<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO. 1 TO
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarter ended Commission File Number
March 31, 1995 2-92702-03 (1982-1)
2-92702-04 (1982-2)
DYCO 1982 OIL AND GAS PROGRAMS
(TWO LIMITED PARTNERSHIPS)
(Exact Name of Registrant as specified in its charter)
41-1438430 (1982-1)
Minnesota 41-1438437 (1982-2)
(State or other jurisdiction (I.R.S. Employer Identification
of incorporation or organization) Number)
Samson Plaza, Two West Second Street, Tulsa, Oklahoma 74103
------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(918) 583-1791
---------------------------------------------------
(Registrant's telephone number, including area code)
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
---- ----
<PAGE>
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
DYCO OIL AND GAS PROGRAM 1982-1 LIMITED PARTNERSHIP
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1995 1994
------------------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . $ 4,979 $ 16,790
Accrued oil and gas sales, including
$29,470 due from related parties
(Note 2) . . . . . . . . . . . . . . 36,007 14,871
-------- --------
Total current assets . . . . . . . $ 40,986 $ 31,661
NET OIL AND GAS PROPERTIES, utilizing
the full cost method . . . . . . . . . 242,463 256,428
DEFERRED CHARGE . . . . . . . . . . . . . 102,269 102,269
-------- --------
$385,718 $390,358
======== ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . . $ 8,866 $ 7,137
Accounts payable - Related party . . . 11,324 -
-------- --------
Total current liabilities . . . . . $ 20,190 $ 7,137
ACCRUED LIABILITY . . . . . . . . . . . . 78,902 78,902
PARTNERS' CAPITAL:
General Partner, issued and outstanding,
100 units . . . . . . . . . . . . . 2,866 3,043
Limited Partners, issued and outstanding,
10,000 units . . . . . . . . . . . . 283,760 301,276
-------- --------
Total Partners' capital . . . . . . $286,626 $304,319
-------- --------
$385,718 $390,358
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
-2-
<PAGE>
<PAGE>
DYCO OIL AND GAS PROGRAM 1982-1 LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
--------- --------
REVENUES:
Oil and gas sales, including
$54,202 and $164,294 of sales
to related parties (Note 2) . . . . $ 64,716 $167,294
Interest . . . . . . . . . . . . . . . 69 874
-------- --------
$ 64,785 $168,168
-------- --------
COSTS AND EXPENSES:
Oil and gas production . . . . . . . . $ 36,209 $ 41,587
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 13,965 37,137
General and administrative (Note 2) . 32,304 30,221
-------- --------
$ 82,478 $108,945
-------- --------
NET (LOSS) INCOME . . . . . . . . . . . . ($ 17,693) $ 59,223
======== ========
GENERAL PARTNER (1%) - net (loss) income ($ 177) $ 592
======== =======
LIMITED PARTNERS (99%) - net (loss) income ($ 17,516) $ 58,631
======== ========
NET (LOSS) INCOME PER UNIT . . . . . . . ($ 2) $ 6
======== ========
UNITS OUTSTANDING . . . . . . . . . . . . 10,100 10,100
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
-3-
<PAGE>
<PAGE>
DYCO OIL AND GAS PROGRAM 1982-1 LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income . . . . . . . . . . ($17,693) $ 59,223
Adjustments to reconcile net (loss) income to
net cash (used) provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 13,965 37,137
Increase in accrued oil and gas sales ( 21,136) ( 444)
Increase in accounts payable . . . . 1,729 959
Increase (decrease) in accounts payable -
related party . . . . . . . . . . . 11,324 ( 58,249)
------- --------
Net cash (used) provided by operating
activities . . . . . . . . . . . ($11,811) $ 38,626
------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Retirements of oil and gas properties $ - $ 1,230
------- --------
Net cash provided by investing
activities $ - $ 1,230
------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net cash used by financing activities $ - $ -
------- --------
NET (DECREASE) INCREASE IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . ($11,811) $ 39,856
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 16,790 173,091
------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 4,979 $212,947
======= ========
The accompanying condensed notes are an
integral part of these financial statements.
-4-
<PAGE>
<PAGE>
DYCO OIL AND GAS PROGRAM 1982-2 LIMITED PARTNERSHIP
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1995 1994
---------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . $162,826 $ 59,881
Accrued oil and gas sales, including
$79,768 and $93,816 due from
related parties (Note 2) . . . . . . 80,303 109,603
-------- --------
Total current assets . . . . . . . $243,129 $169,484
NET OIL AND GAS PROPERTIES, utilizing
the full cost method . . . . . . . . . 424,444 461,002
DEFERRED CHARGE . . . . . . . . . . . . . 35,910 35,910
-------- --------
$703,483 $666,396
======== ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . . $ 28,575 $ 27,296
Gas imbalance payable . . . . . . . . 40,855 40,855
-------- --------
Total current liabilities . . . . . $ 69,430 $ 68,151
ACCRUED LIABILITY . . . . . . . . . . . . 60,316 60,316
CONTINGENCY (Note 3)
PARTNERS' CAPITAL:
General Partner, issued and outstanding,
80 units . . . . . . . . . . . . . . 5,737 5,379
Limited Partners, issued and outstanding,
8,000 units . . . . . . . . . . . . 568,000 532,550
-------- --------
Total Partners' capital . . . . . . $573,737 $537,929
-------- --------
$703,483 $666,396
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
-5-
<PAGE>
<PAGE>
DYCO OIL AND GAS PROGRAM 1982-2 LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
REVENUES:
Oil and gas sales, including
$125,627 and $208,850 of sales
to related parties (Note 2) . . . . $147,096 $220,524
Interest . . . . . . . . . . . . . . . 1,286 1,057
-------- --------
$148,382 $221,581
-------- --------
COSTS AND EXPENSES:
Oil and gas production . . . . . . . . $ 46,397 $ 60,446
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 39,739 59,721
General and administrative (Note 2) . 26,438 23,966
-------- --------
$112,574 $144,133
-------- --------
NET INCOME . . . . . . . . . . . . . . . $ 35,808 $ 77,448
======== ========
GENERAL PARTNER (1%) - net income . . . . $ 358 $ 774
======== ========
LIMITED PARTNERS (99%) - net income . . . $ 35,450 $ 76,674
======== ========
NET INCOME PER UNIT . . . . . . . . . . . $ 4 $ 10
======== ========
UNITS OUTSTANDING . . . . . . . . . . . . 8,080 8,080
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
-6-
<PAGE>
<PAGE>
DYCO OIL AND GAS PROGRAM 1982-2 LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . . $ 35,808 $ 77,448
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 39,739 59,721
Decrease in accrued oil and gas sales 29,300 5,610
Increase in accounts payable . . . . 1,279 20,011
-------- --------
Net cash provided by operating
activities $106,126 $162,790
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to oil and gas properties . ($ 3,181) ($ 5,250)
Retirements of oil and gas properties - 10,250
-------- --------
Net cash (used) provided by investing
activities . . . . . . . . . . . ($ 3,181) $ 5,000
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . . $ - ($161,600)
-------- --------
Net cash used by financing activities $ - ($161,600)
-------- --------
NET INCREASE IN CASH AND CASH EQUIVALENTS $102,945 $ 6,190
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 59,881 135,828
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $162,826 $142,018
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
-7-
<PAGE>
<PAGE>
DYCO OIL AND GAS PROGRAM 1982-1 LIMITED PARTNERSHIP
DYCO OIL AND GAS PROGRAM 1982-2 LIMITED PARTNERSHIP
CONDENSED NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1995
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The balance sheets as of March 31, 1995, statements of
operations for the three months ended March 31, 1995 and 1994,
and statements of cash flows for the three months ended March
31, 1995 and 1994 have been prepared by Dyco Petroleum
Corporation ("Dyco"), the General Partner of the Dyco Oil and
Gas Program 1982-1 and 1982-2 Limited Partnerships
(individually, the "1982-1 Program" or the "1982-2 Program", as
the case may be, or, collectively, the "Programs"), without
audit. In the opinion of management all adjustments (which
include only normal recurring adjustments) necessary to present
fairly the financial position at March 31, 1995, and results of
operations and changes in cash flows for the three months ended
March 31, 1995 and 1994 have been made.
Information and footnote disclosures normally included in
financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted.
It is suggested that these financial statements be read in
conjunction with the financial statements and notes thereto
included in the Programs' Annual Report on Form 10-K for the
year ended December 31, 1994. The results of operations for the
period ended March 31, 1995 are not necessarily indicative of
the results to be expected for the full year.
The limited partners' net income or loss per unit is based upon
each $5,000 initial capital contribution.
OIL AND GAS PROPERTIES
----------------------
Oil and gas operations are accounted for using the full cost
method of accounting. All productive and non-productive costs
associated with the acquisition, exploration and development of
oil and gas reserves are capitalized. Sales and abandonments of
properties are accounted for as adjustments of capitalized costs
with no gain or loss recognized, unless such adjustments would
significantly alter the relationship between capitalized costs
and proved oil and gas reserves.
The provision for depreciation, depletion, and amortization of
oil and gas properties is calculated by dividing the oil and gas
sales dollars during the year by the estimated future gross
income from the oil and gas properties and applying the
resulting rate to the net remaining costs of oil and gas
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properties that have been capitalized, plus estimated future
development costs.
2. TRANSACTIONS WITH RELATED PARTIES
---------------------------------
Under the terms of each Program's partnership agreement, Dyco is
entitled to receive a reimbursement for all direct expenses and
general and administrative, geological and engineering expenses
it incurs on behalf of the Program. During the three months
ended March 31, 1995 and 1994 the 1982-1 Program incurred such
expenses totaling $32,304 and $30,221, respectively, of which
$18,615 and $18,615 were paid to Dyco. During the three months
ended March 31, 1995 and 1994 the 1982-2 Program incurred such
expenses totaling $26,438 and $23,966, respectively, of which
$14,610 and $14,610 were paid to Dyco.
Affiliates of the Programs are the operators of certain of the
Programs' properties and their policy is to bill the Programs
for all customary charges and cost reimbursements associated
with their activities, together with any compressor rentals,
consulting, or other services provided.
The Programs sell gas at market prices to Premier Gas Company
("Premier"), an affiliated company, and Premier may then resell
such gas to third parties at market prices. During the three
months ended March 31, 1995 and 1994 these sales for the 1982-1
Program totaled $54,202 and $164,294, respectively. At March
31, 1995 accrued oil and gas sales for the 1982-1 Program
included $29,470 due from Premier. During the three months
ended March 31, 1995 and 1994 these sales for the 1982-2 Program
totaled $125,627 and $208,850, respectively. At March 31, 1995
accrued oil and gas sales for the 1982-2 Program included
$79,768 due from Premier.
3. CONTINGENCY
-----------
On November 12, 1993, two individuals filed a lawsuit against
Dyco and others in which the plaintiffs alleged damages to their
land as a result of remediation operations conducted on one of
the 1982-2 Program's wells on an adjoining property. The
lawsuit alleged claims based on negligence, private nuisance,
public nuisance, trespass, unjust enrichment, constructive
fraud, and permanent injunctive relief, all in amounts to be
determined at trial. Dyco has filed an answer in the matter in
which it asserted a defense of failure to state a claim. A
trial was conducted in the matter on February 22, 1994 in which
the jury entered a verdict in favor of the plaintiffs in the
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<PAGE>
amount of approximately $5.5 million, consisting of
approximately $2.7 million in actual damages and approximately
$2.7 million in punitive damages. The 1982-2 Program's share of
such verdict is approximately $43,000 in actual damages and
approximately $8,800 in punitive damages. Dyco is presently
appealing the matter. Included in these financial statements as
of March 31, 1995 is an accrual by the General Partner of
$20,000 representing the 1982-2 Program's share of estimated
ultimate damages resulting from the above mentioned contingency.
-10-
<PAGE>
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES
-------------------------------
Net proceeds from the Programs' operations less necessary
operating capital are distributed to investors on a
quarterly basis. The net proceeds from production are not
reinvested in productive assets, except to the extent that
producing wells are improved, or where methods are employed
to permit more efficient recovery of the Programs' reserves
which would result in a positive economic impact.
The Programs' available capital from subscriptions has been
spent on oil and gas drilling activities. There should not
be any further material capital resource commitments in the
future. The Programs have no bank debt commitments. Cash
for operational purposes will be provided by current oil and
gas production.
RESULTS OF OPERATIONS
---------------------
1982-1 PROGRAM
THREE MONTHS ENDED MARCH 31, 1995 AS COMPARED TO THE THREE
MONTHS ENDED MARCH 31, 1994.
Three Months ended March 31,
----------------------------
1995 1994
---- ----
Oil and gas sales $64,716 $167,294
Oil and gas production expenses $36,209 $ 41,587
Barrels produced 567 696
Mcf produced 42,840 84,803
Average price/Bbl $ 16.85 $ 13.22
Average price/Mcf $ 1.29 $ 1.86
As shown in the table, oil and natural gas sales decreased
61.3% for the three months ended March 31, 1995 as compared
to the three months ended March 31, 1994. This decrease was
due to decreases in the volumes of oil and natural gas sold
and a decrease in the average price of natural gas sold,
partially offset by an increase in the average price of oil
sold. Volumes of oil and natural gas sold decreased 129
barrels and 41,963 Mcf, respectively, for the three months
ended March 31, 1995 as compared to the three months ended
March 31, 1994. The decrease in volumes of natural gas sold
was primarily due to volume adjustments made by a third
party operator on one well who used an incorrect ownership
interest in distributing revenues to the 1982-1 Program
after such well had reached payout. Average natural gas
prices decreased to $1.29 per Mcf for the three months ended
-11-
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<PAGE>
March 31, 1995 from $1.86 per Mcf for the three months ended
March 31, 1994, while average oil prices increased to $16.85
per barrel for the three months ended March 31, 1995 from
$13.22 per barrel for the three months ended March 31, 1994.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $5,378 for the
three months ended March 31, 1995 as compared to the three
months ended March 31, 1994. This decrease was primarily
due to lower production taxes resulting from the decreases
in the volumes of oil and natural gas sold and the decrease
in the average price of natural gas sold during the three
months ended March 31, 1995 as compared to the three months
ended March 31, 1994. This dollar decrease was partially
offset by workover charges on two wells to improve the
recovery of reserves. As a percentage of oil and gas sales,
these expenses increased to 56.0% for the three months ended
March 31, 1995 compared to 24.9% for the three months ended
March 31, 1994. This increase is primarily a result of the
decrease in the average price of natural gas sold, partially
offset by the increase in the average price of oil sold
during the three months ended March 31, 1995 as compared to
the three months ended March 31, 1994.
Depreciation, depletion, and amortization of oil and gas
properties decreased $23,172 for the three months ended
March 31, 1995 as compared to the three months ended March
31, 1994. This decrease was primarily a result of the
decreases in the volumes of oil and natural gas sold and an
increase in the estimate of the 1982-1 Program's remaining
natural gas reserves. As a percentage of oil and gas sales,
this expense remained relatively constant at 21.6% for the
three months ended March 31, 1995 compared to 22.2% for the
three months ended March 31, 1994.
General and administrative expenses increased by $2,083 for
the three months ended March 31, 1995 as compared to the
three months ended March 31, 1994. This dollar increase
resulted from an increase in the 1982-1 Program's
professional fees during the three months ended March 31,
1995 as compared to the three months ended March 31, 1994.
As a percentage of oil and gas sales, these expenses
increased to 49.9% for the three months ended March 31, 1995
from 18.1% for the three months ended March 31, 1994. This
percentage increase was primarily a result of the decreases
in the volumes of oil and natural gas sold and the decrease
in the average price of natural gas sold, partially offset
by the increase in the average price of oil sold for the
three months ended March 31, 1995 as compared to the three
months ended March 31, 1994.
1982-2 PROGRAM
THREE MONTHS ENDED MARCH 31, 1995 AS COMPARED TO THE THREE
MONTHS ENDED MARCH 31, 1994.
-12-
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<PAGE>
Three Months ended March 31,
----------------------------
1995 1994
---- -----
Oil and gas sales $147,096 $220,524
Oil and gas production expenses $ 46,397 $ 60,446
Barrels produced 82 886
Mcf produced 118,173 111,438
Average price/Bbl $ 12.41 $ 9.58
Average price/Mcf $ 1.24 $ 1.90
As shown in the above table, oil and natural gas sales
decreased 33.3% for the three months ended March 31, 1995 as
compared to the three months ended March 31, 1994. This
decrease was due to decreases in the average price of
natural gas sold and volumes of oil sold, partially offset
by increases in the volumes of natural gas sold and average
price of oil sold. Volumes of natural gas sold increased
6,735 Mcf, while volumes of oil sold decreased 804 barrels
for the three months ended March 31, 1995 as compared to the
three months ended March 31, 1994. The decrease in the
volumes of oil sold was primarily a result of positive prior
period volume adjustments from a purchaser on one well
during the three months ended March 31, 1994. Average
natural gas prices decreased to $1.24 per Mcf for the three
months ended March 31, 1995 from $1.90 per Mcf for the three
months ended March 31, 1994, while average oil prices
increased to $12.41 per barrel for the three months ended
March 31, 1995 from $9.58 per barrel for the three months
ended March 31, 1994.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $14,049 for the
three months ended March 31, 1995 as compared to the three
months ended March 31, 1994. This decrease resulted
primarily from the accrual for certain litigation costs in
1994, partially offset by an increase in the general repair
and maintenance expenses by the 1982-2 Program during 1995.
As a percentage of oil and gas sales, these expenses
increased to 31.5% for the three months ended March 31, 1995
from 27.4% for the three months ended March 31, 1994. The
percentage increase was primarily a result of a decrease in
the average price of natural gas sold during the three
months ended March 31, 1995 as compared to the three months
ended March 31, 1994.
Depreciation, depletion, and amortization of oil and gas
properties decreased $19,982 for the three months ended
March 31, 1995 as compared to the three months ended March
31, 1994. This decrease was primarily the result of an
upward revision in the estimate of remaining oil and natural
gas reserves. As a percentage of oil and gas sales, this
expense remained relatively constant at 27.0% for the three
months ended march 31, 1995 compared to 27.1% for the three
months ended March 31, 1994. This expense stated as a
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<PAGE>
<PAGE>
percentage of oil and gas sales remained relatively constant
due to the offsetting effects of the dollar decrease as
discussed above and the increases in the average price of
oil and volumes of natural gas sold.
General and administrative expenses increased by $2,472 for
the three months ended March 31, 1995 as compared to the
three months ended March 31, 1994. As a percentage of oil
and gas sales, these expenses increased to 18.0% for the
three months ended March 31, 1995 from 10.9% for the three
months ended March 31, 1994. This increase was primarily
the result of the decrease in the average price of natural
gas sold during the three months ended March 31, 1995 as
compared to the three months ended March 31, 1994.
-14-
<PAGE>
<PAGE>
PART II: OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
-15-
<PAGE>
<PAGE>
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, thereunto duly authorized.
DYCO OIL AND GAS PROGRAM 1982-1 LIMITED PARTNERSHIP
DYCO OIL AND GAS PROGRAM 1982-2 LIMITED PARTNERSHIP
(Registrant)
By: DYCO PETROLEUM CORPORATION
General Partner
Date: August 24, 1995 By: /s/Dennis R. Neill
-------------------------
(Signature)
Dennis R. Neill
Senior Vice President
Date: August 24, 1995 By: /s/Patrick M. Hall
------------------------------
(Signature)
Patrick M. Hall
Senior Vice President -
Controller
Principal Accounting Officer
-16-
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000718943
<NAME> DYCO OIL AND GAS PROGRAM 1982-1 LIMITED PARTNERSHIP
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<CASH> 4,979
<SECURITIES> 0
<RECEIVABLES> 36,007
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 40,986
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 385,718
<CURRENT-LIABILITIES> 20,190
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 286,626
<TOTAL-LIABILITY-AND-EQUITY> 385,718
<SALES> 64,716
<TOTAL-REVENUES> 64,785
<CGS> 0
<TOTAL-COSTS> 82,478
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (17,693)
<INCOME-TAX> 0
<INCOME-CONTINUING> (17,693)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (17,693)
<EPS-PRIMARY> (2.00)
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000718944
<NAME> DYCO OIL AND GAS PROGRAM 1982-2 LIMITED PARTNERSHIP
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<CASH> 162,826
<SECURITIES> 0
<RECEIVABLES> 80,303
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 243,129
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 703,483
<CURRENT-LIABILITIES> 69,430
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 573,737
<TOTAL-LIABILITY-AND-EQUITY> 703,483
<SALES> 147,096
<TOTAL-REVENUES> 148,382
<CGS> 0
<TOTAL-COSTS> 112,574
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 35,808
<INCOME-TAX> 0
<INCOME-CONTINUING> 35,808
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 35,808
<EPS-PRIMARY> 4.00
<EPS-DILUTED> 0
</TABLE>
