UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: June 30, 1999
Chech here if Amendmenr [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Terry Jolly
Address: 1100 Louisiana
Suite 4810
Houston, Texas 77002
13F File Number: 801-34644
The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorized to submit it, that all
information contained herein is true, correct and complete, and
that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of
this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Terry Jolly
Title: Vice President
Phone: 713-759-2070
Signature, Place and Date of Signing:
Terry Jolly Houston, Texas July 01, 1999
Report Type (Check only one.):
[ X] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager:
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934.
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<TABLE>
<C> <C>
Investment Discretion Voting Authority
Issue Class Cusip Market Shares Sole
Shared Other Mgr Sole Shared None
- ------------------ ----- ----- ------ ------ ----
- ------ ----- --- ---- ------ ----
Amerada Hess Common 023551104 1684 28300 X
28300
Anadarko Petroleum Common 032511107 7 200 X
200
Apache Corp Common 037411105 7106 182200 X
182200
Ashland Oil Common 044204105 2034 50700 X
50700
Atlantic Richfield Common 048825103 6473 77458 X
77458
BP Amoco P.L.C. Common 055622104 2205 20325 X
20325
Baker Hughes Inc Common 057224107 8226 245540 X
245540
Burlington Resources Common 122014103 5946 137477 X
137477
Canadian Natural Resour Common 136385101 2840 149100 X
149100
Chevron Corp Common 166751107 20924 220105 X
220105
Coastal Corp Common 190441105 7575 188200 X
188200
Conoco, Inc. Common 208251306 1232 44200 X
44200
Cooper Cameron Corp Common 216640102 482 13000 X
13000
Devon Energy Common 251799102 5961 166450 X
166450
Enron Corp Common 293561106 6156 75300 X
75300
Enron Oil & Gas Common 293562104 4003 197700 X
197700
Exxon Corp Common 302290101 47368 614174 X
614174
Forest Oil Corp Common 346091606 4783 380700 X
380700
Global Industries Common 379336100 410 32000 X
32000
Halliburton Co Common 406216101 4824 106600 X
106600
IRI International Common 45004F107 522 112900 X
112900
KN Energy Inc Common 482620101 4144 309800 X
309800
Kerr McGee Corp Common 492386107 8941 178160 X
178160
MCN Energy Group Common 55267J100 2025 97600 X
97600
Mitchell Energy & Devel Common 606592301 2387 129900 X
129900
Mobil Corp Common 607059102 27144 274875 X
274875
Murphy Oil Common 626717102 2118 43400 X
43400
Noble Affiliates Common 654894104 3805 135000 X
135000
Noble Drilling Company Common 655042109 4870 247353 X
247353
Occidental Pete Corp Common 674599105 7575 358600 X
358600
Ocean Energy Common 67481E106 12168 1264180 X
1264180
Offshore Logistics Inc Common 676255102 761 68400 X
68400
Phillips Petroleum Common 718507106 7708 153200 X
153200
Royal Dutch Pete Common 780257804 37286 618850 X
618850
Schlumberger LTD Common 806857108 11082 174000 X
174000
Texaco Inc Common 881694103 13644 218734 X
218734
Transocean Offshore Inc Common 893817106 682 26000 X
26000
USX Marathon Group Common 902905827 9927 304850 X
304850
Unocal Corp Common 915289102 6067 153100 X
153100
Vastar Res Inc Common 922380100 2098 40000 X
40000
Weatherford Internation Common 947074100 549 15000 X
15000
Willbros Group, Inc. Common 969199108 1329 156400 X
156400
Williams Companies Common 969457100 6933 162900 X
162900
Knightsbridge Tankers L Common G5299G106 10 600 X
600
Santa Fe International Common G7805C108 2015 87590 X
87590
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</TABLE>
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
For 13F Information Table Entry Total: 45
Form 13F Information Table Value Total: 316,028
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