<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, 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
June 30, December 31,
1997 1996
--------- ------------
CURRENT ASSETS:
Cash and cash equivalents $215,499 $135,676
Accrued oil and gas sales 47,587 64,236
-------- --------
Total current assets $263,086 $199,912
NET OIL AND GAS PROPERTIES, utilizing
the full cost method 157,358 176,741
DEFERRED CHARGE 59,347 59,347
-------- --------
$479,791 $436,000
======== ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable $ 5,569 $ 7,000
-------- --------
Total current liabilities $ 5,569 $ 7,000
ACCRUED LIABILITY 53,236 53,236
PARTNERS' CAPITAL:
General Partner, issued and
outstanding, 100 units 4,209 3,757
Limited Partners, issued and
outstanding, 10,000 units 416,777 372,007
-------- --------
Total Partners' capital $420,986 $375,764
-------- --------
$479,791 $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 JUNE 30, 1997 AND 1996
(Unaudited)
1997 1996
-------- -------
REVENUES:
Oil and gas sales $77,277 $86,118
Interest 2,179 412
------- -------
$79,456 $86,530
COST AND EXPENSES:
Oil and gas production $30,630 $33,613
Depreciation, depletion, and
amortization of oil and gas
properties 6,237 13,399
General and administrative (Note 2) 23,885 27,293
------- -------
$60,752 $74,305
------- -------
NET INCOME $18,704 $12,225
======= =======
GENERAL PARTNER (1%) - net
income $ 187 $ 123
======= =======
LIMITED PARTNERS (99%) - net
income $18,517 $12,102
======= =======
NET INCOME PER UNIT $ 1.85 $ 1.21
======= =======
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, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Oil and gas sales $177,080 $161,672
Interest 3,522 654
-------- --------
$180,602 $162,326
COST AND EXPENSES:
Oil and gas production $ 51,393 $ 61,725
Depreciation, depletion, and
amortization of oil and gas
properties 19,383 25,038
General and administrative (Note 2) 64,604 59,701
-------- --------
$135,380 $146,464
-------- --------
NET INCOME $ 45,222 $ 15,862
======== ========
GENERAL PARTNER (1%) - net
income $ 452 $ 159
======== ========
LIMITED PARTNERS (99%) - net
income $ 44,770 $ 15,703
======== ========
NET INCOME PER UNIT $ 4.48 $ 1.57
======== ========
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, 1997 AND 1996
(Unaudited)
1997 1996
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 45,222 $15,862
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 19,383 25,038
(Increase) decrease in accrued oil
and gas sales 16,649 ( 4,953)
Increase (decrease) in accounts
payable ( 1,431) 1,234
-------- -------
Net cash provided by operating
activities $ 79,823 $37,181
-------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of oil and gas
properties $ - $ 573
Additions to oil and gas properties - ( 2,031)
-------- -------
Net cash used by investing
activities $ - ($ 1,458)
-------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net cash used by financing
activities $ - $ -
-------- -------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 79,823 $35,723
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 135,676 29,087
-------- -------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $215,499 $64,810
======== =======
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,
1997 1996
---------- ------------
CURRENT ASSETS:
Cash and cash equivalents $223,431 $208,342
Accrued oil and gas sales 90,771 154,243
-------- --------
Total current assets $314,202 $362,585
NET OIL AND GAS PROPERTIES, utilizing
the full cost method 208,381 258,490
DEFERRED CHARGE 24,567 24,567
-------- --------
$547,150 $645,642
======== ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable $ 5,871 $ 7,947
Gas imbalance payable 48,915 48,915
-------- --------
Total current liabilities $ 54,786 $ 56,862
ACCRUED LIABILITY 86,645 86,645
PARTNERS' CAPITAL:
General Partner, issued and
outstanding, 80 units 4,057 5,021
Limited Partners, issued and
outstanding, 8,000 units 401,662 497,114
-------- --------
Total Partners' capital $405,719 $502,135
-------- --------
$547,150 $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 JUNE 30, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Oil and gas sales $113,745 $202,973
Interest 1,629 2,918
-------- --------
$115,374 $205,891
COST AND EXPENSES:
Oil and gas production $ 22,443 $ 39,223
Depreciation, depletion, and
amortization of oil and gas
properties 7,566 35,404
General and administrative (Note 2) 18,898 21,555
-------- --------
$ 48,907 $ 96,182
-------- --------
NET INCOME $ 66,467 $109,709
======== ========
GENERAL PARTNER (1%) - net
income $ 665 $ 1,097
======== ========
LIMITED PARTNERS (99%) - net
income $ 65,802 $108,612
======== ========
NET INCOME PER UNIT $ 8.23 $ 13.58
======== ========
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, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Oil and gas sales $342,429 $365,408
Interest 3,988 4,702
-------- --------
$346,417 $370,110
COST AND EXPENSES:
Oil and gas production $ 60,421 $ 87,947
Depreciation, depletion, and
amortization of oil and gas
properties 48,423 65,620
General and administrative (Note 2) 51,189 47,308
-------- --------
$160,033 $200,875
-------- --------
NET INCOME $186,384 $169,235
======== ========
GENERAL PARTNER (1%) - net
income $ 1,864 $ 1,692
======== ========
LIMITED PARTNERS (99%) - net
income $184,520 $167,543
======== ========
NET INCOME PER UNIT $ 23.07 $ 20.94
======== ========
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, 1997 AND 1996
(Unaudited)
1997 1996
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $186,384 $169,235
Adjustments to reconcile net income
to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 48,423 65,620
(Increase) decrease in accrued oil
and gas sales 63,472 ( 25,331)
Increase (decrease) in accounts
payable ( 2,076) 1,759
-------- --------
Net cash provided by operating
activities $296,203 $211,283
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of oil and gas
properties $ 1,686 $ 12,404
Additions to oil and gas properties - ( 60)
-------- --------
Net cash provided by investing
activities $ 1,686 $ 12,344
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($282,800) ($242,400)
-------- --------
Net cash used by financing
activities ($282,800) ($242,400)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 15,089 ($ 18,773)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 208,342 160,547
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $223,431 $141,774
======== ========
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, 1997
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The balance sheets as of June 30, 1997, statements of operations
for the three and six months ended June 30, 1997 and 1996, and
statements of cash flows for the six months ended June 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 June 30, 1997, results of operations for the three and six
months ended June 30, 1997 and 1996 and changes in cash flows for
the six months ended June 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 June 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 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
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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 June 30, 1997 and 1996, the 1982-1 Program incurred such
expenses totaling $23,885 and $27,293, respectively, of which
$18,615 was paid quarterly to Dyco and its affiliates. During
the six months ended June 30, 1997 and 1996, the 1982-1 Program
incurred such expenses totaling $64,604 and $59,701,
respectively, of which $37,230 was paid each period to Dyco and
its affiliates. During the three months ended June 30, 1997 and
1996, the 1982-2 Program incurred such expenses totaling $18,898
and $21,555, respectively, of which $14,610 was paid quarterly to
Dyco and its affiliates. During the six months ended June 30,
1997 and 1996, the 1982-2 Program incurred such expenses totaling
$51,189 and $47,308, respectively, of which $29,220 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 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
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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 JUNE 30, 1997 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1996.
Three months ended June 30,
----------------------------
1997 1996
------- -------
Oil and gas sales $77,277 $86,118
Oil and gas production expenses $30,630 $33,613
Barrels produced 461 633
Mcf produced 37,064 37,408
Average price/Bbl $ 19.46 $ 19.85
Average price/Mcf $ 1.84 $ 1.97
As shown in the table above, total oil and gas sales decreased
$8,841 (10.3%) for the three months ended June 30, 1997 as
compared to the three months ended June 30, 1996. Of this
decrease, approximately $5,000 was related to a decrease in the
average price of gas sold and approximately $3,000 was related to
a decrease in volumes of oil sold. Volumes of oil and gas sold
decreased 172 barrels and 344 Mcf, respectively, for the three
months ended June 30, 1997 as compared to the three months ended
June 30, 1996. Average oil and gas prices decreased to $19.46
per barrel and $1.84 per Mcf, respectively, for the three months
ended June 30, 1997 from $19.85 per barrel and $1.97 per Mcf,
respectively, for the three months ended June 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $2,983 (8.9%) for the
three months ended June 30, 1997 as compared to the three months
ended June 30, 1996. This decrease resulted primarily from (i)
the sale of two wells during 1996, (ii) a decrease in production
taxes associated with the decrease in oil and gas sales discussed
above, and (iii) a decrease in general repair and maintenance
expenses incurred on one well during the three months ended June
30, 1997 as compared to the three months ended June 30, 1996. As
a percentage of oil and gas sales, these expenses remained
relatively constant at 39.6% for the three months ended June 30,
1997 and 39.0% for the three months ended June 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $7,162 (53.5%) for the three months ended
June 30, 1997 as compared to the three months ended June 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 8.1% for the three months ended June 30, 1997 from
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15.6% for the three months ended June 30, 1996. This percentage
decrease was primarily due to the decrease in depreciation,
depletion, and amortization discussed above, partially offset by
the decreases in the average prices of oil and gas sold during
the three months ended June 30, 1997 as compared to the three
months ended June 30, 1996.
General and administrative expenses decreased $3,408 (12.5%) for
the three months ended June 30, 1997 as compared to the three
months ended June 30, 1996. This decrease resulted primarily
from a decrease in professional fees during the three months
ended June 30, 1997 as compared to the three months ended June
30, 1996. As a percentage of oil and gas sales, these expenses
remained relatively constant at 30.9% for the three months ended
June 30, 1997 and 31.7% for the three months ended June 30, 1996.
SIX MONTHS ENDED JUNE 30, 1997 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1996.
Six months ended June 30,
-------------------------
1997 1996
-------- --------
Oil and gas sales $177,080 $161,672
Oil and gas production expenses $ 51,393 $ 61,725
Barrels produced 988 1,033
Mcf produced 68,727 75,210
Average price/Bbl $ 20.74 $ 19.30
Average price/Mcf $ 2.28 $ 1.88
As shown in the table above, total oil and gas sales increased
$15,408 (9.5%) for the six months ended June 30, 1997 as compared
to the six months ended June 30, 1996. Of this increase,
approximately $27,000 was related to an increase in the average
price of gas sold, partially offset by a decrease of
approximately $12,000 related to a decrease in volumes of gas
sold. Volumes of oil and gas sold decreased 45 barrels and 6,483
Mcf, respectively, for the six months ended June 30, 1997 as
compared to the six months ended June 30, 1996. Average oil and
gas prices increased to $20.74 per barrel and $2.28 per Mcf,
respectively, for the six months ended June 30, 1997 from $19.30
per barrel and $1.88 per Mcf, respectively, for the six months
ended June 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $10,332 (16.7%) for the
six months ended June 30, 1997 as compared to the six months
ended June 30, 1996. This decrease resulted primarily from (i) a
decrease in general repair and maintenance expenses incurred on
one well during the six months ended June 30, 1997 as compared to
the six months ended June 30, 1996 and (ii) workover expenses
incurred on another well during the six months ended June 30,
1996 in order to improve the recovery of reserves. As a
percentage of oil and gas sales, these expenses decreased to
29.0% for the six months ended June 30, 1997 from 38.2% for the
six months ended June 30, 1996. This percentage decrease was
primarily due to the increases in the average prices of oil and
gas sold during the six months ended June 30, 1997 as compared to
the six months ended June 30, 1996.
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Depreciation, depletion, and amortization of oil and gas
properties decreased $5,655 (22.6%) for the six months ended June
30, 1997 as compared to the six months ended June 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) a decrease in volumes of oil and gas sold during the six
months ended June 30, 1997 as compared to the six months ended
June 30, 1996. As a percentage of oil and gas sales, this
expense decreased to 10.9% for the six months ended June 30, 1997
from 15.5% for the six months ended June 30, 1996. This
percentage decrease was primarily due to the increases in the
average prices of oil and gas sold during the six months ended
June 30, 1997 as compared to the six months ended June 30, 1996.
General and administrative expenses increased $4,903 (8.2%) for
the six months ended June 30, 1997 as compared to the six months
ended June 30, 1996. This increase resulted primarily from an
increase in professional fees and miscellaneous expenses during
the six months ended June 30, 1997 as compared to the six months
ended June 30, 1996. As a percentage of oil and gas sales, these
expenses remained relatively constant at 36.5% for the six months
ended June 30, 1997 and 36.9% for the six months ended June 30,
1996.
1982-2 PROGRAM
THREE MONTHS ENDED JUNE 30, 1997 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1996.
Three months ended June 30,
----------------------------
1997 1996
-------- --------
Oil and gas sales $113,745 $202,973
Oil and gas production expenses $ 22,443 $ 39,223
Barrels produced - 122
Mcf produced 68,038 102,012
Average price/Bbl $ - $ 21.71
Average price/Mcf $ 1.67 $ 1.96
As shown in the table above, total oil and gas sales decreased
$89,228 (44.0%) for the three months ended June 30, 1997 as
compared to the three months ended June 30, 1996. Of this
decrease, approximately $67,000 and $20,000, respectively, were
related to decreases in volumes and the average price of gas
sold. Volumes of oil and gas sold decreased 122 barrels and
33,974 Mcf, respectively, for the three months ended June 30,
1997 as compared to the three months ended June 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 gas prices decreased to $1.67 per Mcf for the
three months ended June 30, 1997 from $1.96 per Mcf for the three
months ended June 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $16,780 (42.8%) for the
three months ended June 30, 1997 as compared to the three months
ended June 30, 1996. This decrease resulted primarily from (i)
the decrease in volumes of oil and gas sold during the three
months ended June 30, 1997 as compared to the three months ended
June 30, 1996 and (ii) a decrease in production taxes associated
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with the decrease in oil and gas sales discussed above. As a
percentage of oil and gas sales, these expenses remained
relatively constant at 19.7% for the three months ended June 30,
1997 and 19.3% for the three months ended June 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $27,838 (78.6%) for the three months ended
June 30, 1997 as compared to the three months ended June 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 June 30, 1997 as compared to the
three months ended June 30, 1996. As a percentage of oil and gas
sales, this expense decreased to 6.7% for the three months ended
June 30, 1997 from 17.4% for the three months ended June 30,
1996. This percentage decrease was primarily due to the dollar
decrease in depreciation, depletion, and amortization discussed
above.
General and administrative expenses decreased $2,657 (12.3%) for
the three months ended June 30, 1997 as compared to the three
months ended June 30, 1996. This decrease resulted primarily
from a decrease in professional fees incurred during the three
months ended June 30, 1997 as compared to the three months ended
June 30, 1996. As a percentage of oil and gas sales, these
expenses increased to 16.6% for the three months ended June 30,
1997 from 10.6% for the three months ended June 30, 1996. This
percentage increase was primarily due to the decrease in oil and
gas sales discussed above.
SIX MONTHS ENDED JUNE 30, 1997 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1996.
Six months ended June 30,
-------------------------
1997 1996
-------- --------
Oil and gas sales $342,429 $365,408
Oil and gas production expenses $ 60,421 $ 87,947
Barrels produced 84 168
Mcf produced 154,627 196,096
Average price/Bbl $ 22.30 $ 21.38
Average price/Mcf $ 2.20 $ 1.85
As shown in the table above, total oil and gas sales decreased
$22,979 (6.3%) for the six months ended June 30, 1997 as compared
to the six months ended June 30, 1996. Of this decrease,
approximately $77,000 was related to the decrease in volumes of
gas sold, partially offset by an increase of approximately
$54,000 related to the increase in the average price of gas sold.
Volumes of oil and gas sold decreased 84 barrels and 41,469 Mcf,
respectively, for the six months ended June 30, 1997 as compared
to the six months ended June 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 and gas
prices increased to $22.30 per barrel and $2.20 per Mcf,
respectively, for the six months ended June 30, 1997 from $21.38
per barrel and $1.85 per Mcf, respectively, for the six months
ended June 30, 1996.
-16-
<PAGE>
<PAGE>
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $27,526 (31.3%) for the
six months ended June 30, 1997 as compared to the six months
ended June 30, 1996. This decrease resulted primarily from (i) a
prior period adjustment made by the operator of one well for
compression expenses during the six months ended June 30, 1996,
(ii) abandonment expenses incurred on another well during the six
months ended June 30, 1996, and (iii) decreases in the volumes of
oil and gas sold during the six months ended June 30, 1997 as
compared to the six month ended June 30, 1996. As a percentage
of oil and gas sales, these expenses decreased to 17.6% for the
six months ended June 30, 1997 from 24.1% for the six months
ended June 30, 1996. This percentage decrease was primarily due
to the increases in the average prices of oil and gas sold during
the six months ended June 30, 1997 as compared to the six months
ended June 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $17,197 (26.2%) for the six months ended
June 30, 1997 as compared to the six months ended June 30, 1996.
This decrease resulted primarily from decreases in volumes of oil
and gas sold during the six months ended June 30, 1997 as
compared to the six months ended June 30, 1996. As a percentage
of oil and gas sales, this expense decreased to 14.1% for the six
months ended June 30, 1997 from 18.0% for the six months ended
June 30, 1996. This percentage decrease was primarily due to the
increases in the average prices of oil and gas sold during the
six months ended June 30, 1997 as compared to the six months
ended June 30, 1996.
General and administrative expenses increased $3,881 (8.2%) for
the six months ended June 30, 1997 as compared to the six months
ended June 30, 1996. This increase resulted primarily from an
increase in professional fees and miscellaneous expenses during
the six months ended June 30, 1997 as compared to the six months
ended June 30, 1996. As a percentage of oil and gas sales, these
expenses increased to 14.9% for the six months ended June 30,
1997 from 12.9% for the six months ended June 30, 1996. This
percentage increase was primarily due to the decrease in oil and
gas sales discussed above.
-17-
<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 June 30, 1997
and for the six months ended June 30, 1997, filed
herewith.
27.2 Financial Data Schedule containing summary
financial information extracted from the 1982-2
Program's financial statements as of June 30, 1997
and for the six months ended June 30, 1997, filed
herewith.
All other exhibits are omitted as inapplicable.
(b) Reports on Form 8-K
None.
-18-
<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 6, 1997 By: /s/Dennis R. Neill
-------------------------------
(Signature)
Dennis R. Neill
President
Date: August 6, 1997 By: /s/Patrick M. Hall
-------------------------------
(Signature)
Patrick M. Hall
Chief Financial Officer
-19-
<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 June
30, 1997 and for the six months ended June 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 June
30, 1997 and for the six months ended June 30, 1997, filed
herewith.
All other exhibits are omitted as inapplicable.
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000718943
<NAME> DYCO OIL & GAS PROGRAM 1982-1 LIMITED PARTNERSHIP
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 215,499
<SECURITIES> 0
<RECEIVABLES> 47,587
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 263,086
<PP&E> 52,550,911
<DEPRECIATION> 52,393,553
<TOTAL-ASSETS> 479,791
<CURRENT-LIABILITIES> 5,569
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 420,986
<TOTAL-LIABILITY-AND-EQUITY> 479,791
<SALES> 177,080
<TOTAL-REVENUES> 180,602
<CGS> 0
<TOTAL-COSTS> 135,380
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 45,222
<INCOME-TAX> 0
<INCOME-CONTINUING> 45,222
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 45,222
<EPS-PRIMARY> 4.48
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000718944
<NAME> DYCO OIL & GAS PROGRAM 1982-2 LIMITED PARTNERSHIP
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 223,431
<SECURITIES> 0
<RECEIVABLES> 90,771
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 314,202
<PP&E> 38,307,072
<DEPRECIATION> 38,098,691
<TOTAL-ASSETS> 547,150
<CURRENT-LIABILITIES> 54,786
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 405,719
<TOTAL-LIABILITY-AND-EQUITY> 547,150
<SALES> 342,429
<TOTAL-REVENUES> 346,417
<CGS> 0
<TOTAL-COSTS> 160,033
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 186,384
<INCOME-TAX> 0
<INCOME-CONTINUING> 186,384
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 186,384
<EPS-PRIMARY> 23.07
<EPS-DILUTED> 0
</TABLE>
