UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 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 January 05, 2000
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 1691 29800 X
29800
Apache Corp Common 037411105 6545 177200 X
177200
Ashland Oil Common 044204105 283 8600 X
8600
Atlantic Richfield Common 048825103 7482 86500 X
86500
BJ Services Common 055482103 44 1060 X
1060
BP Amoco P.L.C. Common 055622104 1197 20184 X
20184
Baker Hughes Inc Common 057224107 4338 205940 X
205940
Barrett Resources Corp Common 068480201 26 900 X
900
Burlington Resources Common 122014103 5032 152195 X
152195
Canadian Natural Resour Common 136385101 3481 145300 X
145300
Carbo Ceramics, Inc Common 140781105 27 800 X
800
Chevron Corp Common 166751107 16247 187555 X
187555
Chieftain International Common 16867C101 3804 220500 X
220500
Coastal Corp Common 190441105 6645 187500 X
187500
Conoco, Inc. Common 208251306 1111 44900 X
44900
Conoco, Inc. Class B Common 208251405 5786 232600 X
232600
Cooper Cameron Corp Common 216640102 2606 53250 X
53250
Devon Energy Common 25179M103 5183 157650 X
157650
EOG Resources Common 26875P101 3409 194100 X
194100
Enron Corp Common 293561106 6630 149400 X
149400
Exxon Mobil Corp Common 30231G102 80658 1001187 X
1001187
Forest Oil Corp Common 346091606 5030 381400 X
381400
Global Industries Common 379336100 276 32000 X
32000
Global Marine, Inc Common 379352404 38 2300 X
2300
Halliburton Co Common 406216101 419 10400 X
10400
IRI International Common 45004F107 341 85200 X
85200
Kerr McGee Corp Common 492386107 10776 173805 X
173805
Kinder Morgan, Inc. Common 49455P101 2613 129450 X
129450
Mitchell Energy & Devel Common 606592301 2551 118300 X
118300
Murphy Oil Common 626717102 2456 42800 X
42800
Nabors Industries Common 629568106 28 900 X
900
Noble Affiliates Common 654894104 5241 244500 X
244500
Noble Drilling Company Common 655042109 7580 231437 X
231437
Occidental Pete Corp Common 674599105 8278 382800 X
382800
Ocean Energy Common 67481E106 8973 1157780 X
1157780
Petroleum Geo Services Common 716597109 2944 165300 X
165300
Royal Dutch Pete Common 780257804 32916 543500 X
543500
Schlumberger LTD Common 806857108 11896 211960 X
211960
Smith International Inc Common 832110100 4099 82500 X
82500
Spinnaker Exploration C Common 84855W109 1766 125000 X
125000
Texaco Inc Common 881694103 11733 216034 X
216034
Titan Exploration Inc Common 888289105 3013 554200 X
554200
USX Marathon Group Common 902905827 7084 286950 X
286950
Unocal Corp Common 915289102 1613 48050 X
48050
Vastar Res Inc Common 922380100 2401 40700 X
40700
Weatherford Internation Common 947074100 1051 26306 X
26306
Willbros Group, Inc. Common 969199108 702 151700 X
151700
Williams Companies Common 969457100 6259 204800 X
204800
Knightsbridge Tankers L Common G5299G106 8 600 X
600
Santa Fe International Common G7805C108 2253 87090 X
87090
Transocean Sedco Forex Common G90076103 2313 68668 X
68668
<PAGE>
</TABLE>
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
For 13F Information Table Entry Total: 51
Form 13F Information Table Value Total: 308,877
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