<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, 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
---- ----
<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,
1997 1996
---------- ------------
CURRENT ASSETS:
Cash and cash equivalents $190,507 $135,676
Accrued oil and gas sales 47,337 64,236
-------- --------
Total current assets $237,844 $199,912
NET OIL AND GAS PROPERTIES, utilizing
the full cost method 163,595 176,741
DEFERRED CHARGE 59,347 59,347
-------- --------
$460,786 $436,000
======== ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable $ 5,268 $ 7,000
-------- --------
Total current liabilities $ 5,268 $ 7,000
ACCRUED LIABILITY 53,236 53,236
PARTNERS' CAPITAL:
General Partner, issued and
outstanding, 100 units 4,022 3,757
Limited Partners, issued and
outstanding, 10,000 units 398,260 372,007
-------- --------
Total Partners' capital $402,282 $375,764
-------- --------
$460,786 $436,000
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
-2-
<PAGE>
<PAGE>
DYCO OIL AND GAS PROGRAM 1982-1 LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
-------- -------
REVENUES:
Oil and gas sales $ 99,803 $75,554
Interest 1,343 242
-------- -------
$101,146 $75,796
COST AND EXPENSES:
Oil and gas production $ 20,763 $28,112
Depreciation, depletion, and
amortization of oil and gas
properties 13,146 11,639
General and administrative (Note 2) 40,719 32,408
-------- -------
$ 74,628 $72,159
-------- -------
NET INCOME $ 26,518 $ 3,637
======== =======
GENERAL PARTNER (1%) - net
income $ 265 $ 36
======== =======
LIMITED PARTNERS (99%) - net
income $ 26,253 $ 3,601
======== =======
NET INCOME PER UNIT $ 2.63 $ .36
======== =======
UNITS OUTSTANDING 10,100 10,100
======== =======
The accompanying condensed notes are an
integral part of these financial statements.
-3-
<PAGE>
<PAGE>
DYCO OIL AND GAS PROGRAM 1982-1 LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 26,518 $ 3,637
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 13,146 11,639
(Increase) decrease in accrued oil
and gas sales 16,899 ( 2,692)
Increase (decrease) in accounts
payable ( 1,732) 118
-------- -------
Net cash provided by operating
activities $ 54,831 $12,702
-------- -------
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 IN CASH AND CASH
EQUIVALENTS $ 54,831 $12,685
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 135,676 29,087
-------- -------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $190,507 $41,772
======== =======
The accompanying condensed notes are an
integral part of these financial statements.
-4-
<PAGE>
<PAGE>
DYCO OIL AND GAS PROGRAM 1982-2 LIMITED PARTNERSHIP
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1997 1996
---------- ------------
CURRENT ASSETS:
Cash and cash equivalents $126,358 $208,342
Accrued oil and gas sales 114,565 154,243
-------- --------
Total current assets $240,923 $362,585
NET OIL AND GAS PROPERTIES, utilizing
the full cost method 216,474 258,490
DEFERRED CHARGE 24,567 24,567
-------- --------
$481,964 $645,642
======== ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable $ 7,152 $ 7,947
Gas imbalance payable 48,915 48,915
-------- --------
Total current liabilities $ 56,067 $ 56,862
ACCRUED LIABILITY 86,645 86,645
PARTNERS' CAPITAL:
General Partner, issued and
outstanding, 80 units 3,392 5,021
Limited Partners, issued and
outstanding, 8,000 units 335,860 497,114
-------- --------
Total Partners' capital $339,252 $502,135
-------- --------
$481,964 $645,642
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
-5-
<PAGE>
<PAGE>
DYCO OIL AND GAS PROGRAM 1982-2 LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Oil and gas sales $228,684 $162,435
Interest 2,359 1,784
-------- --------
$231,043 $164,219
COST AND EXPENSES:
Oil and gas production $ 37,978 $ 48,724
Depreciation, depletion, and
amortization of oil and gas
properties 40,857 30,216
General and administrative (Note 2) 32,291 25,753
-------- --------
$111,126 $104,693
-------- --------
NET INCOME $119,917 $ 59,526
======== ========
GENERAL PARTNER (1%) - net
income $ 1,199 $ 595
======== ========
LIMITED PARTNERS (99%) - net
income $118,718 $ 58,931
======== ========
NET INCOME PER UNIT $ 14.84 $ 7.37
======== ========
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, 1997 AND 1996
(Unaudited)
1997 1996
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $119,917 $ 59,526
Adjustments to reconcile net income
to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 40,857 30,216
(Increase) decrease in accrued oil
and gas sales 39,678 ( 5,921)
Increase (decrease) in accounts
payable ( 795) 875
-------- --------
Net cash provided by operating
activities $199,657 $ 84,696
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of oil and
gas properties $ 1,159 $ -
-------- --------
Net cash provided by investing
activities $ 1,159 $ -
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($282,800) $ -
-------- --------
Net cash used by financing
activities ($282,800) $ -
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 81,984) $ 84,696
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 208,342 160,547
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $126,358 $245,243
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
-7-
<PAGE>
<PAGE>
DYCO OIL AND GAS PROGRAM 1982-1 LIMITED PARTNERSHIP
DYCO OIL AND GAS PROGRAM 1982-2 LIMITED PARTNERSHIP
CONDENSED NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1997
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The balance sheets as of March 31, 1997, statements of operations
for the three months ended March 31, 1997 and 1996, and
statements of cash flows for the three months ended March 31,
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 March 31, 1997, results of operations for the three months
ended March 31, 1997 and 1996 and changes in cash flows for the
three months ended March 31, 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 March 31, 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 Program's 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
income from the oil and gas properties and applying the resulting
-8-
<PAGE>
<PAGE>
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, 1997 and 1996, the 1982-1 Program incurred such
expenses totaling $40,719 and $32,408, respectively, of which
$18,615 was paid each quarter to Dyco and its affiliates. During
the three months ended March 31, 1997 and 1996, the 1982-2
Program incurred such expenses totaling $32,291 and $25,753,
respectively, of which $14,160 was paid each quarter 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.
-9-
<PAGE>
<PAGE>
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 Program.
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
- ----------------------
GENERAL DISCUSSION
The following general discussion should be read in conjunction
with the analysis of results of operations provided below. The
-10-
<PAGE>
<PAGE>
most important variable affecting the Program's revenues is the
prices received for the sale of oil and gas. Predicting future
prices is very difficult. Substantially all of the Program's 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 MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1996.
Three months ended March 31,
----------------------------
1997 1996
------- -------
Oil and gas sales $99,803 $75,554
Oil and gas production expenses $20,763 $28,112
Barrels produced 527 400
Mcf produced 31,663 37,802
Average price/Bbl $ 21.86 $ 18.43
Average price/Mcf $ 2.79 $ 1.80
As shown in the table above, total oil and gas sales increased
$24,249 (32.1%) for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Of this
increase, approximately $31,000 was related to an increase in the
average price of gas sold and approximately $2,000 was related to
an increase in volumes of oil sold, partially offset by a
decrease of approximately $11,000 related to a decrease in
volumes of gas sold. Volumes of oil sold increased 127 barrels,
while volumes of gas sold decreased 6,139 Mcf for the three
months ended March 31, 1997 as compared to the three months ended
March 31, 1996. The decrease in volumes of gas sold resulted
primarily from (i) normal declines in production due to
diminished gas reserves on one well, (ii) the sale of one gas
producing well during 1996, and (iii) the shutting-in of one well
during the three months ended March 31, 1997 in order to increase
production capabilities. Average oil and gas prices increased to
$21.86 per barrel and $2.79 per Mcf, respectively, for the three
months ended March 31, 1997 from $18.43 per barrel and $1.80 per
Mcf, respectively, for the three months ended March 31, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $7,349 (26.1%) for the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. This decrease resulted primarily from (i)
a decrease in general repair and maintenance expenses incurred on
two wells during the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996, (ii) the sale
of two wells during 1996, and (iii) decreases in volumes of gas
sold during the three months ended March 31, 1997 as compared to
the three months ended March 31, 1996, partially offset by an
increase in production taxes associated with the increase in oil
and gas sales discussed above. As a percentage of oil and gas
sales, these expenses decreased to 20.8% for the three months
-11-
<PAGE>
<PAGE>
ended March 31, 1997 from 37.2% for the three months ended March
31, 1996. This percentage decrease was primarily due to the
dollar decrease in production expenses discussed above and the
increases in the average prices of oil and gas sold during the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996.
Depreciation, depletion, and amortization of oil and gas
properties increased $1,507 (12.9%) for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. This increase resulted primarily from a decrease in gas
prices used in the valuation of reserves at March 31, 1997,
partially offset by the decrease in volumes of gas sold during
the three months ended March 31, 1997 as compared to the three
months ended March 31, 1996. As a percentage of oil and gas
sales, this expense decreased to 13.2% for the three months ended
March 31, 1997 from 15.4% for the three months ended March 31,
1996. This percentage decrease was primarily due to the
increases in the average prices of oil and gas sold during the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996.
General and administrative expenses increased $8,311 (25.6%) for
the three months ended March 31, 1997 as compared to the three
months ended March 31, 1996. This increase resulted primarily
from an increase in professional fees during the three months
ended March 31, 1997 as compared to the three months ended March
31, 1996. As a percentage of oil and gas sales, these expenses
decreased to 40.8% for the three months ended March 31, 1997 from
42.9% for the three months ended March 31, 1996. This percentage
decrease was primarily due to the increase in oil and gas sales
discussed above.
1982-2 PROGRAM
THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1996.
Three months ended March 31,
----------------------------
1997 1996
-------- --------
Oil and gas sales $228,684 $162,435
Oil and gas production expenses $ 37,978 $ 48,724
Barrels produced 84 46
Mcf produced 86,589 94,084
Average price/Bbl $ 22.30 $ 20.50
Average price/Mcf $ 2.62 $ 1.72
As shown in the table above, total oil and gas sales increased
$66,249 (40.8%) for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Of this
increase, approximately $78,000 was related to an increase in the
average price of gas sold, partially offset by a decrease of
approximately $13,000 related to a decrease in volumes of gas
sold. Volumes of oil sold increased 38 barrels, while volumes of
gas sold decreased 7,495 Mcf for the three months ended March 31,
1997 as compared to the three months ended March 31, 1996.
Average oil and gas prices increased to $22.30 per barrel and
$2.62 per Mcf, respectively, for the three months ended March 31,
1997 from $20.50 per barrel and $1.72 per Mcf, respectively, for
-12-
<PAGE>
<PAGE>
the three months ended March 31, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $10,746 (22.1%) for the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. This decrease resulted primarily from
abandonment expenses incurred on one well during the three months
ended March 31, 1996, partially offset by an increase in
production taxes associated with the increase in oil and gas
sales discussed above. As a percentage of oil and gas sales,
these expenses decreased to 16.6% for the three months ended
March 31, 1997 from 30.0% for the three months ended March 31,
1996. This percentage decrease was primarily due to the dollar
decrease in oil and gas production expenses discussed above and
the increases in the average prices of oil and gas sold during
the three months ended March 31, 1997 as compared to the three
months ended March 31, 1996.
Depreciation, depletion, and amortization of oil and gas
properties increased $10,641 (35.2%) for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. This increase resulted primarily from a decrease in the
gas price used in the valuation of reserves at March 31, 1997.
As a percentage of oil and gas sales, this expense remained
relatively constant at 17.9% for the three months ended March 31,
1997 as compared to 18.6% for the three months ended March 31,
1996.
General and administrative expenses increased $6,538 (25.4%) for
the three months ended March 31, 1997 as compared to the three
months ended March 31, 1996. This increase resulted primarily
from an increase in professional fees during the three months
ended March 31, 1997 as compared to the three months ended March
31, 1996. As a percentage of oil and gas sales, these expenses
remained relatively constant at 14.1% for the three months ended
March 31, 1997 as compared to 15.9% for the three months ended
March 31, 1996.
-13-
<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 Dyco Oil
and Gas Program 1982-1 Limited Partnership's
financial statements as of March 31, 1997 and for
the three months ended March 31, 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 March 31, 1997 and for
the three months ended March 31, 1997, filed
herewith.
All other exhibits are omitted as inapplicable.
(b) Reports on Form 8-K for the first quarter of 1997.
Date of Event: January 24, 1997
Date filed with the SEC: January 24, 1997
Item Included:
Item 5 - Other Events
-14-
<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: May 5, 1997 By: /s/Dennis R. Neill
-------------------------------
(Signature)
Dennis R. Neill
President
Date: May 5, 1997 By: /s/Patrick M. Hall
-------------------------------
(Signature)
Patrick M. Hall
Chief Financial Officer
-15-
<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
March 31, 1997 and for the three months ended March 31,
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
March 31, 1997 and for the three months ended March 31,
1997, filed herewith.
All other exhibits are omitted as inapplicable.
-16-
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000718943
<NAME> DYCO OIL AND GAS PROGRAM 1982-1 LIMITED PARTNERSHIP
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 190,507
<SECURITIES> 0
<RECEIVABLES> 47,337
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 237,844
<PP&E> 52,550,911
<DEPRECIATION> 52,387,316
<TOTAL-ASSETS> 460,786
<CURRENT-LIABILITIES> 5,268
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 402,282
<TOTAL-LIABILITY-AND-EQUITY> 460,786
<SALES> 99,803
<TOTAL-REVENUES> 101,146
<CGS> 0
<TOTAL-COSTS> 74,628
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 26,518
<INCOME-TAX> 0
<INCOME-CONTINUING> 26,518
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 26,518
<EPS-PRIMARY> 2.63
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000718944
<NAME> DYCO OIL AND GAS PROGRAM 1982-2 LIMITED PARTNERSHIP
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 126,358
<SECURITIES> 0
<RECEIVABLES> 114,565
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 240,923
<PP&E> 38,307,599
<DEPRECIATION> 38,091,125
<TOTAL-ASSETS> 481,964
<CURRENT-LIABILITIES> 56,067
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 339,252
<TOTAL-LIABILITY-AND-EQUITY> 481,964
<SALES> 228,684
<TOTAL-REVENUES> 231,043
<CGS> 0
<TOTAL-COSTS> 111,126
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 119,917
<INCOME-TAX> 0
<INCOME-CONTINUING> 119,917
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 119,917
<EPS-PRIMARY> 14.84
<EPS-DILUTED> 0
</TABLE>
