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

                                    Form 10-Q

MARK ONE
   |X|                QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
                      SECURITIES EXCHANGE ACT OF 1934

                  For the Quarterly Period Ended March 31, 1997

   |_|                TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
                      SECURITIES EXCHANGE ACT OF 1934

                         Commission File Number 0-11313


                         MAY DRILLING PARTNERSHIP 1983-2
                         MAY LIMITED PARTNERSHIP 1983-2
             (Exact name of registrant as specified in its charter)



                                                                     75-1915688
              Texas                                                  75-1915682
(State or other jurisdiction of                                 (I.R.S. Employer
incorporation or organization)                            Identification Number)
4582 South Ulster Street Parkway
                Suite 1700
          Denver, Colorado                                                80237
(Address of principal executive offices)                              (Zip Code)

       Registrant's telephone number, including area code: (303) 850-7373

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (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  |_|










                                   Page 1 of 9


<PAGE>

<TABLE>
<CAPTION>


                                          MAY DRILLING PARTNERSHIP 1983-2
                                                  BALANCE SHEETS
                                                    (Unaudited)
                                                  (In thousands)



                                                                        March 31,                 December 31,
                                                                          1997                        1996
ASSETS
Investment in
<S>                                                                       <C>                         <C> 
     May Limited Partnership 1983-2                                       $482                        $397
                                                                           ===                         ===

PARTNERS' CAPITAL
Partners' Capital                                                         $482                        $397
                                                                           ===                         ===









<FN>

NOTE:       The  statements  of  operations  and  cash  flows  for May  Drilling
            Partnership  1983-2 are not presented  because such  information  is
            equal to the limited  partner's  share of such activity as presented
            in the May Limited Partnership 1983-2 financial statements.  The May
            Drilling   Partnership   carries  its   investment  in  May  Limited
            Partnership 1983-2 on the equity method. The May Limited Partnership
            1983-2 financial statements should be read in conjunction with these
            balance sheets.
</FN>
















<FN>

                                     The   accompanying note is an integral part
                                           of the financial statements.

</FN>
</TABLE>
                                                        -2-

<PAGE>

<TABLE>
<CAPTION>


                                          MAY LIMITED PARTNERSHIP 1983-2
                                                  BALANCE SHEETS
                                                    (Unaudited)
                                                  (In thousands)



                                                                                 March 31,                 December 31,
                                                                                   1997                        1996

ASSETS
CURRENT ASSETS
<S>                                                                              <C>                         <C>      
   Cash and cash equivalents                                                     $     270                   $     157
   Accrued oil and gas sales                                                           106                         161
   Due from affiliate                                                                   89
                                                                                 ---------
            Total                                                                      465                         318
                                                                                  --------                    --------

OIL AND GAS PROPERTIES, using the
   full cost method of accounting                                                   16,638                      16,618
        Less accumulated depletion                                                (16,092)                    (16,072)
                                                                                   ------                      ------
            Net oil and gas properties                                                 546                         546
                                                                                  --------                    --------

TOTAL ASSETS                                                                      $  1,011                   $     864
                                                                                   =======                    ========

LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES
   Accounts payable and accrued liabilities                                     $       15                  $       22
   Due to affiliate                                                                                                  5
                                                                               -----------                  ----------
            Total                                                                       15                          27
                                                                                  --------                   ---------

PARTNERS' CAPITAL
   General partner                                                                     514                         440
   Limited partner                                                                     482                         397
                                                                                  --------                    --------
            Total                                                                      996                         837
                                                                                  --------                    --------

TOTAL LIABILITIES AND PARTNERS' CAPITAL                                           $  1,011                   $     864
                                                                                   =======                    ========













<FN>

                                     The   accompanying note is an integral part
                                           of the financial statements.
</FN>
</TABLE>

                                                        -3-

<PAGE>

<TABLE>
<CAPTION>


                                          MAY LIMITED PARTNERSHIP 1983-2
                                             STATEMENTS OF OPERATIONS
                                                    (Unaudited)
                                    (In thousands, except for unit information)



                                                                                  For the Three Months Ended March 31,
                                                                                    1997                        1996

REVENUES
<S>                                                                              <C>                        <C>       
     Oil revenue                                                                 $      24                  $       26
     Gas revenue                                                                       200                         244
     Interest income                                                                     2                           2
                                                                                ----------                  ----------
              Total                                                                    226                         272
                                                                                  --------                    --------

COSTS AND EXPENSES
     Lease operating                                                                    21                          27
     General and administrative                                                         21                          25
     Depletion                                                                          20                          26
     Professional services and other                                                     5                           2
                                                                                ----------                  ----------
              Total                                                                     67                          80
                                                                                 ---------                   ---------

NET INCOME                                                                       $     159                   $     192
                                                                                  ========                    ========

ALLOCATION OF NET INCOME:

     General Partner                                                            $       74                  $       85
                                                                                 ---------                   =========

     Limited Partner                                                            $       85                   $     107
                                                                                 =========                    ========

         Per initial $1,000 limited
              partner investment                                                 $    8.05                    $  10.14
                                                                                  ========                     =======

         Weighted average initial $1,000 limited
              partner investment units outstanding                                  10,557                      10,557
                                                                                    ======                      ======













<FN>

                                     The   accompanying note is an integral part
                                           of the financial statements.
</FN>
</TABLE>

                                                        -4-

<PAGE>
<TABLE>
<CAPTION>



                                          MAY LIMITED PARTNERSHIP 1983-2
                                             STATEMENTS OF CASH FLOWS
                                                    (Unaudited)
                                                  (In thousands)



                                                                                  For the Three Months Ended March 31,
                                                                                    1997                        1996

OPERATING ACTIVITIES:
<S>                                                                                <C>                         <C>    
     Net income                                                                    $   159                     $   192
     Adjustment to reconcile net income to
         net cash provided by operating
         activities:
              Depletion                                                                 20                          26
                                                                                   -------                     -------

                  Cash from operations before
                      working capital changes                                          179                         218

     Changes in assets and liabilities provided (used) cash:
              Accrued oil and gas sales                                                 55                        (26)
              Due from affiliate                                                      (89)                        (44)
              Accounts payable and accrued liabilities                                 (7)                         (6)
              Due to affiliate                                                         (5)
                                                                                 --------
                  Net cash provided by operating
                      activities                                                       133                         142
                                                                                    ------                      ------

INVESTING ACTIVITIES:
     Additions to oil and gas properties                                              (20)                         (2)
                                                                                  -------                    --------

FINANCING ACTIVITIES:
     Distributions to partners                                                                                    (86)

NET INCREASE IN CASH AND
     CASH  EQUIVALENTS                                                                 113                          54

CASH AND CASH EQUIVALENTS:
     Balance, beginning of period                                                      157                         148
                                                                                    ------                      ------

     Balance, end of period                                                        $   270                     $   202
                                                                                    ======                      ======







<FN>

                                     The   accompanying note is an integral part
                                           of the financial statements.
</FN>

</TABLE>

                                                        -5-

<PAGE>



                         MAY LIMITED PARTNERSHIP 1983-2
                          NOTE TO FINANCIAL STATEMENTS
                                   (Unaudited)


NOTE 1 -      GENERAL

The financial  statements  presented are those of May Limited Partnership 1983-2
(the "Partnership").  The interim financial data are unaudited;  however, in the
opinion of the general  partner,  the  interim  data  include  all  adjustments,
consisting  only  of  normal  recurring   adjustments,   necessary  for  a  fair
presentation of the results for the interim periods.  These financial statements
should be read in  conjunction  with the financial  statements and notes thereto
included in the Partnership's December 31, 1996 Annual Report on Form 10-K.


ITEM 2 -      MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
              ---------------------------------------------------------------
              RESULTS OF OPERATION
              --------------------

Liquidity and Capital Resources

The Partnership generated $133,000 of cash flow from operating activities during
the three months ended March 31,  1997.  A  distribution  payable to partners of
record as of March 31, 1997 was declared in April 1997. The distribution  amount
is $260,000,  payable $151,000 to May Drilling  Partnership  1983-2 partners and
$109,000 to the general partner.  Future  distributions  are dependent on future
prices  for  the  Partnership's  production  and  the  production  level  of the
Partnership's remaining oil and gas reserves.

Results of Operations

First Quarter 1997 Compared to First Quarter 1996

Oil Revenue

Oil  revenue  decreased  $2,000 in the first  quarter of 1997 as compared to the
corresponding  period in 1996 as the  result  of a  decrease  in oil  production
partially  offset by an increase in the average oil price. The average oil price
increased  from  $19.44 per  barrel in 1996 to $22.64  per  barrel in 1997.  Oil
production  decreased  22%  primarily  due to lower state  allowable  production
limits as well as normal production declines.

Gas Revenue

Gas revenue  decreased  $44,000  during the first quarter of 1997 as compared to
the  corresponding  period in 1996 as the  result of a  decrease  in  production
combined with a decrease in price. Gas production decreased 16% primarily due to
lower state allowable  production  limits and normal  production  declines.  The
average gas price decreased from $3.20 per mcf in 1996 to $3.15 per mcf in 1997.

Lease Operating

Lease  operating  expense  decreased  $6,000  for the first  quarter  of 1997 as
compared  to the  corresponding  period in 1996  primarily  due to a decrease in
production  taxes resulting from the decreased oil and gas production  discussed
above.

General and Administrative

General and administrative  expense decreased $4,000 during the first quarter of
1997  as  compared  to the  first  quarter  of  1996  due to a  decrease  in the
allocation of overhead from the general partner.

                                                        -6-

<PAGE>



Depletion

Depletion  expense decreased $6,000 during the first quarter of 1997 as compared
with the first quarter of 1996 as a result of a lower depletion rate during 1997
due to the decrease in oil and gas production discussed above.

Professional Services and Other

Professional  services  and other  expense  increased  $3,000  during  the first
quarter of 1997 as compared with the first quarter of 1996  primarily due to the
timing of these expenses.


                                                        -7-

<PAGE>



PART II -     OTHER INFORMATION


ITEM 1 -      LEGAL PROCEEDINGS

              Reference  is made to Item 8 - Note 4 of Form  10-K  for the  year
ended December 31, 1996.


ITEM 2  -     CHANGES IN SECURITIES

              None.


ITEM 3  -     DEFAULTS UPON SENIOR SECURITIES

              None.


ITEM 4  -     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
              ---------------------------------------------------

              None.


ITEM 5  -     OTHER INFORMATION

              None.


ITEM 6  -     EXHIBITS AND REPORTS ON FORM 8-K

              None.



                                                        -8-

<PAGE>


SIGNATURE

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Partnerships  have duly caused  this report to be signed on their  behalf by the
undersigned, thereunto duly authorized.


                                MAY DRILLING PARTNERSHIP 1983-2
                                MAY LIMITED PARTNERSHIP 1983-2

                                By:           EDP OPERATING, LTD.,
                                         General Partner
                                By:           HEPGP Ltd.,
                                         General Partner
                                By:           HALLWOOD G. P., INC.,
                                         General Partner


Date: April 30, 1997                          By:     /s/Robert S. Pfeiffer
     ----------------------------                  --------------------------
                                             Robert S. Pfeiffer, Vice President
                                               (Principal Accounting Officer)




                                                        -9-

<PAGE>