<PAGE>

                               FORM 10-K

                  SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C.  20549

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

For the fiscal year ended December 31, 1995

Commission File Number 2-59769-03

                    DYCO OIL AND GAS PROGRAM 1978-1
                        (A LIMITED PARTNERSHIP)
        (Exact name of registrant as specified in its charter)

           Minnesota                       41-1343930
(State or other jurisdiction of         (I.R.S. Employer
incorporation or organization)       Identification Number)

         Samson Plaza
   Two West Second Street
        Tulsa, Oklahoma                      74103
     (Address of principal                 (Zip Code)
      executive offices)

Registrant's telephone number, including area code: (918) 583-1791

Securities registered pursuant to Section 12(b) of the Act:  None.

Securities registered pursuant to Section 12(g) of the Act:  
     Units of limited partnership interest

     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 the filing  requirements for the past  90
days.  Yes       X       No
              -----          -----

     Indicate  by  check  mark  if  disclosure  of  delinquent  filers
pursuant  to Item 405 of Regulation  S-K is not  contained herein, and
will  not  be contained,  to the  best  of registrant's  knowledge, in
definitive proxy or  information statements incorporated  by reference
in Part III of this Form 10-K or any amendment to this Form 10-K.  
Yes  X   No        (Disclosure is contained herein)
  -----    -----

     The  units  of  limited  partnership  are  not  publicly  traded,
therefore, registrant cannot compute the aggregate market value of the
voting units held by non-affiliates of the registrant.

     DOCUMENTS INCORPORATED BY REFERENCE:  NONE.
<PAGE>
<PAGE>
                               FORM 10-K

                    DYCO 1978-1 OIL AND GAS PROGRAM
                   (A Minnesota limited partnership)

                           TABLE OF CONTENTS



PART I  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    1
     ITEM 1.   BUSINESS . . . . . . . . . . . . . . . . . . . . .    1
     ITEM 2.   PROPERTIES . . . . . . . . . . . . . . . . . . . .    4
     ITEM 3.   LEGAL PROCEEDINGS  . . . . . . . . . . . . . . . .    7
     ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF LIMITED
               PARTNERS . . . . . . . . . . . . . . . . . . . . .    8

PART II . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    8
     ITEM 5.   MARKET FOR THE REGISTRANT'S LIMITED
               PARTNERSHIP UNITS AND RELATED LIMITED 
               PARTNER MATTERS  . . . . . . . . . . . . . . . . .    8
     ITEM 6.   SELECTED FINANCIAL DATA  . . . . . . . . . . . . .   10
     ITEM 7.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF
               FINANCIAL CONDITION AND RESULTS OF OPERATIONS  . .   11
     ITEM 8.   FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA  . . .   15
     ITEM 9.   CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
               ON ACCOUNTING AND FINANCIAL DISCLOSURE . . . . . .   26

PART III  . . . . . . . . . . . . . . . . . . . . . . . . . . . .   26
     ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE
               REGISTRANT . . . . . . . . . . . . . . . . . . . .   26
     ITEM 11.  EXECUTIVE COMPENSATION . . . . . . . . . . . . . .   28
     ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
               OWNERS AND MANAGEMENT  . . . . . . . . . . . . . .   31
     ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED
               TRANSACTIONS . . . . . . . . . . . . . . . . . . .   31

PART IV . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   32
     ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND
               REPORTS ON FORM 8-K  . . . . . . . . . . . . . . .   32
     SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . .   34














                                  ii
<PAGE>
<PAGE>
                                PART I


ITEM 1.   BUSINESS

     General

     The Dyco  Oil and  Gas Program  1978-1  Limited Partnership  (the
"Program")  is   a  Minnesota  limited  partnership   engaged  in  the
production of oil and gas.   The Program commenced operations on April
1,  1978 with the primary financial objective of investing its limited
partners' subscriptions in the  drilling of oil and gas  prospects and
then distributing to its limited partners all available cash flow from
the  Program's   on-going  production  operations.     Dyco  Petroleum
Corporation  ("Dyco") serves as  the General  Partner of  the Program.
See "Item 2. Properties"  for a description of the  Program's reserves
and properties.

     The limited  partnership agreement for the  Program provides that
limited partners are allocated  99% of all Program costs  and revenues
and that  Dyco, as General  Partner,  is  allocated 1% of  all Program
costs  and  revenues.    Included  in  such  costs  is  the  Program's
reimbursement to Dyco  of the Program's proportionate  share of Dyco's
geological, engineering, and general and administrative expenses.

     Dyco  serves  as  General  Partner of  34  limited  partnerships,
including  the Program.  Dyco  is a wholly-owned  subsidiary of Samson
Natural  Gas  Company, which  is a  wholly-owned subsidiary  of Samson
Investment  Company.    Samson  Investment  Company  and  its  various
corporate subsidiaries,  including  Dyco, (collectively,  the  "Samson
Companies")  are  engaged in  the  production and  development  of and
exploration for oil and gas reserves and the acquisition and operation
of producing properties.  At  December 31, 1995, the Samson  Companies
owned interests in approximately  18,000 oil and gas wells  located in
19 states  of the  U.S. and  3 provinces of  Canada.   At December 31,
1995, the  Samson Companies operated  approximately 3,100 oil  and gas
wells  located in  15  states  of the  U.S.,  2  provinces of  Canada,
Venezuela, and Russia.

     As a limited partnership, the Program has no officers, directors,
or employees.   It  relies instead  on the personnel  of Dyco  and the
other  Samson Companies.  As of February 1, 1996, the Samson Companies
employed  approximately  830 persons.    No employees  are  covered by
collective  bargaining agreements,  and management  believes that  the
Samson Companies provide a sound  employee relations environment.  For
information  regarding  the  executive  officers of  Dyco,  see  "Item
10. Directors and Executive Officers of the Registrant."

     Dyco's  and the Program's principal  place of business is located
at  Samson Plaza, Two West  Second Street, Tulsa,  Oklahoma 74103, and
their telephone number is (918) 583-1791 or (800) 535-1791.


     Funding

     Although the Program's partnership  agreement permits the Program
to  incur  borrowings,  the  Program's  operations  and  expenses  are
currently funded out of the Program's revenues from oil and gas sales.
Dyco may, but is not required to, advance funds to the Program for the
same purposes for which Program borrowings are authorized.


     Principal Products Produced and Services Rendered


                                   1
<PAGE>
<PAGE>
     The Program's sole business is the  development and production of
oil and natural gas with a concentration on natural gas.   The Program
does not hold any patents, trademarks, licenses, or concessions and is
not  a party to any government contracts.   The Program has no backlog
of  orders  and  does  not participate  in  research  and  development
activities.   The Program  is not presently  encountering shortages of
oilfield  tubular goods,  compressors, production  material, or  other
equipment.


     Oil, Gas, and Environmental Control Regulations

     Regulation of Production  Operations -- The production of oil and
gas is subject  to extensive  federal and state  laws and  regulations
governing  a  wide  variety  of matters,  including  the  drilling and
spacing of  wells, allowable rates of production,  prevention of waste
and pollution, and protection of the environment.  In  addition to the
direct costs borne in complying  with such regulations, operations and
revenues  may be impacted to the extent that certain regulations limit
oil and gas production to below economic levels.

     Regulation  of Sales and Transportation of Oil and Natural Gas --
Sales of  crude oil and condensate  are made by the  Program at market
prices and are not subject to price controls.  The sale of natural gas
may  be  subject  to both  federal  and  state  laws and  regulations,
including,  but not  limited  to, the  Natural Gas  Act  of 1938  (the
"NGA"),  the  Natural  Gas  Policy  Act  of  1978  (the  "NGPA"),  and
regulations promulgated  by the  Federal Energy  Regulatory Commission
(the  "FERC")  under  the NGA,  the  NGPA, and  other  statutes.   The
provisions  of the  NGA  and  the NGPA,  as  well as  the  regulations
thereunder, are complex and affect all who produce, resell, transport,
or purchase  natural gas, including  the Program.   Although virtually
all   of  the  Program's  gas  production  is  not  subject  to  price
regulation,   the  NGA,   NGPA,  and   FERC  regulations   affect  the
availability  of gas  transportation services  and the ability  of gas
consumers  to continue  to  purchase or  use  gas at  current  levels.
Accordingly,  such  regulations  may have  a  material  effect on  the
Program's operations and projections of future oil and  gas production
and revenues.

     Future  Legislation  -- Legislation  affecting  the  oil and  gas
industry is under constant review for amendment or expansion.  Because
such  laws and  regulations are  frequently amended  or reinterpreted,
management is unable to predict what additional energy legislation may
be proposed or enacted or the future cost and impact of complying with
existing or future regulations.

     Regulation  of the  Environment --  The Program's  operations are
subject to numerous  laws and regulations  governing the discharge  of
materials into the environment  or otherwise relating to environmental
protection.  Compliance with such laws and  regulations, together with
any penalties resulting from noncompliance therewith, may increase the
cost of the Program's  operations or may affect the  Program's ability
to  complete, in  a  timely fashion,  existing  or future  activities.
Management   anticipates  that  various   local,  state,  and  federal
environmental  control agencies will have an  increasing impact on oil
and gas operations.


     Significant Customers

     Purchases of gas by Premier Gas Company ("Premier") accounted for
approximately 93.3% of the Program's oil and gas sales during the year
ended  December 31,  1995.   Premier was  an  affiliate of  Dyco until

                                   2
<PAGE>
<PAGE>
December  6, 1995.   See  "Item 11. Executive  Compensation."   In the
event of interruption of purchases by this significant customer or the
cessation  or   material  change   in   availability  of   open-access
transportation by the Program's pipeline transporters, the Program may
encounter difficulty in marketing its  gas and in maintaining historic
sales levels.    Alternative purchasers  or  transporters may  not  be
readily available.

     The Program's  principal customers  for crude oil  production are
refiners and other companies  which have pipeline facilities  near the
producing properties of the Program.  In the event pipeline facilities
are not  conveniently  available to  production  areas, crude  oil  is
usually trucked by purchasers to storage facilities.


     Competition and Marketing

     The  oil and  gas industry  is highly  competitive, with  a large
number of companies  and individuals  engaged in  the exploration  and
development of oil and gas properties.   The ability of the Program to
produce  and market  oil and  gas profitably  depends on  a number  of
factors  that are beyond  the control of  the Program.   These factors
include worldwide  political instability (especially  in oil-producing
regions), the  supply and price of foreign imports of oil and gas, the
level  of  consumer product  demand  (which is  heavily  influenced by
weather  patterns), government  regulations and  taxes, the  price and
availability  of alternative fuels,  the overall economic environment,
and  the availability  and capacity  of transportation  and processing
facilities.    The  effect  of  these  factors  cannot  be  accurately
predicted or anticipated.

     As  a general  rule, in  recent years,  worldwide oil  production
capacity  and gas production capacity  in certain areas  of the United
States exceeded demand and resulted in a decline in the  average price
of oil and gas  in the United States.   During the later part  of 1994
and  1995, however, average oil prices in the United States increased.
Oil prices increased  from approximately $16.50  per barrel at  Decem-
ber 31, 1994 to approximately $18.50 per barrel at  December 31, 1995.
Management is  unable  to  predict  whether  future  oil  prices  will
(i) stabilize, (ii) increase, or (iii) decrease.

     Gas sales  contract prices have generally  declined significantly
since the mid-1980s due to a number of factors, including a nationwide
surplus of gas and  increased competition.  Competition has  increased
among United States gas marketers due to the gas surplus,  the partial
deregulation  of gas prices, the conversion by major pipelines to open
access  transportation, and the lack of  strong residential demand for
natural  gas during  the winter  months for  the last  few years  as a
result of  warm winters in much  of the United States.   However, spot
gas prices in the areas where the Program's gas  is marketed increased
during the later part of 1995
compared to  prices received in the  later part of 1994  and the first
several months of 1995.  

     Substantially all of the Program's natural gas reserves are being
sold in  the "spot market."   Due to the highly  competitive nature of
the spot  market,  prices  on the  spot  market are  subject  to  wide
seasonal and regional  pricing fluctuations.   In addition, such  spot
market sales are generally short-term in nature and are dependent upon
the obtaining of transportation services provided by pipelines.  

     The Program's spot gas  prices increased from approximately $1.67
per  Mcf  at  December 31, 1994  to  approximately  $2.00  per Mcf  at
December 31,  1995.  Such prices were on an MMBTU basis and differ
from the prices actually received by the Program due to transportation
and marketing costs, BTU adjustments, and regional price and quality
differences.  Future prices will likely be different from (and may be

                                   3
<PAGE>
<PAGE>
lower than) the  prices in effect on December 31, 1995.  In many past 
years, year-end prices have tended to be higher,  and in some cases 
significantly higher, than the yearly average price actually  received 
by the Program for at  least the year following  the  year-end valuation
date.    Management is  unable  to predict whether future gas prices  
will (i) stabilize, (ii)  increase, or (iii) decrease.    


     Insurance Coverage 

     The  Program  is subject  to  all of  the  risks inherent  in the
exploration for  and production  of oil  and gas, including  blowouts,
pollution,  fires,  and  other  casualties.    The  Program  maintains
insurance  coverage as  is customary  for entities  of a  similar size
engaged in operations similar  to that of the Program, but  losses can
occur  from  uninsurable risks  or in  amounts  in excess  of existing
insurance  coverage.  The  occurrence of an  event which is  not fully
covered  by  insurance could  have a  material  adverse effect  on the
Program's financial position and results of operations.


ITEM 2.   PROPERTIES

     Well Statistics

     The  following  table sets  forth the  numbers  of gross  and net
productive wells of the Program as of December 31, 1995.  


                          Well Statistics(1)

                        As of December 31, 1995

            Gross productive wells(2):
              Oil                               1
              Gas                              18
                                               --
                Total                          19

            Net productive wells(3):
              Oil                             .09
              Gas                            1.33
                                             ----
                Total                        1.42

----------

(1)  The designation of  a well as an oil well or  gas well is made by
     Dyco based on the relative amount of oil and gas reserves for the
     well.   Regardless of  a well's oil  or gas  designation, it  may
     produce oil, gas, or both oil and gas.
(2)  As used throughout this  Annual Report, "Gross Well" refers  to a
     well in which a working  interest is owned.  The number  of gross
     wells is the total number of wells in which a working interest is
     owned.
(3)  As used throughout this  Annual Report, "Net Well" refers  to the
     sum  of the  fractional working  interests owned  in  gross wells
     expressed as whole numbers and fractions thereof.  For example, a
     15% leasehold interest in  a well represents one Gross  Well, but
     0.15 Net Well.
 

     Drilling Activities  

                                   4
<PAGE>
<PAGE>
     The Program participated in  no drilling activities for  the year
ended December 31, 1995.  


     Oil and Gas Production, Revenue, and Price History 

     The  following table  sets forth  certain historical  information
concerning the oil (including condensates) and natural gas production,
net  of all  royalties, overriding  royalties, and  other third  party
interests, of  the Program, revenues attributable  to such production,
and certain price and cost information.  

                          Net Production Data

                                    Year Ended December 31,
                                 ----------------------------
                                   1995      1994      1993
                                 --------  --------  --------
Production:
  Oil (Bbls)(1)                       865     1,342     1,757
  Gas (Mcf)(2)                    128,537   138,390   133,872

Oil and gas sales:
  Oil                            $ 12,693  $ 19,093  $ 27,215
  Gas                             175,522   199,462   246,461
                                  -------   -------   -------

    Total                        $188,215  $218,555  $273,676
                                  =======   =======   =======

Total direct operating expenses  $ 63,111  $ 75,984  $ 56,480
                                  =======   =======   =======

Direct operating expenses as a
  percentage of oil and gas
  sales                             33.5%     34.8%     20.6%

Average sales price:
  Per barrel of oil              $  14.67  $  14.23  $  15.49
  Per Mcf of gas                     1.37      1.44      1.84

Direct operating expenses per
  equivalent Mcf of gas(3)       $    .47  $    .52  $    .39

----------

(1)  As  used throughout this Annual Report,  "Bbls" refers to barrels
     of  42 U.S. gallons and  represents the basic  unit for measuring
     the production of crude oil and condensate oil.
(2)  As  used throughout this Annual Report, "Mcf" refers to volume of
     1,000  cubic feet  under  prescribed conditions  of pressure  and
     temperature  and  represents the  basic  unit  for measuring  the
     production of natural gas.
(3)  Oil production is converted to gas equivalents at the rate of six
     Mcf  per  barrel,  representing  the  estimated  relative  energy
     content  of gas and oil, which rate is not necessarily indicative
     of the relationship of oil and gas prices.  The respective prices
     of  oil and  gas are  affected  by market  and  other factors  in
     addition to relative energy content.


     Proved Reserves and Net Present Value

     The following table sets forth the Program's estimated proved oil

                                   5
<PAGE>
<PAGE>
and  gas reserves and net  present value therefrom  as of December 31,
1995.  The  schedule of quantities of proved oil  and gas reserves was
prepared  by Dyco  in  accordance with  the  rules prescribed  by  the
Securities and Exchange  Commission (the "SEC").   As used  throughout
this  Annual  Report,  "proved  reserves" refers  to  those  estimated
quantities  of crude oil, natural  gas, and natural  gas liquids which
geological and engineering data  demonstrate with reasonable certainty
to be  recoverable in future years  from known oil  and gas reservoirs
under existing economic and operating conditions.

     Net  present value  represents estimated  future gross  cash flow
from the production and sale of proved reserves, net of  estimated oil
and  gas  production costs  (including  production  taxes, ad  valorem
taxes, and operating expenses), and estimated future development costs
discounted at  10% per annum.   Net present value attributable  to the
Program's proved reserves was calculated on the basis of current costs
and  prices  at December 31,  1995.   Such  prices were  not escalated
except  in  certain circumstances  where  escalations  were fixed  and
readily   determinable  in   accordance   with   applicable   contract
provisions.  The prices  used by Dyco in  calculating the net  present
value attributable to the Program's proved reserves do not necessarily
reflect  market  prices for  oil  and  gas  production  subsequent  to
December 31, 1995.  Furthermore, gas  prices at December 31, 1995 were
higher than the price used  for determining the  Program's net present
value of proved  reserves for the year ended December 31, 1994.  There
can  be no  assurance  that the  prices used  in  calculating the  net
present value  of the Program's  proved reserves at  December 31, 1995
will actually be realized for such production.

     The  process  of estimating  oil  and  gas  reserves is  complex,
requiring  significant  subjective  decisions  in  the  evaluation  of
available  geological,  engineering,   and  economic  data  for   each
reservoir.   The data for  a given reservoir  may change substantially
over time as a  result of, among other things,  additional development
activity,  production  history,  and  viability  of  production  under
varying economic  conditions; consequently, it  is reasonably possible
that material revisions to existing reserve estimates may occur in the
near future.  Although every reasonable effort has been made to ensure
that the reserve estimates reported herein represent the most accurate
assessment  possible,  the  significance of  the  subjective decisions
required and variances  in available data for  various reservoirs make
these estimates generally less  precise than other estimates presented
in connection with financial statement disclosures. 



                          Proved Reserves and
                           Net Present Value
                         From Proved Reserves

                        As of December 31, 1995



          Estimated proved reserves:
            Natural gas (Mcf)                   615,025
            Oil and liquids (Bbls)                4,679

          Net present value
            (discounted at 10% per annum)      $556,052



     No  estimates of the proved reserves of the Program comparable to

                                   6
<PAGE>
<PAGE>
those included herein  have been  included in reports  to any  federal
agency other than  the SEC.   Additional information  relating to  the
Program's  proved reserves  is contained  in  Note 5 to  the Program's
financial statements, included in Item 8 of this Annual Report. 


     Significant Properties 

     As of December 31, 1995, the Program's properties consisted of 19
gross (1.42 net) productive wells in which the Program owned a working
interest.  The Program owned a non-working interest in an additional 5
gross wells.  Affiliates of  the Program operate 5 (21%) of  its total
wells.   As of December 31,  1995, the Program's  net interests in its
properties resulted in estimated total  proved reserves of 615,025 Mcf
of  natural gas and  4,679 barrels of  oil.  Substantially  all of the
Program's  reserves are  located  in  the  Anadarko Basin  of  western
Oklahoma and the Texas panhandle, which is an established  oil and gas
producing  basin.  All of the Program's properties are located onshore
in the continental United States.

     As of December 31, 1995, the Program's properties in the Anadarko
Basin  consisted of 15  gross (0.63  net) wells  in which  the Program
owned a working interest.  The Program owned a non-working interest in
an  additional 4  gross wells.   Affiliates of  the Program  operate 3
(16%) of  its total wells in  the Anadarko Basin.   As of December 31,
1995, the Program's net  interest in such wells resulted  in estimated
total  proved reserves of approximately 537,760 Mcf of natural gas and
approximately  832 barrels   of  crude  oil,  with   a  present  value
(discounted  at 10% per  annum) of estimated  future net cash  flow of
approximately $479,241.


     Title to Oil and Gas Properties

     Management believes  that the  Program has satisfactory  title to
its oil  and gas properties.  Record title to substantially all of the
Program's properties is held by Dyco as nominee.

     Title  to  the  Program's  properties  is  subject  to  customary
royalty,  overriding royalty,  carried,  working,  and  other  similar
interests and  contractual arrangements customary  in the oil  and gas
industry,  to  liens  for current  taxes  not  yet due,  and  to other
encumbrances.  Management believes that such burdens do not materially
detract  from the  value  of such  properties  or from  the  Program's
interest  therein  or  materially  interfere with  their  use  in  the
operation of the Program's business.  


ITEM 3.   LEGAL PROCEEDINGS

     On  November 12, 1993, two  royalty owners  filed a  class action
lawsuit  against Dyco in which the plaintiffs alleged entitlement to a
share of the proceeds of a take-or-pay settlement with a gas purchaser
which  involved the Spurlin Unit #1-23 well (Chandler, et al. v. Dyco,
C-93-67, District Court of Dewey County, Oklahoma).  This lawsuit is a
successor lawsuit  to a suit that  was filed in 1991  and dismissed in
1993  following a district court's  failure to certify  a class action
(Chandler v.  Dyco, C-91-55,  District  Court of  Roger Mills  County,
Oklahoma).   The Program has  an approximate 8.7%  working interest in
the Spurlin Unit #1-23 well.  The lawsuit also alleged claims based on
breach of contract, bad faith breach of contract, breach of an implied
covenant  to market,  unjust  enrichment, and  constructive fraud  and
requested  an  accounting and  a  temporary  restraining order.    The
plaintiffs have not  quantified the amount  of their alleged  damages.

                                   7
<PAGE>
<PAGE>
The  district court has certified the matter  as a class action.  Dyco
has denied all of the plaintiffs' allegations and limited discovery is
proceeding  in  the matter.   Dyco  intends  to vigorously  defend the
lawsuit.   As of  the date  of this  Annual Report,  management cannot
determine the amount of  any alleged damages which would  be allocable
to the Program.

     On March  5, 1992  Walter  K. Spurlin,  et  al. filed  a  lawsuit
against Dyco in which the plaintiffs alleged that Dyco, as operator of
the Spurlin Unit #1-23 well, failed to respond to their request for an
accounting of production.  (Spurlin, et al. v. Dyco, et al., C-92-014,
District Court  of Roger Mills County, Oklahoma.)   The Program has an
approximate 8.7% working interest in the Spurlin Unit #1-23 well.  The
plaintiffs  are seeking a full  accounting of all  production from the
well and  judgment for breach of  contract and their alleged  share of
the proceeds from  certain gas contract  settlements.  The  plaintiffs
have not  quantified the amount  of their alleged  damages.   Dyco has
filed  its  answer  in  the  matter in  which  it  denied  all  of the
plaintiffs' allegations and  discovery is  ongoing.   Dyco intends  to
vigorously defend the  lawsuit.   On April 21, 1992  Dyco's motion  to
dismiss plaintiffs' claim for tortious breach of contract was granted,
thereby  eliminating any punitive  damages claims.  As  of the date of
this Annual Report, management cannot  determine the amount of alleged
damages which would be allocable to the Program.

     Except for the foregoing,  to the knowledge of the  management of
Dyco and the  Program, neither  Dyco, the Program,  nor the  Program's
properties are subject to  any litigation, the results of  which would
have  a material effect on the Program's or Dyco's financial condition
or operations.  


ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF LIMITED PARTNERS

     There  were no  matters  submitted to  a  vote of  the  Program's
limited partners during 1995.


                                PART II

ITEM 5.   MARKET  FOR THE REGISTRANT'S  LIMITED PARTNERSHIP  UNITS AND
          RELATED LIMITED PARTNER MATTERS

     The Program does not  have an established trading market  for its
units  of limited  partnership interest  ("Units").   Pursuant to  the
terms of the Program's limited partnership agreement, Dyco, as General
Partner,  is obligated to annually  offer a repurchase  offer which is
based on the estimated future net revenues from the Program's reserves
and is calculated  pursuant to  the terms of  the limited  partnership
agreement.   Such repurchase offer is recalculated monthly in order to
reflect cash  distributions  made to  the limited  partners and  other
extraordinary events.  The following table sets forth, for the periods
indicated,  Dyco's repurchase  offer per  Unit and  the amount  of the
Program's  cash distributions  per  Unit for  the  same period.    For
purposes  of  this  Annual  Report,  a   Unit  represents  an  initial
subscription of $5,000 to the Program.  


                                   8
<PAGE>
<PAGE>
                             Repurchase      Cash
                                Price    Distributions
                             ----------  -------------

       1994:
         First Quarter          $199          $25   
         Second Quarter          186           20
         Third Quarter           186            -
         Fourth Quarter          166           20

       1995:
         First Quarter          $166          $ -
         Second Quarter          166            -
         Third Quarter           226            -
         Fourth Quarter          226           40

       1996:
         First Quarter          $186          (1)

----------

(1)  To be declared in March 1996.  


     The  Program has  2,424 Units  outstanding and  approximately 839
limited partners of record.  






                                   9
<PAGE>
<PAGE>
ITEM 6.   SELECTED FINANCIAL DATA
<TABLE>
<CAPTION>
     The following table presents selected financial data for the Program.  This data should be
read in  conjunction with the  financial statements  of the Program,  and the  respective notes
thereto,  included elsewhere  in this  Annual Report.   See  "Item 8. Financial  Statements and
Supplementary Data."  

                                                           December 31,
                                        --------------------------------------------------
                                          1995      1994      1993      1992       1991
                                        --------  --------  --------  --------  ----------
<S>                                     <C>       <C>       <C>       <C>       <C>            
Summary of Operations:
  Oil and gas sales                     $188,215  $218,555  $273,676  $261,541   $121,508
  Total revenues                         190,843   220,607   279,937   361,070    135,782

  Lease operating expenses                49,891    59,991    36,670    18,408     85,352
  Production taxes                        13,220    15,993    19,810    11,448     14,717
  General and administrative
    expenses                              32,626    30,575    34,612    39,010     36,283
  Depreciation, depletion,
    and amortization of
    oil and gas properties                33,373    74,132    65,088    64,665     87,930
  Valuation allowance for
    oil and gas properties                13,949      -         -         -       290,000
  Interest expense                          -         -         -         -        17,782

  Net income (loss)                       47,784    39,916   123,757   227,539  ( 396,282)
    per Unit                                  20        16        51        94  (     163)
  Cash distributions                      96,960   157,560   181,800    72,720     36,360
    per Unit                                  40        65        75        30         15

Summary Balance Sheet Data:
  Total assets                           323,611   365,572   632,698   695,315    675,716
  Partners' capital                      291,190   340,366   458,010   516,053    361,234

</TABLE>





                                               10
<PAGE>
<PAGE>
ITEM 7.   MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
          AND RESULTS OF OPERATIONS

     Results of Operations

                                General
                                -------

     The following  general discussion  should be read  in conjunction
with  the  analysis  of results  of  operations  provided  below.   In
management's view, it is not possible to predict accurately either the
short-term or  long-term prices for oil or  gas.  Specifically, due to
the  oversupply of  natural  gas  in  recent  years,  certain  of  the
Program's  gas producing  properties  have suffered,  and continue  to
suffer  during  portions  of  the year,  production  curtailments  and
seasonal reductions  in the  prices  paid by  purchasers.   Additional
curtailments and seasonal or  regional price reductions will adversely
affect the operations  and financial  condition of the  Program.   Gas
sales prices,  which have  generally declined significantly  since the
mid-1980s,  increased during the fourth quarter of 1995.  See "Item 1.
Business - Competition and Marketing."   Actual future prices received
by  the Program will likely be different  from (and may be lower than)
the prices in effect on December 31,  1995.  In many past years, year-
end prices have tended  to be higher, and in  some cases significantly
higher, than the yearly average price actually received by the Program
for  at   least  the  year  following  the  year-end  valuation  date.
Management is unable  to predict  whether future gas  prices will  (i)
stabilize,  (ii) increase,  or  (iii) decrease.    The amount  of  the
Program's  cash flow, however, is dependent on such future gas prices.



                 Year Ended December 31, 1995 Compared
                    to Year Ended December 31, 1994
                 -------------------------------------

     Total  oil and  gas  sales decreased  13.9%  for the  year  ended
December 31, 1995  as compared to  the year  ended December 31,  1994.
This  decrease resulted primarily from decreases in the volumes of oil
and  natural gas  sold  during the  year  ended December 31,  1995  as
compared to  the year  ended December 31,  1994.  Volumes  of oil  and
natural  gas sold decreased  477 barrels and  9,853 Mcf, respectively,
for the  year ended December 31,  1995 as  compared to the  year ended
December 31, 1994.  The decrease in volumes of  oil sold was primarily
due to  a dispute in which  revenues were withheld by  the operator of
one well  during the year  ended December 31, 1995.   The decrease  in
volumes  of natural  gas sold  was primarily  a result  of significant
positive prior  period volume  adjustments from several  purchasers on
two  wells during the year  ended December 31, 1994.   Average natural
gas prices decreased to $1.37 per Mcf for the  year ended December 31,
1995  from $1.44 per  Mcf for the  year ended December 31,  1994 while
average oil prices increased to  $14.67 per barrel for the  year ended
December 31,  1995  from  $14.23   per  barrel  for  the  year   ended
December 31, 1994.  

     Oil  and  gas  production  expenses  (including  lease  operating
expenses  and production  taxes) decreased  16.9%  for the  year ended
December 31, 1995  as compared  to the  year ended December 31,  1994.
This  decrease was  primarily a  result of  higher general  repair and
maintenance expenses incurred during the year ended December 31, 1994.
As  a percentage  of  oil  and  gas  sales,  these  expenses  remained
relatively constant at 33.5%  for the year ended December 31,  1995 as
compared to 34.8% for the year ended December 31, 1994. 


                                  11
<PAGE>
<PAGE>
     Depreciation,  depletion,   and  amortization  of   oil  and  gas
properties  decreased $40,759 for the year  ended December 31, 1995 as
compared  to the year ended  December 31, 1994.   This dollar decrease
resulted primarily from the decrease in the volumes of oil and natural
gas sold  during the year ended  December 31, 1995 as  compared to the
year ended December 31, 1994 and a significant upward  revision in the
estimate of the  Program's remaining natural  gas reserves during  the
year  ended   December 31,  1995  as   compared  to  the   year  ended
December 31, 1994.  As a percentage of oil and gas sales, this expense
decreased to 17.7% for the year ended December 31, 1995 from 33.9% for
the  year  ended December 31,  1994.   This  decrease was  primarily a
result  of  the  dollar   decrease  in  depreciation,  depletion,  and
amortization discussed above.  

     As a  result of declines in  natural gas prices during  the first
part  of  1995,  the  Program  recognized  a  non-cash  charge against
earnings  of $13,949 during the three months ended September 30, 1995.
The valuation  allowance for  oil and  gas properties  at December 31,
1995  was necessary  due  to  the unamortized  costs  of oil  and  gas
properties exceeding the present value of the future net revenues from
the oil  and gas properties.   No such allowance was  necessary during
the year ended December 31, 1994.  

     General  and administrative expenses increased slightly by $2,051
for the  year ended  December 31, 1995 as  compared to the  year ended
December 31, 1994.   This increase resulted primarily from an increase
in  professional fees  and an  increase in  printing and  postage fees
during the year ended December 31, 1995 as compared to  the year ended
December 31, 1994.    As a  percentage  of oil  and  gas sales,  these
expenses increased slightly  to 17.3% for the year  ended December 31,
1995 from 14.0% for the year ended December 31, 1994.  This percentage
increase  was  primarily due  to the  dollar  increase in  general and
administrative expenses and  the decrease  in the volumes  of oil  and
natural gas sold during  the year ended December 31, 1995  as compared
to the year ended December 31, 1994.  


                 Year Ended December 31, 1994 Compared
                    to Year Ended December 31, 1993
                 -------------------------------------

     Total  oil and  gas  sales decreased  20.1%  for the  year  ended
December 31,  1994 as  compared to the  year ended  December 31, 1993.
This decrease  was due primarily to  a decrease in the  volumes of oil
sold and  decreases in the average prices of oil and natural gas sold,
partially  offset by  an  increase in  volumes  of natural  gas  sold.
Volumes of oil sold  decreased slightly by 415 barrels,  while volumes
of natural  gas sold increased 4,518 Mcf.  Average oil and natural gas
prices  decreased to $14.23 per barrel and  $1.44 per Mcf for the year
ended  December 31, 1994 from $15.49 per  barrel and $1.84 per Mcf for
the year ended December 31, 1993.

     Oil  and  gas  production  expenses  (including  lease  operating
expenses  and production  taxes) increased  34.5% for  the year  ended
December 31, 1994 as compared to the year ended December 31, 1993.  As
a percentage  of oil and gas sales,  these expenses increased to 34.8%
for the  year ended December 31,  1994 from 20.6%  for the year  ended
December 31,  1993.  These increases were primarily due to an increase
in  the general repair and maintenance expenses, partially offset by a
decrease in production taxes as a result of lower oil and gas sales.  

     Depreciation,   depletion,  and  amortization   of  oil  and  gas
properties increased  $9,044 for the  year ended December 31,  1994 as
compared  to  the year  ended December 31,  1993.   This  increase was

                                  12
<PAGE>
<PAGE>
primarily  due  to a  downward  revision in  1994  in the  estimate of
remaining  reserves.   As  a percentage  of  oil and  gas  sales, this
expense increased to 33.9%  for the year ended December 31,  1994 from
23.8%  for the year ended December 31, 1993.  This percentage increase
was primarily  due to the decreases  in the average prices  of oil and
natural gas sold and the reserve revisions discussed above.

     General and administrative expenses decreased $4,037 for the year
ended December 31,  1994 as  compared to  the year  ended December 31,
1993.  This  decrease was primarily due to a  decrease in professional
fees  during the  year  ended December 31,  1994  as compared  to  the
similar period in 1993.  As  a percentage of oil and gas sales,  these
expenses  increased to 14.0% for the year ended December 31, 1994 from
12.6%  for the year ended December 31, 1993.  This percentage increase
was primarily due to the  lower average prices of oil and  natural gas
sold, partially offset by an increase in volumes of natural gas sold.


     Liquidity and Capital Resources 

     Net proceeds from operations less necessary operating capital are
distributed to the limited partners  on a quarterly basis.  See  "Item
5. Market for  the Registrant's Limited Partnership  Units and Related
Limited  Partner Matters."  The  net proceeds from  production are not
reinvested in  productive assets, except to the  extent that producing
wells  are  improved, or  where methods  are  employed to  permit more
efficient  recovery  of  reserves,  thereby resulting  in  a  positive
economic  impact.    Assuming production  levels  for  the year  ended
December 31,  1995,   the  Program's  proved   reserve  quantities  at
December 31, 1995 would have a life of approximately 4.8 years for gas
reserves and 5.4 years for oil reserves.

     The  Program's  available  capital  from  the  limited  partners'
subscriptions  has been spent on  oil and gas  drilling activities and
there should  be no further  material capital resource  commitments in
the  future.    The  Program  has  no  debt  commitments.    Cash  for
operational  purposes  will  be  provided  by   current  oil  and  gas
production.

     There  can be  no assurance  as  to the  amount of  the Program's
future  cash  distributions.    The Program's  ability  to  make  cash
distributions depends primarily upon the level of  available cash flow
generated  by  the  Program's  operating  activities,  which  will  be
affected (either  positively or negatively) by many factors beyond the
control of  the Program, including the price of and demand for oil and
gas  and other  market and  economic conditions.   Even if  prices and
costs remain  stable, the amount  of cash available  for distributions
will decline over  time (as  the volume of  production from  producing
properties  declines) since  the Program  is not  replacing production
through acquisitions of producing properties and drilling.  

     The Program is  involved in certain  litigation, the outcomes  of
which cannot presently  be determined.   In the  event of  unfavorable
outcomes,  the  Program's liquidity  and  capital  resources could  be
negatively  impacted.  See "Item  3. Legal Proceedings"  for a further
discussion of this litigation.


     Inflation and Changing Prices

     Prices obtained  for oil and gas production  depend upon numerous
factors,  including the  extent  of domestic  and foreign  production,
foreign imports of  oil, market demand, domestic  and foreign economic
conditions in general, and governmental regulations and tax laws.  The

                                  13
<PAGE>
<PAGE>
general  level of  inflation in the  economy did  not have  a material
effect on the operations of  the Program in 1995.  Oil and natural gas
prices  have fluctuated  during recent  years  and generally  have not
followed the same pattern as inflation.  See "Item 2. Properties - Oil
and Gas Production, Revenue, and Price History."  











                                  14
<PAGE>
<PAGE>
ITEM 8.   FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

                   REPORT OF INDEPENDENT ACCOUNTANTS


TO THE PARTNERS

DYCO OIL AND GAS PROGRAM 1978-1 LIMITED PARTNERSHIP

     We have audited the financial statements  of the Dyco Oil and Gas
Program 1978-1 Limited  Partnership (a Minnesota limited  partnership)
as listed in Item 14(a) of this Form 10-K.  These financial statements
are   the   responsibility  of   the   Program's   management.     Our
responsibility is to express an  opinion on these financial statements
based on our audits.

     We  conducted our  audits in  accordance with  generally accepted
auditing  standards.  Those standards require that we plan and perform
the audit to obtain  reasonable assurance about whether  the financial
statements  are free  of  material misstatement.    An audit  includes
examining, on a test  basis, evidence supporting the amounts  and dis-
closures  in  the  financial  statements.    An  audit  also  includes
assessing  the accounting  principles used  and significant  estimates
made  by  management,  as  well as  evaluating  the  overall financial
statement  presentation.    We  believe  that  our  audits  provide  a
reasonable basis for our opinion.  

     In  our  opinion,  the  financial statements  referred  to  above
present fairly,  in all material  respects, the financial  position of
the   Dyco  Oil  and   Gas  Program  1978-1   Limited  Partnership  at
December 31, 1995 and 1994, and the results of its operations and cash
flows for  each of the  three years  in the period  ended December 31,
1995, in conformity with generally accepted accounting principles. 



                                   COOPERS & LYBRAND L.L.P.
Tulsa, Oklahoma
February 6, 1996







                                  15
<PAGE>
<PAGE>
                       DYCO OIL AND GAS PROGRAM
                      1978-1 LIMITED PARTNERSHIP
                            Balance Sheets
                      December 31, 1995 and 1994

                                ASSETS

                                                 1995      1994
                                               --------  --------
CURRENT ASSETS:
  Cash and cash equivalents                    $ 29,217  $ 35,769
  Accrued oil and gas sales, including
    $22,308 and $22,230 due from related
    parties                                      30,588    26,596
                                                -------   -------
    Total current assets                       $ 59,805  $ 62,365

NET OIL AND GAS PROPERTIES, utilizing the 
  full cost method                              220,435   259,917

DEFERRED CHARGE                                  43,371    43,290
                                                -------   -------
                                               $323,611  $365,572
                                                =======   =======

                   LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
  Accounts payable                             $  3,811  $  2,781
  Gas imbalance payable                           4,762      -
                                                -------   -------
    Total current liabilities                  $  8,573  $  2,781

ACCRUED LIABILITY                                23,848    22,425

CONTINGENCIES (Note 4)

PARTNERS' CAPITAL:
  General Partner, issued and outstanding,
    24 Units                                      2,912     3,404
  Limited Partners, issued and outstanding,
    2,400 Units                                 288,278   336,962
                                                -------   -------

    Total Partners' capital                    $291,190  $340,366
                                                -------   -------

                                               $323,611  $365,572
                                                =======   =======



                The accompanying notes are an integral
                  part of these financial statements.

                                  16
<PAGE>
<PAGE>
                       DYCO OIL AND GAS PROGRAM
                      1978-1 LIMITED PARTNERSHIP
                       Statements of Operations
         For the Years Ended December 31, 1995, 1994, and 1993


                                            1995      1994      1993
                                          --------  --------  --------

  
REVENUES:
  Oil and gas sales, including $175,522,
    $198,526, and $222,772 of sales to
    related parties                       $188,215  $218,555  $273,676
  Interest                                   2,628     2,052     6,261
                                           -------   -------   -------

                                          $190,843  $220,607  $279,937

COSTS AND EXPENSES:
  Lease operating                         $ 49,891  $ 59,991  $ 36,670
  Production taxes                          13,220    15,993    19,810
  Depreciation, depletion, and
    amortization of oil and gas
    properties                              33,373    74,132    65,088
  Valuation allowance                       13,949      -         -
  General and administrative                32,626    30,575    34,612
                                           -------   -------   -------

                                          $143,059  $180,691  $156,180
                                           -------   -------   -------

NET INCOME                                $ 47,784  $ 39,916  $123,757
                                           =======   =======   =======

GENERAL PARTNER (1%) - NET INCOME         $    478  $    399  $  1,238
                                           =======   =======   =======

LIMITED PARTNERS (99%) - NET INCOME       $ 47,306  $ 39,517  $122,519
                                           =======   =======   =======

NET INCOME per Unit                       $     20  $     16  $     51
                                           =======   =======   =======

UNITS OUTSTANDING                            2,424     2,424     2,424
                                           =======   =======   =======



                The accompanying notes are an integral
                  part of these financial statements.

                                  17
<PAGE>
<PAGE>
                       DYCO OIL AND GAS PROGRAM
                      1978-1 LIMITED PARTNERSHIP
                    Statements of Partners' Capital
         For the Years Ended December 31, 1995, 1994, and 1993


                                  General    Limited
                                  Partner   Partners      Total
                                 --------  ----------  ----------

Balances at December 31, 1992     $5,161    $510,892    $516,053
  Cash distributions             ( 1,818)  ( 179,982)  ( 181,800)
  Net income                       1,238     122,519     123,757
                                   -----     -------     -------

Balances at December 31, 1993     $4,581    $453,429    $458,010
  Cash distributions             ( 1,576)  ( 155,984)  ( 157,560)
  Net income                         399      39,517      39,916
                                   -----     -------     -------

Balances at December 31, 1994     $3,404    $336,962    $340,366
  Cash distributions             (   970)  (  95,990)  (  96,960)
  Net income                         478      47,306      47,784
                                   -----     -------     -------

Balances at December 31, 1995     $2,912    $288,278    $291,190
                                   =====     =======     =======



                The accompanying notes are an integral
                  part of these financial statements.

                                  18
<PAGE>
<PAGE>
                       DYCO OIL AND GAS PROGRAM
                      1978-1 LIMITED PARTNERSHIP
                       Statements of Cash Flows
         For the Years Ended December 31, 1995, 1994, and 1993

                                       1995        1994        1993
                                    ----------  ----------  ----------

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                         $ 47,784    $ 39,916    $123,757
  Adjustments to reconcile net
    income to net cash provided
    (used) by operating activities:
    Depreciation, depletion, and
      amortization                     33,373      74,132      65,088
    Valuation allowance                13,949        -           -
    (Increase) decrease in accrued
      oil and gas sales             (   3,992)     12,259      15,368
    Increase in deferred charge     (      81)  (   6,269)  (  11,174)
    Increase (decrease) in
      accounts payable                  1,030   (     852)  (   4,574)
    Increase in gas imbalance
      payable                           4,762        -           -
    Increase in accrued liability       1,423      22,425        -
    Decrease in gas prepayments          -           -      ( 171,055)
    Increase (decrease) in related 
      party payable                      -      ( 171,055)    171,055
                                      -------     -------     -------
  Net cash provided (used) by
    operating activities             $ 98,248   ($ 29,444)   $188,465
                                      -------     -------     -------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Additions to oil and gas
    properties                      ($  8,385)  ($ 11,998)  ($  6,472)
  Retirements of oil and gas
    properties                            545         497       3,376
                                      -------     -------     -------
  Net cash used by investing
    activities                      ($  7,840)  ($ 11,501)  ($  3,096)
                                      -------     -------     -------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Cash distributions                ($ 96,960)  ($157,560)  ($181,800)
                                      -------     -------     -------
  Net cash used by financing
    activities                      ($ 96,960)  ($157,560)  ($181,800)
                                      -------     -------     -------
NET INCREASE (DECREASE) IN CASH
  AND CASH EQUIVALENTS              ($  6,552)  ($198,505)   $  3,569

CASH AND CASH EQUIVALENTS AT
  BEGINNING OF PERIOD                  35,769     234,274     230,705
                                      -------     -------     -------
CASH AND CASH EQUIVALENTS AT
  END OF PERIOD                      $ 29,217    $ 35,769    $234,274
                                      =======     =======     =======

                The accompanying notes are an integral
                  part of these financial statements.

                                  19
<PAGE>
<PAGE>
          DYCO OIL AND GAS PROGRAM 1978-1 LIMITED PARTNERSHIP
                     Notes to Financial Statements
         For the Years Ended December 31, 1995, 1994, and 1993


1.   ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     Organization and Nature of Operations

     The  Dyco  Oil and  Gas Program  1978-1 Limited  Partnership (the
     "Program"), a Minnesota limited partnership, commenced operations
     on April 1,  1978.   Dyco Petroleum Corporation  ("Dyco") is  the
     General Partner of the Program. Affiliates of Dyco owned 1,005.74
     (41.5%) of the Program's Units at December 31, 1995.  

     The Program's sole business is the development and production  of
     oil  and  natural  gas  with  a  concentration  on  natural  gas.
     Substantially all of the Program's natural gas reserves are being
     sold  regionally in  the  "spot  market."    Due  to  the  highly
     competitive  nature of the spot market, prices on the spot market
     are subject  to wide seasonal and  regional pricing fluctuations.
     In  addition, such spot market  sales are generally short-term in
     nature  and are  dependent upon  the obtaining  of transportation
     services provided by pipelines.  


     Cash and Cash Equivalents

     The  Program  considers  all  highly liquid  investments  with  a
     maturity  of three  months  or less  when  purchased to  be  cash
     equivalents.   Cash equivalents are  not insured, which cause the
     Program to be subject to risk.


     Credit Risk

     Accrued oil and gas sales which are due from a variety of oil and
     natural gas purchasers subject the Program to a  concentration of
     credit risk.   Some of these purchasers are discussed in Note 3 -
     Major Customers.


     Oil and Gas Properties 

     Oil  and gas  operations are  accounted for  using the  full cost
     method of  accounting.   All productive and  non-productive costs
     associated with  the acquisition, exploration, and development of
     oil  and gas  reserves are  capitalized.   Capitalized  costs are
     depleted  on a  gross revenue  method using  estimates  of proved
     reserves.  The full cost amortization rates per equivalent Mcf of
     gas produced during the years ended December 31,  1995, 1994, and
     1993  were $0.25, $0.51, and  $0.45, respectively.   In the event
     the unamortized  cost of oil  and gas properties  being amortized
     exceeds the full cost  ceiling (as defined by the  Securities and
     Exchange Commission) the excess is charged to expense in the year
     during which such excess occurs.  In addition, the Securities and
     Exchange  Commission   rules  provide  that   if  prices  decline
     subsequent to  year  end,  any excess  that  results  from  these
     declines  may also be charged to expense during the current year.
     During the year ended December 31,  1995, the Program charged  to
     expense a  valuation allowance of $13,949,  which represented the
     amount of unamortized oil  and gas properties which exceeded  the
     full cost ceiling.   No such valuation allowance was  incurred in
     1994 or 1993.  Sales and abandonments of properties are accounted

                                  20
<PAGE>
<PAGE>
     for  as adjustments  of capitalized  costs with  no gain  or loss
     recognized, unless such adjustments would significantly alter the
     relationship  between capitalized  costs and  proved oil  and gas
     reserves.


     Deferred Charge  

     The  Deferred Charge  at  December 31, 1995  and 1994  represents
     costs   deferred  for   lease  operating  expenses   incurred  in
     connection  with   the  Program's  underproduced   gas  imbalance
     position.    At December 31,  1995,  cumulative  total gas  sales
     volumes for underproduced wells were less than the Program's pro-
     rata share of total gas production on these wells by 121,761 Mcf,
     resulting  in prepaid lease  operating expenses  of $43,371.   At
     December 31,  1994,  cumulative  total   gas  sales  volumes  for
     underproduced wells  were less than the  Program's pro-rata share
     of total gas production on  these wells by 137,867 Mcf, resulting
     in prepaid lease operating expenses of $43,290.  


     Accrued Liability  

     Accrued  Liability represents charges accrued for lease operating
     expenses incurred in  connection with the Program's  overproduced
     gas imbalance  position.  At December 31,  1995, cumulative total
     gas sales  volumes for overproduced wells  exceeded the Program's
     pro-rata share of total  gas production on these wells  by 66,950
     Mcf, resulting  in accrued  lease operating expenses  of $23,848.
     At  December 31, 1994,  cumulative  total gas  sales volumes  for
     overproduced wells exceeded the Program's pro-rata share of total
     gas production on these wells by 71,417 Mcf, resulting in accrued
     lease operating expenses of $22,425.  


     Oil and Gas Sales and Gas Imbalance Payable 

     The Program's oil and condensate production is sold, title passed
     and revenue  recognized  at or  near  the Program's  wells  under
     short-term purchase  contracts at prevailing prices in accordance
     with arrangements which are customary in the oil industry.  Sales
     of natural gas applicable to the Program's  interest in producing
     oil and gas leases are recorded as income when the gas is metered
     and  title  transferred  pursuant  to  the  gas  sales  contracts
     covering the Program's interest in  natural gas reserves.  During
     such  times as  the Program's  sales of gas  exceed its  pro rata
     ownership in a  well, such  sales are recorded  as income  unless
     total  sales from the well  have exceeded the  Program's share of
     estimated  total gas  reserves underlying  the property  at which
     time such excess  is recorded  as a liability.   At  December 31,
     1995, total sales exceeded the Program's share of estimated total
     gas reserves  on one well by $4,762 (2,480 Mcf).  At December 31,
     1994, no such liability was recorded.  


     Use of Estimates in Financial Statements

     The  preparation  of  financial  statements  in  conformity  with
     generally accepted  accounting principles requires  management to
     make estimates  and assumptions that affect  the reported amounts
     of assets and liabilities and disclosure of contingent assets and
     liabilities  at the  date  of the  financial  statements and  the
     reported amounts  of revenues  and expenses during  the reporting
     period.    Actual  results  could differ  from  those  estimates.

                                  21
<PAGE>
<PAGE>
     Further,  accrued oil and gas sales, the deferred charge, the gas
     imbalance  payable,  the  accrued liability,  and  the  valuation
     allowance all  involve estimates  which  could materially  differ
     from the  actual amounts  ultimately realized  in the near  term.
     Contingent liabilities from  litigation (see Note 4)  and oil and
     gas  reserves (see  Note  5) also  involve significant  estimates
     which could materially differ  from the actual amounts ultimately
     realized.   


     Income Taxes

     Income  or  loss for  income tax  purposes  is includable  in the
     income tax returns of the  partners.  Accordingly, no recognition
     has been  given  to income  taxes in  the accompanying  financial
     statements.


2.   TRANSACTIONS WITH RELATED PARTIES 

     Under the terms  of the Program's partnership agreement,  Dyco is
     entitled  to receive a reimbursement  for all direct expenses and
     general and administrative,  geological, and engineering expenses
     it incurs  on behalf  of the  Program.   During  the years  ended
     December 31, 1995, 1994, and 1993, such expenses totaled $32,626,
     $30,575, and  $34,612, respectively,  of which $24,876,  $24,876,
     and $24,636, were paid to Dyco and its affiliates.

     Affiliates  of  the  Program  operate certain  of  the  Program's
     properties.   Their  policy  is  to  bill  the  Program  for  all
     customary charges and  cost reimbursements associated  with these
     activities, together with any compressor  rentals, consulting, or
     other services provided.  

     The Program sells  gas at  market prices to  Premier Gas  Company
     ("Premier") and  other similar gas  marketing firms.   Such firms
     may  then  resell such  gas to  third  parties at  market prices.
     Premier was an affiliate  of the Program until December  6, 1995.
     During  1995,  1994,  and  1993, these  sales  totaled  $175,522,
     $198,526, and  $222,772, respectively.  At  December 31, 1995 and
     1994,  accrued oil and gas sales included $22,308 and $22,230 due
     from Premier.

     During  1993, a gas prepayment was refunded to a pipeline company
     by a related  party, resulting  in the related  party payable  at
     December 31,  1993.   In  January  1994, the  Program  repaid the
     related party.  


3.   MAJOR CUSTOMERS

     The following purchasers individually accounted for more than 10%
     of  the combined oil and  gas sales (excluding  the gas imbalance
     adjustment) of the Program for the years ended December 31, 1995,
     1994, and 1993:  

         Purchaser                 1995   1994   1993
         ---------                 -----  -----  -----

         Premier                   93.3%  90.8%  81.4%
         Apache Corporation          - %    - %  18.6%

     In the  event of interruption  of purchases by  these significant
     customers or the cessation or material  change in availability of

                                  22
<PAGE>
<PAGE>
     open-access    transportation    by   the    Program's   pipeline
     transporters, the  Program may encounter difficulty  in marketing
     its  gas and in  maintaining historic sales  levels.  Alternative
     purchasers or transporters may not be readily available.  


4.   CONTINGENCIES 

     On November 12,  1993, two  royalty owners  filed a  class action
     lawsuit against Dyco in  which the plaintiffs alleged entitlement
     to a share of the proceeds of a take-or-pay settlement with a gas
     purchaser  which  involved one  of  the  Program's  wells.   This
     lawsuit  is a successor lawsuit to a  suit that was filed in 1991
     and dismissed  in 1993  following a  district court's  failure to
     certify a class action.  The lawsuit also alleged claims based on
     breach  of contract, bad faith  breach of contract,  breach of an
     implied covenant to  market, unjust enrichment,  and constructive
     fraud  and requested  an accounting  and a  temporary restraining
     order.   The plaintiffs have  not quantified the  amount of their
     alleged  damages.  The district court has certified the matter as
     a  class  action.    Dyco  has  denied  all  of  the  plaintiffs'
     allegations and  limited discovery  is proceeding in  the matter.
     Dyco intends to vigorously defend the lawsuit.  As of the date of
     these  financial  statements,  management  cannot  determine  the
     amount of any  alleged damages  which would be  allocable to  the
     Program;  however, it is possible that events could change in the
     future resulting in a material liability to the Program.

     On March  5,  1992 Walter  K.  Spurlin, et  al.  filed a  lawsuit
     against  Dyco  in which  the  plaintiffs  alleged  that Dyco,  as
     operator  of one  of the  Program's wells,  failed to  respond to
     their request  for an accounting  of production.   The plaintiffs
     are seeking a full accounting of all production from the well and
     judgment  for breach of contract  and their alleged  share of the
     proceeds from  certain gas contract settlements.   The plaintiffs
     have  not quantified the amount  of their alleged  damages.  Dyco
     has filed its answer in the matter in which it denied  all of the
     plaintiffs' allegations  and discovery is ongoing.   Dyco intends
     to  vigorously defend  the lawsuit.    On April 21,  1992, Dyco's
     motion  to  dismiss  plaintiffs'  claim for  tortious  breach  of
     contract  was granted, thereby  eliminating any  punitive damages
     claims.  As of the date of these financial statements, management
     cannot  determine the  amount of alleged  damages which  would be
     allocable  to the  Program; however,  it is possible  that events
     could change in the  future resulting in a material  liability to
     the Program.


5.   SUPPLEMENTAL OIL AND GAS INFORMATION

     The following supplemental information  regarding the oil and gas
     activities of the Program is presented pursuant to the disclosure
     requirements   promulgated  by   the   Securities  and   Exchange
     Commission.


     Capitalized Costs

     The  Program's capitalized  costs  and accumulated  depreciation,
     depletion, amortization, and valuation allowance were as follows:


                                  23
<PAGE>
<PAGE>
                                             December 31,
                                     ----------------------------
                                         1995           1994
                                     -------------  -------------

     Proved properties                $14,966,156    $14,958,316

     Unproved properties, not 
       subject to depreciation,
       depletion, and amorti-
       zation                                -              -
                                       ----------     ----------
                                      $14,966,156    $14,958,316

     Less accumulated depre-
       ciation, depletion,
       amortization, and
       valuation allowance           ( 14,745,721)  ( 14,698,399)
                                       ----------     ----------

     Net oil and gas properties       $   220,435    $   259,917
                                       ==========     ==========


     Costs Incurred

     Costs incurred by the Program in  connection with its oil and gas
     property  acquisition,  exploration,  and development  activities
     were as follows:  

                                         December 31,
                                   ------------------------
                                    1995     1994     1993
                                   -------  -------  ------

     Acquisition of properties     $  -     $  -     $ -
     Exploration costs                -        -       -
     Development costs               8,385   11,998   6,472
                                    ------   ------   -----

     Total costs incurred          $ 8,385  $11,998  $6,472
                                    ======   ======   =====

                                   24
<PAGE>
<PAGE>
     Quantities of Proved Oil and Gas Reserves - Unaudited
<TABLE>
<CAPTION>
     Set forth below is a summary of the changes in the net quantities of the Program's  proved
     crude  oil and natural gas reserves for the years ended December 31, 1995, 1994, and 1993.
     Proved  reserves  were estimated  by  petroleum engineers  employed by  affiliates  of the
     Program.  All of the Program's reserves are located in the United States.  

                                        1995                  1994                  1993
                                 ------------------    ------------------    ------------------
                                   Oil       Gas         Oil       Gas         Oil       Gas
                                 (Bbls)     (Mcf)      (Bbls)     (Mcf)      (Bbls)     (Mcf)
                                 -------  ---------    -------  ---------    -------  ---------
<S>                              <C>       <C>          <C>      <C>         <C>      <C> 
Proved reserves,
  beginning of year               5,377    464,077      2,366    633,611      9,264    713,326

Revisions of previous
  estimates                         167    279,485      4,353   ( 30,289)    (5,154)    54,094

Sales of reserves                  -          -          -      (    855)      -      (  2,232)

Extensions and
  discoveries                      -          -          -          -            13      2,295

Production                       (  865)  (128,537)    (1,342)  (138,390)    (1,757)  (133,872)
                                  -----    -------      -----    -------      -----    -------

Proved reserves,
  end of year                     4,679    615,025      5,377    464,077      2,366    633,611
                                  =====    =======      =====    =======      =====    =======

Proved developed reserves:
  Beginning of year               5,377    464,077      2,366    633,611      9,264    713,326
                                  -----    -------      -----    -------      -----    -------

  End of year                     4,679    593,679      5,377    464,077      2,366    633,611
                                  =====    =======      =====    =======      =====    =======

</TABLE>

                                               25
<PAGE>
<PAGE>
     The  process  of  estimating oil  and  gas  reserves is  complex,
     requiring significant  subjective decisions in the  evaluation of
     available geological,  engineering, and  economic  data for  each
     reservoir.    The   data  for  a   given  reservoir  may   change
     substantially  over time  as  a result  of,  among other  things,
     additional   development   activity,   production  history,   and
     viability of  production under varying economic  conditions; con-
     sequently, it  is reasonably possible that  material revisions to
     existing  reserve  estimates  may   occur  in  the  near  future.
     Although every reasonable effort has been made to ensure that the
     reserve  estimates  reported herein  represent the  most accurate
     assessment possible, the significance of the subjective decisions
     required and  variances in available data  for various reservoirs
     make these estimates generally  less precise than other estimates
     presented in connection with financial statement disclosures.


ITEM 9.   CHANGES IN AND DISAGREEMENTS WITH  ACCOUNTANTS ON ACCOUNTING
          AND FINANCIAL DISCLOSURE

     None.  

                               PART III


ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

     The  Program is  a limited  partnership and  has no  directors or
executive  officers.   The  following  individuals  are directors  and
executive officers of Dyco, the General Partner.  The business address
of  such directors and executive  officers is Two  West Second Street,
Tulsa, Oklahoma  74103.  

           NAME        AGE         POSITION WITH DYCO
     ----------------  ---  --------------------------------
     C. Philip Tholen   47  Chief Executive Officer, Presi-
                              dent, and Chairman of the
                              Board of Directors

     Dennis R. Neill    43  Senior Vice President and
                              Director

     Jack A. Canon      46  Senior Vice President -
                              General Counsel and Director

     Patrick M. Hall    37  Senior Vice President - 
                              Controller

     Annabel M. Jones   42  Secretary

     Judy F. Hughes     49  Treasurer

The  directors will  hold  office until  the  next annual  meeting  of
shareholders of Dyco and until their successors have been duly elected
and qualified.  All executive officers serve at  the discretion of the
Board of Directors.

     C. Philip  Tholen joined  the Samson  Companies in  1977  and has
served as  President, Chief  Executive Officer,  and Director  of Dyco
since June 18, 1991.  Prior to joining the Samson Companies, he was an
audit  manager for Arthur Andersen & Co. in Tulsa where he specialized
in oil and natural gas industry  audits and contract audits.  He holds
a  Bachelor of  Science degree  in accounting  from the  University of
Tulsa  and is  a  Certified Public  Accountant.   Mr. Tholen  is  also

                                  26
<PAGE>
<PAGE>
Executive  Vice President,  Chief  Financial Officer,  Treasurer,  and
Director  of Samson Investment Company; President  and Chairman of the
Board of Directors  of Samson Natural Gas Company,  Geodyne Resources,
Inc. and its  subsidiaries, and Samson Resources Company; President of
two  Divisions  of  Samson  Natural Gas  Company,  Samson  Exploration
Company and Samson Production Services Company; Senior Vice President,
Treasurer,  and  Director  of   Samson  Properties  Incorporated;  and
Director   of  Circle L   Drilling   Company  and   Samson  Industrial
Corporation.

     Dennis R. Neill joined the Samson Companies in 1981 and was named
Senior Vice President and Director of Dyco on June 18, 1991.  Prior to
joining the Samson Companies, he was associated with a Tulsa law firm,
Conner and Winters, where his principal practice was in the securities
area.  He received a Bachelor of Arts degree in political science from
Oklahoma  State University  and  a  Juris  Doctorate degree  from  the
University  of Texas.  Mr. Neill also serves as Senior Vice President,
Chief   Operating   Officer,  and   Director   of   Samson  Properties
Incorporated; Senior  Vice President  of Samson Hydrocarbons  Company;
Senior  Vice President and Director of Geodyne Resources, Inc. and its
subsidiaries;  and President and Chairman of the Board of Directors of
Samson Securities Company.

     Jack A.  Canon joined the Samson Companies in 1983 and has served
as a Vice President and Director  of Dyco since June 18, 1991.   Prior
to joining  the Samson Companies,  he served  as a staff  attorney for
Terra Resources, Inc.  and was associated with  the Tulsa law firm  of
Dyer, Powers, Marsh, Turner and Armstrong.  He received  a Bachelor of
Science degree in accounting from Quincy College and a Juris Doctorate
degree  from  the  University of  Tulsa.    Mr. Canon  also serves  as
Secretary of Samson Investment Company; Director of Samson Natural Gas
Company, Samson Properties  Incorporated, Circle  L Drilling  Company,
and Samson Securities Company; Senior Vice President - General Counsel
of Samson Production  Services Company, a  Division of Samson  Natural
Gas  Company, and  Geodyne Resources,  Inc. and its  subsidiaries; and
Vice President - General Counsel of Samson Industrial Corporation.

     Patrick M. Hall joined the Samson Companies in 1983 and was named
a  Vice President of  Dyco on  June 18,  1991.   Prior to  joining the
Samson Companies he was  a senior accountant with Peat  Marwick Main &
Co. in  Tulsa.  He  holds a Bachelor  of Science degree  in accounting
from Oklahoma State University and  is a Certified Public  Accountant.
Mr. Hall is also a Director of  Samson Natural Gas Company and Geodyne
Resources,  Inc.  and  its   subsidiaries;  Senior  Vice  President  -
Controller and Director of  Samson Properties Incorporated; and Senior
Vice President -  Controller of Samson Production  Services Company, a
Division of Samson Natural Gas Company.

     Annabel  M. Jones  joined the  Samson Companies  in 1982  and was
named Secretary of Dyco on June 18, 1991.  Prior to joining the Samson
Companies she  served  as associate  general counsel  of the  Oklahoma
Securities  Commission.   She  holds  Bachelor  of Arts  in  political
science and Juris Doctorate  degrees from the University of  Oklahoma.
Ms. Jones serves as Assistant  General Counsel - Corporate Affairs for
Samson Production Services Company,  a Division of Samson  Natural Gas
Company,  and is  also  Secretary of  Samson Properties  Incorporated,
Samson  Natural   Gas  Company,   Geodyne  Resources,  Inc.   and  its
subsidiaries,  and  Samson  Industrial   Corporation;  Vice-President,
Secretary, and  Director of  Samson Securities Company;  and Assistant
Secretary of Samson Investment Company.

     Judy F. Hughes joined the Samson Companies in 1978 and was  named
Treasurer  of Dyco  on June  18, 1991.   Prior  to joining  the Samson
Companies,  she  performed treasury  functions  with  Reading &  Bates

                                  27
<PAGE>
<PAGE>
Corporation.  She attended the University of Tulsa and also  serves as
Treasurer  of Samson Natural Gas Company,  Geodyne Resources, Inc. and
its  subsidiaries,  and   Samson  Securities  Company   and  Assistant
Treasurer  of  Samson   Investment  Company   and  Samson   Industrial
Corporation.


ITEM 11.  EXECUTIVE COMPENSATION

     The  Program  is a  limited  partnership and,  therefore,  has no
officers or  directors.  The  following table  summarizes the  amounts
paid by the Program as compensation and reimbursements to Dyco and its
affiliates for the three years ended December 31, 1995:  


         Compensation/Reimbursement to Dyco and its affiliates
                  Three Years Ended December 31, 1995

Type of Compensation/Reimbursement(1)             Expense
-------------------------------------    -------------------------
                                          1995     1994     1993
                                         -------  -------  -------
Compensation:
  Operations                             $   (2)  $   (2)  $   (2)
  Gas Marketing                          $   (3)  $   (3)  $   (3)

Reimbursements:
  General and Administrative,
    Geological, and Engineering
    Expenses and Direct Expenses(4)      $24,876  $24,876  $24,636
----------

(1)  The authority for all of  such compensation and reimbursement  is
     the limited  partnership agreement of the Program.   With respect
     to  the  Operations activities  noted  in  the table,  management
     believes that such  compensation is  equal to or  less than  that
     charged by unaffiliated persons in the  same geographic areas and
     under the same conditions.
(2)  Affiliates  of the  Program  serve as  operator  of some  of  the
     Program's  wells.  Dyco, as  General Partner, contracts with such
     affiliates for services as  operator of the wells.   As operator,
     such  affiliates  are  compensated   at  rates  provided  in  the
     operating agreements in effect and charged to all parties to such
     agreement.   The dollar amount  of such compensation  paid by the
     Program  to such affiliates is  impossible to quantify  as of the
     date of this Annual Report. 
(3)  Premier,  an affiliate  of  the Program  until December  6, 1995,
     purchased a portion  of the  Program's gas at  market prices  and
     resold  such gas at market prices directly to end-users and local
     distribution companies.   For the years  ended December 31, 1995,
     1994,  and  1993,  the   Program  sold  $175,522,  $198,526,  and
     $222,772, respectively, of gas to Premier.  
(4)  The Program reimburses Dyco and its affiliates for reasonable and
     necessary general and administrative, geological, and engineering
     expenses and  direct expenses  incurred in connection  with their
     management  and  operation  of   the  Program.    The  directors,
     officers, and  employees of  Dyco and its  affiliates receive  no
     direct remuneration from  the Program for  their services to  the
     Program.  See "Salary Reimbursement  Table" below.  The allocable
     general and administrative, geological, and  engineering expenses
     are  apportioned  on a  reasonable  basis  between the  Program's
     business and all other oil and natural gas activities of Dyco and
     its  affiliates, including  Dyco's  management  and operation  of
     affiliated oil and gas  limited partnerships.  The  allocation to

                                  28
<PAGE>
<PAGE>
     the Program of these costs is made by Dyco as General Partner.


     As  noted  in  the  Compensation/Reimbursement Table  above,  the
directors,  officers,  and  employees  of Dyco  and  their  affiliates
receive  no direct remuneration  from the Program  for their services.
However, to the extent such services represent direct involvement with
the Program,  as opposed to general corporate functions, such persons'
salaries  are  allocated  to and  reimbursed  by  the  Program.   Such
allocation  to the  Program's general and  administrative, geological,
and  engineering expenses of the salaries  of directors, officers, and
employees  of Dyco  and its  affiliates is  based on  internal records
maintained  by  Dyco  and  its  affiliates,  and  represents  investor
relations, legal,  accounting, data processing, management,  and other
functions  directly attributable  to  the Program's  operations.   The
following  table  indicates  the  approximate amount  of  general  and
administrative expense reimbursement  attributable to the  salaries of
the  directors, officers, and employees of Dyco and its affiliates for
the three years ended December 31, 1995:  

                                   29
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
                                      Salary Reimbursement

                              Three Years Ended December 31, 1995

                                                         Long Term Compensation
                                                     -------------------------------
                            Annual Compensation             Awards           Payouts
                         -------------------------   ---------------------   -------
                                                                   Securi-
                                            Other                   ties                 All
     Name                                   Annual   Restricted    Under-               Other
      and                                  Compen-     Stock       lying      LTIP     Compen-
   Principal             Salary     Bonus  sation     Award(s)    Options/   Payouts   sation
   Position       Year     ($)       ($)     ($)        ($)        SARs(#)     ($)       ($)
---------------   ----   -------   ------- -------   ----------   --------   -------   -------
<S>               <C>    <C>       <C>     <C>       <C>          <C>        <C>       <C>               
C. Philip 
Tholen,
President,
Chief Executive
Officer<F1>       1993     -         -       -         -            -          -         -
                  1994     -         -       -         -            -          -         -
                  1995     -         -       -         -            -          -         -

All Executive
Officers, 
Directors,
and Employees
as a group<F2>    1993   $13,057     -       -         -            -          -         -
                  1994   $13,557     -       -         -            -          -         -
                  1995   $13,582     -       -         -            -          -         -

----------
<FN>
<F1>  The general  and administrative expenses  paid by the  Program and attributable  to salary
      reimbursements do not include any salary or other compensation attributable to Mr. Tholen.
<F2>  No officer  or director  of  Dyco or  its affiliates  provides full-time  services to  the
      Program and no  individual's salary or other  compensation reimbursement from the  Program
      equals or exceeds $100,000 per annum.  
</FN>
</TABLE>


                                               30
<PAGE>
<PAGE>
     In  addition  to  the  compensation/reimbursements  noted  above,
during  the 3 years ended December 31, 1995, the Samson Companies were
in the business of supplying field and drilling equipment and services
to  affiliated  and unaffiliated  parties  in  the  industry.    These
companies  may have provided equipment and services for wells in which
the  Program has  an  interest.   These  equipment and  services  were
provided  at prices  or rates  equal  to or  less than  those normally
charged in  the same  or comparable  geographic  area by  unaffiliated
persons or companies dealing  at arm's length.  The operators of these
wells  bill the  Program for a  portion of  such costs  based upon the
Program's interest in the well.


ITEM 12.  SECURITY   OWNERSHIP  OF   CERTAIN  BENEFICIAL   OWNERS  AND
          MANAGEMENT

     The  following table  provides information  as to  the beneficial
ownership  of  the Program's  Units as  of  December 31, 1995  by each
beneficial owner of more than  5% of the issued and  outstanding Units
and  by the directors, officers, and affiliates  of Dyco.  The address
of  each of  such persons  is Samson  Plaza, Two  West Second  Street,
Tulsa, Oklahoma 74103.  


                                             Number of Units
                                              Beneficially
                                             Owned (Percent
            Beneficial Owner                 of Outstanding)
     -------------------------------         ---------------

     Samson Properties Incorporated          1005.74 (41.5%)

     All directors, officers, and
       affiliates of Dyco as a group
       and Dyco (8 persons)                  1005.74 (41.5%)


     To the best  knowledge of  the Program  and Dyco,  there were  no
officers,  directors,  or 5%  owners  who  were  delinquent filers  of
reports  required under section 16  of the Securities  Exchange Act of
1934.


ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     Dyco  and certain  of  its  affiliates  engage  in  oil  and  gas
activities  independently of the Program which  result in conflicts of
interest that  cannot  be  totally  eliminated.    The  allocation  of
acquisition  and   drilling  opportunities  and  the   nature  of  the
compensation  arrangements between  the Program  and Dyco  also create
potential  conflicts of  interest.   Affiliates of  the Program  own a
significant  amount of  the  Program's  Units  and therefore  have  an
identity of interest with  other limited partners with respect  to the
operations of the Program. 

     In  order to  attempt  to assure  limited  liability for  limited
partners  as well as an orderly conduct of business, management of the
Program is exercised solely by Dyco.  The partnership agreement of the
Program grants Dyco broad discretionary  authority with respect to the
Program's  participation  in drilling  prospects  and  expenditure and
control of funds, including borrowings.  These provisions are  similar
to  those contained  in  prospectuses and  partnership agreements  for
other public oil and  gas drilling partnerships.  Broad  discretion as
to general management of the Program involves circumstances where Dyco

                                  31
<PAGE>
<PAGE>
has  conflicts  of  interest and  where  it  must  allocate costs  and
expenses,  or opportunities,  among  the Program  and other  competing
interests. 

     Dyco  does not  devote all  of its  time, efforts,  and personnel
exclusively  to the Program.   Furthermore, the Program  does not have
any  employees,  but instead  relies on  the  personnel of  the Samson
Companies.    The  Program thus  competes  with  the  Samson Companies
(including other  currently sponsored  oil and  gas programs)  for the
time and resources  of such  personnel.  The  Samson Companies  devote
such time  and  personnel to  the  management of  the Program  as  are
indicated by  the  circumstances and  as  are consistent  with  Dyco's
fiduciary duties. 

     Affiliates of the Program are solely responsible for the negotia-
tion, administration, and enforcement of oil and gas sales  agreements
covering the Program's leasehold  interests.  Until December 6,  1995,
Dyco had delegated the negotiation, administration, and enforcement of
its gas  sales agreements to Premier.   In addition  to providing such
administrative services, Premier purchased  and resold gas directly to
end-users and local distribution companies.  Because affiliates of the
Program  who provide services to  the Program have  fiduciary or other
duties to other  members of the Samson  Companies, contract amendments
and negotiating positions  taken by  them in their  effort to  enforce
contracts with purchasers may  not necessarily represent the positions
that the Program would take if it were to administer its own contracts
without  involvement with other members  of the Samson  Companies.  On
the  other hand,  management believes  that the  Program's negotiating
strength and contractual positions have been enhanced by virtue of its
affiliation with the Samson Companies. 

     For  a description  of  certain other  relationships and  related
transactions see "Item 11. Executive Compensation."


                                PART IV


ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM
          8-K

          (a)  Financial  Statements  and  Schedules.    The following
     financial  statements  and  schedules   for  the  Program  as  of
     December 31, 1995 and 1994  and for the years ended  December 31,
     1995, 1994, and 1993 are filed as part of this report.

          (1)  Financial Statements:
               Report of Independent Accountants
               Balance Sheets
               Statements of Operations
               Statements of Partners' Capital
               Statements of Cash Flows
               Notes to Financial Statements

          (2)  Financial Statement Schedules:

               None

          All  other schedules  have been  omitted since  the required
     information  is presented in  the Financial Statements  or is not
     applicable.

          (b)  Reports on Form 8-K for the fourth quarter of 1995:


                                  32
<PAGE>
<PAGE>
               None.

          (c)  Exhibits:

               4.1  Drilling Agreement  dated April  1, 1978 for  Dyco
                    Drilling  Program 1978-1 by  and between  the Dyco
                    Oil  and  Gas   Program  1978-1,  Dyco   Petroleum
                    Corporation, and Jaye F. Dyer filed as Exhibit 4.1
                    to Annual Report  on Form 10-K for  the year ended
                    December 31, 1991 on April  10, 1992 and is hereby
                    incorporated by reference.

               4.2  Program Agreement dated April 1, 1978 for Dyco Oil
                    and  Gas  Program  1978-1   by  and  between  Dyco
                    Petroleum  Corporation  and Participants  filed as
                    Exhibit 4.2 to Annual Report on Form 10-K for  the
                    year ended December 31, 1991 on April 10, 1992 and
                    is hereby incorporated by reference.

               4.3  Amendment  to Program Agreement  for Dyco  Oil and
                    Gas Program 1978-1 dated February 9, 1989 filed as
                    Exhibit 4.3 to Annual Report on Form 10-K for  the
                    year ended December 31, 1991 on April 10, 1992 and
                    is hereby incorporated by reference.

               4.4  Certificate  of Limited  Partnership for  Dyco Oil
                    and  Gas Program 1978-1  Limited Partnership filed
                    as Exhibit 4.3 to  Annual Report on Form  10-K for
                    the year ended December 31, 1991 on April 10, 1992
                    and is hereby incorporated by reference.

               27.1 Financial   Data   Schedule   containing   summary
                    financial information extracted from the  Dyco Oil
                    and  Gas  Program  1978-1  Limited  Partnership's
                    financial statements  as of December 31,  1995 and
                    for the year ended December 31, 1995.  

               All other Exhibits are omitted as inapplicable. 




                                  33
<PAGE>
<PAGE>
                              SIGNATURES

Pursuant to the requirements of Sections 13 or 15(d) 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 organized.

                              DYCO OIL AND GAS PROGRAM 1978-1 
                              LIMITED PARTNERSHIP

                              By:  DYCO PETROLEUM CORPORATION
                                   General Partner
                                   February 14, 1996

                              By:  /s/C. Philip Tholen
                                   ------------------------------
                                   C. Philip Tholen
                                   Chief Executive Officer 
                                   and President

Pursuant to the requirements  of the Securities Exchange Act  of 1934,
this  report has been signed below by  the following persons on behalf
of the registrant and in the capacities on the dates indicated.

By:  /s/C. Philip Tholen    Chief Executive        Feb. 14, 1996
     -------------------    Officer, President,
        C. Philip Tholen    and Chairman of the
                            Board (Principal
                            Executive Officer)

     /s/Dennis R. Neill     Senior Vice            Feb. 14, 1996 
     -------------------    President and
        Dennis R. Neill     Director

     /s/Jack A. Canon       Senior Vice            Feb. 14, 1996
     -------------------    President - 
        Jack A. Canon       General Counsel
                            and Director

     /s/Patrick M. Hall     Senior Vice            Feb. 14, 1996
     -------------------    President - 
        Patrick M. Hall     Controller 
                            (Principal 
                            Accounting Officer)

     /s/Annabel M. Jones    Secretary              Feb. 14, 1996
     -------------------
        Annabel M. Jones

     /s/Judy F. Hughes      Treasurer              Feb. 14, 1996
     -------------------
        Judy F. Hughes



                                  34
<PAGE>
<PAGE>
                           INDEX TO EXHIBITS


Exhibit
Number         Description
-------        -----------

4.1            Drilling  Agreement  dated  April  1,  1978  for   Dyco
               Drilling Program 1978-1 by and between the Dyco Oil and
               Gas  Program  1978-1, Dyco  Petroleum  Corporation, and
               Jaye F. Dyer filed  as Exhibit 4.1 to Annual  Report on
               Form 10-K for the year ended December 31, 1991 on April
               10, 1992 and is hereby incorporated by reference.

4.2            Program Agreement dated April 1,  1978 for Dyco Oil and
               Gas  Program  1978-1  by  and  between  Dyco  Petroleum
               Corporation  and Participants  filed as Exhibit  4.2 to
               Annual  Report   on  Form  10-K  for   the  year  ended
               December 31,  1991  on April  10,  1992  and is  hereby
               incorporated by reference.

4.3            Amendment  to Program  Agreement for  Dyco Oil  and Gas
               Program  1978-1   dated  February  9,  1989   filed  as
               Exhibit 4.3 to Annual Report  on Form 10-K for the year
               ended December 31, 1991 on April 10, 1992 and is hereby
               incorporated by reference.

4.4            Certificate of Limited Partnership for Dyco Oil and Gas
               Program 1978-1 Limited Partnership filed as Exhibit 4.3
               to  Annual  Report on  Form  10-K  for  the year  ended
               December 31,  1991  on April  10,  1992  and is  hereby
               incorporated by reference.

27.1           Financial  Data  Schedule containing  summary financial
               information extracted from the Dyco Oil and Gas Program
               1978-1 Limited Partnership's financial statements as of
               December 31, 1995  and for the year  ended December 31,
               1995.  



                                  35
<PAGE>