<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 March 31, 1999

                                    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 - March 31, 1999 and December 31, 1998.

Statements of Operations for the Three Months Ended March 31, 1999 and 1998.

Statements of Changes in Partners' Equity for the Year Ended
December 31,1998 and for the Three Months Ended March 31, 1999.

Statements of Cash Flows for the Three Months Ended March 31,1999 and 1998.

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 competitive in all its phases.
There  is  also  competition between this industry and other industries  in
supplying  energy  and  fuel  requirements of  industrial  and  residential
consumers.  It is not possible for the Registrant to calculate its position
in the industry as the Registrant competes with many other companies having
substantially  greater financial and other resources.  In  accordance  with
the  terms of the Agreement of Limited Partnership of the Partnership,  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 for the conduct of
the  Partnership business.  As of March 31, 1999, the General Partners have
distributed  to  the  Limited Partners $1,402,512 or  9.76%  of  the  total
Limited Partner capital contributions.

The  Year  2000 (Y2K) issue is the definition and resolution  of  potential
problems  resulting  from computer application programs  or  imbedded  chip
instruction sets utilizing two-digits, as opposed to four digits, to define
a  specific the year. Such date sensitive systems may be unable to properly
interpret  dates,  which  could cause a system failure  or  other  computer
errors, leading to disruptions in operations. The Partnership relies on the
Managing  General Partner for all management and administrative  functions.
Consequently, the Partnership's exposure to the Y2K problems is  determined
by  what  Year  2000 efforts have been undertaken by the  Managing  General
Partner.


<PAGE> 3

In  1997, the Managing General Partner developed a three-phase program  for
the  Y2K  information  systems compliance. Phase I  is  to  identify  those
systems with which the Partnership has exposure to Y2K issues. Phase II  is
to remediate systems and replace equipment where required. Phase III, to be
completed by mid-1999, is the final testing of each major area of  exposure
to  ensure  compliance. The Managing General Partner  has  identified  four
major  areas  determined to be critical for successful Y2K compliance:  (1)
financial   and   informational  system  applications,  (2)  communications
applications,  (3)  oil and gas producing operations, and  (4)  third-party
relationships.

The Managing General Partner, in accordance with Phase I of the program, is
in  the  process  of  conducting an internal  review  of  all  systems  and
contacting  all software suppliers to determine major areas of exposure  to
Y2K issues. The Managing General Partner has completed the modifications to
its  core  financial  and  reporting systems  and  is  continuing  to  test
compliance in this area. These modifications were made in conjunction  with
an upgrade of the financial reporting applications provided by the Managing
General  Partner's  software  vendor. Conversion  to  the  new  system  was
completed during 1998. Due to the technology advances in the communications
area  the  Managing  General Partner has upgraded such equipment  regularly
over  the  past three years. Y2K compliance was a specification requirement
of  each  installation. Consequently, the Managing General Partner  expects
exposure  in this area to be limited to third party readiness. The Managing
General  Partner  is  in  the  process of  identifying  areas  of  exposure
resulting from equipment used in its oil and gas producing operations.  The
Managing  General  Partner expects to complete identification  of  critical
systems  by  June  1999 and to continue remediation and testing  throughout
1999.  In  the third-party area, the Managing General Partner has  received
assurance from its significant service suppliers that they intend to be Y2K
compliant  by 2000. The Managing General Partner has implemented a  program
to  request  Year  2000 certification or other assurance from  other  third
parties during 1999.

The  Partnership  recognizes that, notwithstanding  the  efforts  described
above,  the  Partnership could experience disruptions to its operations  or
administrative  functions,  including those  resulting  from  non-compliant
systems  utilized  by  unrelated  third  party  governmental  and  business
entities.  The Managing General Partner is in the process of  developing  a
contingency  plan  in  order to mitigate potential disruption  to  business
operations.   The  Managing  General  Partner  expects  to  complete   this
contingency plan by the second quarter of 1999 but also expects  to  refine
this plan throughout 1999.




<PAGE> 4

Through  1998,  the  Managing  General  Partner  has  handled  identifying,
remediating and testing systems for Year 2000 compliance within  the  scope
of  routine upgrades and systems evaluations. The Managing General  Partner
expects  to complete the review of oil and gas operations exposure  in  the
same  manner,  without  incurring substantial  additional  costs.  However,
information  resulting from the oil and gas operations review may  indicate
required expenditures not currently contemplated by the Partnership.

The net proved oil and gas reserves of the Partnership are considered to be
a  primary  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,  1998  was
approximately  $768,500,  as  compared  to  December  31,  1997,  of  about
$904,800.   Overall  reservoir  engineering  is  a  subjective  process  of
estimating underground accumulations of gas and oil that can not be measure
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 -

Overall  operating revenues decreased from $73,678 in 1998  to  $43,091  in
1999  The partnership receives most of its income from gas producing wells.
The  gas production and average price per mcf declined,the production  went
from 24,043 MCF  in 1998 to 19,347 MCF in 1999.  The average price per  mcf
changed  from  $2.96  in  1998  to $2.68 in 1999.   The   Partnership  also
experienced  a  decline  in  oil  revenue due  to  decreases  in  both  oil
production  and  average price per barrel. Production expenses    increased
from  $28,900  in  1998  to $30,877  in 1999.  These  costs  include  those
associated with repairs needed for access to the wells and well  sites  and
the related labor costs. The production expenses incurred in both 1998  and
1999 were typical and customary to  the upkeep of the Partnership's wells.

<PAGE> 5

Overall  general and administrative expenses remained stable in  both  1998
and  1999.  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
1999  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 underdiscounted future
net  cash flows attributable to the Partnership properties. The partnership
was  not  required to reduce the properties basis in either 1998  or  first
quarter  1999.   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> 6

                            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





May 14, 1999
(Date)











<PAGE> 7
                      STERLING GAS DRILLING FUND 1982
                     (a New York Limited Partnership)
                              Balance Sheets
                                (unaudited)
                                            March 31,       December 31,
                                              1999              1998
Assets                                                                   
Current Assets:                                                          
  Cash and cash equivalents            $             12 $              20
                                            -----------       -----------
      Total current assets                           12                20
                                            -----------       -----------
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              (11,756,179)      (11,747,491)
                                          -------------     -------------
                                                680,716           689,404
                                            -----------       -----------
       Total assets                    $        680,728 $         689,424
                                            ===========       ===========
                                                                  
Liabilities and Partners' Equity                                  
  Current liabilities:                                            
   Due to affiliates                   $        275,625 $         262,068
                                            -----------       -----------
        Total current liabilities               275,625           262,068
                                            -----------       -----------
                                                                         
  Partners' Equity                                                       
   Limited partners                             679,632           699,647
   General partners                            (274,529)         (272,291)
                                            -----------       -----------
         Total partners' equity                 405,103           427,356
                                            -----------       -----------
                                                                         
         Total liabilities and                                           
          partners' equity             $        680,728 $         689,424
                                            ===========       ===========
                                                                         
                                     
See accompanying note to the financial statements.
<PAGE> 8
                      STERLING GAS DRILLING FUND 1982
                     (a New York Limited Partnership)
                          Statement of Operations
                                (unaudited)
                                     
                                   Three Months Ended
                                     March 31, 1999

                                     Limited       General         
                                    Partners      Partners       Total
Revenue:                                                       
Operating revenue                $      36,261        6,829 $     43,090
                                      --------     --------      -------
  Total Revenue                         36,261        6,829       43,090
                                      --------     --------      -------
                                                                        
Costs and Expenses:                                                     
Production expense                      25,983        4,893       30,876
General and administrative                                              
 to a related party                     17,884        3,369       21,253
General and administrative               3,809          718        4,527
Depreciation, depletion                                                 
 and amortization                        8,600           87        8,687
                                      --------     --------      -------
  Total Costs and Expenses              56,276        9,067       65,343
                                      --------     --------      -------
  Net Income/(Loss)              $     (20,015 )     (2,238)  $   (22,253)
                                      ========     ========      =======
  Net Income/(Loss)                                                     
    per equity unit              $       (1.55)
                                        ======                          
                                     
See accompanying note to the financial statements.
                                     
                                     
                                     
<PAGE>  9
                      STERLING GAS DRILLING FUND 1982
                     (a New York Limited Partnership)
                          Statement of Operations
                                (unaudited)
                                     
                                   Three Months Ended
                                     March 31, 1998

                                    Limited      General          
                                   Partners     Partners       Total
Revenue:                                                     
Operating revenue              $       62,000      11,678  $     73,678
                                     --------    --------       -------
  Total Revenue                        62,000      11,678        73,678
                                     --------    --------       -------
                                                                       
Costs and Expenses:                                                    
Production expense                     24,319       4,581        28,900
General and administrative                                             
 to a related party                    17,884       3,369        21,253
General and administrative              3,999         753         4,752
Depreciation, depletion                                                
 and amortization                       9,146          92         9,238
                                     --------    --------       -------
  Total Costs and Expenses             55,348       8,795        64,143
                                     --------    --------       -------
  Net Income                   $        6,652       2,883  $      9,535
                                     ========    ========       =======
Net Income per equity unit     $         0.46                          
                                       ======                          
                                     
See accompanying note to the financial statements.
                                     
<page > 10
                     STERLING  GAS DRILLING FUND 1982
                     (a New York Limited Partnership)
                 Statement of Changes in Partners' Equity
                                (unaudited)

                                     
                                     

                                 Limited      General         
                                 Partners     Partners        Total
                                                              
Balance at December 31, 1997  $    685,336  $    (281,449)  $  403,887
  Net Income                        14,311          9,158       23,469
                                  --------       --------     --------
Balance at December 31, 1998  $    699,647  $    (272,291)  $  427,356
  Net Income/(loss)                (20,015)        (2,238)     (22,253)
                                  --------       --------     --------
Balance at March 31, 1999     $    679,632       (274,529)     405,103
                                  ========       ========     ========




                                     
See accompanying note to the financial statements.

<PAGE> 11
                      STERLING GAS DRILLING FUND 1982
                     (a New York Limited Partnership)
                          Statement of Cash Flows
                                (unaudited)
                                     
                                            Three months      Three months
                                            ended March       ended March
                                              31,1999           31,1998
                                                             
Net cash provided by/(used in)                                             
operating activities                    $                8 $            (3)
                                                ----------       ----------
                                                                           
                                                                           
Net increase(decrease) in cash and                                         
  cash equivalents                                       8              (3)
Cash and cash equivalents at                                               
  beginning of period                                   20                7
                                                ----------       ----------
Cash and cash equivalents at end of                                        
period                                  $               12 $              4
                                                ==========       ==========
                                                                           
                                                                           
                                                                           
                                                             
                                                                           
                                                             
                                                             

See accompanying note to the financial statements.

<PAGE> 12
                 STERLING GAS DRILLING FUND 1982
                (a New York limited partnership)
                                
                  Note to Financial Statements
                                
                         March 31, 1999
                                
                                
1. The accompanying statements for the period ending March 31,
1999 are unaudited, but reflect all adjustments necessary to
present fairly the results of operations