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We have analyzed ROSAT PSPC data in the regions of the translucent high latitude molecular clouds MBM 40 and MBM 55 in the hope of finding X-ray sources which might be tracers of recently formed pre-main sequence stars. Since small high density molecular cores have been found in these clouds, the possibility that these clouds may be forming low-mass stars is enhanced over those translucent molecular clouds without dense condensations. We have detected 18 X-ray sources from the ROSAT All-Sky Survey within a 15 square degree area centered on the IRAS 100$\mu$m contours of MBM 40 and 154 sources within a 112 square degree area on those of MBM 55. Deeper PSPC pointed observations ($\sim$7-9 ksec) of the high density cores in these clouds reveal 16 additional X-ray sources in MBM 40 and 16 additional X-ray sources in MBM 55. Our preliminary investigation indicates that 82 of these X-ray sources are either extragalactic or background or foreground stars. The remaining 122 may be viable PMS candidates but follow-up optical spectroscopy is required to identify their true nature.