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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, 2002

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 2-91966-01





STERLING DRILLING FUND 1984-1

(Exact name of registrant as specified in charter)



New York

(State or other jurisdiction of incorporation)



13-3234373

(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  / /

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PART I

Item 1.	Financial Statements

The following Financial Statements are filed herewith:

Balance Sheets - March 31, 2002 and December 31, 2001.

Statements of Operations for the Three Months Ended March 31, 2002 and 2001.

Statements of Changes in Partners' Equity for the Three Months Ended March 31, 2002 and 2001.

Statements of Cash Flows for the Three Months Ended March 31, 2002 and 2001.

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 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 Registrant competes with many other companies having substantially greater financial and other resources.  In accordance with the terms of the Prospectus as filed by the Registrant, 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 contingent debts, liabilities or expenses for the conduct of the Partnership's business.  As of March 31, 2002, the General Partners have distributed $1,777,930 or 19.25%of original Limited Partner capital contributions to the Limited Partners.



The net proved oil and gas reserves of the Partnership are considered to be a primary indicator of financial strength and future liquidity. 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 estimated reserve quantities and future income quantities are related to hydrocarbon prices.  Therefore, volumes of reserves actually recovered and amounts of income actually received may differ significantly from the estimated quantities presented in this report.



In accordance with FASB Statement No. 69, December 31, 2001 market prices were determined using the daily oil price or daily gas sales price ("spot price") adjusted for oilfield or gas gathering hub and wellhead price differentials (e.g. grade, transportation, gravity, sulfur, and BS&W) as appropriate.  Also, in accordance with SEC and FASB specifications, changes in market prices subsequent to December 31, 2000 and 2001 were not considered. The spot price



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for gas at December 31, 2000 was $9.23 per MMBTU. The range of spot prices during the year 2000 was a low of $2.14 and a high of $10.50 and the average was $4.28. The spot price for gas at December 31, 2001 was $2.63 per MMBTU. The range of spot prices during the year 2001 was a low of $1.77 and a high of $10.29 and the average was $3.94. The range during the first quarter of 2002 has been from $2.01 to $3.31  with an average of $2.42. The recent futures market prices have been in the $3.00 range.



The present value of unescalated future net revenues (S.E.C. case) associated with such reserves, discounted at 10% as of December 31, 2001, was approximately $917,763  as compared to $1,437,937 as of December 31, 2000. While it may reasonably be anticipated that the prices received by Sterling Drilling Fund 1984-1 for the sale of its production may be higher or lower than the prices used in this evaluation,  as described above, and the operating costs relating to such production may also increase or decrease from existing levels, such possible changes in prices and costs were, in accordance with rules adopted by the SEC, omitted from consideration in making this evaluation for the SEC case.   Actual volumes produced, prices received and costs incurred by the partnership may vary significantly from the SEC case.





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 October 1984 for $7,750,000.  Pursuant to the terms of this contract, thirty-two wells have been drilled, resulting in thirty-two producing wells.



During 2002, PrimeEnergy Management negotiated a Farmout Agreement with Ardent Resources Inc. covering leasehold interests in acres located in Calhoun County, West Virginia.  Pursuant to this agreement, Ardent has the right but not the obligation to select acreage and drill a deep well on the selected acreage, subject to an overriding royalty interest due to the leasehold owners.  If a test well is not spudded by February 13, 2005 this agreement terminates.  Acerage held by Sterling Drilling Fund 1984-1 was included in the Farmout Agreement, PrimeEnergy Management may discuss the possibility of farming out additional deep rights held by the Partnership under the same terms with other parties, however, there is no guarantee that any agreement will be entered into.





3.	Results of Operations -





The Partnership's gas production decreased, from 21,639 MCF in 2001 to 17,644 MCF in 2002 The Partnership's average price per MCF and per barrel decreased from $5.96 per MCF in 2001 to $2.69 per MCF in 2002.   The combination of both price and production decreases resulted in an overall operating revenue to change from $138,667 in 2001 to $55,251 in 2002. For most of 2001 the Partnership's revenue was based upon a higher contract price than was the average spot market price.A new contract was entered into in December 2001 and the Partnership will be



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paid based upon monthly spot market prices through May 2002.  The General Partners'  have elected to sell a substantial portion of the gas delivered under this contract during June 2002 through October 2002 at a fixed price of $3.57 per MMBTU subject to transportation costs.



The Partnership's other income is a result of a cash bonus paid to the Partnership under the farmout agreement, previously discussed.





Production expenses decreased $66,625 in 2001 to $47,444 in 2002.  Production expenses include labor, repairs,  location costs and variable cost.  Variable costs  are typically those lease operating expenses that fluctuate based on production volumes. Production expenses, during 2002, were limited to normal maintenance and upkeep of the wells and well sites.  During 2001  the wells and well sites required additional maintanence work as well as having higher variable cost due to increased volumes.



General and administrative expenses  to a related party are charged in accordance with guidelines set forth in the Registrant's Management Agreement and are attributable to the affairs and operation of the Partnership and shall not exceed an annual amount equal to 5% of the Limited Partners capital contributions. Amounts related to both 2001 and 2002 are substantially less than the amounts allocable to the Registrant under the Partnership Agreement. Management continues to manage third party costs and use in-house resources to provide efficient and timely services to the Partnership.



The Partnership records additional depreciation, depletion and amortization to the extent that net capitalized costs exceed the undiscounted future net cash flows attributable to the Partnership properties. The Partnership  was not required to revise the properties basis in 2001 or during the first three months of 2002.  The current depreciation was reasonable based upon the current remaining basis in the Partnership properties.



PART II



Items 1 to 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 during the period covered by this report.





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S I G N A T U R E S

Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.





|STERLING DRILLING FUND 1984-1
|-----------------------------
|(Registrant)                 
|                             
|By: /S/ Charles E. Drimal Jr.
|Charles E. Drimal, Jr.       
|General Partner              
|                             
|                             
|May 13, 2002                 
|(Date)                       
|                             
|                             
|                             

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STERLING DRILLING FUND 1984-1

(a New York Limited Partnership)

Balance Sheets

|                                                          |   | March 31,
2002 |   | December 31, 2001
|--------------------------------------------------------- | - | -------------- | - | -----------------
|                                                          |   | (unaudited)    |   | (audited)        
|Assets                                                    |   |                |   |                  
|Current Assets:                                           |   |                |   |                  
|Cash and cash equivalents                                 | $ | 208,187        | $ | 183,665          
|Due from affiliates                                       |   | 0              |   | 26,093           
|                                                          |   | -------------- |   | --------------   
|Total current assets                                      |   | 208,187        |   | 209,758          
|                                                          |   | -------------- |   | --------------   
|                                                          |   |                |   |                  
|Oil and Gas properties -                                  |   |                |   |                  
|Successful efforts method:                                |   |                |   |                  
|Leasehold costs                                           |   | 323,260        |   | 323,260          
|Well and related facilities                               |   | 7,712,699      |   | 7,712,699        
|                                                          |   | -------------- |   | --------------   
|Subtotal                                                  |   | 8,035,959      |   | 8,035,959        
|Less accumulated depreciation, depletion
and amortization |   | (7,178,514)    |   | (7,166,295)      
|                                                          |   | -------------- |   | --------------   
|                                                          |   | 857,445        |   | 869,664          
|                                                          |   | -------------- |   | --------------   
|Total assets                                              | $ | 1,065,632      | $ | 1,079,422        
|                                                          |   | ========       |   | ========         
|                                                          |   |                |   |                  
|Liabilities and Partner's Equity                          |   |                |   |                  
|Current Liabilities:                                      |   |                |   |                  
|Due to affiliates                                         | $ | 13,002         | $ | 0                
|                                                          |   | -------------- |   | --------------   
|Total current liabilities                                 |   | 13,002         |   | 0                
|                                                          |   | -------------- |   | --------------   
|Partner's Equity                                          |   |                |   |                  
|Limited partners                                          |   | 1,017,305      |   | 1,040,188        
|General partners                                          |   | 35,325         |   | 39,234           
|                                                          |   | -------------- |   | --------------   
|Total partners' equity                                    |   | 1,052,630      |   | 1,079,422        
|                                                          |   | -------------- |   | --------------   
|Total liabilities and partner's equity                    | $ | 1,065,632      | $ | 1,079,422        
|                                                          |   | ========       |   | ========         





See accompanying note to financial statements.

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STERLING DRILLING FUND 1984-1

(a New York Limited Partnership)

Statement of Operations

(unaudited)



|Three Months Ending
March 31, 2002
|----------------------------------



|                                              |   | Limited
Partners |  | General
Partners |   | Total     
|--------------------------------------------- | - | ---------------- |  | ---------------- | - | ----------
|Revenue:                                      |   |                  |  |                  |   |           
|Operating revenue                             | $ | 43,648           |  | 11,603           | $ | 55,251    
|Other income                                  |   | 1,100            |  | 292              |   | 1,392     
|Interest income                               |   | 729              |  | 47               |   | 776       
|                                              |   | ----------       |  | ----------       |   | ----------
|Total Revenue                                 |   | 45,477           |  | 11,942           |   | 57,419    
|                                              |   | ----------       |  | ----------       |   | ----------
|                                              |   |                  |  |                  |   |           
|Costs and Expenses:                           |   |                  |  |                  |   |           
|Production expense                            |   | 37,481           |  | 9,963            |   | 47,444    
|General and administrative to a related party |   | 16,590           |  | 4,410            |   | 21,000    
|General and administrative                    |   | 2,803            |  | 745              |   | 3,548     
|Depreciation, depletion and amortization      |   | 11,486           |  | 733              |   | 12,219    
|                                              |   | ----------       |  | ----------       |   | ----------
|Total Costs and Expenses                      |   | 68,360           |  | 15,851           |   | 84,211    
|                                              |   | ----------       |  | ----------       |   | ----------
|Net Income (Loss)                             | $ | (22,883)         |  | (3,909)          | $ | (26,792)  
|                                              |   | ======           |  | ======           |   | ======    
|Net Income (Loss) per equity unit             | $ | (2.48)           |  |                  |   |           
|                                              |   | ======           |  |                  |   |           





See accompanying note to financial  statements.

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STERLING DRILLING FUND 1984-1

(a New York Limited Partnership)

Statement of Operations

(unaudited)



|Three Months Ending
March 31, 2001
|----------------------------------



|                                              |   | Limited
Partners |  | General
Partners |   | Total     
|--------------------------------------------- | - | ---------------- |  | ---------------- | - | ----------
|Revenue:                                      |   |                  |  |                  |   |           
|Operating revenue                             | $ | 109,547          |  | 29,120           | $ | 138,667   
|Other income                                  |   | 0                |  | 0                |   | 0         
|Interest income                               |   | 360              |  | 96               |   | 456       
|                                              |   | ----------       |  | ----------       |   | ----------
|Total Revenue                                 |   | 109,907          |  | 29,216           |   | 139,123   
|                                              |   | ----------       |  | ----------       |   | ----------
|                                              |   |                  |  |                  |   |           
|Costs and Expenses:                           |   |                  |  |                  |   |           
|Production expense                            |   | 52,634           |  | 13,991           |   | 66,625    
|General and administrative to a related party |   | 16,590           |  | 4,410            |   | 21,000    
|General and administrative                    |   | 3,192            |  | 848              |   | 4,040     
|Depreciation, depletion and amortization      |   | 11,128           |  | 710              |   | 11,838    
|                                              |   | ----------       |  | ----------       |   | ----------
|Total Costs and Expenses                      |   | 83,544           |  | 19,959           |   | 103,503   
|                                              |   | ----------       |  | ----------       |   | ----------
|Net Income(loss)                              | $ | 26,363           |  | 9,257            | $ | 35,620    
|                                              |   | ======           |  | ======           |   | ======    
|Net Income(loss) per equity unit              | $ | 2.85             |  |                  |   |           
|                                              |   | =======          |  |                  |   |           





See accompanying note to financial  statements.



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STERLING DRILLING FUND 1984-1

(a New York Limited Partnership)

Statement of Changes in Partners'  Equity

(unaudited)

|                             |   | Limited
Partners |   | General
Partners |   | Total         
|---------------------------- | - | ---------------- | - | ---------------- | - | --------------
|                             |   |                  |   |                  |   |               
|Balance at December 31, 2000 | $ | 972,730          | $ | 11,285           | $ | 984,015       
|Partners' contributions      |   | 0                |   | 427              |   | 427           
|Distributions                |   | (23,090)         |   | (5,817)          |   | (28,907)      
|Net Income(Loss)             |   | 90,548           |   | 33,339           |   | 123,887       
|                             |   | --------------   |   | --------------   |   | ------------- 
|Balance at December 31, 2001 |   | 1,040,188        |   | 39,234           |   | 1,079,422     
|Partners' contributions      |   | 0                |   | 0                |   | 0             
|Net Income(Loss)             |   | (22,883)         |   | (3,909)          |   | (26,792)      
|                             |   | --------------   |   | --------------   |   | --------------
|Balance at March 31, 2002    | $ | 1,017,305        | $ | 35,325           | $ | 1,052,630     
|                             |   | ========         |   | =======          |   | =======       



See accompanying note to financial statements.

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STERLING DRILLING FUND 1984-1

(a New York Limited Partnership)

Statement of Cash Flows

(unaudited)

|                                                    |   | Three months
Ended
March 31,      2002 |   | Three months
Ended
March 31,
2001
|--------------------------------------------------- | - | -------------------------------------- | - | ---------------------------------
|                                                    |   |                                        |   |                                  
|Net cash provided by (used in) operating activities | $ | 24,522                                 | $ | 43,897                           
|                                                    |   | -------------                          |   | -------------                    
|                                                    |   |                                        |   |                                  
|Cash flows from financing activities:               |   |                                        |   |                                  
|Partner's contributions                             |   | 0                                      |   | 933                              
|Distribution to partners                            |   | 0                                      |   | 0                                
|                                                    |   | -------------                          |   | -------------                    
|Net cash (used in) financing activities             |   | 0                                      |   | 933                              
|                                                    |   | -------------                          |   | -------------                    
|Cash flows from investing activities:               |   |                                        |   |                                  
|Investments in wells and well related facilities    |   | 0                                      |   | (31,338)                         
|                                                    |   | -------------                          |   | -------------                    
|Net cash (used by) investing activities             |   | 0                                      |   | (31,338)                         
|                                                    |   | -------------                          |   | -------------                    
|Net increase(decrease) in cash and cash equivalents |   | 24,522                                 |   | 13,492                           
|                                                    |   |                                        |   |                                  
|Cash and cash equivalents at beginning of period    |   | 183,665                                |   | 30,740                           
|                                                    |   | -------------                          |   | -------------                    
|Cash and cash equivalents at end of period          | $ | 208,187                                | $ | 44,232                           
|                                                    |   | ========                               |   | ========                         
|                                                    |   |                                        |   |                                  





See accompanying note to financial statements.

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STERLING DRILLING FUND 1984-1

(a New York limited partnership)



Note to Financial Statements



March 31, 2002





1.	The accompanying statements for the period ending March 31, 2002 are unaudited but reflect all adjustments necessary to present fairly the results of operations.