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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, 2002
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 / /

Depository
Units outstanding at October 31, 2002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                  |                                  | $       | 1,546                           |  
|                                               | Willard royalty              |                                  |         | 359                             |  
|                                               | Net profits royalty          |                                  |         | 1,012                           |  
|                                               | Support payment (recoupment) |                                  |         | (89                             | )
|                                               |                              |                                  |         |                                 |  
|Total royalties                                |                              |                                  | 2,828   |                                 |  
|Administrative fee to Devon Energy Corporation |                              |                                  | (69     | )                               |  
|Cash withheld for trust expenses               |                              |                                  | (50     | )                               |  
|                                               |                              |                                  |         |                                 |  
|Distributable cash                             |                              | $                                | 2,709   |                                 | $
|                                               |                              |                                  |         |                                 |  
|Distributable cash per trust unit              |                              | $                                | 0.43000 |                                 | $
|                                               |                              |                                  |         |                                 |  
|Trust units outstanding                        |                              |                                  | 6,300   |                                 |  
|                                               |                              |                                  |         |                                 |  

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

|                                                           |  | September 30,
2002 |         | December 31,
2001 |  
|---------------------------------------------------------- |  | ------------------ | ------- | ----------------- | -
|
|ASSETS                                                     |  |                    |         |                   |  
|Current assetscash                                        |  | $                  | 35      |                   | $
|                                                           |  |                    |         |                   |  
|Investment in royalty interests, at cost                   |  |                    | 87,276  |                   |  
|Less: accumulated amortization                             |  |                    | (73,325 | )                 |  
|                                                           |  |                    |         |                   |  
|                                                           |  |                    | 13,951  |                   |  
|                                                           |  |                    |         |                   |  
|Total assets                                               |  | $                  | 13,986  |                   | $
|                                                           |  |                    |         |                   |  
|LIABILITIES                                                |  |                    |         |                   |  
|Current liabilitiesAdvance from Devon Energy Corporation  |  |                    | 25      |                   |  
|TRUST CORPUS                                               |  |                    |         |                   |  
|Trust corpus, 6,300,000 trust units issued and outstanding |  |                    | 13,961  |                   |  
|                                                           |  |                    |         |                   |  
|Total liabilities and trust corpus                         |  | $                  | 13,986  |                   | $
|                                                           |  |                    |         |                   |  

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, 2002 and 2001  (in thousands)

Balance at December 31, 2000

$
21,093Cash proceeds


13,041Cash distributions


(12,816
)Trust expenses


(268
)Amortization of royalty interests


(2,590
)Balance at September 30, 2001

$
18,460Balance 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

$
13,961


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, 2002 and for the three-month and nine-month periods then ended are unaudited and reflect all adjustments
(consisting of only normal and recurring adjustments) which 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 will 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.

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 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 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.

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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.

For
any calendar quarter ending on or prior to December 31, 2002, the Trust will receive additional royalty payments ("Support Payments") to the extent it needs such payments to
distribute $0.38 per Trust Unit per quarter ("Minimum Quarterly Royalty"). As a result of the sale of certain Net Profits Properties in 2001 and 1999, there was a proportionate reduction of the
Minimum Quarterly Royalty from $0.40 per Depositary Unit to $0.38 per Depositary Unit and a proportionate reduction of the Aggregate Support Payment Limitation Amount from $20.0 million to
$18.9 million. Such Support Payments are limited to Devon's remaining royalty interest in the Wasson ODC Unit. If such Support Payments are received, certain proceeds otherwise payable to the
Trust in subsequent quarters may be reduced to recoup the amount of such Support Payments. The aggregate of the Support Payments, net of any amounts recouped (Aggregate Support Payment Limitation
Amount), is limited to $18.9 million on a revolving basis. From inception, the Trust has received Support Payments totalling $4.5 million. Devon has recouped $4.3 million of such
payments.

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)2001First quarter

$
4,476

$
4,426

$
0.70255Second quarter


4,794


4,744


0.75309Third quarter


3,771


3,646


0.57869Fourth quarter


5,706


5,606


0.88981$
18,747

$
18,422


2.924142002First quarter

$
3,024

$
2,924

$
0.46411Second quarter


2,444
(a)

2,394


0.38000Third quarter


2,759
(b)

2,709


0.43000


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

General; Liquidity and Capital Resources

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., successor by merger to Devon SFS Operating Company, Inc. formerly known as Santa Fe Snyder
Corporation, formerly Santa Fe Energy Resources, Inc. 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 royalty interests in 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 of the Trust Units. 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 which 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 are generally
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.

For
any calendar quarter ending on or prior to December 31, 2002, the Trust will receive additional royalty payments ("Support Payments") to the extent it needs such payments to
distribute $0.38 per Trust Unit per quarter. As a result of the sale of certain Net Profits Properties in 2001 and 1999, there was a proportionate reduction of the Minimum Quarterly Royalty from $0.40
per Depositary Unit to $0.38 per Depositary Unit, a proportionate reduction of the Aggregate Support Payment Limitation Amount from $20.0 million to $18.9 million and a reduction in the
distribution per Depositary Unit over which Devon is entitled to recoup Support Payments from $0.45 per Depositary Unit to $0.43 per Depositary Unit. Such Support Payments are limited to Devon's
remaining royalty interest in the Wasson ODC Unit. If Support Payments are received, certain proceeds otherwise payable to the Trust in subsequent quarters may be reduced to recoup the amount of such
Support Payments. The aggregate amount of Support Payments, net of any amounts recouped, is limited to $18.9 million on a revolving basis. From inception, Support Payments received by the Trust
totaled

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$4.5 million. Devon has recouped $4.3 million of such Support Payments. Future recoupments will be made only to the extent of current and future Support Payments.

Trust
expenses include accounting, engineering, legal and other professional fees, Trustee fees, an administrative fee paid to Devon and other out-of-pocket
expenses. From time to time Devon may, at its sole discretion and without any obligation to do so, advance funds to the Trust for the timely payment of such expenses and receive reimbursement therefor
in later periods. In addition, the Trustee is authorized to borrow funds required to pay liabilities of the Trust, provided that such borrowings are repaid in full prior to making further
distributions to the holders of the Trust Units. As of September 30, 2002, Devon has advanced $25,000 to the Trust. This advance will be recouped from future distributions.

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 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 (excluding the effect of Support Payments and recoupments)
for the third quarter of 2002 was $23.56 per barrel compared with $25.00 per barrel for the same period in 2001 (see Results of Operations). Crude oil prices with respect to the Trust's results in the
fourth quarter of 2002 averaged $27.47 per barrel on the Royalty Properties. The Trust's weighted average crude oil sales price (excluding the effect of Support Payments and recoupments) for the first
nine months of 2002 was $20.10 per barrel compared with $27.46 per barrel for the same period of 2001 (see Results of Operations).

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 2002 was $2.35 per Mcf compared with $5.25 per Mcf received in the third quarter of 2001. Natural gas prices with respect to the Trust's
results in the fourth quarter of 2002 averaged $3.15 per Mcf on the Royalty Properties. The Trust's weighted average price for natural gas in the first nine months of 2002 was $2.52 per Mcf compared
with $5.18 per Mcf for the same period of 2001.

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.

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

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to the fourth quarter of 2002 reflects revenues received and costs and expenses paid by Devon in the third quarter of 2002. On November 30, 2002, the Trust will make a cash distribution of
$3.1 million, or $0.49318 per Trust Unit, to unitholders of record on November 19, 2002.

|                                                                          |                                  | Three Months Ended
September 30, |       | Nine Months Ended
September 30, |         |       |        
|------------------------------------------------------------------------- | -------------------------------- | -------------------------------- | ----- | ------------------------------- | ------- | ----- | -------
|
|
|Volumes and Prices                                                        |                                  |                                  |       |                                 |         |       |        
|                                                                          | Oil volumes (Bbls):              |                                  |       |                                 |         |       |        
|                                                                          |                                  | Wasson ODC royalty               |       |                                 | 65,700  |       |        
|                                                                          |                                  | Wasson Willard royalty           |       |                                 | 15,200  |       |        
|                                                                          |                                  | Net profits royalties            |       |                                 | 34,328  |       |        
|                                                                          | Gas volumes (Mcf):               |                                  |       |                                 |         |       |        
|                                                                          |                                  | Net profits royalties            |       |                                 | 307,035 |       |        
|                                                                          | Oil average prices ($/Bbl):      |                                  |       |                                 |         |       |        
|                                                                          |                                  | Wasson ODC royalty               |       | $                               | 25.24   |       | $      
|                                                                          |                                  | Wasson Willard royalty           |       |                                 | 25.18   |       |        
|                                                                          |                                  | Net profits royalty              |       |                                 | 19.64   |       |        
|                                                                          |                                  | Support Payments                 |       |                                 |        |       |        
|                                                                          | Gas average prices ($/Mcf):      |                                  |       |                                 |         |       |        
|                                                                          |                                  | Net profits royalties            |       |                                 | 2.35    |       |        
|Cash Proceeds and Distributable Cash (in thousands, except per unit data) |                                  |                                  |       |                                 |         |       |        
|                                                                          | Wasson ODC royalty:              |                                  |       |                                 |         |       |        
|                                                                          |                                  | Sales                            |       | $                               | 1,658   |       | $      
|                                                                          |                                  | Operating expenses               |       |                                 | (112    | )     |        
|                                                                          |                                  |                                  |       |                                 |         |       |        
|                                                                          |                                  |                                  | 1,546 |                                 |         | 1,355 |        
|                                                                          |                                  |                                  |       |                                 |         |       |        
|                                                                          | Wasson Willard royalty:          |                                  |       |                                 |         |       |        
|                                                                          |                                  | Sales                            |       |                                 | 383     |       |        
|                                                                          |                                  | Operating expenses               |       |                                 | (24     | )     |        
|                                                                          |                                  |                                  |       |                                 |         |       |        
|                                                                          |                                  |                                  | 359   |                                 |         | 403   |        
|                                                                          |                                  |                                  |       |                                 |         |       |        
|                                                                          | Net profits royalty:             |                                  |       |                                 |         |       |        
|                                                                          |                                  | Sales                            |       |                                 | 1,395   |       |        
|                                                                          |                                  | Proceeds from property sales     |       |                                 | 187     |       |        
|                                                                          |                                  | Operating expenses               |       |                                 | (531    | )     |        
|                                                                          |                                  | Capital expenditures             |       |                                 | (39     | )     |        
|                                                                          |                                  |                                  |       |                                 |         |       |        
|                                                                          |                                  |                                  | 1,012 |                                 |         | 2,080 |        
|                                                                          |                                  |                                  |       |                                 |         |       |        
|Support payment (recoupment)                                              |                                  |                                  | (89   | )                               |         |      |        
|                                                                          |                                  |                                  |       |                                 |         |       |        
|                                                                          | Total royalties                  |                                  |       | 2,828                           |         |       | 3,838  
|                                                                          | Administrative fee to Devon      |                                  |       | (69                             | )       |       | (67    
|                                                                          |                                  |                                  |       |                                 |         |       |        
|                                                                          | Payment received                 |                                  |       | 2,759                           |         |       | 3,771  
|                                                                          | Cash withheld for trust expenses |                                  |       | (50                             | )       |       | (125   
|                                                                          |                                  |                                  |       |                                 |         |       |        
|                                                                          | Distributable cash               |                                  | $     | 2,709                           |         | $     | 3,646  
|                                                                          |                                  |                                  |       |                                 |         |       |        
|                                                                          | Distributable cash per unit      |                                  | $     | 0.43000                         |         | $     | 0.57869
|                                                                          |                                  |                                  |       |                                 |         |       |        

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Sales decreased $1.4 million from the third quarter of 2001 to the third quarter of 2002. Sales decreased $1.1 million due to a
$1.44 per barrel decrease in the average price of oil from $25.00 per barrel in the 2001 quarter to $23.56 per barrel in the 2002 quarter and due to a $2.90 per Mcf decrease in the average gas price
during the same period. A decrease in third quarter 2002's production of approximately 8,800 barrels of oil equivalent caused sales to decrease by $0.3 million. This reduction was primarily the
result of the declining gas production from the Net Profits Properties due to natural declines and sales of certain properties.

Sales
decreased $6.1 million from the first nine months of 2001 to the first nine months of 2002. Sales decreased $5.8 million due to a $7.36 per barrel decrease in the
average price of oil from $27.46 per barrel in the first nine months of 2001 to $20.10 per barrel in the first nine months of 2002 and due to a $2.66 per Mcf decrease in the average gas price during
the same period. A decrease in the first nine months of 2002's production of approximately 10,100 barrels of oil equivalent caused sales to decrease by $0.3 million. This reduction was
primarily the result of the declining gas production from the Net Profits Properties due to natural declines and sales of certain properties and declines in the Wasson Royalties oil production.

Sales
increased $0.5 million from the third quarter of 2002 to the fourth quarter of 2002. Sales increased $0.7 million due to a $3.91 per barrel increase in the average
price of oil from $23.56 per barrel in the third quarter of 2002 to $27.47 per barrel in the fourth quarter of 2002 and due to a $0.80 per Mcf increase in the average gas price during the same period.
This was partially offset by a decrease in fourth quarter 2002's production of approximately 9,800 barrels of oil equivalent which caused sales to decrease by $0.2 million. This decrease was
primarily the result of the declining oil and gas production from the Net Profits Properties due to natural declines and sales of certain properties.

Operating
expenses decreased $0.2 million from the third quarter of 2001 to the third quarter of 2002. Operating expenses decreased $0.6 million from the first nine months
of 2001 to the first nine months
of 2002. These decreases were primarily related to timing of payments, sales of certain properties and a decrease in production taxes as a result of the decrease in oil and gas revenues.

Operating
expenses decreased $0.1 million from the third quarter of 2002 to the fourth quarter of 2002. This decrease was primarily related to timing of payments partially offset
by an increase in production taxes as a result of the increase in oil and gas revenues. 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. Capital expenditures in the Trust's third quarter
and first nine months of 2002 totaled $39,000 and $85,000, respectively. Capital expenditures for the fourth quarter of 2002 totaled $18,000.

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," "seeks," "goals," "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

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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, but are not limited to, the following: production variances from expectations, volatility of oil and gas
prices, the need to develop and replace reserves, the capital expenditures required to fund operations, environmental risks, uncertainties about estimates of reserves, competition and government
regulation, and political and litigation risks. All such forward-looking statements in this document are expressly qualified in their entirety by the cautionary statements in this paragraph.

Item 3.Quantitative and Qualitative Disclosures About Market Risk

Disclosures About Market Risk

Production attributable to Devon's royalty interest in the Wasson ODC Unit and the Wasson Willard Unit is marketed by Devon and is in some cases sold at the
wellhead at market responsive prices and in other cases is traded at points within common carrier pipeline systems.

With
regard to the Net Profits Properties, where such properties consist of royalty interests, the operators of the properties will make all decisions regarding the marketing and sale of
oil and gas production. The ability of the operators to market the oil and gas produced from the Royalty Properties depends upon numerous factors beyond their control, including the proximity of the
gas production to gas pipelines, the availability of capacity in such pipelines, state and Federal regulation of oil and gas production and Federal regulation of gas sold or transported in interstate
commerce. There is no assurance that such operators will be able to market all of the oil or gas produced from the Royalty Properties or that favorable prices will be obtained for the oil and gas
produced.

Item 4.Disclosure 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 of the Trust, and its employees who participate in the preparation of the Trust's periodic reports as appropriate to allow
timely decisions regarding required disclosure.

Within
90 days of the date of this report, the Trustee carried out an evaluation of the Trustee's disclosure controls and procedures. Mike Ulrich, as Trust Officer of the Trustee, has
concluded that the controls and procedures are generally effective, subject to the limitations on disclosure controls and procedures as 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

11

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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:



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

Changes in Internal Controls.To the knowledge of the Trustee, there have been no significant changes in the Trustee's
internal controls or in other factors that could significantly affect the Trustee's internal controls subsequent to the date the Trustee completed its evaluation. 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.

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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

10.3(*) Indicates exhibit filed incorporated herein by reference


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SIGNATURE

Pursuant to the requirements Section 13 or 15 (d) 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, on the 14th day of November, 2002.

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

Date:
November 14, 2002

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, (1) no additional signatures are available and none have been provided and (2) no statements by a chief executive officer and a
chief financial officer regarding the accuracy of the information contained herein, as contemplated by the Sarbanes-Oxley Act of 2002, Section 906, has been filed.

CERTIFICATION

I, Mike Ulrich, as Vice President and Trust Officer of JPMorgan Chase Bank, the Trustee, certify that:

1.    I
have reviewed this quarterly report on Form 10-Q of Santa Fe Energy Trust, for which JPMorgan Chase Bank serves as Trustee;

2.    Based
on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3.    Based
on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial
condition, distributable income and changes in trust corpus of the registrant as of, and for, the periods presented in this quarterly report;

4.    I
am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14), or for causing such procedures
to be established and maintained, for the registrant and have:

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5.    I
have disclosed, based on my most recent evaluation, to the registrant's auditors:



6.    I
have indicated in this quarterly report whether or not there were significant changes in the Trustee's internal controls or in other factors that could significantly
affect the Trustee's internal controls subsequent to the date of my most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

In
giving the foregoing certifications, I have relied to the extent I consider reasonable on information provided to me by Devon Energy Production Company, L.P.

|Date: November 14, 2002 | /s/MIKE ULRICHMike Ulrich,
Vice President and Trust Officer
|----------------------- | -----------------------------------------------------------

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