SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                  FORM 10-Q

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

For the quarter ended June 30, 1998

Commission File Number:

      P-1:  0-17800           P-3:  0-18306           P-5:  0-18637
      P-2:  0-17801           P-4:  0-18308           P-6:  0-18937

       GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
       GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
       GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
       GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
       GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
       GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
      ---------------------------------------------------------------------
         (Exact name of Registrant as specified in its Articles)


                                                P-1 73-1330245
                                                P-2 73-1330625
              P-1 and P-2:                      P-3 73-1336573
                 Texas                          P-4 73-1341929
             P-3 through P-6:                   P-5 73-1353774
                Oklahoma                        P-6 73-1357375
      ----------------------------    -------------------------------
      (State or other jurisdiction    (I.R.S. Employer Identification
          of incorporation or                      Number)
           organization)


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

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

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

                        Yes     X               No
                            ------                    ------




                                       1
<PAGE>




                        PART I. FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS

        GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
                         GEODYNE NPI PARTNERSHIP P-1
                           COMBINED BALANCE SHEETS
                                 (Unaudited)


                                    ASSETS


                                              June 30,         December 31,
                                                1998              1997
                                             -----------       ------------

CURRENT ASSETS:
   Cash and cash equivalents                  $  601,195        $  503,622
   Accounts receivable:
      Net Profits                                132,556           164,644
                                              ----------        ----------
        Total current assets                  $  733,751        $  668,266

NET PROFITS INTERESTS, net, utilizing
   the successful efforts method               1,262,232         1,408,420
                                              ----------        ----------
                                              $1,995,983        $2,076,686
                                              ==========        ==========

                         PARTNERS' CAPITAL (DEFICIT)


PARTNERS' CAPITAL (DEFICIT):
   General Partner                           ($   92,220)      ($   87,415)
   Limited Partners, issued and
      outstanding, 108,074 units               2,088,203         2,164,101
                                              ----------        ----------
        Total Partners' capital               $1,995,983        $2,076,686
                                              ----------        ----------
                                              $1,995,983        $2,076,686
                                              ==========        ==========



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


                                       2
<PAGE>



         GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
                         GEODYNE NPI PARTNERSHIP P-1
                      COMBINED STATEMENTS OF OPERATIONS
              FOR THE THREE MONTHS ENDED JUNE 30, 1998 AND 1997
                                 (Unaudited)


                                                  1998              1997
                                                --------          --------

REVENUES:
   Net Profits                                  $203,439          $317,208
   Interest and other income                       2,575             2,794
   Gain on sale of Net Profits
      Interests                                  392,604           127,385
                                                --------          --------
                                                $598,618          $447,387

COSTS AND EXPENSES:
   Depletion of Net Profits
      Interests                                 $ 54,113          $ 64,546
   General and administrative
      (Note 2)                                    29,928            34,658
                                                --------          --------
                                                $ 84,041          $ 99,204
                                                --------          --------

NET INCOME                                      $514,577          $348,183
                                                ========          ========
GENERAL PARTNER - NET INCOME                    $ 27,765          $ 19,852
                                                ========          ========
LIMITED PARTNERS - NET INCOME                   $486,812          $328,331
                                                ========          ========
NET INCOME per unit                             $   4.50          $   3.04
                                                ========          ========
UNITS OUTSTANDING                                108,074           108,074
                                                ========          ========




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



                                       3
<PAGE>



     GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
                         GEODYNE NPI PARTNERSHIP P-1
                      COMBINED STATEMENTS OF OPERATIONS
               FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                                 (Unaudited)


                                                  1998             1997
                                                --------        ----------

REVENUES:
   Net Profits                                  $422,567        $  597,105
   Interest and other income                       6,225             5,056
   Gain on sale of Net Profits
      Interests                                  475,798           127,385
                                                --------        ----------
                                                $904,590        $  729,546

COSTS AND EXPENSES:
   Depletion of Net Profits
      Interests                                 $113,848        $  125,229
   Impairment provision                                -           902,042
   General and administrative
      (Note 2)                                    67,221            69,422
                                                --------        ----------
                                                $181,069        $1,096,693
                                                --------        ----------

NET INCOME (LOSS)                               $723,521       ($  367,147)
                                                ========        ==========
GENERAL PARTNER - NET INCOME                    $ 40,419        $   22,481
                                                ========        ==========
LIMITED PARTNERS - NET INCOME (LOSS)            $683,102       ($  389,628)
                                                ========        ==========
NET INCOME (LOSS) per unit                      $   6.32       ($     3.61)
                                                ========        ==========
UNITS OUTSTANDING                                108,074           108,074
                                                ========        ==========



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



                                       4
<PAGE>



         GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
                         GEODYNE NPI PARTNERSHIP P-1
                      COMBINED STATEMENTS OF CASH FLOWS
               FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                                 (Unaudited)

                                                  1998             1997
                                                ---------       ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income (loss)                            $723,521         ($367,147)
   Adjustments to reconcile net income
      (loss) to net cash provided by
      operating activities:
      Depletion of Net Profits
        Interests                                113,848           125,229
      Impairment provision                             -           902,042
      Gain on sale of Net Profits
        Interests                              ( 475,798)        ( 127,385)
      Decrease in accounts receivable -
        Net Profits                               32,088            59,383
      Increase in accounts receivable -
        General Partner                                -         (   2,306)
                                                --------          --------
Net cash provided by operating
   activities                                   $393,659          $589,816
                                                --------          --------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Capital expenditures                        ($ 11,147)        ($ 13,262)
   Proceeds from sale of Net Profits
      Interests                                  519,285           180,853
                                                --------          --------
Net cash provided by investing
   activities                                   $508,138          $167,591
                                                --------          --------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Cash distributions                          ($804,224)        ($606,249)
                                                --------          --------
Net cash used by financing activities          ($804,224)        ($606,249)
                                                --------          --------

NET INCREASE IN CASH AND CASH
   EQUIVALENTS                                  $ 97,573          $151,158

CASH AND CASH EQUIVALENTS AT
   BEGINNING OF PERIOD                           503,622           293,296
                                                --------          --------
CASH AND CASH EQUIVALENTS AT
   END OF PERIOD                                $601,195          $444,454
                                                ========          ========



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


                                       5
<PAGE>



         GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
                         GEODYNE NPI PARTNERSHIP P-2
                           COMBINED BALANCE SHEETS
                                 (Unaudited)


                                    ASSETS


                                              June 30,         December 31,
                                                1998              1997
                                             -----------       ------------

CURRENT ASSETS:
   Cash and cash equivalents                  $  418,892        $  369,191
   Accounts receivable:
      Net Profits                                104,589           135,331
                                              ----------        ----------
        Total current assets                  $  523,481        $  504,522

NET PROFITS INTERESTS, net, utilizing
   the successful efforts method               1,004,553         1,182,230
                                              ----------        ----------
                                              $1,528,034        $1,686,752
                                              ==========        ==========

                         PARTNERS' CAPITAL (DEFICIT)


PARTNERS' CAPITAL (DEFICIT):
   General Partner                           ($   79,959)      ($   72,438)
   Limited Partners, issued and
      outstanding, 90,094 units                1,607,993         1,759,190
                                              ----------        ----------
        Total Partners' capital               $1,528,034        $1,686,752
                                              ----------        ----------
                                              $1,528,034        $1,686,752
                                              ==========        ==========


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


                                       6
<PAGE>



       GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
                         GEODYNE NPI PARTNERSHIP P-2
                      COMBINED STATEMENTS OF OPERATIONS
              FOR THE THREE MONTHS ENDED JUNE 30, 1998 AND 1997
                                 (Unaudited)


                                                 1998              1997
                                              ----------         ---------

REVENUES:
   Net Profits                                 $153,230           $178,224
   Interest and other income                      1,925              2,202
   Gain on sale of Net Profits
      Interests                                 196,830             80,091
                                               --------           --------
                                               $351,985           $260,517

COSTS AND EXPENSES:
   Depletion of Net Profits
      Interests                                $ 41,700           $ 53,991
   General and administrative
      (Note 2)                                   25,031             28,826
                                               --------           --------
                                               $ 66,731           $ 82,817
                                               --------           --------

NET INCOME                                     $285,254           $177,700
                                               ========           ========
GENERAL PARTNER - NET INCOME                   $ 15,834           $ 10,935
                                               ========           ========
LIMITED PARTNERS - NET INCOME                  $269,420           $166,765
                                               ========           ========
NET INCOME per unit                            $   2.99           $   1.85
                                               ========           ========
UNITS OUTSTANDING                                90,094             90,094
                                               ========           ========



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


                                       7
<PAGE>



        GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
                         GEODYNE NPI PARTNERSHIP P-2
                      COMBINED STATEMENTS OF OPERATIONS
               FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                                 (Unaudited)


                                                 1998              1997
                                              ----------         ---------

REVENUES:
   Net Profits                                 $321,188           $469,338
   Interest and other income                      4,647              3,910
   Gain on sale of Net Profits
      Interests                                 255,015             80,091
                                               --------           --------
                                               $580,850           $553,339

COSTS AND EXPENSES:
   Depletion of Net Profits
      Interests                                $ 87,775           $104,979
   Impairment provision                               -            727,893
   General and administrative
      (Note 2)                                   56,147             57,719
                                               --------           --------
                                               $143,922           $890,591
                                               --------           --------

NET INCOME (LOSS)                              $436,928          ($337,252)
                                               ========           ========
GENERAL PARTNER - NET INCOME                   $ 25,125           $ 16,257
                                               ========           ========
LIMITED PARTNERS - NET INCOME (LOSS)           $411,803          ($353,509)
                                               ========           ========
NET INCOME (LOSS) per unit                     $   4.57          ($   3.92)
                                               ========           ========
UNITS OUTSTANDING                                90,094             90,094
                                               ========           ========


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


                                       8
<PAGE>



        GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
                         GEODYNE NPI PARTNERSHIP P-2
                      COMBINED STATEMENTS OF CASH FLOWS
               FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                                 (Unaudited)


                                                 1998              1997
                                               ---------         ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income (loss)                            $436,928         ($337,252)
   Adjustments to reconcile net income
      (loss) to net cash provided by
      operating activities:
      Depletion of Net Profits
        Interests                                 87,775           104,979
      Impairment provision                             -           727,893
      Gain on sale of Net Profits
        Interests                              ( 255,015)        (  80,091)
      Decrease in accounts receivable -
        Net Profits                               30,742            44,933
      Decrease in accounts receivable -
        General Partner                                -             6,802
                                                --------          --------
Net cash provided by operating
   activities                                   $300,430          $467,264
                                                --------          --------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Capital expenditures                        ($ 15,276)        ($  8,677)
   Proceeds from sale of Net Profits
      Interests                                  360,193           168,805
                                                --------          --------
Net cash provided by investing
   activities                                   $344,917          $160,128
                                                --------          --------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Cash distributions                          ($595,646)        ($476,166)
                                                --------          --------
Net cash used by financing activities          ($595,646)        ($476,166)
                                                --------          --------

NET INCREASE IN CASH AND CASH
   EQUIVALENTS                                  $ 49,701          $151,226

CASH AND CASH EQUIVALENTS AT
   BEGINNING OF PERIOD                           369,191           222,506
                                                --------          --------
CASH AND CASH EQUIVALENTS AT
   END OF PERIOD                                $418,892          $373,732
                                                ========          ========


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



                                       9
<PAGE>



        GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
                         GEODYNE NPI PARTNERSHIP P-3
                           COMBINED BALANCE SHEETS
                                 (Unaudited)

                                    ASSETS


                                              June 30,         December 31,
                                                1998              1997
                                             -----------       ------------

CURRENT ASSETS:
   Cash and cash equivalents                  $  772,210        $  685,628
   Accounts receivable:
      Net Profits                                197,418           254,470
                                              ----------        ----------
        Total current assets                  $  969,628        $  940,098

NET PROFITS INTERESTS, net, utilizing
   the successful efforts method               2,003,124         2,196,444
                                              ----------        ----------
                                              $2,972,752        $3,136,542
                                              ==========        ==========

                         PARTNERS' CAPITAL (DEFICIT)


PARTNERS' CAPITAL (DEFICIT):
   General Partner                           ($  144,427)      ($  137,258)
   Limited Partners, issued and
      outstanding, 169,637 units               3,117,179         3,273,800
                                              ----------        ----------
        Total Partners' capital               $2,972,752        $3,136,542
                                              ----------        ----------
                                              $2,972,752        $3,136,542
                                              ==========        ==========



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


                                       10
<PAGE>



          GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
                         GEODYNE NPI PARTNERSHIP P-3
                      COMBINED STATEMENTS OF OPERATIONS
              FOR THE THREE MONTHS ENDED JUNE 30, 1998 AND 1997
                                 (Unaudited)


                                                  1998             1997
                                                --------         ---------

REVENUES:
   Net Profits                                  $284,321          $338,563
   Interest and other income                       3,730             4,215
   Gain on sale Net Profits
      Interests                                  497,106           142,486
                                                --------          --------
                                                $785,157          $485,264

COSTS AND EXPENSES:
   Depletion of Net Profits
      Interests                                 $ 77,390          $100,187
   General and administrative
      (Note 2)                                    47,130            54,254
                                                --------          --------
                                                $124,520          $154,441
                                                --------          --------

NET INCOME                                      $660,637          $330,823
                                                ========          ========
GENERAL PARTNER - NET INCOME                    $ 35,941          $ 20,338
                                                ========          ========
LIMITED PARTNERS - NET INCOME                   $624,696          $310,485
                                                ========          ========
NET INCOME per unit                             $   3.68          $   1.83
                                                ========          ========
UNITS OUTSTANDING                                169,637           169,637
                                                ========          ========


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


                                       11
<PAGE>



        GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
                         GEODYNE NPI PARTNERSHIP P-3
                      COMBINED STATEMENTS OF OPERATIONS
               FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                                 (Unaudited)


                                                 1998              1997
                                              ----------        ----------

REVENUES:
   Net Profits                                $  597,661        $  876,433
   Interest and other income                       8,872             7,461
   Gain on sale Net Profits
      Interests                                  605,649           142,486
                                              ----------        ----------
                                              $1,212,182        $1,026,380

COSTS AND EXPENSES:
   Depletion of Net Profits
      Interests                               $  162,849        $  194,569
   Impairment provision                                -         1,413,917
   General and administrative
      (Note 2)                                   105,702           108,639
                                              ----------        ----------
                                              $  268,551        $1,717,125
                                              ----------        ----------

NET INCOME (LOSS)                             $  943,631       ($  690,745)
                                              ==========        ==========
GENERAL PARTNER - NET INCOME                  $   53,252        $   29,429
                                              ==========        ==========
LIMITED PARTNERS - NET INCOME (LOSS)          $  890,379       ($  720,174)
                                              ==========        ==========
NET INCOME (LOSS) per unit                    $     5.25       ($     4.25)
                                              ==========        ==========
UNITS OUTSTANDING                                169,637           169,637
                                              ==========        ==========



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



                                       12
<PAGE>



        GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
                         GEODYNE NPI PARTNERSHIP P-3
                      COMBINED STATEMENTS OF CASH FLOWS
               FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                                 (Unaudited)


                                                 1998              1997
                                              -----------       ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income (loss)                          $  943,631       ($  690,745)
   Adjustments to reconcile net income
      (loss) to net cash provided by
      operating activities:
      Depletion of Net Profits
        Interests                                162,849           194,569
      Impairment provision                             -         1,413,917
      Gain on sale of Net Profits
        Interests                            (   605,649)      (   142,486)
      Decrease in accounts receivable -
        Net Profits                               57,052            82,287
      Decrease in accounts receivable -
        General Partner                                -            13,568
                                              ----------        ----------
Net cash provided by operating
   activities                                 $  557,883        $  871,110
                                              ----------        ----------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Capital expenditures                      ($   29,131)      ($   15,966)
   Proceeds from sale of Net Profits
      Interests                                  665,251           327,690
                                              ----------        ----------
Net cash provided by investing
   activities                                 $  636,120        $  311,724
                                              ----------        ----------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Cash distributions                        ($1,107,421)      ($  885,178)
                                              ----------        ----------
Net cash used by financing activities        ($1,107,421)      ($  885,178)
                                              ----------        ----------

NET INCREASE IN CASH AND CASH
   EQUIVALENTS                                $   86,582        $  297,656

CASH AND CASH EQUIVALENTS AT
   BEGINNING OF PERIOD                           685,628           415,354
                                              ----------        ----------
CASH AND CASH EQUIVALENTS AT
   END OF PERIOD                              $  772,210        $  713,010
                                              ==========        ==========


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


                                       13
<PAGE>



        GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
                         GEODYNE NPI PARTNERSHIP P-4
                           COMBINED BALANCE SHEETS
                                 (Unaudited)

                                    ASSETS


                                              June 30,         December 31,
                                                1998              1997
                                             -----------       ------------

CURRENT ASSETS:
   Cash and cash equivalents                  $  173,407        $  243,903
   Accounts receivable:
      Net Profits                                215,428           301,060
                                              ----------        ----------
        Total current assets                  $  388,835        $  544,963

NET PROFITS INTERESTS, net, utilizing
   the successful efforts method               1,153,343         1,282,329
                                              ----------        ----------
                                              $1,542,178        $1,827,292
                                              ==========        ==========

                         PARTNERS' CAPITAL (DEFICIT)


PARTNERS' CAPITAL (DEFICIT):
   General Partner                           ($  100,454)      ($   94,799)
   Limited Partners, issued and
      outstanding, 126,306 units               1,642,632         1,922,091
                                              ----------        ----------
        Total Partners' capital               $1,542,178        $1,827,292
                                              ----------        ----------
                                              $1,542,178        $1,827,292
                                              ==========        ==========



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


                                       14
<PAGE>



         GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
                         GEODYNE NPI PARTNERSHIP P-4
                      COMBINED STATEMENTS OF OPERATIONS
              FOR THE THREE MONTHS ENDED JUNE 30, 1998 AND 1997
                                 (Unaudited)


                                                 1998               1997
                                               ---------          --------

REVENUES:
   Net Profits                                  $178,254          $317,362
   Interest and other income                       2,296             3,920
   Gain on sale of Net
      Profits Interests                            8,004             4,760
                                                --------          --------
                                                $188,554          $326,042

COSTS AND EXPENSES:
   Depletion of Net Profits
      Interests                                 $ 62,151          $111,787
   General and administrative
      (Note 2)                                    35,086            40,382
                                                --------          --------
                                                $ 97,237          $152,169
                                                --------          --------

NET INCOME                                      $ 91,317          $173,873
                                                ========          ========
GENERAL PARTNER - NET INCOME                    $  6,937          $ 12,970
                                                ========          ========
LIMITED PARTNERS - NET INCOME                   $ 84,380          $160,903
                                                ========          ========
NET INCOME per unit                             $    .67          $   1.27
                                                ========          ========
UNITS OUTSTANDING                                126,306           126,306
                                                ========          ========


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


                                       15
<PAGE>



        GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
                         GEODYNE NPI PARTNERSHIP P-4
                      COMBINED STATEMENTS OF OPERATIONS
               FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                                 (Unaudited)


                                                 1998              1997
                                               ---------        ----------

REVENUES:
   Net Profits                                  $418,646        $  724,735
   Interest and other income                       5,157             6,640
   Gain (loss) on sale of Net
      Profits Interests                           12,252       (     5,494)
                                                --------        ----------
                                                $436,055        $  725,881

COSTS AND EXPENSES:
   Depletion of Net Profits
      Interests                                 $131,544        $  228,815
   Impairment provision                                -           752,388
   General and administrative
      (Note 2)                                    78,674            78,669
                                                --------        ----------
                                                $210,218        $1,059,872
                                                --------        ----------

NET INCOME (LOSS)                               $225,837       ($  333,991)
                                                ========        ==========
GENERAL PARTNER - NET INCOME                    $ 16,296        $   22,217
                                                ========        ==========
LIMITED PARTNERS - NET INCOME (LOSS)            $209,541       ($  356,208)
                                                ========        ==========
NET INCOME (LOSS) per unit                      $   1.66       ($     2.82)
                                                ========        ==========
UNITS OUTSTANDING                                126,306           126,306
                                                ========        ==========



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



                                       16
<PAGE>



        GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
                         GEODYNE NPI PARTNERSHIP P-4
                      COMBINED STATEMENTS OF CASH FLOWS
               FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                                 (Unaudited)


                                                  1998             1997
                                                ---------       ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income (loss)                            $225,837         ($333,991)
   Adjustments to reconcile net income
      (loss) to net cash provided by
      operating activities:
      Depletion of Net Profits
        Interests                                131,544           228,815
      Impairment provision                             -           752,388
      (Gain) loss on sale of Net
        Profits Interests                      (  12,252)            5,494
      Decrease in accounts receivable -
        Net Profits                               85,632            83,016
                                                --------          --------
Net cash provided by operating
   activities                                   $430,761          $735,722
                                                --------          --------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Capital expenditures                        ($  4,664)         $      -
   Proceeds from sale of Net Profits
      Interests                                   14,358           239,418
                                                --------          --------
Net cash provided by investing
   activities                                   $  9,694          $239,418
                                                --------          --------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Cash distributions                          ($510,951)        ($788,079)
                                                --------          --------
Net cash used by financing activities          ($510,951)        ($788,079)
                                                --------          --------

NET INCREASE (DECREASE) IN CASH AND
   CASH EQUIVALENTS                            ($ 70,496)         $187,061

CASH AND CASH EQUIVALENTS AT
   BEGINNING OF PERIOD                           243,903           345,876
                                                --------          --------
CASH AND CASH EQUIVALENTS AT
   END OF PERIOD                                $173,407          $532,937
                                                ========          ========


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


                                       17
<PAGE>



        GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
                         GEODYNE NPI PARTNERSHIP P-5
                           COMBINED BALANCE SHEETS
                                 (Unaudited)

                                    ASSETS


                                              June 30,         December 31,
                                                1998              1997
                                             -----------       ------------

CURRENT ASSETS:
   Cash and cash equivalents                  $  371,007        $  228,750
   Accounts receivable:
      Net Profits                                102,699           134,968
                                              ----------        ----------
        Total current assets                  $  473,706        $  363,718

NET PROFITS INTERESTS, net, utilizing
   the successful efforts method               1,151,964         1,257,789
                                              ----------        ----------
                                              $1,625,670        $1,621,507
                                              ==========        ==========

                         PARTNERS' CAPITAL (DEFICIT)


PARTNERS' CAPITAL (DEFICIT):
   General Partner                           ($   78,279)      ($   74,683)
   Limited Partners, issued and
      outstanding, 118,449 units               1,703,949         1,696,190
                                              ----------        ----------
        Total Partners' capital               $1,625,670        $1,621,507
                                              ----------        ----------
                                              $1,625,670        $1,621,507
                                              ==========        ==========


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


                                       18
<PAGE>



          GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
                         GEODYNE NPI PARTNERSHIP P-5
                      COMBINED STATEMENTS OF OPERATIONS
              FOR THE THREE MONTHS ENDED JUNE 30, 1998 AND 1997
                                 (Unaudited)



                                                 1998              1997
                                               ---------         ---------

REVENUES:
   Net Profits                                  $182,110          $161,365
   Interest and other income                       2,770             2,759
   Gain on sale of Net Profits
      Interests                                  203,390            54,195
                                                --------          --------
                                                $388,270          $218,319

COSTS AND EXPENSES:
   Depletion of Net Profits
      Interests                                 $ 61,427          $ 66,428
   General and administrative
      (Note 2)                                    32,771            37,896
                                                --------          --------
                                                $ 94,198          $104,324
                                                --------          --------

NET INCOME                                      $294,072          $113,995
                                                ========          ========
GENERAL PARTNER - NET INCOME                    $ 17,022          $  8,219
                                                ========          ========
LIMITED PARTNERS - NET INCOME                   $277,050          $105,776
                                                ========          ========
NET INCOME per unit                             $   2.34          $    .89
                                                ========          ========
UNITS OUTSTANDING                                118,449           118,449
                                                ========          ========



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


                                       19
<PAGE>



         GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
                         GEODYNE NPI PARTNERSHIP P-5
                      COMBINED STATEMENTS OF OPERATIONS
               FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                                 (Unaudited)



                                                 1998              1997
                                               ---------        ----------

REVENUES:
   Net Profits                                  $430,496        $  502,680
   Interest and other income                       5,199             4,758
   Gain on sale of Net Profits
      Interests                                  340,014            54,195
                                                --------        ----------
                                                $775,709        $  561,633

COSTS AND EXPENSES:
   Depletion of Net Profits
      Interests                                 $119,624        $  151,942
   Impairment provision                                -         1,018,068
   General and administrative
      (Note 2)                                    73,681            76,477
                                                --------        ----------
                                                $193,305        $1,246,487
                                                --------        ----------

NET INCOME (LOSS)                               $582,404       ($  684,854)
                                                ========        ==========
GENERAL PARTNER - NET INCOME                    $ 33,645        $   12,320
                                                ========        ==========
LIMITED PARTNERS - NET INCOME (LOSS)            $548,759       ($  697,174)
                                                ========        ==========
NET INCOME (LOSS) per unit                      $   4.63       ($     5.89)
                                                ========        ==========
UNITS OUTSTANDING                                118,449           118,449
                                                ========        ==========



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



                                       20
<PAGE>



        GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
                         GEODYNE NPI PARTNERSHIP P-5
                      COMBINED STATEMENTS OF CASH FLOWS
               FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                                 (Unaudited)


                                                  1998             1997
                                                ---------       ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income (loss)                            $582,404       ($  684,854)
   Adjustments to reconcile net income
      (loss) to net cash provided by
      operating activities:
      Depletion of Net Profits
        Interests                                119,624           151,942
      Impairment provision                             -         1,018,068
      Gain on sale of Net Profits
        Interests                              ( 340,014)      (    54,195)
      Decrease in accounts receivable -
        Net Profits                               32,269           127,508
                                                --------        ----------
Net cash provided by operating
   activities                                   $394,283        $  558,469
                                                --------        ----------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Capital expenditures                        ($ 36,915)       $        -
   Proceeds from sale of Net Profits
      Interests                                  363,130            66,494
                                                --------        ----------
Net cash provided by investing
   activities                                   $326,215        $   66,494
                                                --------        ----------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Cash distributions                          ($578,241)      ($  610,849)
                                                --------        ----------
Net cash used by financing activities          ($578,241)      ($  610,849)
                                                --------        ----------

NET INCREASE IN CASH AND CASH
   EQUIVALENTS                                  $142,257        $   14,114

CASH AND CASH EQUIVALENTS AT
   BEGINNING OF PERIOD                           228,750           247,540
                                                --------        ----------
CASH AND CASH EQUIVALENTS AT
   END OF PERIOD                                $371,007        $  261,654
                                                ========        ==========


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


                                       21
<PAGE>



        GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
                         GEODYNE NPI PARTNERSHIP P-6
                           COMBINED BALANCE SHEETS
                                 (Unaudited)

                                    ASSETS


                                              June 30,         December 31,
                                                1998              1997
                                             -----------       ------------

CURRENT ASSETS:
   Cash and cash equivalents                  $  310,808        $  362,957
   Accounts receivable:
      Net Profits                                166,775           291,352
                                              ----------        ----------
        Total current assets                  $  477,583        $  654,309

NET PROFITS INTERESTS, net, utilizing
   the successful efforts method               2,289,654         2,457,809
                                              ----------        ----------
                                              $2,767,237        $3,112,118
                                              ==========        ==========

                         PARTNERS' CAPITAL (DEFICIT)


PARTNERS' CAPITAL (DEFICIT):
   General Partner                           ($  104,861)      ($   96,514)
   Limited Partners, issued and
      outstanding, 143,041 units               2,872,098         3,208,632
                                              ----------        ----------
        Total Partners' capital               $2,767,237        $3,112,118
                                              ----------        ----------
                                              $2,767,237        $3,112,118
                                              ==========        ==========



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


                                       22
<PAGE>



        GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
                         GEODYNE NPI PARTNERSHIP P-6
                      COMBINED STATEMENTS OF OPERATIONS
              FOR THE THREE MONTHS ENDED JUNE 30, 1998 AND 1997
                                 (Unaudited)


                                                  1998             1997
                                                --------         ---------

REVENUES:
   Net Profits                                  $279,345          $407,320
   Interest and other income                       3,418             5,272
   Gain on sale of Net Profits
      Interests                                   68,179            21,938
                                                --------          --------
                                                $350,942          $434,530

COSTS AND EXPENSES:
   Depletion of Net Profits
      Interests                                 $101,519          $173,910
   General and administrative
      (Note 2)                                    39,872            45,041
                                                --------          --------
                                                $141,391          $218,951
                                                --------          --------

NET INCOME                                      $209,551          $215,579
                                                ========          ========
GENERAL PARTNER - NET INCOME                    $ 14,367          $ 17,471
                                                ========          ========
LIMITED PARTNERS - NET INCOME                   $195,184          $198,108
                                                ========          ========
NET INCOME per unit                             $   1.37          $   1.39
                                                ========          ========
UNITS OUTSTANDING                                143,041           143,041
                                                ========          ========



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


                                       23
<PAGE>



        GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
                         GEODYNE NPI PARTNERSHIP P-6
                      COMBINED STATEMENTS OF OPERATIONS
               FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                                 (Unaudited)


                                                  1998             1997
                                                --------        ----------

REVENUES:
   Net Profits                                  $617,373        $  951,960
   Interest and other income                       7,435             8,451
   Gain on sale of Net Profits
      Interests                                  134,525            25,958
                                                --------        ----------
                                                $759,333        $  986,369

COSTS AND EXPENSES:
   Depletion of Net Profits
      Interests                                 $198,462        $  326,518
   Impairment provision                                -           898,584
   General and administrative
      (Note 2)                                    89,258            92,690
                                                --------        ----------
                                                $287,720        $1,317,792
                                                --------        ----------

NET INCOME (LOSS)                               $471,613       ($  331,423)
                                                ========        ==========
GENERAL PARTNER - NET INCOME                    $ 31,147        $   32,010
                                                ========        ==========
LIMITED PARTNERS - NET INCOME (LOSS)            $440,466       ($  363,433)
                                                ========        ==========
NET INCOME (LOSS) per unit                      $   3.08       ($     2.54)
                                                ========        ==========
UNITS OUTSTANDING                                143,041           143,041
                                                ========        ==========



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



                                       24
<PAGE>



        GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
                         GEODYNE NPI PARTNERSHIP P-6
                      COMBINED STATEMENTS OF CASH FLOWS
               FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997
                                 (Unaudited)

                                                  1998             1997
                                                ---------      -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income (loss)                            $471,613       ($  331,423)
   Adjustments to reconcile net income
      (loss) to net cash provided by
      operating activities:
      Depletion of Net Profits
        Interests                                198,462           326,518
      Impairment provision                             -           898,584
      Gain on sale of Net Profits
        Interests                              ( 134,525)      (    25,958)
      Decrease in accounts receivable -
        Net Profits                              124,577           183,504
      Increase in accounts receivable -
        General Partner                                -       (     5,854)
                                                --------        ----------
Net cash provided by operating
   activities                                   $660,127        $1,045,371
                                                --------        ----------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Capital expenditures                        ($ 41,219)      ($    7,789)
   Proceeds from sale of Net Profits
      Interests                                  145,437            31,288
                                                --------        ----------
Net cash provided by investing
   activities                                   $104,218        $   23,499
                                                --------        ----------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Cash distributions                          ($816,494)      ($1,013,831)
                                                --------        ----------
Net cash used by financing activities          ($816,494)      ($1,013,831)
                                                --------        ----------

NET INCREASE (DECREASE) IN CASH AND
   CASH EQUIVALENTS                            ($ 52,149)       $   55,039

CASH AND CASH EQUIVALENTS AT
   BEGINNING OF PERIOD                           362,957           319,699
                                                --------        ----------
CASH AND CASH EQUIVALENTS AT
   END OF PERIOD                                $310,808        $  374,738
                                                ========        ==========

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



                                       25
<PAGE>



       GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIPS
             CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
                                JUNE 30, 1998
                                  (Unaudited)


1.     ACCOUNTING POLICIES
      -------------------

      The combined  balance sheets as of June 30, 1998,  combined  statements of
      operations  for the three and six months ended June 30, 1998 and 1997, and
      combined  statements  of cash flows for the six months ended June 30, 1998
      and 1997 have been  prepared  by  Geodyne  Resources,  Inc.,  the  General
      Partner of the Geodyne  Institutional/Pension Energy Limited Partnerships,
      without  audit.  Each  limited  partnership  is a general  partner  in the
      related Geodyne NPI Partnership (the "NPI  Partnerships") in which Geodyne
      Resources,  Inc. serves as the managing partner. For the purposes of these
      financial  statements,  the  general  partner  and  managing  partner  are
      collectively  referred  to  as  the  "General  Partner"  and  the  limited
      partnerships  and NPI  Partnerships  are  collectively  referred to as the
      "Partnerships".  In the opinion of  management  the  financial  statements
      referred to above include all necessary adjustments,  consisting of normal
      recurring  adjustments,  to present fairly the combined financial position
      at June 30, 1998, the combined results of operations for the three and six
      months ended June 30, 1998 and 1997,  and the combined  cash flows for the
      six months ended June 30, 1998 and 1997.

      Information  and  footnote  disclosures  normally  included  in  financial
      statements  prepared in  accordance  with  generally  accepted  accounting
      principles  have been  condensed  or  omitted.  The  accompanying  interim
      financial  statements should be read in conjunction with the Partnerships'
      Annual Report on Form 10-K filed for the year ended December 31, 1997. The
      results  of  operations  for  the  period  ended  June  30,  1998  are not
      necessarily indicative of the results to be expected for the full year.

      As used in these financial  statements,  the Partnerships' net profits and
      royalty  interests in oil and gas sales are  referred to as "Net  Profits"
      and the  Partnerships'  net profits and royalty  interests  in oil and gas
      properties  are  referred  to as  "Net  Profits  Interests".  The  working
      interests from which  Partnerships'  Net Profits  Interests are carved are
      referred to as "Working Interests".

      The Limited  Partners' net income or loss per unit is based upon each $100
      initial capital contribution.





                                       26
<PAGE>



      NET PROFITS INTERESTS
      ---------------------

      The  Partnerships  follow the successful  efforts method of accounting for
      their Net Profits Interests.  Under the successful efforts method, the NPI
      Partnerships  capitalize all acquisition costs. Property acquisition costs
      include  costs  incurred by the  Partnerships  or the  General  Partner to
      acquire  producing  properties,   including  related  title  insurance  or
      examination costs,  commissions,  engineering,  legal and accounting fees,
      and similar costs directly related to the acquisitions,  plus an allocated
      portion,   of  the  General  Partner's   property   screening  costs.  The
      acquisition cost to the NPI Partnership of Net Profits Interests  acquired
      by the General  Partner is  adjusted  to reflect  the net cash  results of
      operations,  including  interest incurred to finance the acquisition,  for
      the period of time the properties are held by the General Partner prior to
      their transfer to the Partnerships. Impairment of Net Profits Interests is
      recognized based upon an individual property assessment.

      Depletion  of the  costs  of Net  Profits  Interests  is  computed  on the
      unit-of-production  method. The Partnerships'  calculation of depletion of
      its net Profits Interests includes estimated dismantlement and abandonment
      costs, net of estimated salvage value.

      The  Partnerships  do  not  directly  bear  capital  costs.  However,  the
      Partnerships  indirectly bear certain capital costs incurred by the owners
      of the  Working  Interests  to the extent such  capital  costs are charged
      against the applicable oil and gas revenues in calculating the net profits
      payable to the Partnerships.  For financial  reporting purposes only, such
      capital costs are reported as capital  expenditures  in the  Partnerships'
      Statements of Cash Flows.

      Statement of Financial  Accounting Standards ("SFAS") No. 121, "Accounting
      for the  Impairment  of Long Lived  Assets and Assets Held for  Disposal",
      requires successful efforts companies, like the Partnerships,  to evaluate
      the  recoverability  of the  carrying  costs of their  proved  oil and gas
      properties at the lowest level for which there are identifiable cash flows
      that are largely  independent of the cash flows of other groups of oil and
      gas properties.  With respect to the Partnerships' oil and gas properties,
      this evaluation was performed for each field.  SFAS No. 121, provides that
      if the  unamortized  costs of oil and gas properties for each field exceed
      the expected undiscounted future cash flows from such properties, the cost
      of the  properties  is written down to fair value,  which is determined by
      using  the  discounted   future  cash  flows  from  the  properties.   The
      Partnerships  recorded  a non-cash  charge  against  earnings  (impairment
      provision) during the six



                                       27
<PAGE>



      months ended June 30, 1997 pursuant to SFAS No. 121 as follows:

                  Partnership               Amount
                  -----------             -----------
                    P-1                    $  902,042
                    P-2                       727,893
                    P-3                     1,413,917
                    P-4                       752,388
                    P-5                     1,018,068
                    P-6                       898,584

      No such charge was  recorded in the six months  ended June 30,  1998.  The
      risk that the  Partnerships  will be required  to record  such  impairment
      provisions in the future increases when oil and gas prices are depressed.


2.     TRANSACTIONS WITH RELATED PARTIES
      ---------------------------------

            The Partnerships'  partnership  agreements provide for reimbursement
      to the General Partner for all direct general and administrative  expenses
      and  for  the  general  and  administrative  overhead  applicable  to  the
      Partnerships  based on an allocation of actual costs incurred.  During the
      three months ended June 30, 1998 the  following  payments were made to the
      General Partner or its affiliates by the Partnerships:

                                Direct General           Administrative
            Partnership        and Administrative           Overhead
            -----------        -------------------       ---------------
               P-1                   $1,488                  $28,440
               P-2                    1,322                   23,709
               P-3                    2,490                   44,640
               P-4                    1,846                   33,240
               P-5                    1,601                   31,170
               P-6                    2,231                   37,641

      During the six months ended June 30, 1998 the following payments were made
      to the General Partner or its affiliates by the Partnerships:

                                Direct General           Administrative
            Partnership        and Administrative           Overhead
            -----------        -------------------       ---------------
               P-1                  $10,341                  $56,880
               P-2                    8,729                   47,418
               P-3                   16,422                   89,280
               P-4                   12,194                   66,480
               P-5                   11,341                   62,340
               P-6                   13,976                   75,282



                                       28
<PAGE>



      Affiliates  of the  Partnerships  operate  certain  of  the  Partnerships'
      properties and their policy is to bill the  Partnerships for all customary
      charges and cost reimbursements associated with their activities.






                                       29
<PAGE>



ITEM 2.     MANAGEMENT'S  DISCUSSION  AND ANALYSIS OF FINANCIAL  CONDITION AND
            RESULTS OF OPERATIONS


USE OF FORWARD-LOOKING STATEMENTS AND ESTIMATES
-----------------------------------------------

      This Quarterly Report contains  certain  forward-looking  statements.  The
      words "anticipate",  "believe",  "expect",  "plan", "intend",  "estimate",
      "project", "could", "may" and similar expressions are intended to identify
      forward-looking  statements.  Such statements reflect management's current
      views  with  respect  to future  events and  financial  performance.  This
      Quarterly Report also includes certain information,  which is, or is based
      upon,  estimates  and  assumptions.  Such  estimates and  assumptions  are
      management's  efforts to accurately reflect the condition and operation of
      the Partnerships.

      Use of  forward-looking  statements and estimates and assumptions  involve
      risks  and  uncertainties  which  include,  but are not  limited  to,  the
      volatility of oil and gas prices, the uncertainty of reserve  information,
      the operating risk associated  with oil and gas properties  (including the
      risk of personal injury,  death,  property  damage,  damage to the well or
      producing  reservoir,  environmental  contamination,  and other  operating
      risks), the prospect of changing tax and regulatory laws, the availability
      and capacity of  processing  and  transportation  facilities,  the general
      economic climate,  the supply and price of foreign imports of oil and gas,
      the level of consumer  product demand,  and the price and  availability of
      alternative  fuels.  Should  one or more of these  risks or  uncertainties
      occur or should  estimates  or  underlying  assumptions  prove  incorrect,
      actual  conditions or results may vary materially and adversely from those
      stated, anticipated, believed, estimated, and otherwise indicated.


GENERAL
-------

      The  Partnerships  are engaged in the  business of  acquiring  Net Profits
      Interests in producing oil and gas properties  located in the  continental
      United States.  In general,  a Partnership  acquired passive  interests in
      producing  properties and does not directly engage in development drilling
      or  enhanced  recovery  projects.  Therefore,  the  economic  life of each
      limited  partnership,  and its related NPI Partnership,  is limited to the
      period  of  time  required  to  fully  produce  its  acquired  oil and gas
      reserves. A Net Profits Interest entitles the Partnerships to a portion of
      the  oil  and  gas  sales  less  operating  and  production  expenses  and
      development costs generated by the owner of the


                                       30
<PAGE>



      underlying  Working  Interests.  The net  proceeds  from the oil and gas
      operations  are  distributed  to the  Limited  Partners  and the General
      Partner in accordance  with the terms of the  Partnerships'  partnership
      agreements.


LIQUIDITY AND CAPITAL RESOURCES
-------------------------------

      The Partnerships began operations and investors were assigned their rights
      as Limited Partners,  having made capital contributions in the amounts and
      on the dates set forth below:

    Limited
                                     Date of             Partner Capital
              Partnership          Activation             Contributions
              -----------       ------------------       ---------------

                 P-1            October 25, 1988           $10,807,400
                 P-2            February 9, 1989             9,009,400
                 P-3            May 10, 1989                16,963,700
                 P-4            November 21, 1989           12,630,600
                 P-5            February 27, 1990           11,844,900
                 P-6            September 5, 1990           14,304,100

      In general,  the amount of funds  available for  acquisition  of producing
      properties was equal to the capital contributions of the Limited Partners,
      less 15% for sales  commissions and  organization and management fees. All
      of the Partnerships have fully invested their capital contributions.

      Net proceeds from the  Partnerships'  Net Profits Interests less necessary
      operating  capital are distributed to the Limited  Partners on a quarterly
      basis.  Revenues and net proceeds of a Partnership  are largely  dependent
      upon the volumes of oil and gas sold and the prices  received for such oil
      and gas. While the General  Partner cannot predict future pricing  trends,
      it believes the working capital  available as of June 30, 1998 and the net
      revenue generated from future operations will provide  sufficient  working
      capital to meet current and future obligations.




                                       31
<PAGE>




      The  Partnerships'  Statements of Cash Flows for the six months ended June
      30, 1998 include  proceeds from the sale of Net Profits  Interests  during
      the six months ended June 30, 1998.  These  proceeds  received  during the
      first  quarter were  included in  Partnerships'  cash  distributions  paid
      during May 1998, and the proceeds  received during the second quarter will
      be included in the Partnerships'  cash  distributions to be paid in August
      1998. It is possible that the  Partnerships'  repurchase values and future
      cash  distributions  could decline as a result of the disposition of these
      properties.  On the other hand, the General Partner believes there will be
      beneficial operating  efficiencies related to the Partnerships'  remaining
      properties.  This is primarily  due to the fact that the  properties  sold
      generally  bore a higher  ratio  of  operating  expenses  as  compared  to
      reserves than the Partnerships' remaining properties.


RESULTS OF OPERATIONS
---------------------

      GENERAL DISCUSSION

      The following  general  discussion  should be read in conjunction with the
      analysis  of results of  operations  provided  below.  The most  important
      variable  affecting the Partnerships'  revenues is the prices received for
      the sale of oil and  gas.  Predicting  future  prices  is very  difficult.
      Substantially  all of the Partnerships' gas reserves are being sold in the
      "spot market".  Prices on the spot market are subject to wide seasonal and
      regional pricing  fluctuations due to the highly competitive nature of the
      spot market. Such spot market sales are generally short-term in nature and
      are dependent upon the obtaining of  transportation  services  provided by
      pipelines. In addition, crude oil prices are at or near their lowest level
      in the past  decade  due  primarily  to the  global  surplus of crude oil.
      Management is unable to predict whether future oil and gas prices will (i)
      stabilize, (ii) increase, or (iii) decrease.




                                       32
<PAGE>




      P-1 PARTNERSHIP

      THREE  MONTHS  ENDED JUNE 30, 1998 AS COMPARED TO THE THREE  MONTHS  ENDED
      JUNE 30, 1997.

                                                 Three Months Ended June 30,
                                                 ---------------------------
                                                    1998             1997
                                                  --------         --------
      Net Profits                                 $203,439         $317,208
      Barrels produced                               7,997            8,543
      Mcf produced                                  72,268           91,125
      Average price/Bbl                           $  15.89         $  18.23
      Average price/Mcf                           $   1.84         $   2.48

      As shown in the table above,  Net Profits  decreased  $113,769 (35.9%) for
      the three months ended June 30, 1998 as compared to the three months ended
      June 30,  1997.  Of this  decrease,  approximately  $19,000  and  $46,000,
      respectively,  were related to decreases in the average  prices of oil and
      gas sold and approximately $47,000 was related to a decrease in volumes of
      gas sold.  Volumes of oil and gas sold  decreased  546  barrels and 18,857
      Mcf, respectively, for the three months ended June 30, 1998 as compared to
      the three months ended June 30, 1997.  The decrease in volumes of gas sold
      resulted  primarily from (i) the sale of several wells during 1997 and the
      six months ended June 30, 1998,  (ii) normal declines in production due to
      diminished  reserves on several  significant wells during the three months
      ended June 30, 1998, and (iii)  positive  prior period volume  adjustments
      made by a purchaser on two significant wells during the three months ended
      June 30, 1997.  Average oil and gas prices  decreased to $15.89 per barrel
      and $1.84 per Mcf, respectively,  for the three months ended June 30, 1998
      from  $18.23  per barrel  and $2.48 per Mcf,  respectively,  for the three
      months ended June 30, 1997.

      As discussed in Liquidity and Capital Resources above, the P-1 Partnership
      sold certain Net Profits  Interests during the three months ended June 30,
      1998 and  recognized a $392,604  gain on such sales.  Similar sales during
      the three  months  ended June 30,  1997  resulted  in the P-1  Partnership
      recognizing similar gains totaling $127,385.




                                       33
<PAGE>



      Depletion of Net Profits Interests decreased $10,433 (16.2%) for the three
      months  ended June 30, 1998 as compared to the three months ended June 30,
      1997. This decrease resulted primarily from the decrease in volumes of oil
      and gas sold  during the three  months  ended June 30, 1998 as compared to
      the three months ended June 30, 1997. As a percentage of Net Profits, this
      expense  increased  to 26.6% for the three months ended June 30, 1998 from
      20.3% for the three months ended June 30, 1997. This  percentage  increase
      was primarily  due to the  decreases in the average  prices of oil and gas
      sold during the three  months ended June 30, 1998 as compared to the three
      months ended June 30, 1997.

      General and administrative expenses decreased $4,730 (13.6%) for the three
      months  ended June 30, 1998 as compared to the three months ended June 30,
      1997.  This decrease  resulted  primarily from a decrease in  professional
      fees during the three  months ended June 30, 1998 as compared to the three
      months ended June 30, 1997. As a percentage of Net Profits, these expenses
      increased to 14.7% for the three months ended June 30, 1998 from 10.9% for
      the three  months  ended  June 30,  1997.  This  percentage  increase  was
      primarily due to the decrease in Net Profits discussed above.

      SIX MONTHS  ENDED JUNE 30, 1998 AS  COMPARED TO THE SIX MONTHS  ENDED JUNE
      30, 1997.

                                                  Six Months Ended June 30,
                                                  -------------------------
                                                    1998             1997
                                                  --------         --------
      Net Profits                                 $422,567         $597,105
      Barrels produced                              14,957           17,127
      Mcf produced                                 163,254          173,479
      Average price/Bbl                           $  15.08         $  19.58
      Average price/Mcf                           $   1.96         $   2.42

      As shown in the table above,  Net Profits  decreased  $174,538 (29.2%) for
      the six months  ended June 30, 1998 as  compared  to the six months  ended
      June 30,  1997.  Of this  decrease,  approximately  $67,000  and  $75,000,
      respectively,  were related to decreases in the average  prices of oil and
      gas sold and approximately $42,000 and $25,000, respectively, were related
      to the  decreases  in volumes of oil and gas sold.  These  decreases  were
      partially  offset by an increase  of  approximately  $35,000  related to a
      decrease  in  production  expenses  incurred  by  owners  of  the  Working
      Interests.  Volumes of oil and gas sold decreased 2,170 barrels and 10,225
      Mcf,  respectively,  for the six months ended June 30, 1998 as compared to
      the six months  ended June 30,  1997.  The decrease in volumes of oil sold
      resulted  primarily from the (i) sale of several wells during 1997 and the
      six months ended June 30, 1998 and (ii) normal  declines in production due
      to diminished reserves on several significant wells



                                       34
<PAGE>



      during the six months ended June 30, 1998.  The decrease in volumes of gas
      sold resulted  primarily  from the (i) sale of several  significant  wells
      during  1997  and the six  months  ended  June 30,  1998  and (ii)  normal
      declines in production due to diminished  reserves on several wells during
      the six months ended June 30, 1998,  which decreases were partially offset
      by an increase that resulted from negative prior period volume adjustments
      made by a purchaser  on one  significant  well during the six months ended
      June 30, 1997. The decrease in production expenses resulted primarily from
      (i) a decrease in lease operating  expenses  associated with the decreases
      in volumes of oil and gas sold  during the six months  ended June 30, 1998
      as compared  to the six months  ended June 30, 1997 and (ii) a decrease in
      production  taxes  associated  with the decrease in Net Profits  discussed
      above. Average oil and gas prices decreased to $15.08 per barrel and $1.96
      per Mcf, respectively,  for the six months ended June 30, 1998 from $19.58
      per barrel and $2.42 per Mcf, respectively,  for the six months ended June
      30, 1997.

      As discussed in Liquidity and Capital Resources above, the P-1 Partnership
      sold  certain Net Profits  Interests  during the six months ended June 30,
      1998 and  recognized a $475,798  gain on such sales.  Similar sales during
      the six  months  ended  June  30,  1997  resulted  in the P-1  Partnership
      recognizing similar gains totaling $127,385.

      Depletion of Net Profits  Interests  decreased  $11,381 (9.1%) for the six
      months  ended June 30, 1998 as  compared to the six months  ended June 30,
      1997. As a percentage of Net Profits,  this expense increased to 26.9% for
      the six  months  ended June 30,  1998 from 21.0% for the six months  ended
      June 30, 1997. This percentage increase was primarily due to the decreases
      in the average prices of oil and gas sold during the six months ended June
      30, 1998 as compared to the six months ended June 30, 1997.

      The P-1  Partnership  recognized  a non-cash  charge  against  earnings of
      $902,042  during  the six  months  ended June 30,  1997.  Of this  amount,
      $113,945  was  related  to the  decline  in oil  and  gas  prices  used to
      determine  future  cash  flows  from  the P-1  Partnership's  Net  Profits
      Interests  in proved oil and gas  reserves at March 31, 1997 and  $788,097
      was  related to the  writing-off  of Net  Profits  Interests  in  unproved
      properties. The General Partner determined that it was unlikely that these
      unproved  properties  would be developed due to the low oil and gas prices
      received over the prior several years and partnership agreement provisions
      which limit the P-1 Partnership's  level of permissible  indirect drilling
      activity  through  its  affiliated  programs.   No  similar  charges  were
      necessary during the six months ended June 30, 1998.




                                       35
<PAGE>



      General and  administrative  expenses  decreased $2,201 (3.2%) for the six
      months  ended June 30, 1998 as  compared to the six months  ended June 30,
      1997. As a percentage of Net Profits,  these  expenses  increased to 15.9%
      for the six months ended June 30, 1998 from 11.6% for the six months ended
      June 30, 1997. This percentage  increase was primarily due to the decrease
      in Net Profits discussed above.

      Cumulative cash  distributions  to the Limited  Partners  through June 30,
      1998  were  $10,772,558  or  99.68%  of  the  Limited   Partners'  capital
      contributions.

      P-2 PARTNERSHIP

      THREE  MONTHS  ENDED JUNE 30, 1998 AS COMPARED TO THE THREE  MONTHS  ENDED
      JUNE 30, 1997.

                                                  Three Months Ended June 30,
                                                  ---------------------------
                                                    1998             1997
                                                  --------         --------
      Net Profits                                 $153,230         $178,224
      Barrels produced                               5,581            6,061
      Mcf produced                                  59,874           78,104
      Average price/Bbl                           $  15.84         $  18.25
      Average price/Mcf                           $   1.89         $   1.56

      As shown in the table above, Net Profits decreased $24,994 (14.0%) for the
      three  months  ended June 30, 1998 as compared to the three  months  ended
      June 30, 1997. Of this  decrease,  approximately  $13,000 was related to a
      decrease in the  average  price of oil sold and  approximately  $9,000 and
      $28,000, respectively, were related to decreases in volumes of oil and gas
      sold.   These   decreases  were   partially   offset  by  an  increase  of
      approximately  $20,000  related to an increase in the average price of gas
      sold and an increase  of  approximately  $6,000  related to  decreases  in
      production  expenses  incurred  by the  owners of the  Working  Interests.
      Volumes  of oil and  gas  sold  decreased  480  barrels  and  18,230  Mcf,
      respectively,  for the three months ended June 30, 1998 as compared to the
      three  months  ended June 30,  1997.  The  decrease in volumes of gas sold
      resulted  primarily from (i) the sale of several wells during 1997 and the
      six months ended June 30, 1998,  (ii) normal declines in production due to
      diminished  reserves on several  significant wells during the three months
      ended June 30, 1998, and (iii)  positive  prior period volume  adjustments
      made by purchasers on two significant  wells during the three months ended
      June 30, 1997.  Average oil prices  decreased to $15.84 per barrel for the
      three  months  ended  June 30,  1998 from  $18.25 per barrel for the three
      months ended June 30, 1997.  Average gas prices increased to $1.89 per Mcf
      for the three  months ended June 30, 1998 from $1.56 per Mcf for the three
      months ended June 30, 1997.


                                       36
<PAGE>



      As discussed in Liquidity and Capital Resources above, the P-2 Partnership
      sold certain Net Profits  Interests during the three months ended June 30,
      1998 and  recognized a $196,830  gain on such sales.  Similar sales during
      the three  months  ended June 30,  1997  resulted  in the P-2  Partnership
      recognizing similar gains totaling $80,091.

      Depletion of Net Profits Interests decreased $12,291 (22.8%) for the three
      months  ended June 30, 1998 as compared to the three months ended June 30,
      1997.  This decrease  resulted  primarily from the decreases in volumes of
      oil and gas sold during the three  months  ended June 30, 1998 as compared
      to the three months ended June 30, 1997.  As a percentage  of Net Profits,
      this  expense  decreased to 27.2% for the three months ended June 30, 1998
      from 30.3% for the three  months  ended  June 30,  1997.  This  percentage
      decrease was  primarily  due to the  increase in the average  price of gas
      sold during the three  months ended June 30, 1998 as compared to the three
      months ended June 30, 1997.

      General and administrative expenses decreased $3,795 (13.2%) for the three
      months  ended June 30, 1998 as compared to the three months ended June 30,
      1997.  This decrease  resulted  primarily from a decrease in  professional
      fees during the three  months ended June 30, 1998 as compared to the three
      months ended June 30, 1997. As a percentage of Net Profits, these expenses
      remained  relatively constant at 16.3% for the three months ended June 30,
      1998 and 16.2% for the three months ended June 30, 1997.

      SIX MONTHS  ENDED JUNE 30, 1998 AS  COMPARED TO THE SIX MONTHS  ENDED JUNE
      30, 1997.

                                                  Six Months Ended June 30,
                                                  -------------------------
                                                    1998             1997
                                                  --------         --------
      Net Profits                                 $321,188         $469,338
      Barrels produced                              10,522           12,143
      Mcf produced                                 133,377          149,715
      Average price/Bbl                           $  15.04         $  19.59
      Average price/Mcf                           $   1.98         $   2.47

      As shown in the table above,  Net Profits  decreased  $148,150 (31.6%) for
      the six months  ended June 30, 1998 as  compared  to the six months  ended
      June 30,  1997.  Of this  decrease,  approximately  $48,000  and  $65,000,
      respectively,  were related to decreases in the average  prices of oil and
      gas sold and approximately $32,000 and $40,000, respectively, were related
      to  decreases  in  volumes  of oil and gas sold.  These  decreases  in Net
      Profits  were  partially  offset by an increase of  approximately  $37,000
      related to decreases in production  expenses incurred by the owners of the
      Working Interests. Volumes of oil and gas sold decreased 1,621



                                       37
<PAGE>



      barrels and 16,338 Mcf,  respectively,  for the six months  ended June 30,
      1998 as compared to the six months  ended June 30,  1997.  The decrease in
      volumes of oil sold resulted  primarily from (i) the sale of several wells
      during  1997  and the six  months  ended  June 30,  1998  and (ii)  normal
      declines in production due to diminished  reserves on several  significant
      wells during the six months  ended June 30, 1998.  The decrease in volumes
      of gas sold resulted  primarily  from the (i) sale of several wells during
      1997 and the six months  ended June 30, 1998 and (ii)  normal  declines in
      production due to diminished  reserves on several significant wells during
      the six months ended June 30, 1998,  which decreases were partially offset
      by a negative  prior period volume  adjustment  made by a purchaser on one
      significant  well during the six months ended June 30, 1997.  The decrease
      in production  expenses  resulted  primarily  from (i) a decrease in lease
      operating expenses associated with the decreases in volumes of oil and gas
      sold  during the six months  ended June 30,  1998 as  compared  to the six
      months  ended  June 30,  1997  and (ii) a  decrease  in  production  taxes
      associated with the decrease in Net Profits  discussed above.  Average oil
      and gas  prices  decreased  to  $15.04  per  barrel  and  $1.98  per  Mcf,
      respectively,  for the six  months  ended  June 30,  1998 from  $19.59 per
      barrel and $2.47 per Mcf, respectively,  for the six months ended June 30,
      1997.

      As discussed in Liquidity and Capital Resources above, the P-2 Partnership
      sold  certain Net Profits  Interests  during the six months ended June 30,
      1998 and  recognized a $255,015  gain on such sales.  Similar sales during
      the six  months  ended  June  30,  1997  resulted  in the P-2  Partnership
      recognizing similar gains totaling $80,091.

      Depletion of Net Profits  Interests  decreased $17,204 (16.4%) for the six
      months  ended June 30, 1998 as  compared to the six months  ended June 30,
      1997.  This decrease  resulted  primarily from the decreases in volumes of
      oil and gas sold during the six months  ended June 30, 1998 as compared to
      the six months ended June 30, 1997. As a percentage  of Net Profits,  this
      expense  increased  to 27.3% for the six months  ended June 30,  1998 from
      22.4% for the six months ended June 30, 1997. This percentage increase was
      primarily due to the  decreases in the average  prices of oil and gas sold
      during the six months  ended June 30,  1998 as  compared to the six months
      ended June 30, 1997.



                                       38
<PAGE>



      The P-2  Partnership  recognized  a non-cash  charge  against  earnings of
      $727,893  during  the six  months  ended June 30,  1997.  Of this  amount,
      $113,005  was  related  to the  decline  in oil  and  gas  prices  used to
      determine  future  cash  flows  from  the P-2  Partnership's  Net  Profits
      Interests  in proved oil and gas  reserves at March 31, 1997 and  $614,888
      was  related to the  writing-off  of Net  Profits  Interests  in  unproved
      properties. The General Partner determined that it was unlikely that these
      unproved  properties  would be developed due to the low oil and gas prices
      received over the prior several years and partnership agreement provisions
      which limit the P-2 Partnership's  level of permissible  indirect drilling
      activity  through  its  affiliated  programs.   No  similar  charges  were
      necessary during the six months ended June 30, 1998.

      General and  administrative  expenses  decreased $1,572 (2.7%) for the six
      months  ended June 30, 1998 as  compared to the six months  ended June 30,
      1997. As a percentage of Net Profits,  these  expenses  increased to 17.5%
      for the six months ended June 30, 1998 from 12.3% for the six months ended
      June 30, 1997. This percentage  increase was primarily due to the decrease
      in Net Profits discussed above.

      Cumulative cash  distributions  to the Limited  Partners  through June 30,
      1998  were  $8,225,561  or  91.30%  of  the  Limited   Partners'   capital
      contributions.

      P-3 PARTNERSHIP

      THREE  MONTHS  ENDED JUNE 30, 1998 AS COMPARED TO THE THREE  MONTHS  ENDED
      JUNE 30, 1997.

                                                 Three Months Ended June 30,
                                                 ---------------------------
                                                    1998             1997
                                                  --------         --------
      Net Profits                                 $284,321         $338,563
      Barrels produced                              10,316           11,179
      Mcf produced                                 112,015          147,613
      Average price/Bbl                           $  15.84         $  18.25
      Average price/Mcf                           $   1.89         $   1.62

      As shown in the table above, Net Profits decreased $54,242 (16.0%) for the
      three  months  ended June 30, 1998 as compared to the three  months  ended
      June 30, 1997. Of this  decrease,  approximately  $25,000 was related to a
      decrease in the average  price of oil sold and  approximately  $16,000 and
      $57,000, respectively, were related to decreases in volumes of oil and gas
      sold.   These   decreases  were   partially   offset  by  an  increase  of
      approximately  $30,000  related to an increase in the average price of gas
      sold and an increase of  approximately  $14,000  related to  decreases  in
      production expenses incurred by the owners of the Working Interests.



                                       39
<PAGE>



      Volumes  of oil and  gas  sold  decreased  863  barrels  and  35,598  Mcf,
      respectively,  for the three months ended June 30, 1998 as compared to the
      three  months  ended June 30,  1997.  The  decrease in volumes of gas sold
      resulted  primarily from (i) the sale of several wells during 1997 and the
      six months ended June 30, 1998,  (ii) normal declines in production due to
      diminished  reserves on several  significant wells during the three months
      ended June 30, 1998, and (iii)  positive  prior period volume  adjustments
      made by purchasers on two significant  wells during the three months ended
      June 30, 1997.  Average oil prices  decreased to $15.84 per barrel for the
      three  months  ended  June 30,  1998 from  $18.25 per barrel for the three
      months ended June 30, 1997.  Average gas prices increased to $1.89 per Mcf
      for the three  months ended June 30, 1998 from $1.62 per Mcf for the three
      months ended June 30, 1997.

      As discussed in Liquidity and Capital Resources above, the P-3 Partnership
      sold certain Net Profits  Interests during the three months ended June 30,
      1998 and  recognized a $497,106  gain on such sales.  Similar sales during
      the three  months  ended June 30,  1997  resulted  in the P-3  Partnership
      recognizing similar gains totaling $142,486.

      Depletion of Net Profits Interests decreased $22,797 (22.8%) for the three
      months  ended June 30, 1998 as compared to the three months ended June 30,
      1997.  This decrease  resulted  primarily from the decreases in volumes of
      oil and gas sold  during  the  three  months  ended  June 30,  1998.  As a
      percentage of Net Profits,  this expense  decreased to 27.2% for the three
      months  ended June 30, 1998 from 29.6% for the three months ended June 30,
      1997.  This  percentage  decrease was primarily due to the increase in the
      average  price of gas sold during the three  months ended June 30, 1998 as
      compared to the three months ended June 30, 1997.

      General and administrative expenses decreased $7,124 (13.1%) for the three
      months  ended June 30, 1998 as compared to the three months ended June 30,
      1997.  This decrease  resulted  primarily from a decrease in  professional
      fees during the three  months ended June 30, 1998 as compared to the three
      months ended June 30, 1997. As a percentage of Net Profits, these expenses
      remained  relatively constant at 16.6% for the three months ended June 30,
      1998 and 16.0% for the three months ended June 30, 1997.




                                       40
<PAGE>



      SIX MONTHS  ENDED JUNE 30, 1998 AS  COMPARED TO THE SIX MONTHS  ENDED JUNE
      30, 1997.

                                                  Six Months Ended June 30,
                                                  -------------------------
                                                    1998             1997
                                                  --------         --------
      Net Profits                                 $597,661         $876,433
      Barrels produced                              19,459           22,418
      Mcf produced                                 249,200          282,427
      Average price/Bbl                           $  15.04         $  19.60
      Average price/Mcf                           $   1.98         $   2.47

      As shown in the table above,  Net Profits  decreased  $278,772 (31.8%) for
      the six months  ended June 30, 1998 as  compared  to the six months  ended
      June 30,  1997.  Of this  decrease,  approximately  $89,000 and  $122,000,
      respectively,  were related to decreases in the average  prices of oil and
      gas sold and approximately $58,000 and $82,000, respectively, were related
      to  decreases  in  volumes  of oil  and gas  sold.  These  decreases  were
      partially  offset by an  increase  of  approximately  $73,000  related  to
      decreases  in  production  expenses  incurred by the owners of the Working
      Interests.  Volumes of oil and gas sold decreased 2,959 barrels and 33,227
      Mcf,  respectively,  for the six months ended June 30, 1998 as compared to
      the six months  ended June 30,  1997.  The decrease in volumes of oil sold
      resulted  primarily from (i) the sale of several wells during 1997 and the
      six months ended June 30, 1998 and (ii) normal  declines in production due
      to diminished  reserves on several significant wells during the six months
      ended  June 30,  1998.  The  decreases  in  volumes  of gas sold  resulted
      primarily  from  (i) the sale of  several  wells  during  1997 and the six
      months ended June 30, 1998 and (ii) normal  declines in production  due to
      diminished  reserves on several  significant  wells  during the six months
      ended June 30, 1998,  which decreases were partially offset by an increase
      that  resulted from negative  prior period  volume  adjustments  made by a
      purchaser  on one  significant  well during the six months  ended June 30,
      1997. The decrease in production  expenses  resulted  primarily from (i) a
      decrease in lease  operating  expenses  associated  with the  decreases in
      volumes of oil and gas sold  during the six months  ended June 30, 1998 as
      compared  to the six  months  ended June 30,  1997 and (ii) a decrease  in
      production  taxes  associated  with the decrease in Net Profits  discussed
      above. Average oil and gas prices decreased to $15.04 per barrel and $1.98
      per Mcf, respectively,  for the six months ended June 30, 1998 from $19.60
      per barrel and $2.47 per Mcf, respectively,  for the six months ended June
      30, 1997.




                                       41
<PAGE>



      As discussed in Liquidity and Capital Resources above, the P-3 Partnership
      sold  certain Net Profits  Interests  during the six months ended June 30,
      1998 and  recognized a $605,649  gain on such sales.  Similar sales during
      the six  months  ended  June  30,  1997  resulted  in the P-3  Partnership
      recognizing similar gains totaling $142,486.

      Depletion of Net Profits  Interests  decreased $31,720 (16.3%) for the six
      months  ended June 30, 1998 as  compared to the six months  ended June 30,
      1997.  This decrease  resulted  primarily from the decreases in volumes of
      oil and gas sold during the six months  ended June 30, 1998 as compared to
      the six months ended June 30, 1997. As a percentage  of Net Profits,  this
      expense  increased  to 27.2% for the six months  ended June 30,  1998 from
      22.2% for the six months ended June 30, 1997. This percentage increase was
      primarily due to the  decreases in the average  prices of oil and gas sold
      during the six months  ended June 30,  1998 as  compared to the six months
      ended June 30, 1997.

      The P-3  Partnership  recognized  a non-cash  charge  against  earnings of
      $1,413,917  during the six months  ended June 30,  1997.  Of this  amount,
      $220,449  was  related  to the  decline  in oil  and  gas  prices  used to
      determine  future  cash  flows  from  the P-3  Partnership's  Net  Profits
      Interests in proved oil and gas reserves at March 31, 1997 and  $1,193,468
      was  related to the  writing-off  of Net  Profits  Interests  in  unproved
      properties. The General Partner determined that it was unlikely that these
      unproved  properties  would be developed due to the low oil and gas prices
      received over the prior several years and partnership agreement provisions
      which limit the P-3 Partnership's  level of permissible  indirect drilling
      activity  through  its  affiliated  programs.   No  similar  charges  were
      necessary during the six months ended June 30, 1998.

      General and  administrative  expenses  decreased $2,937 (2.7%) for the six
      months  ended June 30, 1998 as  compared to the six months  ended June 30,
      1997. As a percentage of Net Profits,  these  expenses  increased to 17.7%
      for the six months ended June 30, 1998 from 12.4% for the six months ended
      June 30, 1997. This percentage  increase was primarily due to the decrease
      in Net Profits discussed above.

      Cumulative cash  distributions  to the Limited  Partners  through June 30,
      1998  were  $14,839,401  or  87.48%  of  the  Limited   Partners'  capital
      contributions.




                                       42
<PAGE>




      P-4 PARTNERSHIP

      THREE  MONTHS  ENDED JUNE 30, 1998 AS COMPARED TO THE THREE  MONTHS  ENDED
      JUNE 30, 1997.

                                                 Three Months Ended June 30,
                                                 ---------------------------
                                                    1998             1997
                                                  --------         --------
      Net Profits                                 $178,254         $317,362
      Barrels produced                               4,443            5,097
      Mcf produced                                  93,251          136,684
      Average price/Bbl                           $  12.29         $  18.90
      Average price/Mcf                           $   2.25         $   2.36

      As shown in the table above,  Net Profits  decreased  $139,108 (43.8%) for
      the three months ended June 30, 1998 as compared to the three months ended
      June 30, 1997. Of this  decrease,  approximately  $29,000 was related to a
      decrease in the average price of oil sold and  approximately  $102,000 was
      related  to a  decrease  in  volumes  of gas sold,  which  decreases  were
      partially  offset by an increase  of  approximately  $15,000  related to a
      decrease  in  production  expenses  incurred  by the owners of the Working
      Interests.  Volumes of oil and gas sold  decreased  654 barrels and 43,433
      Mcf, respectively, for the three months ended June 30, 1998 as compared to
      the three months ended June 30, 1997.  The decrease in volumes of oil sold
      resulted  primarily  from normal  declines in production due to diminished
      reserves on several  significant  wells during the three months ended June
      30, 1998. The decrease in volumes of gas sold resulted  primarily from (i)
      the sale of  several  wells  during  1997 and the six  months  ended  June
      30,1998 and (ii) normal declines in production due to diminished  reserves
      on several  significant wells during the three months ended June 30, 1998.
      The decrease in production expenses resulted primarily from (i) a decrease
      in lease  operating  expenses  associated with the decreases in volumes of
      oil and gas sold during the three  months  ended June 30, 1998 as compared
      to the three months ended June 30, 1997 and (ii) a decrease in  production
      taxes associated with the decrease in Net Profits  discussed above,  which
      decreases were partially  offset by an increase in ad valorem taxes during
      the three months ended June 30, 1998 as compared to the three months ended
      June 30, 1997.  Average oil and gas prices  decreased to $12.29 per barrel
      and $2.25 per Mcf, respectively,  for the three months ended June 30, 1998
      from  $18.90  per barrel  and $2.36 per Mcf,  respectively,  for the three
      months ended June 30, 1997.



                                       43
<PAGE>




      Depletion of Net Profits Interests decreased $49,636 (44.4%) for the three
      months  ended June 30, 1998 as compared to the three months ended June 30,
      1997. This decrease  resulted  primarily from (i) the decreases in volumes
      of oil and gas sold  during  the  three  months  ended  June  30,  1998 as
      compared to the three months ended June 30, 1997 and (ii) upward revisions
      in the  estimates of remaining  oil and gas reserves at December 31, 1997.
      As a percentage of Net Profits,  this expense remained relatively constant
      at 34.9% for the three  months ended June 30, 1998 and 35.2% for the three
      months ended June 30, 1997.

      General and administrative expenses decreased $5,296 (13.1%) for the three
      months  ended June 30, 1998 as compared to the three months ended June 30,
      1997.  This decrease  resulted  primarily from a decrease in  professional
      fees during the three  months ended June 30, 1998 as compared to the three
      months ended June 30, 1997. As a percentage of Net Profits, these expenses
      increased to 19.7% for the three months ended June 30, 1998 from 12.7% for
      the three  months  ended  June 30,  1997.  This  percentage  increase  was
      primarily due to the decrease in Net Profits discussed above.

      SIX MONTHS  ENDED JUNE 30, 1998 AS  COMPARED TO THE SIX MONTHS  ENDED JUNE
      30, 1997.

                                                  Six Months Ended June 30,
                                                  -------------------------
                                                    1998             1997
                                                  --------         --------
      Net Profits                                 $418,646         $724,735
      Barrels produced                               9,276           10,511
      Mcf produced                                 198,128          279,299
      Average price/Bbl                           $  13.48         $  20.36
      Average price/Mcf                           $   2.23         $   2.55

      As shown in the table above,  Net Profits  decreased  $306,089 (42.2%) for
      the six months  ended June 30, 1998 as  compared  to the six months  ended
      June 30,  1997.  Of this  decrease,  approximately  $64,000  and  $62,000,
      respectively,  were related to decreases in the average  prices of oil and
      gas sold and  approximately  $207,000 was related to a decrease in volumes
      of gas sold,  which  decreases  were  partially  offset by an  increase of
      approximately  $52,000  related  to  a  decrease  in  production  expenses
      incurred  by the owners of the Working  Interests.  Volumes of oil and gas
      sold  decreased  1,235 barrels and 81,171 Mcf,  respectively,  for the six
      months  ended June 30, 1998 as  compared to the six months  ended June 30,
      1997.  The decrease in volumes of oil sold resulted  primarily from normal
      declines in production due to diminished  reserves on several  significant
      wells during the six months  ended June 30, 1998.  The decrease in volumes
      of gas sold resulted primarily from (i) the sale of



                                       44
<PAGE>



      several  wells during 1997 and the six months ended June 30, 1998 and (ii)
      normal  declines  in  production  due to  diminished  reserves  on several
      significant  wells during the six months ended June 30, 1998. The decrease
      in production  expenses  resulted  primarily  from (i) a decrease in lease
      operating expenses associated with the decreases in volumes of oil and gas
      sold  during the six months  ended June 30,  1998 as  compared  to the six
      months  ended  June 30,  1997  and (ii) a  decrease  in  production  taxes
      associated with the decrease in Net Profits  discussed above.  Average oil
      and gas  prices  decreased  to  $13.48  per  barrel  and  $2.23  per  Mcf,
      respectively,  for the six  months  ended  June 30,  1998 from  $20.36 per
      barrel and $2.55 per Mcf, respectively,  for the six months ended June 30,
      1997.

      Depletion of Net Profits  Interests  decreased $97,271 (42.5%) for the six
      months  ended June 30, 1998 as  compared to the six months  ended June 30,
      1997. This decrease  resulted  primarily from (i) the decreases in volumes
      of oil and gas sold during the six months  ended June 30, 1998 as compared
      to the six months  ended June 30,  1997 and (ii) upward  revisions  in the
      estimates  of remaining  oil and gas  reserves at December 31, 1997.  As a
      percentage of Net Profits,  this expense remained  relatively  constant at
      31.4% for the six months  ended June 30, 1998 and 31.6% for the six months
      ended June 30, 1997.

      The P-4  Partnership  recognized  a non-cash  charge  against  earnings of
      $752,388  during  the six  months  ended June 30,  1997.  Of this  amount,
      $84,059 was related to the decline in oil and gas prices used to determine
      future  cash flows from the P-4  Partnership's  Net Profits  Interests  in
      proved oil and gas  reserves at March 31, 1997 and $668,329 was related to
      the  writing-off  of Net Profits  Interests  in unproved  properties.  The
      General  Partner  determined  that it was  unlikely  that  these  unproved
      properties  would be developed due to the low oil and gas prices  received
      over the prior several years and partnership  agreement  provisions  which
      limit  the  P-4  Partnership's  level  of  permissible  indirect  drilling
      activity  through  its  affiliated  programs.   No  similar  charges  were
      necessary during the six months ended June 30, 1998.

      General and administrative  expenses remained  relatively constant for the
      six months ended June 30, 1998 and the six months ended June 30, 1997.  As
      a percentage of Net Profits, these expenses increased to 18.8% for the six
      months  ended June 30,  1998 from 10.9% for the six months  ended June 30,
      1997.  This  percentage  increase was primarily due to the decrease in Net
      Profits discussed above.

      Cumulative cash  distributions  to the Limited  Partners  through June 30,
      1998  were  $11,894,945  or  94.18%  of  the  Limited   Partners'  capital
      contributions.



                                       45
<PAGE>




      P-5 PARTNERSHIP

      THREE  MONTHS  ENDED JUNE 30, 1998 AS COMPARED TO THE THREE  MONTHS  ENDED
      JUNE 30, 1997.

                                                 Three Months Ended June 30,
                                                 ---------------------------
                                                    1998             1997
                                                  --------         --------
      Net Profits                                 $182,110         $161,365
      Barrels produced                               1,605            1,918
      Mcf produced                                 133,220          113,044
      Average price/Bbl                           $  12.26         $  21.83
      Average price/Mcf                           $   1.68         $   1.55

      As shown in the table above, Net Profits increased $20,745 (12.9%) for the
      three  months  ended June 30, 1998 as compared to the three  months  ended
      June 30, 1997. Of this increase,  approximately  $31,000 was related to an
      increase in the volumes of gas sold and approximately  $17,000 was related
      to an increase in the average  price of gas sold.  These  increases in Net
      Profits were  partially  offset by decreases of  approximately  (i) $7,000
      related to a decrease in the volumes of oil sold,  (ii) $15,000 related to
      a decrease in the average price of oil sold,  and (iii) $6,000  related to
      an increase in production  expenses  incurred by the owners of the Working
      Interests.  Volumes of oil sold decreased 313 barrels while volumes of gas
      sold  increased  20,176 Mcf for the three  months  ended June 30,  1998 as
      compared to the three months ended June 30, 1997.  The decrease in volumes
      of oil sold resulted  primarily from the sale of several wells during 1997
      and normal  declines  in  production  due to  diminished  reserves  on two
      significant  wells  during  the three  months  ended  June 30,  1998.  The
      increase in volumes of gas sold  resulted  primarily  from the  successful
      recompletion  of a well to a new zone  during  1998 and a  positive  prior
      period volume  adjustment  made by the purchaser on one  significant  well
      during the three months ended June 30,  1998.  The increase in  production
      expenses  resulted  primarily  from the  increase  in volumes of gas sold.
      Average  oil prices  decreased  to $12.26 per barrel for the three  months
      ended June 30, 1998 from $21.83 per barrel for the three months ended June
      30,  1997.  Average  gas prices  increased  to $1.68 per Mcf for the three
      months  ended June 30, 1998 from $1.55 per Mcf for the three  months ended
      June 30, 1997.




                                       46
<PAGE>




      As discussed in Liquidity and Capital Resources above, the P-5 Partnership
      sold certain Net Profits  Interests during the three months ended June 30,
      1998 and  recognized a $203,390  gain on such sales.  Similar sales during
      the three  months  ended June 30,  1997  resulted  in the P-5  Partnership
      recognizing similar gains totaling $54,195.

      Depletion of Net Profits  Interests  decreased $5,001 (7.5%) for the three
      months  ended June 30, 1998 as compared to the three months ended June 30,
      1997.  This  decrease  resulted  primarily  from upward  revisions  in the
      estimates  of remaining  oil and gas reserves at December 31, 1997,  which
      decrease  was  partially  offset by the  increase  in  volumes of gas sold
      during the three  months  ended  June 30,  1998 as  compared  to the three
      months ended June 30, 1997. As a percentage  of Net Profits,  this expense
      decreased to 33.7% for the three months ended June 30, 1998 from 41.2% for
      the three  months  ended  June 30,  1997.  This  percentage  decrease  was
      primarily  due to the  increase in the  average  price of gas sold and the
      dollar decrease in Depletion of Net Profits Interests discussed above.

      General and administrative expenses decreased $5,125 (13.5%) for the three
      months  ended June 30, 1998 as compared to the three months ended June 30,
      1997.  This decrease was primarily a result of a decrease in  professional
      fees during the three  months ended June 30, 1998 as compared to the three
      months ended June 30, 1997. As a percentage of Net Profits, these expenses
      decreased to 18.0% for the three months ended June 30, 1998 from 23.5% for
      the three  months  ended  June 30,  1997.  This  percentage  decrease  was
      primarily  due  to the  dollar  decrease  in  general  and  administrative
      expenses and the increase in Net Profits discussed above.





                                       47
<PAGE>



      SIX MONTHS  ENDED JUNE 30, 1998 AS  COMPARED TO THE SIX MONTHS  ENDED JUNE
      30, 1997.

                                                  Six Months Ended June 30,
                                                  -------------------------
                                                    1998             1997
                                                  --------         --------
      Net Profits                                 $430,496         $502,680
      Barrels produced                               3,400            4,185
      Mcf produced                                 257,793          259,781
      Average price/Bbl                           $  14.99         $  21.27
      Average price/Mcf                           $   2.00         $   2.14

      As shown in the table above, Net Profits decreased $72,184 (14.4%) for the
      six months  ended June 30, 1998 as  compared to the six months  ended June
      30,  1997.   Of  this   decrease,   approximately   $21,000  and  $36,000,
      respectively,  were related to decreases in the average  prices of oil and
      gas sold and approximately $17,000 was related to a decrease in volumes of
      oil sold. Volumes of oil and gas sold decreased 785 barrels and 1,988 Mcf,
      respectively,  for the six months  ended June 30,  1998 as compared to the
      six  months  ended  June 30,  1997.  The  decrease  in volumes of oil sold
      resulted  primarily  from the sale of several  wells  during  1997 and the
      normal  decline in  production  due to  diminished  oil  reserves on three
      significant  wells during the six months ended June 30, 1998.  Average oil
      and gas  prices  decreased  to  $14.99  per  barrel  and  $2.00  per  Mcf,
      respectively,  for the six  months  ended  June 30,  1998 from  $21.27 per
      barrel and $2.14 per Mcf, respectively,  for the six months ended June 30,
      1997.

      As discussed in Liquidity and Capital Resources above, the P-5 Partnership
      sold  certain Net Profits  Interests  during the six months ended June 30,
      1998 and  recognized a $340,014  gain on such sales.  Similar sales during
      the six  months  ended  June  30,  1997  resulted  in the P-5  Partnership
      recognizing similar gains totaling $54,195.

      Depletion of Net Profits  Interests  decreased $32,318 (21.3%) for the six
      months  ended June 30, 1998 as  compared to the six months  ended June 30,
      1997.  This  decrease  resulted  primarily  from upward  revisions  in the
      estimates  of remaining  oil and gas  reserves at December 31, 1997.  As a
      percentage  of Net Profits,  this  expense  decreased to 27.8% for the six
      months  ended June 30,  1998 from 30.2% for the six months  ended June 30,
      1997. This percentage decrease was primarily due to the dollar decrease in
      Depletion of Net Profits Interests discussed above.




                                       48
<PAGE>



      The P-5  Partnership  recognized  a non-cash  charge  against  earnings of
      $1,018,068  during the six months  ended June 30,  1997.  Of this  amount,
      $122,458  was  related  to the  decline  in oil  and  gas  prices  used to
      determine  future  cash  flows  from  the P-5  Partnership's  Net  Profits
      Interests  in proved oil and gas  reserves at March 31, 1997 and  $895,610
      was  related to the  writing-off  of Net  Profits  Interests  in  unproved
      properties. The General Partner determined that it was unlikely that these
      unproved  properties  would be developed due to the low oil and gas prices
      received over the prior several years and partnership agreement provisions
      which limit the P-5 Partnership's  level of permissible  indirect drilling
      activity  through  its  affiliated  programs.   No  similar  charges  were
      necessary during the six months ended June 30, 1998.

      General and  administrative  expenses  decreased $2,796 (3.7%) for the six
      months  ended June 30, 1998 as  compared to the six months  ended June 30,
      1997. As a percentage of Net Profits,  these  expenses  increased to 17.1%
      for the six months ended June 30, 1998 from 15.2% for the six months ended
      June 30, 1997.

      Cumulative cash  distributions  to the Limited  Partners  through June 30,
      1998  were  $6,896,759  or  58.23%  of  the  Limited   Partners'   capital
      contributions.

      P-6 PARTNERSHIP

      THREE  MONTHS  ENDED JUNE 30, 1998 AS COMPARED TO THE THREE  MONTHS  ENDED
      JUNE 30, 1997.

                                                 Three Months Ended June 30,
                                                 ---------------------------
                                                    1998             1997
                                                  --------         --------
      Net Profits                                 $279,345         $407,320
      Barrels produced                               3,236            4,516
      Mcf produced                                 226,194          270,185
      Average price/Bbl                           $  11.89         $  20.56
      Average price/Mcf                           $   1.78         $   1.80

      As shown in the table above,  Net Profits  decreased  $127,975 (31.4%) for
      the three months ended June 30, 1998 as compared to the three months ended
      June 30,  1997.  Of this  decrease,  approximately  $26,000  and  $79,000,
      respectively, were related to decreases in the volumes of oil and gas sold
      and  approximately  $28,000 was related to a decrease in the average price
      of oil sold.  Volumes  of oil and gas sold  decreased  1,280  barrels  and
      43,991  Mcf,  respectively,  for the three  months  ended June 30, 1998 as
      compared to the three months ended June 30, 1997. The decreases in volumes
      of oil and gas sold resulted  primarily from normal declines in production
      due to diminished reserves on several significant



                                       49
<PAGE>



      wells  during the three  months  ended June 30,  1998.  Average oil prices
      decreased  to $11.89 per barrel for the three  months  ended June 30, 1998
      from $20.56 per barrel for the three months  ended June 30, 1997.  Average
      gas prices  remained  relatively  constant  at $1.78 per Mcf for the three
      months  ended June 30, 1998 and $1.80 per Mcf for the three  months  ended
      June 30, 1997.

      As discussed in Liquidity and Capital Resources above, the P-6 Partnership
      sold certain Net Profits  Interests during the three months ended June 30,
      1998 and recognized a $68,179 gain on such sales. Similar sales during the
      three  months  ended  June  30,  1997  resulted  in  the  P-6  Partnership
      recognizing similar gains totaling $21,938.

      Depletion of Net Profits Interests decreased $72,391 (41.6%) for the three
      months  ended June 30, 1998 as compared to the three months ended June 30,
      1997. This decrease  resulted  primarily from (i) the decreases in volumes
      of oil and gas sold  during  the  three  months  ended  June  30,  1998 as
      compared to the three months ended June 30, 1997 and (ii) upward revisions
      in the  estimates of remaining  oil and gas reserves at December 31, 1997.
      As a percentage  of Net Profits,  this expense  decreased to 36.3% for the
      three  months  ended June 30, 1998 from 42.7% for the three  months  ended
      June 30,  1997.  This  percentage  decrease  was  primarily  due to upward
      revisions in the  estimates of  remaining  oil and gas reserves  discussed
      above.

      General and administrative expenses decreased $5,169 (11.5%) for the three
      months  ended June 30, 1998 as compared to the three months ended June 30,
      1997.  This decrease  resulted  primarily from a decrease in  professional
      fees during the three  months ended June 30, 1998 as compared to the three
      months ended June 30, 1997. As a percentage of Net Profits, these expenses
      increased to 14.3% for the three months ended June 30, 1998 from 11.1% for
      the three  months  ended  June 30,  1997.  This  percentage  increase  was
      primarily due to the decrease in Net Profits discussed above.




                                       50
<PAGE>




      SIX MONTHS  ENDED JUNE 30, 1998 AS  COMPARED TO THE SIX MONTHS  ENDED JUNE
      30, 1997.

                                                  Six Months Ended June 30,
                                                  -------------------------
                                                    1998             1997
                                                  --------         --------
      Net Profits                                 $617,373         $951,960
      Barrels produced                               6,897            8,819
      Mcf produced                                 438,770          505,235
      Average price/Bbl                           $  14.10         $  20.89
      Average price/Mcf                           $   1.92         $   2.30

      As shown in the table above,  Net Profits  decreased  $334,587 (35.1%) for
      the six months  ended June 30, 1998 as  compared  to the six months  ended
      June 30,  1997.  Of this  decrease,  approximately  $47,000 and  $165,000,
      respectively,  were related to decreases in the average  prices of oil and
      gas  sold and  approximately  $40,000  and  $153,000,  respectively,  were
      related to  decreases in volumes of oil and gas sold.  These  decreases in
      Net Profits were partially offset by an increase of approximately  $70,000
      related to decreases in production  expenses incurred by the owners of the
      Working Interests. Volumes of oil and gas sold decreased 1,922 barrels and
      66,465  Mcf,  respectively,  for the six  months  ended  June 30,  1998 as
      compared to the six months ended June 30, 1997.  The  decreases in volumes
      of oil and gas sold resulted  primarily from normal declines in production
      due to  diminished  reserves on several  significant  wells during the six
      months ended June 30, 1998. The decrease in production  expenses  resulted
      primarily from (i) a decrease in lease operating expenses  associated with
      the  decreases  in volumes of oil and gas sold during the six months ended
      June 30, 1998 as compared to the six months ended June 30, 1997 and (ii) a
      decrease in production  taxes  associated with the decrease in Net Profits
      discussed above. Average oil and gas prices decreased to $14.10 per barrel
      and $1.92 per Mcf,  respectively,  for the six months  ended June 30, 1998
      from $20.89 per barrel and $2.30 per Mcf, respectively, for the six months
      ended June 30, 1997.

      As discussed in Liquidity and Capital Resources above, the P-6 Partnership
      sold  certain Net Profits  Interests  during the six months ended June 30,
      1998 and  recognized a $134,525  gain on such sales.  Similar sales during
      the six  months  ended  June  30,  1997  resulted  in the P-6  Partnership
      recognizing similar gains totaling $25,958.




                                       51
<PAGE>




      Depletion of Net Profits Interests  decreased $128,056 (39.2%) for the six
      months  ended June 30, 1998 as  compared to the six months  ended June 30,
      1997. This decrease  resulted  primarily from (i) the decreases in volumes
      of oil and gas sold during the six months  ended June 30, 1998 as compared
      to the six months  ended June 30,  1997 and (ii) upward  revisions  in the
      estimates  of remaining  oil and gas  reserves at December 31, 1997.  As a
      percentage  of Net Profits,  this  expense  decreased to 32.1% for the six
      months  ended June 30,  1998 from 34.3% for the six months  ended June 30,
      1997. This percentage  decrease was primarily due to the upward  revisions
      in estimates of remaining reserves discussed above.

      The P-6  Partnership  recognized  a non-cash  charge  against  earnings of
      $898,584  during  the six  months  ended June 30,  1997.  Of this  amount,
      $444,990  was  related  to the  decline  in oil  and  gas  prices  used to
      determine  future  cash  flows  from  the P-6  Partnership's  Net  Profits
      Interests  in proved oil and gas  reserves at March 31, 1997 and  $453,594
      was  related to the  writing-off  of Net  Profits  Interests  in  unproved
      properties. The General Partner determined that it was unlikely that these
      unproved  properties  would be developed due to the low oil and gas prices
      received over the prior several years and partnership agreement provisions
      which limit the P-6 Partnership's  level of permissible  indirect drilling
      activity  through  its  affiliated  programs.   No  similar  charges  were
      necessary during the six months ended June 30, 1998.

      General and  administrative  expenses  decreased $3,432 (3.7%) for the six
      months  ended June 30, 1998 as  compared to the six months  ended June 30,
      1997. As a percentage of Net Profits,  these  expenses  increased to 14.5%
      for the six months  ended June 30, 1998 from 9.7% for the six months ended
      June 30, 1997. This percentage  increase was primarily due to the decrease
      in Net Profits discussed above.

      Cumulative cash  distributions  to the Limited  Partners  through June 30,
      1998  were  $9,225,248  or  64.49%  of  the  Limited   Partners'   capital
      contributions.





                                       52
<PAGE>



                          PART II. OTHER INFORMATION


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

      (a)    Exhibits

             27.1       Financial  Data Schedule  containing  summary  financial
                        information   extracted   from  the  P-1   Partnership's
                        financial statements as of June 30, 1998 and for the six
                        months ended June 30, 1998, filed herewith.

             27.2       Financial  Data Schedule  containing  summary  financial
                        information   extracted   from  the  P-2   Partnership's
                        financial statements as of June 30, 1998 and for the six
                        months ended June 30, 1998, filed herewith.

             27.3       Financial  Data Schedule  containing  summary  financial
                        information   extracted   from  the  P-3   Partnership's
                        financial statements as of June 30, 1998 and for the six
                        months ended June 30, 1998, filed herewith.

             27.4       Financial  Data Schedule  containing  summary  financial
                        information   extracted   from  the  P-4   Partnership's
                        financial statements as of June 30, 1998 and for the six
                        months ended June 30, 1998, filed herewith.

             27.5       Financial  Data Schedule  containing  summary  financial
                        information   extracted   from  the  P-5   Partnership's
                        financial statements as of June 30, 1998 and for the six
                        months ended June 30, 1998, filed herewith.

             27.6       Financial  Data Schedule  containing  summary  financial
                        information   extracted   from  the  P-6   Partnership's
                        financial statements as of June 30, 1998 and for the six
                        months ended June 30, 1998, filed herewith.

                        All other exhibits are omitted as inapplicable.

      (b) Reports on Form 8-K.

            None.



                                       53
<PAGE>



                                  SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.


                              GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1
                                 LIMITED PARTNERSHIP 
                              GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 
                                 LIMITED PARTNERSHIP  
                              GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME 
                                 LIMITED PARTNERSHIP P-3  
                              GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME 
                                 LIMITED PARTNERSHIP P-4  
                              GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME 
                                 LIMITED PARTNERSHIP P-5  
                              GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME 
                                 LIMITED PARTNERSHIP P-6

                                    (Registrant)

                                    BY:   GEODYNE RESOURCES, INC.

                                          General Partner


Date:  August 13, 1998              By:       /s/Dennis R. Neill
                                       --------------------------------
                                             (Signature)
                                             Dennis R. Neill
                                             President


Date:  August 13, 1998              By:      /s/Patrick M. Hall
                                       --------------------------------
                                            (Signature)
                                            Patrick M. Hall
                                            Principal Accounting Officer



                                       54
<PAGE>



INDEX TO EXHIBITS


NUMBER      DESCRIPTION
------      -----------

27.1        Financial Data Schedule  containing  summary  financial  information
            extracted from the Geodyne  Institutional/Pension  Energy Income P-1
            Limited  Partnership's  financial statements as of June 30, 1998 and
            for the six months ended June 30, 1998, filed herewith.

27.2        Financial Data Schedule  containing  summary  financial  information
            extracted from the Geodyne  Institutional/Pension  Energy Income P-2
            Limited  Partnership's  financial statements as of June 30, 1998 and
            for the six months ended June 30, 1998, filed herewith.

27.3        Financial Data Schedule  containing  summary  financial  information
            extracted  from  the  Geodyne  Institutional/Pension  Energy  Income
            Limited  Partnership P-3's financial  statements as of June 30, 1998
            and for the six months ended June 30, 1998, filed herewith.

27.4        Financial Data Schedule  containing  summary  financial  information
            extracted  from  the  Geodyne  Institutional/Pension  Energy  Income
            Limited  Partnership P-4's financial  statements as of June 30, 1998
            and for the six months ended June 30, 1998, filed herewith.

27.5        Financial Data Schedule  containing  summary  financial  information
            extracted  from  the  Geodyne  Institutional/Pension  Energy  Income
            Limited  Partnership P-5's financial  statements as of June 30, 1998
            and for the six months ended June 30, 1998, filed herewith.

27.6        Financial Data Schedule  containing  summary  financial  information
            extracted  from  the  Geodyne  Institutional/Pension  Energy  Income
            Limited  Partnership P-6's financial  statements as of June 30, 1998
            and for the six months ended June 30, 1998, filed herewith.

            All other exhibits are omitted as inapplicable.



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