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, 1998 33-10346-09 (1980-1)
33-10346-10 (1980-2)
DYCO 1980 OIL AND GAS PROGRAM
(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 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
------ ------
1
<PAGE>
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,
1998 1997
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 92,202 $197,606
Accrued oil and gas sales 75,055 98,315
Accounts receivable - General
Partner (Note 2) 62,943 -
-------- --------
Total current assets $230,200 $295,921
NET OIL AND GAS PROPERTIES, utilizing
the full cost method 396,382 471,863
DEFERRED CHARGE 126,390 126,390
-------- --------
$752,972 $894,174
======== ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable $ 13,603 $ 34,756
Gas imbalance payable 11,046 11,046
-------- --------
Total current liabilities $ 24,649 $ 45,802
ACCRUED LIABILITY 44,579 44,579
PARTNERS' CAPITAL:
General Partner, issued and
outstanding, 40 units 6,838 8,038
Limited Partners, issued and
outstanding, 4,000 units 676,906 795,755
-------- --------
Total Partners' capital $683,744 $803,793
-------- --------
$752,972 $894,174
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
2
<PAGE>
DYCO OIL AND GAS PROGRAM 1980-1 LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
(Unaudited)
1998 1997
-------- --------
REVENUES:
Oil and gas sales $122,828 $225,567
Interest 2,469 2,488
-------- --------
$125,297 $228,055
-------- --------
COST AND EXPENSES:
Oil and gas production $ 23,516 $ 37,447
Depreciation, depletion, and
amortization of oil and gas
properties 18,390 53,692
General and administrative
(Note 2) 21,640 22,861
-------- --------
$ 63,546 $114,000
-------- --------
NET INCOME $ 61,751 $114,055
======== ========
GENERAL PARTNER (1%) - net income $ 618 $ 1,141
======== ========
LIMITED PARTNERS (99%) - net income $ 61,133 $112,914
======== ========
NET INCOME PER UNIT $ 15.28 $ 28.23
======== ========
UNITS OUTSTANDING 4,040 4,040
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
3
<PAGE>
DYCO OIL AND GAS PROGRAM 1980-1 LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
(Unaudited)
1998 1997
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 61,751 $114,055
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 18,390 53,692
Decrease in accrued oil and
gas sales 23,260 77,009
Increase in accounts receivable -
General Partner ( 62,943) -
Decrease in accounts payable ( 21,153) ( 1,071)
-------- --------
Net cash provided by operating
activities $ 19,305 $243,685
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of oil and
gas properties $ 62,943 $ 13
Additions to oil and gas
properties ( 5,852) ( 951)
-------- --------
Net cash provided (used) by
investing activities $ 57,091 ($ 938)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($181,800) ($303,000)
-------- --------
Net cash used by financing
activities ($181,800) ($303,000)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($105,404) ($ 60,253)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 197,606 227,376
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 92,202 $167,123
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
4
<PAGE>
DYCO OIL AND GAS PROGRAM 1980-2 LIMITED PARTNERSHIP
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1998 1997
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $357,545 $268,020
Accrued oil and gas sales 115,751 126,291
Accounts receivable - General
Partner (Note 2) 45,780 -
-------- --------
Total current assets $519,076 $394,311
NET OIL AND GAS PROPERTIES, utilizing
the full cost method 188,658 266,773
DEFERRED CHARGE 75,520 75,520
-------- --------
$783,254 $736,604
======== ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable $ 16,710 $ 39,922
Gas imbalance payable 71,205 71,205
-------- --------
Total current liabilities $ 87,915 $111,127
ACCRUED LIABILITY 133,166 133,166
PARTNERS' CAPITAL:
General Partner, issued and
outstanding, 59 units 5,621 4,923
Limited Partners, issued and
outstanding, 5,000 units 556,552 487,388
-------- --------
Total Partners' capital $562,173 $492,311
-------- --------
$783,254 $736,604
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
5
<PAGE>
DYCO OIL AND GAS PROGRAM 1980-2 LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
(Unaudited)
1998 1997
-------- ---------
REVENUES:
Oil and gas sales $326,686 $266,167
Interest 3,450 3,858
-------- --------
$330,136 $270,025
-------- --------
COST AND EXPENSES:
Oil and gas production $ 39,133 $ 42,759
Depreciation, depletion, and
amortization of oil and gas
properties 38,427 47,495
General and administrative
(Note 2) 30,944 32,474
-------- --------
$108,504 $122,728
-------- --------
NET INCOME $221,632 $147,297
======== ========
GENERAL PARTNER (1%) - net income $ 2,216 $ 1,473
======== ========
LIMITED PARTNERS (99%) - net income $219,416 $145,824
======== ========
NET INCOME PER UNIT $ 43.81 $ 29.12
======== ========
UNITS OUTSTANDING 5,059 5,059
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
6
<PAGE>
DYCO OIL AND GAS PROGRAM 1980-2 LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
(Unaudited)
1998 1997
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $221,632 $147,297
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 38,427 47,495
Decrease in accrued oil and
gas sales 10,540 86,458
Increase in accounts receivable -
General Partner ( 45,780) ( 11,551)
Decrease in accounts payable ( 23,212) ( 1,904)
-------- --------
Net cash provided by operating
activities $201,607 $267,795
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of oil and
gas properties $ 45,784 $ 11,565
Additions to oil and gas
properties ( 6,096) ( 991)
-------- --------
Net cash provided by investing
activities $ 39,688 $ 10,574
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($151,770) ($354,130)
-------- --------
Net cash used by financing
activities ($151,770) ($354,130)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 89,525 ($ 75,761)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 268,020 369,731
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $357,545 $293,970
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
7
<PAGE>
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, 1998
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The balance sheet as of March 31, 1998, statements of operations for the
three months ended March 31, 1998 and 1997, and statements of cash flows
for the three months ended March 31, 1998 and 1997 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, 1998,
results of operations for the three months ended March 31, 1998 and 1997,
and changes in cash flows for the three months ended March 31, 1998 and
1997 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, 1997. The results of operations for the period
ended March 31, 1998 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. The Programs' calculation of depreciation, depletion, and
amortization includes estimated future expenditures to be incurred in
developing proved reserves and estimated dismantlement and abandonment
costs, net of estimated salvage values. In the event the unamortized cost
of oil and gas properties being amortized exceeds the full cost
8
<PAGE>
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 period 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 it incurs on
behalf of the Program. During the three months ended March 31, 1998 and
1997 the 1980-1 Program incurred such expenses totaling $21,640 and
$22,861, respectively, of which $14,022 was paid each period to Dyco and
its affiliates. During the three months ended March 31, 1998 and 1997 the
1980-2 Program incurred such expenses totaling $30,944 and $32,474,
respectively, of which $21,405 was paid each period to Dyco and its
affiliates.
Affiliates of the Programs operate certain of the Programs' properties.
Their policy is to bill the Programs for all customary charges and cost
reimbursements associated with these activities.
The receivables from the General Partner at March 31, 1998 represent
proceeds due to the 1980-1 and 1980-2 Programs from the sale of oil and
gas properties to third parties during the first quarter of 1998.
Subsequent to March 31, 1998, these receivables were collected by the
Programs.
9
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
USE OF FORWARD-LOOKING STATEMENTS AND ESTIMATES
- -----------------------------------------------
This Quarterly Report contains certain forward-looking statements. The
words "anticipate", "believe", "expect", "plan", "intend", "estimate",
"project", "could", "may" and similar expressions are intended to identify
forward-looking statements. Such statements reflect management's current
views with respect to future events and financial performance. This
Quarterly Report also includes certain information, which is, or is based
upon, estimates and assumptions. Such estimates and assumptions are
management's efforts to accurately reflect the condition and operation of
the Program.
Use of forward-looking statements and estimates and assumptions involve
risks and uncertainties which include, but are not limited to, the
volatility of oil and gas prices, the uncertainty of reserve information,
the operating risk associated with oil and gas properties (including the
risk of personal injury, death, property damage, damage to the well or
producing reservoir, environmental contamination, and other operating
risks), the prospect of changing tax and regulatory laws, the availability
and capacity of processing and transportation facilities, the general
economic climate, the supply and price of foreign imports of oil and gas,
the level of consumer product demand, and the price and availability of
alternative fuels. Should one or more of these risks or uncertainties
occur or should estimates or underlying assumptions prove incorrect,
actual conditions or results may vary materially and adversely from those
stated, anticipated, believed, estimated, and otherwise indicated.
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 be no further material capital
resource commitments in the future. The Programs have no debt commitments.
Cash for operational purposes will be provided by current oil and gas
production.
10
<PAGE>
The Programs' Statements of Cash Flows for the first quarter of 1998
include proceeds from the sale of oil and gas properties during the three
months ended March 31, 1998. These proceeds will be reflected, as
applicable, in the Programs' cash distributions, if any, to be paid in
June 1998. It is possible that the Programs' repurchase values and future
cash distributions could decline as a result of the disposition of these
properties. On the other hand, the General Partner believes there will be
beneficial operating efficiencies related to the Programs' remaining
properties. This is primarily due to the fact that the properties sold
generally bore a higher ratio of operating expenses as compared to
reserves than the Programs' remaining properties.
RESULTS OF OPERATIONS
- ---------------------
GENERAL DISCUSSION
The following general discussion should be read in conjunction with the
analysis of results of operations provided below. The most important
variable affecting the Programs' revenues is the prices received for the
sale of oil and gas. Predicting future prices is very difficult.
Substantially all of the Programs' gas reserves are being sold in the
"spot market". Prices on the spot market are subject to wide seasonal and
regional pricing fluctuations due to the highly competitive nature of the
spot market. In addition, such spot market sales are generally short-term
in nature and are dependent upon the obtaining of transportation services
provided by pipelines. Management is unable to predict whether future oil
and gas prices will (i) stabilize, (ii) increase, or (iii) decrease.
1980-1 PROGRAM
THREE MONTHS ENDED MARCH 31, 1998 AS COMPARED TO THE THREE MONTHS ENDED
MARCH 31, 1997.
Three Months Ended March 31,
----------------------------
1998 1997
-------- --------
Oil and gas sales $122,828 $225,567
Oil and gas production expenses $ 23,516 $ 37,447
Barrels produced 445 487
Mcf produced 54,413 94,984
Average price/Bbl $ 15.60 $ 22.31
Average price/Mcf $ 2.13 $ 2.26
As shown in the table above, total oil and gas sales decreased $102,739
(45.5%) for the three months ended March 31, 1998 as compared to the three
months ended March 31,
11
<PAGE>
1997. Of this decrease, approximately $92,000 was related to a decrease in
volumes of gas sold and approximately $10,000 was related to decreases in
the average prices of oil and gas sold. Volumes of oil and gas sold
decreased 42 barrels and 40,571 Mcf, respectively, for the three months
ended March 31, 1998 as compared to the three months ended March 31, 1997.
The decrease in volumes of gas sold resulted primarily from (i) positive
prior period volume adjustments made by the purchaser on one well during
the three months ended March 31, 1997, (ii) the abandonment of one well
during the three months ended March 31, 1997 and (iii) a normal decline in
production on one significant well during the three months ended March 31,
1998. Average oil and gas prices decreased to $15.60 per barrel and $2.13
per Mcf, respectively, for the three months ended March 31, 1998 from
$22.31 per barrel and $2.26 per Mcf, respectively, for the three months
ended March 31, 1997.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $13,931 (37.2%) for the three months ended
March 31, 1998 as compared to the three months ended March 31, 1997. This
decrease resulted primarily from (i) the decrease in volumes of gas sold
during the three months ended March 31, 1998 as compared to the three
months ended March 31, 1997 and (ii) a decrease in production taxes
associated with the decrease in oil and gas sales discussed above. As a
percentage of oil and gas sales, these expenses increased to 19.1% for the
three months ended March 31, 1998 from 16.6% for the three months ended
March 31, 1997. This percentage increase was primarily due to decreases in
the average prices of oil and gas sold during the three months ended March
31, 1998 as compared to the three months ended March 31, 1997.
Depreciation, depletion, and amortization of oil and gas properties
decreased $35,302 (65.7%) for the three months ended March 31, 1998 as
compared to the three months ended March 31, 1997. This decrease resulted
primarily from (i) the decreases in volumes of gas sold during the three
months ended March 31, 1998 as compared to the three months ended March
31, 1997 and (ii) significant upward revisions in the estimates of
remaining gas reserves at December 31, 1997. As a percentage of oil and
gas sales, this expense decreased to 15.0% for the three months ended
March 31, 1998 from 23.8% for the three months ended March 31, 1997. This
percentage decrease was primarily due to the dollar decrease in
depreciation, depletion, and amortization discussed above.
General and administrative expenses decreased $1,221 (5.3%) for the three
months ended March 31, 1998 as compared to the three months ended March
31, 1997. As a percentage of oil and gas sales, these expenses increased
to 17.6% for the three months ended March 31, 1998 from 10.1% for the
three
12
<PAGE>
months ended March 31, 1997. This percentage increase was primarily
due to the decrease in oil and gas sales discussed above.
1980-2 PROGRAM
THREE MONTHS ENDED MARCH 31, 1998 AS COMPARED TO THE THREE MONTHS ENDED
MARCH 31, 1997.
Three Months Ended March 31,
----------------------------
1998 1997
-------- --------
Oil and gas sales $326,686 $266,167
Oil and gas production expenses $ 39,133 $ 42,759
Barrels produced 327 387
Mcf produced 166,076 110,339
Average price/Bbl $ 15.71 $ 22.11
Average price/Mcf $ 1.94 $ 2.33
As shown in the table above, total oil and gas sales increased $60,519
(22.7%) for the three months ended March 31, 1998 as compared to the three
months ended March 31, 1997. Of this increase, approximately $130,000 was
related to an increase in volumes of gas sold, partially offset by a
decrease of approximately $67,000 related to decreases in the average
prices of oil and gas sold. Volumes of oil sold decreased 60 barrels,
while volumes of gas sold increased 55,737 Mcf, respectively, for the
three months ended March 31, 1998 as compared to the three months ended
March 31, 1997. The increase in volumes of gas sold resulted primarily
from positive prior period volume adjustments made by the purchaser on two
wells during the three months ended March 31, 1998, which increase was
partially offset by (i) positive period volume adjustments made by the
purchaser on two wells during the three months ended March 31, 1997 and
(ii) the abandonment of one well during the three months ended March 31,
1997. Average oil and gas prices decreased to $15.71 per barrel and $1.94
per Mcf, respectively, for the three months ended March 31, 1998 from
$22.11 per barrel and $2.33 per Mcf, respectively, for the three months
ended March 31, 1997.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $3,626 (8.5%) for the three months ended March
31, 1998 as compared to the three months ended March 31, 1997. This
decrease resulted primarily from (i) credits received from the operator on
two wells during the three months ended March 31, 1998 for prior operating
expenses and (ii) subsurface repair expenses incurred on one well during
the three months ended March 31, 1997, which decrease was partially offset
by an increase in production taxes associated with the increase in oil and
gas sales discussed above. As a percentage of oil and gas
13
<PAGE>
sales, these expenses decreased to 12.0% for the three months ended March
31, 1998 from 16.1% for the three months ended March 31, 1997. This
percentage decrease was primarily due to the dollar decrease in production
expenses discussed above.
Depreciation, depletion, and amortization of oil and gas properties
decreased $9,068 (19.1%) for the three months ended March 31, 1998 as
compared to the three months ended March 31, 1997. This decrease resulted
primarily from significant upward revisions in the estimates of remaining
gas reserves at December 31, 1997, partially offset by the increase in
volumes of gas sold during the three months ended March 31, 1998 as
compared to the three months ended March 31, 1997. As a percentage of oil
and gas sales, this expense decreased to 11.8% for the three months ended
March 31, 1998 from 17.8% for the three months ended March 31, 1997. This
percentage decrease was primarily due to the dollar decrease in
depreciation, depletion, and amortization discussed above.
General and administrative expenses decreased $1,530 (4.7%) for the three
months ended March 31, 1998 as compared to the three months ended March
31, 1997. As a percentage of oil and gas sales, these expenses decreased
to 9.5% for the three months ended March 31, 1998 from 12.2% for the three
months ended March 31, 1997. This percentage decrease was primarily due to
the increase in oil and gas sales discussed above.
14
<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 1980-1 Program's
financial statements as of March 31, 1998 and for the
three months ended March 31, 1998, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the 1980-2 Program's
financial statements as of March 31, 1998 and for the
three months ended March 31, 1998, filed herewith.
All other exhibits are omitted as inapplicable.
(b) Reports on Form 8-K.
None.
15
<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 1980-1 LIMITED
PARTNERSHIP
DYCO OIL AND GAS PROGRAM 1980-2 LIMITED
PARTNERSHIP
(Registrant)
BY: DYCO PETROLEUM CORPORATION
General Partner
Date: May 7, 1998 By: /s/Dennis R. Neill
-------------------------------
(Signature)
Dennis R. Neill
President
Date: May 7, 1998 By: /s/Patrick M. Hall
-------------------------------
(Signature)
Patrick M. Hall
Chief Financial Officer
16
<PAGE>
INDEX TO EXHIBITS
NUMBER DESCRIPTION
- ------ -----------
27.1 Financial Data Schedule containing summary financial information
extracted from the Dyco Oil and Gas Program 1980-1 Limited
Partnership's financial statements as of March 31, 1998 and for the
three
months ended March 31, 1998, filed herewith.
27.2 Financial Data Schedule containing summary financial information
extracted from the Dyco Oil and Gas Program 1980-2 Limited
Partnership's financial statements as of March 31, 1998 and for the
three
months ended March 31, 1998, filed herewith.
All other exhibits are omitted as inapplicable.
17
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000806576
<NAME> Dyco Oil & Gas Program 1980-1 Limited Ptrshp
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<CASH> 92,202
<SECURITIES> 0
<RECEIVABLES> 137,998
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 230,200
<PP&E> 29,690,093
<DEPRECIATION> 29,293,711
<TOTAL-ASSETS> 752,972
<CURRENT-LIABILITIES> 24,649
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 683,744
<TOTAL-LIABILITY-AND-EQUITY> 752,972
<SALES> 122,828
<TOTAL-REVENUES> 125,297
<CGS> 0
<TOTAL-COSTS> 63,546
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 61,751
<INCOME-TAX> 0
<INCOME-CONTINUING> 61,751
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 61,751
<EPS-PRIMARY> 15.28
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000806577
<NAME> Dyco Oil & Gas Program 1980-2 Limited Ptrshp
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<CASH> 357,545
<SECURITIES> 0
<RECEIVABLES> 161,531
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 519,076
<PP&E> 35,351,644
<DEPRECIATION> 35,162,986
<TOTAL-ASSETS> 783,254
<CURRENT-LIABILITIES> 87,915
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 562,173
<TOTAL-LIABILITY-AND-EQUITY> 783,254
<SALES> 326,686
<TOTAL-REVENUES> 330,136
<CGS> 0
<TOTAL-COSTS> 108,504
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 221,632
<INCOME-TAX> 0
<INCOME-CONTINUING> 221,632
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 221,632
<EPS-PRIMARY> 43.81
<EPS-DILUTED> 0
</TABLE>
