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
September 30, 1997 0-12261 (1982-1)
0-12262 (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 Number)
organization)
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
September 30, December 31,
1997 1996
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 36,151 $135,676
Accrued oil and gas sales 49,634 64,236
-------- --------
Total current assets $ 85,785 $199,912
NET OIL AND GAS PROPERTIES, utilizing
the full cost method 151,614 176,741
DEFERRED CHARGE 59,347 59,347
-------- --------
$296,746 $436,000
======== ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable $ 6,372 $ 7,000
-------- --------
Total current liabilities $ 6,372 $ 7,000
ACCRUED LIABILITY 53,236 53,236
PARTNERS' CAPITAL:
General Partner, issued and
outstanding, 100 units 2,371 3,757
Limited Partners, issued and
outstanding, 10,000 units 234,767 372,007
-------- --------
Total Partners' capital $237,138 $375,764
-------- --------
$296,746 $436,000
======== ========
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 SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
-------- -------
REVENUES:
Oil and gas sales $69,833 $73,603
Interest 2,397 721
------- -------
$72,230 $74,324
COST AND EXPENSES:
Oil and gas production $24,937 $26,792
Depreciation, depletion, and
amortization of oil and gas
properties 5,190 10,112
General and administrative (Note 2) 23,951 22,503
------- -------
$54,078 $59,407
------- -------
NET INCOME $18,152 $14,917
======= =======
GENERAL PARTNER (1%) - net
income $ 182 $ 149
======= =======
LIMITED PARTNERS (99%) - net
income $17,970 $14,768
======= =======
NET INCOME PER UNIT $ 1.80 $ 1.48
======= =======
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 NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Oil and gas sales $246,913 $235,275
Interest 5,919 1,375
-------- --------
$252,832 $236,650
COST AND EXPENSES:
Oil and gas production $ 76,330 $ 88,517
Depreciation, depletion, and
amortization of oil and gas
properties 24,573 35,150
General and administrative (Note 2) 88,555 82,204
-------- --------
$189,458 $205,871
-------- --------
NET INCOME $ 63,374 $ 30,779
======== ========
GENERAL PARTNER (1%) - net
income $ 634 $ 308
======== ========
LIMITED PARTNERS (99%) - net
income $ 62,740 $ 30,471
======== ========
NET INCOME PER UNIT $ 6.27 $ 3.05
======== ========
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 NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 63,374 $ 30,779
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 24,573 35,150
(Increase) decrease in accrued oil
and gas sales 14,602 ( 1,501)
Increase (decrease) in accounts
payable ( 628) 1,162
-------- --------
Net cash provided by operating
activities $101,921 $ 65,590
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of oil and gas
properties $ 554 $ 8,168
Additions to oil and gas properties - ( 2,031)
-------- --------
Net cash provided by investing
activities $ 554 $ 6,137
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($202,000) $ -
-------- --------
Net cash used by financing
activities ($202,000) $ -
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 99,525) $ 71,727
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 135,676 29,087
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 36,151 $100,814
======== ========
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
September 30, December 31,
1997 1996
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $114,335 $208,342
Accrued oil and gas sales 98,291 154,243
-------- --------
Total current assets $212,626 $362,585
NET OIL AND GAS PROPERTIES, utilizing
the full cost method 193,169 258,490
DEFERRED CHARGE 24,567 24,567
-------- --------
$430,362 $645,642
======== ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable $ 5,197 $ 7,947
Gas imbalance payable 48,915 48,915
-------- --------
Total current liabilities $ 54,112 $ 56,862
ACCRUED LIABILITY 86,645 86,645
PARTNERS' CAPITAL:
General Partner, issued and
outstanding, 80 units 2,896 5,021
Limited Partners, issued and
outstanding, 8,000 units 286,709 497,114
-------- --------
Total Partners' capital $289,605 $502,135
-------- --------
$430,362 $645,642
======== ========
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 SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Oil and gas sales $153,808 $151,394
Interest 2,994 1,798
-------- --------
$156,802 $153,192
COST AND EXPENSES:
Oil and gas production $ 36,826 $ 37,145
Depreciation, depletion, and
amortization of oil and gas
properties 15,212 24,534
General and administrative (Note 2) 18,878 17,727
-------- --------
$ 70,916 $ 79,406
-------- --------
NET INCOME $ 85,886 $ 73,786
======== ========
GENERAL PARTNER (1%) - net
income $ 859 $ 738
======== ========
LIMITED PARTNERS (99%) - net
income $ 85,027 $ 73,048
======== ========
NET INCOME PER UNIT $ 10.63 $ 9.13
======== ========
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 NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Oil and gas sales $496,237 $516,802
Interest 6,982 6,500
-------- --------
$503,219 $523,302
COST AND EXPENSES:
Oil and gas production $ 97,247 $125,092
Depreciation, depletion, and
amortization of oil and gas
properties 63,635 90,154
General and administrative (Note 2) 70,067 65,035
-------- --------
$230,949 $280,281
-------- --------
NET INCOME $272,270 $243,021
======== ========
GENERAL PARTNER (1%) - net
income $ 2,723 $ 2,430
======== ========
LIMITED PARTNERS (99%) - net
income $269,547 $240,591
======== ========
NET INCOME PER UNIT $ 33.70 $ 30.08
======== ========
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 NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $272,270 $243,021
Adjustments to reconcile net income
to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 63,635 90,154
(Increase) decrease in accrued oil
and gas sales 55,952 ( 13,059)
Increase (decrease) in accounts
payable ( 2,750) 1,333
-------- --------
Net cash provided by operating
activities $389,107 $321,449
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of oil and gas
properties $ 1,686 $ 23,765
Additions to oil and gas properties - ( 60)
-------- --------
Net cash provided by investing
activities $ 1,686 $ 23,705
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($484,800) ($404,000)
-------- --------
Net cash used by financing
activities ($484,800) ($404,000)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 94,007) ($ 58,846)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 208,342 160,547
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $114,335 $101,701
======== ========
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
SEPTEMBER 30, 1997
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The balance sheets as of September 30, 1997, statements of
operations for the three and nine months ended September 30, 1997
and 1996, and statements of cash flows for the nine months ended
September 30, 1997 and 1996 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 September 30, 1997, results of operations for the three and
nine months ended September 30, 1997 and 1996 and changes in cash
flows for the nine months ended September 30, 1997 and 1996 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, 1996. The results of operations for the
period ended September 30, 1997 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. The Programs' calculation
of depreciation, depletion, and amortization includes estimated
future expenditures to be incurred in developing proved reserves
and estimated dismantlement and abandonment costs, net of
estimated salvage values. 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. 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 period by the estimated future gross
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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 September 30, 1997 and 1996, the 1982-1 Program incurred
such expenses totaling $23,951 and $22,503, respectively, of
which $18,615 was paid each period to Dyco and its affiliates.
During the nine months ended September 30, 1997 and 1996, the
1982-1 Program incurred such expenses totaling $88,555 and
$82,204, respectively, of which $55,845 was paid each period to
Dyco and its affiliates. During the three months ended September
30, 1997 and 1996, the 1982-2 Program incurred such expenses
totaling $18,878 and $17,727, respectively, of which $14,610 was
paid each period to Dyco and its affiliates. During the nine
months ended September 30, 1997 and 1996, the 1982-2 Program
incurred such expenses totaling $70,067 and $65,035,
respectively, of which $43,830 was paid each period to Dyco and
its affiliates.
Affiliates of the Programs operate certain of the Programs'
properties. Their policy is to bill the Programs for all
customary charges and cost reimbursements associated with these
activities.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
USE OF FORWARD-LOOKING STATEMENTS AND ESTIMATES
- -----------------------------------------------
This Quarterly Report contains certain forward-looking
statements. The words "anticipate," "believe," "expect," "plan,"
"intend," "estimate," "project," "could," "may," and similar
expressions are intended to identify forward-looking statements.
Such statements reflect management's current views with respect
to future events and financial performance. This Quarterly
Report also includes certain information, which is, or is based
upon, estimates and assumptions. Such estimates and assumptions
are management's efforts to accurately reflect the condition and
operation of the Programs.
Use of forward-looking statements and estimates and assumptions
involve risks and uncertainties which include, but are not
limited to, the volatility of oil and gas prices, the uncertainty
of reserve information, the operating risk associated with oil
and gas properties (including the risk of personal injury, death,
property damage, damage to the well or producing reservoir,
environmental contamination, and other operating risks), the
prospect of changing tax and regulatory laws, the availability
and capacity of processing and transportation facilities, the
general economic climate, the supply and price of foreign imports
of oil and gas, the level of consumer product demand, and the
price and availability of alternative fuels. Should one or more
of these risks or uncertainties occur or should estimates or
underlying assumptions prove incorrect, actual conditions or
results may vary materially and adversely from those stated,
anticipated, believed, estimated, or otherwise indicated.
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
- ----------------------
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GENERAL DISCUSSION
The following general discussion should be read in conjunction
with the analysis of results of operations provided below. The
most important variable affecting the Programs' revenues is the
prices received for the sale of oil and gas. Predicting future
prices is very difficult. Substantially all of the Programs' gas
reserves are being sold in the "spot market". Prices on the spot
market are subject to wide seasonal and regional pricing
fluctuations due to the highly competitive nature of the spot
market. In addition, such spot market sales are generally short-
term in nature and are dependent upon the obtaining of
transportation services provided by pipelines. Management is
unable to predict whether future oil and gas prices will (i)
stabilize, (ii) increase, or (iii) decrease.
1982-1 PROGRAM
THREE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1996.
Three Months Ended September 30,
--------------------------------
1997 1996
------- -------
Oil and gas sales $69,833 $73,603
Oil and gas production expenses $24,937 $26,792
Barrels produced 494 488
Mcf produced 28,953 32,968
Average price/Bbl $ 18.08 $ 21.94
Average price/Mcf $ 2.10 $ 1.91
As shown in the table above, total oil and gas sales decreased
$3,770 (5.1%) for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. Of this
decrease, approximately $8,000 was related to a decrease in
volumes of gas sold, and $2,000 was related to the decrease in
the average price of oil sold; partially offset by approximately
$6,000 related to the increase in the average price of gas sold.
Volumes of gas sold decreased 4,015 Mcf for the three months
ended September 30, 1997 as compared to the three months ended
September 30, 1996. The decrease in volumes of gas sold
resulted primarily from normal declines in production due to
diminished gas reserves on one well during the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. Average oil prices decreased to $18.08 per
barrel for the three months ended September 30, 1997 from $21.94
per barrel for the three months ended September 30, 1996. Average
gas prices increased to $2.10 per Mcf for the three months ended
September 30, 1997 from $1.91 per Mcf for the three months
ended September 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $1,855 (6.9%) for the
three months ended September 30, 1997 as compared to the three
months ended September 30, 1996. This decrease resulted
primarily from decreases in volumes of gas sold during the three
months ended September 30, 1997 compared to the three months
ended September 30, 1996. As a percentage of oil and gas sales,
these expenses remained relatively constant at 35.7% for the
three months ended September 30, 1997 as compared to 36.4% for
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the three months ended September 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $4,922 (48.7%) for the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. This decrease resulted primarily from upward
revisions in the estimates of remaining oil and gas reserves at
December 31, 1996. As a percentage of oil and gas sales, this
expense decreased to 7.4% for the three months ended September
30, 1997 from 13.7% for the three months ended September 30,
1996. This percentage decrease was primarily due to the dollar
decrease in depreciation, depletion, and amortization discussed
above.
General and administrative expenses increased $1,448 (6.4%) for
the three months ended September 30, 1997 as compared to the
three months ended September 30, 1996. This increase resulted
primarily from an increase in computer consulting fees during the
three months ended September 30, 1997 as compared to the three
months ended September 30, 1996. As a percentage of oil and gas
sales, these expenses increased to 34.9% for the three months
ended September 30, 1997 from 30.6% for the three months ended
September 30, 1996. This percentage increase was due primarily to
the dollar increase in general and administrative expenses
discussed above.
NINE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1996.
Nine Months Ended September 30,
-------------------------------
1997 1996
-------- --------
Oil and gas sales $246,912 $235,275
Oil and gas production expenses $ 76,330 $ 88,517
Barrels produced 1,482 1,521
Mcf produced 97,680 108,178
Average price/Bbl $ 19.85 $ 20.15
Average price/Mcf $ 2.23 $ 1.89
As shown in the table above, total oil and gas sales increased
$11,637 (4.9%) for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. Of this
increase, approximately $33,000 was related to an increase in the
average price of gas sold, partially offset by a decrease of
approximately $20,000 related to a decrease in volumes of gas
sold. Volumes of oil and gas sold decreased by 39 barrels and
10,498 Mcf, respectively, for the nine months ended September 30,
1997 as compared to the nine months ended September 30, 1996.
Average oil prices decreased to $19.85 per barrel for the nine
months ended September 30, 1997 from $20.15 per barrel for the
nine months ended September 30, 1996. Average gas prices
increased to $2.23 per Mcf for the nine months ended September
30, 1997 from $1.89 per Mcf for the nine months ended September
30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $12,187 (13.8%) for the
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nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. This decrease resulted
primarily from (i) a decrease in general repair and maintenance
expenses on one well and (ii) a decrease in compression expense
on another well during the nine months ended September 30, 1997
as compared to the nine months ended September 30, 1996. As a
percentage of oil and gas sales, these expenses decreased to
30.9% for the nine months ended September 30, 1997 from 37.6% for
the nine months ended September 30, 1996. This percentage
decrease was primarily due to the decrease in oil and gas
production expenses as discussed above.
Depreciation, depletion, and amortization of oil and gas
properties decreased $10,577 (30.1%) for the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996. This decrease resulted primarily from upward revisions
in the estimates of remaining oil and gas reserves at December
31, 1996. As a percentage of oil and gas sales, this expense
decreased to 10.0% for the nine months ended September 30, 1997
from 14.9% for the nine months ended September 30, 1996. This
percentage decrease was primarily due to the dollar decrease in
depreciation, depletion, and amortization discussed above.
General and administrative expenses increased $6,351 (7.7%) for
the nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. This increase resulted
primarily from increases in both computer consulting fees and
computer upgrade expenses, which increases were partially offset
by a decrease in professional fees during the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996. As a percentage of oil and gas sales, these expenses
remained relatively constant at 35.9% for the nine months ended
September 30, 1997 as compared to 34.9% for the nine months ended
September 30, 1996.
1982-2 PROGRAM
THREE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1996.
Three Months Ended September 30,
--------------------------------
1997 1996
-------- --------
Oil and gas sales $153,808 $151,394
Oil and gas production expenses $ 36,826 $ 37,145
Barrels produced 6 33
Mcf produced 70,763 81,127
Average price/Bbl $ 17.17 $ 23.18
Average price/Mcf $ 2.17 $ 1.86
As shown in the table above, total oil and gas sales increased
$2,414 (1.6%) for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. Of this
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increase, approximately $22,000 was related to the increase in
the average price of gas sold, partially offset by a decrease of
approximately $20,000 related to a decrease in the volumes of oil
and gas sold . Volumes of oil and gas sold decreased 27 barrels
and 10,364 Mcf, respectively, for the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. The decrease in volumes of gas sold resulted
primarily from normal declines in production due to diminished
gas reserves on two wells. Average oil prices decreased to
$17.17 per barrel for the three months ended September 30, 1997
from $23.18 per barrel for the three months ended September 30,
1996. Average gas prices increased to $2.17 per Mcf for the
three months ended September 30, 1997 from $1.86 per Mcf for the
three months ended September 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) remained relatively constant for
the three months ended September 30, 1997 as compared to the
three months ended September 30, 1996. As a percentage of oil
and gas sales, these expenses remained relatively constant at
23.9% for the three months ended September 30, 1997 as compared
to 24.5% for the three months ended September 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $9,322 (38.0%) for the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. This decrease resulted primarily from (i)
upward revisions in the estimates of remaining oil and gas
reserves at December 31, 1996 and (ii) decreases in the volumes
of oil and gas sold during the three months ended September 30,
1997 as compared to the three months ended September 30, 1996.
As a percentage of oil and gas sales, this expense decreased to
9.9% for the three months ended September 30, 1997 from 16.2% for
the three months ended September 30, 1996. This percentage
decrease was primarily due to the dollar decrease in
depreciation, depletion, and amortization discussed above.
General and administrative expenses increased $1,151 (6.5%) for
the three months ended September 30, 1997 as compared to the
three months ended September 30, 1996. This increase resulted
primarily from an increase in computer consulting fees incurred
during the three months ended September 30, 1997 as compared to
the three months ended September 30, 1996. As a percentage of
oil and gas sales, these expenses remained relatively constant at
12.3% for the three months ended September 30, 1997 as compared
to 11.7% for the three months ended September 30, 1996.
NINE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1996.
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Nine Months Ended September 30,
-------------------------------
1997 1996
-------- --------
Oil and gas sales $496,237 $516,802
Oil and gas production expenses $ 97,247 $125,092
Barrels produced 90 201
Mcf produced 225,390 277,223
Average price/Bbl $ 21.96 $ 21.68
Average price/Mcf $ 2.19 $ 1.85
As shown in the table above, total oil and gas sales decreased
$20,565 (4.0%) for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. Of this
decrease, approximately $98,000 was related to the decrease in
volumes of gas sold, partially offset by an increase of
approximately $77,000 related to the increase in the average
price of gas sold. Volumes of oil and gas sold decreased 111
barrels and 51,833 Mcf, respectively, for the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996. The decrease in volumes of gas sold resulted primarily
from normal declines in production due to diminished gas reserves
on several wells. Average oil and gas prices increased to $21.96
per barrel and $2.19 per Mcf, respectively, for the nine months
ended September 30, 1997 from $21.68 per barrel and $1.85 per
Mcf, respectively, for the nine months ended September 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $27,845 (22.3%) for the
nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. This decrease resulted
primarily from (i) abandonment expenses incurred on one well
during the nine months ended September 30, 1996 and (ii) a
decrease in volumes of oil and gas sold during the nine months
ended September 30, 1997 as compared to the nine months ended
September 30, 1996. As a percentage of oil and gas sales, these
expenses decreased to 19.6% for the nine months ended September
30, 1997 from 24.2% for the nine months ended September 30, 1996.
This percentage decrease was primarily due to the dollar decrease
in oil and gas production expense discussed above.
Depreciation, depletion, and amortization of oil and gas
properties decreased $26,519 (29.4%) for the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996. This decrease resulted primarily from decreases in
volumes of oil and gas sold during the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996. As a percentage of oil and gas sales, this expense
decreased to 12.8% for the nine months ended September 30, 1997
from 17.4% for the nine months ended September 30, 1996. This
percentage decrease was primarily due to the increases in the
average prices of oil and gas sold during the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996.
-17-
<PAGE>
<PAGE>
General and administrative expenses increased $5,032 (7.7%) for
the nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. This increase resulted
primarily from increases in both computer consulting fees and
computer upgrade expenses, which increases were partially offset
by a decrease in postage expenses during the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996. As a percentage of oil and gas sales, these expenses
increased to 14.1% for the nine months ended September 30, 1997
from 12.6% for the nine months ended September 30, 1996. This
percentage increase was primarily due to the dollar increase in
general and administrative expenses discussed above.
-18-
<PAGE>
<PAGE>
PART II: OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27.1 Financial Data Schedule containing summary
financial information extracted from the 1982-1
Program's financial statements as of September 30,
1997 and for the nine months ended September 30,
1997, filed herewith.
27.2 Financial Data Schedule containing summary
financial information extracted from the 1982-2
Program's financial statements as of September 30,
1997 and for the nine months ended September 30,
1997, filed herewith.
All other exhibits are omitted as inapplicable.
(b) Reports on Form 8-K
None.
-19-
<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: November 4, 1997 By: /s/Dennis R. Neill
-------------------------------
(Signature)
Dennis R. Neill
President
Date: November 4, 1997 By: /s/Patrick M. Hall
-------------------------------
(Signature)
Patrick M. Hall
Chief Financial Officer
-20-
<PAGE>
<PAGE>
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
September 30, 1997 and for the nine months ended September
30, 1997, 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
September 30, 1997 and for the nine months ended September
30, 1997, filed herewith.
All other exhibits are omitted as inapplicable.
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000718943
<NAME> DYCO OIL AND GAS PROGRAM 1982-1 LIMITED PARTNERSHIP
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 36,151
<SECURITIES> 0
<RECEIVABLES> 49,634
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 85,785
<PP&E> 52,550,357
<DEPRECIATION> 52,398,743
<TOTAL-ASSETS> 296,746
<CURRENT-LIABILITIES> 6,372
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 237,138
<TOTAL-LIABILITY-AND-EQUITY> 296,746
<SALES> 246,913
<TOTAL-REVENUES> 252,832
<CGS> 0
<TOTAL-COSTS> 189,458
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 63,374
<INCOME-TAX> 0
<INCOME-CONTINUING> 63,374
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 63,374
<EPS-PRIMARY> 6.27
<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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 114,335
<SECURITIES> 0
<RECEIVABLES> 98,291
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 212,626
<PP&E> 38,307,072
<DEPRECIATION> 38,113,903
<TOTAL-ASSETS> 430,362
<CURRENT-LIABILITIES> 54,112
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 289,605
<TOTAL-LIABILITY-AND-EQUITY> 430,362
<SALES> 496,237
<TOTAL-REVENUES> 503,219
<CGS> 0
<TOTAL-COSTS> 230,949
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 272,270
<INCOME-TAX> 0
<INCOME-CONTINUING> 272,270
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 272,270
<EPS-PRIMARY> 33.70
<EPS-DILUTED> 0
</TABLE>
