Equity Oil Co. reported net income of $331,232 or 3 cents per share in the first quarter, down from $992,417 or 8 cents per share for the same period in 1990.

Total revenues for the quarter ended March 31 were $4.01 million, down from $4.68 million in the same period last year.Fred H. Evans, president of the independent oil and gas company that is based in Salt Lake City, told shareholders at the Equity Oil's annual meeting Wednesday that the decreases in earnings and revenues were a direct result of lower oil and gas prices and lower gas production.

"While we are somewhat disappointed with the net income results, we are pleased that the company still generated a net increase in cash during the quarter of $594,184," Evans said.

Equity's total oil production for the first quarter was 170,922 barrels, 1 percent lower than the 173,151 barrels produced in the same period a year ago. Gas production was 330 million cubic feet, 15 percent lower than the 390 million cubic feet produced in the first quarter of 1990.

"The outlook for oil and gas prices continues to be uncertain," said Evans, "but following the conclusion of the gulf war, oil prices appear to have stabilized with a modest upward trend . . . "

Evans said the company began the year "with an exciting group of exploration prospects, and while our statistical success to date is not outstanding, we are pleased with the pace of our exploration and development programs."

David W. Allen and George L. Larsen were re-elected to the company's board of directors.