UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 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 October 04, 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 1746 28500 X
28500
Apache Corp Common 037411105 7536 174500 X
174500
Ashland Oil Common 044204105 538 16000 X
16000
Atlantic Richfield Common 048825103 6698 75158 X
75158
BP Amoco P.L.C. Common 055622104 2241 40450 X
40450
Baker Hughes Inc Common 057224107 6996 241240 X
241240
Burlington Resources Common 122014103 5446 148195 X
148195
Canadian Natural Resour Common 136385101 3472 148500 X
148500
Chevron Corp Common 166751107 19077 214955 X
214955
Coastal Corp Common 190441105 7537 184100 X
184100
Conoco, Inc. Common 208251306 1199 43200 X
43200
Conoco, Inc. Class B Common 208251405 6233 227700 X
227700
Cooper Cameron Corp Common 216640102 491 13000 X
13000
Devon Energy Common 251799102 6462 155950 X
155950
Enron Corp Common 293561106 5954 145000 X
145000
Enron Oil & Gas Common 293562104 4161 195800 X
195800
Exxon Corp Common 302290101 44770 589074 X
589074
Forest Oil Corp Common 346091606 6433 377000 X
377000
Global Industries Common 379336100 260 32000 X
32000
Halliburton Co Common 406216101 4424 107900 X
107900
IRI International Common 45004F107 499 106500 X
106500
KN Energy Inc Common 482620101 2905 129450 X
129450
Kerr McGee Corp Common 492386107 9584 174060 X
174060
MCN Energy Group Common 55267J100 1665 96900 X
96900
Mitchell Energy & Devel Common 606592301 3003 127800 X
127800
Mobil Corp Common 607059102 23996 238175 X
238175
Murphy Oil Common 626717102 2314 42800 X
42800
Noble Affiliates Common 654894104 7012 241800 X
241800
Noble Drilling Company Common 655042109 5412 247427 X
247427
Occidental Pete Corp Common 674599105 8836 382100 X
382100
Ocean Energy Common 67481E106 11718 1150280 X
1150280
Petroleum Geo Services Common 716597109 3151 165300 X
165300
Royal Dutch Pete Common 780257804 35984 609250 X
609250
Schlumberger LTD Common 806857108 10892 174800 X
174800
Spinnaker Exploration C Common 84855W109 1625 125000 X
125000
Texaco Inc Common 881694103 13536 214434 X
214434
Titan Exploration Inc Common 888289105 2736 554200 X
554200
Transocean Offshore Inc Common 893817106 796 26000 X
26000
USX Marathon Group Common 902905827 8373 286250 X
286250
Unocal Corp Common 915289102 5585 150700 X
150700
Vastar Res Inc Common 922380100 2502 40000 X
40000
Weatherford Internation Common 947074100 480 15000 X
15000
Willbros Group, Inc. Common 969199108 1112 156000 X
156000
Williams Companies Common 969457100 6144 163300 X
163300
Knightsbridge Tankers L Common G5299G106 10 600 X
600
Santa Fe International Common G7805C108 1878 87090 X
87090
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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: 313,424
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