UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 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 May 17, 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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<C> <C>
Investment Discretion Voting Authority
Issue Class Cusip Market Shares Sole
Shared Other Mgr Sole Shared None
- ------------------ ----- ----- ------ ------ ----
- ------ ----- --- ---- ------ ----
Amerada Hess Common 023551104 1424 28000 X
28000
Anadarko Petroleum Common 032511107 8 200 X
200
Apache Corp Common 037411105 4775 183200 X
183200
Ashland Oil Common 044204105 2088 51000 X
51000
Atlantic Richfield Common 048825103 5525 75558 X
75558
BP Amoco P.L.C. Common 055622104 2102 20811 X
20811
Baker Hughes Inc Common 057224107 5334 219410 X
219410
Burlington Resources Common 122014103 5528 138410 X
138410
Canadian Natural Resour Common 136385101 2592 150400 X
150400
Chevron Corp Common 166751107 19605 220905 X
220905
Coastal Corp Common 190441105 6009 182100 X
182100
Conoco, Inc. Common 208251306 1086 44200 X
44200
Cooper Cameron Corp Common 216640102 440 13000 X
13000
Devon Energy Common 251799102 4615 167450 X
167450
Enron Corp Common 293561106 4780 74400 X
74400
Enron Oil & Gas Common 293562104 3320 199700 X
199700
Exxon Corp Common 302290101 43486 616274 X
616274
Global Industries Common 379336100 324 32000 X
32000
Halliburton Co Common 406216101 4123 107100 X
107100
IRI International Common 45004F107 724 178300 X
178300
KN Energy Inc Common 482620101 3313 166150 X
166150
KN Energy, Inc Peps Common 482620507 1771 52000 X
52000
Kerr McGee Corp Common 492386107 5872 178965 X
178965
MCN Energy Group Common 55267J100 1584 98600 X
98600
Mitchell Energy & Devel Common 606592301 2525 202000 X
202000
Mobil Corp Common 607059102 25370 288300 X
288300
Murphy Oil Common 626717102 1838 44300 X
44300
Noble Affiliates Common 654894104 3811 131400 X
131400
Noble Drilling Company Common 655042109 3530 203153 X
203153
Occidental Pete Corp Common 674599105 6511 361700 X
361700
Ocean Energy Common 67481E106 8721 1280110 X
1280110
Offshore Logistics Inc Common 676255102 1460 125600 X
125600
Phillips Petroleum Common 718507106 7276 154000 X
154000
Royal Dutch Pete Common 780257804 30480 586150 X
586150
Schlumberger LTD Common 806857108 10509 174600 X
174600
Texaco Inc Common 881694103 12572 221534 X
221534
Transocean Offshore Inc Common 893817106 778 27000 X
27000
USX Marathon Group Common 902905827 6927 251900 X
251900
Unocal Corp Common 915289102 5668 153700 X
153700
Vastar Res Inc Common 922380100 1910 40000 X
40000
Weatherford Internation Common 947074100 392 15000 X
15000
Willbros Group, Inc. Common 969199108 813 156800 X
156800
Williams Companies Common 969457100 8200 207600 X
207600
Yankee Energy Common 984779108 32 1400 X
1400
Knightsbridge Tankers L Common G5299G106 3 200 X
200
Santa Fe International Common G7805C108 1637 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: 46
Form 13F Information Table Value Total: 271,393
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