Equity Oil Co., 10 W. 300 South, an independent oil and gas exploration company, had net income of $62,105 in the quarter ending June 30 compared with net income of $24,215 in the same quarter of 1994.

For the first six months of the year, Equity had net income of $172,210 or one cent per share compared to a net loss of $212,743 or two cents per share in the first six months of 1994.Paul M. Dougan, president, said stronger oil prices in 1995 and the company's goal of producing 80 percent oil and 20 percent gas combined to produce improved results. "We are optimistic this trend will continue," he said.

Posted prices for western Colorado crude oil, which accounts for 64 percent of the company's total oil production, averaged $18.88 per barrel in the first half of 1995, an 18 percent increase over the $16 in the first half of 1994.

The company produced 305,000 barrels of oil in the first half of 1995, 4,000 barrels more than in the same period a year ago and natural gas production increased to 645 million cubic feet from 554 million cubic feet in the first half of 1994.