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                                UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

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                                 FORM 10-Q

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                 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                         THE SECURITIES EXCHANGE ACT OF 1934

                    For the quarterly period ended March 31, 2002

                           Commission File Number 333-93399

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                           REEF GLOBAL ENERGY VENTURES
            (Exact name of registrant as specified in its charter)


              NEVADA                                  TO BE APPLIED FOR
  (State or other jurisdiction of                     (I.R.S. employer
   incorporation or organization)                    identification no.)


  1901 N. CENTRAL EXPRESSWAY, SUITE 300
          RICHARDSON, TEXAS 75080                        (972) 437-6792
  (Address of principal executive offices,     (Registrant's telephone number,
            including zip code)                      including area code)

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     Indicate by check mark whether the registrant (1)has filed all reports
required to be filed by Section13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12months (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
                                    ---      ---


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                           PART I - FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS.

         There are no financial statements of the registrant because the
registrant is a series of up to ten limited partnerships to be formed.  As of
the date of this filing, none of the partnerships has been formed.

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS.

         The registrant is a series of up to ten limited partnerships
(collectively, the "Partnerships") to be formed to drill and own interests in
oil and natural gas properties around the world.  Reef Partners LLC will be
the managing general partner of each partnership.

         As of the date of this filing, none of the partnerships had been
formed; therefore, we have no financial condition or results of operations to
report.

ITEM 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

         The Partnerships have not yet been formed and currently have no
indebtedness or income from foreign sources that would subject them to market
risk.  The Partnerships will not engage in commodity futures trading or
hedging activities and will not enter into derivative financial instrument
transactions for trading or other speculative purposes.  The Partnerships
also will not engage in interest rate swap transactions that could expose
them to market risk.  However, to the extent that changes in interest rates
and currency exchange rates affect general economic conditions, the
Partnerships would be affected by such changes.

                                 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.

                                       REEF GLOBAL ENERGY VENTURES
                                       (Registrant)

                                       By: Reef Partners LLC,
                                           a Nevada limited liability company


Dated: May 15, 2002                    By: /s/ Michael J. Mauceli
                                           MICHAEL J. MAUCELI
                                           Manager and Member
                                           (PRINCIPAL EXECUTIVE OFFICER)


Dated: May 15, 2002                    By: /s/ Daniel C. Sibley
                                           DANIEL C. SIBLEY
                                           General Counsel and Chief Financial
                                           Officer (PRINCIPAL FINANCIAL AND
                                           ACCOUNTING OFFICER)


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