operating primarily in the 
Delaware and San Juan Basins of New Mexico.  Mallon's common stock is 
quoted on the Nasdaq National Market under the symbol "MLRC".  Laguna 
Gold Company trades on The Toronto Stock Exchange under the symbol 
"LGC".

SELECTED FINANCIAL AND OPERATING DATA
(In thousands, except per unit data)
For the Years       For the Three Months
                             Ended December 31,   Ended December 31,
                             __________________   ____________________
                               1996       1995      1996        1995
Selected Consolidated Results
   Revenues                   $ 6,520     $ 5,428   $ 1,873   $ 1,001
   Costs and expenses           8,463       7,104     2,565     1,927
   Net loss                    (1,837)     (1,929)     (519)     (835)
   Net loss attributable to
      common shareholders      (2,213)     (2,289)     (615)     (926)
   Net loss per share attributable
      to common shareholders   $(0.88)     $(1.16)   $(0.16)   $(0.47)
   EBITDA (1)                   1,520       1,093       311      (114)
   EBITDA per share             $0.61       $0.56     $0.08    $(0.06)
   Weighted average shares 
      outstanding               2,512       1,947     3,945    1,950

Selected Results Without Laguna Gold Company
   Revenues                   $ 6,390     $ 5,387   $ 1,830   $   979
   Costs and expenses           7,334       6,076     2,157     1,282
   Net loss                    (1,104)       (942)     (327)     (212)
   Net loss attributable to 
      common shareholders      (1,480)     (1,302)     (423)     (303)
   Net loss per share attributable
      to common shareholders   $(0.59)     $(0.67)   $(0.11)   $(0.16)
   EBITDA (1)                   2,167       2,028       475       479
   EBITDA per share             $0.86       $1.04     $0.12     $0.25
   Weighted average shares 
      outstanding               2,512       1,947     3,945     1,950

Other Operating Data
   Net Production:
      Oil (Mbbls)                174          173        39        38
      Gas (Mmcf)               1,286        1,238       352       238
      MBOE                       388          379        98        78
   Average realized sales price
      Oil ($/Bbl)             $18.05       $16.45    $20.82    $16.47
      Gas ($/Mcf)              $2.11        $1.58     $2.68     $1.71
      BOE ($/BOE)             $15.09       $12.66    $17.92    $13.23

(1)   EBITDA is income before income taxes, interest, depreciation, 
depletion and amortization, impairment, and extraordinary loss.  
EBITDA, a financial measure commonly used in the Company's industry, 
should not be considered in isolation or as a substitute for net 
income, cash flow provided by operating activities or other income and 
cash flow data prepared in accordance with generally accepted 
accounting principles or as a measure of a company's profitability or 
liquidity.

                          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.

                               Mallon Resources Corporation

March 21, 1997                 __/s/ Roy K. Ross________________
                                Roy K. Ross, Executive Vice President