SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549



                                    FORM 10-Q


               Quarterly Report Pursuant to Section 13 or 15(d)
                    of the Securities Exchange Act of 1934


For the quarter ended                     Commission File Number
   June 30, 2000                                 0-10478



                       DYCO OIL AND GAS PROGRAM 1981-2
                           (A LIMITED PARTNERSHIP)
            (Exact Name of Registrant as specified in its charter)



         Minnesota                          41-1411952
(State or other jurisdiction    (I.R.S. Employer Identification
   of incorporation or                         Number)
     organization)


Samson Plaza, Two West Second Street, Tulsa, Oklahoma  74103
------------------------------------------------------------
(Address of principal executive offices)          (Zip Code)



                                 (918) 583-1791
       ----------------------------------------------------
        (Registrant's telephone number, including area code)


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
                             ------                   ------




                                      -1-
<PAGE>




                        PART I. FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS

             DYCO OIL AND GAS PROGRAM 1981-2 LIMITED PARTNERSHIP
                                 BALANCE SHEETS
                                   (Unaudited)

                                     ASSETS

                                                 June 30,      December 31,
                                                   2000            1999
                                                ----------     ------------

CURRENT ASSETS:
   Cash and cash equivalents                      $  6,032        $  4,991
   Accrued oil and gas sales                       163,756          61,205
                                                  --------        --------
      Total current assets                        $169,788        $ 66,196

NET OIL AND GAS PROPERTIES, utilizing
   the full cost method                            264,896         229,994

DEFERRED CHARGE                                     41,174          41,174
                                                  --------        --------
                                                  $475,858        $337,364
                                                  ========        ========

                        LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
   Accounts payable                               $  7,501        $  4,795
   Payable to General Partner (Note 2)             115,000         207,000
   Gas imbalance payable                               825             825
                                                  --------        --------
      Total current liabilities                   $123,326        $212,620

ACCRUED LIABILITY                                 $ 40,141        $ 40,141

PARTNERS' CAPITAL:
   General Partner, 74 general
      partner units                               $  3,125        $    847
   Limited Partners, issued and
      outstanding, 6,000 Units                     309,266          83,756
                                                  --------        --------
      Total Partners' capital                     $312,391        $ 84,603
                                                  --------        --------
                                                  $475,858        $337,364
                                                  ========        ========



            The accompanying condensed notes are an integral part of
                           these financial statements.



                                      -2-
<PAGE>



             DYCO OIL AND GAS PROGRAM 1981-2 LIMITED PARTNERSHIP
                           STATEMENTS OF OPERATIONS
              FOR THE THREE MONTHS ENDED JUNE 30, 2000 AND 1999
                                   (Unaudited)

                                                   2000             1999
                                                 --------         --------

REVENUES:
   Oil and gas sales                             $256,961          $77,613
   Interest                                             4              905
                                                 --------          -------
                                                 $256,965          $78,518

COSTS AND EXPENSES:
   Oil and gas production                        $ 38,469          $28,977
   Depreciation, depletion, and
      amortization of oil and gas
      properties                                    9,547            5,313
   General and administrative
      (Note 2)                                     12,472           12,923
                                                 --------          -------
                                                 $ 60,488          $47,213
                                                 --------          -------

NET INCOME                                       $196,477          $31,305
                                                 ========          =======
GENERAL PARTNER (1%) - net income                $  1,965          $   313
                                                 ========          =======
LIMITED PARTNERS (99%) - net income              $194,512          $30,992
                                                 ========          =======
NET INCOME PER UNIT                              $  32.35          $  5.16
                                                 ========          =======
UNITS OUTSTANDING                                   6,074            6,074
                                                 ========          =======


            The accompanying condensed notes are an integral part of
                           these financial statements.



                                      -3-
<PAGE>



             DYCO OIL AND GAS PROGRAM 1981-2 LIMITED PARTNERSHIP
                           STATEMENTS OF OPERATIONS
               FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
                                   (Unaudited)

                                                   2000             1999
                                                 --------         ---------

REVENUES:
   Oil and gas sales                             $348,185          $137,125
   Interest                                            13             1,643
                                                 --------          --------
                                                 $348,198          $138,768

COSTS AND EXPENSES:
   Oil and gas production                        $ 68,046          $ 60,838
   Depreciation, depletion, and
      amortization of oil and gas
      properties                                   19,967            12,880
   General and administrative
      (Note 2)                                     32,397            36,151
                                                 --------          --------
                                                 $120,410          $109,869
                                                 --------          --------

NET INCOME                                       $227,788          $ 28,899
                                                 ========          ========
GENERAL PARTNER (1%) - net income                $  2,278          $    289
                                                 ========          ========
LIMITED PARTNERS (99%) - net income              $225,510          $ 28,610
                                                 ========          ========
NET INCOME PER UNIT                              $  37.50          $   4.76
                                                 ========          ========
UNITS OUTSTANDING                                   6,074             6,074
                                                 ========          ========



            The accompanying condensed notes are an integral part of
                           these financial statements.



                                      -4-
<PAGE>



             DYCO OIL AND GAS PROGRAM 1981-2 LIMITED PARTNERSHIP
                           STATEMENTS OF CASH FLOWS
               FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
                                   (Unaudited)


                                                  2000               1999
                                                --------          ---------

CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income                                   $227,788           $ 28,899
   Adjustments to reconcile net income
      to net cash provided by operating
      activities:
      Depreciation, depletion, and
        amortization of oil and gas
        properties                                19,967             12,880
      Increase in accrued oil and
        gas sales                              ( 102,551)         (     332)
      Increase (decrease) in accounts
        payable                                    2,706          (     460)
      Decrease in payable to General
        Partner                                (  92,000)                 -
                                                --------           --------
   Net cash provided by operating
      activities                                $ 55,910           $ 40,987
                                                --------           --------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Proceeds from the sale of oil
      and gas properties                        $  5,074           $      -
   Additions to oil and gas
      properties                               (  59,943)         (   1,134)
                                                --------           --------
   Net cash used by investing
      activities                               ($ 54,869)         ($  1,134)
                                                --------           --------

CASH FLOWS FROM FINANCING ACTIVITIES:

   Net cash used by financing
      activities                                $      -           $      -
                                                --------           --------

NET INCREASE IN CASH AND CASH
   EQUIVALENTS                                  $  1,041           $ 39,853

CASH AND CASH EQUIVALENTS AT
   BEGINNING OF PERIOD                             4,991             61,066
                                                --------           --------
CASH AND CASH EQUIVALENTS AT
   END OF PERIOD                                $  6,032           $100,919
                                                ========           ========


            The accompanying condensed notes are an integral part of
                           these financial statements.


                                      -5-
<PAGE>



             DYCO OIL AND GAS PROGRAM 1981-2 LIMITED PARTNERSHIP
                   CONDENSED NOTES TO FINANCIAL STATEMENTS
                                  JUNE 30, 2000
                                   (Unaudited)


1.    ACCOUNTING POLICIES
      -------------------

      The balance sheet as of June 30, 2000,  statements  of operations  for the
      three and six months ended June 30, 2000 and 1999,  and statements of cash
      flows for the six months  ended June 30, 2000 and 1999 have been  prepared
      by Dyco Petroleum  Corporation  ("Dyco"),  the General Partner of the Dyco
      Oil and Gas Program 1981-2 Limited  Partnership (the  "Program"),  without
      audit.  In the opinion of management all  adjustments  (which include only
      normal  recurring  adjustments)  necessary to present fairly the financial
      position at June 30,  2000,  results of  operations  for the three and six
      months ended June 30, 2000 and 1999, and changes in cash flows for the six
      months ended June 30, 2000 and 1999 have been made.

      Information  and  footnote  disclosures  normally  included  in  financial
      statements  prepared in  accordance  with  generally  accepted  accounting
      principles  have been  condensed or omitted.  It is  suggested  that these
      financial  statements be read in conjunction with the financial statements
      and notes thereto included in the Program's Annual Report on Form 10-K for
      the year ended December 31, 1999. The results of operations for the period
      ended June 30, 2000 are not  necessarily  indicative  of the results to be
      expected for the full year.


      OIL AND GAS PROPERTIES
      ----------------------

      Oil and gas  operations  are  accounted  for using the full cost method of
      accounting.  All productive and  non-productive  costs associated with the
      acquisition,  exploration  and  development  of oil and gas  reserves  are
      capitalized.  During the six months ended June 30, 2000,  the Program paid
      recompletion  costs of  $59,943  on the Brown No.  1-14  well  located  in
      Beckham  County,  Oklahoma and the Cisco  Federal #3 well located in Grand
      County,  Utah in which the Program  owns  interests  of 22.76% and 22.00%,
      respectively.  The Program's calculation of depreciation,  depletion,  and
      amortization  includes  estimated  future  expenditures  to be incurred in
      developing  proved  reserves and estimated  dismantlement  and abandonment
      costs, net of estimated  salvage values. In the event the unamortized cost
      of oil and gas properties  being  amortized  exceeds the full cost ceiling
      (as defined by the  Securities  and  Exchange  Commission),  the excess is
      charged



                                      -6-
<PAGE>



      to expense in the  period  during  which  such  excess  occurs.  Sales and
      abandonments of properties are accounted for as adjustments of capitalized
      costs  with no gain or loss  recognized,  unless  such  adjustments  would
      significantly alter the relationship  between capitalized costs and proved
      oil and gas reserves.

      The provision for depreciation, depletion, and amortization of oil and gas
      properties is calculated by dividing the oil and gas sales dollars  during
      the  period by the  estimated  future  gross  income  from the oil and gas
      properties and applying the resulting  rate to the net remaining  costs of
      oil and gas properties that have been  capitalized,  plus estimated future
      development costs.


2.    TRANSACTIONS WITH RELATED PARTIES
      ---------------------------------

      Under the terms of the Program's partnership  agreement,  Dyco is entitled
      to  receive a  reimbursement  for all  direct  expenses  and  general  and
      administrative, geological and engineering expenses it incurs on behalf of
      the  Program.  During the three  months  ended June 30,  2000 and 1999 the
      Program incurred such expenses totaling $12,472 and $12,923, respectively,
      of which $11,016 and $11,988, respectively,  were paid each period to Dyco
      and its affiliates. During the six months ended June 30, 2000 and 1999 the
      Program incurred such expenses totaling $32,397 and $36,151, respectively,
      of which $22,032 and $23,976, respectively,  were paid each period to Dyco
      and its affiliates.

      Affiliates of the Program  operate  certain of the  Program's  properties.
      Their  policy is to bill the  Program for all  customary  charges and cost
      reimbursements associated with these activities.

      The  payables to General  Partner at June 30, 2000 and  December  31, 1999
      represent  cash advances from Dyco.  These  advances were necessary to pay
      for the  purchase of  reserves  during 1999 on the Yowell No. 1-26 well in
      which the Program had  produced  significantly  more than its share of gas
      and recompletion costs on the Brown #1-14 and Cisco Federal No. 3 wells.




                                      -7-
<PAGE>



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

USE OF FORWARD-LOOKING STATEMENTS AND ESTIMATES
-----------------------------------------------

      This Quarterly Report contains  certain  forward-looking  statements.  The
      words "anticipate",  "believe",  "expect",  "plan", "intend",  "estimate",
      "project", "could", "may" and similar expressions are intended to identify
      forward-looking  statements.  Such statements reflect management's current
      views  with  respect  to future  events and  financial  performance.  This
      Quarterly Report also includes certain information,  which is, or is based
      upon,  estimates  and  assumptions.  Such  estimates and  assumptions  are
      management's  efforts to accurately reflect the condition and operation of
      the Program.

      Use of  forward-looking  statements and estimates and assumptions  involve
      risks  and  uncertainties  which  include,  but are not  limited  to,  the
      volatility of oil and gas prices, the uncertainty of reserve  information,
      the operating risk associated  with oil and gas properties  (including the
      risk of personal injury,  death,  property  damage,  damage to the well or
      producing  reservoir,  environmental  contamination,  and other  operating
      risks), the prospect of changing tax and regulatory laws, the availability
      and capacity of  processing  and  transportation  facilities,  the general
      economic climate,  the supply and price of foreign imports of oil and gas,
      the level of consumer  product demand,  and the price and  availability of
      alternative  fuels.  Should  one or more of these  risks or  uncertainties
      occur or should  estimates  or  underlying  assumptions  prove  incorrect,
      actual  conditions or results may vary materially and adversely from those
      stated, anticipated, believed, estimated, and otherwise indicated.


LIQUIDITY AND CAPITAL RESOURCES
-------------------------------

      Net  proceeds  from the  Program's  operations  less  necessary  operating
      capital  are  distributed  to  investors  on a  quarterly  basis.  The net
      proceeds from production are not reinvested in productive  assets,  except
      to the extent  that  producing  wells are  improved  or where  methods are
      employed to permit more efficient recovery of the Program's reserves which
      would result in a positive economic impact.





                                      -8-
<PAGE>



      The Program's  available capital from  subscriptions has been spent on oil
      and gas drilling  activities.  The General Partner does not anticipate any
      further  material  capital  resource  commitments in the future.  However,
      during 1999 the Program  purchased gas reserves from Burlington  Resources
      on one well in which the Program had produced  significantly more than its
      share of gas. In addition,  during the six months ended June 30, 2000, the
      Program paid costs of $59,943 for a successful  recompletion  of the Brown
      No. 1-14 well  located in Beckham  County,  Oklahoma  and an  unsuccessful
      recompletion  attempt  of the Cisco  Federal  No. 3 well  located in Grand
      County,  Utah in which the Program  owns  interests  of 22.76% and 22.00%,
      respectively.  In  connection  with these  expenditures,  the  Program has
      received   temporary  cash  advances  from  the  General  Partner.   These
      expenditures  and resulting  cash advances will continue to eliminate cash
      available for cash distribution until the advances are repaid.  Management
      currently expects the advances to be fully repaid within five months.  The
      Program  anticipates no other debt commitments.  Management  believes that
      cash for ordinary operational purposes will be provided by current oil and
      gas production.


RESULTS OF OPERATIONS
---------------------

      GENERAL DISCUSSION

      The following  general  discussion  should be read in conjunction with the
      analysis  of results of  operations  provided  below.  The most  important
      variables affecting the Program's revenues are the prices received for the
      sale of oil and gas and the volumes of oil and gas produced. The Program's
      production is mainly natural gas, so such pricing and volumes are the most
      significant factors.

      Due to the volatility of oil and gas prices,  forecasting future prices is
      subject to great  uncertainty  and  inaccuracy.  Substantially  all of the
      Program's gas reserves are being sold on the "spot market".  Prices on the
      spot market are subject to wide seasonal and regional pricing fluctuations
      due to the highly competitive nature of the spot market.  Such spot market
      sales are  generally  short-term  in  nature  and are  dependent  upon the
      obtaining of transportation services provided by pipelines. It is likewise
      difficult  to  predict  production  volumes.  However,  oil  and  gas  are
      depleting  assets,  so it can be  expected  that  production  levels  will
      decline over time.  Recent gas prices have been higher than the  Program's
      historical  average.  This is  attributable to the higher prices for crude
      oil, a substitute  fuel in some  markets,  and reduced  production  due to
      lower capital investments in 1998 and 1999.




                                      -9-
<PAGE>



      THREE MONTHS  ENDED JUNE 30, 2000  COMPARED TO THE THREE MONTHS ENDED JUNE
      30, 1999.

                                                Three Months Ended June 30,
                                                ---------------------------
                                                    2000            1999
                                                  --------         -------
      Oil and gas sales                           $256,961         $77,613
      Oil and gas production expenses             $ 38,469         $28,977
      Barrels produced                               1,498             318
      Mcf produced                                  60,569          38,316
      Average price/Bbl                           $  26.85         $ 13.03
      Average price/Mcf                           $   3.58         $  1.92

      As shown in the table above,  total oil and gas sales  increased  $179,348
      (231.1%) for the three months ended June 30, 2000 as compared to the three
      months ended June 30, 1999. Of this  increase,  approximately  $21,000 and
      $101,000, respectively, were related to increases in the average prices of
      oil and gas sold and  approximately  $43,000 was related to an increase in
      volumes of gas sold.  Volumes of oil and gas sold increased  1,180 barrels
      and 22,253 Mcf,  respectively  for the three months ended June 30, 2000 as
      compared to the three months ended June 30, 1999. The increases in volumes
      of oil and gas sold were primarily due to the successful  recompletion  of
      one well  during  the first  quarter of 2000.  Average  oil and gas prices
      increased  to $26.85 per barrel and $3.58 per Mcf,  respectively,  for the
      three months ended June 30, 2000 from $13.03 per barrel and $1.92 per Mcf,
      respectively, for the three months ended June 30, 1999.

      Oil and gas production  expenses  (including lease operating  expenses and
      production taxes) increased $9,492 (32.8%) for the three months ended June
      30,  2000 as  compared  to the three  months  ended  June 30,  1999.  This
      increase was primarily due to an increase in production  taxes  associated
      with  the  increase  in oil and gas  sales  and an  increase  in  pipeline
      compression charges on the well successfully  recompleted during the first
      quarter  of 2000.  These  increases  were  partially  offset by legal fees
      incurred on one well during the three  months  ended June 30, 1999 related
      to a gas balancing  and  collections  matter  initiated by the operator of
      that well. As a percentage of oil and gas sales,  these expenses decreased
      to 15.0% for the three months ended June 30, 2000 from 37.3% for the three
      months ended June 30, 1999. This percentage  decrease was primarily due to
      the increases in the average prices of oil and gas sold.





                                      -10-
<PAGE>



      Depreciation,  depletion,  and  amortization  of oil  and  gas  properties
      increased  $4,234  (79.7%)  for the three  months  ended June 30,  2000 as
      compared  to the three  months  ended June 30,  1999.  This  increase  was
      primarily due to (i) the increases in volumes of oil and gas sold and (ii)
      an increase in depletable  oil and gas  properties  due to the purchase of
      reserves during the fourth quarter of 1999 and recompletion costs incurred
      on two wells during the first  quarter of 2000. As a percentage of oil and
      gas sales,  this expense decreased to 3.7% for the three months ended June
      30,  2000  from  6.8% for the  three  months  ended  June 30,  1999.  This
      percentage  decrease  was  primarily  due to the  increases in the average
      prices of oil and gas sold.

      General and  administrative  expenses  decreased $451 (3.5%) for the three
      months  ended June 30, 2000 as compared to the three months ended June 30,
      1999. As a percentage of oil and gas sales,  these  expenses  decreased to
      4.9% for the three  months  ended  June 30,  2000 from 16.7% for the three
      months ended June 30, 1999. This percentage  decrease was primarily due to
      the increase in oil and gas sales.

      SIX MONTHS  ENDED JUNE 30, 2000  COMPARED TO THE SIX MONTHS ENDED JUNE 30,
      1999.

                                                 Six Months Ended June 30,
                                                 -------------------------
                                                    2000            1999
                                                  --------        --------
      Oil and gas sales                           $348,185        $137,125
      Oil and gas production expenses             $ 68,046        $ 60,838
      Barrels produced                               1,648             522
      Mcf produced                                  97,691          74,540
      Average price/Bbl                           $  26.70        $  11.54
      Average price/Mcf                           $   3.11        $   1.76

      As shown in the table above,  total oil and gas sales  increased  $211,060
      (153.9%)  for the six months  ended June 30,  2000 as  compared to the six
      months ended June 30, 1999. Of this  increase,  approximately  $25,000 and
      $132,000, respectively, were related to increases in the average prices of
      oil and gas sold and  approximately  $41,000 was related to an increase in
      volumes of gas sold.  Volumes of oil and gas sold increased  1,126 barrels
      and 23,151 Mcf,  respectively,  for the six months  ended June 30, 2000 as
      compared to the six months ended June 30, 1999.  The  increases in volumes
      of oil and gas sold were primarily due to the successful  recompletion  of
      one well  during  the first  quarter of 2000.  Average  oil and gas prices
      increased  to $26.70 per barrel and $3.11 per Mcf,  respectively,  for the
      six months  ended June 30,  2000 from $11.54 per barrel and $1.76 per Mcf,
      respectively, for the six months ended June 30, 1999.




                                      -11-
<PAGE>



      Oil and gas production  expenses  (including lease operating  expenses and
      production  taxes)  increased $7,208 (11.8%) for the six months ended June
      30, 2000 as compared to the six months ended June 30, 1999.  This increase
      was primarily due to an increase in production  taxes  associated with the
      increase  in oil and gas sales and an  increase  in  pipeline  compression
      charges on the well successfully  recompleted  during the first quarter of
      2000.  These increases were partially offset by legal fees incurred on one
      well during the six months ended June 30, 1999 related to a gas  balancing
      and  collections  matter  initiated  by the  operator  of that well.  As a
      percentage of oil and gas sales, these expenses decreased to 19.5% for the
      six months  ended June 30,  2000 from 44.4% for the six months  ended June
      30, 1999. This  percentage  decrease was primarily due to the increases in
      the average prices of oil and gas sold.

      Depreciation,  depletion,  and  amortization  of oil  and  gas  properties
      increased  $7,087  (55.0%)  for the six  months  ended  June  30,  2000 as
      compared  to the six  months  ended  June  30,  1999.  This  increase  was
      primarily due to (i) the increases in volumes of oil and gas sold and (ii)
      an increase in depletable  oil and gas  properties  due to the purchase of
      reserves during the fourth quarter of 1999 and recompletion costs incurred
      on two wells during the first  quarter of 2000. As a percentage of oil and
      gas sales,  this  expense  decreased to 5.7% for the six months ended June
      30, 2000 from 9.4% for the six months ended June 30, 1999. This percentage
      decrease was primarily  due to the increases in the average  prices of oil
      and gas sold.

      General and  administrative  expenses decreased $3,754 (10.4%) for the six
      months  ended June 30, 2000 as  compared to the six months  ended June 30,
      1999. This decrease was primarily due to a change in allocation  among the
      Program and other  affiliated  programs of audit fees and indirect general
      and  administrative  expenses  reimbursed  to the  General  Partner.  As a
      percentage of oil and gas sales,  these expenses decreased to 9.3% for the
      six months  ended June 30,  2000 from 26.4% for the six months  ended June
      30, 1999.  This  percentage  decrease was primarily due to the increase in
      oil and gas sales.




                                      -12-
<PAGE>



ITEM 3.     QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
            RISK.

            The Program does not hold any market risk sensitive instruments.



<PAGE>


                          PART II. OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a)   Exhibits

27.1                    Financial  Data Schedule  containing  summary  financial
                        information  extracted from the Dyco Oil and Gas Program
                        1981-2 Limited Partnership's  financial statements as of
                        June 30,  2000  and for the six  months  ended  June 30,
                        2000, filed herewith.

                        All other exhibits are omitted as inapplicable.

(b)   Reports on Form 8-K.

            None.





                                      -13-
<PAGE>



                                   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.


                              DYCO OIL AND GAS PROGRAM 1981-2 LIMITED
                              PARTNERSHIP

                                    (Registrant)

                                    BY:   DYCO PETROLEUM CORPORATION

                                          General Partner


Date:  August 3, 2000        By:         /s/Dennis R. Neill
                                       -------------------------------
                                              (Signature)
                                              Dennis R. Neill
                                              President


Date:  August 3, 2000        By:         /s/Patrick M. Hall
                                       -------------------------------
                                              (Signature)
                                              Patrick M. Hall
                                              Chief Financial Officer



                                      -14-
<PAGE>



                                INDEX TO EXHIBITS


NUMBER      DESCRIPTION
------      -----------

27.1        Financial Data Schedule  containing  summary  financial  information
            extracted   from  the  Dyco  Oil  and  Gas  Program  1981-2  Limited
            Partnership's  financial  statements as of June 30, 2000 and for the
            six months ended June 30, 2000, filed herewith.

            All other exhibits are omitted as inapplicable.