<PAGE>


                  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
      September 30, 1996                      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      
                              ----     ----
<PAGE>
<PAGE>
                    PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

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

                                ASSETS
                                      September 30,  December 31,
                                          1996          1995
                                      -------------  ------------

CURRENT ASSETS:
  Cash and cash equivalents               $380,600      $245,084
  Accrued oil and gas sales, including
   $58,366 due from related parties
   in 1995 (Note 2)                         51,525        62,818
                                          --------      --------
     Total current assets                 $432,125      $307,902

NET OIL AND GAS PROPERTIES, utilizing
  the full cost method                     153,450       164,698

DEFERRED CHARGE                             51,226        51,226
                                          --------      --------
                                          $636,801      $523,826
                                          ========      ========

                   LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
  Accounts payable                        $ 27,444      $ 29,391
                                          --------      --------
     Total current liabilities            $ 27,444      $ 29,391

ACCRUED LIABILITY                          128,288       128,288

CONTINGENCY (Note 3)

PARTNERS' CAPITAL:
  General Partner, issued and
   outstanding, 74 units                     4,810         3,661
  Limited Partners, issued and
   outstanding, 6,000 units                476,259       362,486
                                          --------      --------
     Total Partners' capital              $481,069      $366,147
                                          --------      --------
                                          $636,801      $523,826
                                          ========      ========

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

                                  -2-
<PAGE>
<PAGE>
          DYCO OIL AND GAS PROGRAM 1981-2 LIMITED PARTNERSHIP
                       STATEMENTS OF OPERATIONS
        FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
                              (Unaudited)


                                           1996         1995
                                         --------     --------

REVENUES:
  Oil and gas sales, including
   $23,878 of sales to related
   parties in 1995 (Note 2)              $107,314      $41,004
  Interest                                  3,506        1,949
                                         --------      -------
                                         $110,820      $42,953

COST AND EXPENSES:
  Oil and gas production                 $ 31,652      $29,898
  Depreciation, depletion, and
   amortization of oil and gas
   properties                              12,045        5,157
  General and administrative (Note 2)      14,344       13,864
                                         --------      -------
                                         $ 58,041      $48,919
                                         --------      -------

NET INCOME (LOSS)                        $ 52,779     ($ 5,966)
                                         ========      =======
GENERAL PARTNER (1%) - net        
  income (loss)                          $    528     ($    60)
                                         ========      =======
LIMITED PARTNERS (99%) - net
  income (loss)                          $ 52,251     ($ 5,906)
                                         ========      =======
NET INCOME (LOSS) PER UNIT               $   8.69     ($   .98)
                                         ========      =======
UNITS OUTSTANDING                           6,074        6,074
                                         ========      =======


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

                                  -3-
<PAGE>
<PAGE>
          DYCO OIL AND GAS PROGRAM 1981-2 LIMITED PARTNERSHIP
                       STATEMENTS OF OPERATIONS
         FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
                              (Unaudited)


                                           1996         1995
                                         --------     --------

REVENUES:
  Oil and gas sales, including
   $140,908 of sales to related
   parties in 1995 (Note 2)              $270,897     $181,992
  Interest                                  9,219        6,784
                                         --------     --------
                                         $280,116     $188,776

COST AND EXPENSES:
  Oil and gas production                 $ 83,454     $ 89,298
  Depreciation, depletion, and
   amortization of oil and gas
   properties                              29,676       37,751
  General and administrative (Note 2)      52,064       52,587
                                         --------     --------
                                         $165,194     $179,636
                                         --------     --------

NET INCOME                               $114,922     $  9,140 
                                         ========     ========
GENERAL PARTNER (1%) - net 
  income                                 $  1,149     $     91 
                                         ========     ========
LIMITED PARTNERS (99%) - net
  income                                 $113,773     $  9,049 
                                         ========     ========
NET INCOME PER UNIT                      $  18.92     $   1.50 
                                         ========     ========
UNITS OUTSTANDING                           6,074        6,074
                                         ========     ========

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

                                  -4-
<PAGE>
<PAGE>
          DYCO OIL AND GAS PROGRAM 1981-2 LIMITED PARTNERSHIP
                       STATEMENTS OF CASH FLOWS
         FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
                              (Unaudited)

                                           1996         1995
                                         ---------    ---------

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                             $114,922     $  9,140 
  Adjustments to reconcile net income
   to net cash provided by operating
   activities:
   Depreciation, depletion, and 
     amortization of oil and gas
     properties                            29,676       37,751
   Decrease in accrued oil and gas
     sales                                 11,293       16,626
   Increase (decrease) in accounts
     payable                            (   1,947)         312 
                                         --------     -------- 
   Net cash provided by operating        
     activities                          $153,944     $ 63,829
                                         --------     --------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Additions to oil and gas properties   ($ 19,818)   ($ 11,418)
  Retirements of oil and gas
   properties                               1,390           41
                                         --------     --------
   Net cash used by investing 
     activities                         ($ 18,428)   ($ 11,377)
                                         --------     --------

CASH FLOWS FROM FINANCING ACTIVITIES:

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

NET INCREASE IN CASH AND CASH
  EQUIVALENTS                            $135,516     $ 52,452

CASH AND CASH EQUIVALENTS AT 
  BEGINNING OF PERIOD                     245,084      163,279
                                         --------     --------
CASH AND CASH EQUIVALENTS AT
  END OF PERIOD                          $380,600     $215,731
                                         ========     ========

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

                                  -5-
<PAGE>
<PAGE>
          DYCO OIL AND GAS PROGRAM 1981-2 LIMITED PARTNERSHIP
                CONDENSED NOTES TO FINANCIAL STATEMENTS
                          SEPTEMBER 30, 1996
                              (Unaudited)


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

     The  balance  sheet  as  of  September 30,  1996,  statements  of
     operations for the three and nine months ended September 30, 1996
     and 1995, and statements of cash flows for the nine  months ended
     September  30, 1996 and 1995 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 September 30,  1996, results of
     operations for the three and nine months ended September 30, 1996
     and 1995  and changes  in cash  flows for  the nine months  ended
     September 30, 1996 and 1995 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, 1995.   The  results  of operations  for the
     period ended September 30, 1996 are not necessarily indicative of
     the results to be expected for the full year.  

     The limited partners' net income  or loss per unit is based  upon
     each $5,000 initial capital contribution.

     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.    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  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  year  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.

                                  -6-
<PAGE>
<PAGE>
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 September 30,  1996 and 1995 such  expenses totaled $14,344
     and $13,864, respectively, of which $11,988 and $11,988 were paid
     to  Dyco.  During  the nine months  ended September  30, 1996 and
     1995 such expenses totaled  $52,064 and $52,587, respectively, of
     which $35,964 and $35,964 were paid to Dyco.  

     Affiliates of the  Program are  the operators of  certain of  the
     Program's properties, and their policy is to bill the Program for
     all customary  charges and  cost  reimbursements associated  with
     their  activities,   together   with  any   compressor   rentals,
     consulting, or other services provided.

     The  Program sold  gas at  market prices  to Premier  Gas Company
     ("Premier")  and Premier then resold such gas to third parties at
     market prices.   Premier was  an affiliate of  the Program  until
     December  6, 1995.  During  the three months  ended September 30,
     1995 these sales totaled  $23,878.  During the nine  months ended
     September 30, 1995 these sales totaled $140,908.  At December 31,
     1995, accrued gas sales included $58,366 due from Premier.

3.   CONTINGENCY
     -----------

     On  November 12, 1992,  two individuals  filed a  lawsuit against
     Dyco  and others in which the plaintiffs alleged damages to their
     land  as a result of  remediation operations conducted  on one of
     the  Program's  wells located  on  an  adjoining property.    The
     lawsuit  alleged claims  based on  negligence, private  nuisance,
     public nuisance, trespass, unjust enrichment, constructive fraud,
     and  permanent injunctive relief, all in amounts to be determined
     at trial.   A trial was  conducted in the matter  on February 22,
     1994  in  which  the  jury entered  a  verdict  in  favor of  the
     plaintiffs  in   the  amount   of  approximately   $5.5  million,
     consisting of  approximately $2.75 million in  actual damages and
     approximately $2.75  million in punitive damages.   Dyco appealed
     the  district court's verdict and  on March 5,  1996 the Oklahoma
     Court  of  Appeals  reversed  the district  court's  verdict  and
     ordered  a new  trial.    Both  Dyco  and  the  plaintiffs  filed
     petitions  for  certiorari with  the  Supreme  Court of  Oklahoma
     seeking a further review  of the Court of Appeals'  opinion, both
     of  which petitions for certiorari  were denied on  July 3, 1996.
     The case has been remanded to the district court for a new trial.
     Included in these  financial statements as  of December 31,  1995
     and September 30, 1996  is an accrual by  the General Partner  in
     the  amount  of  $20,000  representing  the  Program's  share  of
     estimated ultimate damages resulting from this contingency.

                                  -7-
<PAGE>
<PAGE>
ITEM 2.   MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
          AND RESULTS OF OPERATIONS

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.    Over the  last  several years,  the
     domestic  energy industry  and  the Program  have contended  with
     volatile, but generally low,  oil and gas prices.  Over  the past
     few years,  the oil and  gas market  appears to  have moved  from
     periods  of relative  stability in  supply and  demand to  excess
     supply  and  weakened  demand.   These  trends  have  led to  the
     volatility in pricing and demand noted over the past years.

     The Program's available capital from subscriptions has been spent
     on  oil and  gas drilling activities.   There  should not  be any
     further material capital resource commitments in the future.  The
     Program  has  no bank  debt  commitments.   Cash  for operational
     purposes will be provided by current oil and gas production.


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

     THREE  MONTHS ENDED SEPTEMBER 30,  1996 AS COMPARED  TO THE THREE
     MONTHS ENDED SEPTEMBER 30, 1995.

                                   Three months ended September 30,
                                   --------------------------------
                                          1996            1995
                                        --------         ------
      Oil and gas sales                 $107,314         $41,004
      Oil and gas production expenses   $ 31,652         $29,898
      Barrels produced                        85             327
      Mcf produced                        54,157          25,930
      Average price/Bbl                 $  18.16         $ 15.98
      Average price/Mcf                 $   1.95         $  1.38
 
     As  shown in the table above, oil and gas sales increased $66,310
     (161.7%)  for  the  three  months  ended  September  30, 1996  as
     compared to the  three months ended September 30, 1995.   Of this
     increase, $55,043 was related  to the increase in the  volumes of
     natural  gas sold and $14,780 was  related to the increase in the
     average price of natural gas sold.  Volumes of oil sold decreased
     by  242 barrels, while volumes  of natural gas  sold increased by
     28,227  Mcf  for the  three months  ended  September 30,  1996 as
     compared  to  the three  months ended  September  30, 1995.   The
     decrease  in  the volumes  of  oil sold  resulted  primarily from
     normal declines in production due to diminished reserves on three
     wells during  the  three  months  ended  September  30,  1996  as
     compared  to  the three  months ended  September  30, 1995.   The
     increase in  the volumes of  natural gas sold  resulted primarily
     from (i) one well producing at less  than maximum capacity due to
     state  imposed  allowable  restrictions during  the  three months

                                  -8-
<PAGE>
<PAGE>
     ended  September 30, 1995 and (ii) a negative prior period volume
     adjustment  made  by a  purchaser on  one  well during  the three
     months ended September  30, 1995, partially offset by  the normal
     decline  in production due to  diminished natural gas reserves on
     another  well during the three months ended September 30, 1996 as
     compared to the three  months ended September 30, 1995.   Average
     oil and  natural  gas prices increased  to $18.16 per barrel  and
     $1.95 per Mcf, respectively, for the three months ended September
     30,  1996 from $15.98 per barrel and $1.38 per Mcf, respectively,
     for the three months ended September 30, 1995.  

     Oil  and  gas  production  expenses  (including  lease  operating
     expenses  and production  taxes) increased  $1,754 for  the three
     months ended September 30,  1996 as compared to the  three months
     ended September 30, 1995.  This increase was primarily the result
     of higher production  taxes associated with  the increase in  the
     volumes  of natural  gas  sold  during  the  three  months  ended
     September  30,  1996  as  compared  to  the  three  months  ended
     September 30, 1995, partially offset by higher general repair and
     maintenance  expenses  incurred on  two  wells  during the  three
     months ended  September 30, 1995.  As a percentage of oil and gas
     sales, these  expenses decreased  to 29.5%  for the three  months
     ended  September 30, 1996 from  72.9% for the  three months ended
     September 30, 1995.   This percentage decrease resulted primarily
     from the increases in the average  prices of oil and natural  gas
     sold during the three months ended September 30, 1996 as compared
     to the three months ended September 30, 1995.    

     Depreciation,  depletion,   and  amortization  of   oil  and  gas
     properties increased $6,888 for  the three months ended September
     30,  1996 as  compared to  the three  months ended  September 30,
     1995.   This increase was  primarily due  to the increase  in the
     volumes  of  natural  gas  sold  during  the three  months  ended
     September  30,  1996  as  compared  to  the  three  months  ended
     September 30, 1995.   As a percentage of oil  and gas sales, this
     expense decreased to  11.2% for the three  months ended September
     30,  1996 from  12.6% for  the three  months ended  September 30,
     1995.  This  percentage decrease  was primarily a  result of  the
     increases  in  the average  prices of  oil  and natural  gas sold
     during the three months  ended September 30, 1996 as  compared to
     the three months ended September 30, 1995.

     General and administrative expenses  increased $480 for the three
     months ended September 30,  1996 as compared to the  three months
     ended September 30, 1995.  This increase was primarily the result
     of an increase in professional fees during the three months ended
     September  30,  1996  as  compared  to  the  three  months  ended
     September 30,  1995.  As a percentage of oil and gas sales, these
     expenses decreased to  13.4% for the three months ended September
     30,  1996 from  33.8% for  the three  months ended  September 30,
     1995.    This percentage  decrease  resulted  primarily from  the
     increases  in  the average  prices of  oil  and natural  gas sold
     during the three months  ended September 30, 1996 as  compared to
     the three months ended September 30, 1995. 

                                  -9-
<PAGE>
<PAGE>
     NINE  MONTHS ENDED  SEPTEMBER 30,  1996 AS  COMPARED TO  THE NINE
     MONTHS ENDED SEPTEMBER 30, 1995.

                                    Nine months ended September 30,
                                    -------------------------------
                                         1996             1995
                                       --------         --------
      Oil and gas sales                $270,897         $181,992
      Oil and gas production expenses  $ 83,454         $ 89,298
      Barrels produced                      707              838
      Mcf produced                      138,784          130,683
      Average price/Bbl                $  19.62         $  15.84
      Average price/Mcf                $   1.85         $   1.29

     As shown in the table above, oil  and gas sales increased $88,905
     (48.9%)  for the nine months ended September 30, 1996 as compared
     to the nine  months ended September 30, 1995.   Of this increase,
     $73,182  was  related to  the increase  in  the average  price of
     natural  gas sold and $14,987 was related  to the increase in the
     volumes of  natural gas sold.   Volumes of oil sold  decreased by
     131 barrels, while volumes of natural gas sold increased by 8,101
     Mcf for  the nine months ended September  30, 1996 as compared to
     the  nine months ended September  30, 1995.   The decrease in the
     volumes  of  oil sold  was primarily  due  to normal  declines in
     production on three wells  due to diminished reserves during  the
     nine  months ended  September 30,  1996 as  compared to  the nine
     months ended September  30, 1995.   Average oil  and natural  gas
     prices  increased  to  $19.62  per  barrel  and  $1.85  per  Mcf,
     respectively, for the  nine months ended September 30,  1996 from
     $15.84 per barrel and  $1.29 per Mcf, respectively, for  the nine
     months ended September 30, 1995.  

     Oil  and  gas  production  expenses  (including  lease  operating
     expenses  and production  taxes)  decreased $5,844  for the  nine
     months  ended September 30, 1996  as compared to  the nine months
     ended September 30, 1995.   This decrease was primarily  a result
     of  higher general  repair and  maintenance expenses  incurred on
     several  wells during the  nine months ended  September 30, 1995,
     partially offset  by higher production taxes  associated with the
     increase  in  the volumes  of natural  gas  sold during  the nine
     months  ended September 30, 1996  as compared to  the nine months
     ended September 30, 1995.  As a percentage of oil  and gas sales,
     these  expenses decreased  to 30.8%   for  the nine  months ended
     September 30, 1996 from 49.1% for the nine months ended September
     30, 1995.  This percentage decrease was primarily a result of the
     increases  in  the average  prices of  oil  and natural  gas sold
     during  the nine months ended  September 30, 1996  as compared to
     the nine months ended September 30, 1995. 

     Depreciation,  depletion,   and  amortization  of  oil   and  gas
     properties decreased  $8,075 for the nine  months ended September
     30, 1996 as compared to the nine months ended September 30, 1995.
     This  decrease was  primarily  a result  of  an increase  in  the
     estimate  of  the Program's  remaining  natural  gas reserves  at
     December 31,  1995,  partially  offset  by the  increase  in  the
     volumes  of  natural  gas  sold  during  the  nine  months  ended
     September 30, 1996 as compared to the nine months ended September
     30, 1995.   As a  percentage of oil  and gas sales,  this expense
     decreased to 11.0% for  the nine months ended September  30, 1996
     from 20.7%  for the nine  months ended September 30,  1995.  This

                                 -10-
<PAGE>
<PAGE>
     percentage decrease was primarily a result of the increase in the
     estimate  of   the  Program's  remaining  natural   gas  reserves
     discussed  above and the increases  in the average  prices of oil
     and natural gas sold  during the nine months ended  September 30,
     1996 as compared to the nine months ended September 30, 1995. 

     General  and administrative expenses remained relatively constant
     for the nine months ended  September 30, 1996 as compared  to the
     nine months ended September 30, 1995.  As a percentage of oil and
     gas  sales, these expenses decreased to 19.2% for the nine months
     ended September 30,  1996 from  28.9% for the  nine months  ended
     September 30,  1995.   This percentage decrease  was primarily  a
     result  of the increases in the average prices of oil and natural
     gas  sold  during the  nine months  ended  September 30,  1996 as
     compared to the nine months ended September 30, 1995.  

                                 -11-
<PAGE>
<PAGE>
                      PART II:  OTHER INFORMATION


ITEM 1. LEGAL PROCEEDINGS

     On November 12, 1992 Larry and Leona Beck filed a lawsuit against
     Dyco  Petroleum  Corporation ("Dyco")  and  others  in which  the
     plaintiffs  alleged   damages  to  their  land  as  a  result  of
     remediation operations  conducted on the  Paul King No.  1-7 well
     (Beck v. Trigg Drilling Company, Inc., et al., C-92-227, District
     Court  of  Beckham  County,  Oklahoma).    The  Program   had  an
     approximate 5.7% working interest  in the Paul King No.  1-7 well
     at  the time the lawsuit  was filed.   The lawsuit alleged claims
     based on negligence, private nuisance, public nuisance, trespass,
     unjust  enrichment, constructive fraud,  and permanent injunctive
     relief, all  in amounts to be  determined at trial.   A trial was
     conducted in  the matter on  February 22, 1994 in  which the jury
     entered  a verdict in  favor of the  plaintiffs in the  amount of
     approximately  $5.5  million, consisting  of  approximately $2.75
     million  in actual  damages  and approximately  $2.75 million  in
     punitive damages.  Dyco appealed the district court's verdict and
     on  March  5, 1996  the Oklahoma  Court  of Appeals  reversed the
     district court's verdict and ordered a new trial.  Both  Dyco and
     the plaintiffs  filed petitions  for certiorari with  the Supreme
     Court  of Oklahoma  seeking  a further  review  of the  Court  of
     Appeals  opinion, both  of  which petitions  for certiorari  were
     denied  on  July 3,  1996.   The case  has  been remanded  to the
     district court for a new trial.


ITEM 5. OTHER INFORMATION

     On  October 1, 1996,  Drew Phillips  resigned as  Chief Financial
     Officer  of  Dyco.    Mr.  Phillips  continues  to  serve  as  an
     accounting officer of affiliates of Dyco.

     On October 1, 1996,  Patrick M. Hall was elected  Chief Financial
     Officer  of   Dyco.    Mr.   Hall  joined   affiliates  of   Dyco
     (collectively, the "Samson Companies") in 1983.  Prior to joining
     the Samson Companies he was a senior accountant with Peat Marwick
     Main  & Co. in Tulsa.   He holds a  Bachelor of Science degree in
     accounting  from Oklahoma  State  University and  is a  Certified
     Public  Accountant.   Mr. Hall  is also  Senior Vice  President -
     Controller of Samson Investment Company.


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 September 30, 1996 and
                    for the  nine  months ended  September  30,  1996,
                    filed herewith.

                    All other exhibits are omitted as inapplicable.

                                 -12-
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<PAGE>
     (b)  Reports on Form 8-K

          Current Report  on Form  8-K filed during  third quarter  of
          1996:

          Date of event:           July 1, 1996
          Date filed with SEC:     July 8, 1996
          Item Included:
               Item 5 - Other Events


                                 -13-
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                              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:  October 25, 1996      By:        /s/Dennis R. Neill
                                 -----------------------------
                                        (Signature)
                                        Dennis R. Neill
                                        President



Date:  October 25, 1996      By:        /s/Patrick M. Hall
                                 -----------------------------
                                        (Signature)
                                        Patrick M. Hall
                                        Chief Financial Officer


                                 -14-
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                           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
          September 30, 1996 and  for the nine months  ended September
          30, 1996, filed herewith.

          All other exhibits are omitted as inapplicable.


                                 -15-
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