SANCHEZ O BRIEN OIL & GAS CORP
10-K/A, 1997-04-07
DRILLING OIL & GAS WELLS
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                    SECURITIES AND EXCHANGE COMMISSION

                          Washington, D.C.  20549

                                 FORM 10-K


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


For the fiscal year ended December 31, 1996

Commission file number 2-70390


        SANCHEZ-O'BRIEN 1981-A DRILLING COMPANY          
(Exact name of registrant as specified in its charter)


                 Texas                                      74-2216121     
      (State or other jurisdiction of                    (I.R.S. Employer  
       incorporation or organization)                   Identification No.)


5847 San Felipe  Suite 1900   Houston, Texas                       77057   
  (Address of principal executive offices)                       (Zip Code)


    Registrant's telephone number, including area code: (713) 629-9800

        Securities registered pursuant to Section 12(b) of the Act:


                                                      Name of each exchange
      Title of each class                              on which registered 
             None                                              None        

        Securities registered pursuant to Section 12(g) of the Act:
 
                       Limited Partnership Interest
                             (Title of class)
 
    Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to
such filing requirements for the past 90 days.

                            Yes     X        No

    Aggregate market value of the shares held by non affiliates of the
registrant:  Non-Applicable
    Documents incorporated by reference:  None
<PAGE>





                  SANCHEZ-O'BRIEN 1981-A DRILLING COMPANY
               ANNUAL REPORT ON FORM 10-K DECEMBER 31, 1996


                                   INDEX

PART I

Item 1.   Business                                             
Item 2.   Properties                                           
Item 3.   Legal Proceedings                                    
Item 4.   Submission of Matters to a Vote of Security Holders  

PART II 

Item 5.   Market for Registrant's Common Equity and Related
          Stockholder Matters                                  
Item 6.   Selected Financial Data                              
Item 7.   Management's Discussion and Analysis of Financial
          Condition and Results of Operations                  
Item 8.   Financial Statements and Supplementary Data          
Item 9.   Disagreements on Accounting and Financial Disclosure 
 
PART III
 
Item 10.  Directors and Executive Officers of the Registrant 
Item 11.  Executive Compensation                             
Item 12.  Security Ownership of Certain Beneficial Owners
          and Management                                     
Item 13.  Certain Relationships and Related Transactions     

PART IV

Item 14.  Exhibits, Financial Statement Schedules and Reports
          on Form 8-K                                        


SIGNATURES                                                    
                                    SIGNATURES


    Pursuant to the requirements of Section13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly aythorized on March 27, 1997.


                                     SANCHEZ-O'BRIEN OIL & GAS CORPORATION

                                     By  Sanchez-O'Brien Drilling Corporation



                                     By             Antonio R. Sanchez, Jr.
                                            Chairman of the Board of Directors
                                                  and Chief Executive Officer
                                                 (Principal Executive Officer) 
                     

    Pursuant to the requirements iof the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities indicated on March 27, 1997.


          Brian E. O'Brien                          Minita M. Freeman
Vice Chairman of the Board and President          Senior Vice President,
    (Principal Operating Officer)           Secretary, Treasurer and Director
                                       (Principal Financial Officer and Director


          Frank A. Guerra                           Oliver F. Garza, III
    Vice President - Finance                 Assistant Secretary - Controller  
 (Principal Accounting Officer)
<PAGE>

    Pursuant to the requirements of Section 13 of 15(d) of the Securities
Exchange Act of 1934, the registrant hasduly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized on March 27, 1997.



 
                                     SANCHEZ-O'BRIEN OIL & GAS CORPORATION

                                     By Sanchez-O'Brien Drilling Corporation


                                     By            s/Antonio R. Sanchez, Jr.
                                                     Antonio R. Sanchez, Jr.
                                           Chairman of the Board of Directors
                                                and Chief Executive Officer
                                               (Principal Executive Officer)

  

        s/Brian E. O'Brien                        s/Minita M. Freeman
          Brian E. O'Brien                          Minita M. Freeman
Vice Chairman of the Board and President         Senior Vice President,
    (Principal Operating Officer)           Secretary, Treasurer and Director
                                       (Principal Financial Officer and Director


        s/Frank A. Guerra                         s/Olivero F. Garza, III
          Frank A. Guerra                           Olivero F. Garza, III
      Vice President - Finance             Assistant Secretary - Controller
   (Principal Accounting Officer)


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<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               DEC-31-1996
<CASH>                                          501298
<SECURITIES>                                         0
<RECEIVABLES>                                   103217
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                604515
<PP&E>                                        30957815
<DEPRECIATION>                                30222924
<TOTAL-ASSETS>                                 1339406
<CURRENT-LIABILITIES>                           162459
<BONDS>                                              0
<COMMON>                                             0
                                0
                                          0
<OTHER-SE>                                     1176947
<TOTAL-LIABILITY-AND-EQUITY>                   1339406
<SALES>                                         729269
<TOTAL-REVENUES>                                729269
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                350923
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                 378346
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             378346
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    378346
<EPS-PRIMARY>                                      .00
<EPS-DILUTED>                                      .00
        

</TABLE>


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