<PAGE>

                               FORM 10-K

                  SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C.  20549

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

For the fiscal year ended December 31, 1995

Commission File Number 2-92702-03 (1982-1 Program)
                       2-92702-04 (1982-2 Program)

                    DYCO 1982 OIL AND GAS PROGRAMS
                      (TWO LIMITED PARTNERSHIPS)
        (Exact name of registrant as specified in its charter)
                                   41-1438430 (1982-1 Program)
           Minnesota               41-1438437 (1982-2 Program)
(State or other jurisdiction of         (I.R.S. Employer
incorporation or organization)       Identification Number)

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

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

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

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

     Indicate by check mark  whether the registrant (1) has filed  all
reports required  to be filed by Section 13 or 15(d) of the Securities
Exchange  Act of  1934 during  the preceding  12 months  (or for  such
shorter period that the registrant was required to file such reports),
and (2) has  been subject to  the filing requirements for  the past 90
days.  Yes       X       No
              -----           -----

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

     The  units  of  limited  partnership  are  not  publicly  traded,
therefore, registrant cannot compute the aggregate market value of the
voting units held by non-affiliates of the registrant.
     DOCUMENTS INCORPORATED BY REFERENCE:  None.
<PAGE>
<PAGE>
                               FORM 10-K

                    DYCO 1982 OIL AND GAS PROGRAMS
                 (Two Minnesota limited partnerships)


                           TABLE OF CONTENTS


PART I  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    1
     ITEM 1.   BUSINESS . . . . . . . . . . . . . . . . . . . . .    1
     ITEM 2.   PROPERTIES . . . . . . . . . . . . . . . . . . . .    5
     ITEM 3.   LEGAL PROCEEDINGS  . . . . . . . . . . . . . . . .   11
     ITEM 4.   SUBMISSION  OF  MATTERS  TO   A  VOTE  OF  LIMITED
               PARTNERS . . . . . . . . . . . . . . . . . . . . .   11

PART II . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   11
     ITEM 5.   MARKET  FOR  THE REGISTRANT'S  LIMITED PARTNERSHIP
               UNITS AND RELATED LIMITED PARTNER MATTERS  . . . .   11
     ITEM 6.   SELECTED FINANCIAL DATA  . . . . . . . . . . . . .   13
     ITEM 7.   MANAGEMENT'S DISCUSSION AND ANALYSIS  OF FINANCIAL
               CONDITION AND RESULTS OF OPERATIONS  . . . . . . .   15
     ITEM 8.   FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA  . . .   22
     ITEM 9.   CHANGES  IN AND DISAGREEMENTS  WITH ACCOUNTANTS ON
               ACCOUNTING AND FINANCIAL DISCLOSURE  . . . . . . .   46

PART III  . . . . . . . . . . . . . . . . . . . . . . . . . . . .   46
     ITEM 10.  DIRECTORS   AND   EXECUTIVE   OFFICERS    OF   THE
               REGISTRANT . . . . . . . . . . . . . . . . . . . .   46
     ITEM 11.  EXECUTIVE COMPENSATION . . . . . . . . . . . . . .   48
     ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
               OWNERS AND MANAGEMENT  . . . . . . . . . . . . . .   53
     ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS . .   54

PART IV . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   55
     ITEM 14.  EXHIBITS,   FINANCIAL  STATEMENT   SCHEDULES,  AND
               REPORTS ON FORM 8-K  . . . . . . . . . . . . . . .   55

SIGNATURES  . . . . . . . . . . . . . . . . . . . . . . . . . . .   58


                                 ii
<PAGE>
<PAGE>
                                PART I


ITEM 1.   BUSINESS

     General

     The Dyco  Oil and  Gas Program  1982-1  Limited Partnership  (the
"1982-1  Program")  and  Dyco  Oil  and  Gas  Program  1982-2  Limited
Partnership  (the "1982-2 Program") (collectively, the "Programs") are
Minnesota limited  partnerships engaged in  the production of  oil and
gas.   The 1982-1 Program  and 1982-2 Program  commenced operations on
June  14, 1982  and  March 1,  1983,  respectively, with  the  primary
financial objective of investing their limited partners' subscriptions
in the  drilling of  oil and  gas prospects  and then  distributing to
their  limited partners all available cash flow from the Program's on-
going  production  operations.   Dyco  Petroleum Corporation  ("Dyco")
serves  as  the  General  Partner  of  the  Programs.    See  "Item 2.
Properties"  for  a  description   of  the  Programs'  properties  and
reserves.

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

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

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


                                   1
<PAGE>
<PAGE>
     Dyco's and the Programs'  principal place of business  is located
at  Samson Plaza, Two West  Second Street, Tulsa,  Oklahoma 74103, and
their telephone number is (918) 583-1791 or (800) 535-1791.


     Funding

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


     Principal Products Produced and Services Rendered

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


     Oil, Gas, and Environmental Control Regulations

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

     Regulation  of Sales and Transportation of Oil and Natural Gas --
Sales  of crude oil and condensate are  made by the Programs at market
prices and are not subject to price controls.  The sale of natural gas
may  be  subject  to both  federal  and  state  laws and  regulations,
including,  but not  limited  to, the  Natural Gas  Act  of 1938  (the
"NGA"),  the  Natural  Gas  Policy  Act  of  1978  (the  "NGPA"),  and
regulations  promulgated by  the Federal Energy  Regulatory Commission
(the "FERC")  under  the  NGA, the  NGPA,  and other  statutes.    The
provisions  of  the NGA  and  the  NGPA, as  well  as the  regulations
thereunder, are complex and affect all who produce, resell, transport,
or  purchase natural gas, including  the Programs.  Although virtually
all of the Programs' gas production is not subject to price regulation,


                                   2
<PAGE>
<PAGE>
the  NGA,   NGPA,  and   FERC  regulations   affect  the availability 
of  gas transportation services  and the  ability of  gas consumers  
to  continue to  purchase and  use  gas at  current levels.
Accordingly, such  regulations  may  have a  material  effect  on  the
Programs' operations and projections of  future oil and gas production
and revenues.

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

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


     Significant Customers

     Purchases of gas by Premier Gas Company ("Premier") and purchases
of oil  by National  Cooperative Refinery accounted  for approximately
74.1% and 20.4%,  respectively, of  the 1982-1 Program's  oil and  gas
sales during  the year ended December 31,  1995.  With respect  to the
1982-2  Program, purchases of  gas by  Premier accounted  for approxi-
mately  80.9%  of  its  oil  and  gas  sales  during  the  year  ended
December 31, 1995.  Premier was an affiliate of Dyco until December 6,
1995.    See  "Item 11. Executive  Compensation."    In  the event  of
interruption  of  purchases  by  these significant  customers  or  the
cessation  or   material  change   in   availability  of   open-access
transportation by the  Programs' pipeline  transporters, the  Programs
may encounter  difficulty in  marketing their  gas and in  maintaining
historic sales levels.  Alternative purchasers or transporters may not
be readily available.

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


                                   3
<PAGE>
<PAGE>
     Competition and Marketing

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

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

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

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

                                   4
<PAGE>
<PAGE>
     The Programs' spot gas  prices increased from approximately $1.67
per  Mcf  at  December 31, 1994  to  approximately  $2.00  per Mcf  at
December 31, 1995.  Such prices were on an MMBTU basis and differ from
the prices actually received by the Programs due to transportation and
marketing  costs,  BTU adjustments,  and  regional  price and  quality
differences.  Future prices will likely be different from  (and may be
lower  than) the prices in effect on  December 31, 1995.  In many past
years,  year-end prices  have tended to  be higher, and  in some cases
significantly higher, than the  yearly average price actually received
by the Programs for at least the year following the year-end valuation
date.  Management is unable to predict whether  future gas prices will
(i) stabilize, (ii) increase, or (iii) decrease.    

     Insurance Coverage 

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

ITEM 2.   PROPERTIES

     Well Statistics

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

                          Well Statistics(1)
                        As of December 31, 1995

                                       1982-1     1982-2
                                       Program    Program
                                       -------    -------
       Gross productive wells(2):
         Oil                               2          -
         Gas                              20         22
                                          --         --
           Total                          22         22

       Net productive wells(3):
         Oil                             .79          -
         Gas                            2.31       2.53
                                        ----       ----
           Total                        3.10       2.53

----------

                                   5
<PAGE>
<PAGE>
(1)  The designation of a well as an  oil well or gas well is made  by
     Dyco based on the relative amount of oil and gas reserves for the
     well.   Regardless  of a  well's oil  or gas designation,  it may
     produce oil, gas, or both oil and gas.
(2)  As used throughout this  Annual Report, "Gross Well" refers  to a
     well in which a working  interest is owned.  The number  of gross
     wells is the total number of wells in which a working interest is
     owned.
(3)  As used throughout this  Annual Report, "Net Well" refers  to the
     sum  of  the fractional  working interests  owned in  gross wells
     expressed as whole numbers and fractions thereof.  For example, a
     15% leasehold interest in  a well represents one Gross  Well, but
     0.15 Net Well.


     Drilling Activities  

     The Programs participated in no  drilling activities for the year
ended December 31, 1995.  


     Oil and Gas Production, Revenue, and Price History 

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


                          Net Production Data

                                        Year Ended December 31,
                                     ----------------------------
                                       1995      1994      1993
                                     --------  --------  --------
1982-1 Program:
--------------

  Production:
    Oil (Bbls)(1)                       2,308     2,615     2,493
    Gas (Mcf)(2)                      170,795   168,203   216,923

  Oil and gas sales:
    Oil                              $ 39,156  $ 40,017  $ 42,514
    Gas                               224,175   270,556   399,425
                                      -------   -------   -------
      Total                          $263,331  $310,573  $441,939
                                      =======   =======   =======
  Total direct operating expenses    $134,081  $ 90,531  $115,318
                                      =======   =======   =======


                                   6
<PAGE>
<PAGE>
  Direct operating expenses as a
    percentage of oil and gas
    sales                               50.9%     29.1%     26.1%

  Average sales price:
    Per barrel of oil                  $16.97    $15.30    $17.05
    Per Mcf of gas                       1.31      1.61      1.84

  Direct operating expenses per
    equivalent Mcf of gas(3)           $  .73    $  .49    $  .50

1982-2 Program:
--------------

  Production:
    Oil (Bbls)(1)                         704     1,938       563
    Gas (Mcf)(2)                      437,387   475,083   329,173

  Oil and gas sales:
    Oil                              $  9,554  $ 21,248  $  8,535
    Gas                               573,087   742,072   622,849
                                      -------   -------   -------
      Total                          $582,641  $763,320  $631,384
                                      =======   =======   =======
  Total direct operating expenses    $168,278  $178,821  $187,145
                                      =======   =======   =======
  Direct operating expenses as a
    percentage of oil and gas
    sales                               28.9%     23.4%     29.6%

  Average sales price:
    Per barrel of oil                  $13.57    $10.96    $15.16
    Per Mcf of gas                       1.31      1.56      1.89

  Direct operating expenses per
    equivalent Mcf of gas(3)           $  .38    $  .37    $  .56

----------

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


                                   7
<PAGE>
<PAGE>
     Proved Reserves and Net Present Value

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

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

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

                                   8
<PAGE>
<PAGE>
                          Proved Reserves and
                          Net Present Values
                         From Proved Reserves
                        As of December 31, 1995


        1982-1 Program:
        --------------

          Estimated proved reserves:
            Natural gas (Mcf)                   633,507
            Oil and liquids (Bbls)                9,674

          Net present value
            (discounted at 10% per annum)      $581,851

        1982-2 Program:
        --------------

          Estimated proved reserves:
            Natural gas (Mcf)                   973,504
            Oil and liquids (Bbls)                  707

          Net present value
            (discounted at 10% per annum)      $922,832


     No estimates of the proved reserves of the Programs comparable to
those included herein  have been  included in reports  to any  federal
agency other than  the SEC.   Additional information  relating to  the
Programs'  proved  reserves  is contained  in  Notes  4  and 5 to  the
Programs'  financial statements,  included  in Item 8  of this  Annual
Report. 


     Significant Properties 

                            1982-1 Program
                            --------------

     As   of  December 31,  1995,   the  1982-1  Program's  properties
consisted  of 22 gross (3.10 net) productive wells in which the 1982-1
Program owned  a working interest.   The  1982-1 Program owned  a non-
working  interest in an  additional 9 gross wells.   Affiliates of the
1982-1 Program  operate 11 (35%) of  its total wells.   As of December
31,  1995,  the  1982-1  Program's  net interests  in  its  properties
resulted  in estimated total proved reserves of 633,507 Mcf of natural
gas  and 9,674  barrels  of  oil.   Substantially  all  of the  1982-1
Program's reserves  are  located  in the  Anadarko  Basin  of  western
Oklahoma and the Texas panhandle, which is an established  oil and gas
producing basin.  All  of the 1982-1 Program's properties  are located
onshore in the continental United States.


                                   9
<PAGE>
<PAGE>
     As of December 31, 1995,  the 1982-1 Program's properties  in the
Anadarko Basin  consisted of 21  gross (2.59 net)  wells in which  the
1982-1 Program  own a  working interest.   The 1982-1 Program  owned a
non-working  interest in an additional  8 gross wells.   Affiliates of
the 1982-1 Program operate 10 (34%) of its total wells in the Anadarko
Basin.  As of December 31, 1995, the 1982-1 Program's  net interest in
such  wells resulted  in estimated total  proved reserves  of approxi-
mately 598,225 Mcf of  natural gas and approximately 9,674  barrels of
crude oil, with a present value (discounted at 10% per annum) of esti-
mated future net cash flow of approximately $553,560.


                            1982-2 Program
                            --------------

     As  of   December 31,  1995,  the  1982-2   Program's  properties
consisted of  22 gross (2.53 net) productive wells in which the 1982-2
Program  owned a working  interest.  The  1982-2 Program owned  a non-
working interest  in an additional 6  gross wells.   Affiliates of the
1982-2 Program  operate 10 (36%) of  its total wells.   As of December
31, 1995,  the  1982-2  Program's  net  interests  in  its  properties
resulted  in estimated total proved reserves of 973,504 Mcf of natural
gas and 707 barrels of oil.   All of the 1982-2 Program's reserves are
located in the Anadarko Basin.  


     Title to Oil and Gas Properties

     Management believes that the  Programs have satisfactory title to
their oil  and gas properties.   Record title to  substantially all of
the Programs' properties is held by Dyco as nominee.

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

                                  10
<PAGE>
<PAGE>
ITEM 3.   LEGAL PROCEEDINGS

     On November 12, 1992 Larry and Leona Beck filed a lawsuit against
Dyco and others in which the  plaintiffs alleged damages to their land
as  a result of remediation operations conducted on the Paul King #1-7
well (Beck v. Trigg Drilling Company, Inc., et al., C-92-227, District
Court  of  Beckham  County, Oklahoma).    The  1982-2  Program had  an
approximate 1.6%  working interest in the  Paul King #1-7  well at the
time  the lawsuit  was filed.   The  lawsuit alleged  claims  based on
negligence,   private  nuisance,  public  nuisance,  trespass,  unjust
enrichment, constructive fraud,  and permanent injunctive relief,  all
in amounts to  be determined at trial.   A trial was conducted  in the
matter on  February 22, 1994 in  which the jury  entered a verdict  in
favor of the plaintiffs  in the amount of approximately  $5.5 million,
consisting  of  approximately  $2.75  million in  actual  damages  and
approximately $2.75 million in punitive damages.  The 1982-2 Program's
share of such verdict  is approximately $43,000 in actual  damages and
approximately $8,800 in punitive  damages.  See  Note 4 to the  1982-2
Program's  financial  statements included  in  Item 8  of  this Annual
Report.  Dyco is presently appealing the matter.

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

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

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

                                PART II

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

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

                                  11
<PAGE>
<PAGE>
                            1982-1 PROGRAM
                            --------------

                             Repurchase        Cash
                                Price      Distributions
                             ----------    -------------
       1994:
         First Quarter           $60            $ -
         Second Quarter           56             20
         Third Quarter            56              -
         Fourth Quarter           56              -

       1995:
         First Quarter           $56              -
         Second Quarter           56              -
         Third Quarter            54              -
         Fourth Quarter           54              -

       1996:
         First Quarter           $54            (1)

----------
(1)  To be declared in March 1996.

                            1982-2 PROGRAM
                            --------------

                             Repurchase        Cash
                                Price      Distributions
                             ----------    -------------
       1994:
         First Quarter          $147            $20
         Second Quarter          144             25
         Third Quarter           144              -
         Fourth Quarter          114             30

       1995:
         First Quarter          $114              -
         Second Quarter          114              -
         Third Quarter           129             30
         Fourth Quarter           99              -

       1996:
         First Quarter          $ 99            (1)

----------
(1)  To be declared in March 1996.

     The 1982-1 Program has 10,100 Units outstanding and approximately
3,425 limited partners of record.  The 1982-2 Program  has 8,080 Units
outstanding and approximately 2,682 limited partners of record.


                                  12
<PAGE>
<PAGE>
ITEM 6.   SELECTED FINANCIAL DATA
<TABLE>
<CAPTION>
                                    Selected Financial Data

     The following table presents  selected financial data for the Programs.   This data should
be read in conjunction with the financial statements of  the Programs, and the respective notes
thereto,  included elsewhere  in this  Annual Report.   See  "Item 8. Financial  Statements and
Supplementary Data."  
                                         1982-1 Program
                                         --------------
                                                        December 31,
                                  --------------------------------------------------------
                                     1995       1994      1993       1992         1991
                                  ----------  --------  --------  ----------  ------------
<S>                                <C>        <C>       <C>       <C>          <C>
Summary of Operations:
  Oil and gas sales                $263,331   $310,573  $441,939  $  539,408   $  429,116
  Total revenues                    263,538    314,183   476,838     626,931      480,819

  Lease operating
    expenses                        115,436     73,341    81,958     115,398       96,647
  Production taxes                   18,645     17,190    33,360      42,843       32,535
  General and administrative
    expenses                        104,106     92,108    91,041     100,041       93,185
  Depreciation, depletion,
    and amortization of oil
    and gas properties               40,413     66,472    93,645     101,792      117,523
  Valuation allowance for
    oil and gas properties             -          -         -           -         483,000

  Net income (loss)               (  15,062)    65,072   176,834     266,857  (   342,071)
    per Unit                      (       1)         6        18          26  (        34)
  Cash distributions                   -       202,000   808,000     252,500      202,000
    per Unit                           -            20        80          25           20

Summary Balance Sheet Data:
  Total assets                      351,285    390,358   580,402   1,188,550    1,128,469
  Partners' capital                 289,257    304,319   441,247   1,072,413    1,058,056

</TABLE>

                                               13
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
                                         1982-2 Program
                                         --------------

                                                         December 31,
                                    ------------------------------------------------------
                                      1995      1994      1993       1992         1991
                                    --------  --------  --------  ----------  ------------
<S>                                 <C>       <C>       <C>       <C>          <C>
Summary of Operations:
  Oil and gas sales                 $582,641  $763,320  $631,384  $  802,530   $  673,269
  Total revenues                     590,407   768,862   634,650   1,073,496      682,399

  Lease operating
    expenses                         126,949   123,535   141,268     100,342      130,777
  Production taxes                    41,329    55,286    45,877      56,428       49,451
  General and administrative
    expenses                          83,226    73,694    73,834      81,438       74,746
  Depreciation, depletion,
    and amortization of oil
    and gas properties               107,051   200,824   163,507     173,251      143,160
  Valuation allowance for
    oil and gas properties            14,169      -         -           -       1,196,438
  Interest expense                      -         -         -          1,171       61,188

  Net income (loss)                  217,683   315,523   210,164     660,866  (   973,361)
    per Unit                              27        39        26          82  (       120)
  Cash distributions                 242,400   606,000   444,400     646,400      323,200
    per Unit                              30        75        55          80           40

Summary Balance Sheet Data:
  Total assets                       616,939   666,396   913,469   1,069,317    1,273,979
  Partners' capital                  513,212   537,929   828,406   1,062,642    1,048,176

</TABLE>


                                               14
<PAGE>
<PAGE>
ITEM 7.   MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
          AND RESULTS OF OPERATIONS

     Results of Operations

                                General
                                -------

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


                            1982-1 Program
                            --------------

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

     Total  oil and  gas  sales decreased  15.2%  for the  year  ended
December  31, 1995 as  compared to the  year ended December  31, 1994.
This decrease  was due  to  decreases in  both  the average  price  of
natural  gas sold  and  volumes  of  oil  sold,  partially  offset  by
increases in both volumes of natural gas sold and the average price of
oil sold  during the year ended  December 31, 1995 as  compared to the
year ended  December 31,  1994.   Volumes  of oil  sold decreased  307
barrels, while volumes of natural gas sold increased 2,592 Mcf for the
year ended December  31, 1995 as compared  to the year  ended December
31, 1994.  Average natural  gas prices decreased to $1.31 per  Mcf for
the year ended December 31, 1995 from $1.61 per Mcf for the year ended
December  31, 1994, while average  oil prices increased  to $16.97 per
barrel for the year ended December 31, 1995 from $15.30 per barrel for
the year ended December 31, 1994.  


                                  15
<PAGE>
<PAGE>
     Oil  and  gas  production  expenses  (including  lease  operating
expenses  and production  taxes)  increased 48.1%  for the  year ended
December 31,  1995 as  compared to the  year ended December  31, 1994.
This increase was primarily  due to workover charges on  several wells
during the year ended  December 31, 1995.  As a  percentage of oil and
gas  sales, these  expenses  increased to  50.9%  for the  year  ended
December  31, 1995 from  29.1% for the  year ended December  31, 1994.
This  increase was primarily a result of the workover charges incurred
during the  year ended December 31,  1995 and the decrease  in oil and
gas sales discussed above.

     Depreciation,  depletion,  and  amortization   of  oil  and   gas
properties decreased $26,059 for  the year ended December 31,  1995 as
compared to  the year  ended December  31, 1994.    This decrease  was
primarily  a result  of  an increase  in the  estimate  of the  1982-1
Program's remaining natural gas  reserves at December 31, 1995.   As a
percentage  of oil and gas sales,  this expense decreased to 15.3% for
the  year  ended  December 31,  1995  from 21.4%  for  the  year ended
December 31, 1994.  This percentage decrease was primarily a result of
the dollar  decrease in  depreciation, depletion, and  amortization as
discussed above.  

     General and administrative expenses  increased by $11,998 for the
year ended December 31, 1995 as compared to the year ended December 31
1994.   This increase resulted  from an increase  in both professional
fees  and printing and postage expenses during the year ended December
31, 1995  as compared  to the  year  ended December  31, 1994.   As  a
percentage of oil and gas sales, these expenses increased to 39.5% for
the  year  ended  December 31,  1995  from 29.7%  for  the  year ended
December 31, 1994.  This percentage increase was primarily a result of
the dollar  increase in general and  administrative expenses discussed
above and the decrease in oil and gas sales discussed above.

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

     Total  oil and  gas  sales decreased  29.7%  for the  year  ended
December 31, 1994  as compared  to the year  ended December 31,  1993.
This decrease was primarily  due to a  decrease in volumes of  natural
gas sold  and decreases in the  average prices of oil  and natural gas
sold.  Volumes of  oil sold increased slightly  by 122 barrels,  while
volumes of  natural gas sold decreased  48,720 Mcf for the  year ended
December 31,  1994 as  compared to  the year ended  December 31, 1993.
The decrease  in volumes  of  natural gas  sold was  primarily due  to
volume adjustments made by a third party operator on one well who used
an incorrect  ownership interest  in distributing revenues  after such
well had reached payout.  Average oil and natural gas prices decreased
to $15.30 per barrel and $1.61 per Mcf for the year ended December 31,
1994 from averages of $17.05 per barrel and $1.84 per Mcf for the year
ended December 31, 1993.  


                                  16
<PAGE>
<PAGE>
     Oil  and  gas  production  expenses  (including  lease  operating
expenses  and production  taxes)  decreased 21.5%  for the  year ended
December 31, 1994  as compared  to the year  ended December 31,  1993.
This decrease  was primarily due  to the  decreases in the  volumes of
natural  gas  sold and  decreases  in the  average prices  of  oil and
natural gas sold during  the year ended December 31, 1994  as compared
to  the year ended December 31, 1993.   As a percentage of oil and gas
sales,  these  expenses  increased   to  29.1%  for  the  year   ended
December 31, 1994  compared to 26.1%  for the year  ended December 31,
1993.   This increase was primarily  a result of the  decreases in the
average prices of oil and natural gas sold.  

     Depreciation,   depletion,  and  amortization   of  oil  and  gas
properties decreased $27,173  for the year ended  December 31, 1994 as
compared  to  the year  ended December 31,  1993.   This  decrease was
primarily a result of the decrease in volumes of natural  gas sold and
an increase in the  estimate of remaining natural gas  reserves during
1994.   As a  percentage of oil  and gas sales,  this expense remained
relatively  constant  at 21.4%  for the  year ended  December 31, 1994
compared to 21.2% for the year ended December 31, 1993.  

     General and administrative expenses increased slightly by  $1,067
for the year  ended December 31, 1994  as compared to  the year  ended
December 31,  1993.   As  a percentage  of  oil and  gas  sales, these
expenses  increased to 29.7% for the year ended December 31, 1994 from
20.6%  for the year ended December 31, 1993.  This percentage increase
was primarily a result of  the decreases in the average prices  of oil
and natural gas sold.  


                            1982-2 Program
                             -------------

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

     Total  oil and  gas  sales decreased  23.7%  for the  year  ended
December 31,  1995 as compared  to the year  ended December  31, 1994.
This decrease  was due to a  decrease in the average  price of natural
gas sold  and decreases in  the volumes of  oil and natural  gas sold,
partially  offset by  an increase  in the  average price  of  oil sold
during the year ended December 31, 1995 as compared to  the year ended
December 31, 1994.   Volumes of oil and natural  gas sold decreased by
1,234  barrels  and  37,696  Mcf, respectively,  for  the  year  ended
December 31, 1995  as compared  to the year  ended December 31,  1994.
The decrease in volumes  of oil sold resulted primarily  from positive
prior  period volume adjustments from  a purchaser on  one well during
the  year ended  December 31,  1994 and  negative prior  period volume
adjustments on another well  during the year ended December  31, 1995.
The decrease in volumes of natural gas sold resulted primarily from 


                                  17
<PAGE>
<PAGE>
(i) higher production on one well during 1994 which was recompleted in
early  1994 and  (ii)  positive prior  period volume  adjustments from
purchasers on several wells  during the year ended December  31, 1994,
partially  offset  by  positive  prior period  volume  adjustments  on
several  wells during  the  year ended  December  31, 1995.    Average
natural  gas prices  decreased  to $1.31  per Mcf  for the  year ended
December  31, 1995 from $1.56 per Mcf  for the year ended December 31,
1994, while  the average  price of  oil sold increased  to $13.57  per
barrel for the year ended December 31, 1995 from $10.96 per barrel for
the year ended December 31, 1994.  

     Oil  and  gas  production  expenses  (including  lease  operating
expenses  and  production taxes)  decreased  5.9% for  the  year ended
December 31,  1995 as  compared to the  year ended December  31, 1994.
This decrease  resulted  primarily from  (i)  an accrual  for  certain
litigation  costs during  the year  ended December  31, 1994  and (ii)
workover charges on several  wells during the year ended  December 31,
1994 which were incurred in order to improve the recovery of reserves,
partially  offset by workover charges on several wells during the year
ended December 31, 1995.   As a percentage of oil and gas sales, these
expenses increased to 28.9% for the  year ended December 31, 1995 from
23.4% for the year ended December 31, 1994.   This percentage increase
was primarily a result of the  decrease in oil and gas sales discussed
above. 

     Depreciation,  depletion,  and  amortization   of  oil  and   gas
properties decreased $93,773 for  the year ended December 31,  1995 as
compared  to the  year  ended December  31, 1994.   This  decrease was
primarily a result of both (i) the decrease in the  volumes of oil and
natural gas sold during the  year ended December 31, 1995  as compared
to the year ended December 31, 1994 and (ii) an upward revision in the
estimate of  the 1982-2  Program's remaining  natural gas  reserves at
December 31, 1995.  As a percentage of oil and gas sales, this expense
decreased to 18.4% for the year ended December 31, 1995 from 26.3% for
the  year ended  December  31, 1994.    This percentage  decrease  was
primarily due to  the dollar decrease in  depreciation, depletion, and
amortization discussed above, partially offset by  the decrease in oil
and gas sales discussed above.

     As  a result of a decline in  natural gas prices during the first
part  of 1995, the 1982-2 Program recognized a non-cash charge against
earnings of  $14,169 during  the year  ended December  31, 1995.   The
valuation  allowance for oil and  gas properties at  December 31, 1995
was necessary due to the  unamortized costs of oil and gas  properties
exceeding  the present value of the estimated future net revenues from
the  oil and gas properties.   No similar  charge was necessary during
the year ended December 31, 1994.  

                                  18
<PAGE>
<PAGE>
     General and  administrative expenses increased by  $9,532 for the
year  ended December 31, 1995  as compared to  the year ended December
31,  1994.    This   increase  resulted  from  an  increase   in  both
professional fees and  printing and postage  expenses during the  year
ended December 31,  1995 as compared  to the  year ended December  31,
1994.   As a percentage of oil and gas sales, these expenses increased
to  14.3% for the year ended December  31, 1995 from 9.7% for the year
ended December 31, 1994.  This  increase was primarily a result of the
dollar increase in general and administrative expenses discussed above
and the decrease  in oil and  gas sales during  the year ended  Decem-
ber 31, 1995 as compared to the year ended December 31, 1994. 


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

     Total  oil and  gas  sales increased  20.9%  for the  year  ended
December 31, 1994 as  compared to  the year  ended December 31,  1993.
This increase was  due to increases in the volumes  of oil and natural
gas sold, partially  offset by decreases in the average  prices of oil
and  natural gas sold.  Volumes of  oil and natural gas sold increased
1,375  barrels  and 145,910  Mcf,  respectively,  for the  year  ended
December 31,  1994 as compared  to the  year ended  December 31, 1993.
The  increase in  volumes of  oil sold  was primarily  a result  of an
increase  in production  on one  well which  was recompleted  in early
1994.   The increase  in volumes of  natural gas sold  was primarily a
result  of increased  production from  the recompleted  well discussed
above and positive prior period volume adjustments from  purchasers on
several  wells during the year  ended December 31, 1994.   Average oil
and natural gas prices  decreased to $10.96 per  barrel and $1.56  per
Mcf for the  year ended December 31, 1994 from averages  of $15.16 per
barrel and $1.89 per Mcf for the year ended December 31, 1993.  

     Oil  and  gas  production  expenses  (including  lease  operating
expenses  and production  taxes)  decreased 4.4%  for  the year  ended
December 31, 1994 as  compared to  the year  ended December 31,  1993.
This  decrease resulted primarily from the  accrual of lease operating
expenses in  1993 associated  with revenues received  for overproduced
wells, which amount  was partially  offset by an  accrual for  certain
litigation costs in 1994  and workover charges incurred on  several of
the 1982-2  Program's wells during 1994.   As a percentage  of oil and
gas  sales, these  expenses  decreased to  23.4%  for the  year  ended
December 31,  1994 from  29.6% for  the year ended  December 31, 1993.
This  percentage decrease was primarily  a result of  the increases in
volumes of oil and natural gas sold, partially offset by the decreases
in the  average prices  of oil  and natural gas  sold during  the year
ended December 31,  1994 as  compared to the  year ended  December 31,
1993. 

                                  19
<PAGE>
<PAGE>
     Depreciation,  depletion,   and  amortization  of   oil  and  gas
properties  increased $37,317 for the year  ended December 31, 1994 as
compared  to  the year  ended December 31,  1993.   This  increase was
consistent with the  increase in volumes of oil and  natural gas sold,
which  amount  was  partially offset  by  an  upward  revision in  the
estimate  of  the  1982-2  Program's  remaining  oil and  natural  gas
reserves  during 1994.   As a  percentage of  oil and  gas sales, this
expense  remained relatively  constant  at 26.3%  for  the year  ended
December 31, 1994  compared to 25.9%  for the year  ended December 31,
1993.   This expense  stated  as a  percentage of  oil  and gas  sales
remained  relatively constant  due  to the  offsetting effects  of the
dollar increase as discussed above and the decreases in the  prices of
oil and natural gas sold.

     General and administrative expenses remained  relatively constant
for the year  ended December 31, 1994  as compared  to the year  ended
December 31,  1993.   As  a percentage  of  oil and  gas sales,  these
expenses decreased to 9.7%  for the year ended December 31,  1994 from
11.7%  for  the  year ended  December 31,  1993.    This decrease  was
primarily a result  of the increase in volumes of  oil and natural gas
sold, partially offset  by the decreases in the average  prices of oil
and  natural gas  sold  during the  year  ended December 31,  1994  as
compared to the year ended December 31, 1993.  

     Liquidity and Capital Resources 

     Net proceeds from operations less necessary operating capital are
distributed  to the limited partners on  a quarterly basis.  See "Item
5. Market for  the Registrant's Limited Partnership  Units and Related
Limited  Partner Matters."  The  net proceeds from  production are not
reinvested  in productive assets, except  to the extent that producing
wells  are  improved, or  where methods  are  employed to  permit more
efficient  recovery  of  reserves,  thereby resulting  in  a  positive
economic  impact.   Assuming  production  levels  for the  year  ended
December 31, 1995,  the 1982-1  Program's and 1982-2  Program's proved
reserve  quantities  at  December 31,  1995   would  have  a  life  of
approximately 3.7 and  2.2 years, respectively,  for gas reserves  and
4.2 and 1.0 years, respectively, for oil reserves.

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

                                  20
<PAGE>
<PAGE>
     There can  be no  assurance  as to  the amount  of the  Programs'
future  cash  distributions.    The  Programs'  ability  to make  cash
distributions  depends primarily upon the level of available cash flow
generated  by  the  Programs'  operating  activities,  which  will  be
affected (either positively or negatively)  by many factors beyond the
control of the Programs, including the price of and demand for oil and
natural gas and other market and economic conditions.  Even if  prices
and   costs  remain   stable,  the   amount  of  cash   available  for
distributions will decline over time (as the volume of production from
producing properties  declines) since  the Programs are  not replacing
production through acquisitions of producing properties and drilling. 


     Inflation and Changing Prices

     Prices obtained for oil  and gas production depend upon  numerous
factors,  including the  extent  of domestic  and foreign  production,
foreign imports of oil,  market demand, domestic and  foreign economic
conditions in general, and governmental regulations and tax laws.  The
general level  of inflation  in the  economy did  not have  a material
effect on the operations of the Programs in 1995.  Oil and natural gas
prices  have fluctuated  during recent  years and  generally have  not
followed the same pattern as inflation.  See "Item 2. Properties - Oil
and Gas Production, Revenue, and Price History."


                                   21
<PAGE>
<PAGE>
ITEM 8.   FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA


                   REPORT OF INDEPENDENT ACCOUNTANTS


TO THE PARTNERS

DYCO OIL AND GAS PROGRAM 1982-1 LIMITED PARTNERSHIP

     We have audited the financial statements of the  Dyco Oil and Gas
Program 1982-1 Limited Partnership  (a Minnesota limited  partnership)
as listed in Item 14(a) of this Form 10-K.  These financial statements
are   the   responsibility  of   the   Program's   management.     Our
responsibility is to express an opinion on  these financial statements
based on our audits.

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

     In  our  opinion,  the  financial statements  referred  to  above
present  fairly, in all  material respects, the  financial position of
the  Dyco  Oil   and  Gas  Program   1982-1  Limited  Partnership   at
December 31, 1995 and 1994, and the results of its operations and cash
flows  for each of  the three years  in the  period ended December 31,
1995, in conformity with generally accepted accounting principles.  






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


                                  22
<PAGE>
<PAGE>
                       DYCO OIL AND GAS PROGRAM
                      1982-1 LIMITED PARTNERSHIP
                            Balance Sheets
                      December 31, 1995 and 1994

                                ASSETS
                                ------
                                               1995        1994
                                             --------    --------
CURRENT ASSETS:
  Cash and cash equivalents                  $ 29,087    $ 16,790
  Accrued oil and gas sales, 
    including $33,654 due from
    related parties in 1995                    46,151      14,871
                                              -------     -------
    Total current assets                     $ 75,238    $ 31,661

NET OIL AND GAS PROPERTIES,
  utilizing the full cost method              216,077     256,428

DEFERRED CHARGE                                59,970     102,269
                                              -------     -------

                                             $351,285    $390,358
                                              =======     =======

                   LIABILITIES AND PARTNERS' CAPITAL
                   ---------------------------------

CURRENT LIABILITIES:
  Accounts payable                           $  6,648    $  7,137
                                              -------     -------
    Total current liabilities                $  6,648    $  7,137

ACCRUED LIABILITY                              55,380      78,902

PARTNERS CAPITAL:
  General Partner, issued and 
    outstanding, 100 Units                      2,892       3,043
  Limited Partners, issued and
    outstanding, 10,000 Units                 286,365     301,276
                                              -------     -------
    Total Partners' Capital                  $289,257    $304,319
                                              -------     -------

                                             $351,285    $390,358
                                              =======     =======


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

                                  23
<PAGE>
<PAGE>
                       DYCO OIL AND GAS PROGRAM
                      1982-1 LIMITED PARTNERSHIP
                       Statements of Operations
         For the Years Ended December 31, 1995, 1994, and 1993


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

REVENUES:  
  Oil and gas sales, including
    $195,118, $252,043, and
    $423,709 of sales to related
    parties                         $263,331   $310,573  $441,939
  Interest                               207      3,610     4,258
  Other                                 -          -       30,641
                                     -------    -------   -------

                                    $263,538   $314,183  $476,838

COSTS AND EXPENSES:
  Lease operating                   $115,436   $ 73,341  $ 81,958
  Production taxes                    18,645     17,190    33,360
  Depreciation, depletion and
    amortization of oil and 
    gas properties                    40,413     66,472    93,645
  General and administrative         104,106     92,108    91,041
                                     -------    -------   -------

                                    $278,600   $249,111  $300,004
                                     -------    -------   -------

NET INCOME (LOSS)                  ($ 15,062)  $ 65,072  $176,834
                                     =======    =======   =======

GENERAL PARTNER (1%) - NET
  INCOME (LOSS)                    ($    151)  $    651  $  1,768
                                     =======    =======   =======

LIMITED PARTNERS (99%) - NET
  INCOME (LOSS)                    ($ 14,911)  $ 64,421  $175,066
                                     =======    =======   =======

NET INCOME (LOSS) per Unit         ($      1)  $      6  $     18
                                     =======    =======   =======

UNITS OUTSTANDING                     10,100     10,100    10,100
                                     =======    =======   =======

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

                                  24
<PAGE>
<PAGE>
                       DYCO OIL AND GAS PROGRAM
                      1982-1 LIMITED PARTNERSHIP
                    Statements of Partners' Capital
         For the Years Ended December 31, 1995, 1994, and 1993


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

Balances at Dec. 31, 1992    $10,724    $1,061,689    $1,072,413
  Cash distributions        (  8,080)  (   799,920)  (   808,000)
  Net income                   1,768       175,066       176,834
                              ------     ---------     ---------

Balances at Dec. 31, 1993    $ 4,412    $  436,835    $  441,247
  Cash distributions        (  2,020)  (   199,980)  (   202,000)
  Net income                     651        64,421        65,072
                              ------     ---------     ---------

Balances at Dec. 31, 1994    $ 3,043    $  301,276    $  304,319
  Net income (loss)         (    151)  (    14,911)  (    15,062)
                              ------     ---------     ---------

Balances at Dec. 31, 1995    $ 2,892    $  286,365    $  289,257
                              ======     =========     =========

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

                                  25
<PAGE>
<PAGE>
                       DYCO OIL AND GAS PROGRAM
                      1982-1 LIMITED PARTNERSHIP
                       Statements of Cash Flows
         For the Years Ended December 31, 1995, 1994, and 1993

                                         1995       1994       1993
                                      ---------- ---------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income (loss)                   ($ 15,062)  $ 65,072   $176,834
  Adjustments to reconcile net income
    (loss) to net cash provided by
    operating activities:
    Depreciation, depletion, and 
      amortization of oil and gas 
      properties                         40,413     66,472     93,645
    (Increase) decrease in accrued
      oil and gas sales               (  31,280)    57,721     17,165
    Decrease in related party 
      receivable                           -          -       467,089
    (Increase) decrease in deferred
      charge                             42,299  (  99,973) (   2,296)
    Increase (decrease) in accounts
      payable                         (     489)       790  (      97)
    Increase (decrease) in gas imbalance
      payable                              -     (  74,559)    23,115
    Decrease in gas prepayment             -          -     (  58,249)
    Increase (decrease) in related
      party payable                        -     (  58,249)    58,249
    Increase (decrease) in accrued
      liability                       (  23,522)    78,902       -
                                        -------    -------    -------
  Net cash provided by operating
    activities                         $ 12,359   $ 36,176   $775,455
                                        -------    -------    -------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Additions to oil and gas properties ($     88) ($    767) ($ 32,571)
  Retirements of oil and gas 
    properties                               26     10,290      1,138
                                        -------    -------    -------
  Net cash provided (used) by investing
    activities                        ($     62)  $  9,523  ($ 31,433)
                                        -------    -------    -------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Cash distributions                       -     ($202,000) ($808,000)
                                        -------    -------    -------
  Net cash used by financing
    activities                             -     ($202,000) ($808,000)
                                        -------    -------    -------
NET INCREASE (DECREASE) IN CASH AND
  CASH EQUIVALENTS                     $ 12,297  ($156,301) ($ 63,978)

CASH AND CASH EQUIVALENTS AT BEGINNING
  OF PERIOD                              16,790    173,091    237,069
                                        -------    -------    -------
CASH AND CASH EQUIVALENTS AT END OF
  PERIOD                               $ 29,087   $ 16,790   $173,091
                                        =======    =======    =======


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

                                  26
<PAGE>
<PAGE>
          DYCO OIL AND GAS PROGRAM 1982-1 LIMITED PARTNERSHIP
                     Notes to Financial Statements
         For the Years Ended December 31, 1995, 1994, and 1993


1.   ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     Organization and Nature of Operations

     The  Dyco  Oil and  Gas Program  1982-1 Limited  Partnership (the
     "Program"), a Minnesota limited partnership, commenced operations
     on June 14,  1982.   Dyco Petroleum Corporation  ("Dyco") is  the
     general  partner  of the  Program.    Affiliates  of  Dyco  owned
     3,857.66 (38.2%) of the Program's Units at December 31, 1995.

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


     Cash and Cash Equivalents

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


     Credit Risk

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


                                  27
<PAGE>
<PAGE>
     Oil and Gas Properties 

     Oil  and gas  operations are  accounted for  using the  full cost
     method of  accounting.   All productive and  non-productive costs
     associated with  the acquisition, exploration, and development of
     oil and  gas  reserves are  capitalized.   Capitalized costs  are
     depleted on the  gross revenue method  using estimates of  proved
     reserves.  The full cost amortization rates per equivalent Mcf of
     gas produced during the years  ended December 31, 1995, 1994, and
     1993  were $0.22, $0.36, and  $0.40, respectively.   In the event
     the unamortized  cost of oil  and gas properties  being amortized
     exceeds the full cost  ceiling (as defined by the  Securities and
     Exchange Commission) the excess is charged to expense in the year
     during which such excess occurs.  In addition, the Securities and
     Exchange  Commission   rules  provide  that   if  prices  decline
     subsequent  to year  end,  any  excess  that results  from  these
     declines  may also be charged to expense during the current year.
     Sales  and  abandonments  of  properties  are  accounted  for  as
     adjustments of capitalized costs with no gain or loss recognized,
     unless   such   adjustments   would   significantly   alter   the
     relationship  between capitalized  costs and  proved oil  and gas
     reserves.


     Deferred Charge  

     The  Deferred Charge  at  December 31, 1995  and 1994  represents
     costs  deferred   for  lease   operating  expenses   incurred  in
     connection  with   the  Program's  underproduced   gas  imbalance
     position.    At December 31,  1995,  cumulative  total gas  sales
     volumes for underproduced wells were less than the Program's pro-
     rata  share of total gas  production from these  wells by 123,727
     Mcf, resulting  in prepaid  lease operating expenses  of $59,970.
     At  December 31, 1994,  cumulative  total gas  sales volumes  for
     underproduced wells  were less than the  Program's pro-rata share
     of  total  gas  production   from  these  wells  by  174,640 Mcf,
     resulting in prepaid lease operating expenses of $102,269.

     Accrued Liability  

     Accrued Liability represents charges accrued for  lease operating
     expenses incurred  in connection with the  Program's overproduced
     gas imbalance  position.  At December 31,  1995, cumulative total
     gas sales  volumes for overproduced wells  exceeded the Program's
     pro-rata  share  of total  gas  production  from these  wells  by
     114,257  Mcf, resulting  in accrued  lease operating  expenses of
     $55,380.    At  December 31,  1994, cumulative  total  gas  sales
     volumes  for overproduced wells  exceeded the  Program's pro-rata
     share  of total gas production  from these wells  by 134,738 Mcf,
     resulting in accrued lease operating expenses of $78,902.  


                                  28
<PAGE>
<PAGE>
     Oil and Gas Sales and Gas Imbalance Payable  

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

     Use of Estimates in Financial Statements

     The  preparation  of  financial  statements  in  conformity  with
     generally  accepted accounting principles  requires management to
     make estimates  and assumptions that affect  the reported amounts
     of assets and liabilities and disclosure of contingent assets and
     liabilities at  the  date of  the  financial statements  and  the
     reported amounts  of revenues  and expenses during  the reporting
     period.    Actual  results  could differ  from  those  estimates.
     Further,  accrued oil and gas sales, the deferred charge, the gas
     imbalance  payable,   and  the  accrued  liability   all  involve
     estimates which  could materially differ from  the actual amounts
     ultimately realized  or incurred in the  near term.   Oil and gas
     reserves (see  Note 4)  also involve significant  estimates which
     could  materially  differ  from  the  actual  amounts  ultimately
     realized.

     Income Taxes

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

2.   TRANSACTIONS WITH RELATED PARTIES 

     Under the terms of  the Program's partnership agreement, Dyco  is
     entitled to receive  a reimbursement for all  direct expenses and
     general  and administrative, geological, and engineering expenses
     it incurs  on behalf  of the  Program.   During  the years  ended
     December 31,   1995,  1994,  and   1993,  such  expenses  totaled
     $104,106, $92,108,  and $91,041, respectively, of  which $74,460,
     $74,460, and $73,743, were paid to Dyco and its affiliates.


                                  29
<PAGE>
<PAGE>
     Affiliates  of  the  Program  operate certain  of  the  Program's
     properties.   Their  policy  is  to  bill  the  Program  for  all
     customary charges and  cost reimbursements associated  with these
     activities, together with any compressor  rentals, consulting, or
     other services provided.

     The Program sells  gas at  market prices to  Premier Gas  Company
     ("Premier") and  other similar gas  marketing firms.   Such firms
     may  then  resell such  gas to  third  parties at  market prices.
     Premier was an affiliate  of the Program until December  6, 1995.
     During  1995,  1994,  and  1993, these  sales  totaled  $195,118,
     $252,043,  and  $423,709,  respectively.   At  December 31, 1995,
     accrued  oil and  gas sales  included $33,654  due  from Premier.
     There were  no accrued  oil and  gas sales  due  from Premier  at
     December 31, 1994.


3.   MAJOR CUSTOMERS

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


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

             Premier        74.1%    81.2%    95.9%
             National 
               Cooperative
               Refinery     20.4%      - %      - %


     In the event  of interruption of  purchases by these  significant
     customers or  the cessation or material change in availability of
     open-access    transportation    by   the    Program's   pipeline
     transporters, the  Program may encounter difficulty  in marketing
     its gas  and in maintaining  historic sales levels.   Alternative
     purchasers or transporters may not be readily available.  


4.   SUPPLEMENTAL OIL AND GAS INFORMATION

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

                                  30
<PAGE>
<PAGE>
     Capitalized Costs

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


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

     Proved properties                $52,568,885    $52,568,823

     Unproved properties, not
       subject to depreciation,
       depletion, and amortization           -              -
                                       ----------     ----------

                                      $52,568,885    $52,568,823

     Less accumulated depreciation,
       depletion, amortization, and
       valuation allowance           ( 52,352,808)  ( 52,312,395)
                                       ----------     ----------

     Net oil and gas properties       $   216,077    $   256,428
                                       ==========     ==========


     Costs Incurred

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


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

    Acquisition of properties      $  -     $  -     $  -
    Exploration costs                 -        -        -
    Development costs                   88      767   32,571
                                    ------   ------   ------

    Total costs incurred           $    88  $   767  $32,571
                                    ======   ======   ======

                                  31
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
     Quantities of Proved Oil and Gas Reserves - Unaudited

     Set forth below is a summary of the changes in the net quantities of the Program's  proved
     crude  oil and natural gas reserves for the years ended December 31, 1995, 1994, and 1993.
     Proved reserves were estimated by petroleum engineers employed by affiliates of Dyco.  All
     of the Program's reserves are located in the United States.


                                       1995                 1994                  1993
                              -------------------    -------------------   -------------------
                                 Oil       Gas          Oil       Gas         Oil        Gas
                               (Bbls)     (Mcf)       (Bbls)     (Mcf)      (Bbls)      (Mcf)
                              --------  ---------    --------  ---------   --------   ---------
<S>                           <C>        <C>          <C>       <C>         <C>
Proved reserves,
  beginning of year            9,615     683,841      13,380    667,373     17,177     899,368

Revisions of previous
  estimates                    2,367     120,461     ( 1,150)   187,827    ( 1,304)   ( 15,072)

Sales of reserves               -           -           -      (  3,156)      -           -

Extensions and
  discoveries                   -           -           -          -          -           -

Production                    (2,308)   (170,795)    ( 2,615)  (168,203)   ( 2,493)   (216,923)
                               ------    -------      ------    -------     ------     -------

Proved reserves,
  end of year                  9,674     633,507       9,615    683,841     13,380     667,373
                               ======    =======      ======    =======     ======     =======

Proved developed reserves:
  Beginning of year            9,605     681,669      13,378    666,911     17,175     898,906
                               ------    -------      ------    -------     ------     -------
  End of year                  9,661     630,868       9,605    681,669     13,378     666,911
                               ======    =======      ======    =======     ======     =======

</TABLE>



                                               32
<PAGE>
<PAGE>
     The  process  of  estimating oil  and  gas  reserves is  complex,
     requiring significant  subjective decisions in the  evaluation of
     available geological,  engineering, and  economic  data for  each
     reservoir.    The   data  for  a   given  reservoir  may   change
     substantially  over time  as  a result  of,  among other  things,
     additional   development   activity,   production  history,   and
     viability of  production under varying economic  conditions; con-
     sequently, it  is reasonably possible that  material revisions to
     existing  reserve  estimates  may   occur  in  the  near  future.
     Although every reasonable effort has been made to ensure that the
     reserve  estimates  reported herein  represent the  most accurate
     assessment possible, the significance of the subjective decisions
     required and  variances in available data  for various reservoirs
     make these estimates generally  less precise than other estimates
     presented in connection with financial statement disclosures. 


                                  33
<PAGE>
<PAGE>

                   REPORT OF INDEPENDENT ACCOUNTANTS


TO THE PARTNERS

DYCO OIL AND GAS PROGRAM 1982-2 LIMITED PARTNERSHIP


     We have audited the financial statements of the  Dyco Oil and Gas
Program 1982-2 Limited Partnership  (a Minnesota limited  partnership)
as listed in Item 14(a) of this Form 10-K.  These financial statements
are   the   responsibility  of   the   Program's   management.     Our
responsibility is to express an opinion on  these financial statements
based on our audits.

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

     In  our  opinion,  the  financial statements  referred  to  above
present  fairly, in all  material respects, the  financial position of
the  Dyco  Oil   and  Gas  Program   1982-2  Limited  Partnership   at
December 31, 1995 and 1994, and the results of its operations and cash
flows  for each of  the three years  in the  period ended December 31,
1995, in conformity with generally accepted accounting principles.  





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


                                  34
<PAGE>
<PAGE>
                       DYCO OIL AND GAS PROGRAM
                      1982-2 LIMITED PARTNERSHIP
                            Balance Sheets
                      December 31, 1995 and 1994

                                ASSETS
                                ------
                                               1995        1994
                                             --------    --------
CURRENT ASSETS:
  Cash and cash equivalents                  $160,547    $ 59,881
  Accrued oil and gas sales, including 
    $78,204 and $93,816 due from related
    parties                                    90,919     109,603
                                              -------     -------
    Total current assets                     $251,466    $169,484

NET OIL AND GAS PROPERTIES,
  utilizing the full cost method              340,653     461,002

DEFERRED CHARGE                                24,820      35,910
                                              -------     -------

                                             $616,939    $666,396
                                              =======     =======

                   LIABILITIES AND PARTNERS' CAPITAL
                   ---------------------------------

CURRENT LIABILITIES:
  Accounts payable                           $ 27,055    $ 27,296
  Gas imbalance payable                         8,822      40,855
                                              -------     -------
    Total current liabilities                $ 35,877    $ 68,151

ACCRUED LIABILITY                              67,850      60,316

CONTINGENCY (Note 4)

PARTNERS' CAPITAL:
  General Partner, issued and 
    outstanding, 80 Units                       5,132       5,379
  Limited Partners, issued and
    outstanding, 8,000 Units                  508,080     532,550
                                              -------     -------
    Total Partners' Capital                  $513,212    $537,929
                                              -------     -------
                                             $616,939    $666,396
                                              =======     =======


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

                                  35
<PAGE>
<PAGE>
                       DYCO OIL AND GAS PROGRAM
                      1982-2 LIMITED PARTNERSHIP
                       Statements of Operations
         For the Years Ended December 31, 1995, 1994, and 1993


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

REVENUES:  
  Oil and gas sales, including
    $471,392, $626,073, and
    $622,137 of sales to related
    parties                          $582,641  $763,320  $631,384
  Interest                              7,766     5,542     3,266
                                      -------   -------   -------

                                     $590,407  $768,862  $634,650

COSTS AND EXPENSES:
  Lease operating                    $126,949  $123,535  $141,268
  Production taxes                     41,329    55,286    45,877
  Depreciation, depletion and
    amortization of oil and 
    gas properties                    107,051   200,824   163,507
  Valuation allowance for oil
    and gas properties                 14,169      -         -
  General and administrative           83,226    73,694    73,834
                                      -------   -------   -------

                                     $372,724  $453,339  $424,486
                                      -------   -------   -------
NET INCOME                           $217,683  $315,523  $210,164
                                      =======   =======   =======

GENERAL PARTNER (1%) - NET INCOME    $  2,177  $  3,155  $  2,102
                                      =======   =======   =======

LIMITED PARTNERS (99%) - NET INCOME  $215,506  $312,368  $208,062
                                      =======   =======   =======

NET INCOME per Unit                  $     27  $     39  $     26
                                      =======   =======   =======

UNITS OUTSTANDING                       8,080     8,080     8,080
                                      =======   =======   =======


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

                                  36
<PAGE>
<PAGE>
                       DYCO OIL AND GAS PROGRAM
                      1982-2 LIMITED PARTNERSHIP
                    Statements of Partners' Capital
         For the Years Ended December 31, 1995, 1994, and 1993


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

Balances at Dec. 31, 1992    $10,626    $1,052,016    $1,062,642
  Cash distributions        (  4,444)  (   439,956)  (   444,400)
  Net income                   2,102       208,062       210,164
                              ------     ---------     ---------

Balances at Dec. 31, 1993    $ 8,284    $  820,122    $  828,406
  Cash distributions        (  6,060)  (   599,940)  (   606,000)
  Net income                   3,155       312,368       315,523
                              ------     ---------     ---------

Balances at Dec. 31, 1994    $ 5,379    $  532,550    $  537,929
  Cash distributions        (  2,424)  (   239,976)  (   242,400)
  Net income                   2,177       215,506       217,683
                              ------     ---------     ---------

Balances at Dec. 31, 1995    $ 5,132    $  508,080    $  513,212
                              ======     =========     =========


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

                                  37
<PAGE>
<PAGE>
                       DYCO OIL AND GAS PROGRAM
                      1982-2 LIMITED PARTNERSHIP
                       Statements of Cash Flows
         For the Years Ended December 31, 1995, 1994, and 1993

                                          1995       1994      1993
                                       ---------- --------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                            $217,683   $315,523  $210,164
  Adjustments to reconcile net income
    to net cash provided by
    operating activities:
    Depreciation, depletion, and amorti-
      zation of oil and gas properties   107,051    200,824   163,507
    Valuation allowance for oil and 
      gas properties                      14,169       -         -
    Increase (decrease) in accrued oil
      and gas sales                       18,684  (   5,756)   46,415
    (Increase) decrease in deferred
      charge                              11,090  (  35,910)     -    
    Increase (decrease) in accounts
      payable                          (     241)    18,742     1,879
    Increase (decrease) in gas imbalance
      payable                          (  32,033) (   3,333)   44,188
    Increase in accrued liability          7,534     27,995    32,321
                                         -------    -------   -------
  Net cash provided by operating
    activities                          $343,937   $518,085  $498,474
                                         -------    -------   -------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Additions to oil and gas properties  ($  3,273) ($    712)($ 99,679)
  Retirements of oil and gas 
    properties                             2,402     12,680     1,006
                                         -------    -------   -------
  Net cash provided (used) by investing
    activities                         ($    871)  $ 11,968 ($ 98,673)
                                         -------    -------   -------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Cash distributions                   ($242,400) ($606,000)($444,400)
                                         -------    -------   -------
  Net cash used by financing
    activities                         ($242,400) ($606,000)($444,400)
                                         -------    -------   -------

NET INCREASE (DECREASE) IN CASH
  AND CASH EQUIVALENTS                  $100,666  ($ 75,947)($ 44,599)

CASH AND CASH EQUIVALENTS AT BEGINNING
  OF PERIOD                               59,881    135,828   180,427
                                         -------    -------   -------
CASH AND CASH EQUIVALENTS AT END OF
  PERIOD                                $160,547   $ 59,881  $135,828
                                         =======    =======   =======


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

                                  38
<PAGE>
<PAGE>
          DYCO OIL AND GAS PROGRAM 1982-2 LIMITED PARTNERSHIP
                     Notes to Financial Statements
         For the Years Ended December 31, 1995, 1994, and 1993


1.   ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     Organization and Nature of Operations

     The  Dyco  Oil and  Gas Program  1982-2 Limited  Partnership (the
     "Program   "),  a   Minnesota   limited  partnership,   commenced
     operations on March 1, 1983.  Dyco Petroleum Corporation ("Dyco")
     is  the general partner of the Program.  Affiliates of Dyco owned
     2,848.06 (35.2%) of the Program's Units at December 31, 1995.

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


     Cash and Cash Equivalents

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


     Credit Risk

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


     Oil and Gas Properties 

     Oil  and gas  operations are  accounted for  using the  full cost
     method of  accounting.   All productive and  non-productive costs
     associated with  the acquisition, exploration, and development of
     oil  and gas  reserves are  capitalized.   Capitalized  costs are
     depleted  the  gross revenue  method  using  estimates of  proved
     reserves.  The full cost amortization rates per equivalent Mcf of


                                  39
<PAGE>
     gas  produced during  the years  ended December 31, 1995,  1994,  
     and  1993  were $0.24,  $0.41,  and  $0.49, respectively.  In the 
     event the  unamortized cost of oil and  gas properties  being 
     amortized  exceeds  the full  cost ceiling  (as defined by 
     the Securities and  Exchange Commission) the excess is charged to 
     expense in  the year during which such  excess occurs.  In 
     addition, the Securities and Exchange Commission rules provide
     that  if prices decline subsequent  to year end,  any excess that
     results from these declines may also be charged to expense during
     the current year.   During the year ended December  31, 1995, the
     Program charged to expense a valuation allowance of $14,169 which
     represents the amount of unamortized oil and gas properties which
     exceeded  the full cost ceiling.  No such valuation allowance was
     incurred in 1994 or  1993.  This valuation allowance  should have
     been recognized during the first quarter of 1995 and reflected in
     the  Program's Quarterly Report on Form 10-Q for the three months
     ended March 31, 1995.   Sales and abandonments of  properties are
     accounted for as adjustments of capitalized costs with no gain or
     loss  recognized, unless  such  adjustments  would  significantly
     alter the  relationship between capitalized costs  and proved oil
     and gas reserves.


     Deferred Charge  

     Deferred  Charge represents  costs deferred  for  lease operating
     expenses incurred in connection with the  Program's underproduced
     gas imbalance position.   At December 31, 1995,  cumulative total
     gas  sales volumes  for  underproduced wells  were less  than the
     Program's pro-rata share of total gas production from these wells
     by  99,718 Mcf, resulting in  prepaid lease operating expenses of
     $24,820.    At  December 31,  1994, cumulative  total  gas  sales
     volumes for underproduced wells were less than the Program's pro-
     rata  share of total gas  production from these  wells by 147,779
     Mcf, resulting in prepaid lease operating expenses of $35,910.  


     Accrued Liability  

     The Accrued  Liability at  December 31, 1995 and  1994 represents
     charges   accrued  for  lease   operating  expenses  incurred  in
     connection   with  the   Program's  overproduced   gas  imbalance
     position.    At December 31,  1995,  cumulative  total gas  sales
     volumes for  overproduced wells  exceeded the  Program's pro-rata
     share  of total gas production  from these wells  by 272,600 Mcf,
     resulting in accrued  lease operating  expenses of  $67,850.   At
     December 31,  1994,   cumulative  total  gas  sales  volumes  for
     overproduced wells exceeded the Program's pro-rata share of total
     gas  production from  these  wells by  248,214 Mcf, resulting  in
     future lease operating expenses of $60,316.

                                  40
<PAGE>
<PAGE>
     Oil and Gas Sales and Gas Imbalance Payable  

     The  Program's  oil  and  condensate production  is  sold,  title
     passed, and  revenue recognized  at or  near the Program's  wells
     under  short-term purchase  contracts  at  prevailing  prices  in
     accordance  with  arrangements which  are  customary  in the  oil
     industry.    Sales of  natural  gas applicable  to  the Program's
     interest in producing oil  and gas leases are recorded  as income
     when the gas is metered and title transferred pursuant to the gas
     sales contracts  covering the  Program's interest in  natural gas
     reserves.  During such times as the Program's sales of gas exceed
     its  pro rata  ownership in a  well, such  sales are  recorded as
     income  unless  total sales  from  the  well  have  exceeded  the
     Program's share  of estimated  total gas reserves  underlying the
     property  at which time such  excess is recorded  as a liability.
     At December 31, 1995, total sales exceeded the Program's share of
     estimated total gas reserves  on one well by $8,822  (4,478 Mcf).
     At December 31, 1994, total sales exceeded the Program's share of
     estimated  total  gas reserves  on two  wells by  $40,855 (26,529
     Mcf).  These amounts  were recorded as gas imbalance  payables at
     December 31, 1995 and 1994 in accordance with the sales method.  


     Use of Estimates in Financial Statements

     The  preparation  of  financial  statements  in  conformity  with
     generally  accepted accounting principles  requires management to
     make estimates  and assumptions that affect  the reported amounts
     of assets and liabilities and disclosure of contingent assets and
     liabilities at  the  date of  the  financial statements  and  the
     reported amounts  of revenues  and expenses during  the reporting
     period.    Actual  results  could differ  from  those  estimates.
     Further,  accrued oil and gas sales, the deferred charge, the gas
     imbalance   payable,  and  the   accrued  liability  all  involve
     estimates which  could materially differ from  the actual amounts
     ultimately realized  or incurred  in the  near term.   Contingent
     liabilities from litigation (see Note 4) and oil and gas reserves
     (see  Note  5) also  involve  significant  estimates which  could
     materially differ from the actual amounts ultimately realized.   


     Income Taxes

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

                                  41
<PAGE>
<PAGE>
2.   TRANSACTIONS WITH RELATED PARTIES 

     Under the terms  of the Program's partnership agreement,  Dyco is
     entitled  to receive a reimbursement  for all direct expenses and
     general and administrative,  geological, and engineering expenses
     it  incurs on  behalf  of the  Program.   During the  years ended
     December 31, 1995, 1994, and 1993, such expenses totaled $83,226,
     $73,694, and  $73,834, respectively, of  which $58,440,  $58,440,
     and $57,879, were paid to Dyco and its affiliates.

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

     The Program sells  gas at  market prices to  Premier Gas  Company
     ("Premier") and  other similar gas  marketing firms.   Such firms
     may  then  resell such  gas to  third  parties at  market prices.
     Premier was an affiliate  of the Program until December  6, 1995.
     During  1995,  1994,  and  1993, these  sales  totaled  $471,392,
     $626,073, and  $622,137, respectively.  At  December 31, 1995 and
     1994, accrued  oil and  gas sales  included $78,204  and $93,816,
     respectively, due from Premier.


3.   MAJOR CUSTOMERS

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


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

                  Premier        80.9%    82.0%    98.5%

     In the  event of  interruption of  purchases by this  significant
     customer or the  cessation or material change  in availability of
     open-access    transportation    by   the    Program's   pipeline
     transporters, the  Program may encounter  difficulty in marketing
     its gas  and in maintaining  historic sales levels.   Alternative
     purchasers or transporters may not be readily available.  

                                  42
<PAGE>
<PAGE>
4.   CONTINGENCY

     On November  12, 1992,  two individuals filed  a lawsuit  against
     Dyco  and others in which the plaintiffs alleged damages to their
     land  as a result of  remediation operations conducted  on one of
     the  Program's  wells  on  an adjoining  property.    The lawsuit
     alleged  claims based  on  negligence,  private nuisance,  public
     nuisance,  trespass, unjust  enrichment, constructive  fraud, and
     permanent injunctive relief,  all in amounts to  be determined at
     trial.  A trial was conducted  in the matter on February 22, 1994
     in which the jury entered a verdict in favor of the plaintiffs in
     the  amount   of  approximately   $5.5  million,  consisting   of
     approximately  $2.75 million in  actual damages and approximately
     $2.75 million in punitive damages.  The 1982-2 Program's share of
     such  verdict  is approximately  $43,000  in  actual damages  and
     approximately  $8,800 in  punitive  damages.   Dyco is  presently
     appealing the  matter.  Included in these financial statements as
     of  December 31, 1995  and  1994 is  an  accrual by  the  General
     Partner of $20,000 representing  the Program's share of estimated
     ultimate damages resulting from this lawsuit.  


5.   SUPPLEMENTAL OIL AND GAS INFORMATION

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


                                  43
<PAGE>
<PAGE>
     Capitalized Costs

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


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

     Proved properties                $38,332,779    $38,331,908

     Unproved properties, not 
       subject to depreciation,
       depletion, and amortiza-
       tion                                  -              -
                                       ----------     ----------
                                      $38,332,779    $38,331,908

     Less accumulated depreciation,
       depletion, amortization, and
       valuation allowance           ( 37,992,126)  ( 37,870,906)
                                       ----------     ----------

     Net oil and gas properties       $   340,653    $   461,002
                                       ==========     ==========


     Costs Incurred

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


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

     Acquisition of properties    $  -     $  -     $  -
     Exploration costs               -        -        -
     Development costs              3,273      712   99,679
                                   ------   ------   ------

     Total costs incurred         $ 3,273  $   712  $99,679
                                   ======   ======   ======


                                  44
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
     Quantities of Proved Oil and Gas Reserves - Unaudited

     Set forth below is a summary of the changes in the net quantities of the Program's  proved
     crude  oil and natural gas reserves for the years ended December 31, 1995, 1994, and 1993.
     Proved reserves were estimated by petroleum engineers employed by affiliates of Dyco.  All
     of the Program's reserves are located in the United States.


                                   1995                    1994                    1993
                           --------------------    --------------------    --------------------
                             Oil        Gas          Oil        Gas          Oil        Gas
                           (Bbls)      (Mcf)       (Bbls)      (Mcf)       (Bbls)      (Mcf)
                           -------  -----------    -------  -----------    -------  -----------
<S>                         <C>      <C>            <C>      <C>              <C>    <C>
Proved reserves,
  beginning of year         5,072    1,136,576      4,798    1,270,385        426    1,787,207

Revisions of previous
  estimates                (  240)     274,362      2,212      341,343      4,935   (  187,649)

Sales of reserves          (3,421)  (       47)      -      (       69)      -            -

Extensions and
  discoveries                -            -          -            -          -            -

Production                 (  704)  (  437,387)    (1,938)  (  475,083)    (  563)  (  329,173)
                            -----    ---------      -----    ---------      -----    ---------

Proved reserves,
  end of year                 707      973,504      5,072    1,136,576      4,798    1,270,385
                            =====    =========      =====    =========      =====    =========

Proved developed reserves:
  Beginning of year         5,072    1,101,381      4,798    1,234,984        426    1,783,487
                            -----    ---------      -----    ---------      -----    ---------
  End of year                 699      937,090      5,072    1,101,381      4,798    1,234,984
                            =====    =========      =====    =========      =====    =========

</TABLE>

                                               45
<PAGE>
<PAGE>
     The  process  of  estimating oil  and  gas  reserves is  complex,
     requiring significant  subjective decisions in the  evaluation of
     available geological,  engineering, and  economic  data for  each
     reservoir.    The   data  for  a   given  reservoir  may   change
     substantially  over time  as  a result  of,  among other  things,
     additional   development   activity,   production  history,   and
     viability of  production under varying economic  conditions; con-
     sequently, it  is reasonably possible that  material revisions to
     existing  reserve  estimates  may   occur  in  the  near  future.
     Although every reasonable effort has been made to ensure that the
     reserve  estimates  reported herein  represent the  most accurate
     assessment possible, the significance of the subjective decisions
     required and  variances in available data  for various reservoirs
     make these estimates generally  less precise than other estimates
     presented in connection with financial statement disclosures. 


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

     None.


                               PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

     The Programs are  limited partnerships and  have no directors  or
executive  officers.   The  following  individuals  are directors  and
executive  officers of Dyco, General Partner.  The business address of
such  directors  and executive  officers  is Two  West  Second Street,
Tulsa, Oklahoma  74103.

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

     Dennis R. Neill    43  Senior Vice President and
                              Director

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

     Patrick M. Hall    37  Senior Vice President - 
                              Controller

     Annabel M. Jones   42  Secretary

     Judy F. Hughes     49  Treasurer


                                  46
<PAGE>
<PAGE>
The  directors will  hold  office until  the  next annual  meeting  of
shareholders of Dyco and until their successors have been duly elected
and qualified.   All executive officers serve at the discretion of the
Board of Directors.

     C. Philip Tholen  joined  the Samson  Companies in  1977 and  has
served  as President,  Chief Executive Officer,  and Director  of Dyco
since June 18, 1991.  Prior to joining the Samson Companies, he was an
audit  manager for Arthur Andersen & Co. in Tulsa where he specialized
in oil and natural gas industry audits and contract audits.   He holds
a  Bachelor of  Science degree  in accounting  from the  University of
Tulsa  and is  a  Certified Public  Accountant.   Mr. Tholen  is  also
Executive Vice  President,  Chief Financial  Officer,  Treasurer,  and
Director of Samson  Investment Company; President and  Chairman of the
Board of Directors of Samson  Natural Gas Company, Geodyne  Resources,
Inc. and its subsidiaries, and Samson Resources Company; President  of
two  Divisions  of  Samson  Natural Gas  Company,  Samson  Exploration
Company and Samson Production Services Company; Senior Vice President,
Treasurer,  and   Director  of  Samson  Properties  Incorporated;  and
Director  of   Circle L   Drilling  Company   and  Samson   Industrial
Corporation.

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

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


                                  47
<PAGE>
<PAGE>
     Patrick M. Hall joined the Samson Companies in 1983 and was named
a  Vice President of  Dyco on  June 18,  1991.   Prior to  joining the
Samson Companies he was  a senior accountant with Peat  Marwick Main &
Co. in Tulsa.   He holds  a Bachelor of  Science degree in  accounting
from Oklahoma State  University and is a  Certified Public Accountant.
Mr. Hall is also a Director of Samson Natural Gas  Company and Geodyne
Resources,  Inc.  and  its   subsidiaries;  Senior  Vice  President  -
Controller and Director of  Samson Properties Incorporated; and Senior
Vice President -  Controller of Samson Production  Services Company, a
Division of Samson Natural Gas Company.

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

     Judy F. Hughes  joined the Samson Companies in 1978 and was named
Treasurer  of Dyco  on June  18, 1991.   Prior  to joining  the Samson
Companies,  she  performed treasury  functions  with  Reading &  Bates
Corporation.  She attended the University of Tulsa and  also serves as
Treasurer  of Samson Natural Gas Company,  Geodyne Resources, Inc. and
its  subsidiaries,   and  Samson  Securities  Company   and  Assistant
Treasurer   of  Samson   Investment  Company  and   Samson  Industrial
Corporation.


ITEM 11.  EXECUTIVE COMPENSATION

     The  Programs are  limited partnerships  and, therefore,  have no
officers or  directors.  The  following table  summarizes the  amounts
paid  by the Programs as  compensation and reimbursements  to Dyco and
its affiliates for the three years ended December 31, 1995:


                                  48
<PAGE>
<PAGE>
         Compensation/Reimbursement to Dyco and its affiliates
                  Three Years Ended December 31, 1995



Type of Compensation/Reimbursement(1)            Expense
-------------------------------------   -------------------------
                                         1995     1994     1993
                                        -------  -------  -------
1982-1 Program
--------------

  Compensation:
    Operations                          $   (2)  $   (2)  $   (2)
    Gas Marketing                       $   (3)  $   (3)  $   (3)

  Reimbursements:
    General and Administrative, 
      Geological, and Engineering
      Expenses and Direct Expenses(4)   $74,460  $74,460  $73,743

1982-2 Program
--------------

  Compensation:
    Operations                          $   (2)  $   (2)  $   (2)
    Gas Marketing                       $   (3)  $   (3)  $   (3)

  Reimbursements:
    General and Administrative,
      Geological, and Engineering
      Expenses and Direct Expenses(4)   $58,440  $58,440  $57,879

----------

(1)  The authority for  all of such compensation  and reimbursement is
     the limited partnership agreements of the Programs.  With respect
     to  the  Operations activities  noted  in  the table,  management
     believes that such  compensation is  equal to or  less than  that
     charged by unaffiliated  persons in the same geographic areas and
     under the same conditions.
(2)  Affiliates  of the Programs  serve as  operator of  a significant
     portion  of the  Programs'  wells.    Dyco, as  General  Partner,
     contracts with  such affiliates for  services as operator  of the
     wells.   As operator,  such affiliates  are compensated  at rates
     provided in the operating agreements in effect and charged to all
     parties to such  agreement.   The dollar amount  of such  compen-
     sation paid by the  Programs to such affiliates is  impossible to
     quantify as of the date of this Annual Report. 

                                  49
<PAGE>
<PAGE>
(3)  Premier, an affiliate  of the  Programs until  December 6,  1995,
     purchased a portion  of the  Programs' gas at  market prices  and
     resold  such gas at market prices directly to end-users and local
     distribution companies.   For the years  ended December 31, 1995,
     1994, and 1993,  the 1982-1 Program sold  $195,118, $252,043, and
     $423,709, respectively, of gas  to Premier.  For the  years ended
     December 31,  1995,  1994,  and  1993, the  1982-2  Program  sold
     $471,392,  $626,073,  and  $622,137,  respectively,  of  gas   to
     Premier.  
(4)  The Programs reimburse Dyco and its affiliates for reasonable and
     necessary general and administrative, geological, and engineering
     expenses and  direct expenses  incurred in connection  with their
     management  and  operation  of  the  Programs.    The  directors,
     officers, and  employees of  Dyco and  its affiliates  receive no
     direct remuneration from the Programs  for their services to  the
     Programs.  See "Salary Reimbursement Table" below.  The allocable
     general and administrative,  geological, and engineering expenses
     are  apportioned  on a  reasonable  basis  between the  Programs'
     business and all other oil and natural gas activities of Dyco and
     its affiliates,  including  Dyco's management  and  operation  of
     affiliated oil and  gas limited partnerships.  The  allocation to
     the Programs of these costs is made by Dyco as General Partner.


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


                                  50
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
                                         1982-1 Program
                                         --------------

                                      Salary Reimbursement

                              Three Years Ended December 31, 1995

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

All Executive
Officers, 
Directors,
and Employees
as a group<F2>    1993   $39,084     -       -         -            -          -         -
                  1994   $40,581     -       -         -            -          -         -
                  1995   $40,655     -       -         -            -          -         -

----------
<FN>
<F1> The general  and administrative expenses  paid by the  1982-1 Program and  attributable to
     salary reimbursements  do not include any salary or other compensation attributable to Mr.
     Tholen.
<F2> No officer or director of Dyco or its affiliates provides full-time services to the 1982-1
     Program and no  individual's salary  or other compensation  reimbursement from the  1982-1
     Program equals or exceeds $100,000 per annum.

</TABLE>

                                               51
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
                                         1982-2 Program
                                         --------------

                                      Salary Reimbursement
                              Three Years Ended December 31, 1995


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

All Executive
Officers, 
Directors,
and Employees
as a group<F2>    1993   $30,676     -       -         -            -          -         -
                  1994   $31,850     -       -         -            -          -         -
                  1995   $31,908     -       -         -            -          -         -


----------
<FN>
<F1> The  general and administrative  expenses paid by  the 1982-2 Program  and attributable to
     salary reimbursements do not include any salary or other  compensation attributable to Mr.
     Tholen.
<F2> No officer or director of Dyco or its affiliates provides full-time services to the 1982-2
     Program and  no individual's salary  or other  compensation reimbursement from  the 1982-2
     Program equals or exceeds $100,000 per annum.  

</TABLE>

                                               52
<PAGE>
<PAGE>
     In  addition  to  the  compensation/reimbursements  noted  above,
during the three years  ended December 31, 1995, the  Samson Companies
were in the  business of  supplying field and  drilling equipment  and
services to affiliated and unaffiliated parties in the industry.  Such
companies  may have provided equipment and services for wells in which
the  Programs have  an interest.   These  equipment and  services were
provided at  prices or  rates equal  to  or less  than those  normally
charged  in the  same or  comparable geographic  area by  unaffiliated
persons or companies dealing at arm's  length.  The operators of these
wells bill the  Programs for a  portion of such  costs based upon  the
Programs' interest in the well.


ITEM 12.  SECURITY   OWNERSHIP  OF   CERTAIN  BENEFICIAL   OWNERS  AND
          MANAGEMENT

     The  following table  provides information  as to  the beneficial
ownership  of  the Programs'  Units as  of  December 31, 1995  by each
beneficial owner of more than 5%  of the issued and outstanding  Units
and by the  directors, officers, and affiliates of Dyco.   The address
of  each  of such  persons is  Samson Plaza,  Two West  Second Street,
Tulsa, Oklahoma 74103.    
                                            Number of Units
                                             Beneficially
                                            Owned (Percent
             Beneficial Owner               of Outstanding)
     ---------------------------------     -----------------

     1982-1 Program:
     --------------

       Samson Properties Incorporated      3,857.66  (38.2%)

       All directors, officers, and 
         affiliates of Dyco as a group
         and Dyco (8 persons)              3,857.66  (38.2%)

     1982-2 Program:
     --------------

       Samson Properties Incorporated      2,848.06  (35.2%)

       All directors, officers, and
         affiliates of Dyco as a group
         and Dyco (8 persons)              2,848.06  (35.2%)


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


                                  53
<PAGE>
<PAGE>
ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

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

     In  order  to attempt  to  assure limited  liability  for limited
partners as well as  an orderly conduct of business, management of the
Programs is exercised solely  by Dyco.  The partnership  agreements of
the Programs grant  Dyco broad discretionary authority with respect to
the Programs' participation in  drilling prospects and expenditure and
control of funds, including borrowings.  These  provisions are similar
to  those contained  in  prospectuses and  partnership agreements  for
other public oil and gas partnerships.  Broad discretion as to general
management  of  the Programs  involves  circumstances  where Dyco  has
conflicts of interest and  where it must allocate costs  and expenses,
or opportunities, among the Programs and other competing interests. 

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

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


                                  54
<PAGE>
<PAGE>
     For  a description  of  certain other  relationships and  related
transactions see "Item 11. Executive Compensation".


                                PART IV

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

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

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

          (2)  Financial Statement Schedules:

               None.

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

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

               None.

          (c)  Exhibits:

               4.1  Drilling  Agreement  dated February  16,  1982 for
                    Dyco Drilling  Program 1982-1 by and  between Dyco
                    Oil   and  Gas  Program   1982-1,  Dyco  Petroleum
                    Corporation, and Jaye F. Dyer filed as Exhibit 4.1
                    to  Annual Report on Form 10-K  for the year ended
                    December 31, 1991 on April  13, 1992 and is hereby
                    incorporated by reference.

               4.2  Program Agreement dated February 16, 1992 for Dyco
                    Oil  and Gas  Program 1982-1  by and  between Dyco
                    Petroleum  Corporation  and Participants  filed as
                    Exhibit 4.2 to Annual Report  on Form 10-K for the
                    year ended December 31, 1991 on April 13, 1992 and
                    is hereby incorporated by reference.


                                  55
<PAGE>
<PAGE>
               4.3  Amendment to  Program Agreement  for Dyco  Oil and
                    Gas Program 1982-1 dated February 9, 1991 filed as
                    Exhibit 4.3 to Annual Report  on Form 10-K for the
                    year ended December 31, 1991 on April 13, 1992 and
                    is hereby incorporated by reference.

               4.4  Certificate  of  Limited Partnership,  as amended,
                    for  Dyco  Oil  and  Gas  Program  1982-1  Limited
                    Partnership filed as Exhibit 4.3 to Annual  Report
                    on Form 10-K for  the year ended December 31, 1991
                    on April  13, 1992  and is hereby  incorporated by
                    reference.

               4.5  Drilling  Agreement dated June  14, 1982  for Dyco
                    Drilling Program  1982-2 by  and between  Dyco Oil
                    and   Gas   Program    1982-2,   Dyco    Petroleum
                    Corporation, and Jaye F. Dyer filed as Exhibit 4.4
                    to Annual Report on Form  10-K for the year  ended
                    December 31, 1991 on April  13, 1992 and is hereby
                    incorporated by reference.

               4.6  Form  of Program  Agreement for  Dyco Oil  and Gas
                    Program  1982-2  by  and  between  Dyco  Petroleum
                    Corporation and the Participants filed  as Exhibit
                    4.6 to  Annual Report  on Form  10-K for the  year
                    ended December 31,  1991 on April 13,  1992 and is
                    hereby incorporated by reference.

               4.7  Amendment to  Program Agreement  for Dyco  Oil and
                    Gas Program 1982-2 dated February 9, 1989 filed as
                    Exhibit 4.7 to Annual Report on  Form 10-K for the
                    year ended December 31, 1991 on April 13, 1992 and
                    is hereby incorporated by reference.

               4.8  Certificate  of  Limited Partnership,  as amended,
                    for  Dyco  Oil  and  Gas  Program  1982-2  Limited
                    Partnership filed as Exhibit 4.8 to Annual  Report
                    on Form 10-K for  the year ended December 31, 1991
                    on April  13, 1992  and is hereby  incorporated by
                    reference.

               27.1 Financial Data Schedule containing  summary finan-
                    cial information  extracted from the Dyco  Oil and
                    Gas Program 1982-1 Limited Partnership's financial
                    statements  as of  December 31,  1995 and  for the
                    year ended December 31, 1995. 

                                  56
<PAGE>
<PAGE>
               27.2 Financial Data Schedule containing  summary finan-
                    cial information  extracted from the  Dyco Oil and
                    Gas Program 1982-2 Limited Partnership's financial
                    statements  as of  December 31,  1995 and  for the
                    year ended December 31, 1995.  

               All other Exhibits are omitted as inapplicable.

                                  57
<PAGE>
<PAGE>
                              SIGNATURES

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

                              DYCO OIL AND GAS PROGRAM 1982-1 
                              LIMITED PARTNERSHIP

                              By:  DYCO PETROLEUM CORPORATION
                                   General Partner
                                   February 15, 1996

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

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

By:  /s/C. Philip Tholen    Chief Executive        Feb. 15, 1996
     -------------------    Officer, President,
        C. Philip Tholen    and Chairman of the
                            Board (Principal
                            Executive Officer)

     /s/Dennis R. Neill     Senior Vice            Feb. 15, 1996 
     -------------------    President and
        Dennis R. Neill     Director

     /s/Jack A. Canon       Senior Vice            Feb. 15, 1996
     -------------------    President - 
        Jack A. Canon       General Counsel
                            and Director

     /s/Patrick M. Hall     Senior Vice            Feb. 15, 1996
     -------------------    President - 
        Patrick M. Hall     Controller 
                            (Principal 
                            Accounting Officer)

     /s/Annabel M. Jones    Secretary              Feb. 15, 1996
     -------------------
        Annabel M. Jones

     /s/Judy F. Hughes      Treasurer              Feb. 15, 1996
     -------------------
        Judy F. Hughes


                                  58
<PAGE>
<PAGE>
                              SIGNATURES

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

                              DYCO OIL AND GAS PROGRAM 1982-2 
                              LIMITED PARTNERSHIP

                              By:  DYCO PETROLEUM CORPORATION
                                   General Partner
                                   February 15, 1996

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

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

By:  /s/C. Philip Tholen    Chief Executive        Feb. 15, 1996
     -------------------    Officer, President,
        C. Philip Tholen    and Chairman of the
                            Board (Principal
                            Executive Officer)

     /s/Dennis R. Neill     Senior Vice            Feb. 15, 1996 
     -------------------    President and
        Dennis R. Neill     Director

     /s/Jack A. Canon       Senior Vice            Feb. 15, 1996
     -------------------    President - 
        Jack A. Canon       General Counsel
                            and Director

     /s/Patrick M. Hall     Senior Vice            Feb. 15, 1996
     -------------------    President - 
        Patrick M. Hall     Controller 
                            (Principal 
                            Accounting Officer)

     /s/Annabel M. Jones    Secretary              Feb. 15, 1996
     -------------------
        Annabel M. Jones

     /s/Judy F. Hughes      Treasurer              Feb. 15, 1996
     -------------------
        Judy F. Hughes


                                  59
<PAGE>
<PAGE>
                           INDEX TO EXHIBITS


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

4.1            Drilling  Agreement dated  February 16,  1982 for  Dyco
               Drilling Program 1982-1 by and between Dyco Oil and Gas
               Program 1982-1, Dyco Petroleum Corporation, and Jaye F.
               Dyer filed as Exhibit 4.1 to Annual Report on Form 10-K
               for the year ended December 31,  1991 on April 13, 1992
               and is hereby incorporated by reference.

4.2            Program Agreement dated February  16, 1992 for Dyco Oil
               and Gas  Program 1982-1  by and between  Dyco Petroleum
               Corporation and  Participants filed  as Exhibit  4.2 to
               Annual  Report   on  Form  10-K  for   the  year  ended
               December 31,  1991  on April  13,  1992  and is  hereby
               incorporated by reference.

4.3            Amendment  to Program  Agreement for  Dyco Oil  and Gas
               Program  1982-1   dated  February  9,   1991  filed  as
               Exhibit 4.3 to Annual Report  on Form 10-K for the year
               ended December 31, 1991 on April 13, 1992 and is hereby
               incorporated by reference.

4.4            Certificate  of  Limited Partnership,  as  amended, for
               Dyco  Oil and  Gas Program  1982-1 Limited  Partnership
               filed  as Exhibit 4.3 to Annual Report on Form 10-K for
               the year ended December 31, 1991 on  April 13, 1992 and
               is hereby incorporated by reference.

4.5            Drilling  Agreement   dated  June  14,  1982  for  Dyco
               Drilling Program 1982-2 by and between Dyco Oil and Gas
               Program 1982-2, Dyco Petroleum Corporation, and Jaye F.
               Dyer filed as Exhibit 4.4 to Annual Report on Form 10-K
               for the  year ended December 31, 1991 on April 13, 1992
               and is hereby incorporated by reference.

4.6            Form of Program Agreement for Dyco Oil and  Gas Program
               1982-2  by and between  Dyco Petroleum  Corporation and
               the Participants filed as  Exhibit 4.6 to Annual Report
               on Form  10-K for the  year ended December 31,  1991 on
               April 13, 1992 and is hereby incorporated by reference.

                                  60
<PAGE>
4.7            Amendment  to Program  Agreement for  Dyco Oil  and Gas
               Program 1982-2 dated February  9, 1989 filed as Exhibit
               4.7  to Annual Report on  Form 10-K for  the year ended
               December 31,  1991  on April  13,  1992  and is  hereby
               incorporated by reference.

4.8            Certificate  of  Limited Partnership,  as  amended, for
               Dyco  Oil and  Gas Program  1982-2 Limited  Partnership
               filed  as Exhibit 4.8 to Annual Report on Form 10-K for
               the year ended December 31, 1991 on April 13, 1992  and
               is hereby incorporated by reference.

27.1           Financial  Data  Schedule containing  summary financial
               information extracted from the Dyco Oil and Gas Program
               1982-1 Limited Partnership's financial statements as of
               December  31, 1995 and for  the year ended December 31,
               1995.  

27.2           Financial  Data  Schedule containing  summary financial
               information extracted from the Dyco Oil and Gas Program
               1982-2 Limited Partnership's financial statements as of
               December 31, 1995 and  for the year ended  December 31,
               1995.  

                                  61
<PAGE>