<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, 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 - June 30, 1999 and December 31, 1998.

Statements of Operations for the Six and the Three Months Ended June
30, 1999 and 1998.

Statements of Changes in Partners' Equity for the Six and the Three
Months Ended June 30, 1999 and 1998.

Statements of Cash Flows for the Six Months Ended June 30, 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 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,  1999,  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.

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  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 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,
conducted  an  internal  review of all systems and contacted  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 intends
to continue identification, 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   and   to
refine this plan throughout 1999.

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


<PAGE> 4

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 -

The Partnership's operating revenues decreased  from  $156,437 in 1998 to
$88,407  in  1999. The average price per MCF in 1998 was $3.11 compared  to
$2.10  in  1999.  Also gas production went from 48,305 MCF's  in  1998   to
38,031  MCF  in 1999. A substantial portion of the Partnership's production
was  shut-in for the month of June 1999 due to required maintenance of  the
gas transporter's pipeline.  All properties were returned to production  in
July  1999.  Production expenses  decreased from $70,872 in 1998 to $53,748
in  1999.  The  production expenses were lower 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
production expenses include normal maintenance and upkeep of the wells  and
well sites.




<PAGE> 5

Overall  general  and administrative expenses showed no significant  change
from  1998  to  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
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 1998  or  first  half
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





August 13, 1999
(Date)










<PAGE> 7
                        STERLING DRILLING FUND 1982
                     (A New York Limited Partnership)
                              Balance Sheets
                                            June 30,        December 31,
                                              1999              1998
                                            (unaudited)         (audited)
Assets
Current Assets:
  Cash and cash equivalents            $             27 $              20
  Due from others                                 4,585                 0
                                            -----------     -------------
      Total current assets                        4,612                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             (11,764,866)      (11,747,491)
                                            -----------     -------------
                                                672,029           689,404
                                            -----------     -------------
       Total assets                    $        676,641 $         689,424
                                            ===========     =============

Liabilities and Partners' Equity
  Current liabilities:
   Due to affiliates                   $        280,840 $         262,068
                                            -----------     -------------
        Total current liabilities               280,840           262,068
                                            -----------     -------------

  Partners' Equity
   Limited partners                             670,514           699,647
   General partners                            (274,713)         (272,291)
                                            -----------     -------------
         Total partners' equity                 395,801           427,356
                                            -----------     -------------

         Total liabilities and
          partners' equity             $        676,641 $         689,424
                                            ===========     =============




See accompanying footnote to the financial statements

<PAGE> 8

                        STERLING DRILLING FUND 1982
                     (a New York Limited Partnership)
                          Statement of Operations
                                (unaudited)

                                   Six Months Ending
                                     June 30, 1999

                                    Limited      General
                                   Partners      Partners       Total
Revenue:
Operating revenue              $       74,394 $    14,013   $    88,407
Other revenue                           3,594         677         4,271
                                     --------    --------       -------
  Total Revenue                        77,988      14,690        92,678
                                     --------    --------       -------

Costs and Expenses:
Production expense                     45,229       8,519        53,748
General and administrative
 to a related party                    35,765       6,737        42,502
General and administrative              8,927       1,682        10,609
Depreciation, depletion
 and amortization                      17,200         174        17,374
                                     --------    --------       -------
  Total Costs and Expenses            107,121      17,112       124,233
                                     --------    --------       -------
  Net Income (Loss)            $      (29,133)$    (2,422) $    (31,555)
                                     ========    ========       =======
Net Income (Loss) per
Equity unit                    $       (2.03)
                                       ======


See accompanying footnote to the financial statements

<PAGE> 9

                        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> 10


                        STERLING DRILLING FUND 1982
                     (a New York Limited Partnership)
                          Statement of Operations
                                (unaudited)

                                  Three Months Ending
                                     June 30, 1999

                                  Limited       General
                                  Partners      Partners      Total
Revenue:
Operating revenue              $      38,134        7,183   $    45,317
Other revenue                          3,594          677         4,271
                                    --------     --------     ---------
  Total Revenue                       41,728        7,860        49,588
                                    --------     --------     ---------

Costs and Expenses:
Production expense                    19,247        3,625        22,872
General and administrative
 to a related party                   17,881        3,368        21,249
General and administrative             5,118          964         6,082
Depreciation, depletion
 and amortization                      7,310        1,377         8,687
                                    --------     --------     ---------
  Total Costs and Expenses            49,556        9,334        58,890
                                    --------     --------     ---------
  Net Income (Loss)            $      (7,828)      (1,474)   $   (9,302)
                                    ========     ========     =========
Net Income (Loss) per equity
unit                           $        (.55)
                                    ========


See accompanying footnote to the financial statements

<PAGE> 11


                        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> 12

                        STERLING DRILLING FUND 1982
                     (a New York Limited Partnership)
                 Statement of Changes in Partners' Equity
                                (unaudited)

                                    Six Months Ended
                                     June 30, 1999


                                Limited         General
                                Partners        Partners        Total

Balance at beginning of
period                        $     699,647      (272,294)       427,356
  Net Income(Loss)                  (29,133)       (2,422)       (31,555)
                                   --------       --------      --------
Balance at end of period      $     670,514      (274,713)       395,801
                                   ========       ========      ========


                                    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
                                   ========       ========      ========

See accompanying footnote to the financial statements

<PAGE> 13

                        STERLING DRILLING FUND 1982
                     (a New York Limited Partnership)
                 Statement of Changes in Partners' Equity
                                (unaudited)

                                   Three Months Ended
                                     June 30, 1999


                                   Limited         General
                                   Partners        Partners     Total

Balance at beginning of
period                       $        679,632       (274,529) $  405,103
   Net Income(Loss)                    (7,828)        (1,474)     (9,302)
                                     --------        --------   --------
Balance at end of period     $        671,804       (276,003) $  395,801
                                     ========        ========   ========


                                     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
                                     ========        ========   ========



See accompanying footnote to the financial statements

<PAGE> 14

                        STERLING DRILLING FUND 1982
                     (a New York Limited Partnership)
                          Statement of Cash Flows
                                (unaudited)

                                        Six months      Six months
                                          Ended           Ended
                                         June 30,        June 30,
                                           1999            1998

Net cash provided by operating
activities                           $            6  $            0
                                         ----------      ----------

Net increase(decrease) in cash and
  cash equivalents                                6               0

Cash and cash equivalents at
  beginning of period                            20               7
                                         ----------      ----------
Cash and cash equivalents at end of
period                               $           26  $            7
                                         ==========      ==========








See accompanying footnote to the financial statements


<PAGE> 15
                 STERLING GAS DRILLING FUND 1982
                (a New York limited partnership)

                  Note to Financial Statements

                          June 30, 1999



1.    The accompanying statements for the period ending June  30,
1999  are  unaudited,  but reflect all adjustments  necessary  to
present fairly the results of operations.