<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 2-65186-03 (1980-1)
2-65186-04 (1980-2)
DYCO 1980 OIL AND GAS PROGRAMS
(TWO LIMITED PARTNERSHIPS)
(Exact Name of Registrant as specified in its charter)
41-1378908 (1980-1)
Minnesota 41-1385165 (1980-2)
(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
---- ----
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
DYCO OIL AND GAS PROGRAM 1980-1 LIMITED PARTNERSHIP
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1995 1994
--------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . $124,275 $ 71,555
Accrued oil and gas sales, including
$62,896 and $66,054 due from
related parties (Note 2) . . . . . . 68,742 75,516
-------- --------
Total current assets . . . . . . . $193,017 $147,071
NET OIL AND GAS PROPERTIES, utilizing
the full cost method . . . . . . . . . 513,092 542,055
DEFERRED CHARGE . . . . . . . . . . . . . 121,919 121,919
-------- --------
$828,028 $811,045
======== ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . . $ 49,248 $ 47,747
Gas imbalance payable . . . . . . . . 15,866 15,866
-------- --------
Total current liabilities . . . . . $ 65,114 $ 63,613
ACCRUED LIABILITY . . . . . . . . . . . . 26,525 26,525
CONTINGENCIES (Note 3)
PARTNERS' CAPITAL:
General Partner, issued and outstanding,
40 units . . . . . . . . . . . . . . 7,364 7,209
Limited Partners, issued and outstanding,
4,000 units . . . . . . . . . . . . 729,025 713,698
-------- --------
Total Partners' capital . . . . . . $736,389 $720,907
-------- --------
$828,028 $811,045
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
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DYCO OIL AND GAS PROGRAM 1980-1 LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
--------- --------
REVENUES:
Oil and gas sales, including
$108,086 and $127,434 of sales
to related parties (Note 2) . . . . $138,506 $139,337
Interest . . . . . . . . . . . . . . . 1,198 521
-------- --------
$139,704 $139,858
-------- --------
COSTS AND EXPENSES:
Oil and gas production . . . . . . . . $ 66,016 $ 58,567
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 38,121 26,359
General and administrative (Note 2) . 20,085 18,876
-------- --------
$124,222 $103,802
-------- --------
NET INCOME . . . . . . . . . . . . . . . $ 15,482 $ 36,056
======== ========
GENERAL PARTNER (1%) - net income . . . . $ 155 $ 361
======== ========
LIMITED PARTNERS (99%) - net income . . . $ 15,327 $ 35,695
======== ========
NET INCOME PER UNIT . . . . . . . . . . . $ 4 $ 9
======== ========
UNITS OUTSTANDING . . . . . . . . . . . . 4,040 4,040
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
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DYCO OIL AND GAS PROGRAM 1980-1 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 . . . . . . . . . . . . . . $ 15,482 $ 36,056
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 38,121 26,359
Decrease in accrued oil and gas sales 6,774 8,800
Increase in accounts payable . . . . 1,501 20,873
-------- --------
Net cash provided by operating
activities $ 61,878 $ 92,088
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to oil and gas properties . ($ 9,158) ($ 1,885)
-------- --------
Net cash used by investing activities ($ 9,158) ($ 1,885)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net cash used by financing activities $ - $ -
-------- --------
NET INCREASE IN CASH AND CASH EQUIVALENTS $ 52,720 $ 90,203
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 71,555 56,460
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $124,275 $146,663
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
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DYCO OIL AND GAS PROGRAM 1980-2 LIMITED PARTNERSHIP
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1995 1994
---------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . $166,494 $105,287
Accrued oil and gas sales, including
$72,642 and $83,013 due from
related parties (Note 2) . . . . . . 83,060 90,036
-------- --------
Total current assets . . . . . . . $249,554 $195,323
NET OIL AND GAS PROPERTIES, utilizing
the full cost method . . . . . . . . . 537,183 571,506
DEFERRED CHARGE . . . . . . . . . . . . . 95,034 95,034
-------- --------
$881,771 $861,863
======== ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . . $ 50,493 $ 48,828
Gas imbalance payable . . . . . . . . 17,488 17,488
-------- --------
Total current liabilities . . . . . $ 67,981 $ 66,316
ACCRUED LIABILITY . . . . . . . . . . . . 48,916 48,916
CONTINGENCIES (Note 3)
PARTNERS' CAPITAL:
General Partner, issued and outstanding,
59 units . . . . . . . . . . . . . . 7,649 7,467
Limited Partners, issued and outstanding,
5,000 units . . . . . . . . . . . . 757,225 739,164
-------- --------
Total Partners' capital . . . . . . $764,874 $746,631
-------- --------
$881,771 $861,863
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
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DYCO OIL AND GAS PROGRAM 1980-2 LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
-------- --------
REVENUES:
Oil and gas sales, including
$132,495 and $160,297 of sales
to related parties (Note 2) . . . . $165,093 $167,774
Interest . . . . . . . . . . . . . . . 1,654 1,603
-------- --------
$166,747 $169,377
-------- --------
COSTS AND EXPENSES:
Oil and gas production . . . . . . . . $ 75,646 $ 70,881
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 43,902 32,067
General and administrative (Note 2) . 28,956 27,394
-------- --------
$148,504 $130,342
-------- --------
NET INCOME . . . . . . . . . . . . . . . $ 18,243 $ 39,035
======== ========
GENERAL PARTNER (1%) - net income . . . . $ 182 $ 390
======== ========
LIMITED PARTNERS (99%) - net income . . . $ 18,061 $ 38,645
======== ========
NET INCOME PER UNIT . . . . . . . . . . . $ 4 $ 8
======== ========
UNITS OUTSTANDING . . . . . . . . . . . . 5,059 5,059
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
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DYCO OIL AND GAS PROGRAM 1980-2 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 . . . . . . . . . . . . . . $ 18,243 $ 39,035
Adjustments to reconcile net income to net
cash provided (used) by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 43,902 32,067
Decrease in accrued oil and gas sales 6,976 6,528
Increase in accounts payable . . . . 1,665 21,370
Decrease in related party payable . - ( 535,722)
-------- --------
Net cash provided (used) by operating
activities . . . . . . . . . . . $ 70,786 ($436,722)
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to oil and gas properties . ($ 9,579) ($ 1,963)
Retirements of oil and gas properties - 364
-------- --------
Net cash used by investing activities ($ 9,579) ($ 1,599)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . . $ - ($126,475)
-------- --------
Net cash used by financing activities $ - ($126,475)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . $ 61,207 ($564,796)
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 105,287 708,751
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $166,494 $143,955
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
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DYCO OIL AND GAS PROGRAM 1980-1 LIMITED PARTNERSHIP
DYCO OIL AND GAS PROGRAM 1980-2 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 1980-1 and 1980-2 Limited Partnerships
(individually, the "1980-1 Program" or the "1980-2 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
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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, 1995 and 1994 the
1980-1 Program incurred such expenses totaling $20,085 and
$18,876, respectively, of which $14,022 and $14,022 were paid
to Dyco. During the three months ended March 31, 1995 and
1994 the 1980-2 Program incurred such expenses totaling
$28,956 and $27,394, respectively, of which $21,405 and
$21,405 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
1980-1 Program totaled $108,086 and $127,434 respectively. At
March 31, 1995 accrued oil and gas sales for the 1980-1
Program included $62,896 due from Premier. During the three
months ended March 31, 1995 and 1994 these sales for the 1980-
2 Program totaled $132,495 and $160,297, respectively. At
March 31, 1995 accrued oil and gas sales for the 1980-2
Program included $72,642 due from Premier.
3. CONTINGENCIES
-------------
On November 12, 1992, certain adjacent landowners filed a
lawsuit against Dyco and others in which the plaintiffs
alleged damages to their land as a result of remediation
operations conducted on one of the 1980-1 and the 1980-2
Program's wells. The lawsuit alleged claims based on
negligence, private nuisance, public nuisance, trespass,
unjust enrichment, constructive fraud, and permanent
injunctive relief, all in amounts to be determined at trial.
A trial was conducted in the matter on February 22, 1994 in
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which the jury entered a verdict in favor of the plaintiffs in
the amount of approximately $5.5 million, consisting of
approximately $2.7 million in actual damages and approximately
$2.7 million in punitive damages. The 1980-1 and 1980-2
Program's share of such verdict is approximately $123,000 and
$128,000, respectively, in actual damages and approximately
$23,000 and $23,500, respectively, in punitive damages. Dyco
is presently appealing the matter.
On October 15, 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 three of the
1980-1 and 1980-2 Program's wells. 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. 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 1980-1 and
1980-2 Programs from this lawsuit.
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 four of the
1980-1 and 1980-2 Program's wells. 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. Dyco intends to vigorously
defend the lawsuit. As of the date of these financial
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statements, management cannot determine the amount of any
alleged damages which would be allocable to the 1980-1 and
1980-2 Programs from this lawsuit.
On December 18, 1992, a royalty owner filed a quiet title
action alleging that the operator of certain wells in which
the 1980-1 and 1980-2 Programs has an interest failed to
exercise due diligence in locating the owner while in the
process of force pooling the drilling and spacing unit.
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 four wells
pursuant to 52 O.S. Sec. 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. Judgment was
entered on June 15, 1994 in the amount of $550,000 plus
interest. The defendants have appealed the district court's
ruling, which appeal is currently pending.
On March 18, 1993, a royalty owner filed a lawsuit against
Dyco in which the plaintiff alleged entitlement to a share of
the proceeds of a take-or-pay settlement with a gas purchaser
which involved one of the 1980-1 Program's wells. Plaintiff
is seeking a full accounting, unpaid royalties, and his share
of benefits from the gas purchase contract as a third party
beneficiary. The plaintiff has not quantified the amount of
his alleged damages. Dyco has filed its answer in the matter
in which it denied all of the Plaintiff's allegations.
Discovery is proceeding in the matter. The plaintiffs filed a
motion for summary judgment on November 29, 1994 which is
currently pending before the court. 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 1980-1
Program from this lawsuit.
Included in these financial statements as of March 31, 1995 is
an accrual by the General Partner of $40,000 representing the
Program's share of estimated ultimate damages resulting from
the above mentioned contingencies.
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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
---------------------
1980-1 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 $138,506 $139,337
Oil and gas production expenses $ 66,016 $ 58,567
Barrels produced 671 788
Mcf produced 98,533 63,832
Average price/Bbl $ 16.73 $ 15.11
Average price/Mcf $ 1.29 $ 2.00
As shown in the table, oil and natural gas sales remained
relatively constant for the three months ended March 31,
1995 as compared to the three months ended March 31, 1994.
This was due primarily to 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 volume of natural gas sold and
an increase in the average price of oil sold. Volumes of
oil sold decreased by 117 barrels for the three months ended
March 31, 1995 as compared to the three months ended March
31, 1994, while volumes of natural gas sold increased by
34,701 Mcf for the three months ended March 31, 1995 as
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compared to the similar period in 1994. The increase in
volumes of natural gas sold was primarily due to workovers
on several wells during 1994 which resulted in significantly
increased production capabilities on these wells during the
three months ended March 31, 1995. Average oil prices
increased to $16.73 per barrel for the three months ended
March 31, 1995 from $15.11 per barrel for the three months
ended March 31, 1994, while average natural gas prices
decreased to $1.29 per Mcf for the three months ended March
31, 1995 from $2.00 per Mcf for the similar period in 1994.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $7,449 for the
three months ended March 31, 1995 as compared to the three
months ended March 31, 1994. This dollar increase was
primarily due to the increase in the volumes of natural gas
sold and additional workover charges incurred on one well
during the three months ended March 31, 1995 to improve the
recovery of reserves, partially offset by an accrual for
certain litigation costs during the three months ended March
31, 1994. As a percentage of oil and gas sales, these
expenses increased to 47.7% for the three months ended March
31, 1995 from 42.0% for the three months ended March 31,
1994. This percentage increase resulted primarily from the
dollar increase in production expenses related to workover
charges as discussed above and the decrease in the average
price of natural gas sold, partially offset by the accrual
for litigation costs as discussed above and by the increase
in the volumes 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 increased $11,762 for the three months ended
March 31, 1995 as compared to the three months ended March
31, 1994. This increase was consistent with the increase in
volumes 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, this
expense increased to 27.5% for the three months ended March
31, 1995 from 18.9% for the three months ended March 31,
1994. This percentage increase was primarily due to the
decrease in the average price of natural gas sold.
General and administrative expenses increased slightly by
$1,209 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 remained relatively
constant at 14.5% for the three months ended March 31, 1995
compared to 13.5% for the three months ended March 31, 1994.
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1980-2 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 $165,093 $167,774
Oil and gas production expenses $ 75,646 $ 70,881
Barrels produced 561 468
Mcf produced 135,861 86,521
Average price/Bbl $ 17.46 $ 15.97
Average price/Mcf $ 1.14 $ 1.85
As shown in the table, oil and natural gas sales decreased
slightly by 1.6% for the three months ended March 31, 1995
as compared to the three months ended March 31, 1994. This
decrease was due primarily to a decrease in the average
price of natural gas sold, partially offset by increases in
the volumes of oil and natural gas sold and an increase in
the average price of oil sold. Volumes of oil and natural
gas sold increased by 93 barrels and 49,340 Mcf,
respectively, for the three months ended March 31, 1995 as
compared to the three months ended March 31, 1994. The
increase in the volumes of natural gas sold was primarily
due to workovers on several wells during 1994 which resulted
in significantly increased production capabilities on these
wells during the three months ended March 31, 1995. Average
oil prices increased to $17.46 per barrel for the three
months ended March 31, 1995 from $15.97 per barrel for the
three months ended March 31, 1994, while average natural gas
prices decreased to $1.14 per Mcf for the three months ended
March 31, 1995 from $1.85 per Mcf for the similar period in
1994.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $4,765 for the
three months ended March 31, 1995 as compared to the three
months ended March 31, 1994. This dollar increase was
primarily due to the increase in the volumes of natural gas
sold and additional workover charges incurred on one well
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during the three months ended March 31, 1995 to improve the
recovery of reserves, partially offset by an accrual for
certain litigation costs during the three months ended March
31, 1994. As a percentage of oil and gas sales, these
expenses increased to 45.8% for the three months ended March
31, 1995 from 42.2% for the three months ended March 31,
1994. This percentage increase resulted primarily from the
dollar increase in production expenses related to workover
charges as discussed above and the decrease in the average
price of natural gas sold, partially offset by the accrual
for litigation costs as discussed above and by the increase
in the volumes 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 increased $11,835 for the three months ended
March 31, 1995 as compared to the three months ended March
31, 1994. This increase was consistent with the increase in
volumes of oil and 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, this
expense increased to 26.6% for the three months ended March
31, 1995 from 19.1% for the three months ended March 31,
1994. This percentage increase was primarily due to 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 increased slightly by
$1,562 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 remained relatively
constant at 17.5% for the three months ended March 31, 1995
from 16.3% for the three months ended March 31, 1994.
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PART II: OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
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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 1980-1 LIMITED PARTNERSHIP
DYCO OIL AND GAS PROGRAM 1980-2 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
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<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000806576
<NAME> DYCO OIL AND GAS PROGRAM 1980-1 LIMITED PARTNERSHIP
<S> <C>
<PERIOD-TYPE> 3-MOS
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