<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
September 30, 1996 0-13430
DYCO OIL AND GAS PROGRAM 1984-1
(A LIMITED PARTNERSHIP)
(Exact Name of Registrant as specified in its charter)
Minnesota 41-1465070
(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 1984-1 LIMITED PARTNERSHIP
BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1996 1995
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $220,836 $233,440
Accrued oil and gas sales, including
$52,780 due from related parties
in 1995 (Note 2) 78,751 77,337
-------- --------
Total current assets $299,587 $310,777
NET OIL AND GAS PROPERTIES, utilizing
the full cost method 367,635 451,379
DEFERRED CHARGE 119,653 119,653
-------- --------
$786,875 $881,809
======== ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable $ 29,224 $ 25,804
-------- --------
Total current liabilities $ 29,224 $ 25,804
ACCRUED LIABILITY 36,046 36,046
CONTINGENCIES (Note 3)
PARTNERS' CAPITAL:
General Partner, issued and
outstanding, 55 units 7,216 8,200
Limited Partners, issued and
outstanding, 5,500 units 714,389 811,759
-------- --------
Total Partners' capital $721,605 $819,959
-------- --------
$786,875 $881,809
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
-2-
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<PAGE>
DYCO OIL AND GAS PROGRAM 1984-1 LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- --------
REVENUES:
Oil and gas sales, including
$92,218 of sales to related
parties in 1995 (Note 2) $152,597 $107,732
Interest 1,346 1,869
-------- --------
$153,943 $109,601
COST AND EXPENSES:
Oil and gas production $ 7,548 $ 25,886
Depreciation, depletion, and
amortization of oil and gas
properties 34,380 27,922
General and administrative (Note 2) 17,523 17,139
-------- --------
$ 59,451 $ 70,947
-------- --------
NET INCOME $ 94,492 $ 38,654
======== ========
GENERAL PARTNER (1%) - net
income $ 945 $ 387
======== ========
LIMITED PARTNERS (99%) - net
income $ 93,547 $ 38,267
======== ========
NET INCOME PER UNIT $ 17.01 $ 6.96
======== ========
UNITS OUTSTANDING 5,555 5,555
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
-3-
<PAGE>
<PAGE>
DYCO OIL AND GAS PROGRAM 1984-1 LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- --------
REVENUES:
Oil and gas sales, including
$254,618 of sales to related
parties in 1995 (Note 2) $385,611 $305,876
Interest 5,343 5,749
-------- --------
$390,954 $311,625
COST AND EXPENSES:
Oil and gas production $ 64,213 $127,085
Depreciation, depletion, and
amortization of oil and gas
properties 87,381 103,797
General and administrative (Note 2) 59,964 60,687
-------- --------
$211,558 $291,569
-------- --------
NET INCOME $179,396 $ 20,056
======== ========
GENERAL PARTNER (1%) - net
income $ 1,794 $ 201
======== ========
LIMITED PARTNERS (99%) - net
income $177,602 $ 19,855
======== ========
NET INCOME PER UNIT $ 32.29 $ 3.61
======== ========
UNITS OUTSTANDING 5,555 5,555
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
-4-
<PAGE>
<PAGE>
DYCO OIL AND GAS PROGRAM 1984-1 LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $179,396 $ 20,056
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 87,381 103,797
(Increase) decrease in accrued oil
and gas sales ( 1,414) 6,751
Increase in accounts payable 3,420 1,732
-------- --------
Net cash provided by operating
activities $268,783 $132,336
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to oil and gas properties ($ 4,266) ($ 29,982)
Retirements of oil and gas
properties 629 5,361
-------- --------
Net cash used by investing
activities ($ 3,637) ($ 24,621)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($277,750) ($138,875)
-------- --------
Net cash used by financing
activities ($277,750) ($138,875)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 12,604) ($ 31,160)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 233,440 133,975
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $220,836 $102,815
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
-5-
<PAGE>
<PAGE>
DYCO OIL AND GAS PROGRAM 1984-1 LIMITED PARTNERSHIP
CONDENSED NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The balance sheet as of September 30, 1996, statements of
operations for the three and nine months ended September 30, 1996
and 1995, and statements of cash flows for the nine months ended
September 30, 1996 and 1995 have been prepared by Dyco Petroleum
Corporation ("Dyco"), the General Partner of the Dyco Oil and Gas
Program 1984-1 Limited Partnership (the "Program"), 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, 1996, results of
operations for the three and nine months ended September 30, 1996
and 1995 and changes in cash flows for the nine months ended
September 30, 1996 and 1995 have been made.
Information and footnote disclosures normally included in
financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted.
It is suggested that these financial statements be read in
conjunction with the financial statements and notes thereto
included in the Program's Annual Report on Form 10-K for the year
ended December 31, 1995. The results of operations for the
period ended September 30, 1996 are not necessarily indicative of
the results to be expected for the full year.
The limited partners' net income or loss per unit is based upon
each $5,000 initial capital contribution.
OIL AND GAS PROPERTIES
----------------------
Oil and gas operations are accounted for using the full cost
method of accounting. All productive and non-productive costs
associated with the acquisition, exploration and development of
oil and gas reserves are capitalized. In the event the
unamortized cost of oil and gas properties being amortized
exceeds the full cost ceiling (as defined by the Securities and
Exchange Commission), the excess is charged to expense in the
period during which such excess occurs. 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 year by the estimated future gross
income from the oil and gas properties and applying the resulting
rate to the net remaining costs of oil and gas properties that
have been capitalized, plus estimated future development costs.
-6-
<PAGE>
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2. TRANSACTIONS WITH RELATED PARTIES
---------------------------------
Under the terms 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 September 30, 1996 and 1995 such expenses totaled $17,523
and $17,139 respectively, of which $15,654 and $15,654 were paid
to Dyco. During the nine months ended September 30, 1996 and
1995 such expenses totaled $59,964 and $60,687 respectively, of
which $46,962 and $46,962 were paid to Dyco.
Affiliates of the Program are the operators of certain of the
Program's properties and their policy is to bill the Program for
all customary charges and cost reimbursements associated with
their activities, together with any compressor rentals,
consulting, or other services provided.
The Program sold gas at market prices to Premier Gas Company
("Premier") and Premier then resold such gas to third parties at
market prices. Premier was an affiliate of the Program until
December 6, 1995. During the three months ended September 30,
1995 these sales totaled $92,218. During the nine months ended
September 30, 1995 these sales totaled $254,618. At December 31,
1995, accrued gas sales included $52,780 due from Premier.
3. CONTINGENCIES
-------------
On October 15, 1993 and October 26, 1993, certain royalty owners
filed two class action lawsuits against Dyco in which the
plaintiffs alleged entitlement to a share of proceeds of a take-
or-pay settlement with specified gas purchasers. The lawsuits
allege claims based on unjust enrichment, breach of contract, and
breach of fiduciary obligations and seek an accounting and
declaration that the plaintiffs are third party beneficiaries.
The plaintiffs have not quantified the amount of their damages,
but they are seeking exemplary damages, unpaid royalties, and
interest. Dyco has filed its answer in both matters in which it
denied all of the plaintiffs' allegations. The district court
certified the matters as class actions on January 21, 1994 and
January 18, 1994, respectively, and discovery is proceeding in
both matters. On November 29, 1994, the plaintiffs filed a
motion for summary judgment in both matters. Dyco intends to
vigorously defend the lawsuits. On September 10, 1996 the
Oklahoma Supreme Court ruled in a separate lawsuit that owners of
royalty interests in Oklahoma oil and gas properties do not have
the right to share in the proceeds of take-or-pay settlements.
Such ruling is not yet final. As of the date of these financial
statements, Management cannot determine the amount of the alleged
damages which would be allocable to the Program from these
lawsuits.
-7-
<PAGE>
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
Net proceeds from the Program's 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 Program's reserves which would result in a
positive economic impact. Over the last several years, the
domestic energy industry and the Program have contended with
volatile, but generally low, oil and gas prices. Over the past
few years, the oil and gas market appears to have moved from
periods of relative stability in supply and demand to excess
supply or weakened demand. These trends have led to the
volatility in pricing and demand noted over the past years.
The Program's 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
Program has no bank debt commitments. Cash for operational
purposes will be provided by current oil and gas production.
RESULTS OF OPERATIONS
- ---------------------
THREE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1995.
Three months ended September 30,
--------------------------------
1996 1995
-------- --------
Oil and gas sales $152,597 $107,732
Oil and gas production expenses $ 7,548 $ 25,886
Barrels produced 350 862
Mcf produced 67,177 69,171
Average price/Bbl $ 23.29 $ 18.00
Average price/Mcf $ 2.15 $ 1.33
As shown in the table above, oil and gas sales increased $44,865
(41.6%) for the three months ended September 30, 1996 as compared
to the three months ended September 30, 1995. Of this increase,
$61,280 was related to the increases in the average prices of oil
and natural gas sold, partially offset by a $16,211 decrease
related to the decreases in the volumes of oil and natural gas
sold. Volumes of oil and natural gas sold decreased by 512
barrels and 1,994 Mcf, respectively, for the three months ended
September 30, 1996 as compared to the three months ended
September 30, 1995. The decrease in volumes of oil sold resulted
primarily from the normal declines in production due to
diminished oil reserves on several wells during the three months
ended September 30, 1996 as compared to the three months ended
September 30, 1995. Average oil and natural gas prices increased
to $23.29 per barrel and $2.15 per Mcf, respectively, for the
three months ended September 30, 1996 from $18.00 per barrel and
$1.33 per Mcf, respectively, for the three months ended September
-8-
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<PAGE>
30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $18,338 for the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995. This decrease resulted primarily from
the reversal of a $20,000 accrual during the three months ended
September 30, 1996 due to the conclusion of a certain legal
contingency. As a percentage of oil and gas sales, these
expenses decreased to 4.9% for the three months ended September
30, 1996 from 24.0% for the three months ended September 30,
1995. This percentage decrease was primarily a result of the
accrual reversal discussed above during the three months ended
September 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties increased $6,458 for the three months ended September
30, 1996 as compared to the three months ended September 30,
1995. This increase was primarily the result of the increases in
the average prices of oil and natural gas sold during the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995. As a percentage of oil and gas sales,
this expense decreased to 22.5% for the three months ended
September 30, 1996 from 25.9% for the three months ended
September 30, 1995. This percentage decrease resulted primarily
from the increases in the average prices of oil and natural gas
sold during the three months ended September 30, 1996 as compared
to the three months ended September 30, 1995.
General and administrative expenses increased $384 for the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995. This increase was primarily due to an
increase in professional fees during the three months ended
September 30, 1996 as compared to the three months ended
September 30, 1995. As a percentage of oil and gas sales, these
expenses decreased to 11.5% for the three months ended September
30, 1996 from 15.9% for the three months ended September 30,
1995. This percentage decrease resulted primarily from the
increases in the average prices of oil and natural gas sold
during the three months ended September 30, 1996 as compared to
the three months ended September 30, 1995.
NINE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1995.
Nine months ended September 30,
-------------------------------
1996 1995
-------- --------
Oil and gas sales $385,611 $305,876
Oil and gas production expenses $ 64,213 $127,085
Barrels produced 1,302 2,069
Mcf produced 170,191 195,252
Average price/Bbl $ 20.06 $ 17.68
Average price/Mcf $ 2.11 $ 1.38
As shown in the table above, oil and gas sales increased $79,735
(26.1%) for the nine months ended September 30, 1996 as compared
to the nine months ended September 30, 1995. Of this increase,
$142,534 was related to the increase in the average price of
natural gas sold, partially offset by a $68,265 decrease related
-9-
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<PAGE>
to the decreases in the volumes of oil and natural gas sold.
Volumes of oil and natural gas sold decreased by 767 barrels and
25,061 Mcf, respectively, for the nine months ended September 30,
1996 as compared to the nine months ended September 30, 1995.
The decrease in volumes of oil and natural gas sold resulted
primarily from the normal declines in production due to
diminished reserves on two wells during the nine months ended
September 30, 1996 as compared to the nine months ended September
30, 1995. Average oil and natural gas prices increased to $20.06
per barrel and $2.11 per Mcf, respectively, for the nine months
ended September 30, 1996 from $17.68 per barrel and $1.38 per
Mcf, respectively, for the nine months ended September 30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $62,872 for the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995. This decrease resulted primarily from
(i) decreases in the volumes of oil and natural gas sold during
the nine months ended September 30, 1996 as compared to the nine
months ended September 30, 1995, (ii) workover expenses incurred
on one well during the nine months ended September 30, 1995 which
resulted in its abandonment during the nine months ended
September 30, 1995, and (iii) the reversal of a $20,000 accrual
during the nine months ended September 30, 1996 due to the
conclusion of a certain legal contingency. As a percentage of
oil and gas sales, these expenses decreased to 16.7% for the nine
months ended September 30, 1996 from 41.5% for the nine months
ended September 30, 1995. This percentage decrease was primarily
a result of the decrease in production expenses and the accrual
reversal discussed above and increases in the average prices of
oil and natural gas sold during the nine months ended September
30, 1996 as compared to the nine months ended September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $16,416 for the nine months ended September
30, 1996 as compared to the nine months ended September 30, 1995.
This decrease was primarily the result of the decreases in the
volumes of oil and natural gas sold during the nine months ended
September 30, 1996 as compared to the nine months ended September
30, 1995. As a percentage of oil and gas sales, this expense
decreased to 22.7% for the nine months ended September 30, 1996
from 33.9% for the nine months ended September 30, 1995. This
percentage decrease resulted primarily from the increases in the
average prices of oil and natural gas sold during the nine months
ended September 30, 1996 as compared to the nine months ended
September 30, 1995.
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1996 as compared to the
nine months ended September 30, 1995. As a percentage of oil and
gas sales, these expenses decreased to 15.6% for the nine months
ended September 30, 1996 from 19.8% for the nine months ended
September 30, 1995. This percentage decrease resulted primarily
from the increases in the average prices of oil and natural gas
sold during the nine months ended September 30, 1996 as compared
to the nine months ended September 30, 1995.
-10-
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<PAGE>
PART II: OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
On October 15, 1993, certain royalty owners filed a class action
lawsuit against Dyco Petroleum Corporation ("Dyco") in which the
plaintiffs alleged entitlement to a share of the proceeds of a
take-or-pay settlement with a gas purchaser which involved the
Marshall Young No. 2-4 well (Tom Mikles, et al. v. Dyco Petroleum
Corporation, Case No. C-93-190, District Court of Beckham County,
Oklahoma). The Program had an approximate 3.7% working interest
in the Marshall Young No. 2-4 well at the time the lawsuit was
filed. The lawsuit also alleges claims based on unjust
enrichment, breach of contract, and breach of fiduciary
obligations and seeks an accounting and declaration that the
plaintiffs are third party beneficiaries under the gas contract.
The plaintiffs have not quantified the amount of their damages,
but they are seeking exemplary damages, unpaid royalties, and
interest. Dyco has filed its answer in the matter in which it
denied all of the plaintiffs' allegations. The district court
certified the matter as a class action on January 21, 1994 and
discovery is proceeding in the matter. On November 29, 1994, the
plaintiffs filed a motion for summary judgment in the matter.
Oral arguments were heard on the motion in January 1995, however,
as of the date of these financial statements, the district court
has not ruled on the motion. Dyco intends to vigorously defend
the lawsuit. On September 10, 1996 the Oklahoma Supreme Court
ruled in a separate lawsuit that owners of royalty interests in
Oklahoma oil and gas properties do not have the right to share in
the proceeds of take-or-pay settlements. Such ruling is not yet
final. As of the date of these financial statements, management
cannot determine the amount of any alleged damages which would be
allocable to the Program from this lawsuit; however it is
reasonably possible that events could change in the future
resulting in a material liability to the Program.
On October 26, 1993, certain royalty owners filed a class action
lawsuit against Dyco in which the plaintiffs alleged entitlement
to a share of the proceeds of a take-or-pay settlement with a gas
purchaser which involved the Kinney Warren No. 3-10 well and
Fender No. 4-10 well (Gene Mikles, et al. v. Dyco Petroleum
Corporation, et al., District Court of Beckham County, Oklahoma).
The Program had an approximate 6.8% working interest in each of
these wells at the time the lawsuit was filed. The lawsuit also
alleges claims based on unjust enrichment, breach of contract,
and breach of fiduciary obligations and seeks an accounting and
declaration that the plaintiffs are third party beneficiaries
under the gas contract. The plaintiffs have not quantified the
amount of their damages, but they are seeking exemplary damages,
unpaid royalties, and interest. Dyco has filed its answer in the
matter in which it denied all of the plaintiffs' allegations.
The district court certified the matter as a class action on
January 18, 1994 and discovery is proceeding in the matter. On
November 29, 1994, the plaintiffs filed a motion for summary
judgment in the matter. Oral arguments were heard on the motion
in January 1995, however, as of the date of these financial
statements, the district court has not ruled on the motion. Dyco
intends to vigorously defend the lawsuit. On September 10, 1996
the Oklahoma Supreme Court ruled in a separate lawsuit that
owners of royalty interests in Oklahoma oil and gas properties do
-11-
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<PAGE>
not have the right to share in the proceeds of take-or-pay
settlements. Such ruling is not yet final. As of the date of
these financial statements, management cannot determine the
amount of any alleged damages which would be allocable to the
Program from this lawsuit; however it is reasonably possible that
events could change in the future resulting in a material
liability to the Program.
On December 18, 1992, a royalty owner filed a quiet title action
alleging that the operator of certain wells in which the Program
has an interest failed to exercise due diligence in locating the
owner while in the process of force pooling the drilling and
spacing unit (Merle McCollum, as Personal Representative of the
Estate of Jack McCollum, Deceased v. Apache Corporation, et al.,
District Court of Beckham County, Oklahoma). The wells in
question in which the Program owns a working interest include the
Kinney-Warren No. 3-10 and Fender No. 4-10. The Program had an
approximate 6.8% working interest in these wells at the time the
lawsuit was filed. Plaintiff claimed a right to revenues
attributable to production from said wells in an amount in excess
of $500,000 and further alleged conversion and claimed a right to
"interest" on the proceeds from production on the well pursuant
to 52 O.S. Section 540. The defendants filed a counterclaim for
quiet title and asserted various defenses. A trial was held in
the matter on March 3 and 4, 1994 in which the district court
ruled against all defendants and specifically found that the
operator, Apache Corporation, did not exercise due diligence in
the pooling proceedings. Judgement was entered on June 15, 1994
in the amount of $550,000 plus interest. The defendants appealed
the district court's verdict and on March 12, 1996 the Oklahoma
Court of Appeals reversed the district court's verdict. On
September 23, 1996 the plaintiffs entered into a settlement
agreement releasing the defendants from all remaining claims
under this lawsuit.
ITEM 5. OTHER INFORMATION
On October 1, 1996, Drew Phillips resigned as Chief Financial
Officer of Dyco. Mr. Phillips continues to serve as an
accounting officer of affiliates of Dyco.
On October 1, 1996, Patrick M. Hall was elected Chief Financial
Officer of Dyco. Mr. Hall joined affiliates of Dyco
(collectively, the "Samson Companies") in 1983. Prior to joining
the Samson Companies he was a senior accountant with Peat Marwick
Main & Co. in Tulsa. He holds a Bachelor of Science degree in
accounting from Oklahoma State University and is a Certified
Public Accountant. Mr. Hall is also Senior Vice President -
Controller of Samson Investment Company.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits:
27.1 Financial Data Schedule containing summary
financial information extracted from the Program's
financial statements as of September 30, 1996 and
for the nine months ended September 30, 1996,
filed herewith.
-12-
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<PAGE>
All other exhibits are omitted as inapplicable.
(b) Reports on Form 8-K
Current Report on Form 8-K filed during third quarter of
1996:
Date of event: July 1, 1996
Date filed with SEC: July 8, 1996
Item Included:
Item 5 - Other Events
-13-
<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 1984-1 LIMITED
PARTNERSHIP
(Registrant)
By: DYCO PETROLEUM CORPORATION
General Partner
Date: October 31, 1996 By: /s/Dennis R. Neill
-------------------------------
(Signature)
Dennis R. Neill
President
Date: October 31, 1996 By: /s/Patrick M. Hall
-------------------------------
(Signature)
Patrick M. Hall
Chief Financial Officer
-14-
<PAGE>
<PAGE>
INDEX TO EXHIBITS
-----------------
NUMBER DESCRIPTION
- ------ -----------
27.1 Financial Data Schedule containing summary financial
information extracted from the Dyco Oil and Gas Program
1984-1 Limited Partnership's financial statements as of
September 30, 1996 and for the nine months ended September
30, 1996, filed herewith.
All other exhibits are omitted as inapplicable.
-16-
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000725261
<NAME> DYCO OIL AND GAS PROGRAM 1984-1 LIMITED PARTNERSHIP
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 220,836
<SECURITIES> 0
<RECEIVABLES> 78,751
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 299,587
<PP&E> 30,211,335
<DEPRECIATION> 29,843,700
<TOTAL-ASSETS> 786,875
<CURRENT-LIABILITIES> 29,224
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 721,605
<TOTAL-LIABILITY-AND-EQUITY> 786,875
<SALES> 385,611
<TOTAL-REVENUES> 390,954
<CGS> 0
<TOTAL-COSTS> 211,558
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 179,396
<INCOME-TAX> 0
<INCOME-CONTINUING> 179,396
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 179,396
<EPS-PRIMARY> 32.29
<EPS-DILUTED> 0
</TABLE>
