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, 1998 0-12261 (1982-1)
0-12262 (1982-2)
DYCO 1982 OIL AND GAS PROGRAM
(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
------ ------
1
<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,
1998 1997
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $140,149 $120,049
Accrued oil and gas sales 33,905 49,405
Accounts receivable - General
Partner (Note 2) 320 -
-------- --------
Total current assets $174,374 $169,454
NET OIL AND GAS PROPERTIES, utilizing
the full cost method 83,339 90,100
DEFERRED CHARGE 59,627 59,627
-------- --------
$317,340 $319,181
======== ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable $ 22,322 $ 12,181
-------- --------
Total current liabilities $ 22,322 $ 12,181
ACCRUED LIABILITY 53,234 53,234
PARTNERS' CAPITAL:
General Partner, issued and
outstanding, 100 units 2,417 2,537
Limited Partners, issued and
outstanding, 10,000 units 239,367 251,229
-------- --------
Total Partners' capital $241,784 $253,766
-------- --------
$317,340 $319,181
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
2
<PAGE>
DYCO OIL AND GAS PROGRAM 1982-1 LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
(Unaudited)
1998 1997
-------- --------
REVENUES:
Oil and gas sales $52,075 $ 99,803
Interest 1,520 1,343
------- --------
$53,595 $101,146
------- --------
COST AND EXPENSES:
Oil and gas production $21,453 $ 20,763
Depreciation, depletion, and
amortization of oil and gas
properties 6,441 13,146
General and administrative
(Note 2) 37,683 40,719
------- --------
$65,577 $ 74,628
------- --------
NET INCOME (LOSS) ($11,982) $ 26,518
======= ========
GENERAL PARTNER (1%) - net
income (loss) ($ 120) $ 265
======= ========
LIMITED PARTNERS (99%) - net
income (loss) ($11,862) $ 26,253
======= ========
NET INCOME (LOSS) PER UNIT ($ 1.19) $ 2.63
======= ========
UNITS OUTSTANDING 10,100 10,100
======= ========
The accompanying condensed notes are an integral part of
these financial statements.
3
<PAGE>
DYCO OIL AND GAS PROGRAM 1982-1 LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
(Unaudited)
1998 1997
---------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($ 11,982) $ 26,518
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 6,441 13,146
Decrease in accrued oil and
gas sales 15,500 16,899
Increase in accounts receivable -
General Partner ( 320) -
Increase (decrease) in accounts
payable 10,141 ( 1,732)
-------- --------
Net cash provided by operating
activities $ 19,780 $ 54,831
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of oil
and gas properties $ 320 $ -
-------- --------
Net cash provided by investing
activities $ 320 $ -
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net cash used by financing
activities $ - $ -
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 20,100 $ 54,831
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 120,049 135,676
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $140,149 $190,507
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
4
<PAGE>
DYCO OIL AND GAS PROGRAM 1982-2 LIMITED PARTNERSHIP
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1998 1997
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $100,659 $234,351
Accrued oil and gas sales 83,340 110,673
Accounts receivable - General
Partner (Note 2) 62,467 -
-------- --------
Total current assets $246,466 $345,024
NET OIL AND GAS PROPERTIES, utilizing
the full cost method 166,096 182,488
DEFERRED CHARGE 17,727 17,727
-------- --------
$430,289 $545,239
======== ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable $ 21,541 $ 8,568
Gas imbalance payable 5,322 5,322
-------- --------
Total current liabilities $ 26,863 $ 13,890
ACCRUED LIABILITY 82,919 82,919
PARTNERS' CAPITAL:
General Partner, issued and
outstanding, 80 units 3,205 4,484
Limited Partners, issued and
outstanding, 8,000 units 317,302 443,946
-------- --------
Total Partners' capital $320,507 $448,430
-------- --------
$430,289 $545,239
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
5
<PAGE>
DYCO OIL AND GAS PROGRAM 1982-2 LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
(Unaudited)
1998 1997
-------- --------
REVENUES:
Oil and gas sales $128,556 $228,684
Interest 3,171 2,359
Gain on sale of oil and
gas properties 60,327 -
-------- --------
$192,054 $231,043
-------- --------
COST AND EXPENSES:
Oil and gas production $ 33,478 $ 37,978
Depreciation, depletion, and
amortization of oil and gas
properties 14,252 40,857
General and administrative
(Note 2) 29,847 32,291
-------- --------
$ 77,577 $111,126
-------- --------
NET INCOME $114,477 $119,917
======== ========
GENERAL PARTNER (1%) - net income $ 1,145 $ 1,199
======== ========
LIMITED PARTNERS (99%) - net income $113,332 $118,718
======== ========
NET INCOME PER UNIT $ 14.17 $ 14.84
======== ========
UNITS OUTSTANDING 8,080 8,080
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
6
<PAGE>
DYCO OIL AND GAS PROGRAM 1982-2 LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
(Unaudited)
1998 1997
--------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $114,477 $119,917
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 14,252 40,857
Gain on sale of oil and gas
properties ( 60,327) -
Decrease in accrued oil and
gas sales 27,333 39,678
Increase in accounts receivable -
General Partner ( 62,467) -
Increase (decrease) in accounts
payable 12,973 ( 795)
-------- --------
Net cash provided by operating
activities $ 46,241 $199,657
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of oil and
gas properties $ 62,467 $ 1,159
-------- --------
Net cash provided by investing
activities $ 62,467 $ 1,159
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($242,400) ($282,800)
-------- --------
Net cash used by financing
activities ($242,400) ($282,800)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($133,692) ($ 81,984)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 234,351 208,342
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $100,659 $126,358
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
7
<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, 1998
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The balance sheet as of March 31, 1998, statements of operations for the
three months ended March 31, 1998 and 1997, and statements of cash flows
for the three months ended March 31, 1998 and 1997 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, 1998,
results of operations for the three months ended March 31, 1998 and 1997,
and changes in cash flows for the three months ended March 31, 1998 and
1997 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, 1997. The results of operations for the period
ended March 31, 1998 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
8
<PAGE>
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. During the three months ended March 31, 1998,
one property was sold that significantly altered the capitalized
cost/proved reserves relationship. One well representing approximately
1.2% of total reserves was sold for $62,467. Accordingly, capitalized
costs were reduced by 1.2% with the remainder recorded as Gain of Sale of
Oil and Gas Properties.
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 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 of the 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, 1998 and
1997 the 1982-1 Program incurred such expenses totaling $37,683 and
$40,719, respectively, of which $18,615 was paid each period to Dyco and
its affiliates. During the three months ended March 31, 1998 and 1997 the
1982-2 Program incurred such expenses totaling $29,847 and $32,291,
respectively, of which $14,610 was paid each period to Dyco and its
affiliates.
Affiliates of the Program operate certain of the Programs' properties.
Their policy is to bill the Programs for all customary charges and cost
reimbursements associated with these activities.
The receivable from the General Partner at March 31, 1998 represents
proceeds due to the 1982-1 Program and the 1982-2 Program from the sale of
oil and gas properties to third parties during the first quarter of 1998.
Subsequent to March 31, 1998, this receivable was collected by the
Programs.
9
<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, and 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 be no further material capital
resource commitments in the future. The Programs have no debt commitments.
Cash for operational purposes will be provided by current oil and gas
production.
10
<PAGE>
The 1982-2 Program's Statement of Cash Flows for the first quarter of 1998
includes proceeds from the sale of oil and gas properties during the three
months ended March 31, 1998. These proceeds will be reflected, as
applicable, in the 1982-2 Program's cash distributions, if any, to be paid
in June 1998. It is possible that the 1982-2 Program's repurchase values
and future cash distributions could decline as a result of the disposition
of these properties. On the other hand, the General Partner believes there
will be beneficial operating efficiencies related to the 1982-2 Program's
remaining properties. This is primarily due to the fact that the
properties sold generally bore a higher ratio of operating expenses as
compared to reserves than the 1982-2 Program's remaining properties.
RESULTS OF OPERATIONS
- ---------------------
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 MARCH 31, 1998 AS COMPARED TO THE THREE MONTHS ENDED
MARCH 31, 1997.
Three Months Ended March 31,
----------------------------
1998 1997
------- -------
Oil and gas sales $52,075 $99,803
Oil and gas production expenses $21,453 $20,763
Barrels produced 189 527
Mcf produced 24,868 31,663
Average price/Bbl $ 14.76 $ 21.86
Average price/Mcf $ 1.98 $ 2.79
As shown in the table above, total oil and gas sales decreased $47,728
(47.8%) for the three months ended March 31, 1998 as compared to the three
months ended March 31, 1997. Of this decrease, approximately $7,000 and
$19,000,
11
<PAGE>
respectively, were related to decreases in volumes of oil and gas sold and
approximately $1,000 and $20,000, respectively, were related to decreases
in the average prices of oil and gas sold. Volumes of oil and gas sold
decreased 338 barrels and 6,795 Mcf, respectively, for the three months
ended March 31, 1998 as compared to the three months ended March 31, 1997.
The decrease in volumes of oil sold resulted primarily from the sale of
one well in 1997. The decrease in volumes of gas sold resulted primarily
from (i) normal declines in production due to diminished reserves on one
well and (ii) the sale of one well during 1997. Average oil and gas prices
decreased to $14.76 per barrel and $1.98 per Mcf, respectively, for the
three months ended March 31, 1998 from $21.86 per barrel and $2.79 per
Mcf, respectively, for the three months ended March 31, 1997.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $690 (3.3%) for the three months ended March
31, 1998 as compared to the three months ended March 31, 1997. This
increase resulted primarily from workover expenses incurred on one well
during the three months ended March 31, 1998 in order to improve the
recovery of reserves. This increase was partially offset by a decrease in
production taxes associated with the decrease in oil and gas sales during
the three months ended March 31, 1998 as compared to the three months
ended March 31, 1997. As a percentage of oil and gas sales, these expenses
increased to 41.2% for the three months ended March 31, 1998 from 20.8%
for the three months ended March 31, 1997. This percentage increase was
primarily due to decreases in the average prices of oil and gas sold
discussed above.
Depreciation, depletion, and amortization of oil and gas properties
decreased $6,705 (51.0%) for the three months ended March 31, 1998 as
compared to the three months ended March 31, 1997. This decrease resulted
primarily from the decreases in volumes of oil and gas sold during the
three months ended March 31, 1998 as compared to the three months ended
March 31, 1997. As a percentage of oil and gas sales, this expense
remained relatively constant at 12.4% for the three months ended March 31,
1998 and 13.2% for the three months ended March 31, 1997.
General and administrative expenses decreased $3,036 (7.5%) for the three
months ended March 31, 1998 as compared to the three months ended March
31, 1997. As a percentage of oil and gas sales, these expenses increased
to 72.4% for the three months ended March 31, 1998 from 40.8% for the
three months ended March 31, 1997. This percentage increase was primarily
due to the decrease in oil and gas sales discussed above.
12
<PAGE>
1982-2 PROGRAM
THREE MONTHS ENDED MARCH 31, 1998 AS COMPARED TO THE THREE MONTHS ENDED
MARCH 31, 1997.
Three Months Ended March 31,
----------------------------
1998 1997
-------- --------
Oil and gas sales $128,556 $228,684
Oil and gas production expenses $ 33,478 $ 37,978
Barrels produced 23 84
Mcf produced 64,683 86,589
Average price/Bbl $ 14.78 $ 22.30
Average price/Mcf $ 1.98 $ 2.62
As shown in the table above, total oil and gas sales decreased $100,128
(43.8%) for the three months ended March 31, 1998 as compared to the three
months ended March 31, 1997. Of this decrease, approximately $1,000 and
$57,000, respectively, were related to decreases in volumes of oil and gas
sold and approximately $41,000 was related to a decrease in the average
price of gas sold. Volumes of oil and gas sold decreased 61 barrels and
21,906 Mcf, respectively, for the three months ended March 31, 1998 as
compared to the three months ended March 31, 1997. The decrease in volumes
of gas sold resulted primarily from normal declines in production due to
diminished reserves on several wells during the three months ended March
31, 1998. Average oil and gas prices decreased to $14.78 per barrel and
$1.98 per Mcf, respectively, for the three months ended March 31, 1998
from $22.30 per barrel and $2.62 per Mcf, respectively, for the three
months ended March 31, 1997.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $4,500 (11.8%) for the three months ended
March 31, 1998 as compared to the three months ended March 31, 1997. This
decrease resulted primarily from (i) the decrease in volumes of oil and
gas sold during the three months ended March 31, 1998 as compared to the
three months ended March 31, 1997 and (ii) a decrease in production taxes
associated with the decrease in oil and gas sales discussed above. As a
percentage of oil and gas sales, these expenses increased to 26.0% for the
three months ended March 31, 1998 from 16.6% for the three months ended
March 31, 1997. This percentage increase was primarily due to decreases in
the average prices of oil and gas sold discussed above.
13
<PAGE>
Depreciation, depletion, and amortization of oil and gas properties
decreased $26,605 (65.1%) for the three months ended March 31, 1998 as
compared to the three months ended March 31, 1997. This decrease resulted
primarily from (i) the decrease in volumes of oil and gas sold during the
three months ended March 31, 1998 as compared to the three months ended
March 31, 1997 and (ii) an upward revision in the estimate of remaining
gas reserves at December 31, 1997. As a percentage of oil and gas sales,
this expense decreased to 11.1% for the three months ended March 31, 1998
from 17.9% for the three months ended March 31, 1997. This percentage
decrease was primarily due to the dollar decrease in depreciation,
depletion, and amortization discussed above.
General and administrative expenses decreased $2,444 (7.6%) for the three
months ended March 31, 1998 as compared to the three months ended March
31, 1997. As a percentage of oil and gas sales, these expenses increased
to 23.2% for the three months ended March 31, 1998 from 14.1% for the
three months ended March 31, 1997. This percentage increase was primarily
due to the decrease in oil and gas sales discussed above.
14
<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 March 31, 1998 and for the
three months ended March 31, 1998, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the 1982-2 Program's
financial statements as of March 31, 1998 and for the
three months ended March 31, 1998, filed herewith.
All other exhibits are omitted as inapplicable.
(b) Reports on Form 8-K.
None.
15
<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, 1998 By: /s/Dennis R. Neill
-------------------------------
(Signature)
Dennis R. Neill
President
Date: May 5, 1998 By: /s/Patrick M. Hall
-------------------------------
(Signature)
Patrick M. Hall
Chief Financial Officer
16
<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, 1998 and for the
three
months ended March 31, 1998, 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, 1998 and for the
three
months ended March 31, 1998, filed herewith.
All other exhibits are omitted as inapplicable.
17
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000718943
<NAME> DYCO OIL & GAS PROGRAM 1982-1 LIMITED PTRSHP
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<CASH> 140,149
<SECURITIES> 0
<RECEIVABLES> 34,225
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 174,374
<PP&E> 52,499,561
<DEPRECIATION> 52,416,222
<TOTAL-ASSETS> 317,340
<CURRENT-LIABILITIES> 22,322
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 241,784
<TOTAL-LIABILITY-AND-EQUITY> 317,340
<SALES> 52,075
<TOTAL-REVENUES> 53,595
<CGS> 0
<TOTAL-COSTS> 65,577
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (11,982)
<INCOME-TAX> 0
<INCOME-CONTINUING> (11,982)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (11,982)
<EPS-PRIMARY> (1.19)
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000718944
<NAME> DYCO OIL & GAS PROGRAM 1982-2 LIMITED PTRSHP
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<CASH> 100,659
<SECURITIES> 0
<RECEIVABLES> 145,807
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 246,466
<PP&E> 38,304,934
<DEPRECIATION> 38,138,838
<TOTAL-ASSETS> 430,289
<CURRENT-LIABILITIES> 26,863
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 320,507
<TOTAL-LIABILITY-AND-EQUITY> 430,289
<SALES> 128,556
<TOTAL-REVENUES> 192,054
<CGS> 0
<TOTAL-COSTS> 77,577
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 114,477
<INCOME-TAX> 0
<INCOME-CONTINUING> 114,477
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 114,477
<EPS-PRIMARY> 14.17
<EPS-DILUTED> 0
</TABLE>
