<PAGE> 1
                    SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549
                                     
                                 FORM 10-Q
                                     
                                     
/X/     Quarterly  Report Pursuant to Section 13 or 15(d)of the  Securities
Exchange Act of 1934

For the Quarterly Period Ended June 30, 1998

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

For the Transition Period Ended______________________

                         Commission File Number 2-784441


                      STERLING GAS DRILLING FUND 1982
            (Exact name of registrant as specified in charter)
                                     
                                     
                                 New York
      (State or other jurisdiction of incorporation or organization)
                                     
                                13-3147901
                   (IRS employer identification number)


              One Landmark Square, Stamford Connecticut 06901
           (Address and Zip Code of principal executive offices)


                              (203) 358-5700
           (Registrant's telephone number, including area code)
                                     
                              NOT APPLICABLE
(Former name, former address and former fiscal year, if changed since last
                                  report)

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> 2
                                  PART I

Item 1.       Financial Statements

The following Financial Statements are filed herewith:

Balance Sheets - June 30, 1998 and December 31, 1997.

Statements of Operations for the Six and the Three Months Ended June
30, 1998 and 1997.

Statements of Changes in Partners' Equity for the Six and the Three
Months Ended June 30, 1998 and 1997.

Statements of Cash Flows for the Six Months Ended June 30, 1998 and
1997.

Note to Financial Statements

Item 2.  Management's Discussion and Analysis of Financial Condition and
Results of Operations

1. Liquidity -

The oil and gas industry is intensely competitive in all its phases.  There
is  also  competition among this industry and other industries in supplying
energy and fuel requirements of industrial and individual consumers.  It is
not  possible for the Registrant to calculate its position in the  industry
as  Registrant  competes  with  many other companies  having  substantially
greater financial and other resources.  In accordance with the terms of the
Prospectus,  the  General  Partners  of  the  Registrant  will  make   cash
distributions of as much of the Partnership cash, credited to  the  capital
accounts  of the Partners, as the General Partners have determined  is  not
necessary or desirable for the payment of any contingent debts, liabilities
or  expenses or for the conduct of the Partnership's business.  As of  June
30,  1998,  the  General partners have distributed to the Limited  partners
$1,402,512  or 9.76% of the total Limited Partner capital contributions  to
the Limited partners.


All  aspects of the Partnership's operations and administration are handled
through the use of  the managing general partner's computer systems.  Both,
the operating company and the managing general partner are taking steps  to
minimize any potential computer issues with regard to any necessary changes
for  the  year 2000. A complete system upgrade, which includes but  is  not
limited  to, the year 2000 issue has been implemented by both the operating
company and the managing general partner. During the remainder of this year
both companies will continue to monitor, test and verify data in detail  to
avoid any potential reporting concerns or delays.


<PAGE>3

The net proved oil and gas reserves of the Partnership are considered to be
an indicator of financial strength and future liquidity.  The present value
of  unescalated  future  net  revenue (S.E.C. case)  associated  with  such
reserves,  discounted  at  10% as of December 31,  1997  was  approximately
$904,800  as  compared  to  the December 31, 1996  value  of  approximately
$928,400.  Overall  reservoir  engineering  is  a  subjective  process   of
estimating  underground  accumulations of gas  and  oil  that  can  not  be
measured  in  an exact manner.  The accuracy of any reserve estimate  is  a
function  of  the  quality of available data and  of  the  engineering  and
geological interpretation and judgment.  Accordingly, reserve estimates are
generally  different from the quantities of gas and oil that are ultimately
recovered  and  such  differences  may  have  a  material  impact  on   the
partnership's financial results and future liquidity.


2. Capital Resources -

The  Registrant was formed for the sole intention of drilling oil  and  gas
wells.  The Registrant entered into a drilling contract with an independent
contractor in December 1982 for $11,400,000.  Pursuant to the terms of this
contract,  fifty-one wells have been drilled resulting in  fifty  producing
wells  and one dry hole.  The Registrant has had a reserve report  prepared
which  details reserve value information, and such information is available
to  the  Limited  Partners  pursuant  to  the  buy-out  provisions  of  the
Prospectus as previously filed.

3.   Results of Operations -

The  Partnership's operating revenues decreased  from $183,708 in  1997  to
$156,437 in 1998. The majority of the Partnership's revenue is derived from
gas   production  sales.  Both  increased  average  gas  prices  and  lower
production impacted the gas revenue. The average price per MCF in 1997  and
1998  was  $3.07 and $3.11.  Also gas production went from 50,149 MCF's  in
1997  to  48,305 MCF's in 1998. The net result was lower gas  revenue.  The
Parntership does  receive a  portion of its revenue from sales  related  to
oil  production.   During 1997 the partnership sold  1,236  barells  at  an
average  price  per  barrel of $18.36 as compared to  503  barrels  and  an
average  price per barrel of $12.31 in 1998.  Overall oil revenue was  very
low  in  1998  because  of price received and production  sold.  Production
declines   can  be of a normal nature, a result of minor shut-in's  due  to
repairs  or even as a result of variations between the well's gas line  and
the main transport line. The pressure differnce may hinder or slow down the
flow of the partnership's gas to the main transport line.


<PAGE> 4

Production expenses  decreased from $90,778 in 1997 to $70,872 in 1998. The
1997 production expenses were higher as a result of a combination of items,
including variable costs associated with volume changes, repairs and  labor
costs  associated with the wells and well sites. Current, 1998   production
expenses  include  the normal maintence and upkeep of the  wells  and  well
sites.

Overall  general  and administrative expenses showed no significant  change
from  1997  to  1998. All related party expenses charged are in  accordance
with  the  guidelines  set forth in the Registrant's Management  Agreement.
PEMC  is reimbursed expenses attributable to the affairs and operations  of
the Partnership.  These costs shall not exceed an annual amount equal to 5%
of  Limited Partner capital contributions. Amounts related to both 1998 and
1997  are  substantially less than the amounts allocable to the  Registrant
under   the  Partnership  Agreement.    PEMC  continues  to  perform  these
functions as cost effectively as possible either through efficient  use  of
in-house resources or using third parties when applicable.

The Partnership records additional depreciation, depletion and amortization
to the extent that net capitalized costs exceed the undercounted future net
cash flows attributable to the Partnership properties. The Partnership  was
not  required  to revise the property basis in either 1997  or  first  half
1998. Depletion, depreciation and amortization expense was consistent  with
the current property basis and the rates applied.


PART II

Items 1 through 5 have been omitted in that each item is either
Inapplicable or the answer is negative.

Item 6: Exhibits and Reports on form 8-K
The Partnership was not required to file any reports on Form 8-K and
No such form was filed during the period covered by this report.

Exhibit 27 - Financial Data Schedule is attached to the electronic
Filing of this report.







<PAGE>5

                                     

                            S I G N A T U R E S





Pursuant to the requirements of Section 13 or 15 (d) of the Securities and

Exchange Act of 1934, Registrant has duly caused this report to be signed

on its behalf by the undersigned, thereunto duly authorized.







                                         STERLING GAS DRILLING FUND 1982
                                                      (Registrant)



                                            BY: /S/ Charles E. Drimal Jr.
                                               -----------------------
                                               Charles E. Drimal, Jr.
                                               General Partner





August 12, 1998
(Date)










<PAGE> 6
                        STERLING DRILLING FUND 1982
                     (A New York Limited Partnership)
                              Balance Sheets
                                            June 30,        December 31,
                                              1998              1997
                                            (unaudited)         (audited)
Assets                                                                   
Current Assets:                                                          
  Cash and cash equivalents            $              7 $               7
  Due from others                                 2,607                 0
                                            -----------     -------------
      Total current assets                        2,614                 7
                                            -----------     -------------
Oil and Gas properties -                                                 
successful efforts method:                                               
  Leasehold costs                               466,804           466,804
  Well and related facilities                11,970,091        11,970,091
   less accumulated depreciation,                                        
     depletion and amortization             (11,729,347)      (11,710,869)
                                            -----------     -------------
                                                707,548           726,026
                                            -----------     -------------
       Total assets                    $        710,162 $         726,033
                                            ===========     =============
                                                                  
Liabilities and Partners' Equity                                  
  Current liabilities:                                            
   Due to affiliates                   $        292,351 $         322,146
                                            -----------     -------------
        Total current liabilities               292,351           322,146
                                            -----------     -------------
                                                                         
  Partners' Equity                                                       
   Limited partners                             694,309           685,336
   General partners                            (276,498)         (281,449)
                                            -----------     -------------
         Total partners' equity                 417,811           403,887
                                            -----------     -------------
                                                                         
         Total liabilities and                                           
          partners' equity             $        710,162 $         726,033
                                            ===========     =============
                                                                         



See accompanying footnote to the financial statements

<PAGE> 7
                                     
                        STERLING DRILLING FUND 1982
                     (a New York Limited Partnership)
                          Statement of Operations
                                (unaudited)
                                     
                                   Six Months Ending
                                     June 30, 1998

                                    Limited      General          
                                   Partners      Partners       Total
Revenue:                                                      
Operating revenue              $      131,645      24,796   $   156,441
                                     --------    --------       -------
  Total Revenue                       131,645      24,796       156,441
                                     --------    --------       -------
                                                                       
Costs and Expenses:                                                    
Production expense                     59,639      11,233        70,872
General and administrative                                             
 to a related party                    35,765       6,767        42,502
General and administrative              8,975       1,690        10,665
Depreciation, depletion                                                
 and amortization                      18,293         185        18,478
                                     --------    --------       -------
  Total Costs and Expenses            122,672      19,845       142,517
                                     --------    --------       -------
  Net Income                   $        8,973       4,951   $    13,924
                                     ========    ========       =======
                                                                       
Net Income per equity unit     $          .62                          
                                       ======                          


See accompanying footnote to the financial statements


<PAGE> 7
                                     
                        STERLING DRILLING FUND 1982
                     (a New York Limited Partnership)
                          Statement of Operations
                                (unaudited)
                                     
                                   Six Months Ending
                                     June 30, 1997

                                    Limited      General          
                                   Partners      Partners       Total
Revenue:                                                      
Operating revenue              $      154,590      29,118   $   183,708
                                     --------    --------       -------
  Total Revenue                       154,590      29,118       183,708
                                     --------    --------       -------
                                                                       
Costs and Expenses:                                                    
Production expense                     76,390      14,388        90,778
General and administrative                                             
 to a related party                    31,556       5,944        37,500
General and administrative             11,131       2,097        13,228
Depreciation, depletion                                                
 and amortization                      19,225         194        19,419
                                     --------    --------       -------
  Total Costs and Expenses            138,302      22,623       160,925
                                     --------    --------       -------
  Net Income                   $       16,288       6,495   $    22,783
                                     ========    ========       =======
                                                                       
Net Income per equity unit     $         1.13                          
                                       ======                          


See accompanying footnote to the financial statements





<PAGE> 8
                                     
                                     
                        STERLING DRILLING FUND 1982
                     (a New York Limited Partnership)
                          Statement of Operations
                                (unaudited)
                                     
                                  Three Months Ending
                                     June 30, 1998

                                  Limited       General       
                                  Partners      Partners      Total
Revenue:                                                      
Operating revenue              $      69,645       13,118   $    82,763
                                    --------     --------     ---------
  Total Revenue                       69,645       13,118        82,763
                                    --------     --------     ---------
                                                                       
Costs and Expenses:                                                    
Production expense                    35,320        6,652        41,972
General and administrative                                             
 to a related party                   17,881        3,368        21,249
General and administrative             4,976          937         5,913
Depreciation, depletion                                                
 and amortization                      9,147           93         9,240
                                    --------     --------     ---------
  Total Costs and Expenses            67,324       11,050        78,374
                                    --------     --------     ---------
  Net Income                   $       2,321        2,068   $     4,389
                                    ========     ========     =========
                                                                       
Net Income per equity unit     $         .16
                                    ========                           


See accompanying footnote to the financial statements


<PAGE> 8
                                     
                                     
                        STERLING DRILLING FUND 1982
                     (a New York Limited Partnership)
                          Statement of Operations
                                (unaudited)
                                     
                                  Three Months Ending
                                     June 30, 1997

                                  Limited       General       
                                  Partners      Partners      Total
Revenue:                                                      
Operating revenue              $      73,576       13,859   $    87,435
                                    --------     --------     ---------
  Total Revenue                       73,576       13,859        87,435
                                    --------     --------     ---------
                                                                       
Costs and Expenses:                                                    
Production expense                    35,619        6,709        42,328
General and administrative                                             
 to a related party                   15,778        2,972        18,750
General and administrative             7,057        1,330         8,387
Depreciation, depletion                                                
 and amortization                      9,648           97         9,745
                                    --------     --------     ---------
  Total Costs and Expenses            68,102       11,108        79,210
                                    --------     --------     ---------
  Net Income                   $       5,474        2,751   $     8,225
                                    ========     ========     =========
                                                                       
Net Income per equity unit     $         .38
                                    ========                           


See accompanying footnote to the financial statements

<PAGE> 9

                        STERLING DRILLING FUND 1982
                     (a New York Limited Partnership)
                 Statement of Changes in Partners' Equity
                                (unaudited)
                                     
                                    Six Months Ended
                                     June 30, 1998


                                Limited         General         
                                Partners        Partners        Total
                                                                
Balance at beginning of                                                 
period                        $     685,336      (281,449)       403,887
  Net Income(Loss)                    8,973         4,951         13,924
                                   --------       --------      --------
Balance at end of period      $     694,309      (276,498)       417,811
                                   ========       ========      ========
                                            
                                            
                                    Six Months Ended
                                      June 30, 1997
                                     
                                Limited         General         
                                Partners        Partners        Total
                                                                
Balance at beginning of                                                 
period                        $     672,221      (290,790)       381,431
  Net Income(Loss)                   16,288         6,495         22,783
                                   --------       --------      --------
Balance at end of period      $     688,509      (284,295)       404,214
                                   ========       ========      ========
                                     
See accompanying footnote to the financial statements

<PAGE> 10
                                     
                        STERLING DRILLING FUND 1982
                     (a New York Limited Partnership)
                 Statement of Changes in Partners' Equity
                                (unaudited)
                                     
                                   Three Months Ended
                                     June 30, 1998


                                   Limited         General      
                                   Partners        Partners     Total
                                                                
Balance at beginning of                                                 
period                       $        691,988       (278,566)    413,422
  Net Income(Loss)                      2,321          2,068      4,389
                                     --------        --------   --------
Balance at end of period     $        694,309       (276,498)    417,811
                                     ========        ========   ========
                                              
                                              
                                     Three Months Ended
                                       June 30, 1997
                                              
                                   Limited         General      
                                   Partners        Partners     Total
                                                                
Balance at beginning of                                                 
period                       $        683,035       (287,046)    395,989
  Net Income(Loss)                      5,474          2,751       8,225
                                     --------        --------   --------
Balance at end of period     $        688,509       (284,295)    404,214
                                     ========        ========   ========



See accompanying footnote to the financial statements
                                     
<PAGE> 11
                                     
                        STERLING DRILLING FUND 1982
                     (a New York Limited Partnership)
                          Statement of Cash Flows
                                (unaudited)
                                     
                                        Six months      Six months
                                          ended           ended
                                         June 30,        June 30,
                                           1998            1997
                                                                   
Net cash provided by operating                                     
activities                           $            0  $        5,634
                                         ----------      ----------
Cash(used in)investment activities:                                
  Investment in wells and related                                  
      facilities                                   0         (5,647)
                                         -----------      ----------
 Net Cash used in investment                                       
      activities                                   0         (5,647)
                                                                   
Net increase(decrease) in cash and                                 
  cash equivalents                                 0            (13)
                                         -----------      ----------
Cash and cash equivalents at                                       
  beginning of period                              7             34
                                         -----------      ----------
Cash and cash equivalents at end of                                
period                               $             7  $          21
                                         ===========      ==========
                                                                   
                                                                   
                                                                   
                                                       
                                                                   
                                                       
                                                       

See accompanying footnote to the financial statements


<PAGE> 12
                 STERLING GAS DRILLING FUND 1982
                (a New York limited partnership)
                                
                  Note to Financial Statements
                                
                          June 30, 1998
                                
                                
                                
1.    The accompanying statements for the period ending June  30,
1998  are  unaudited,  but reflect all adjustments  necessary  to
present fairly the results of operations.