COASTAL 1986 DRILLING PROGRAM LTD
10-Q/A, 1996-01-04
DRILLING OIL & GAS WELLS
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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                   FORM 10-Q/A
                                  Amendment #1

(Mark One)
     [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
     For the quarterly period ended September 30, 1995
                                                        OR
     [  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
     For the transition period from __________ to __________
Commission file number 0-15527



                       COASTAL 1986 DRILLING PROGRAM, LTD.
             (Exact name of registrant as specified in its charter)



             Texas                                      76-0164393
(State or other jurisdiction of            (I.R.S. Employer Identification No.)
incorporation or organization)


              Coastal Tower
           Nine Greenway Plaza
             Houston, Texas                              77046-0995
(Address of principal executive offices)                 (Zip Code)



       Registrant's telephone number, including area code: (713) 877-1400



                           ---------------------------





     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, and (2) has been subject to such filing
requirements for the past 90 days. Yes X No _____


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<PAGE>



     This Amendment to Form 10-Q is being filed in order to correct Part II,
Item 6, Exhibits and Reports on Form 8-K only.  All other items and exhibits of
the Registrant's Form 10-Q for the quarterly period ended September 30, 1995 are
unaffected and are not filed as part of this Amendment.

                           PART II - OTHER INFORMATION

Item 6.     Exhibits and Reports on Form 8-K.

      (a)   Exhibits.

            27 - Financial Data Schedule

      (b)   Reports on Form 8-K.

            No reports on Form 8-K were filed during the quarter ended September
30, 1995.


                                   SIGNATURE


      Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Amendment to be signed on its behalf by the
undersigned thereunto duly authorized.

                             COASTAL 1986 DRILLING PROGRAM, LTD.
                                           (Registrant)

                             By Its General Partner,
                             Coastal Limited Ventures, Inc.



Date:  January 3, 1996        By:                  COBY C. HESSE
                                  --------------------------------------------

                                                   Coby C. Hesse
                                               Senior Vice President
                                            (As Authorized Officer and
                                             Chief Accounting Officer)


                                      - 2 -


<TABLE> <S> <C>

<ARTICLE> 5
<LEGEND> THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
         COASTAL 1986 DRILLING PROGRAM, LTD. FORM 10-Q QUARTERLY REPORT FOR THE
         PERIOD ENDED SEPTEMBER 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY
         REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               SEP-30-1995
<CASH>                                              96
<SECURITIES>                                         0
<RECEIVABLES>                                       53
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                   149
<PP&E>                                          15,721
<DEPRECIATION>                                  15,004
<TOTAL-ASSETS>                                     866
<CURRENT-LIABILITIES>                              186
<BONDS>                                              0
<COMMON>                                             0
                                0
                                          0
<OTHER-SE>                                         680
<TOTAL-LIABILITY-AND-EQUITY>                       866
<SALES>                                            330
<TOTAL-REVENUES>                                   330
<CGS>                                                0
<TOTAL-COSTS>                                      559
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                  (229)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                              (229)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     (229)
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
        

</TABLE>


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