<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO. 1 TO
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, 1995 2-62275-03 (1979-1)
2-62275-04 (1979-2)
DYCO 1979 OIL AND GAS PROGRAMS
(TWO LIMITED PARTNERSHIPS)
(Exact Name of Registrant as specified in its charter)
41-1358013 (1979-1)
Minnesota 41-1358015 (1979-2)
(State or other jurisdiction (I.R.S. Employer Identification
of incorporation or organization) Number)
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 1979-1 LIMITED PARTNERSHIP
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1995 1994
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . $ 37,109 $ 83,662
Accounts receivable - Related party . - 13,447
Accrued oil and gas sales, including
$33,512 and $44,294 due from
related parties (Note 2) . . . . . . 38,513 45,523
-------- --------
Total current assets . . . . . . . $ 75,622 $142,632
NET OIL AND GAS PROPERTIES, utilizing
the full cost method . . . . . . . . . 252,068 266,548
DEFERRED CHARGE . . . . . . . . . . . . . 74,172 74,172
-------- --------
$401,862 $483,352
======== ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . . $ 4,822 $ 3,603
-------- --------
Total current liabilities . . . . . $ 4,822 $ 3,603
ACCRUED LIABILITY . . . . . . . . . . . . 35,622 35,622
PARTNERS' CAPITAL:
General Partner, issued and outstanding,
32 units . . . . . . . . . . . . . . 3,615 4,442
Limited Partners, issued and outstanding,
3,140 units . . . . . . . . . . . . 357,803 439,685
-------- --------
Total Partners' capital . . . . . . $361,418 $444,127
-------- --------
$401,862 $483,352
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
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<PAGE>
<PAGE>
DYCO OIL AND GAS PROGRAM 1979-1 LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
-------- ---------
REVENUES:
Oil and gas sales, including
$78,537 and $104,609 of sales
to related parties (Note 2) . . . . $82,261 $107,312
Interest . . . . . . . . . . . . . . . 1,124 320
------- --------
$83,385 $107,632
------- --------
COSTS AND EXPENSES:
Oil and gas production . . . . . . . . $25,031 $ 22,425
Depreciation, depletion, and amortization of
oil and gas properties . . . . . . . 14,480 16,416
General and administrative (Note 2) . 15,563 15,015
------- --------
$55,074 $ 53,856
------- --------
NET INCOME . . . . . . . . . . . . . . . $28,311 $ 53,776
======= ========
GENERAL PARTNER (1%) - net income . . . . $ 283 $ 538
======= ========
LIMITED PARTNERS (99%) - net income . . . $28,028 $ 53,238
======= ========
NET INCOME PER UNIT . . . . . . . . . . . $ 9 $ 17
======= ========
UNITS OUTSTANDING . . . . . . . . . . . . 3,172 3,172
======= ========
The accompanying condensed notes are an
integral part of these financial statements.
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<PAGE>
<PAGE>
DYCO OIL AND GAS PROGRAM 1979-1 LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . . $ 28,311 $53,776
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . 14,480 16,416
Decrease in receivable from related party 13,447 -
Decrease in accrued oil and gas sales 7,010 15,195
Increase (decrease) in accounts payable 1,219 (607)
-------- -------
Net cash provided by operating
activities $ 64,467 $84,780
-------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to oil and gas properties . $ - ($ 1,274)
Retirements of oil and gas properties - 462
-------- -------
Net cash used by investing activities $ - ($ 812)
-------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . . ($111,020) ($63,440)
-------- -------
Net cash used by financing activities ($111,020) ($63,440)
-------- -------
NET (DECREASE) INCREASE IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . ($ 46,553) $20,528
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 83,662 33,773
-------- -------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 37,109 $54,301
======== =======
The accompanying condensed notes are an
integral part of these financial statements.
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<PAGE>
DYCO OIL AND GAS PROGRAM 1979-2 LIMITED PARTNERSHIP
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1995 1994
---------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . $121,866 $129,666
Accrued oil and gas sales, including
$93,072 and $125,752 due from
related parties (Note 2) . . . . . . 97,313 149,136
-------- --------
Total current assets . . . . . . . $219,179 $278,802
NET OIL AND GAS PROPERTIES, utilizing
the full cost method . . . . . . . . . 479,805 521,263
DEFERRED CHARGE . . . . . . . . . . . . . 57,442 57,442
-------- --------
$756,426 $857,507
======== ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . . $ 5,957 $ 5,876
Gas imbalance payable . . . . . . . . 2,336 2,336
-------- --------
Total current liabilities . . . . . $ 8,293 $ 8,212
CONTINGENCIES (Note 3)
PARTNERS' CAPITAL:
General Partner, issued and outstanding,
29 units . . . . . . . . . . . . . . 7,481 8,493
Limited Partners, issued and outstanding,
2,860 units . . . . . . . . . . . . 740,652 840,802
-------- --------
Total Partners' capital . . . . . . $748,133 $849,295
-------- --------
$756,426 $857,507
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
-6-
<PAGE>
<PAGE>
DYCO OIL AND GAS PROGRAM 1979-2 LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
--------- ----------
REVENUES:
Oil and gas sales, including
$162,393 and $247,289 of sales
to related parties (Note 2) . . . . $168,939 $262,003
Interest . . . . . . . . . . . . . . . 2,229 2,414
-------- --------
$171,168 $264,417
-------- --------
COSTS AND EXPENSES:
Oil and gas production . . . . . . . . $ 30,862 $ 39,678
Depreciation, depletion, and amortization of
oil and gas properties . . . . . . . 41,458 51,042
General and administrative (Note 2) . 12,225 11,373
-------- --------
$ 84,545 $102,093
-------- --------
NET INCOME . . . . . . . . . . . . . . . $ 86,623 $162,324
======== ========
GENERAL PARTNER (1%) - net income . . . . $ 866 $ 1,623
======== ========
LIMITED PARTNERS (99%) - net income . . . $ 85,757 $160,701
======== ========
NET INCOME PER UNIT . . . . . . . . . . . $ 30 $ 56
======== ========
UNITS OUTSTANDING . . . . . . . . . . . . 2,889 2,889
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
-7-
<PAGE>
<PAGE>
DYCO OIL AND GAS PROGRAM 1979-2 LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . . $ 86,623 $162,324
Adjustments to reconcile net income to net
cash provided (used) by operating activities:
Depreciation, depletion, and amortization of
oil and gas properties . . . . . . 41,458 51,042
Decrease in accrued oil and gas sales 51,823 14,171
Increase in accounts payable . . . . 81 371
Decrease in related party payable . - ( 500,000)
-------- --------
Net cash provided (used) by operating
activities . . . . . . . . . . . $179,985 ($272,092)
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash used by investing activities $ - $ -
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . . ($187,785) $ -
-------- --------
Net cash used by financing activities ($187,785) $ -
-------- --------
NET DECREASE IN CASH AND CASH EQUIVALENTS ($ 7,800) ($272,092)
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 129,666 433,512
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $121,866 $161,420
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
-8-
<PAGE>
<PAGE>
DYCO OIL AND GAS PROGRAM 1979-1 LIMITED PARTNERSHIP
DYCO OIL AND GAS PROGRAM 1979-2 LIMITED PARTNERSHIP
CONDENSED NOTES TO FINANCIAL STATEMENTS
March 31, 1995
(UNAUDITED)
1. ACCOUNTING POLICIES
-------------------
The balance sheets as of March 31, 1995, statements of
operations for the three months ended March 31, 1995 and 1994,
and statements of cash flows for the three months ended March
31, 1995 and 1994 have been prepared by Dyco Petroleum
Corporation ("Dyco"), the General Partner of the Dyco Oil and
Gas Program 1979-1 and 1979-2 Limited Partnerships
(individually, the "1979-1 Program" or the "1979-2 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, 1995, and results of
operations and changes in cash flows for the three months ended
March 31, 1995 and 1994 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, 1994. The results of operations for the
period ended March 31, 1995 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. 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
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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, 1995 and 1994 the 1979-1
Program incurred such expenses totaling $15,563 and $15,015,
respectively, of which $11,130 and $11,130 were paid to Dyco.
During the three months ended March 31, 1995 and 1994 the 1979-2
Program incurred such expenses totaling $12,225 and $11,373,
respectively, of which $7,803 and $7,803 were paid to Dyco.
Affiliates of the Programs are the operators of certain of the
Programs' properties and their policy is to bill the Programs
for all customary charges and cost reimbursements associated
with their activities, together with any compressor rentals,
consulting, or other services provided.
The Programs sell gas at market prices to Premier Gas Company
("Premier"), an affiliated company, and Premier may then resell
such gas to third parties at market prices. During the three
months ended March 31, 1995 and 1994 these sales for the 1979-1
Program totaled $78,537 and $104,609, respectively. At March
31, 1995 accrued oil and gas sales for the 1979-1 Program
included $33,512 due from Premier. During the three months
ended March 31, 1995 and 1994 these sales for the 1979-2 Program
totaled $162,393 and $247,289, respectively. At March 31, 1995
accrued oil and gas sales for the 1979-2 Program included
$93,072 due from Premier.
3. CONTINGENCIES
-------------
On October 26, 1993, certain royalty owners filed a class action
lawsuit against Dyco and another party in which they alleged
entitlement to a share of the proceeds from a gas contract
involving one of the 1979-2 Program's wells. The plaintiffs are
alleging claims based on breach of contract, breach of fiduciary
obligation, and unjust enrichment and are seeking an accounting
and declaration as a third party beneficiary 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 and
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discovery is proceeding in the matter. On January 18, 1994 the
district court certified the matter as a class action and on
November 29, 1994 the plaintiffs filed a motion for summary
judgment in the matter. Dyco intends to vigorously defend the
lawsuit. 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.
On October 21, 1994 a royalty owner filed a class action lawsuit
against Samson Resources Company and other parties in which he
alleged entitlement to a share of the proceeds from a gas
contract involving one of the 1979-2 program's wells. The
plaintiffs are alleging claims based on unjust enrichment,
breach of contract and fiduciary obligation, and constructive
fraud, and are seeking an accounting. The plaintiffs have not
quantified the amount of their damages, but they are seeking
actual and punitive damages, interest and costs. On November
17, 1994 the defendants filed a special appearance and motion to
dismiss for lack of venue. The court then entered an order
transferring venue to Oklahoma District Court. Discovery is
proceeding and Samson Resources Company intends to vigorously
defend the lawsuit. As of the date of these financial
statements, management cannot determine the amount of any
alleged damages which would be allocable to the 1979-2 Program
from this lawsuit.
-11-
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<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
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
---------------------
1979-1 PROGRAM
THREE MONTHS ENDED MARCH 31, 1995 AS COMPARED TO THE THREE
MONTHS ENDED MARCH 31, 1994.
Three Months ended March 31,
----------------------------
1995 1994
---- ----
Oil and gas sales $82,261 $107,312
Oil and gas production expenses $25,031 $ 22,425
Barrels produced 128 185
Mcf produced 59,495 52,408
Average price/Bbl $ 17.12 $ 14.61
Average price/Mcf $ 1.35 $ 2.00
As shown in the table, oil and natural gas sales decreased
23.3% for the three months ended March 31, 1995 as compared
to the three months ended March 31, 1994. This decrease
resulted from a decrease in the average price of natural gas
sold and a decrease in the volume of oil sold, offset by an
increase in the average price of oil sold and an increase in
the volumes of natural gas sold. Volumes of natural gas
sold increased 7,087 Mcf for the three months ended March
31, 1995 as compared to the three months ended March 31,
1994, while volumes of oil sold decreased by 57 barrels for
the three months ended March 31, 1995 as compared to the
similar period in 1994. Average oil prices increased to
$17.12 per barrel for the three months ended March 31, 1995
-12-
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<PAGE>
from $14.61 per barrel for the three months ended March 31,
1994, while average natural gas prices decreased to $1.35
per Mcf for the three months ended March 31, 1995 from $2.00
per Mcf for the three months ended March 31, 1994.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased slightly by $2,606
for the three months ended March 31, 1995 as compared to the
three months ended March 31, 1994. As a percentage of oil
and gas sales, these expenses increased to 30.4% for the
three months ended March 31, 1995 from 20.9% for the three
months ended March 31, 1994. This percentage increase was
primarily a result of the decrease in the average price of
natural gas sold during the three months ended March 31,
1995 as compared to the three months ended March 31, 1994.
Depreciation, depletion and amortization of oil and gas
properties decreased slightly by $1,936 for the three months
ended March 31, 1995 as compared to the three months ended
March 31, 1994. As a percentage of oil and gas sales, this
expense increased slightly to 17.6% for the three months
ended March 31, 1995 from 15.3% for the three months ended
March 31, 1994. This percentage increase was primarily a
result of the decrease in the average price of natural gas
sold during the three months ended March 31, 1995 as
compared to the three months ended March 31, 1994.
General and administrative expenses remained relatively
constant for the three months ended March 31, 1995 as
compared to the three months ended March 31, 1994. As a
percentage of oil and gas sales, these expenses increased to
18.9% for the three months ended March 31, 1995 from 14.0%
for the three months ended March 31, 1994. This percentage
increase was primarily a result of the decrease in the
average price of natural gas sold during the three months
ended March 31, 1995 as compared to the three months ended
March 31, 1994.
1979-2 PROGRAM
THREE MONTHS ENDED MARCH 31, 1995 AS COMPARED TO THE THREE
MONTHS ENDED MARCH 31, 1994.
Three Months ended March 31,
----------------------------
1995 1994
---- ----
Oil and gas sales $168,939 $262,003
Oil and gas production expenses $ 30,862 $ 39,678
Barrels produced 384 1,040
Mcf produced 127,890 122,542
Average price/Bbl $ 16.10 $ 14.64
Average price/Mcf $ 1.27 $ 2.01
As shown in the table, oil and natural gas sales decreased
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<PAGE>
by 35.5% for the three months ended March 31, 1995 as
compared to the three months ended March 31, 1994. This
decrease resulted from a decrease in the volume of oil sold
and a decrease in the average price of natural gas sold,
partially offset by an increase in the volume of natural gas
sold and an increase in the average price of oil sold.
Volumes of natural gas sold increased 5,348 Mcf for the
three months ended March 31, 1995 as compared to the three
months ended March 31, 1994, while volumes of oil sold
decreased 656 barrels for the three months ended March 31,
1995 as compared to the similar period in 1994. The
decrease in the volumes of oil sold was primarily a result
of significant positive prior period volume adjustments from
a purchaser on one well during the three months ended March
31, 1994. Average natural gas prices decreased to $1.27 per
Mcf for the three months ended March 31, 1995 from $2.01 per
Mcf for the three months ended March 31, 1994, while average
oil prices increased to $16.10 per barrel for the three
months ended March 31, 1995 from $14.64 per barrel for the
three months ended March 31, 1994.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $8,816 for the
three months ended March 31, 1995 as compared to the three
months ended March 31, 1994. This decrease was primarily
due to a decrease in production taxes from the decrease in
the average prices of natural gas sold during the three
months ended March 31, 1995 as compared to the three months
ended March 31, 1994. As a percentage of oil and gas sales,
these expenses increased slightly to 18.3% for the three
months ended March 31, 1995 from 15.1% for the three months
ended March 31, 1994. This percentage increase was
primarily a result of the decrease in the average price of
natural gas sold during the three months ended March 31,
1995 as compared to the three months ended March 31, 1994.
Depreciation, depletion and amortization of oil and gas
properties decreased $9,584 for the three months ended March
31, 1995 as compared to the three months ended March 31,
1994. This decrease was primarily due to an upward revision
in the estimate of the 1979-2 Program's remaining natural
gas reserves. As a percentage of oil and gas sales, this
expense increased to 24.5% for the three months ended March
31, 1995 from 19.5% for the three months ended March 31,
1994. This percentage increase was primarily a result of
the decrease in the average price of natural gas sold during
the three months ended March 31, 1995 as compared to the
three months ended March 31, 1994.
General and administrative expenses remained relatively
constant for the three months ended March 31, 1995 as
compared to the three months ended March 31, 1994. As a
percentage of oil and gas sales, these expenses increased to
7.2% for the three months ended March 31, 1995 from 4.3% for
the three months ended March 31, 1994. This percentage
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<PAGE>
increase was primarily a result of the decrease in the
average price of natural gas sold during the three months
ended March 31, 1995 as compared to the three months ended
March 31, 1994.
-15-
<PAGE>
<PAGE>
PART II: OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
-16-
<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 1979-1 LIMITED PARTNERSHIP
DYCO OIL AND GAS PROGRAM 1979-2 LIMITED PARTNERSHIP
(Registrant)
By: DYCO PETROLEUM CORPORATION
General Partner
Date: August 24, 1995 By: /s/Dennis R. Neill
----------------------------------------
(Signature)
Dennis R. Neill
Senior Vice President
Date: August 24, 1995 By: /s/Patrick M. Hall
-----------------------------------
(Signature)
Patrick M. Hall
Senior Vice President -
Controller
Principal Accounting Officer
-17-
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000806573
<NAME> DYCO OIL AND GAS PROGRAM 1979-1 LIMITED PARTNERSHIP
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<CASH> 37,109
<SECURITIES> 0
<RECEIVABLES> 38,513
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 75,622
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 401,862
<CURRENT-LIABILITIES> 4,822
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 361,418
<TOTAL-LIABILITY-AND-EQUITY> 401,862
<SALES> 82,261
<TOTAL-REVENUES> 83,385
<CGS> 0
<TOTAL-COSTS> 55,074
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 28,311
<INCOME-TAX> 0
<INCOME-CONTINUING> 28,311
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 28,311
<EPS-PRIMARY> 9.00
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000806574
<NAME> DYCO OIL AND GAS PROGRAM 1979-2 LIMITED PARTNERSHIP
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<CASH> 121,866
<SECURITIES> 0
<RECEIVABLES> 97,313
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 219,179
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 756,426
<CURRENT-LIABILITIES> 8,293
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 748,133
<TOTAL-LIABILITY-AND-EQUITY> 756,426
<SALES> 168,939
<TOTAL-REVENUES> 171,168
<CGS> 0
<TOTAL-COSTS> 84,545
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 86,623
<INCOME-TAX> 0
<INCOME-CONTINUING> 86,623
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 86,623
<EPS-PRIMARY> 30.00
<EPS-DILUTED> 0
</TABLE>
