<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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
June 30, 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
---- ----
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
DYCO OIL AND GAS PROGRAM 1982-1 LIMITED PARTNERSHIP
BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1995 1994
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . $ 3,561 $ 16,790
Accrued oil and gas sales, including
$37,741 due from related parties
(Note 2) 40,983 14,871
-------- --------
Total current assets . . . . . . . $ 44,544 $ 31,661
NET OIL AND GAS PROPERTIES, utilizing
the full cost method . . . . . . . . . 227,277 256,428
DEFERRED CHARGE . . . . . . . . . . . . . 102,269 102,269
-------- --------
$374,090 $390,358
======== ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . . $ 8,234 $ 7,137
-------- --------
Total current liabilities . . . . . $ 8,234 $ 7,137
ACCRUED LIABILITY . . . . . . . . . . . . 78,902 78,902
PARTNERS' CAPITAL:
General Partner, issued and outstanding,
100 units . . . . . . . . . . . . . 2,869 3,043
Limited Partners, issued and outstanding,
10,000 units . . . . . . . . . . . . 284,085 301,276
-------- --------
Total Partners' capital . . . . . . $286,954 $304,319
-------- --------
$374,090 $390,358
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
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DYCO OIL AND GAS PROGRAM 1982-1 LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
-------- ---------
REVENUES:
Oil and gas sales, including
$58,406 and $72,511 of sales
to related parties (Note 2) . . . . $69,390 $83,639
Interest . . . . . . . . . . . . . . . 11 1,656
------- -------
$69,401 $85,295
------- -------
COSTS AND EXPENSES:
Oil and gas production . . . . . . . . $24,950 $26,629
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . 15,186 24,479
General and administrative (Note 2) . 28,937 20,321
------- -------
$69,073 $71,429
------- -------
NET INCOME . . . . . . . . . . . . . . . $ 328 $13,866
======= =======
GENERAL PARTNER (1%) - net income . . . . $ 3 $ 139
======= =======
LIMITED PARTNERS (99%) - net income . . $ 325 $13,727
======= =======
NET INCOME PER UNIT . . . . . . . . . . . $ - $ 1
======= =======
UNITS OUTSTANDING . . . . . . . . . . . . 10,100 10,100
======= =======
The accompanying condensed notes are an
integral part of these financial statements.
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DYCO OIL AND GAS PROGRAM 1982-1 LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ----------
REVENUES:
Oil and gas sales, including
$112,608 and $236,805 of sales
to related parties (Note 2) . . . . $134,106 $250,933
Interest . . . . . . . . . . . . . . . 80 2,530
-------- --------
$134,186 $253,463
-------- --------
COSTS AND EXPENSES:
Oil and gas production . . . . . . . . $ 61,159 $ 68,216
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . 29,151 61,616
General and administrative (Note 2) . 61,241 50,542
-------- --------
$151,551 $180,374
-------- --------
NET (LOSS) INCOME . . . . . . . . . . . . ($ 17,365) $ 73,089
======== ========
GENERAL PARTNER (1%) - net (loss) income ($ 174) $ 731
======== ========
LIMITED PARTNERS (99%) - net (loss) income ($ 17,191) $ 72,358
======== ========
NET (LOSS) INCOME PER UNIT . . . . . . . ($ 2) $ 7
======== ========
UNITS OUTSTANDING . . . . . . . . . . . . 10,100 10,100
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
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DYCO OIL AND GAS PROGRAM 1982-1 LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income . . . . . . . . . . ($17,365) $ 73,089
Adjustments to reconcile net (loss) income
to net cash (used) provided by operating
activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . 29,151 61,616
(Increase) decrease in accrued oil and
gas sales . . . . . . . . . . . . . ( 26,112) 15,751
Increase in accounts payable . . . . 1,097 1,862
Decrease in accounts payable - Related
party . . . . . . . . . . . . . - ( 58,249)
------- --------
Net cash (used) provided by operating
activities . . . . . . . . . . . ($13,229) $ 94,069
------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to oil and gas properties . $ - ($ 80)
Retirements of oil and gas properties - 1,182
------- --------
Net cash provided by investing
activities $ - $ 1,102
------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . . $ - ($202,000)
------- --------
Net cash used by financing activities $ - ($202,000)
------- --------
NET DECREASE IN CASH AND CASH EQUIVALENTS ($13,229) ($106,829)
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 16,790 173,091
------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 3,561 $ 66,262
======= ========
The accompanying condensed notes are an
integral part of these financial statements.
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DYCO OIL AND GAS PROGRAM 1982-2 LIMITED PARTNERSHIP
BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1995 1994
---------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . $252,843 $ 59,881
Accrued oil and gas sales, including
$75,600 and $93,816 due from
related parties (Note 2) . . . . . . 99,795 109,603
-------- --------
Total current assets . . . . . . . $352,638 $169,484
NET OIL AND GAS PROPERTIES, utilizing
the full cost method . . . . . . . . . 378,404 461,002
DEFERRED CHARGE . . . . . . . . . . . . . 35,910 35,910
-------- --------
$766,952 $666,396
======== ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . . $ 29,619 $ 27,296
Gas imbalance payable . . . . . . . . 40,855 40,855
-------- --------
Total current liabilities . . . . . $ 70,474 $ 68,151
ACCRUED LIABILITY . . . . . . . . . . . . 60,316 60,316
CONTINGENCY (Note 3)
PARTNERS' CAPITAL:
General Partner, issued and outstanding,
80 units . . . . . . . . . . . . . . 6,361 5,379
Limited Partners, issued and outstanding,
8,000 units . . . . . . . . . . . . 629,801 532,550
-------- --------
Total Partners' capital . . . . . . $636,162 $537,929
-------- --------
$766,952 $666,396
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
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DYCO OIL AND GAS PROGRAM 1982-2 LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
REVENUES:
Oil and gas sales, including
$137,274 and $132,671 of sales
to related parties (Note 2) . . . . $166,119 $196,313
Interest . . . . . . . . . . . . . . . 2,525 1,251
-------- --------
$168,644 $197,564
-------- --------
COSTS AND EXPENSES:
Oil and gas production . . . . . . . . $ 37,239 $ 37,568
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . 46,049 68,289
General and administrative (Note 2) . 22,931 16,325
-------- --------
$106,219 $122,182
-------- --------
NET INCOME . . . . . . . . . . . . . . . $ 62,425 $ 75,382
======== ========
GENERAL PARTNER (1%) - net income . . . . $ 624 $ 754
======== ========
LIMITED PARTNERS (99%) - net income . . . $ 61,801 $ 74,628
======== ========
NET INCOME PER UNIT . . . . . . . . . . . $ 8 $ 9
======== ========
UNITS OUTSTANDING . . . . . . . . . . . . 8,080 8,080
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
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DYCO OIL AND GAS PROGRAM 1982-2 LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
REVENUES:
Oil and gas sales, including
$262,901 and $341,521 of sales
to related parties (Note 2) . . . . $313,215 $416,837
Interest . . . . . . . . . . . . . . . 3,811 2,308
-------- --------
$317,026 $419,145
-------- --------
COSTS AND EXPENSES:
Oil and gas production . . . . . . . . $ 83,636 $ 98,014
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . 85,788 128,010
General and administrative (Note 2) . 49,369 40,291
-------- --------
$218,793 $266,315
-------- --------
NET INCOME . . . . . . . . . . . . . . . $ 98,233 $152,830
======== ========
GENERAL PARTNER (1%) - net income . . . . $ 982 $ 1,528
======== ========
LIMITED PARTNERS (99%) - net income . . . $ 97,251 $151,302
======== ========
NET INCOME PER UNIT . . . . . . . . . . . $ 12 $ 19
======== ========
UNITS OUTSTANDING . . . . . . . . . . . . 8,080 8,080
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
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DYCO OIL AND GAS PROGRAM 1982-2 LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . . $ 98,233 $152,830
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . 85,788 128,010
Decrease in accrued oil and gas sales 9,808 22,211
Increase in accounts payable . . . . 2,323 19,412
-------- --------
Net cash provided by operating
activities $196,152 $322,463
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to oil and gas properties . ($ 3,190) ($ 5,311)
Retirements of oil and gas properties - 10,250
-------- --------
Net cash (used) provided by investing
activities . . . . . . . . . . . ($ 3,190) $ 4,939
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . . $ - ($363,600)
-------- --------
Net cash used by financing activities $ - ($363,600)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . $192,962 ($ 36,198)
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 59,881 135,828
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $252,843 $ 99,630
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
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DYCO OIL AND GAS PROGRAM 1982-1 LIMITED PARTNERSHIP
DYCO OIL AND GAS PROGRAM 1982-2 LIMITED PARTNERSHIP
CONDENSED NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The balance sheets as of June 30, 1995, statements of operations
for the three and six months ended June 30, 1995 and 1994, and
statements of cash flows for the six months ended June 30, 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 June 30, 1995, results of operations for the three and six
months ended June 30, 1995 and 1994 and changes in cash flows
for the six months ended June 30, 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 June 30, 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
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resulting rate to the net remaining costs of oil and gas
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 six months ended
June 30, 1995 and 1994 the 1982-1 Program incurred such expenses
totaling $61,241 and $50,542, respectively, of which $37,230 and
$37,230 were paid to Dyco. During the six months ended June 30,
1995 and 1994 the 1982-2 Program incurred such expenses totaling
$49,369 and $40,291, respectively, of which $29,220 and $29,220
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 six
months ended June 30, 1995 and 1994 these sales for the 1982-1
Program totaled $112,608 and $236,805, respectively. At June
30, 1995 accrued oil and gas sales for the 1982-1 Program
included $37,741 due from Premier. During the six months ended
June 30, 1995 and 1994 these sales for the 1982-2 Program
totaled $262,901 and $341,521, respectively. At June 30, 1995
accrued oil and gas sales for the 1982-2 Program included
$75,600 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
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the jury entered a verdict in favor of the plaintiffs in the
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 June 30, 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.
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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 JUNE 30, 1995 AS COMPARED TO THE THREE
MONTHS ENDED JUNE 30, 1994.
Three months ended June 30,
---------------------------
1995 1994
---- ----
Oil and gas sales $69,390 $83,639
Oil and gas production expenses $24,950 $26,629
Barrels produced 621 659
Mcf produced 44,567 44,629
Average price/Bbl $ 17.69 $ 15.58
Average price/Mcf $ 1.31 $ 1.64
As shown in the table above, oil and natural gas sales
decreased 17.0% for the three months ended June 30, 1995 as
compared to the three months ended June 30, 1994. This
decrease resulted primarily from the decrease in the average
price of natural gas sold during the three months ended June
30, 1995 as compared to the three months ended June 30,
1994. Volumes of oil and natural gas sold remained
relatively constant for the three months ended June 30, 1995
as compared to the three months ended June 30, 1994.
Average natural gas prices decreased to $1.31 per Mcf for
the three months ended June 30, 1995 from an average of
$1.64 per Mcf for the three months ended June 30, 1994,
while average oil prices increased to $17.69 per barrel for
the three months ended June 30, 1995 from an average of
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$15.58 per barrel for the three months ended June 30, 1994.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased slightly by $1,679
for the three months ended June 30, 1995 as compared to the
three months ended June 30, 1994. As a percentage of oil
and gas sales, these expenses increased to 36.0% for the
three months ended June 30, 1995 compared to 31.8% for the
three months ended June 30, 1994. This increase was
primarily a result of the decrease in the average price of
natural gas sold during the three months ended June 30, 1995
as compared to the three months ended June 30, 1994.
Depreciation, depletion, and amortization of oil and gas
properties decreased $9,293 for the three months ended June
30, 1995 as compared to the three months ended June 30,
1994. This decrease was primarily the result of 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 decreased to 21.9% for the three months ended June
30, 1995 from 29.3% for the three months ended June 30,
1994. This decrease resulted primarily from the dollar
decrease in depreciation, depletion, and amortization
expense as discussed above, partially offset by the decrease
in the average price of natural gas sold during the three
months ended June 30, 1995 as compared to the three months
ended June 30, 1994.
General and administrative expenses increased by $8,616 for
the three months ended June 30, 1995 as compared to the
three months ended June 30, 1994. This dollar increase
resulted from an increase in the 1982-1 Program's
professional fees during the three months ended June 30,
1995 as compared to the three months ended June 30, 1994.
As a percentage of oil and gas sales, these expenses
increased to 41.7% for the three months ended June 30, 1995
from 24.3% for the three months ended June 30, 1994. This
percentage increase was primarily a result of the dollar
increase in general and administrative expenses as discussed
above and the decrease in the average price of natural gas
sold for the three months ended June 30, 1995 as compared to
the three months ended June 30, 1994.
SIX MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1994.
Six months ended June 30,
-------------------------
1995 1994
---- ----
Oil and gas sales $134,106 $250,933
Oil and gas production expenses $ 61,159 $ 68,216
Barrels produced 1,188 1,355
Mcf produced 87,407 129,432
Average price/Bbl $ 17.29 $ 14.37
Average price/Mcf $ 1.30 $ 1.79
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As shown in the table above, oil and natural gas sales
decreased 46.6% for the six months ended June 30, 1995 as
compared to the six months ended June 30, 1994. This
decrease resulted from the decrease in the volumes of oil
and natural gas sold and a decrease in the average price of
natural gas sold, partially offset by the increase in the
average price of oil sold for the six months ended June 30,
1995 as compared to the six months ended June 30, 1994.
Volumes of oil and natural gas sold decreased 167 barrels
and 42,025 Mcf, respectively, for the six months ended June
30, 1995 as compared to the six months ended June 30, 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
$1.30 per Mcf for the six months ended June 30, 1995 from an
average of $1.79 per Mcf for the six months ended June 30,
1994, while average oil prices increased to $17.29 per
barrel for the six months ended June 30, 1995 from an
average of $14.37 per barrel for the six months ended June
30, 1994.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased by $7,057 for the
six months ended June 30, 1995 as compared to the six months
ended June 30, 1994. This decrease was primarily due to the
decreases in the volumes of oil and natural gas sold during
the six months ended June 30, 1995 as compared to the six
months ended June 30, 1994. As a percentage of oil and gas
sales, these expenses increased to 45.6% for the six months
ended June 30, 1995 from 27.2% for the six months ended June
30, 1994. This increase was primarily a result of the
decrease in the volumes of natural gas sold associated with
the payout adjustment as discussed above and the decrease in
the average price of natural gas sold during the six months
ended June 30, 1995 as compared to the six months ended June
30, 1994.
Depreciation, depletion, and amortization of oil and gas
properties decreased $32,465 for the six months ended June
30, 1995 as compared to the six months ended June 30, 1994.
This decrease was primarily a result of the decreases in the
volumes of oil and natural gas sold during the six months
ended June 30, 1995 as compared to the six months ended June
30, 1994 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 decreased slightly to
21.7% for the six months ended June 30, 1995 from 24.6% for
the six months ended June 30, 1994. This decrease resulted
primarily from the dollar decrease in depreciation,
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depletion, and amortization expense related to the increase
in the estimate of remaining reserves as discussed above,
partially offset by the decrease in the average price of
natural gas sold during the six months ended June 30, 1995
as compared to the six months ended June 30, 1994.
General and administrative expenses increased by $10,699 for
the six months ended June 30, 1995 as compared to the six
months ended June 30, 1994. This increase resulted from an
increase in the 1982-1 Program's professional fees for the
six months ended June 30, 1995 as compared to the six months
ended June 30, 1994. As a percentage of oil and gas sales,
these expenses increased to 45.7% for the six months ended
June 30, 1995 from 20.1% for the six months ended June 30,
1994. This percentage increase was primarily a result of
the dollar increase discussed above and the decrease in the
average price of natural gas sold for the six months ended
June 30, 1995 as compared to the six months ended June 30,
1994.
1982-2 PROGRAM
THREE MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE THREE
MONTHS ENDED JUNE 30, 1994.
Three months ended June 30,
---------------------------
1995 1994
---- ----
Oil and gas sales $166,119 $196,313
Oil and gas production expenses $ 37,239 $ 37,568
Barrels produced 350 472
Mcf produced 120,031 123,263
Average price/Bbl $ 11.54 $ 11.19
Average price/Mcf $ 1.35 $ 1.55
As shown in the table above, oil and natural gas sales
decreased 15.4% for the three months ended June 30, 1995 as
compared to the three months ended June 30, 1994. This
decrease resulted primarily from the decreases in the volume
and average price of natural gas sold during the three
months ended June 30, 1995 as compared to the three months
ended June 30, 1994. Volumes of oil and natural gas sold
decreased slightly by 122 barrels and 3,232 Mcf,
respectively, for the three months ended June 30, 1995 as
compared to the three months ended June 30, 1994. Average
natural gas prices decreased to $1.35 per Mcf for the three
months ended June 30, 1995 from an average of $1.55 per Mcf
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for the three months ended June 30, 1994, while the average
price of oil sold increased to $11.54 per barrel for the
three months ended June 30, 1995 from $11.19 per barrel for
the three months ended June 30, 1994.
Oil and gas production expenses (including lease operating
expenses and production taxes) remained relatively constant
for the three months ended June 30, 1995 as compared to the
three months ended June 30, 1994. As a percentage of oil
and gas sales, these expenses increased to 22.4% for the
three months ended June 30, 1995 from 19.1% for the three
months ended June 30, 1994. The percentage increase was
primarily a result of the decrease in the average price of
natural gas sold during the three months ended June 30, 1995
as compared to the three months ended June 30, 1994.
Depreciation, depletion, and amortization of oil and gas
properties decreased $22,240 for the three months ended June
30, 1995 as compared to the three months ended June 30,
1994. This decrease was primarily the result of an upward
revision in the estimate of remaining natural gas reserves.
As a percentage of oil and gas sales, this expense decreased
to 27.7% for the three months ended June 30, 1995 from 34.8%
for the three months ended June 30, 1994. This percentage
decrease was due primarily to the dollar decrease in
depreciation, depletion, and amortization expenses related
to the upward revision in the estimate of remaining natural
gas reserves as discussed above, partially offset by the
decrease in the average price of natural gas sold during the
three months ended June 30, 1995 as compared to the three
months ended June 30, 1994.
General and administrative expenses increased by $6,606 for
the three months ended June 30, 1995 as compared to the
three months ended June 30, 1994. This increase resulted
from an increase in the 1982-2 Program's professional fees
for the three months ended June 30, 1995 as compared to the
three months ended June 30, 1994. As a percentage of oil
and gas sales, these expenses increased to 13.8% for the
three months ended June 30, 1995 from 8.3% for the three
months ended June 30, 1994. This increase was primarily the
result of the dollar increase as discussed above and the
decrease in the volumes and average price of natural gas
sold during the three months ended June 30, 1995 as compared
to the three months ended June 30, 1994.
SIX MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1994.
-17-
<PAGE>
<PAGE>
Six months ended June 30,
-------------------------
1995 1994
---- ----
Oil and gas sales $313,215 $416,837
Oil and gas production expenses $ 83,636 $ 98,014
Barrels produced 432 1,358
Mcf produced 238,204 234,701
Average price/Bbl $ 11.71 $ 10.14
Average price/Mcf $ 1.29 $ 1.72
As shown in the table above, oil and natural gas sales
decreased 24.9% for the six months ended June 30, 1995 as
compared to the six months ended June 30, 1994. This
decrease resulted primarily from the decrease in the average
price of natural gas sold and the decrease in the volumes of
oil sold during the six months ended June 30, 1995 as
compared to the six months ended June 30, 1994. Volumes of
natural gas sold increased slightly by 3,503 Mcf, while
volumes of oil sold decreased 926 barrels for the six months
ended June 30, 1995 compared to the six months ended June
30, 1994. The decrease in volumes of oil sold was primarily
a result of positive prior period volume adjustments from a
purchaser on one well during the six months ended June 30,
1994. Average natural gas prices decreased to $1.29 per Mcf
for the six months ended June 30, 1995 from averages of
$1.72 per Mcf for the six months ended June 30, 1994, while
the average price of oil sold increased to $11.71 per barrel
for the six months ended June 30, 1995 from $10.14 per
barrel for the six months ended June 30, 1994.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $14,378 for the six
months ended June 30, 1995 as compared to the six months
ended June 30, 1994. This decrease resulted primarily from
the decrease in production taxes due primarily to the
decrease in the average price of natural gas sold during the
six months ended June 30, 1995 as compared to the six months
ended June 30, 1994. As a percentage of oil and gas sales,
these expenses increased to 26.7% for the six months ended
June 30, 1995 from 23.5% for the six months ended June 30,
1994. The percentage increase was primarily a result of the
decrease in the average price of natural gas sold during the
six months ended June 30, 1995 as compared to the six months
ended June 30, 1994.
Depreciation, depletion, and amortization of oil and gas
properties decreased $42,222 for the six months ended June
30, 1995 as compared to the six months ended June 30, 1994.
This decrease was primarily the result of an upward revision
in the estimate of remaining natural gas reserves. As a
percentage of oil and gas sales, this expense decreased to
27.4% for the six months ended June 30, 1995 from 30.7% for
the six months ended June 30, 1994. This percentage
decrease was due primarily to the dollar decrease in
-18-
<PAGE>
<PAGE>
depreciation, depletion, and amortization expense as
discussed above, partially offset by the decrease in the
average price of natural gas sold during the six months
ended June 30, 1995 as compared to the three six months
ended June 30, 1994.
General and administrative expenses increased by $9,078 for
the six months ended June 30, 1995 as compared to the six
months ended June 30, 1994. This increase resulted from an
increase in the 1982-2 Program's professional fees for the
six months ended June 30, 1995 as compared to the six months
ended June 30, 1994. As a percentage of oil and gas sales,
these expenses increased to 15.8% for the six months ended
June 30, 1995 from 9.7% for the six months ended June 30,
1994. This percentage increase was primarily the result of
the dollar increase in general and administrative expenses
as discussed above and the decrease in the average price of
natural gas sold during the six months ended June 30, 1995
as compared to the six months ended June 30, 1994.
-19-
<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
-20-
<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 10, 1995 By: /s/Dennis R. Neill
-------------------------
(Signature)
Dennis R. Neill
Senior Vice President
Date: August 10, 1995 By: /s/Patrick M. Hall
-------------------------
(Signature)
Patrick M. Hall
Senior Vice President -
Controller
Principal Accounting
Officer
-21-
<PAGE>
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<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<CASH> 3,561
<SECURITIES> 0
<RECEIVABLES> 40,983
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 44,544
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 374,090
<CURRENT-LIABILITIES> 8,234
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 286,954
<TOTAL-LIABILITY-AND-EQUITY> 374,090
<SALES> 134,106
<TOTAL-REVENUES> 134,186
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<TOTAL-COSTS> 151,551
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<TABLE> <S> <C>
<ARTICLE> 5
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<NAME> DYCO OIL AND GAS PROGRAM 1982-2 LIMITED PARTNERSHIP
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<CASH> 252,843
<SECURITIES> 0
<RECEIVABLES> 99,795
<ALLOWANCES> 0
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<CURRENT-ASSETS> 352,638
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<CURRENT-LIABILITIES> 70,474
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<OTHER-SE> 636,162
<TOTAL-LIABILITY-AND-EQUITY> 766,952
<SALES> 313,215
<TOTAL-REVENUES> 317,026
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<TOTAL-COSTS> 218,793
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