<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
March 31, 1996 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,
1996 1995
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . $ 41,772 $ 29,087
Accrued oil and gas sales, including
$33,654 due from related parties
in 1995 (Note 2) . . . . . . . . . . 48,843 46,151
-------- --------
Total current assets . . . . . . . $ 90,615 $ 75,238
NET OIL AND GAS PROPERTIES, utilizing
the full cost method . . . . . . . . . 204,455 216,077
DEFERRED CHARGE . . . . . . . . . . . . . 59,970 59,970
-------- --------
$355,040 $351,285
======== ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . . $ 6,766 $ 6,648
-------- --------
Total current liabilities . . . . . $ 6,766 $ 6,648
ACCRUED LIABILITY . . . . . . . . . . . . 55,380 55,380
PARTNERS' CAPITAL:
General Partner, issued and outstanding,
100 units . . . . . . . . . . . . . 2,928 2,892
Limited Partners, issued and outstanding,
10,000 units . . . . . . . . . . . . 289,966 286,365
-------- --------
Total Partners' capital . . . . . . $292,894 $289,257
-------- --------
$355,040 $351,285
======== ========
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 MARCH 31, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
REVENUES:
Oil and gas sales, including
$54,202 of sales to related
parties in 1995 (Note 2) . . . . . . $75,554 $64,716
Interest . . . . . . . . . . . . . . . 242 69
------- -------
$75,796 $64,785
------- -------
COSTS AND EXPENSES:
Oil and gas production . . . . . . . . $28,112 $36,209
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . 11,639 13,965
General and administrative (Note 2) . 32,408 32,304
------- -------
$72,159 $82,478
------- -------
NET INCOME (LOSS) . . . . . . . . . . . . $ 3,637 ($17,693)
======= =======
GENERAL PARTNER (1%) - net income (loss) $ 36 ($ 177)
======= =======
LIMITED PARTNERS (99%) - net income (loss) $ 3,601 ($17,516)
======= =======
NET INCOME (LOSS) PER UNIT . . . . . . . $ .36 ($ 2)
======= =======
UNITS OUTSTANDING . . . . . . . . . . . . 10,100 10,100
======= =======
The accompanying condensed notes are an
integral part of these financial statements.
-3-
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<PAGE>
DYCO OIL AND GAS PROGRAM 1982-1 LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(Unaudited)
1996 1995
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) . . . . . . . . . . $ 3,637 ($17,693)
Adjustments to reconcile net income (loss)
to net cash provided (used) by operating
activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 11,639 13,965
Increase in accrued oil and gas sales ( 2,692) ( 21,136)
Increase in accounts payable . . . . 118 1,729
Increase in related party payable . - 11,324
------- -------
Net cash provided (used) by operating
activities . . . . . . . . . . . $12,702 ($11,811)
------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to oil and gas properties . ($ 17) $ -
------- -------
Net cash used by investing activities ($ 17) $ -
------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net cash used by financing activities $ - $ -
------- -------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . $12,685 ($11,811)
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD . . . . . . . . . . . . . . . . . 29,087 16,790
------- -------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $41,772 $ 4,979
======= =======
The accompanying condensed notes are an
integral part of these financial statements.
-4-
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DYCO OIL AND GAS PROGRAM 1982-2 LIMITED PARTNERSHIP
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1996 1995
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . $245,243 $160,547
Accrued oil and gas sales, including
$78,204 due from related parties
in 1995 (Note 2) . . . . . . . . . . 96,840 90,919
-------- --------
Total current assets . . . . . . . $342,083 $251,466
NET OIL AND GAS PROPERTIES, utilizing
the full cost method . . . . . . . . . 310,437 340,653
DEFERRED CHARGE . . . . . . . . . . . . . 24,820 24,820
-------- --------
$677,340 $616,939
======== ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . . $ 27,930 $ 27,055
Gas imbalance payable . . . . . . . . 8,822 8,822
-------- --------
Total current liabilities . . . . . $ 36,752 $ 35,877
ACCRUED LIABILITY . . . . . . . . . . . . 67,850 67,850
CONTINGENCY (Note 3)
PARTNERS' CAPITAL:
General Partner, issued and outstanding,
80 units . . . . . . . . . . . . . . 5,727 5,132
Limited Partners, issued and outstanding,
8,000 units . . . . . . . . . . . . 567,011 508,080
-------- --------
Total Partners' capital . . . . . . $572,738 $513,212
-------- --------
$677,340 $616,939
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
-5-
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<PAGE>
DYCO OIL AND GAS PROGRAM 1982-2 LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(Unaudited)
1996 1995
--------- ---------
REVENUES:
Oil and gas sales, including
$125,627 of sales to related
parties in 1995 (Note 2) . . . . . . $162,435 $147,096
Interest . . . . . . . . . . . . . . . 1,784 1,286
-------- --------
$164,219 $148,382
-------- --------
COSTS AND EXPENSES:
Oil and gas production . . . . . . . . $ 48,724 $ 46,397
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 30,216 39,739
Valuation allowance . . . . . . . . . - 14,169
General and administrative (Note 2) . 25,753 26,438
-------- --------
$104,693 $126,743
-------- --------
NET INCOME . . . . . . . . . . . . . . . $ 59,526 $ 21,639
======== ========
GENERAL PARTNER (1%) - net income . . . . $ 595 $ 216
======== ========
LIMITED PARTNERS (99%) - net income . . . $ 58,931 $ 21,423
======== ========
NET INCOME PER UNIT . . . . . . . . . . . $ 7 $ 3
======== ========
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, 1996 AND 1995
(Unaudited)
1996 1995
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . . $ 59,526 $ 21,639
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . 30,216 39,739
Valuation allowance . . . . . . . . - 14,169
(Increase) decrease in accrued oil and
gas sales . . . . . . . . . . . . . ( 5,921) 29,300
Increase in accounts payable . . . . 875 1,279
-------- --------
Net cash provided by operating
activities . . . . . . . . . . . . $ 84,696 $106,126
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to oil and gas properties . $ - ($ 3,181)
-------- --------
Net cash used by investing activities $ - ($ 3,181)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net cash used by financing activities $ - $ -
-------- --------
NET INCREASE IN CASH AND CASH EQUIVALENTS $ 84,696 $102,945
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD . . . . . . . . . . . . . . . . . 160,547 59,881
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $245,243 $162,826
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
-7-
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<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, 1996
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The balance sheets as of March 31, 1996, statements of operations
for the three months ended March 31, 1996 and 1995, and statements
of cash flows for the three months ended March 31, 1996 and 1995
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,
1996, results of operations for the three months ended March 31,
1996 and 1995 and changes in cash flows for the three months ended
March 31, 1996 and 1995 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, 1995. The results of operations for the period ended March 31,
1996 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. In the event the unamortized cost of oil
and gas properties being amortized exceeds the full cost ceiling
(as defined by the Securities and Exchange Commission), the excess
is charged to expense in the period during which such excess
occurs. At March 31, 1995 the unamortized cost of oil and gas
properties exceeded the full cost ceiling by $14,169. This excess
was charged to expense during the three months ended March 31,
1995. No such valuation allowance was incurred during the three
months ended March 31, 1996. 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
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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 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, 1996 and 1995, the 1982-1 Program incurred such expenses
totaling $32,408 and $32,304, respectively, of which $18,615 and
$18,615 were paid to Dyco. During the three months ended March 31,
1996 and 1995, the 1982-2 Program incurred such expenses totaling
$25,753 and $26,438, 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 sold gas at market prices to Premier Gas Company
("Premier") and Premier then resold such gas to third parties at
market prices. Premier was an affiliate of the Programs until
December 6, 1995. During the three months ended March 31, 1995
these sales for the 1982-1 Program totaled $54,202. At December
31, 1995, accrued oil and gas sales for the 1982-1 Program included
$33,654 due from Premier. During the three months ended March 31,
1995 these sales for the 1982-2 Program totaled $125,627. At
December 31, 1995, accrued oil and gas sales for the 1982-2 Program
included $78,204 due from Premier.
3. CONTINGENCY
-----------
On November 12, 1992, 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 amount of approximately $5.5 million,
consisting of approximately $2.75 million in actual damages and
approximately $2.75 million in punitive damages. Dyco appealed the
district court's verdict and on March 5, 1996 the Oklahoma Court of
Appeals reversed the district court's verdict and ordered a new
trial. Both Dyco and the plaintiffs have filed petitions for
certiorari with the Supreme Court of Oklahoma seeking a further
review of the Court of Appeals' opinion. Included in these
financial statements as of December 31, 1995 and March 31, 1996 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.
-9-
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<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. Over the last several years, the
domestic energy industry and the Programs have contended with
volatile, but generally low, oil and gas prices. Over the past
few years, the oil and gas market appears to have moved from
periods of relative stability in supply and demand to excess
supply or weakened demand. These trends have led to the
volatility in pricing and demand noted over the past years.
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, 1996 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1995.
Three months ended March 31,
--------------------------------
1996 1995
---- ----
Oil and gas sales $75,554 $64,716
Oil and gas production
expenses $28,112 $36,209
Barrels produced 400 567
Mcf produced 37,802 42,840
Average price/Bbl $ 18.43 $ 16.85
Average price/Mcf $ 1.80 $ 1.29
As shown in the table, oil and gas sales increased 16.7% for the
three months ended March 31, 1996 as compared to the three months
ended March 31, 1995. This increase was primarily due to
increases in the average prices of oil and natural gas sold,
partially offset by decreases in the volumes of oil and natural
gas sold during the three months ended March 31, 1996 as compared
to the three months ended March 31, 1995. Volumes of oil and
natural gas sold decreased 167 barrels and 5,038 Mcf,
respectively, for the three months ended March 31, 1996 as
compared to the three months ended March 31, 1995. The decrease
in the volumes of oil sold resulted primarily from positive prior
period volume adjustments on one well during the three months
ended March 31, 1995. The decrease in the volumes of natural gas
sold resulted primarily from a positive gas balancing adjustment
on one well during the three months ended March 31, 1995.
Average oil and natural gas prices increased to $18.43 per barrel
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and $1.80 per Mcf, respectively, for the three months ended March
31, 1996 from $16.85 per barrel and $1.29 per Mcf, respectively,
for the three months ended March 31, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $8,097 for the three
months ended March 31, 1996 as compared to the three months ended
March 31, 1995. This decrease was primarily due to workover
charges on one well during the three months ended March 31, 1995
in order to improve the recovery of reserves. As a percentage of
oil and gas sales, these expenses decreased to 37.2% for the
three months ended March 31, 1996 from to 56.0% for the three
months ended March 31, 1995. This percentage decrease was
primarily a result of the dollar decrease in oil and gas
production expenses as discussed above and increases in the
average prices of oil and natural gas sold during the three
months ended March 31, 1996 as compared to the three months ended
March 31, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $2,326 for the three months ended March 31,
1996 as compared to the three months ended March 31, 1995. This
decrease was primarily a result of the decrease in the volumes of
oil and natural gas sold during the three months ended March 31,
1996 as compared to the three months ended March 31, 1995. As a
percentage of oil and gas sales, this expense decreased to 15.4%
for the three months ended March 31, 1996 from 21.6% for the
three months ended March 31, 1995. This percentage decrease was
primarily the result of the increases in the average prices of
oil and natural gas sold during the three months ended March 31,
1996 as compared to the three months ended March 31, 1995.
General and administrative expenses remained relatively constant
during the three months ended March 31, 1996 as compared to the
three months ended March 31, 1995. As a percentage of oil and
gas sales, these expenses decreased to 42.9% for the three months
ended March 31, 1996 from 49.9% for the three months ended March
31, 1995. This percentage decrease was primarily a result of
increases in the average prices of oil and natural gas sold
during the three months ended March 31, 1996 as compared to the
three months ended March 31, 1995.
1982-2 PROGRAM
THREE MONTHS ENDED MARCH 31, 1996 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1995.
Three months ended March 31,
--------------------------------------
1996 1995
---- ----
Oil and gas sales $162,435 $147,096
Oil and gas production
expenses $ 48,724 $ 46,397
Barrels produced 46 82
Mcf produced 94,084 118,173
Average price/Bbl $ 20.50 $ 12.41
Average price/Mcf $ 1.72 $ 1.24
As shown in the table, oil and natural gas sales increased 10.4%
for the three months ended March 31, 1996 as compared to the
three months ended March 31, 1995. This increase was primarily
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due to increases in the average prices of oil and natural gas
sold, partially offset by decreases in the volumes of oil and
natural gas sold during the three months ended March 31, 1996 as
compared to the three months ended March 31, 1995. Volumes of
oil and natural gas sold decreased by 36 barrels and 24,089 Mcf,
respectively, for the three months ended March 31, 1996 as
compared to the three months ended March 31, 1995. The decrease
in the volumes of oil sold was primarily due to the sale of one
well. The decrease in volumes of natural gas sold resulted
primarily from normal declines in production from diminished
reserves during the three months ended March 31, 1996 as compared
to the three months ended March 31, 1995. Average oil and
natural gas prices increased to $20.50 per barrel and $1.72 per
Mcf, respectively, for the three months ended March 31, 1996 from
$12.41 per barrel and $1.24 per Mcf, respectively, for the three
months ended March 31, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $2,327 for the three
months ended March 31, 1996 as compared to the three months ended
March 31, 1995. This increase resulted primarily from
abandonment expenses on a certain well during the three months
ended March 31, 1996. As a percentage of oil and gas sales,
these expenses decreased to 30.0% for the three months ended
March 31, 1996 from 31.5% for the three months ended March 31,
1995. This percentage decrease was primarily a result of
increases in the average prices of oil and natural gas sold
during the three months ended March 31, 1996 as compared to the
three months ended March 31, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $9,523 for the three months ended March 31,
1996 as compared to the three months ended March 31, 1995. This
decrease was primarily the result of the decrease in the volumes
of oil and natural gas sold during the three months ended March
31, 1996 as compared to the three months ended March 31, 1995 and
an upward revision in the estimate of remaining natural gas
reserves at December 31, 1995. As a percentage of oil and gas
sales, this expense decreased to 18.6% for the three months ended
March 31, 1996 from 27.0% for the three months ended March 31,
1995. This percentage decrease was primarily due to the upward
reserve revision discussed above and increases in the average
prices of oil and natural gas sold during the three months ended
March 31, 1996 as compared to the three months ended March 31,
1995.
As a result of declines in natural gas prices during the first
quarter of 1995, the 1982-2 Program recognized a non-cash charge
against earnings of $14,169 during the three months ended March
31, 1995. The valuation allowance for oil and gas properties at
March 31, 1995 was necessary due to the unamortized costs of oil
and gas properties exceeding the present value of the estimated
future net revenues from the oil and gas properties. No similar
charge was necessary during the three months ended March 31,
1996.
General and administrative expenses remained relatively constant
during the three months ended March 31, 1996 as compared to the
three months ended March 31, 1995. As a percentage of oil and
gas sales, these expenses decreased to 15.9% for the three months
ended March 31, 1996 from 18.0% for the three months ended March
-12-
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<PAGE>
31, 1995. This percentage decrease was primarily the result of
increases in the average prices of oil and natural gas sold
during the three months ended March 31, 1996 as compared to the
three months ended March 31, 1995.
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PART II: OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
On November 12, 1992 Larry and Leona Beck filed a lawsuit against
Dyco Petroleum Corporation ("Dyco") and others in which the plaintiffs
alleged damages to their land as a result of remediation operations
conducted on the Paul King No. 1-7 well (Beck v. Trigg Drilling
Company, Inc., et al., C-92-227, District Court of Beckham County,
Oklahoma). The 1982-2 Program had an approximate 1.6% working
interest in the Paul King No. 1-7 well at the time the lawsuit was
filed. 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. 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 amount of approximately $5.5 million, consisting of
approximately $2.75 million in actual damages and approximately $2.75
million in punitive damages. Dyco appealed the district court's
verdict and on March 5, 1996 the Oklahoma Court of Appeals reversed
the district court's verdict and ordered a new trial. Both Dyco and
the plaintiffs have filed petitions for certiorari with the Supreme
Court of Oklahoma seeking a further review of the Court of Appeals
opinion.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27.1 Financial Data Schedule containing summary financial
information extracted from the Dyco Oil and Gas Program
1982-1 Limited Partnership's financial statements as of
March 31, 1996, and for the three month period ended
March 31, 1996, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the Dyco Oil and Gas Program
1982-2 Limited Partnership's financial statements as of
March 31, 1996, and for the three month period ended
March 31, 1996, filed herewith.
(b) Reports on Form 8-K
None
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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: May 2, 1996 By: /s/Dennis R. Neill
--------------------------
(Signature)
Dennis R. Neill
Senior Vice President
Date: May 2, 1996 By: /s/Patrick M. Hall
-------------------------
(Signature)
Patrick M. Hall
Senior Vice President - Controller
Principal Accounting Officer
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INDEX TO EXHIBITS
-----------------
Number Description
- ------ ------------
27.1 Financial Data Schedule containing summary financial
information extracted from the Dyco Oil and Gas
Program 1982-1 Limited Partnership's financial
statements as of March 31, 1996 and for the three
months ended March 31, 1996, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the Dyco Oil and Gas
Program 1982-2 Limited Partnership's financial
statements as of March 31, 1996 and for the three
months ended March 31, 1996, filed herewith.
All other exhibits are omitted as inapplicable.
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<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-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 41,772
<SECURITIES> 0
<RECEIVABLES> 48,843
<ALLOWANCES> 0
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