CONFORMED COPY





                  QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                    OF THE SECURITIES EXCHANGE ACT OF 1934

                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                   FORM 10-Q

                                                  

           [X] Quarterly Report Pursuant to Section 13 or 15(d) of 
                    the Securities and Exchange Act of 1934
                      For the period ended March 31, 1997

                                      or

           [ ] Transition Report Pursuant to Section 13 of 15(d) of 
                   the Securities and Exchange Act of  1934
               For the transition period from         to        


                                                  

                       Commission file number 033-43206

               I.R.S. Employer Identification Number 55-0718529

                        PDC 1992-C LIMITED PARTNERSHIP

                     (A West Virginia Limited Partnership)
                             103 East Main Street
                             Bridgeport, WV 26330
                           Telephone: (304) 842-6256

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     XX       No         

<PAGE>
                        PDC 1992-C LIMITED PARTNERSHIP
                     (A West Virginia Limited Partnership)


                                     INDEX



PART I - FINANCIAL INFORMATION                                    Page No.

  Item 1.  Financial Statements

           Balance Sheets March 31, 1997 and December 31, 1996         1

           Statements of Operations - 
            Three Months Ended March 31, 1997 and 1996                 2

           Statement of Partners' Equity - Three Months Ended 
            March 31, 1997                                             3

           Statements of Cash Flows-
            Three Months Ended March 31, 1997 and 1996                 4

           Notes to Financial Statements                               5

  Item 2.  Management's Discussion and Analysis of Financial 
           Condition and Results of Operations                         6

PART II    OTHER INFORMATION

  Item 1.  Legal Proceedings                                           7

  Item 6.  Exhibits and Reports on Form 8-K                            7












<PAGE>
                        PDC 1992-C LIMITED PARTNERSHIP
                     (A West Virginia Limited Partnership)

                                Balance Sheets

                     March 31, 1997 and December 31, 1996


<TABLE>
<S>                                                  <S>              <S>

  Assets
                                                     1997             1996 
                                                (Unaudited)

Current assets:
  Cash                                           $      944      $      957
  Accounts receivable - oil and gas revenues        288,380         249,414
  Due from opertor                                    1,353            -   
           Total current assets                     290,677         250,371

Oil and gas properties, successful efforts method
      Oil and gas properties                      6,033,071       6,033,071
      Less accumulated depreciation, depletion
        and amortization                          1,945,375       1,846,327
                                                  4,087,696       4,186,744

Other assets (net of amortization of $27,270 and
      $25,971)                                        3,898           5,197

                                                 $4,382,271      $4,442,312

      Current Liabilities and Partners' Equity

Current liabilities:    
      Accrued expenses                               23,052          29,563
                    Total current liabilities        23,052          29,563


Partners' Equity                                  4,359,219       4,412,749

                                                 $4,382,271      $4,442,312
</TABLE>
See accompanying notes to financial statements.








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<PAGE>
                        PDC 1992-C LIMITED PARTNERSHIP
                     (A West Virginia Limited Partnership)

                           Statements of Operations

                  Three months ended March 31, 1997 and 1996
                                  (Unaudited)

<TABLE>
<S>                                                   <S>             <S>
                                                     1997             1996 
Revenues:
  Sales of oil and gas                             $395,911        389,049 
  Transportation revenue                               -             8,295 
  Interest income                                     1,353            608 
                                                    397,264        397,952 

Expenses:
  Lifting costs                                      68,023         62,608 
  Direct administrative cost                             12            250 
  Depreciation, depletion and amortization          100,347        124,704 
                                                    168,382        187,562 

           Net income                              $228,882        210,390 

           Net income per limited and
            additional general partner unit        $    543            513 

</TABLE>
See accompanying notes to financial statements.






















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<PAGE>
                        PDC 1992-C LIMITED PARTNERSHIP
                     (A West Virginia Limited Partnership)

                         Statement of Partners' Equity

                       Three months ended March 31, 1997
                                  (Unaudited)


<TABLE>
<S>                                    <S>               <S>          <S>

                                Limited and     
                                additional       Managing        
                                general partners general partner   Total  

Balance, December 31, 1996         $3,961,506       $  451,243   $4,412,749 
Distributions to partners            (226,474)         (55,938)    (282,412)
Net income                            173,589           55,293      228,882 

      Balance, March 31, 1997      $3,908,621       $  450,598   $4,359,219 

</TABLE>
See accompanying notes to financial statements.




























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<PAGE>
                        PDC 1992-C LIMITED PARTNERSHIP
                     (A West Virginia Limited Partnership)

                           Statements of Cash Flows

                  Three months ended March 31, 1997 and 1996
                                  (Unaudited)

<TABLE>
<S>                                                 <S>              <S>

                                                    1997             1996  
Cash flows from operating activities:
  Net income                                      $228,882         210,390 
  Adjustments to reconcile net income to net cash
    provided by operating activities:
      Depreciation, depletion and amortization     100,347         124,704 
      Changes in operating assets and liabilities:
      Increase in accounts receivable -
        oil and gas revenues                       (38,966)       (161,523)
      Increase in due from operator                 (1,353)           (608)
      Decrease in accrued expenses                  (6,511)         (8,452)
          Net cash provided from
             operating activities                  282,399         164,511 
          
Cash flows from financing activities:
  Distributions to partners                       (282,412)       (163,762)
           Net cash used by financing activities  (282,412)       (163,762)

Net (decrease) increase in cash                        (13)            749 
Cash at beginning of period                            957           1,749 
Cash at end of period                            $     944           2,498 

</TABLE>
See accompanying notes to financial statements.



















                                      -4-
<PAGE>
                        PDC 1992-C LIMITED PARTNERSHIP
                     (A West Virginia Limited Partnership)

                        Notes to Financial Statements 
                                  (Unaudited)



1.  Accounting Policies 

    Reference is hereby made to the Partnership's Annual Report on Form 10-K
    for 1996, which contains a summary of major accounting policies followed by
    the Partnership in the preparation of its financial statements.  These
    policies were also followed in preparing the quarterly report included
    herein. 

2.  Basis of Presentation

    The Management of the Partnership believes that all adjustments (consisting
    of only normal recurring accruals) necessary to a fair statement of the
    results of such periods have been made.  The results of operations for the
    three months ended March 31, 1997 are not necessarily indicative of the
    results to be expected for the full year. 

3.  Oil and Gas Properties

    Oil and Gas Properties are reported on the successful efforts method.

























                                      -5-
<PAGE>

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

    Liquidity and Capital Resources


         Operations will be conducted with available funds and revenues
    generated from oil and gas activities.  No bank borrowings are anticipated. 
    

         The Partnership had net working capital at March 31, 1997 of $267,625.

         The Partnership's revenues from oil and gas will be affected by
    changes in prices.  As a result of changes in federal regulations, gas
    prices are highly dependent on the balance between supply and demand.  The
    Partnership's gas sales prices are subject to increase and decrease based
    on various market sensitive indices.  The Partnership's revenues from
    natural gas sales will be affected by changes in prices.  Natural gas
    prices are subject to general market conditions which drive the pricing
    changes.

    Results of Operations

         Natural gas sales increased 1.8% during the first quarter of 1997
    compared to 1996 due to an increase in the volumes of natural gas offset in
    part by lower sales price.  While the partnership experienced a net income
    of $228,882, depreciation, depletion and amortization is a non-cash expense
    and therefore the partnership distributed $282,412 to the partners during
    the first quarter of 1997.

    



















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<PAGE>
                                                               CONFORMED COPY

                         PART II - OTHER INFORMATION 


Item 1.  Legal Proceedings

         None.

Item 6.  Exhibits and Reports on Form 8-K

         (a) None.

         (b) No reports on Form 8-K have been filed during the quarter ended
             March 31, 1997.



                                  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.


                                              PDC 1992-C Limited Partnership 
                                                      (Registrant)

                                              By its Managing General Partner
                                              Petroleum Development Corporation
                                                       



Date:  May 14, 1997                             /s/ Steven R. Williams        
                                                    Steven R. Williams
                                                       President


Date:  May 14, 1997                             /s/ Dale G. Rettinger         
                                                    Dale G. Rettinger
                                                 Executive Vice President
                                                     and Treasurer

    







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