<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
March 31, 1996 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,
1996 1995
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . $ 32,923 $ 32,509
Accrued oil and gas sales, including
$64,832 due from related parties
in 1995 (Note 2) . . . . . . . . . . 83,228 74,181
-------- --------
Total current assets . . . . . . . $116,151 $106,690
NET OIL AND GAS PROPERTIES, utilizing
the full cost method . . . . . . . . . 273,434 291,717
DEFERRED CHARGE . . . . . . . . . . . . . 69,409 69,409
-------- --------
$458,994 $467,816
======== ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . . $ 5,595 $ 6,802
Gas imbalance payable . . . . . . . . 13,323 13,323
-------- --------
Total current liabilities . . . . . $ 18,918 $ 20,125
ACCRUED LIABILITY . . . . . . . . . . . . 38,124 38,124
PARTNERS' CAPITAL:
General Partner, issued and outstanding,
32 units . . . . . . . . . . . . . . 4,020 4,096
Limited Partners, issued and outstanding,
3,140 units . . . . . . . . . . . . 397,932 405,471
-------- --------
Total Partners' capital . . . . . . $401,952 $409,567
-------- --------
$458,994 $467,816
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
-2-
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<PAGE>
DYCO OIL AND GAS PROGRAM 1979-1 LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
REVENUES:
Oil and gas sales, including
$78,537 of sales to related
parties in 1995 (Note 2) . . . . . . $129,117 $82,261
Interest . . . . . . . . . . . . . . . 500 1,124
-------- -------
$129,617 $83,385
-------- -------
COSTS AND EXPENSES:
Oil and gas production . . . . . . . . $ 24,278 $25,031
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 17,751 14,480
General and administrative (Note 2) . 15,903 15,563
-------- -------
$ 57,932 $55,074
-------- -------
NET INCOME . . . . . . . . . . . . . . . $ 71,685 $28,311
======== =======
GENERAL PARTNER (1%) - net income . . . . $ 717 $ 283
======== =======
LIMITED PARTNERS (99%) - net income . . . $ 70,968 $28,028
======== =======
NET INCOME PER UNIT . . . . . . . . . . . $ 23 $ 9
======== =======
UNITS OUTSTANDING . . . . . . . . . . . . 3,172 3,172
======== =======
The accompanying condensed notes are an
integral part of these financial statements.
-3-
<PAGE>
<PAGE>
DYCO OIL AND GAS PROGRAM 1979-1 LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(Unaudited)
1996 1995
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . . $71,685 $ 28,311
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . 17,751 14,480
Decrease in receivable from related party - 13,447
(Increase) decrease in accrued oil and
gas sales . . . . . . . . . . . . ( 9,047) 7,010
Increase (decrease) in accounts payable ( 1,207) 1,219
------- --------
Net cash provided by operating
activities . . . . . . . . . . . . $79,182 $ 64,467
------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Retirements of oil and gas properties $ 532 $ -
------- --------
Net cash provided by investing
activities . . . . . . . . . . . . $ 532 $ -
------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . . ($79,300) ($111,020)
------- --------
Net cash used by financing activities ($79,300) ($111,020)
------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . $ 414 ($ 46,553)
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD . . . . . . . . . . . . . . . . . 32,509 83,662
------- --------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD . . . . . . . . . . . . . . . . . $32,923 $ 37,109
======= ========
The accompanying condensed notes are an
integral part of these financial statements.
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<PAGE>
<PAGE>
DYCO OIL AND GAS PROGRAM 1979-2 LIMITED PARTNERSHIP
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1996 1995
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . $112,900 $105,766
Accrued oil and gas sales, including
$71,862 due from related parties
in 1995 (Note 2) . . . . . . . . . . 102,680 91,623
-------- --------
Total current assets . . . . . . . $215,580 $197,389
NET OIL AND GAS PROPERTIES, utilizing
the full cost method . . . . . . . . . 410,595 440,361
DEFERRED CHARGE . . . . . . . . . . . . . 67,617 67,617
-------- --------
$693,792 $705,367
======== ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . . $ 5,899 $ 6,417
Gas imbalance payable . . . . . . . . 36,359 36,359
-------- --------
Total current liabilities . . . . . $ 42,258 $ 42,776
CONTINGENCIES (Note 3)
PARTNERS' CAPITAL:
General Partner, issued and outstanding,
29 units . . . . . . . . . . . . . . 6,515 6,626
Limited Partners, issued and outstanding,
2,860 units . . . . . . . . . . . . 645,019 655,965
-------- --------
Total Partners' capital . . . . . . $651,534 $662,591
-------- --------
$693,792 $705,367
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
-5-
<PAGE>
<PAGE>
DYCO OIL AND GAS PROGRAM 1979-2 LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(Unaudited)
1996 1995
--------- ----------
REVENUES:
Oil and gas sales, including
$162,393 of sales to related
parties in 1995 (Note 2) . . . . . . $174,483 $168,939
Interest . . . . . . . . . . . . . . . 1,325 2,229
-------- --------
$175,808 $171,168
-------- --------
COSTS AND EXPENSES:
Oil and gas production . . . . . . . . $ 28,282 $ 30,862
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 30,631 41,458
General and administrative (Note 2) . 12,392 12,225
-------- --------
$ 71,305 $ 84,545
-------- --------
NET INCOME . . . . . . . . . . . . . . . $104,503 $ 86,623
======== ========
GENERAL PARTNER (1%) - net income . . . . $ 1,045 $ 866
======== ========
LIMITED PARTNERS (99%) - net income . . . $103,458 $ 85,757
======== ========
NET INCOME PER UNIT . . . . . . . . . . . $ 36 $ 30
======== ========
UNITS OUTSTANDING . . . . . . . . . . . . 2,889 2,889
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
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<PAGE>
<PAGE>
DYCO OIL AND GAS PROGRAM 1979-2 LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(Unaudited)
1996 1995
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . . $104,503 $ 86,623
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 30,631 41,458
(Increase) decrease in accrued oil and
gas sales . . . . . . . . . . . . . ( 11,057) 51,823
Increase (decrease) in accounts payable ( 518) 81
-------- --------
Net cash provided by operating
activities . . . . . . . . . . . . $123,559 $179,985
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to oil and gas properties . ($ 865) $ -
-------- --------
Net cash used by investing
activities . . . . . . . . . . . . ($ 865) $ -
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . . ($115,560) ($187,785)
-------- --------
Net cash used by financing
activities . . . . . . . . . . . . ($115,560) ($187,785)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . $ 7,134 ($ 7,800)
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD . . . . . . . . . . . . . . . . . 105,766 129,666
-------- --------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD . . . . . . . . . . . . . . . . . $112,900 $121,866
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
-7-
<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, 1996
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The balance sheets as of March 31, 1996, statements of operations
for the three months ended March 31, 1996 and 1995, and statements
of cash flows for the three months ended March 31, 1996 and 1995
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,
1996, results of operations for the three months ended March 31,
1996 and 1995 and changes in cash flows for the three months ended
March 31, 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
Programs' Annual Report on Form 10-K for the year ended December
31, 1995. The results of operations for the period ended March 31,
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. 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.
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
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it incurs on behalf of the Program. During the three months ended
March 31, 1996 and 1995 the 1979-1 Program incurred such expenses
totaling $15,903 and $15,563, respectively, of which $11,130 and
$11,130 were paid to Dyco. During the three months ended March 31,
1996 and 1995 the 1979-2 Program incurred such expenses totaling
$12,392 and $12,225, 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 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 Programs until
December 6, 1995. During the three months ended March 31, 1995
these sales for the 1979-1 Program totaled $78,537. At December
31, 1995, accrued oil and gas sales for the 1979-1 Program included
$64,832 due from Premier. During the three months ended March 31,
1995 these sales for the 1979-2 Program totaled $162,393. At
December 31, 1995, accrued oil and gas sales for the 1979-2 Program
included $71,862 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 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. 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. 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; however, it is reasonably
possible that events could change in the future resulting in a
material liability to the 1979-2 Program.
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 County District
-9-
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<PAGE>
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; however, it is reasonably possible that events could
change in the future resulting in a material liability to the
Program.
-10-
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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. Over the last several years, the
domestic energy industry and the Programs 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 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, 1996 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1995.
Three months ended March 31,
-----------------------------
1996 1995
---- ----
Oil and gas sales $129,117 $82,261
Oil and gas production
expenses $ 24,278 $25,031
Barrels produced 62 128
Mcf produced 69,720 59,495
Average price/Bbl $ 19.63 $ 17.12
Average price/Mcf $ 1.83 $ 1.35
As shown in the table, oil and natural gas sales increased 57.0%
for the three months ended March 31, 1996 as compared to the
three months ended March 31, 1995. This increase resulted from
increases in the average prices of oil and natural gas sold and
the increase in the volumes of natural gas sold, partially offset
by the decrease in the volumes of oil sold during the three
months ended March 31, 1996 as compared to the three months ended
March 31, 1995. Volumes of natural gas sold increased 10,225
Mcf, while volumes of oil sold decreased by 66 barrels for the
three months ended March 31, 1996 as compared to the three months
ended March 31, 1995. The increase in the volumes of natural gas
sold was primarily the result of increased production on a well
during the three months ended March 31, 1996 as a result of
recent recompletion activities which improved the production
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capabilities of the well. Average oil and natural gas prices
increased to $19.63 per barrel and $1.83 per Mcf for the three
months ended March 31, 1996 from averages of $17.12 per barrel
and $1.35 per Mcf for the three months ended March 31, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased slightly by $753 for the
three months ended March 31, 1996 as compared to the three months
ended March 31, 1995. The decrease resulted primarily from
decreased general repair and maintenance expenses during the
three months ended March 31, 1996 as compared to the three months
ended March 31, 1995. As a percentage of oil and gas sales,
these expenses decreased to 18.8% for the three months ended
March 31, 1996 from 30.4% for the three months ended March 31,
1995. This percentage decrease was primarily a result of the
increase in the average prices of oil and natural gas sold
during the three months ended March 31, 1996 as compared to the
three months ended March 31, 1995.
Depreciation, depletion, and amortization of oil and gas
properties increased $3,271 for the three months ended March 31,
1996 as compared to the three months ended March 31, 1995. The
increase resulted primarily from the increase in the volumes of
natural gas sold during the three months ended March 31, 1996 as
compared to the three months ended March 31, 1995. As a
percentage of oil and gas sales, this expense decreased to 13.8%
for the three months ended March 31, 1996 from 17.6% for the
three months ended March 31, 1995. This percentage decrease was
primarily a result of the increase in the average prices of oil
and natural gas sold during the three months ended March 31, 1996
as compared to the three months ended March 31, 1995.
General and administrative expenses remained relatively constant
for the three months ended March 31, 1996 as compared to the
three months ended March 31, 1995. As a percentage of oil and
gas sales, these expenses decreased to 12.3% for the three months
ended March 31, 1996 from 18.9% for the three months ended March
31, 1995. This percentage decrease was primarily due to the
increase in the average prices of oil and natural gas sold during
the three months ended March 31, 1996 as compared to the three
months ended March 31, 1995.
1979-2 PROGRAM
THREE MONTHS ENDED MARCH 31, 1996 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1995.
Three months ended March 31,
-----------------------------
1996 1995
---- ----
Oil and gas sales $174,483 $168,939
Oil and gas production
expenses $ 28,282 $ 30,862
Barrels produced 358 384
Mcf produced 82,705 127,890
Average price/Bbl $ 18.69 $ 16.10
Average price/Mcf $ 2.03 $ 1.27
As shown in the table, oil and natural gas sales increased by
3.3% for the three months ended March 31, 1996 as compared to the
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three months ended March 31, 1995. This increase resulted
primarily from the increases in the average prices of oil and
natural gas sold during the three months ended March 31, 1996 as
compared to the three months ended March 31, 1995, partially
offset by the decrease in the volumes of natural gas sold during
the three months ended March 31, 1996 as compared to the three
months ended March 31, 1995. Volumes of oil and natural gas sold
decreased 26 barrels and 45,185 Mcf, respectively, for the three
months ended March 31, 1996 as compared to the three months ended
March 31, 1995. The decrease in the volumes of natural gas sold
resulted primarily from balancing adjustments on a well as a
result of revisions in the estimate of the well's remaining
natural gas reserves. Average oil and natural gas prices
increased to $18.69 per barrel and $2.03 per Mcf for the three
months ended March 31, 1996 from averages of $16.10 per barrel
and $1.27 per Mcf for the three months ended March 31, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $2,580 for the three
months ended March 31, 1996 as compared to the three months ended
March 31, 1995. As a percentage of oil and gas sales, these
expenses decreased to 16.2% for the three months ended March 31,
1996 from 18.3% for the three months ended March 31, 1995. This
percentage decrease was primarily a result of the increase in the
average prices of oil and natural gas sold during the three
months ended March 31, 1996 as compared to the three months ended
March 31, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $10,827 for the three months ended March 31,
1996 as compared to the three months ended March 31, 1995. This
decrease was primarily a result of the decrease in the volumes of
natural gas sold during the three months ended March 31, 1996 as
compared to the three months ended March 31, 1995 and an upward
revision in the estimate of the remaining natural gas reserves at
December 31, 1995. As a percentage of oil and gas sales, this
expense decreased to 17.6% for the three months ended March 31,
1996 from 24.5% for the three months ended March 31, 1995. This
percentage decrease was primarily a result of the significant
upward revision in the estimate of the 1979-2 Program's remaining
natural gas reserves and the increases in the average prices of
oil and natural gas sold during the three months ended March 31,
1996 as compared to the three months ended March 31, 1995.
General and administrative expenses remained relatively constant
for the three months ended March 31, 1996 as compared to the
three months ended March 31, 1995. As a percentage of oil and
gas sales, these expenses also remained relatively constant at
7.1% for the three months ended March 31, 1996 and 7.2% for the
three months ended March 31, 1995.
-13-
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<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 Dyco Oil and Gas Program
1979-1 Limited Partnership's financial statements as of
March 31, 1996 and for the three months ended March 31,
1996, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the Dyco Oil and Gas Program
1979-2 Limited Partnership's financial statements as of
March 31, 1996 and for the three months ended March 31,
1996, filed herewith.
(b) Reports on Form 8-K
None
-14-
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<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: May 3, 1996 By: /s/Dennis R. Neill
------------------------------
(Signature)
Dennis R. Neill
Senior Vice President
Date: May 3, 1996 By: /s/Patrick M. Hall
-----------------------------
(Signature)
Patrick M. Hall
Senior Vice President - Controller
Principal Accounting Officer
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<PAGE>
INDEX TO EXHIBITS
-----------------
Number Description
- ------ ------------
27.1 Financial Data Schedule containing summary financial
information extracted from the Dyco Oil and Gas
Program 1979-1 Limited Partnership's financial
statements as of March 31, 1996 and for the three
months ended March 31, 1996, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the Dyco Oil and Gas
Program 1979-1 Limited Partnership's financial
statements as of March 31, 1996 and for the three
months ended March 31, 1996, filed herewith.
All other exhibits are omitted as inapplicable.
-16-
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<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-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 32,923
<SECURITIES> 0
<RECEIVABLES> 83,228
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 116,151
<PP&E> 20,451,752
<DEPRECIATION> 20,178,318
<TOTAL-ASSETS> 458,994
<CURRENT-LIABILITIES> 18,918
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 401,952
<TOTAL-LIABILITY-AND-EQUITY> 458,994
<SALES> 129,117
<TOTAL-REVENUES> 129,617
<CGS> 0
<TOTAL-COSTS> 57,932
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 71,685
<INCOME-TAX> 0
<INCOME-CONTINUING> 71,685
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 71,685
<EPS-PRIMARY> 23.00
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
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