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UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

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FORM 10-Q

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

For the Quarterly Period Ended September 30, 2003
or

|/ / |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|--- |  | ----------------------------------------------------------------------------------------

Commission File Number 1-11450

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SANTA FE ENERGY TRUST

(Exact name of registrant as specified in its charter)

Texas(State or other jurisdiction of incorporation or organization)

76-6081498(I.R.S. Employer Identification No.)JPMorgan Chase Bank, Trustee
Institutional Trust Services
700 Lavaca
Austin, Texas 78701(Address of principal offices, including Zip Code)


Registrant's telephone number, including area code (512) 479-2562

NONE(Former name or former address, if changed since last report)

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

Yes /x/    No / /

Indicate
by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

Yes /x/    No / /

Depository
Units outstanding at October 31, 20036,300,000

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PART IFINANCIAL INFORMATION

Item 1.Financial Statements.

SANTA FE ENERGY TRUST  STATEMENTS OF CASH PROCEEDS AND DISTRIBUTABLE CASH (Unaudited)  (In thousands, except per unit data)

|                                               |                              | Three Months Ended
September 30, |         | Nine Months Ended
September 30, |  
|---------------------------------------------- | ---------------------------- | -------------------------------- | ------- | ------------------------------- | -
|
|Royalty income                                 |                              |                                  |         |                                 |  
|                                               | ODC royalty                  |                                  | $       | 1,822                           |  
|                                               | Willard royalty              |                                  |         | 318                             |  
|                                               | Net profits royalty          |                                  |         | 2,838                           |  
|                                               | Support payment (recoupment) |                                  |         |                                |  
|                                               |                              |                                  |         |                                 |  
|Total royalties                                |                              |                                  | 4,978   |                                 |  
|Administrative fee to Devon Energy Corporation |                              |                                  | (72     | )                               |  
|Cash withheld for trust expenses               |                              |                                  | (175    | )                               |  
|                                               |                              |                                  |         |                                 |  
|Distributable cash                             |                              | $                                | 4,731   |                                 | $
|                                               |                              |                                  |         |                                 |  
|Distributable cash per trust unit              |                              | $                                | 0.75075 |                                 | $
|                                               |                              |                                  |         |                                 |  
|Trust units outstanding                        |                              |                                  | 6,300   |                                 |  
|                                               |                              |                                  |         |                                 |  

STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS  (In thousands, except unit data)

|                                                           |  | September 30,
2003 |         | December 31,
2002 |  
|---------------------------------------------------------- |  | ------------------ | ------- | ----------------- | -
|
|ASSETS                                                     |  |                    |         |                   |  
|Current assetscash                                        |  | $                  | 45      |                   | $
|                                                           |  |                    |         |                   |  
|Investment in royalty interests, at cost                   |  |                    | 87,276  |                   |  
|Less: accumulated amortization                             |  |                    | (76,569 | )                 |  
|                                                           |  |                    |         |                   |  
|                                                           |  |                    | 10,707  |                   |  
|                                                           |  |                    |         |                   |  
|Total assets                                               |  | $                  | 10,752  |                   | $
|                                                           |  |                    |         |                   |  
|LIABILITIES                                                |  |                    |         |                   |  
|Current liabilitiesadvance from Devon Energy Corporation  |  |                    | 50      |                   |  
|TRUST CORPUS                                               |  |                    |         |                   |  
|Trust corpus, 6,300,000 trust units issued and outstanding |  |                    | 10,702  |                   |  
|                                                           |  |                    |         |                   |  
|Total liabilities and trust corpus                         |  | $                  | 10,752  |                   | $
|                                                           |  |                    |         |                   |  

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

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SANTA FE ENERGY TRUST  STATEMENTS OF CHANGES IN TRUST CORPUS (Unaudited)  Nine Months Ended September 30, 2003 and 2002  (In thousands)

Balance at December 31, 2001

$
17,007Cash proceeds


8,227Cash distributions


(8,027
)Trust expenses


(246
)Amortization of royalty interests


(3,000
)Balance at September 30, 2002

$
13,961Balance at December 31, 2002

$
13,175Cash proceeds


17,494Cash distributions


(17,119
)Trust expenses


(418
)Amortization of royalty interests


(2,430
)Balance at September 30, 2003

$
10,702


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

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SANTA FE ENERGY TRUST        NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1. The Trust

The financial statements at September 30, 2003 and for the three-month and nine-month periods then ended are unaudited and reflect all adjustments
(consisting of only normal and recurring adjustments) that are, in the opinion of Devon Energy Corporation, necessary for a fair presentation of the financial position and cash proceeds and
distributable cash of the Santa Fe Energy Trust for the interim periods.

Santa
Fe Energy Trust (the "Trust") was formed on October 22, 1992, with JPMorgan Chase Bank, formerly The Chase Manhattan Bank, successor by merger to Chase Bank of Texas,
National Association, formerly Texas Commerce Bank, National Association, as trustee (the "Trustee"), to acquire and hold certain royalty interests (the "Royalty Interests") in certain properties (the
"Royalty Properties") conveyed to the Trust by Devon Energy Production Company, L.P. ("Devon"), successor by merger to Devon SFS Operating Inc., formerly known as Santa Fe Snyder Corporation, formerly
Santa Fe Energy Resources, Inc. The Royalty Interests consist of two term royalty interests in two production units in the Wasson field in west Texas (the "Wasson Royalties") and a net profits
royalty interest in certain royalty and working interests in a diversified portfolio of properties located in twelve states (the "Net Profits Royalties"). The Royalty Interests are passive in nature
and the Trustee has no control over or responsibility relating to the operation of the Royalty Properties. The Trust will be liquidated on February 15, 2008 (the "Liquidation Date").

In
November 1992, 5,725,000 Depository Units, each consisting of beneficial ownership of one unit of undivided beneficial interest in the Trust ("Trust Units") and a $20 face
amount beneficial ownership interest in a $1,000 face amount zero coupon United States Treasury obligation maturing on or about February 15, 2008, were sold in a public offering for $20 per
Depository Unit. A total of $114.5 million was received from public investors, of which $38.7 million was used to purchase the Treasury obligations and $5.7 million was used to
pay underwriting commissions and discounts. Devon received the remaining $70.1 million and 575,000 Depository Units. In the first quarter of 1994, Devon sold, in a public offering, the 575,000
Depository Units which it held.

The
trust agreement under which the Trust was formed (the "Trust Agreement") provides, among other things, that:



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Note 2. Basis of Accounting

The financial statements of the Trust are prepared on the cash basis of accounting for revenues and expenses. Royalty income is recorded when received (generally
during the quarter following the end of the quarter in which the income from the Royalty Properties is received by Devon) and is net of any cash basis exploration and development expenditures and
amounts reserved for any future exploration and development costs. Expenses of the Trust, which include accounting, engineering, legal and other professional fees, Trustee fees, an administrative fee
paid to Devon and out-of-pocket expenses, are recognized when paid. Under accounting principles generally accepted in the United States of America, revenues and expenses would
be recognized on an accrual basis. Amortization of the Trust's investment in Royalty Interests is recorded using the unit-of-production method in the period in which the cash
is received with respect to such production; therefore, a statement of cash flows is not presented.

The
conveyance of the Royalty Interests to the Trust was accounted for as a purchase transaction. The $87,276,000 reflected in the Statements of Assets, Liabilities and Trust Corpus as
Investment in Royalty Interests represents 6,300,000 Trust Units valued at $20 per unit less the $38,724,000 paid for the Treasury obligations. The carrying value of the Trust's investment in the
Royalty Interests is not necessarily indicative of the fair value of such Royalty Interests.

The
Trust is a grantor trust and as such is not subject to income taxes and accordingly no recognition has been given to income taxes in the Trust's financial statements. The tax
consequences of owning Trust Units are included in the income tax returns of the individual Trust Unit holders.

The
preparation of the Trust's financial statements requires the use of certain estimates. Actual results may differ from such estimates.

Note 3. The Royalty Interests

The Wasson Royalties consist of interests conveyed out of Devon's royalty interest in the Wasson ODC Unit (the "ODC Royalty") and the Wasson Willard Unit (the
"Willard Royalty"). The ODC Royalty entitles the Trust to receive quarterly royalty payments with respect to 12.3934% of the actual gross oil production from the Wasson ODC Unit, subject to certain
quarterly limitations set forth in the conveyance agreement, for the period from November 1, 1992 to December 31, 2007. The Willard Royalty entitles the Trust to receive quarterly
royalty payments with respect to 6.8355% of the actual

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gross
oil production from the Wasson Willard Unit, subject to certain quarterly limitations set forth in the conveyance agreement, for the period from November 1, 1992 to December 31,
2003.

The
Net Profits Royalties entitle the Trust to receive, on a quarterly basis, 90% of the net proceeds, as defined in the conveyance agreement, from the sale of production from the
properties subject to the conveyance agreement. The Net Profits Royalties are not limited in term, although the Trustee is required to sell such royalties prior to the Liquidation Date.

Note 4. Distribution to Trust Unit Holders

The Trust has received royalty payments net of administrative fees paid to Devon and made distributions as follows:

DistributionsRoyalty
Payment
Received

Amount

Per Trust Unit(in thousands, except per unit data)2002First quarter

$
3,024

$
2,924

$
0.46411Second quarter


2,444
(a)

2,394


0.38000Third Quarter


2,759
(b)

2,709


0.43000Fourth quarter


3,158
(c)

3,108


0.49318$
11,385

$
11,135

$
1.767292003First quarter

$
8,199

$
8,149

$
1.29361Second quarter


4,389


4,239


0.67301Third quarter


4,906


4,731


0.75075


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

General; Liquidity and Capital Resources

The
Trust was formed on October 22, 1992. The Trust holds Royalty Interests in the Royalty Properties conveyed to the Trust by Devon. The Trust is a passive entity with the
Trustee's primary responsibility being the collection and distribution of proceeds from the Royalty Interests and the payment of Trust liabilities and expenses (see Note 1 to the interim
financial statements of the Trust). The Royalty Interests consist of two term royalties interests in the two production units (the Wasson ODC Unit and the Wasson Willard Unit) in the Wasson Field in
west Texas (the "Wasson Royalties") and a net profits royalty interest (the "Net Profits Royalties") in certain royalty and working interest properties in a diversified portfolio of properties located
predominantly in Texas, Louisiana and Oklahoma (the "Net Profits Properties"). Under the terms of the Trust Agreement, the Trustee cannot engage in any other business or commercial activity or acquire
any asset other than the Royalty Interests initially conveyed to the Trust. Therefore, the Royalty Interests are the sole source of funds for the Trust from which to pay expenses and liabilities and
make distributions to the Holders. The Trust will be liquidated on or before February 15, 2008 (the "Liquidation Date").

The
Wasson Royalties are fixed percentage royalty interests in specified levels of quarterly maximum production from the underlying properties in each year during the term of the
respective royalty. The Wasson ODC Royalty and the Wasson Willard Royalty terminate on December 31, 2007 and December 31, 2003, respectively. The Net Profits Royalties are
life-of-property interests that will be sold by the Trust prior to the Liquidation Date. The Net Profits Royalties entitle the Trust to receive 90% of the net proceeds (after
deducting, among other things, the costs of production and marketing and capital expenditures) from the sale of production from the Net Profits Properties. The Net Profits Properties generally are
mature producing oil and gas properties and the production and reserves attributable to such properties are expected to decline substantially over the life of the Trust. The Net Profits Royalties are
expected to have a relatively small liquidation value at the Liquidation Date.

Trust
expenses include accounting, engineering, legal and other professional fees, Trustee fees, an administrative fee paid to Devon and other out-of-pocket
expenses. The Trust's ability to pay expenses primarily depends on receipt of royalty income. Devon may, at its sole discretion and without obligation to do so, advance funds to the Trust to enable
the Trust to pay expenses. The Trustee is authorized to borrow funds required to pay liabilities of the Trust, provided that any such borrowings are repaid in full prior to making further
distributions to Holders. As of September 30, 2003, there was an outstanding advance to the Trust from Devon Energy Corporation of $50,000.

Results of Operations

The Trust's results of operations are dependent upon the sales prices and quantities of oil and gas produced from the Royalty Properties, the costs of producing
such resources and the amount of capital expenditures made with respect to such properties.

Since,
on an equivalent basis, the majority of the Trust's proved reserves are crude oil, even relatively modest changes in crude oil prices may significantly affect the Trust's revenues
and results of operations. Crude oil prices are subject to significant changes in response to fluctuations in the domestic and world supply and demand and other market conditions as well as the world
political

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situation
as it affects OPEC and other producing countries. In addition, a substantial portion of the Trust's revenues come from properties which produce sour (i.e., high sulfur content) crude oil
which sells at prices lower than sweeter (i.e., low sulfur content) crude oils. The Trust's weighted average crude oil sales price for the third quarter of 2003 was $28.00 per barrel compared with
$23.56 per barrel for the same period in 2002. Crude oil prices with respect to the Trust's results in the fourth quarter of 2003 averaged $27.74 per barrel. The Trust's weighted average crude oil
sales price for the first nine months of 2003 was $27.91 per barrel compared with $20.10 per barrel for the same period of 2002.

Natural
gas prices fluctuate due to weather conditions, the level of natural gas in storage, the relative balance between supply and demand and other economic factors. The Trust's
weighted average price for natural gas in the third quarter of 2003 was $5.88 per Mcf compared with $2.35 per Mcf in the third quarter of 2002. Natural gas prices with respect to the Trust's results
in the fourth quarter of 2003
averaged $5.22 per Mcf. The Trust's weighted average price for natural gas in the first nine months of 2003 was $4.35 per Mcf compared with $2.52 per Mcf for the same period of 2002.

Royalty
income is recorded by the Trust when received, generally during the quarter following the end of the quarter in which revenues are received and costs and expenses are paid by
Devon. Cash proceeds from the Royalty Properties may fluctuate from quarter to quarter due to the timing of receipts and payment of revenues and costs and expenses as well as changes in prices and
production volumes. The following table reflects pertinent information with respect to the cash proceeds from the Royalty Properties and the net distributable cash of the Trust. The information
presented with respect to the fourth quarter of 2003 reflects revenues received and costs and expenses paid by Devon in the third quarter of 2003. On November 28, 2003, the Trust will make a
cash distribution of $4.3 million, or $0.67684 per Trust Unit, to unitholders of record on November 14, 2003.

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|                                                                          |                                  | Three Months Ended
September 30, |       | Nine Months Ended
September 30, |         |       |        
|------------------------------------------------------------------------- | -------------------------------- | -------------------------------- | ----- | ------------------------------- | ------- | ----- | -------
|
|
|Volumes and Prices                                                        |                                  |                                  |       |                                 |         |       |        
|                                                                          | Oil volumes (Bbls):              |                                  |       |                                 |         |       |        
|                                                                          |                                  | Wasson ODC royalty               |       |                                 | 72,100  |       |        
|                                                                          |                                  | Wasson Willard royalty           |       |                                 | 12,000  |       |        
|                                                                          |                                  | Net profits royalties            |       |                                 | 38,681  |       |        
|                                                                          | Gas volumes (Mcf):               |                                  |       |                                 |         |       |        
|                                                                          |                                  | Net profits royalties            |       |                                 | 398,553 |       |        
|                                                                          | Oil average prices ($/Bbl):      |                                  |       |                                 |         |       |        
|                                                                          |                                  | Wasson ODC royalty               |       | $                               | 27.10   |       | $      
|                                                                          |                                  | Wasson Willard royalty           |       |                                 | 27.10   |       |        
|                                                                          |                                  | Net profits royalty              |       |                                 | 29.94   |       |        
|                                                                          |                                  | Support Payments                 |       |                                 |        |       |        
|                                                                          | Gas average prices ($/Mcf):      |                                  |       |                                 |         |       |        
|                                                                          |                                  | Net profits royalties            |       |                                 | 5.88    |       |        
|Cash Proceeds and Distributable Cash (in thousands, except per unit data) |                                  |                                  |       |                                 |         |       |        
|                                                                          | Wasson ODC royalty:              |                                  |       |                                 |         |       |        
|                                                                          |                                  | Sales                            |       | $                               | 1,954   |       | $      
|                                                                          |                                  | Operating expenses               |       |                                 | (132    | )     |        
|                                                                          |                                  |                                  |       |                                 |         |       |        
|                                                                          |                                  |                                  | 1,822 |                                 |         | 1,546 |        
|                                                                          |                                  |                                  |       |                                 |         |       |        
|                                                                          | Wasson Willard royalty:          |                                  |       |                                 |         |       |        
|                                                                          |                                  | Sales                            |       |                                 | 326     |       |        
|                                                                          |                                  | Operating expenses               |       |                                 | (8      | )     |        
|                                                                          |                                  |                                  |       |                                 |         |       |        
|                                                                          |                                  |                                  | 318   |                                 |         | 359   |        
|                                                                          |                                  |                                  |       |                                 |         |       |        
|                                                                          | Net profits royalty:             |                                  |       |                                 |         |       |        
|                                                                          |                                  | Sales                            |       |                                 | 3,503   |       |        
|                                                                          |                                  | Proceeds from property sales     |       |                                 |        |       |        
|                                                                          |                                  | Operating expenses               |       |                                 | (589    | )     |        
|                                                                          |                                  | Capital expenditures             |       |                                 | (76     | )     |        
|                                                                          |                                  |                                  |       |                                 |         |       |        
|                                                                          |                                  |                                  | 2,838 |                                 |         | 1,012 |        
|                                                                          |                                  |                                  |       |                                 |         |       |        
|Support payment (recoupment)                                              |                                  |                                  |      |                                 |         | (89   | )      
|                                                                          |                                  |                                  |       |                                 |         |       |        
|                                                                          | Total royalties                  |                                  |       | 4,978                           |         |       | 2,828  
|                                                                          | Administrative fee to Devon      |                                  |       | (72                             | )       |       | (69    
|                                                                          |                                  |                                  |       |                                 |         |       |        
|                                                                          | Payment received                 |                                  |       | 4,906                           |         |       | 2,759  
|                                                                          | Cash withheld for trust expenses |                                  |       | (175                            | )       |       | (50    
|                                                                          |                                  |                                  |       |                                 |         |       |        
|                                                                          | Distributable cash               |                                  | $     | 4,731                           |         | $     | 2,709  
|                                                                          |                                  |                                  |       |                                 |         |       |        
|                                                                          | Distributable cash per unit      |                                  | $     | 0.75075                         |         | $     | 0.43000
|                                                                          |                                  |                                  |       |                                 |         |       |        

Sales increased $2.3 million from the third quarter of 2002 to the third quarter of 2003. Sales increased $1.9 million due to a
$4.44 per barrel increase in the average price of oil from $23.56 per barrel in the 2002 quarter to $28.00 per barrel in the 2003 quarter and due to a $3.53 per Mcf increase in the average gas price
from $2.35 per Mcf in the third quarter of 2002 to $5.88 in the third quarter of

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2003.
A production increase of approximately 23,000 barrels of oil equivalent ("Boe") in the third quarter of 2003, as compared to the third quarter of 2002, accounted for the remainder of the
increase.

Sales
increased $5.0 million from the first nine months of 2002 to the first nine months of 2003. Sales increased $5.0 million due to a $7.81 per barrel increase in the
average price of oil from $20.10 per barrel in the first nine months of 2002 to $27.91 per barrel in the first nine months of 2003 and due to a $1.83 per Mcf increase in the average gas price from
$2.52 per Mcf in the third quarter of 2002 to $4.35 per Mcf in the third quarter of 2003. Production levels in the first nine months of 2003 and 2002 were essentially flat.

Sales
decreased $0.6 million from the third quarter of 2003 to the fourth quarter of 2003. Sales decreased $0.3 million due to a $0.66 per Mcf decrease in the average gas
price from $5.88 per Mcf in the third quarter of 2003 to $5.22 per Mcf in the fourth quarter of 2003 as well as a $0.26 per barrel decrease in the average price of oil from $28.00 per barrel in the
third quarter of 2003 to $27.74 per barrel in the fourth quarter of 2003. Sales decreased $0.3 million due to a decline in production of approximately 9,500 Boe from the third quarter of 2003
to the fourth quarter of 2003. This reduction was primarily the result of the declining oil and gas production from the Net Profits Properties due to natural declines.

Proceeds
from the sales of property were $4.6 million during the first nine months of 2003 due to sales of certain Net Profits Properties in the period.

Operating
expenses remained essentially flat from the third quarter of 2002 to the third quarter of 2003 and from the first nine months of 2002 to the first nine months of 2003.

Operating
expenses also remained constant from the third quarter of 2003 to the fourth quarter of 2003. Operating expenses may fluctuate from quarter to quarter due to the timing of
payments.

Proceeds
from the Net Profits Royalties are net of capital expenditures with respect to the development of the Net Profits Properties.

Forward Looking Statements

Management's Discussion and Analysis of Financial Condition and Results of Operations includes certain statements (other than statements of historical fact) that
constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. When used herein, the words
"anticipates," "expects," "believes," "intends" or "projects" and similar expressions are intended to identify forward-looking statements. It is important to note that actual results could differ
materially from those projected by such forward-looking statements. Although it is believed that the expectations reflected in such forward-looking statements are reasonable and such forward-looking
statements are based upon the best data available at the time this report is filed with the Securities and Exchange Commission, no assurance can be given that such expectations will prove correct.
Factors that could cause results to differ materially from the results discussed in such forward-looking statements include: production variances from expectations, volatility of oil and gas prices,
the need to develop and replace reserves, capital expenditures required to fund operations, environmental risks, uncertainties about estimates of reserves, competition and government regulation and
political risks. All such forward-looking statements in this document are expressly qualified in their entirety by the cautionary statements in this paragraph.

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Item 3.Quantitative and Qualitative Disclosures About Market Risk

Disclosures About Market Risk

Not applicable.

Item 4.Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Trustee maintains disclosure controls and procedures designed to ensure that information required to be disclosed by the Trust in the reports that it files or
submits under the Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and regulations. Disclosure controls and
procedures include controls and procedures designed to ensure that information required to be disclosed by the Trust is accumulated and communicated by Devon to JPMorgan Chase Bank, as Trustee, and
its employees who participate in the preparation of the Trust's periodic reports as appropriate to allow timely decisions regarding required disclosure.

In
accordance with Exchange Act Rules 13a-15 and 15d-15, the Trustee carried out an evaluation, under the supervision and with the participation of Mike
Ulrich, as Trust Officer of the Trustee, of the effectiveness of the Trustee's disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation,
Mr. Ulrich concluded that the Trustee's disclosure controls and procedures were effective as of September 30, 2003 to provide reasonable assurance that information required to be
disclosed in the Trust's reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's
rules and forms, subject to the limitations on disclosure controls and procedures set forth below.

Due
to the contractual arrangements of (i) the Trust Agreement and (ii) Devon's conveyances of the Royalty Interests to the Trust regarding information furnished by the
working interest owners, there are certain weaknesses that are not subject to change or modification by the Trustee or its employees. Devon operates only a small number of the Royalty Properties and
is not expected to be able to significantly influence the operations or future development of the Royalty Properties that are royalty interests or that consist of relatively small working interests.
Such operations will generally be controlled by persons unaffiliated with the Trustee and Devon. Devon, however, owns working interests in the Wasson ODC Unit and the Wasson Willard Unit and may be
able to exercise some influence, though not control, over unit operations. The contractual limitations creating potential weaknesses in disclosure controls and procedures may be deemed to include:



11

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The
Trustee does not intend to expand its responsibilities beyond those permitted or required by the Trust Agreement.

Changes in Internal Controls.There has been no change in the Trustee's internal controls over financial reporting that
occurred during the three months ended September 30, 2003 that has materially affected, or is reasonably likely to materially affect, the Trustee's internal controls over financial reporting.
The Trustee notes for purposes of clarification that it has no authority over, and makes no statement concerning, the internal controls of Devon and the working interest owners.

12

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PART II    OTHER INFORMATION

Items 1, 2, 3, 4 & 5 are not applicable and have been omitted.

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

SEC File or
Registration
Number

Exhibit
Number3(a)*

Form of Trust Agreement of Santa Fe Energy Trust

33-51760

3.14(a)*

Form of Custodial Deposit Agreement

33-51760

4.24(b)*

Form of Secure Principal Energy Receipt (included as Exhibit A to Exhibit 4(a))

33-51760

4.110(a)*

Form of Net Profits Conveyance (Multi-State)

33-51760

10.110(b)*

Form of Wasson Conveyance

33-51760

10.210(c)*

Form of Louisiana Mortgage

33-51760

10.331

Certification required by Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934.32

Certification required by Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350.(*) Indicates exhibit filed incorporated herein by reference


None.

13

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SIGNATURE

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

| |  | SANTA FE ENERGY TRUST(Registrant)
| |  | ---------------------------------
| |  | By                               
| |  | By                               

Date:
November 13, 2003

The
Registrant, Santa Fe Energy Trust, has no principal or chief executive officer, principal or chief financial officer, controller or principal accounting officer, board of directors
or persons performing similar functions. Accordingly, no additional signatures are available and none have been provided.

14

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Exhibit Index

SEC File or
Registration
Number

Exhibit
Number3(a)*

Form of Trust Agreement of Santa Fe Energy Trust

33-51760

3.14(a)*

Form of Custodial Deposit Agreement

33-51760

4.24(b)*

Form of Secure Principal Energy Receipt (included as Exhibit A to Exhibit 4(a))

33-51760

4.110(a)*

Form of Net Profits Conveyance (Multi-State)

33-51760

10.110(b)*

Form of Wasson Conveyance

33-51760

10.210(c)*

Form of Louisiana Mortgage

33-51760

10.331

Certification required by Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934.32

Certification required by Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350.


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